# EDGAR Filing Document

**Accession Number:** 0000783402
**File Stem:** 0000783402-26-000021
**Filing Date:** 2026-4
**Character Count:** 846541
**Document Hash:** 39b1a606efdc63961e76e10058bdff80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000783402-26-000021.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000783402-26-000021

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 10

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERITAS VARIABLE SEPARATE ACCOUNT V
- **CENTRAL INDEX KEY:** 0000783402

**ORGANIZATION NAME:**
- **EIN:** 470098400
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04473
- **FILM NUMBER:** 26893336

**BUSINESS ADDRESS:**
- **STREET 1:** AMERITAS LIFE INSURANCE CORP.
- **STREET 2:** 5900 O STREET
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68510
- **BUSINESS PHONE:** 4024671122

**MAIL ADDRESS:**
- **STREET 1:** 5900 O ST P O BOX 81889
- **STREET 2:** C/O AMERITAS LIFE INSURANCE CORP
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68510

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERITAS VARIABLE LIFE INSURANCE CO SEPARATE ACCOUNT V
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANKERS LIFE ASSURANCE CO OF NEBRASKA SEP ACCOUNT V /SOWER/
- **DATE OF NAME CHANGE:** 19880914
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERITAS VARIABLE SEPARATE ACCOUNT V
- **CENTRAL INDEX KEY:** 0000783402

**ORGANIZATION NAME:**
- **EIN:** 470098400
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-233986
- **FILM NUMBER:** 26893335

**BUSINESS ADDRESS:**
- **STREET 1:** AMERITAS LIFE INSURANCE CORP.
- **STREET 2:** 5900 O STREET
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68510
- **BUSINESS PHONE:** 4024671122

**MAIL ADDRESS:**
- **STREET 1:** 5900 O ST P O BOX 81889
- **STREET 2:** C/O AMERITAS LIFE INSURANCE CORP
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68510

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERITAS VARIABLE LIFE INSURANCE CO SEPARATE ACCOUNT V
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANKERS LIFE ASSURANCE CO OF NEBRASKA SEP ACCOUNT V /SOWER/
- **DATE OF NAME CHANGE:** 19880914

## Series and Classes Contracts Data

### AMERITAS VARIABLE SEPARATE ACCOUNT V (Series ID: S000011620)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000216331 | Ameritas Performance II VUL |  |

---

| |
|:---|
| Securities Act Registration No. 333-233986 |
| Investment Act Registration No. 811-04473 |
| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
| **FORM N-6** |

---

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| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | [X] |
| Pre-Effective Amendment No. | [ ] |
| Post-Effective Amendment No. 12 | [X] |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | [X] |
| Amendment No. 89 | [X] |
| AMERITAS VARIABLE SEPARATE ACCOUNT V | AMERITAS VARIABLE SEPARATE ACCOUNT V |
| Registrant | Registrant |
| AMERITAS LIFE INSURANCE CORP. | AMERITAS LIFE INSURANCE CORP. |
| Depositor | Depositor |
| 5900 O Street | 5900 O Street |
| Lincoln, Nebraska 68510 | Lincoln, Nebraska 68510 |
| 402-467-1122 | 402-467-1122 |

---

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| |
|:---|
| MORGAN B.S. LORENZEN |
| Second Vice President, Assistant General Counsel |
| Ameritas Life Insurance Corp. |
| 5900 O Street |
| Lincoln, Nebraska 68510 |
| 402-467-1122 |
| Approximate Date of Proposed Public Offering: As soon as practicable after effective date. |
| It is proposed that this filing will become effective: |
| [ ] immediately upon filing pursuant to paragraph (b) |
| [X] on <u>May 1, 2026</u> pursuant to paragraph (b) |
| [ ] 60 days after filing pursuant to paragraph (a)(1) |
| [ ] on<u> </u> pursuant to paragraph (a)(1) of Rule 485 under the Securities Act. |
| If appropriate, check the following box: |
| [ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |

---

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| | | |
|:---|:---|:---|
| PROSPECTUS: May 1, 2026 | PROSPECTUS: May 1, 2026 | ![](image_005.gif) |
| **Ameritas Performance II VUL** | **Ameritas Performance II VUL** | ![](image_005.gif) |
| Individual Flexible Premium | Individual Flexible Premium | ![](image_005.gif) |
| Variable Universal Life Insurance Policy | Ameritas Variable Separate Account V | Ameritas Variable Separate Account V |

---

***This Policy is no longer available for sale effective March 31, 2025.***

***The features, benefits, and risks are applicable to existing Policy Owners.***

This prospectus describes Ameritas Performance II VUL a Variable Universal Life Insurance policy (the "Policy"), especially its Separate Account. The Policy is designed to help you, the Policy Owner, provide life insurance protection while having flexibility, within limits, as to the amount and timing of premium payments, the amount of the death benefit, and how you invest your Account Value. **The value of your Policy will increase or decrease based on the performance of the Investment Options you choose. The amount of the death benefit can also vary as a result of investment performance.**

You may allocate all or part of your Account Value among a variety of Subaccount variable Investment Options where you have the investment risk, including possible loss of principal. (The Subaccounts are listed in **APPENDIX A: PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY ("APPENDIX A")** section of this prospectus.)

You may also allocate all or part of your investment to a Fixed Account fixed interest rate option where we have the investment risk and guarantee a certain return on your investment. **The Fixed Account is part of our General Account and is subject to financial strength and the claims paying ability of the Company.**

You may access certain documents relating to the Policy and Subaccounts electronically. Current prospectuses and reports for the Policy and Subaccounts are available on our website, and updated prospectuses are posted on or about May 1 of each year. Prospectuses may be supplemented throughout the year, and copies of all supplements are also available on our website We post annual reports on our website shortly after March 1 each year.

We may make other documents available to you electronically through the email address that you provide to us. When electronic delivery becomes available, and upon your election to receive information online, we will notify you when a transaction pertaining to your Policy has occurred or a document impacting your Policy or the Subaccounts has been posted. In order to receive your Policy documents online you should have regular and continuous Internet access.

**<u>Please Read this Prospectus Carefully and Keep It for Future Reference</u>.**<br> It provides information you should consider before investing in a Policy.<br>Prospectuses for the portfolios that underlie the Subaccount variable Investment Options are available without charge from your sales representative or from our Service Center.<br>Policy guarantees, which are obligations of the General Account, are subject to the financial strength and claims paying ability of the Company.<br>

*The Securities and Exchange Commission ("SEC") does not pass upon the accuracy or adequacy of this prospectus, and has not approved or disapproved the Policy. Any representation to the contrary is a criminal offense.*

*Additional information about certain investment products, including variable life insurance, has been prepared by the* 

*SEC's staff and is available at investor.gov.*

 

*This prospectus may only be used to offer the Policy where the Policy may lawfully be sold.*

*The Policy, and certain features described in this prospectus, may not be available in all states.*

 

*No one is authorized to give information or make any representation about the Policy that is not in this prospectus. If anyone does so, you should not rely upon it as being accurate or adequate.*

---

| |
|:---|
| **NOT FDIC INSURED ■ MAY LOSE VALUE ■ NO BANK GUARANTEE** |
| **Ameritas Life Insurance Corp.** *(Company, we, us, our, Ameritas Life, Depositor)* |
| **Service Center, P.O. Box 81889, Lincoln, Nebraska 68501 800-745-1112** **ameritas.com** |

---

Ameritas Performance II VUL 1

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**DEFINED TERMS**](#Defined_Terms) | **3** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**KEY INFORMATION**](#Key_Information) | **5** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**OVERVIEW OF THE POLICY**](#Overview) | **6** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PURPOSE OF THE POLICY |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PREMIUMS |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;POLICY FEATURES |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**FEE TABLE**](#Fee_Table) | **7** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PORTFOLIO COMPANY OPERATING EXPENSES |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**PRINCIPAL RISKS OF INVESTING IN THE POLICY**](#Principal_Risks) | **10** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**THE COMPANY**](#The_Company) | **12** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**FEES AND PAYMENTS RECEIVED**](#Fees_Payments) | **12** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**THE SEPARATE ACCOUNT**](#The_Sep_Account) | **13** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**PORTFOLIO COMPANIES**](#Portfolio_Company) | **13** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**VOTING RIGHTS**](#Voting_Rights) | **14** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**THE FIXED ACCOUNT FIXED INTEREST RATE OPTION**](#The_Fixed_Account) | **14** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**CHARGES**](#Charges) | **15** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;TRANSACTION FEES |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;COMMISSIONS PAID TO DEALERS |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PORTFOLIO COMPANY CHARGES |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**GENERAL DESCRIPTION OF THE POLICY**](#General_Description) | **17** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;THE PARTIES |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;STATE VARIATIONS |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;ALLOCATING PREMIUM |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;TELEPHONE TRANSACTIONS |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;TRANSFERS |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;THIRD-PARTY SERVICES |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;SYSTEMATIC TRANSFER PROGRAMS |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;GENERAL ACCOUNT |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;POLICY OR REGISTRANT CHANGES |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;DISRUPTIVE TRADING PROCEDURES |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**PREMIUMS**](#Premiums) | **23** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;POLICY APPLICATION AND ISSUANCE |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PREMIUM REQUIREMENTS |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;ACCOUNT VALUE |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;POLICY CHANGES |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;"RIGHT TO EXAMINE" PERIOD |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;OPTIONAL FEATURES |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;NONPARTICIPATING |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;SPECIAL ARRANGEMENTS |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**STANDARD DEATH BENEFITS**](#Standard_Death_Benefits) | **26** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;DEATH BENEFIT |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;NO MATURITY DATE |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PAYMENT OF POLICY PROCEEDS |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;MISSTATEMENT OF AGE OR GENDER |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;SUICIDE |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;RELIANCE |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;INCONTESTABILITY |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;ASSIGNMENT |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;UNCLAIMED DEATH BENEFIT PROCEEDS |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**OTHER BENEFITS AVAILABLE UNDER THE POLICY**](#Other_Benefits) | **29** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;ADDITIONAL INFORMATION ON BENEFITS AVAILABLE UNDER THE POLICY |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**SURRENDERS AND WITHDRAWALS**](#Surrenders_Withdrawals) | **39** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;CASH SURRENDER |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;PARTIAL WITHDRAWAL |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;DELAY OF PAYMENTS OR TRANSFERS |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**POLICY LOANS**](#Policy_Loans) | **40** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**LAPSE AND REINSTATEMENT**](#Lapse_Reinstatement) | **41** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;LAPSE AND GRACE PERIOD |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;REINSTATEMENT |  | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**TAXES**](#Taxes) | **42** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**LEGAL PROCEEDINGS**](#Legal_Proceedings) | **44** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**FINANCIAL STATEMENTS**](#Financial_Statements) | **44** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**DISTRIBUTION OF THE POLICY**](#Distribution_Policy) | **44** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**APPENDIX A: PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY**](#Appendix_A) | **45** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**ILLUSTRATIONS**](#Illustrations) | **48** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**STATEMENT OF ADDITIONAL INFORMATION; REGISTRATION STATEMENT**](#SAI) | **48** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**REPORTS TO YOU**](#Reports) | **48** | **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;FINRA PUBLIC DISCLOSURE PROGRAM |  |  |

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Ameritas Performance II VUL 2

**DEFINED TERMS**

 

*Defined terms, other than "we, us, our," "you and your," are shown using initial capital letters in this prospectus.*

**Account Value / Accumulation Value / Policy Value** means the sum of Net Premiums paid, minus partial withdrawals, minus Policy charges, plus interest credited to the Fixed Account and the Loan Account, adjusted for gains or losses in the Subaccounts. The Account Value is comprised of amounts in the Subaccounts, the Fixed Account and the Loan Account.

**Accumulation Unit** means an accounting unit of measure used to calculate the Account Value allocated to a Subaccount of the Separate Account. It is similar to a share of a mutual fund.

**Annual Date** means the same date each year as the Policy Date.

**Attained Age** means the Issue Age plus the number of completed Policy years. With respect to any increase in Specified Amount, Attained Age means the Issue Age for the increase plus the number of complete years since the increase.

**Beneficiary** is the person(s) to whom the death benefit proceeds are payable upon the death of the Insured. The Beneficiary is designated by the Owner in the application. If changed, the Beneficiary is as shown in the latest change filed and recorded with us. If no Beneficiary survives the Insured, the Owner or the Owner's estate will be the Beneficiary. The interest of any Beneficiary is subject to that of any assignee.

**Business Day** means each day that the New York Stock Exchange is open for trading.

**Cash Surrender Value** means the Account Value, minus the Surrender Charge, minus any Policy Loan Balance.

**Company, We, Us, Our, Ameritas Life, Depositor** means Ameritas Life Insurance Corp.

**Corridor Factor** is the number, or fractional number, multiplied by the Account Value to determine the minimum death benefit required to maintain the Policy's status as life insurance under Section 7702 of the Internal Revenue Code. These factors are shown on the Policy Schedule.

**Fixed Account** is an account that credits a fixed rate of interest guaranteed by us and is not affected by the experience of the variable Investment Options of the Separate Account. The Fixed Account is part of our General Account.

**General Account** is an account in which the assets of Ameritas Life Insurance Corp., are held, other than those allocated to the Separate Account or any other separate account.

**Insured** means the person shown on the Policy schedule upon whose life this Policy is issued. This individual's personal information determines the cost of the life insurance coverage. The Owner also may be the Insured.

**Investment Options** means collectively the Subaccounts and the Fixed Account. You may allocate Net Premiums and reallocate Account Value among the Investment Options.

**Issue Age** means the Insured's age as of the birthday nearest to the Policy Date. With respect to any increase in Specified Amount, Issue Age means the Insured's age as of the birthday nearest to the date of the increase.

**Issue Date** means the date on which the suicide and incontestability periods begin. If we have received the initial premium from you, the Issue Date will also be the date when you have life insurance coverage with us. If we have not received the initial premium from you, you WILL NOT have coverage until the date on which we receive the initial premium from you.

**Lien Balance** means the sum of all unpaid Policy liens and accrued interest on Policy liens.

**Loan Account** is an account we maintain for your Policy if you have a Policy Loan outstanding. The Loan Account is credited with interest and is not affected by the experience of the variable Investment Options of the Separate Account. The Loan Account is part of our General Account.

**Minimum No-Lapse Premium** means the amount that must be paid on a cumulative basis to keep this Policy in force during the minimum no-lapse period as shown on the Policy schedule.

**Monthly Date** means the same date of each month as the Policy Date.

**Monthly Deduction** means a charge made against the Account Value on each Monthly Date for the coverage provided by this Policy and any attached riders.

**Net Amount at Risk** means the death benefit on the Monthly Date, discounted at the Fixed Account minimum credited rate for one month, minus the Account Value on the Monthly Date, after the Monthly Deduction has been taken except for the cost of insurance.

**Net Premium** means the premium paid reduced by the premium charge, which will not exceed the maximum premium charge shown on the Policy schedule.

**Planned Periodic Premium** means a level premium you intend to pay at a fixed interval. The Planned Periodic Premium is shown on the Policy schedule.

Ameritas Performance II VUL 3

**Policy Anniversary** means the same date each year as the Policy Date.

**Policy Date** means the date from which Policy months, years and anniversaries are measured. The Policy Date will be determined by us unless you request a different Policy Date that we approve. If the Issue Date is after the Policy Date or we have not received the initial premium from you, you WILL NOT have life insurance coverage on the Policy Date.

**Policy Loan** means a loan secured by the Cash Surrender Value of your Policy. The outstanding loan will accrue interest.

**Policy Loan Balance/Policy Debt** means the sum of all unpaid Policy Loans and accrued interest on Policy Loans.

**Pro-Rata** means allocating a dollar amount among the Investment Options in proportion to the Account Value in those Investment Options.

**Right to Examine Transfer Date** means 13 days after the Issue Date, or if later, the date all requirements necessary to place the Policy in force are delivered to us.

**Specified Amount** means a dollar amount used to determine the death benefit of your Policy. It is shown on the Policy schedule. You may increase or decrease it as provided in your Policy.

**Subaccounts** means the divisions within the Separate Account for which Accumulation Units are separately maintained. Each Subaccount corresponds to a single underlying non-publicly traded portfolio.

**Surrender** means termination of this Policy at your request for its Cash Surrender Value while the Insured is alive.

**Surrender Charge** means the charge subtracted from the Account Value on the Surrender of this Policy.

**Written Notice** means information we have received at Ameritas Life, Service Center, P.O. Box 81889, Lincoln, NE 68501 (or 5900 O Street, Lincoln, NE 68510), by email or by faxing 402-467-7335. A Written Notice must be signed by you, in good order, and on a form approved by or acceptable to us. Call us if you have questions about what form or information is required. When notice is permitted and sent to us by email or fax, we have the right to implement the request if the copied or faxed signature appears to be a copy of your genuine original signature.

**You, Your, Owner** means the Owner as shown on the Policy schedule, unless changed. Ownership of this Policy may be held jointly. The Insured may or may not be the Owner.

Ameritas Performance II VUL 4

**KEY INFORMATION**

*Important Information You Should Consider About the Policy* 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fees and Expenses** | **Fees and Expenses** | **Fees and Expenses** | **Location in** <br> **Prospectus** |
| **Charges for Early Withdrawals** | <br> If you withdraw money from the Policy within 12 years from your initial Policy Date or the date of any increase in Specified Amount, you will be assessed a Surrender Charge. The maximum Surrender Charge for the initial Specified Amount is based on the Policy year of Surrender. For any increase in Specified Amount, a Surrender Charge based on the increase will be imposed in addition to the Surrender Charge prior to the increase. The maximum Surrender Charge is 4.838% per $1,000 of Specified Amount. The longest Surrender Charge period is 12 years from Policy Issue Date or the date of any increase in Specified Amount.<br>The maximum Surrender Charge is $48.38 per $1,000 of specified face amount. For example, the maximum Surrender Charge during the first year after issue (or a Specified Amount increase), assuming an initial face amount (or subsequent specified face amount increase) of $100,000, is $4,838.00.<br>The maximum Partial Withdrawal Charge is $50 upon each withdrawal. | <br> If you withdraw money from the Policy within 12 years from your initial Policy Date or the date of any increase in Specified Amount, you will be assessed a Surrender Charge. The maximum Surrender Charge for the initial Specified Amount is based on the Policy year of Surrender. For any increase in Specified Amount, a Surrender Charge based on the increase will be imposed in addition to the Surrender Charge prior to the increase. The maximum Surrender Charge is 4.838% per $1,000 of Specified Amount. The longest Surrender Charge period is 12 years from Policy Issue Date or the date of any increase in Specified Amount.<br>The maximum Surrender Charge is $48.38 per $1,000 of specified face amount. For example, the maximum Surrender Charge during the first year after issue (or a Specified Amount increase), assuming an initial face amount (or subsequent specified face amount increase) of $100,000, is $4,838.00.<br>The maximum Partial Withdrawal Charge is $50 upon each withdrawal. | <br> If you withdraw money from the Policy within 12 years from your initial Policy Date or the date of any increase in Specified Amount, you will be assessed a Surrender Charge. The maximum Surrender Charge for the initial Specified Amount is based on the Policy year of Surrender. For any increase in Specified Amount, a Surrender Charge based on the increase will be imposed in addition to the Surrender Charge prior to the increase. The maximum Surrender Charge is 4.838% per $1,000 of Specified Amount. The longest Surrender Charge period is 12 years from Policy Issue Date or the date of any increase in Specified Amount.<br>The maximum Surrender Charge is $48.38 per $1,000 of specified face amount. For example, the maximum Surrender Charge during the first year after issue (or a Specified Amount increase), assuming an initial face amount (or subsequent specified face amount increase) of $100,000, is $4,838.00.<br>The maximum Partial Withdrawal Charge is $50 upon each withdrawal. | **[FEE TABLE](#Fee_Table)**<br>**[CHARGES](#Charges)**<br>**[PRINCIPAL RISKS OF INVESTING IN THE POLICY](#Principal_Risks)**<br>**[SURRENDERS AND WITHDRAWALS](#Surrenders_Withdrawals)** |
| **Transaction Charges** | <br> In addition to Surrender Charges, you may be charged for other transactions (such as when you make a premium payment (Maximum Sales Charge Imposed On Premiums (Loads)), transfer Policy Value between Investment Options (Transfer Fee), or request an illustration (Illustration Fee)).<br>You will be charged a $14 fee for a wire transfer if you request one. The fee is deducted from the gross amount of the Policy Loan, partial withdrawal, or Surrender. | <br> In addition to Surrender Charges, you may be charged for other transactions (such as when you make a premium payment (Maximum Sales Charge Imposed On Premiums (Loads)), transfer Policy Value between Investment Options (Transfer Fee), or request an illustration (Illustration Fee)).<br>You will be charged a $14 fee for a wire transfer if you request one. The fee is deducted from the gross amount of the Policy Loan, partial withdrawal, or Surrender. | <br> In addition to Surrender Charges, you may be charged for other transactions (such as when you make a premium payment (Maximum Sales Charge Imposed On Premiums (Loads)), transfer Policy Value between Investment Options (Transfer Fee), or request an illustration (Illustration Fee)).<br>You will be charged a $14 fee for a wire transfer if you request one. The fee is deducted from the gross amount of the Policy Loan, partial withdrawal, or Surrender. | **[FEE TABLE](#Fee_Table)**<br>**[CHARGES](#Charges)** |
| **Ongoing Fees and Expenses (annual charges)** | <br> In addition to Surrender Charges and transaction charges, an investment in the Policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the Policy and the cost of optional benefits available under the Policy; such fees and expenses are set based on characteristics of the Insured (e.g., age, gender, and rating classification). There is also a monthly administration fee and a monthly specified amount charge. Please refer to your Policy Specification Page for rates and the specific fees applicable to your Policy.<br>You will also bear expenses associated with the Investment Options as shown below: | <br> In addition to Surrender Charges and transaction charges, an investment in the Policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the Policy and the cost of optional benefits available under the Policy; such fees and expenses are set based on characteristics of the Insured (e.g., age, gender, and rating classification). There is also a monthly administration fee and a monthly specified amount charge. Please refer to your Policy Specification Page for rates and the specific fees applicable to your Policy.<br>You will also bear expenses associated with the Investment Options as shown below: | <br> In addition to Surrender Charges and transaction charges, an investment in the Policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the Policy and the cost of optional benefits available under the Policy; such fees and expenses are set based on characteristics of the Insured (e.g., age, gender, and rating classification). There is also a monthly administration fee and a monthly specified amount charge. Please refer to your Policy Specification Page for rates and the specific fees applicable to your Policy.<br>You will also bear expenses associated with the Investment Options as shown below: | **[FEE TABLE](#Fee_Table)**<br>**[CHARGES](#Charges)**<br>|
|  | **Annual Fee \*** | **Minimum** | **Maximum** |  |
|  | Investment Options<br> (Portfolio Company fees and expenses) | 0.25% | 1.49% |  |
| \* | Before any Waivers and Reductions | Before any Waivers and Reductions | Before any Waivers and Reductions |  |
|  | **Risks** | **Risks** | **Risks** |  |
| **Risk of Loss** | You can lose money by investing in this Policy, including loss of your premiums (principal). | You can lose money by investing in this Policy, including loss of your premiums (principal). | You can lose money by investing in this Policy, including loss of your premiums (principal). | **[Cover Page](#Cover_Page)**<br>**[PRINCIPAL RISKS OF INVESTING IN THE POLICY](#Principal_Risks)** |
| **Not a Short-Term Investment** | <br> The Policy is designed to provide lifetime insurance protection. It is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The Policy will usually be unsuitable for short-term savings or short-term life insurance needs. This Policy is not considered a short-term investment because of the 12-year Surrender Charge period and the possibility for a tax penalty at the time of Surrender. Due to the long-term nature of the Policy, you should consider whether purchasing the Policy is consistent with the purpose for which it is being considered. | <br> The Policy is designed to provide lifetime insurance protection. It is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The Policy will usually be unsuitable for short-term savings or short-term life insurance needs. This Policy is not considered a short-term investment because of the 12-year Surrender Charge period and the possibility for a tax penalty at the time of Surrender. Due to the long-term nature of the Policy, you should consider whether purchasing the Policy is consistent with the purpose for which it is being considered. | <br> The Policy is designed to provide lifetime insurance protection. It is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The Policy will usually be unsuitable for short-term savings or short-term life insurance needs. This Policy is not considered a short-term investment because of the 12-year Surrender Charge period and the possibility for a tax penalty at the time of Surrender. Due to the long-term nature of the Policy, you should consider whether purchasing the Policy is consistent with the purpose for which it is being considered. | [**PRINCIPAL RISKS OF INVESTING IN THE POLICY**](#Principal_Risks) |
| **Risks Associated with Investment Options** | <br> An investment in the Policy is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options available under the Policy. Each Investment Option (including the Fixed Account) will have its own unique risks. You should review these Investment Options before making an investment decision. The Fixed Account is subject to the financial strength and claims paying ability of the Company. | <br> An investment in the Policy is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options available under the Policy. Each Investment Option (including the Fixed Account) will have its own unique risks. You should review these Investment Options before making an investment decision. The Fixed Account is subject to the financial strength and claims paying ability of the Company. | <br> An investment in the Policy is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options available under the Policy. Each Investment Option (including the Fixed Account) will have its own unique risks. You should review these Investment Options before making an investment decision. The Fixed Account is subject to the financial strength and claims paying ability of the Company. | **[PRINCIPAL RISKS OF INVESTING IN THE POLICY](#Principal_Risks)**<br>**[THE SEPARATE ACCOUNT](#The_Sep_Account)**<br>**[PORTFOLIO COMPANIES](#Portfolio_Company)**<br>**[APPENDIX A](#Appendix_A)** |
| **Insurance Company Risks** | <br> An investment in the Policy is subject to the risks related to the Company including that any obligations (including under the Fixed Account Investment Option), guarantees, or benefits are subject to the claims-paying ability of the Company. Additional information about the Company, including its financial strength ratings, is available on its website, ameritas.com/about/financial-strength, or is available upon request by contacting our Service Center at 800-745-1112. | <br> An investment in the Policy is subject to the risks related to the Company including that any obligations (including under the Fixed Account Investment Option), guarantees, or benefits are subject to the claims-paying ability of the Company. Additional information about the Company, including its financial strength ratings, is available on its website, ameritas.com/about/financial-strength, or is available upon request by contacting our Service Center at 800-745-1112. | <br> An investment in the Policy is subject to the risks related to the Company including that any obligations (including under the Fixed Account Investment Option), guarantees, or benefits are subject to the claims-paying ability of the Company. Additional information about the Company, including its financial strength ratings, is available on its website, ameritas.com/about/financial-strength, or is available upon request by contacting our Service Center at 800-745-1112. | **[Cover Page](#Cover_Page)**<br>**[GENERAL DESCRIPTION OF THE POLICY](#General_Description)** |
| **Policy Lapse** | <br> Your Policy will lapse if there are insufficient premium payments, poor investment performance, withdrawals, unpaid Policy Loans or Policy Loan interest. There is a cost associated with, and limitations on, reinstating a lapsed Policy. Death benefits will not be paid if the Policy has lapsed. | <br> Your Policy will lapse if there are insufficient premium payments, poor investment performance, withdrawals, unpaid Policy Loans or Policy Loan interest. There is a cost associated with, and limitations on, reinstating a lapsed Policy. Death benefits will not be paid if the Policy has lapsed. | <br> Your Policy will lapse if there are insufficient premium payments, poor investment performance, withdrawals, unpaid Policy Loans or Policy Loan interest. There is a cost associated with, and limitations on, reinstating a lapsed Policy. Death benefits will not be paid if the Policy has lapsed. | **[PRINCIPAL RISKS OF INVESTING IN THE POLICY](#Principal_Risks)**<br>**[LAPSE AND REINSTATEMENT](#Lapse_Reinstatement)** |

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Ameritas Performance II VUL 5

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| | | |
|:---|:---|:---|
| | **Restrictions** | **Location in**<br> **Prospectus** |
| **Investments** | <br> In addition to the right of each portfolio company to impose restrictions on excessive trading, we reserve the right to reject or restrict, in our sole discretion, transfers initiated by a market timing organization or individual or other party authorized to give transfer instructions. We further reserve the right to impose restrictions on transfers we determine, in our sole discretion, will disadvantage or potentially hurt the rights or interest of other Policy Owners.<br>Transfers must be at least $250, or the entire Subaccount or Fixed Account if less. The first 15 transfers each Policy year are free. Thereafter, we charge $10 for each transfer.<br>A transfer from the Fixed Account (except made pursuant to a systematic transfer program) may be made only once each Policy Year; may be delayed up to six months and is limited during any Policy Year to the greater of 25% of the Fixed Account value on the date of the transfer during that Policy Year, the greatest amount of any non-systematic transfer out of the Fixed Account during the previous 13 months; or $1,000.<br>Ameritas Life reserves the right to remove or substitute portfolio companies as Investment Options that are available under the Policy. | **[CHARGES](#Charges)**<br>**[GENERAL DESCRIPTION OF THE POLICY](#General_Description)**<br>**[APPENDIX A](#Appendix_A)**<br>|
| **Optional Benefits** | <br> Some optional benefits were available to be elected at Policy issue only. Optional benefit riders to the Policy may have separate incontestability provisions. Withdrawals reduce the Account Value and in some cases the Specified Amount which may reduce some of the benefits available under riders where the rider benefit is based on the Specified Amount of the base Policy, and make it potentially more likely the entire Policy, including the rider, would lapse. We may discontinue offering, or modify the terms of, optional benefits for new sales at any time. | **[OVERVIEW OF THE POLICY](#Overview)**<br>**[GENERAL DESCRIPTION OF THE POLICY](#General_Description)**<br>**[THE SEPARATE ACCOUNT](#The_Sep_Account)**<br>**[OTHER BENEFITS AVAILABLE UNDER THE POLICY](#Other_Benefits)** |
|  | **Taxes** |  |
| **Tax Implications** | <br> You should consult with a tax professional to determine the tax implications of an investment in and payments received under this Policy.<br>There is no additional tax benefit if you purchase the Policy through a tax-qualified plan or individual retirement account (IRA).<br>Unpaid Policy Loans, partial withdrawals and Surrenders may be subject to ordinary income tax and tax penalties. | [**TAXES**](#Taxes) |
|  | **Conflicts of Interest** |  |
| **Investment Professional Compensation** | <br> Your agent or representative may receive compensation for selling this Policy to you, both in the form of commissions and additional cash benefits (e.g., bonuses), and non-cash compensation. This conflict of interest provides a financial incentive that may influence your agent or representative to recommend this Policy over another investment for which the agent or representative is not compensated or compensated less. | **[DISTRIBUTION OF THE POLICY](#Distribution_Policy)**<br>**[CHARGES](#Charges)**<br>|
| **Exchanges** | <br> Some representatives may have a financial incentive to offer you a new policy in place of the one you already own. You should only exchange your Policy if you determine, after comparing the features, fees, and risks of both policies, that it is preferable for you to purchase the new Policy rather than to continue to own your existing Policy. | **[PRINCIPAL RISKS OF INVESTING IN THE POLICY](#Principal_Risks)**<br>**[PREMIUMS](#Premiums)** |

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**OVERVIEW OF THE POLICY**

**purpose of the policy**

The **Ameritas Performance II VUL** Policy is flexible premium variable universal life insurance. The Policy is designed to provide lifetime insurance coverage on the Insured(s) named in the Policy, as well as flexibility in connection with premium payments and death benefits. The Policy pays death benefit proceeds to the Policy Beneficiary upon the Insured's death or pays a Cash Surrender Value to you if you Surrender the Policy. This flexibility allows you to provide for changing insurance needs within the confines of a single insurance Policy.

Some policy forms, features and/or riders described in this prospectus may be subject to state variations or may not be available in all states. See the **STATE VARIATIONS** section.

**Premiums**

You have flexibility under the Policy. Within certain limits, you can vary the amount and timing of premium payments, change the death benefit, and transfer amounts among the Investment Options. We reserve the right to limit the amount and frequency of premium payments. We will not issue a Policy to an Insured older than age 80 on the Insured's birthday nearest the Policy Date. We will not accept that portion of a premium payment which affects the tax qualifications of this Policy as described in Section 7702 of the Internal Revenue Code, as amended. This excess amount will be returned to you. **Payment of insufficient premiums may result in a lapse of the Policy.**

Ameritas Performance II VUL 6

You may allocate all or a part of your premiums among the Separate Account Subaccount variable Investment Options or the Fixed Account fixed interest rate option. Subaccount variable Investment Options are in turn invested in corresponding underlying portfolio companies. Fixed Account allocations are invested in our General Account and we guarantee a fixed rate of interest. More information regarding the Fixed Account can be found in section **THE FIXED ACCOUNT FIXED INTEREST RATE OPTION**. More detail concerning each portfolio company can be found in **APPENDIX A.**

**POLICY FEATURES**

**<u>Death Benefit</u>**

Your Policy Value and death benefit will go up or down as a result of the investment experience of your Policy. You may choose from three types of death benefit options. You may change from one death benefit type to another, subject to limitations, and charges may apply. The amount we pay depends on whether you have chosen death benefit Option A, death benefit Option B, or death benefit Option C:

· Option A: The death benefit is the greater of the Policy's
 Specified Amount of insurance coverage or the Account Value multiplied by the Corridor Factor on the date of the Insured's death. The
 amount of this death benefit does not change over time, unless the death benefit is being driven by the Corridor Factor or you take any
 action that changes the Policy's Specified Amount.

· Option B: The death benefit is the greater of the Specified
 Amount of insurance coverage plus the Account Value or the Account Value multiplied by the Corridor Factor on the date of the Insured's
 death. Under this option, the amount of death benefit generally changes from day to day, because many factors (including portfolio investment
 performance, charges, and expenses, premium payments and withdrawals) affect your Policy Value.

· Option C: The death benefit is the greater of the Specified Amount of insurance coverage plus the sum of premiums paid minus the sum of partial withdrawals taken; or the Account Value multiplied by the Corridor Factor. If you select Option C and the sum of partial withdrawals taken is greater than the sum of premiums paid, the death benefit may be less than the Specified Amount.

*Death benefit proceeds are reduced by any Policy Loan Balance, Lien Balance and any Monthly Deductions due but unpaid at death.*

 

**<u>Surrenders and Withdrawals</u>**

You can Surrender the Policy in full at any time for its Cash Surrender Value, or, within limits, withdraw part of the Account Value. Applicable charges are shown in the **FEE TABLE**. Restrictions include that we may defer payments from the Fixed Account for up to six months. In some cases, such as when the Policy's death benefit is driven by the Corridor Factor, withdrawing part of the Account Value may result in a death benefit reduction that is larger than the amount of the partial withdrawal.

**<u>Policy Loans</u>**

You may borrow a limited amount of Account Value. There is no minimum Policy Loan amount. The maximum Policy Loan amount is the Cash Surrender Value, minus Policy Loan interest to the next Annual Date, minus the sum of the next three monthly deductions. Interest accrues on outstanding Policy Loan amounts. There are two types of Policy Loans. Regular Policy Loans are Policy Loans made during the first five Policy years. Preferred Policy Loans are Policy Loans made after the 5<sup>th</sup> Policy year. Preferred Policy Loans may be available at a lower interest rate for a portion of your Policy Loan Balance.

**<u>Optional Features</u>**

The Policy offers additional insurance coverage and other benefits through optional features. Certain riders have costs associated with them. More detail concerning fees can be found in the **FEE TABLE**.

**FEE TABLE**

The following tables describe the fees and expenses that you will pay when buying, owning, and Surrendering or making withdrawals from the Policy. Please refer to your Policy Specifications Page for information about the specific fees you will pay each year based on the options you have elected.

The first table describes the fees and expenses that you will pay at the time that you buy the Policy, pay a premium, Surrender or make withdrawals from the Policy, or transfer cash value between Investment Options.

---

| | | | |
|:---|:---|:---|:---|
| **TRANSACTION FEES** | **TRANSACTION FEES** | **TRANSACTION FEES** | **TRANSACTION FEES** |
| **Charge** | **When Charge Is Deducted** | **Amount Deducted** | **Amount Deducted** |
| **MAXIMUM SALES CHARGE IMPOSED ON PREMIUMS (Load)\*** | When each premium is paid. | 5% | 5% |
| **PREMIUM TAXES\*\*** | Not taken as a separate deduction | 0% | 0% |
| **MAXIMUM DEFERRED SALES CHARGE (Load)** | Upon a full Surrender during the first 12 Policy years or in the 12-Policy years following an increase in Specified Amount of insurance. | *Per $1,000 of Specified Amount of insurance coverage. Fee declines each year.* | *Per $1,000 of Specified Amount of insurance coverage. Fee declines each year.* |
|  | Upon a full Surrender during the first 12 Policy years or in the 12-Policy years following an increase in Specified Amount of insurance. | Varies <sup>(1)</sup> |  |
|  | Upon a full Surrender during the first 12 Policy years or in the 12-Policy years following an increase in Specified Amount of insurance. | Policy Year 2: |  |
|  | Upon a full Surrender during the first 12 Policy years or in the 12-Policy years following an increase in Specified Amount of insurance. | Maximum | $48.38 |
|  | Upon a full Surrender during the first 12 Policy years or in the 12-Policy years following an increase in Specified Amount of insurance. | Charge for a Representative Insured <sup>(2)</sup> | $12.03 |

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Ameritas Performance II VUL 7

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| | | |
|:---|:---|:---|
| **Charge** | **When Charge Is Deducted** | **Amount Deducted** |
| **OTHER SURRENDER FEES:** |  |  |
| **Partial Withdrawal Charge** | Upon each withdrawal. | $50 |
| **Wire Transfer Fee** *(per wire)* | As requested by Policy Owner | $14 |
| **TRANSFER FEES** | First 15 transfers per year; | $0 |
|  | Each additional transfer. | $10 |
| **ILLUSTRATION FEE** | First illustration request per year | $0 |
|  | Each additional illustration request. | $50 |

---

*\** *This premium charge is deducted from each premium payment as it is processed (except if it is a premium that is transferred from another Company policy). Premium taxes are paid from this charge.*

*\*\** *Premium Taxes are paid by the Company from the Maximum Sales Charge Imposed On Premiums (Load). See **CHARGES** section for more information.*

*(1)* *Rate varies by Insured's gender, Issue Age, rate class and the amount of time you have had your Policy (or the number of years since any increase in base Policy Specified Amount). Taxes and penalties may also apply. Ask for a Policy illustration or see your Policy for these charges applicable to you.*

*(2)* *"Charge for Representative Insured" assumes a male, age 35 at Policy issue and in our best rate class. Surrender Charge rate is $8.02 in year 1, $12.03 in years 2-5, $10.52 in year 6, $9.02 in year 7, $7.51 in year 8, $6.01 in year 9, $4.51 in year 10, $3.00 in year 11, $1.50 in year 12, and $0.00 thereafter. This charge may not be representative of the charge that a particular investor will pay.*

The next table describes the fees and expenses that you will pay periodically during the time that you own the Policy, to equal the annualized charges shown, not including Subaccount portfolio company operating fees and expenses.

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| | | | |
|:---|:---|:---|:---|
| **PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES** | **PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES** | **PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES** | **PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES** |
| **Charge** | **When Charge Is Deducted** | **Amount Deducted\*** | **Amount Deducted\*** |
| **BASE POLICY CHARGE:** |  | | |
| **Cost of Insurance \*** | Monthly | *Rate is per $1,000 of the amount of the Net Amount at Risk.* | *Rate is per $1,000 of the amount of the Net Amount at Risk.* |
|  |  | Varies <sup>(1)</sup> |  |
|  |  | Minimum Charge | $0.007 |
|  |  | Maximum Charge | $83.33 |
|  |  | Charge for a Representative Insured <sup>(2)</sup> | $0.09 |
| **Annual Maintenance Fee** |  | $0.00 | $0.00 |
| **Mortality and Expense Risk Fees** | Daily | *Risk Charge (for mortality and expense risk equal to % shown) <sup>(3)</sup>* | *Risk Charge (for mortality and expense risk equal to % shown) <sup>(3)</sup>* |
|  |  | Policy Years 1-15 | 0.0024590% |
|  |  | Policy Years 16+ | 0.0008197% |
| **Administrative Expenses** | Monthly | Specified Amounts $100,00 - $249,999 | $25.00 |
|  |  | Specified Amounts $250,000+ | $25.00 |
| **Monthly Specified Amount Charge** | Monthly | *Rates are per $1,000 of base Policy Specified Amount.*<br> Level charge during the first 20 Policy years or the first 20 Policy years after an increase in base Policy Specified Amount. | *Rates are per $1,000 of base Policy Specified Amount.*<br> Level charge during the first 20 Policy years or the first 20 Policy years after an increase in base Policy Specified Amount. |
|  |  | *Rates are per $1,000 of base Policy Specified Amount.*<br> Level charge during the first 20 Policy years or the first 20 Policy years after an increase in base Policy Specified Amount. | *Rates are per $1,000 of base Policy Specified Amount.*<br> Level charge during the first 20 Policy years or the first 20 Policy years after an increase in base Policy Specified Amount. |
|  |  | *Rates are per $1,000 of base Policy Specified Amount.*<br> Level charge during the first 20 Policy years or the first 20 Policy years after an increase in base Policy Specified Amount. | *Rates are per $1,000 of base Policy Specified Amount.*<br> Level charge during the first 20 Policy years or the first 20 Policy years after an increase in base Policy Specified Amount. |
|  |  | Varies <sup>(4)</sup> |  |
|  |  | Policy Year 2 |  |
|  |  | Minimum Charge | $0.03 |
|  |  | Maximum Charge | $1.80 |
|  |  | Charge for Representative Insured <sup>(25)</sup> | $0.15 |
| **Accelerated Benefit for Terminal Illness Rider** | When Benefit Exercised | 0.5% of the accelerated benefit | 0.5% of the accelerated benefit |
| **Paid-Up Insurance Benefit Endorsement** | When Benefit Exercised | *Calculated as a percentage times the Account Value. <sup>(6)</sup>* | 3.5% |
| **Policy Loans for Policies Dated Prior to January 1, 2022** | Annually | *Policy loan interest rate is deducted upon each Policy Anniversary. <sup>(7)</sup>* | *Policy loan interest rate is deducted upon each Policy Anniversary. <sup>(7)</sup>* |
|  |  | *Regular Policy Loans - Net Policy Loan interest rate during the first 5 Policy years <sup>(8)</sup>* | *Regular Policy Loans - Net Policy Loan interest rate during the first 5 Policy years <sup>(8)</sup>* |
|  |  | Current | 1.0% |
|  |  | Maximum | 1.0% |
|  |  | *Preferred Policy Loans - Net Policy Loan interest rate after the first 5 Policy years, only on a portion of the Policy Loan Balance <sup>(8)</sup>* | *Preferred Policy Loans - Net Policy Loan interest rate after the first 5 Policy years, only on a portion of the Policy Loan Balance <sup>(8)</sup>* |
|  |  | Current | 0.0% |
|  |  | Maximum | 0.5% |
| **Policy Loans for Policies Dated On or After January 1, 2022** | Annually | *Policy Loan interest rate is deducted upon each Policy Anniversary.<sup>(7)</sup>* | *Policy Loan interest rate is deducted upon each Policy Anniversary.<sup>(7)</sup>* |
|  |  | *Regular Policy Loans - Net Policy Loan interest rate during the first 5 Policy years <sup>(9)</sup>* | *Regular Policy Loans - Net Policy Loan interest rate during the first 5 Policy years <sup>(9)</sup>* |
|  |  | Current | 1.0% |
|  |  | Maximum | 3.0% |
|  |  | *Preferred Policy Loans - Net Policy Loan interest rate after the first 5 Policy years, only on a portion of the Policy Loan Balance <sup>(9)</sup>* | *Preferred Policy Loans - Net Policy Loan interest rate after the first 5 Policy years, only on a portion of the Policy Loan Balance <sup>(9)</sup>* |
|  |  | Current | 0.0% |
|  |  | Maximum | 2.5% |

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Ameritas Performance II VUL 8

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| | | | |
|:---|:---|:---|:---|
| **Charge** | **When Charge Is Deducted** | **Amount Deducted\*** | **Amount Deducted\*** |
| **OPTIONAL BENEFIT CHARGES:** |  | | |
| **Accidental Death Benefit Rider \*** | Monthly | *Rate is per $1,000 of the rider benefit amount.* | *Rate is per $1,000 of the rider benefit amount.* |
|  |  | Varies <sup>(10)</sup> |  |
|  |  | Minimum | $0.02 |
|  |  | Maximum | $0.13 |
|  |  | Charge for Representative Insured <sup>(11)</sup> | $0.07 |
| **Children's Insurance Rider** | Monthly | *Rate is per $1,000 of the rider benefit* | $0.48 |
|  |  | *amount.* |  |
| **Guaranteed Insurability Rider \*** | Monthly | *Rate is per $1,000 of the rider benefit* |  |
|  |  | *amount.* |  |
|  |  | Varies <sup>(12)</sup> |  |
|  |  | Minimum | $0.06 |
|  |  | Maximum | $0.19 |
|  |  | Charge for Representative Insured <sup>(11)</sup> | $0.19 |
| **Total Disability Benefit Rider \*** | Monthly | *Rate is per $100 of the rider annual benefit amount.* | *Rate is per $100 of the rider annual benefit amount.* |
|  |  | Varies <sup>(1)</sup> |  |
|  |  | Minimum | $0.74 |
|  |  | Maximum | $8.64 |
|  |  | Charge for Representative Insured <sup>(13)</sup> | $1.17 |
| **Waiver of Monthly Deduction Rider \*** | Monthly | Varies <sup>(1)</sup> |  |
|  |  | Minimum | $1.48 |
|  |  | Maximum | $17.28 |
|  |  | Charge for Representative Insured <sup>(13)</sup> | $2.34 |

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*\** *The cost of insurance and several of the charges vary based on individual characteristics. The cost shown for these charges may not be representative of the charge you will pay. Ask for a Policy illustration or see your Policy for the charge applicable to you.*

*Periodic Charges Table Footnotes:*

*(1)* *Rate varies by Insured's gender, rate class and Attained Age.* 

*(2)* *"Charge for Representative Insured" charges assume an Insured who is male, best rate class, age 35 when the Policy is issued, a Specified Amount of $1,000,000 and that the Policy is in its second Policy year.* 

*(3)* *The annual maximum charge is 0.90% in years 1 through 15 and 0.30% thereafter.* 

*(4)* *Rate varies by Insured's gender, Issue Age, rate class, Specified Amount and the amount of time you have had your Policy.* 

*(5)* *The annual rate is $1.755816 in years 1 through 20 and $0.00 thereafter. These same rates would apply for an increase in base Policy Specified Amount at Attained Age 35.* 

*(6)* *This endorsement is standard if the Policy Owner elects the guideline premium test ("GPT") on the application. This endorsement is not available if the Policy Owner elects the cash value accumulation test ("CVAT") on the application. This fee is charged when the Paid Up Insurance Benefit Endorsement is exercised.* 

*(7)* *If there is no Policy Loan on the Policy, there is no Policy Loan interest charged. There are two types of Policy Loans. Regular Policy Loans are Policy Loans made during the first five Policy years. Preferred Policy Loans are Policy Loans made after the 5<sup>th</sup> Policy year. Preferred Policy Loans may be available at a lower interest rate for a portion of your Policy Loan Balance. Net interest rate varies based on whether the Policy is in the first 5 Policy years or after the first 5 Policy years.* 

*(8)* *Interest rates charged on amounts borrowed from the Policy, net of 3.0% annual credited interest rate.* 

*(9)* *Interest rates charged on amounts borrowed from the Policy, net of 1.0% guaranteed annual credited interest rate or 3.0% current annual credited interest rate.* 

*(10)* *Rate varies by Insured's gender and Attained Age.* 

*(11)* *"Charge for Representative Insured" charges assume an Insured who is male Attained Age 35.* 

*(12)* *Rate varies by Insured's Issue Age.* 

*(13)* *"Charge for Representative Insured" charges assume an Insured who is male, best rate class, age 35 when the rider is issued, a base Policy Specified Amount of $1,000,000 and that the rider coverage is in its second year.* 

We currently do not assess a separate charge against our Separate Account or Fixed Account for any income taxes. We may, however, make such a charge in the future if income or gains within the Separate Account will incur any income tax liability, or if tax treatment of our Company changes.

**PORTFOLIO COMPANY OPERATING EXPENSES (for the year ended December 31, 2025, unless noted)**

The next table shows the minimum and maximum total operating expenses charged by the portfolio companies, before any waivers or reductions, which you may pay periodically during the time that you own the Policy. Actual fees and expenses for the underlying portfolios vary daily, so expenses for any given day may be greater or less than listed. A complete list of portfolio companies available under the Policy, including their annual expenses, may be found at the back of this document.

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| | | |
|:---|:---|:---|
| **<u>Annual Portfolio Company Expenses</u>** | **<u>Minimum</u>** | **<u>Maximum</u>** |
| Expenses that are deducted from Portfolio Company assets, including management fees, distribution and/or service (12b-1) fees, and other expenses.\* | 0.25% | 1.49% |

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\* Before any waivers and reductions.

Ameritas Performance II VUL 9

**PRINCIPAL RISKS OF INVESTING IN THE POLICY**

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| |
|:---|
| **Not a Short-Term Investment**<br> ***The Policy is unsuitable for short-term savings or short-term life insurance needs and is subject to investment risk, including the loss of principal*.** This Policy is not considered a short-term investment because of the 12-year Surrender Charge and the possibility of a tax penalty at the time of Surrender. Funds allocated to the Fixed Account are subject to the claims paying ability of the Company. You should evaluate the Policy's long-term investment potential and risks before purchasing a Policy. You should purchase a Policy only if you have the financial capability and the intent to keep the Policy in force for a substantial period of time.<br>|
| **Portfolio Company Risk of Loss**<br> Your Account Value will fluctuate with the performance of the Investment Options you choose. You assume the risk that your Account Value may decline or not perform to your expectations. Each underlying portfolio has various investment risks and some have greater risks than others. If you are also invested in the Fixed Account, interest rates may also vary or not perform to your expectations.<br>There is no assurance that any underlying portfolio will meet its objectives. **Prospectuses for Investment Options are available at our website,** **ameritas.com/investments/fund-prospectuses** **or by calling 800-745-1112.**<br>|
| **Fixed Account Risks**<br> The Fixed Account is part of the General Account of Ameritas Life Insurance Corp. The obligations of the General Account including any interest credited to the Fixed Account, and any guaranteed benefits we may provide under the Policy that exceed the value of the amounts held in the Separate Account, are subject to the claims of our creditors, the financial strength and the claims paying ability of the Company. The General Account is not a bank account and it is not insured by the FDIC or any other government agency.<br>|
| **Insurance Company Risks**<br> Ameritas Life has sole legal responsibility to pay amounts that are owed under the Policy. You should look to the financial strength of Ameritas Life for its claims-paying ability. We are also exposed to risks related to natural and human-made disasters or other events, including (but not limited to) earthquakes, fires, floods, storms, epidemics and pandemics (such as COVID-19), terrorists acts, civil unrest, malicious acts and/or other events that could adversely affect our ability to conduct business. The risks from such events are common to all insurers. To mitigate such risks, we have business continuity plans in place that include remote workforces, remote system and telecommunication accessibility, and other plans to ensure availability of critical resources and business continuity during an event. Such events can also have an adverse impact on financial markets, U.S. and global economies, service providers, and Fund performance for the portfolios available through your Policy. There can be no assurance that we, the Funds, or our service providers will avoid such adverse impacts due to such event and some events may be beyond control and cannot be fully mitigated or foreseen.<br>|
| **Surrender Risks**<br> The Policy is designed to provide lifetime insurance protection. Upon a full Surrender of your Policy, we deduct a Surrender Charge from the total Policy Value. Generally, the Surrender Charge is higher the older you are when the Policy is issued or if there is an increase in Specified Amount. The longest Surrender Charge period is 12 years from Policy Issue Date or the date of any increase in Specified Amount. Depending on the Account Value at the time you are considering Surrender, there may be little or no Cash Surrender Value payable to you. Surrender of a Policy while a Policy Loan is outstanding could result in significant tax consequences. A surrender before age 59 ½ may also result in tax penalties. Following a full Surrender, all your rights in the Policy end, and the Policy may not be reinstated.<br>|
| **Partial Withdrawal Risks**<br> Upon a partial withdrawal from your Policy, we will deduct a Partial Withdrawal Charge. This fee will be deducted from the Investment Options and in the same allocation as your partial withdrawal allocation instruction; if that is not possible (due to insufficient value in one of the Investment Options you elect) or you have not given such instructions, we will deduct this fee on a Pro-Rata basis from balances in all Subaccounts and the Fixed Account. Partial withdrawals may reduce the amount of the death benefit. In some cases, such as when the Policy's death benefit is driven by the Corridor Factor, the death benefit may be reduced by more than the amount of the partial withdrawal. Taxes and tax penalties may apply.<br>|
| **Lapse Risks**<br> If the Cash Surrender Value is not sufficient to pay charges when due, your Policy can terminate, or "lapse." This can happen if you have not paid enough premiums or if the Investment Options you selected experienced poor performance or because of a combination of both factors. This can happen even if you pay the Planned Periodic Premiums. You will be given a "grace period" within which to make additional premium payments to keep the Policy from lapsing. You will have a 61-day "grace period" to make a premium payment to continue your Policy. If your Policy lapses, your insurance coverage will terminate; you may be given the opportunity to reinstate the Policy by making the required premium payments and satisfying certain other conditions.<br>Since partial withdrawals reduce your Account Value, partial withdrawals increase the risk of lapse. Taking a Policy Loan also increases the risk of lapse. |

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Ameritas Performance II VUL 10

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| |
|:---|
| **If the Policy lapses because a grace period ended without a sufficient payment being made, you may reinstate it within five years of the date of lapse, so long as the Insured is Attained Age 80 or less and the requirements of reinstatement are met, including evidence of insurability. For more information see REINSTATEMENT under LAPSE AND REINSTATEMENT.**<br>|
| **Death Benefit Risks**<br> Death benefit proceeds are reduced by any Policy Loan Balance, Lien Balance, and any Monthly Deductions due but unpaid at death. Depending upon your choice of death benefit option, adverse performance of the Investment Options you choose may decrease your Policy's death benefit. In some cases, such as when the Policy's death benefit is driven by the Corridor Factor, the death benefit may be reduced by more than the amount of the partial withdrawal.<br>|
| **Policy Loan Risks**<br> A Policy Loan, whether or not repaid, will affect the Cash Surrender Value of your Policy over time. We will transfer all Policy Loan amounts from the Subaccounts and the Fixed Account to a Loan Account. The Loan Account does not participate in the investment experience of the Investment Options or receive any higher current interest rate credited to the Fixed Account.<br>The larger a Policy Loan Balance becomes relative to the Policy's Cash Surrender Value, the greater the risk that the Policy's Cash Surrender Value will not be sufficient to support the Policy's charges and expenses, including any loan interest due, and the greater the risk of the Policy lapsing. Any Policy Loan interest payable on a Policy Anniversary that you do not pay will become part of the outstanding Policy Loan principal and will also accrue interest.<br>Further, the death benefit is reduced by the amount of any outstanding Policy Loan and accrued Policy Loan interest.<br>Your Policy may lapse if your outstanding Policy Loan and accrued Policy Loan interest reduce the Cash Surrender Value to zero. There is a tax risk associated with outstanding debt. If you Surrender your Policy or your Policy lapses while there is an outstanding Policy Loan, there will generally be Federal income tax payable on the amount by which Policy Loans and partial withdrawals exceed the premiums paid. Since Policy Loans reduce your Policy's Account Value, any remaining Account Value may be insufficient to pay the income tax due and may cause the need for additional premium to keep your Policy in force.<br>|
| **Limitations on Access to Cash Value**<br> There is no minimum Policy Loan amount. We limit partial withdrawals to a minimum of $100, and require you to have not less than an amount to maintain the Policy in force for the next three months following the partial withdrawal and provided your Specified Amount of coverage meets required levels. Policy Loans may only be taken if your Cash Surrender Value; less Policy Loan interest on the Policy Loan Balance including the requested Policy Loan to the next Annual Date; less Monthly Deductions, is sufficient to keep your Policy in force for the next three months. We may defer making a Policy Loan for up to six months unless the Policy Loan is to pay premiums to us. We can postpone payments or any transfers out of a Subaccount if (i) the New York Stock Exchange (NYSE) is closed for other than customary weekend and holiday closings; (ii) trading on the NYSE is restricted; (iii) an emergency exists as determined by the SEC; or (iv) the SEC permits delay for the protection of security holders. We may defer payments of a full or partial Surrender from the Fixed Account for up to six months from the date we received your Written Notice requesting the Surrender and receive approval from the department of insurance of the State where the Policy is delivered. The applicable rules of the SEC will govern as to whether the conditions in (iii) or (iv) exist. Even if you pay Planned Periodic Premiums, your Policy could lapse if the Cash Surrender Value is not enough to pay the Monthly Deduction. However, your Policy will stay in force for the first 10 Policy years if you meet the Minimum No-Lapse Premium requirements.<br>|
| **Transfer Risks**<br> There is a risk that you will not be able to transfer your Account Value from one Investment Option to another because of limits on the dollar amount or frequency of transfers you can make which the portfolio companies impose. We are required to restrict or prohibit transfer by Policy Owners identified as having engaged in transactions that violate fund trading policies. You should read each portfolio company's prospectus for further details. Limitations on transfers out of the Fixed Account are more restrictive than those that apply to transfers out of the Subaccounts.<br>To discourage disruptive frequent trading activity, we impose restrictions on transfers (See the **Disruptive Trading Procedures** section) and reserve the right to change, suspend or terminate telephone, fax and Internet transaction privileges (See the **Transfers** section). In addition, we reserve the right to take other actions at any time to restrict trading, including, but not limited to: (i) restricting the number of transfers made during a defined period, (ii) restricting the dollar amount of transfers, and (iii) restricting transfers into and out of certain Subaccounts. We also reserve the right to defer a transfer at any time we are unable to purchase or redeem shares of the underlying portfolio.<br>While we seek to identify and prevent disruptive frequent trading activity, it may not always be possible to do so. *Therefore, no assurance can be given that the restrictions we impose will be successful in preventing all disruptive frequent trading and avoiding harm to long-term investors.*<br>|
| **Potential for Increased Charges**<br> The actual charges deducted are current charges on your Policy. However, we have the right to increase those charges at any time up to the guaranteed maximum charges as stated in your Policy.<br>|

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Ameritas Performance II VUL 11

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| |
|:---|
| **Market Timing Risks**<br> Investments in variable life insurance products can be a prime target for abusive transfer activity because these products value their Subaccounts on a daily basis and allow transfers among Subaccounts without immediate tax consequences. As a result, some investors may seek to frequently transfer into and out of Subaccounts in reaction to market news or to exploit a perceived pricing inefficiency. Whatever the reason, long-term investors in a Subaccount can be harmed by frequent transfer activity since such activity may expose the Investment Option's underlying portfolio to increased portfolio transaction costs and/or disrupt the portfolio manager's ability to effectively manage the portfolio's investments in accordance with the portfolio's investment objectives and policies, both of which may result in dilution with respect to interests held for long-term investment.<br>|
| **Tax Risks**<br> We believe the Policy qualifies as a life insurance contract for Federal tax purposes; so that death benefits for individually owned life insurance generally are not subject to income tax, and you should not be considered in constructive receipt of the Cash Surrender Value, including any increases in Cash Surrender Value, unless and until it is distributed from the Policy. Other federal and state taxes may apply. In general, you will be taxed on the amount of a distribution if it exceeds the investment in the Policy (premiums paid). Any taxable distributions are treated as ordinary income (rather than as capital gains) for tax purposes.<br>In order for you to receive the tax benefits extended to life insurance under the Internal Revenue Code (the "Code"), your Policy must comply with certain requirements of the Code. We will monitor your Policy for compliance with these requirements, but a Policy might fail to qualify as life insurance in spite of our monitoring. If this were to occur, you would be subject to income tax on the income credited to your Policy for the period of disqualification and all subsequent periods. Tax consequences of Ownership or receipt of Policy proceeds under federal, state and local estate, inheritance, gift and other tax laws can vary greatly depending upon the circumstances of each Owner or Beneficiary. There can also be unfavorable tax consequences on such things as the change of Policy Ownership or assignment of Ownership interests. Limits on premium payments and Treasury Department rules could also impact whether the Policy will qualify for the benefits extended to life insurance under the Code. There is no certainty that the expected benefits of life insurance, relative to other financial or investment products, will always continue to exist. We reserve the right to make such changes in the Policy as we deem necessary to assure it qualifies as a life insurance contract under the Code and continues to provide the tax benefits of such qualification.<br>***Buying a Policy might <u>not</u> be advisable if it is just replacing existing life insurance. You may wish to consult with your financial or insurance professional.***<br>|
| **Cybersecurity Risk**<br> We are at risk for cyber security failures or breaches of our information and processing systems and the systems of our business partners that could have negative impacts on you. These impacts include, but are not limited to, potential financial losses under your Policy, your inability to conduct transactions under your Policy, our inability to calculate your Policy's values, and the disclosure of your personal or confidential information.<br>|
| **Restrictions on Financial Transactions**<br> Applicable laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require us to reject a premium payment and/or block or "freeze" your Policy. If these laws apply in a particular situation, we would not be allowed to process any request for withdrawals, Surrenders, Policy Loans or death benefits, make transfers or continue making payments under your death benefit option until instructions are received from the appropriate regulator. We also may be required to provide additional information about you or your Policy to government regulators.<br>|
| **Other Matters**<br> Pandemics and their related major public health issues have a major impact on the global economy and financial markets. Governmental and non-governmental organizations may not effectively combat the spread and severity of such a pandemic, increasing its harm to Ameritas Life. Any of these events could materially adversely affect the Company's operations, business, financial results, or financial condition. |

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**THE COMPANY**

The **Ameritas Performance II VUL** Policy is offered and issued by Ameritas Life Insurance Corp. (the "Depositor"), 5900 O Street, Lincoln, Nebraska 68510.

**FEES AND PAYMENTS RECEIVED**

The Company receives certain fees and payments from both the funds and the fund companies.

The Company and its affiliate, Ameritas Investment Company, LLC, receive compensation from certain underlying funds pursuant to Rule 12b-1 under the 1940 Act for performing defined services and incurring certain expenses in promoting and distributing the underlying funds. This compensation varies and is paid out of the underlying fund's assets and is as much as 0.25% of the average net assets of the underlying fund that are attributable to the variable life insurance products issued by us that offer the particular fund (the Company's variable policies). The payment of Rule 12b-1 fees by

Ameritas Performance II VUL 12

the underlying fund increases the cost of investment in the Subaccount, as the payment of Rule 12b-1 fees results in a lower net asset value per share.

Information regarding investment advisory fees, expenses, and Rule 12b-1 fees are described in more detail in each fund's prospectus.

In addition, the Company receives negotiated payments from certain fund companies for providing services for the fund including, but not limited to, the maintenance of books and records, purchase and redemption orders, fund-related policy owner services, and other administrative support.

**Conflicts of Interest**

Certain funds in our Separate Accounts have 12b-1 fees and other negotiated payment arrangements, which create a conflict of interest for the Company. The 12b-1 fees and other negotiated payments vary by fund and fund company. When deciding to include a class of shares of a fund as an investment option under the Policy, we consider such fees and payments in addition to a number of factors including, but not limited to, the internal structure of our products as well as a fund's investment strategy, asset class, manager's reputation, and performance. Before a fund can be added to the Separate Account as an available investment option, the fund must undergo review and approval by an internal oversight committee. This committee evaluates whether a fund is an appropriate investment option within the Separate Account based on established criteria with due consideration for potential conflicts of interest, and all applicable laws, rules and regulations. Other funds (or share classes) not offered may have lower fees and better performance than the funds offered under the Policy.

**THE SEPARATE ACCOUNT**

The Registrant is Ameritas Variable Separate Account V (the "Separate Account"). The Separate Account is registered with the SEC as a unit investment trust. However, the SEC does not supervise the management or the investment practices or policies of the Separate Account or the Depositor. Under Nebraska law, income, gains, and losses credited to or charged against, the Separate Account reflect the Separate Account's own investment experience and not the investment experience of the Depositor's other assets. The assets of the Separate Account may not be used to pay any liabilities of the Depositor other than those arising from the Policies. The Depositor is obligated to pay all amounts promised to investors under the Policies. Any and all distributions made by the underlying portfolios, with respect to the shares held by the Separate Account, will be reinvested in additional shares at net asset value. We are responsible to you for meeting the obligations of the Policy, but we do not guarantee the investment performance of any of the variable Investment Options' underlying portfolios. We do not make any representations about their future performance.

The Separate Account provides you with variable Investment Options in the form of underlying portfolio investments. Each underlying portfolio is an open-end investment management company. When you allocate investments to an underlying portfolio, those investments are placed in a Subaccount of the Separate Account corresponding to that portfolio, and the Subaccount in turn invests in the portfolio. The Policy Value of your Policy depends directly on the investment performance of the portfolios that you select.

**PORTFOLIO COMPANIES**

The Policy allows you to choose from a wide array of Investment Options – each chosen for its potential to meet specific investment objectives.

You may allocate all or a part of your premiums among the Separate Account variable Investment Options or the Fixed Account fixed interest rate option. Allocations must be in whole percentages and total 100%.

Information regarding each portfolio company, including its (i) name; (ii) objective; (iii) investment adviser and any sub-investment advisers; (iv) current expenses; and (v) performance is found in **APPENDIX A.** Each portfolio company has issued a prospectus that contains more detailed information about the portfolio company. You may obtain paper copies of the prospectuses at no cost by calling our Service Center at 800-745-1112 or by sending an email request to alictd@ameritas.com.

You may also view the prospectuses on our website at: ameritas.com/investments/fund-prospectuses**.**

**The value of your Policy will increase or decrease based on the investment performance of the variable Investment Options you choose.** The investment results of each variable Investment Option are likely to differ significantly and vary over time. They do not earn a fixed interest rate. Please consider carefully, and on a continuing basis, which Investment Options best suit your long-term investment objectives and risk tolerance.

<u>You bear the risk that the variable Investment Options you select may fail to meet their objectives,</u>

<u>that they could decrease in value, and that you could lose principal</u>.

***There is no assurance the investment objectives will be met*.** An investment in money market funds is neither insured nor guaranteed by the U.S. Government. There can be no assurance that the funds will be able to maintain a stable net asset value of $1.00 per share.

Ameritas Performance II VUL 13

Each Subaccount's underlying portfolio operates as a separate variable Investment Option, and the income or losses of one generally has no effect on the investment performance of any other. Restrictions and other material information related to an investment in the variable Investment Option are contained in the prospectuses for each of the underlying portfolios.

**The underlying portfolios in the Separate Account are NOT publicly traded mutual funds and are NOT the same as other publicly traded mutual funds with very similar names.** The portfolios are only available as separate account Investment Options in life insurance or variable annuity policies issued by insurance companies, or through participation in certain qualified pension or retirement plans.

Even if the Investment Options and policies of some underlying portfolios available under the Policy may be very similar to the investment objectives and policies of publicly traded mutual funds that may be managed by the same investment adviser, the investment performance and results of the portfolios available under the Policy may vary significantly from the investment results of such other publicly traded mutual funds.

**VOTING RIGHTS**

As a Policy Owner, you may have voting rights in the portfolios whose shares underlie the Subaccounts in which you invest. You will receive proxy material, and have access to reports, and other materials relating to each underlying portfolio in which you have voting rights. If you send us written voting instructions, we will follow your instructions in voting the Portfolio shares attributable to your Policy. If you do not send us written instructions, we will vote those shares in the same proportions as we vote the shares for which we have received instructions from other Policy Owners. We will vote shares that the Company beneficially holds in the same proportions as we vote the shares for which we receive instructions from other Policy Owners, this is known as "proportionate voting." As a result of proportionate voting, a small number of Policy Owners could determine the outcome of a shareholder vote. The underlying portfolios may not hold routine annual shareholder meetings.

**THE FIXED ACCOUNT FIXED INTEREST RATE OPTION**

There is one fixed interest rate option ("Fixed Account"), where we bear the investment risk. If your Policy Date is prior to January 1, 2022, we guarantee that you will earn a minimum interest rate that will yield at least 3.0% per year, compounded annually. If your Policy Date is on or after January 1, 2022, we guarantee that you will earn a minimum interest rate that will yield at least 1.0% per year, compounded annually. We may declare a higher current interest rate. However, you bear the risk that we will not credit more interest than will yield the minimum guaranteed rate per year for the life of the Policy. The Company sets the interest rate which is not tied to a benchmark or other formula. You may obtain the current declared interest rate for the Fixed Account at no cost by calling 800-745-1112 or by sending an email request to alictd@ameritas.com.

All amounts allocated to the Fixed Account become assets of our General Account and are subject to the Company's claims paying ability. You should look solely to the financial strength of the Company for its claims-paying ability. Funds invested in the Fixed Account have not been registered and are not required to be registered under the Securities Act of 1933. The Fixed Account is not required to register as an investment company under the Investment Company Act of 1940 and is not registered as an investment company under the Investment Company Act of 1940. The Fixed Account is subject to generally applicable provisions of the Federal Securities laws regarding accuracy and completeness of disclosures.

We have sole discretion over how assets allocated to the Fixed Account are invested, and we bear the risk that those assets will perform better or worse than the amount of interest we have declared. Refer to the Policy for additional details regarding the Fixed Account.

The value of the Fixed Account, along with the value in the Separate Account variable Investment Options and the Loan Account, constitute the total Policy Value. Unlike value in the Separate Account variable Investment Options, there are no Mortality and Expense Risk Fees deducted from the Fixed Account. Transfers and Systematic Transfer Programs may be limited to the terms defined in the **TRANSFERS** and **SYSTEMATIC TRANSFER PROGRAMS** sections under the **GENERAL DESCRIPTION OF THE POLICY.** Decreases in the Fixed Account value as a result of Transfer, Systematic Transfer Programs, partial withdrawals, and Policy Loans, because they affect Policy Value, could result in reductions in the amount of benefit, or lead to lapse of the Policy and riders. Additional information regarding how the value of the Fixed Account is calculated may be found in the **POLICY VALUE** section under **PREMIUMS**.

Ameritas Performance II VUL 14

**CHARGES**

The following repeats and adds to information provided in the **FEE TABLE** section where the amount of each charge is shown. Please review both prospectus sections, and the Policy, for information on charges. For those Policies issued on a unisex basis in certain states or in certain cases, gender-distinct rates do not apply. Certain charges expressly permit you to designate the Investment Options from which the charge is to be deducted. If there are insufficient funds in such a designated Investment Option, and for all other charges deducted from total Account Value, charges are deducted Pro-Rata from your selected Subaccount and Fixed Account Investment Options. Any current charge that is less than the applicable maximum may be increased subject to the guaranteed maximum charge.

**Transaction Fees**

**<u>Maximum Sales Charge Imposed on Premiums (Load)</u>**

The premium charge is deducted from each premium payment as it is processed (except if it is a premium that is transferred from another Company policy). The current amount of this charge is 3.5% and the maximum charge is 5.0%. This charge is subtracted from the premium received before the funds are applied to the selected Investment Options. Premium taxes are paid by the Company from this charge. The amount added to the selected Investment Options is referred to as the Net Premium.

**<u>Premium Taxes</u>**

Premium taxes are not a separate charge to you; they are paid by the Company from the Maximum Sales Charge Imposed on Premiums (Load).

**<u>Maximum Deferred Sales Charge (Load)</u>**

Upon a full Surrender from your Policy, we deduct a Maximum Deferred Sales Charge (Load) (referred to as a "Surrender Charge" in this prospectus) from the total Account Value. The amount of this charge varies by the Insured's gender, Issue Age (or Attained Age at the time of any increase), rate class, Specified Amount of insurance coverage, and the length of time the Policy has been in force. Generally, the Surrender Charge is higher the older you are when the Policy is issued.

Surrender charges help cover our acquisition costs associated with issuing the policy or processing an increase should you terminate your Policy during the surrender period. The Surrender Charge duration is 12 years from the date of issue or increase. Surrender Charges apply from the Policy Issue Date as to the initial Specified Amount of insurance coverage, and from the date of any increase as to increases in the Specified Amount. Surrender Charges on increases are in addition to the Surrender Charges applicable from issue. The per $1,000 rate varies by issue age, Policy year, gender and rate class. The maximum Surrender Charge is $48.38 per $1,000 of Specified Amount. Except at certain older issue ages, the surrender charge typically remains level through year 5, then grades down to zero at the beginning of year 13. Ask for a Policy illustration or see your Policy for the charges applicable to you. Taxes and tax penalties may apply.

The following hypothetical example for a **Representative Insured** assumes a male, age 35 at Policy issue and in our best rate class. The Maximum Surrender Charge for this Representative Insured is $12.03. This Surrender Charge per $1,000 may not be representative of the charge that a particular Policy Owner will pay.

---

| | |
|:---|:---|
| **POLICY YEAR SINCE**<br>**ISSUE FOR MALE, AGE 35,** <br>**BEST RATE CLASS** | **MAXIMUM SURRENDER**<br>**CHARGE**<br>**PER $1,000** |
| 1 | $8.02 |
| 2 | $12.03 |
| 3 | $12.03 |
| 4 | $12.03 |
| 5 | $12.03 |
| 6 | $10.52 |
| 7 | $9.02 |
| 8 | $7.51 |
| 9 | $6.01 |
| 10 | $4.51 |
| 11 | $3.00 |
| 12 | $1.50 |
| 13 | $0.00 |

---

**<u>Other Surrender Fees</u>**

**Partial Withdrawal Charge**

Upon a partial withdrawal from your Policy, we may assess a partial withdrawal charge. This fee will be deducted from the Investment Options and in the same allocation as your partial withdrawal allocation instruction; if that is not possible (due to insufficient value in one of the Investment Options you elect) or you have not given such instructions, we will deduct this fee on a Pro-Rata basis from balances in all Subaccounts and the Fixed Account. This helps cover our administrative costs for withdrawals from your Policy. Taxes and tax penalties may apply. We currently do not charge for early withdrawals but may in the future charge up to $50 for each partial withdrawal.

Ameritas Performance II VUL 15

**Wire Transfer Fee**

We charge a $14 wire transfer fee if you request a wire transfer when requesting a Policy Loan, partial withdrawal or Surrender. The fee is deducted from the gross amount of the Policy Loan, partial withdrawal or Surrender.

**<u>Transfer Fees</u>**

We may charge a transfer fee for any transfer in excess of 15 transfers per Policy year. This fee may be deducted only from Policy Investment Options you designate; if that is not possible (due to insufficient value in an Investment Option you elect) or you have not provided such instructions, we will deduct this fee on a Pro-Rata basis from balances in all Subaccounts and the Fixed Account.

**<u>Illustration Fee</u>**

You may annually request, without charge, an illustration from us. Currently, there is no charge for additional illustrations. However, we reserve the right to charge the maximum fee of $50 for each additional illustration requested in the same Policy year.

**PERIODIC CHARGES OTHER THAN ANNUAL PORTFOLIO COMPANY CHARGES**

The following charges are deducted from Policy Value on each Policy Month date unless otherwise specified.

**<u>Base Policy Charge</u>**

**Cost of Insurance Charge**

The cost of insurance rate per $1,000 of Net Amount at Risk cannot exceed the guaranteed cost of insurance rate that is set forth in the Policy. The maximum cost of insurance each month can be determined by using the guaranteed cost of insurance rate in the formula for cost of insurance, below.

The cost of insurance charge is for providing insurance protection under the Policy. Because the cost of insurance charge depends upon several variables, the cost for each Policy can vary from month to month. The cost of insurance rate for the Specified Amount of insurance coverage varies by the Insured's gender, Issue Age, rate class, Specified Amount and the length of time the Policy has been in force. The cost of insurance rate for an increase in Specified Amount varies by the Insured's gender, age and rate class at the time of the increase, Specified Amount and the length of time the Policy has been in force since the increase. We may use current cost of insurance rates less than those shown in the Policy, and reserve the right to change them so long as they do not exceed the maximum rates shown in the Policy. Changes will apply equally to similarly situated Policy Owners and be based on changes in future expectations of factors such as investment earnings, mortality, persistency, and expenses. We expect a profit from this charge. Ask for a Policy illustration or see your Policy for the charge(s) applicable to you.

The *Cost of Insurance* each month equals:

▪ The Net Amount at Risk for the month; multiplied by

▪ The cost of insurance rate per $1,000 of Net Amount at Risk; divided by

▪ $1,000.

The *Net Amount at Risk* in any month equals:

▪ The death benefit on the Policy Month date, discounted at the guaranteed rate of interest for the Fixed Account for one month; minus

▪ The Policy Value on the Policy Month date after deducting the charge for any optional features selected and the administrative charges
but not the cost of insurance charge.

**Mortality and Expense Risk Fees**

The Mortality and Expense Risk Fees are for the mortality risks we assume – that Insureds may live for shorter periods of time than we estimate, and also compensates us for the Policy expense risks we assume. If this charge exceeds our actual costs to cover these risks, the excess goes to our General Account. Conversely, if this charge is not enough, we bear the additional expense, not you. See the **Fee Table** for the maximum charge. The annual current charge is 0.70% in years 1 through 15 and 0.10% thereafter. This charge is applied daily to Separate Account assets in determining the daily Accumulation Unit value of each Subaccount. We expect a profit from this charge.

**Administrative Expenses**

The administrative expense charge is deducted on each Monthly Date to partially compensate us for our costs in issuing and administering the Policy and operating the Separate Account. See the **Fee Table** for the maximum charge. The current monthly charges are as follows. We do not anticipate making a profit from these charges.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specified Amounts $100,000 - $249,999 | $20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specified Amounts $250,000 + | $15 |

---

**Monthly Specified Amount Charge**

For certain rate classes and Issue Ages, the maximum cost of insurance rates and other Policy charges are insufficient to cover our costs in issuing and administering the Policy, operating the Separate Account and providing the benefits under the Policy. The Specified Amount charge partially compensates us for these costs. We do not anticipate making a profit from this charge. The maximum monthly Specified Amount charge, if any, is shown on your Policy schedule. Any increase in Specified Amount will result in an additional monthly Specified Amount charge, unless the applicable rate at the time of the increase is zero.

Ameritas Performance II VUL 16

 **Accelerated Benefit for Terminal Illness Rider**

This rider provides as much as 50% of the death benefit, up to $500,000 when the Insured is terminally ill and is anticipated to live less than one year. There is no annual cost for this rider. The payment of any accelerated benefit under this rider is subject to an administrative fee not to exceed 0.5% of the accelerated benefit. The current maximum administrative fee is $250. For additional information on this rider, see the **OPTIONAL BENEFITS UNDER THE POLICY** section.

**Paid-Up Insurance Benefit Endorsement**

The benefit provided by this endorsement will keep your Policy from lapsing when you have a large outstanding Policy Loan Balance. We will deduct 3.5% of the Policy Value on the date you elect this benefit. For additional information on this rider, see the **OPTIONAL BENEFITS UNDER THE POLICY** section.

**Policy Loans**

If you borrow from your Account Value, interest accrues on outstanding Policy Loan amounts. After five Policy years, a lower interest rate may be available for a portion of your Policy Loan Balance. See the **POLICY LOANS** section for more information on applicable interest rates.

**<u>Optional Benefit Charges</u>**

The cost for any optional features you select (sometimes called Policy "Riders") is also deducted monthly from Policy Value. See the **FEE TABLE** for information about the costs of these features, and refer to **OTHER BENEFITS AVAILABLE UNDER THE POLICY** for descriptions of these features. Optional features may not be available in all states.

**COMMISSIONS PAID TO DEALERS**

We pay commissions for the sale of the Policies. The maximum commissions payable are: 120% of premiums up to the target premium and 4.80% of premiums above that amount paid in the first Policy year; 6.27% of premium paid in Policy years 2 through 10; and 2.28% of premium paid thereafter as a service fee. For an increase in Specified Amount, we will pay first-year commission on any increase in Planned Periodic Premium that occurs during the Policy year of the increase in Specified Amount. Substandard risks and riders, to the extent they affect target premiums, may result in additional compensation. We will pay agents' commissions after the first year, called "trail" commissions, up to a maximum annual rate of 0.20% of unborrowed Account Value. Additional amounts may be paid and expenses may be reimbursed based on various factors. Other selling broker-dealers will share commissions and additional amounts received for sales of the Policies with their sales representatives involved in the sales in accordance with their rules and policies for compensating sales representatives.

**PORTFOLIO COMPANY CHARGES**

Each Subaccount's underlying portfolio has investment advisory expenses. These expenses, as of the end of each portfolio's last fiscal year, are stated in this prospectus' **APPENDIX A** and described in more detail in each fund's prospectus. A portfolio's charges and expenses are not deducted from your Account Value. Instead, they are reflected in the daily value of portfolio shares which, in turn, will affect the daily Accumulation Unit value of the Subaccounts. These charges and expenses help to pay the portfolio's investment adviser and operating expenses.

**GENERAL DESCRIPTION OF THE POLICY**

**THE PARTIES**

**<u>Insured</u>**

The Insured is the person upon whose life this Policy is issued. This individual's personal information determines the cost of the life insurance coverage. The Owner also may be the Insured.

**<u>Owner</u>**

The Owner (also referred to as Policy Owner) is the person(s) or legal entity who may exercise all rights and privileges under the Policy. If there are joint Owners, the signatures of both Owners are needed to exercise rights under the Policy. If the Policy has been absolutely assigned, the assignee is the Owner. A collateral assignee is not the Owner.

**<u>Beneficiary</u>**

The Beneficiary will receive the death benefit proceeds when the Insured dies. You name the primary Beneficiary and any contingent beneficiaries in your application. If no primary Beneficiary is living when the Insured dies, we will pay to the contingent Beneficiary. If no contingent Beneficiary is living when the Insured dies, we will pay you or your estate. Unless otherwise provided, if any Beneficiary dies within 30 days after the Insured dies as the result of a common disaster, we will pay the death benefit proceeds as if that Beneficiary died first.

Unless your Beneficiary designation provides otherwise, we will follow these rules:

▪ We will pay equal shares when more than one Beneficiary of the same class is to share the funds.

▪ No revocable Beneficiary has rights in this Policy until the Insured dies.

▪ An irrevocable Beneficiary cannot be changed without his or her consent.

▪ The interest of any Beneficiary is subject to the rights of any assignee shown on our records.

▪ When beneficiaries are not shown by name (such as "children"), we may find who they are from
sworn statements and not wait for court records.

Ameritas Performance II VUL 17

You may change your Beneficiary at any time while the Insured is living by sending Written Notice to us. We must approve any change. If approved, the change will be effective as of the date you signed the Written Notice. We will not be liable for any payments we make or actions we take before the change is approved.

**<u>Minor Owner or Beneficiary</u>**

Generally, a minor may not own the Policy solely in the minor's name and cannot receive payments directly as a Policy Beneficiary. In most states parental status does <u>not</u> automatically give parents the power to provide an adequate release to us to make beneficiary payments to the parent for the minor's benefit. A minor can "own" a Policy through the trustee of a trust established for the minor's benefit, or through the minor's named and court appointed guardian, who owns the Policy in his or her capacity as trustee or guardian. Where a minor is a named Beneficiary, we may be able to pay the minor's beneficiary payments to the minor's trustee or guardian. Some States allow us to make such payments up to a limited amount directly to parents. Parents seeking to have a minor's interest made payable to them for the minor's benefit are encouraged to check with their local court to determine the process to claim proceeds on behalf of the minor; it is often a very simple process that can be accomplished without the assistance of an attorney. If there is no adult representative able to give us an adequate release for payment of the minor's beneficiary interest, we will retain the minor's interest on deposit until the minor attains the age of majority.

**State Variations**

Certain features of your Policy may be different than the features described in the prospectus if your Policy is issued in the state or district described below. Further variations may arise; the variations are subject to change without notice.

<u>California</u>

Requires a special Policy Cover for seniors age 60 and over with a 30 day free look period.

<u>Florida</u>

Reduced Paid-Up Life Insurance: Exchange for a reduced paid-up Policy is available.

Grace Period: 30 day grace period.

Reinstatement: The policy may be put back in force by Written Notice within three years.

Accelerated Benefit Terminal Illness Rider: Administrative Fee is $100.

<u>North Dakota</u>

Policy Right to Examine Provision: 20 day free look.

**Allocating Premium**

You may allocate your premiums among the variable Investment Options (the Subaccounts) and the Fixed Account fixed interest rate option. Initial allocations in your Policy application will be used for additional premiums until you change your allocation instructions.

▪ Allocations must be in whole percentages and total 100%.

▪ You may change your allocation by sending us Written Notice or through an authorized telephone transaction or online transaction.
The change will apply to premiums received on or after the date we receive your Written Notice or authorized telephone transaction.

▪ All premiums will be allocated pursuant to your instructions on record with us, except your initial premium and any additional premiums
received during your Policy ' s Right to Examine Transfer Date.

Prior to the Right to Examine Transfer Date, we will hold your initial Net Premium and any additional Net Premiums in the money market subaccount. On the Right to Examine Transfer Date, we will invest your Account Value, which will include investment performance results, in the Investment Options pursuant to your application allocation instructions. If, by the Right to Examine Transfer Date, you decide to cancel your Policy, we will refund the premiums paid minus Policy Loan Balance and partial withdrawals.

Until your Policy is issued, premium payments received by us are held in our General Account and are credited with interest at a rate we determine.

**TELEPHONE TRANSACTIONS**

**<u>Telephone Transactions Permitted</u>**

▪ Transfers among Investment Options.

▪ Establish systematic transfer programs.

▪ Change premium allocations.

**<u>How to Authorize Telephone Transactions</u>**

▪ Upon your authorization on the Policy application or in Written Notice to us, you, your registered representative or a third person
named by you may do telephone transactions on your behalf. You bear the risk of the accuracy of any designated person's instructions to
us.

**Telephone Transaction Rules**

▪ Must be received by close of the New York Stock Exchange ("NYSE") (usually 3 p.m. Central Time); if later, the transaction
will be processed the next day the NYSE is open.

▪ Calls will be recorded for your protection.

Ameritas Performance II VUL 18

▪ For security, you or your authorized designee must provide your Social Security number and/or other identification information.

▪ May be discontinued at any time as to some or all Owners.

We are not liable for following telephone transaction instructions we reasonably believe to be genuine.

**TRANSFERS**

The Policy is designed for long-term investment. Excessive transfers such as those triggered by market timing services or other large or frequent transfers could harm other Policy Owners by having a detrimental effect on investment portfolio management. In addition to the right of each Portfolio to impose redemption fees on short-term trading, **we reserve the right to reject any specific premium allocation or transfer request, if in the judgment of a Subaccount portfolio fund advisor, a Subaccount portfolio would be unable to invest effectively in accordance with its investment objectives and policies, or if Policy Owners would otherwise potentially be adversely affected.**

We consider any transfer of money out of a Subaccount within 60 days of a purchase to be evidence of possible market timing. We will not execute such a trade until we provide the underlying portfolio's investment adviser with information about it for an opportunity to evaluate the transfer pursuant to the investment adviser's own standards, as stated in the Subaccount's underlying portfolio prospectus. Ultimately the portfolio's investment adviser has the authority to make the determination whether or not to accept a transfer.

Subject to restrictions during the Right to Examine Transfer Date, you may transfer Account Value from one Subaccount to another, from the Separate Account to the Fixed Account, or from the Fixed Account to any Subaccount, subject to these rules:

**Transfer Rules:**

▪ A transfer is any single request to move assets between one or more Investment Options.

▪ We must receive notice of the transfer request by either Written Notice, an authorized telephone transaction,
or by Internet when available. Our Trading Unit fax number is 402-467-7923. Transfers will be processed on the Business Day they are received
by our Trading Unit if received before close of the New York Stock Exchange (usually 3:00 p.m. Central Time). You must be available to
receive a confirmation telephone call for any faxed transfer requests sent to us, or your trade may not be processed until it is confirmed.

▪ The transferred amount must be at least $250, or the entire Subaccount or Fixed Account value if it
is less. If the Account Value remaining in a Subaccount after a transfer will be less than $100, we will include that Account Value in
the amount transferred. Information regarding Dollar Cost Averaging, Portfolio Rebalancing, and Earnings Sweep systematic transfer programs
is available under the **SYSTEMATIC TRANSFER PROGRAMS** section.

&nbsp;&nbsp;&nbsp;&nbsp;· If the Dollar Cost Averaging systematic transfer program is used, then the minimum transfer amount
out of a Subaccount or the Fixed Account is the lesser of $250 or the balance in the Subaccount or Fixed Account. Under this program,
the maximum amount that may be transferred from the Fixed Account each month is 1/36<sup>th</sup> of the value of the Fixed Account at
the time the Dollar Cost Averaging program is established. While a Dollar Cost Averaging program is in effect, elective transfers out
of the Fixed Account are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;· The Portfolio Rebalancing and Earnings Sweep systematic transfer programs have no minimum transfer
amounts.

▪ The first 15 transfers each Policy year are free. Thereafter, transfers will result in a $10 charge for each transfer. See the **CHARGES** section of this prospectus for information about this charge. This fee is deducted on a Pro Rata basis from balances in all Subaccounts
and the Fixed Account; it is not subtracted from the amount of the transfer. Transfers under any systematic transfer program <u>do</u> count toward the 15 free transfers limit.

▪ A transfer from the Fixed Account (except made pursuant to a systematic transfer program):

&nbsp;&nbsp;&nbsp;&nbsp;· may be made only once each Policy year;

&nbsp;&nbsp;&nbsp;&nbsp;· may be delayed up to six months;

&nbsp;&nbsp;&nbsp;&nbsp;· is limited during any Policy year to the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 25% of the Account Value in the Fixed Account on the date of the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the greatest amount of any Fixed Account transfer that occurred during the previous 13 months; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o $1,000.

▪ We reserve the right to limit transfers, or to modify transfer privileges, and we reserve the right to change the transfer rules at
any time. We and the investment advisers consider market timing strategies, programmed transfers or transfers that are large in relation
to the total assets of an Investment Option's underlying portfolio as disruptive. We may react to disruptive transfers by, among other
things, restricting the availability of personal telephone requests, fax transmissions, automated telephone services, Internet services
or any electronic transfer service. We may also refuse to act on transfer instructions of an agent acting under a power of attorney or
otherwise who is acting on behalf of one or more Owners. In making these determinations, we may consider the combined transfer activity
of annuity contracts and life insurance policies that we believe are under common ownership, control or direction.

▪ If the Account Value in any Subaccount falls below $100, we may transfer the remaining balance, without
charge, proportionately to a money market subaccount. We will notify you when such a transfer occurs. You may, within 60 days of the date
of our notice, reallocate the amount transferred, without charge, to another Investment Option.

▪ In the event you authorize telephone or Internet transfers, we are not liable for telephone or Internet
instructions that we in good faith believe you authorized. We will employ reasonable procedures to confirm that instructions are genuine.

Ameritas Performance II VUL 19

**<u>Omnibus Orders</u>**

Purchase and redemption orders received by the portfolios generally are "omnibus" orders from intermediaries such as retirement plans and separate accounts funding variable insurance products. The omnibus orders reflect the aggregation and netting of multiple orders from individual retirement plan participants and individual owners of variable insurance products. The omnibus nature of these orders may limit the ability of the portfolios to apply their respective disruptive trading policies and procedures. We cannot guarantee that the portfolios will not be harmed by transfer activity relating to the retirement plans or other insurance companies that may invest in the portfolios. These other insurance companies are responsible for their own policies and procedures regarding frequent transfer activity. If their policies and procedures fail to successfully discourage harmful transfer activity, it will affect other owners of portfolio shares, as well as the owners of all variable life insurance or variable annuity contracts, including ours, whose variable Investment Options correspond to the affected portfolios. In addition, if a portfolio believes that an omnibus order that we submit may reflect one or more transfer requests from Owners engaged in disruptive trading, the portfolio may reject the entire omnibus order and thereby delay or prevent us from implementing your request.

**<u>Time Period for Special Transfer</u>**

At any time within 24 months of the Policy Date, you may request a transfer of the entire Account Value in the Subaccounts to the Fixed Account without incurring a transfer charge.

**THIRD-PARTY SERVICES**

Where permitted and subject to our rules (including those Transfer Rules above regarding rejection of a transfer request), we may accept your authorization to have a third party (such as your sales representative or someone else you name) exercise transfers or investment allocations on your behalf. Third-party transfers and allocations are subject to the same rules as all other transfers and allocations. You can make this election on the application or by sending us Written Notice on a form provided by us. Please note that any person or entity you authorize to make transfers or allocations on your behalf, including any investment advisory, asset allocation, money management or timing service, does so independently from any agency relationship they may have with us for the sale of the Policies. They are accountable to you alone for such transfers or allocations. We are not responsible for such transfers or allocations on your behalf, or recommendations to you, by such third-party services. You should be aware that charges charged by such third parties for their service are separate from and in addition to charges paid under the Policy.

**<u>Third Party Traders</u>**

We reserve the right to restrict transfers by any firm or any other third party authorized to initiate transfers on behalf of multiple Policy Owners if we determine such third party trader is engaging in a pattern of transfers that may disadvantage Policy Owners. In making this determination, we may, among other things:

▪ reject the transfer instructions of any agent acting under a power of attorney on behalf of more than one Policy Owner, or

▪ reject the transfer or exchange instructions of individual Policy Owners who have executed transfer forms which are submitted by market
timing firms or other third parties on behalf of more than one Policy Owner.

We will notify affected Policy Owners before we limit transfers, modify transfer procedures or refuse to complete a transfer. Transfers made pursuant to participation in a dollar cost averaging, portfolio rebalancing or earnings sweep program are not subject to these rules. See the sections of the prospectus describing those programs for the rules of each program.

**SYSTEMATIC TRANSFER PROGRAMS**

Transfers under any systematic transfer program <u>do</u> count toward the 15 free transfer limit. We reserve the right to alter or terminate any systematic transfer program upon thirty days advance Written Notice. Only one systematic transfer program may be utilized at a time.

**<u>Dollar Cost Averaging Program</u>**

Dollar Cost Averaging allows you to automatically transfer, on a periodic basis, a set dollar amount or percentage from the money market subaccount or the Fixed Account to any other Subaccount(s) or the Fixed Account. Requested percentages are converted to a dollar amount. You can begin Dollar Cost Averaging when you purchase the Policy or later. You can increase or decrease the amount or percentage of transfers or discontinue the program at any time. Dollar Cost Averaging is intended to limit loss by resulting in the purchase of more Accumulation Units when an underlying portfolio company's value is low, and fewer units when its value is high. However, there is no guarantee that such a program will result in a higher Account Value, protect against a loss, or otherwise achieve your investment goals.

**Dollar Cost Averaging Rules:**

▪ There is no additional charge for the Dollar Cost Averaging program.

▪ We must receive notice of your election and any changed instruction – either Written Notice or by telephone transaction instruction.

▪ Automatic transfers can only occur monthly.

▪ The minimum transfer amount out of the money market subaccount or the Fixed Account is the lesser of $250 or the balance in the Subaccount
or Fixed Account. Under this program, the maximum amount that may be transferred from the Fixed Account each month is 1/36<sup>th</sup>
of the Fixed Account value at the time Dollar Cost Averaging is established. While a Dollar Cost Averaging program is in effect, elective
transfers out of the Fixed Account are prohibited. There is no maximum transfer amount limitation applicable to any of the Subaccounts.

Ameritas Performance II VUL 20

▪ Dollar Cost Averaging program transfers cannot begin before the end of a Policy's Right to Examine Transfer Date.

▪ You may specify that transfers be made on the 1<sup>st</sup> through the 28<sup>th</sup> day of the month. Transfers will be made
on the date you specify (or if that is not a Business Day, then on the next Business Day). If you do not select a date, the program will
begin on the next Monthly Date following the Right to Examine Transfer Date.

▪ You can limit the number of transfers to be made, in which case the program will end when that number has been made. Otherwise, the
program will terminate when the amount remaining in the money market subaccount or the Fixed Account is less than $100.

▪ Dollar Cost Averaging is not available when the Portfolio Rebalancing Program is elected.

**<u>Portfolio Rebalancing Program</u>**

The Portfolio Rebalancing program allows you to rebalance your Account Value among designated Subaccounts only as you instruct. You may change your rebalancing allocation instructions at any time. Any change will be effective when the next rebalancing occurs.

**Portfolio Rebalancing Program Rules:**

▪ There is no additional charge for the Portfolio Rebalancing program.

▪ The Fixed Account is excluded from this program.

▪ You must request the rebalancing program, give us your rebalancing instructions, or request to end this program either by Written
Notice or by telephone transaction instruction.

▪ You may have rebalancing occur quarterly, semi-annually or annually.

▪ Portfolio Rebalancing is not available when the Dollar Cost Averaging Program is elected.

**<u>Earnings Sweep Program</u>**

The Earnings Sweep program allows you to rebalance your Account Value by automatically allocating earnings from your Subaccounts among designated Investment Options (Subaccounts or the Fixed Account), either based on your original Policy allocation of premiums or pursuant to new allocation instructions. You may change your Earnings Sweep program instructions at any time. Any change will be effective when the next sweep occurs.

**Earnings Sweep Program Rules:**

▪ There is no additional charge for the Earnings Sweep program.

▪ The Fixed Account is included in this program.

▪ You must request the Earnings Sweep program, give us your allocation instructions or request to end this program either by Written
Notice or by telephone transaction instruction.

▪ You may have your earnings sweep quarterly, semi-annually or annually.

**GENERAL ACCOUNT**

The General Account includes all of our assets except those assets segregated in separate accounts. We have sole discretion to invest the assets of the General Account, subject to applicable law. Until your Policy is issued, any premium payments we receive are held in our General Account. Obligations under the Policy that are funded by Ameritas Life's General Account include the Fixed Account, the Loan Account, and fixed payments including death benefit proceeds. These obligations of the General Account are subject to the claims of our creditors and the claims paying ability and financial strength of the Company. It is not a bank account and it is not insured by the FDIC or any other government agency.

**POLICY OR REGISTRANT CHANGES**

**<u>Policy Changes</u>**

We reserve the right to make such changes in the Policy as we deem necessary to assure it qualifies as a life insurance contract under the Internal Revenue Code and continues to provide the tax benefits of such qualification.

**<u>Adding, Deleting or Substituting Variable Investment Options</u>**

We do not control the Subaccounts' underlying portfolios, so we cannot guarantee that any of the portfolios will always be available.

We retain the right to change the investments of the Separate Account, and to eliminate the shares of any Subaccount's underlying portfolio and substitute shares of another series fund portfolio if the shares of an underlying portfolio are no longer available for investment or if, in our judgment, investment in the portfolio would be inappropriate in view of the purposes of the Separate Account. We may add new Separate Account underlying portfolios, or eliminate existing underlying portfolios, when, in our sole discretion, conditions warrant a change. In all of these situations, we will receive any necessary SEC and state approval before making any such change.

Our Separate Account may be (i) operated as an investment management company or any other form permitted by law, (ii) deregistered with the SEC if registration is no longer required, or (iii) combined with one or more other separate accounts. To the extent permitted by law, we also may transfer assets of the Separate Account to other accounts. Where permitted by applicable law, we reserve the right to remove, combine or add Subaccounts. Subaccounts may be closed to new or subsequent transfers or allocations. We will receive any necessary SEC and state approval before making any of these changes.

We will notify you of any changes to the variable Investment Options.

Ameritas Performance II VUL 21

**<u>Resolving Material Conflicts – Underlying Investment Interests</u>**

In addition to serving as underlying portfolios to the Subaccounts, the portfolios are available to registered separate accounts of other insurance companies offering variable annuity and variable life insurance contracts. We do not currently foresee any disadvantages to you resulting from the fund companies selling portfolio shares to fund other products. However, there is a possibility that a material conflict of interest may arise between Policy Owners and the owners of variable contracts issued by other companies whose values are allocated to one of the portfolios. Shares of some of the portfolios also may be sold to certain qualified pension and retirement plans qualifying under section 401 of the Internal Revenue Code. As a result, there is a possibility that a material conflict may arise between the interests of Owners or owners of other contracts (including contracts issued by other companies), and such retirement plans or participants in such retirement plans. In the event of a material conflict, we will take any necessary steps to resolve the matter, including removing that portfolio as an underlying Investment Option of the Separate Account. The Board of Directors of each fund company will monitor events in order to identify any material conflicts that may arise and determine what action, if any, should be taken in response to those events or conflicts. See the accompanying prospectuses of the portfolios for more information. (Also see the **TRANSFERS** section, **Omnibus Orders**.)

**Disruptive Trading Procedures**

Organizations or individuals that use market timing investment strategies and make frequent or other disruptive transfers should not purchase the Policy, unless such transfers are limited to Subaccounts whose underlying portfolio prospectuses specifically permit such transfers.

The Policy is not designed to serve as a vehicle for frequent trading in response to short-term fluctuations in the market. Such frequent trading, programmed transfers, or transfers that are large in relation to the total assets of a Subaccount's underlying portfolio can disrupt management of a Subaccount's underlying portfolio and raise expenses. This in turn can hurt the performance of an affected Subaccount and therefore hurt your Policy's performance. The risks and harmful effects of disruptive trading include:

▪ dilution of the interests of long-term investors in a separate account if market timers manage to transfer into a portfolio at prices
that are below the true value or to transfer out of the portfolio at prices that are above the true value of the portfolio's investments
(some market timers attempt to do this through methods known as "time-zone arbitrage" and "liquidity arbitrage");

▪ reduced investment performance due to adverse effects on portfolio management by:

&nbsp;&nbsp;&nbsp;&nbsp;· impeding a portfolio investment adviser's ability to sustain an investment objective;

&nbsp;&nbsp;&nbsp;&nbsp;· causing the portfolio to maintain a higher level of cash than would otherwise be the case;

&nbsp;&nbsp;&nbsp;&nbsp;· causing a portfolio to liquidate investments prematurely (or otherwise at an inopportune time) in order to pay withdrawals or transfers
out of the portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;· increased costs to you in the form of increased brokerage and administrative expenses. These costs are borne by all Policy owners
invested in those separate accounts, not just those making the transfers.

Do not invest with us if you intend to conduct market timing or potentially disruptive trading.

Policy Owners should be aware that we are contractually obligated to provide, at the portfolio investment adviser's request, Policy Owner transaction data relating to trading activities, including tax identification numbers and other identifying information contained in our records to assist in identifying any pattern or frequency of Subaccount transfers that may violate the portfolio's trading policies. We are obligated to follow each portfolio investment adviser's instructions regarding enforcement of their trading policy. On receipt of written instructions from a portfolio investment adviser, we will restrict or prohibit further purchases or transfers by Policy Owners identified as having engaged in transactions that violate the portfolio's trading policies. We are not authorized to grant exceptions to an underlying portfolio's trading policy. Please refer to each portfolio's prospectus for more information on its trading policies.

We reserve the right to reject or restrict, in our sole discretion, transfers initiated by a market timing organization or individual or other party authorized to give transfer instructions. We further reserve the right to impose restrictions on transfers that we determine, in our sole discretion, will disadvantage or potentially hurt the rights or interests of other Policy owners. Restrictions may include changing, suspending or terminating telephone, online and fax transfer privileges. We will enforce any Subaccount underlying portfolio investment adviser's restrictions imposed upon transfers considered by the portfolio investment adviser to be disruptive. Our disruptive trading procedures may vary from Subaccount to Subaccount, and may also vary due to differences in operational systems and contract provisions. However, any Subaccount restrictions will be uniformly applied; we do not make special arrangements or grant exceptions or waivers to accommodate any persons or class of persons with regard to these procedures.

There is no assurance that the measures we take will be effective in preventing market timing or other excessive transfer activity. Our ability to detect and deter disruptive trading and to consistently apply our disruptive trading procedures may be limited by operational systems and technological limitations which may result in some Policy Owners being able to market time. Also, because other insurance companies and retirement plans may invest in Subaccount underlying portfolios, we cannot guarantee that Subaccount underlying portfolios will not suffer harm from disruptive trading within contracts issued by them.

Ameritas Performance II VUL 22

**<u>Excessive Transfers</u>**

We reserve the right to restrict transfers if we determine you are engaging in a pattern of transfers that may disadvantage Policy Owners. In making this determination, we will consider, among other things:

▪ the total dollar amount being transferred;

▪ the number of transfers you make over a period of time;

▪ whether your transfers follow a pattern designed to take advantage of short-term market fluctuations, particularly within certain
Subaccount underlying portfolios;

▪ whether your transfers are part of a group of transfers made by a third party on behalf of individual Policy Owners in the group;
and

▪ the investment objectives and/or size of the Subaccount underlying portfolio.

**PREMIUMS**

**POLICY APPLICATION AND ISSUANCE**

Replacing an existing life insurance policy is not always your best choice. Evaluate any replacement carefully.

The Insured must not be older than age 80 on the Insured's birthday nearest to the Policy Date. The minimum initial Specified Amount of life insurance is $100,000. We may reduce the initial Specified Amount for Policies issued in connection with group or sponsored arrangements. See the **Special Arrangements** section, below, for details. To purchase a Policy, you must submit an application, at least the Initial Premium (see below), and provide evidence of the proposed Insured's insurability satisfactory to us. Before accepting an application, we conduct underwriting to determine insurability. We reserve the right to reject any application or premium. If we issue a Policy, insurance coverage will be effective as of the Policy Date.

When you apply for your Policy, you will choose one of three death benefit options, which will be used to determine the death benefit.

**<u>Application in Good Order</u>**

All application questions must be answered, but particularly note these requirements:

▪ The Owner's and Insured's full name, Social Security number (tax identification number for a business or trust Owner), date of birth
and certain other required information must be included.

▪ Your premium allocations must be complete, be in whole percentages and total 100%.

▪ Initial Premium requirements must be met (see below).

▪ Your signature and your agent's signature must be on the application.

▪ City, state and date the application was signed must be completed.

▪ You must provide all information required for us to underwrite your application (including health and medical information about the
Insured, and other information we consider relevant).

▪ Please give us your e-mail address to facilitate receiving updated Policy information by electronic delivery.

▪ There may be forms in addition to the application required by law or regulation, especially when a replacement of other coverage is
involved.

▪ Your agent must be both properly licensed and appointed with us.

**Premium Requirements**

Your premium checks should be made payable to "Ameritas Life Insurance Corp." We reserve the right to reject any premiums. We may postpone crediting payment of your initial premium made by personal check until the check has been honored by your bank. Payment by certified check, banker's draft or cashier's check will be promptly applied. Under our electronic fund transfer program, you may select a monthly payment schedule for us to automatically deduct premiums from your bank account or other sources.

**<u>Initial Premium</u>**

▪ At least the Monthly Minimum No-Lapse Premium times the number of months between the Policy Date and the date the Policy is issued
plus one month.

**<u>Additional Premiums</u>**

▪ Payment of additional premiums is flexible, but must be enough to cover Policy charges.

▪ If a premium increases the Net Amount at Risk, it is subject to evidence of the Insured's continued insurability and our underwriting
requirements as to the amount of the increase.

▪ Planned Periodic Premiums may be paid annually, semi-annually, quarterly, or monthly. You may change your Planned Periodic Premium,
subject to our approval. Because Account Value can fluctuate depending upon the performance of your selected variable Investment Options, <u>payment of your Planned Periodic Premiums does not guarantee that your Policy will remain in force. Your Policy can lapse even if you pay all Planned Periodic Premiums on time.</u> 

▪ If there is a Policy Loan, you should identify any payment intended to reduce a Policy Loan as a Policy Loan repayment; otherwise
it will be treated as a premium and added to Account Value.

▪ We reserve the right to limit premiums or refund any values so the Policy qualifies as life insurance under the federal Internal Revenue
Code.

Ameritas Performance II VUL 23

**ACCOUNT VALUE**

On your Policy's Issue Date, Account Value (or "Policy Value" or "Accumulation Value") equals your initial Net Premium (premium less the Percent of Premium Charge) minus any Monthly Deduction since the Policy Date. On any Business Day thereafter, your total Account Value equals the sum of Account Value in the Separate Account variable Investment Options, the Fixed Account, and the Loan Account, plus any Net Premium received that Business Day, but not yet allocated.

**<u>Separate Account Value</u>**

Premiums or transfers allocated to Subaccounts are accounted for in Accumulation Units. The Account Value held in the Separate Account Subaccounts on any Business Day is determined by multiplying each Subaccount's Accumulation Unit value by the number of Accumulation Units held in the Subaccount. We will determine the value of the assets of each Subaccount at the close of trading on the New York Stock Exchange on each Business Day.

The unit value of each Subaccount reflects the investment performance of that Subaccount. The unit value of each Subaccount on any Business Day equals the unit value of the Subaccount on the previous Business Day multiplied by the net investment factor for the Subaccount. The net investment factor for each Subaccount can be determined on any Business Day by using the following calculation:

▪ the net asset value per share of the Subaccount's underlying portfolio as of the end of the current Business Day, plus the per share
amount of any dividend or capital gain distribution paid by that underlying portfolio since the previous Business Day, plus the per share
amount of any taxes payable by the Separate Account; divided by

▪ the net asset value per share of the Subaccount's underlying portfolio as of the end of the previous Business Day, minus

▪ the daily risk charge.

Because the net investment factor may be greater than, less than, or equal to 1, unit values may increase or decrease from one Business Day to the next.

When transactions are made to or from a Subaccount, the actual dollar amounts are converted to Accumulation Units. The number of Accumulation Units for a transaction is equal to the dollar amount of the transaction divided by the Accumulation Unit value on that Business Day. Each transaction described below will increase or decrease your Accumulation Units.

The number of Accumulation Units in a Subaccount will *increase* when:

▪ Net Premiums are credited to it; or

▪ amounts are transferred to it from other Subaccounts, the Fixed Account or the Loan Account.

The number of Accumulation Units in a Subaccount will *decrease* when:

▪ partial withdrawals (and any partial withdrawal charges) are taken from it;

▪ Monthly Deductions are taken from it;

▪ transfer charges are taken from it; or

▪ amounts are transferred out of it into other Subaccounts, the Fixed Account or the Loan Account .

**<u>Fixed Account Value</u>**

The Account Value of the Fixed Account on any Business Day equals:

▪ Net Premiums credited to the Fixed Account; plus

▪ any transfers from the Subaccounts or the Loan Account to the Fixed Account; plus

▪ interest credited to the Fixed Account; minus

▪ any partial withdrawal (and partial withdrawal charge) taken from the Fixed Account; minus

▪ the Fixed Account's share of any Monthly Deductions from Account Value; minus

▪ any transfer charges taken from the Fixed Account; minus

▪ amounts transferred from the Fixed Account to the Subaccounts or the Loan Account.

**<u>Loan Account Value</u>**

The Account Value in the Loan Account on any Business Day equals:

▪ amounts transferred to the Loan Account from the Investment Options (the Subaccounts and the Fixed Account); plus

▪ interest credited to the Loan Account; minus

▪ amounts transferred from it into the Investment Options.

(Also see **Defined Terms** for the definition of "Policy Loan Balance.")

**POLICY CHANGES**

You may request to change your Specified Amount, death benefit option or riders. Any change to your Policy is effective only if by Written Notice on a form acceptable to us, and then only when recorded on our records. Information on how to contact us to determine what information is needed and where you can get various forms for Policy changes is shown on this prospectus' first two pages and last page.

When a Policy change is made, we will send you a revised Policy schedule that will show the updated coverage and any new charges.

Ameritas Performance II VUL 24

A change of Owner may be made at any time by Written Notice, and will take effect on the date Written Notice is signed by you. Such change of Owner is subject to any action we take prior to the date we receive Written Notice when based on instructions we received from the Owner of record.

**"Right to Examine" Period**

You may cancel your Policy for a refund during your "right to examine" or "free look" period. This period expires 10 days after you receive your Policy (30 days after if it is a replacement for another policy), or 45 days after your application is signed, whichever is later. The "right to examine" period is longer in some states, ranging from 15 to 30 days. If you decide to cancel the Policy, you must return it by mail or delivery to the home office or to the Ameritas Life selling agent by the date the "right to examine" period expires. Your Policy will be void from the beginning. We will refund the premiums paid minus Policy Loan Balance and partial withdrawals, unless otherwise required by state law.

Prior to the Right to Examine Transfer Date, we will hold your initial Net Premium and any additional Net Premiums in the money market subaccount. On the Right to Examine Transfer Date, we will reallocate your Account Value according to the premium allocation you selected on the application. We will allocate Net Premiums paid on or after the Right to Examine Transfer Date according to the premium allocation in effect on the date we receive the premium.

**This policy is no longer available for sale.**

**Optional Features**

Subject to certain requirements, one or more of the optional insurance benefits described in **OTHER BENEFITS AVAILABLE UNDER THE POLICY** may be added to your Policy by rider. The cost of any optional insurance benefit will be deducted monthly from Account Value as stated in this prospectus' **CHARGES** section.

**Nonparticipating**

The Policy is nonparticipating. No dividends will be paid under the Policy.

**Special Arrangements**

Where permitted by state regulation, we may make Policies available through various special arrangements. We may reduce or waive the premium charge and/or the monthly administrative charge and/or the Surrender Charge under Policies purchased by:

1. our directors, officers, current or retired employees ("employees"), or agents, or affiliates thereof, or their spouses
or dependents;

2. directors, officers, employees, or agents of broker-dealers that have entered into selling agreements with Ameritas Investment Company,
LLC ("AIC") relating to the Policies, or their spouses or dependents; or

3. directors, officers, employees, or affiliates of the portfolios or investment advisers or sub-advisers or distributors thereof, or
their spouses or dependents.

Any interested person can contact our Service Center concerning the availability of special arrangements. In addition, in the future, we may reduce or waive the premium charge and/or the Surrender Charge if a Policy is purchased by the Owner of another policy we issued, and/or through transfer or exchange from a life insurance policy we issued, each in accordance with rules we establish and apply on a uniform basis. Reductions or waivers of the premium charge, monthly administrative charge and the Surrender Charge reflect the reduced sales and administrative effort associated with Policies sold to the Owners specified.

We may issue Policies to group or sponsored arrangements, as well as on an individual basis. A "group arrangement" includes a program under which a trustee, employer or similar entity purchases Policies covering a group of individuals. An example of such an arrangement is a non-qualified deferred compensation plan. A "sponsored arrangement" includes but is not limited to a program under which an employer permits group solicitation of its employees or an association permits group solicitation of its members for the purchase of Policies on an individual basis. The Policies may not be available in connection with group or sponsored arrangements in all states.

For Policies issued in connection with group or sponsored arrangements, we may reduce or waive one or more of the following charges: the premium charge; Surrender Charge, the monthly charge for the cost of insurance; rider charges; monthly administrative charges; daily risk charges (for mortality and expense risk); and/or the transfer charge. We may also reduce the minimum Specified Amount per Policy. In addition, the interest rate credited on amounts taken from the Subaccounts as a result of a Policy Loan may be increased for these Policies. We will waive or reduce these charges as described below and according to our rules in effect when the Policy application is approved.

To qualify for a waiver or reduction, a group or sponsored arrangement must satisfy certain criteria, for example, size of the group, or number of years in existence. Generally, the sales contacts and effort, administrative costs, insurance cost, and mortality and expense risk per Policy may vary based on such factors as the size of the group or sponsored arrangement, its stability, the purposes for which the Policies are purchased, and certain characteristics of its members (including underwriting-related factors that we determine result in lower anticipated expenses of providing insurance coverage, and/or lower mortality and expense risk, under Policies sold to members of the group or through the sponsored arrangement). The amount of any reduction and the criteria for qualification will reflect the reduced sales and administrative effort resulting from sales to qualifying group or sponsored arrangements, and/or the reduced anticipated

Ameritas Performance II VUL 25

cost of insurance or mortality and expense risk under such Policies. We may modify from time to time the amount or availability of any charge reduction or waiver, or the criteria for qualification.

Charge reductions or waivers will not be unfairly discriminatory against any person, including the affected Owners and all other owners of Policies funded by the Separate Account.

**STANDARD DEATH BENEFITS**

The principal purpose of the Policy is to provide a death benefit upon the Insured's death, but before then you may also borrow against the Policy's Cash Surrender Value, take a partial withdrawal, or fully Surrender it for its Cash Surrender Value. Tax penalties and Surrender Charges may apply to amounts taken out of your Policy. The Policy will terminate and all insurance will stop when the Insured dies.

**Death Benefit**

Upon the Insured's death, we will pay to the Policy Beneficiary:

▪ the death benefit on the Insured's life under the death benefit option in effect; plus

▪ any additional life insurance proceeds provided by any optional benefit or rider; minus

▪ any Policy Loan Balance; minus

▪ any Policy Lien Balance; minus

▪ any overdue Monthly Deductions, including the Monthly Deduction for the month of death.

We will pay the death benefit proceeds after we receive satisfactory proof that the Insured died while the Policy was in force and other proof that we may require in order to investigate the claim. We will pay the death benefit proceeds in a lump-sum payment to the Beneficiary. We will include interest from the Insured's date of death to the payment date. The rate of interest will be at least the amount required by law. Full payment of the death benefit proceeds discharges us from any and all claims.

**<u>Death Benefit Options</u>**

When you apply for your Policy, you will choose one of the three death benefit options, which will be used to determine the death benefit. Your Policy Value and death benefit may vary based on the performance of the variable Investment Options you select. If we issue a Policy, insurance coverage will be effective as of the Policy Date.

**Death Benefit Option A**

Under Option A, the death benefit is the greater of:

▪ the Specified Amount of insurance coverage; and

▪ the Account Value multiplied by the Corridor Factor.

**Death Benefit Option B**

Under Option B, the death benefit is the greater of:

▪ the Specified Amount of insurance coverage <u>plus</u> the Account Value; and

▪ the Account Value multiplied by the Corridor Factor.

**Death Benefit Option C**

Under Option C, the death benefit is the greater of:

▪ the Specified Amount of insurance coverage <u>plus</u> the sum of premiums paid minus the sum of partial withdrawals taken; and

▪ the Account Value multiplied by the Corridor Factor.

If you select Option C and the sum of partial withdrawals taken is greater than the sum of premiums paid, the death benefit may be less than the Specified Amount.

When you apply for your Policy, you will also choose one of two alternative tests to evaluate whether your Policy qualifies as a life insurance contract under the Internal Revenue Code. Once you have chosen a test for tax qualification, you cannot change it. If you choose the guideline premium test ("GPT"), total premium payments may not exceed the guideline premium payment limitations for life insurance set forth under the Internal Revenue Code. If you choose the cash value accumulation test ("CVAT"), the guideline premium limitations do not apply. The Corridor Factors are shown in the Policy schedule.

**<u>Changes in Death Benefit Option</u>**

You select the death benefit option when you apply for the Policy. You also may change the death benefit option after the first Policy year, as discussed below.

**Changes in Death Benefit Option Rules**

▪ Your request for a change must be by Written Notice.

▪ You can only change your Policy death benefit option once each Policy year. The change will be effective on the Monthly Date after
we receive (or, if evidence of insurability is necessary, after we approve) your Written Notice.

▪ There is no fee to change your Policy death benefit option.

▪ Changing from Option B to Option A, or from Option C to Option A: The Specified Amount will not change, and the death benefit will
be reduced to equal the Specified Amount.

Ameritas Performance II VUL 26

▪ Changing from Option A to Option B, or from Option C to Option B: The Specified Amount will be adjusted so that the Net Amount at
Risk is unchanged.

▪ The change is allowed only if the new Specified Amount of insurance meets the requirements stated in the **Changes in Specified Amount** section, below.

**<u>Changes in Specified Amount</u>**

The initial Specified Amount is set at the time we issue your Policy. The Specified Amount may change from time to time, as discussed below. A change in Specified Amount could have federal tax consequences (See the **TAX MATTERS** section).

Under the Scheduled Increase Rider for the Insured, we will automatically increase the Specified Amount on Annual Dates. The amount of the increase is shown on the Policy schedule. Total increases from the rider may not exceed two times the initial Specified Amount. No increase will be made after the Annual Date nearest the Insured's 65<sup>th</sup> birthday. We will mail to you a revised Policy schedule for each increase. Acceptance is automatic. You may reject the increase by Written Notice to us and return of the revised Policy schedule within 30 days of the increase date. There is no charge for the rider.

In addition, on or after one year from the Policy Date, you may change the current Specified Amount of insurance coverage by Written Notice on a form provided by us, and subject to our approval.

**INCREASE in Coverage Rules**

▪ The minimum amount of an increase in Specified Amount of insurance coverage is $25,000.

▪ An increase of the Specified Amount will require evidence of insurability satisfactory to us and be subject to our underwriting limits
in place at that time. (Underwriting requirements do not apply to requested increases if certain riders are part of your Policy.)

▪ Any increase of the Specified Amount will be subject to increased cost of insurance charges, monthly Specified Amount charges, and
Surrender Charges based on the Insured's gender and the Issue Age and rate class for the increase. You will receive a revised Policy schedule
stating the increased charges.

**DECREASE in Coverage Rules**

▪ The amount of any decrease may be no less than $1,000.

▪ Any reduction in the Specified Amount will be in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;· first, reduce the most recent increase of the Specified Amount;

&nbsp;&nbsp;&nbsp;&nbsp;· then, the next most recent increases; and

&nbsp;&nbsp;&nbsp;&nbsp;· finally, the Policy's initial Specified Amount.

▪ Any decrease of the Specified Amount you request will not reduce the Surrender Charges or the monthly Specified Amount charges in
effect at the time of the decrease.

▪ The Specified Amount of coverage after the decrease must be at least $50,000. We may limit any requested
decrease to the amount necessary to keep the Policy in compliance with maximum premium limits under federal tax law.

▪ If the change is within the minimum no-lapse period, we will update the monthly Minimum No-Lapse Premium on the revised Policy schedule.

**No Maturity Date**

This Policy does not have a maturity date. If the Insured is still living at Attained Age 121, all Monthly Deductions will cease, and we will not accept any additional premiums except for amounts required to keep the policy in force. New Policy Loans and Policy Loan repayments can continue to be made and the Policy Loan Balance will continue to accrue interest. The death benefit option will be changed to Option A, and partial withdrawals are not permitted after Attained Age 121. You may surrender your policy if you do not want coverage to continue past Attained Age 121. Continuing coverage beyond attained age 121 may disqualify the insurance for favorable tax treatment. You should consult a tax advisor before you choose to continue your Policy after attained age 121.

**Payment of Policy Proceeds**

A primary function of a life insurance policy is to provide payment of Policy proceeds. Policy proceeds are payable upon the Insured's death, a full Surrender or partial withdrawal of Account Value, or upon any other benefit where certain proceeds are payable. We will make payment in a lump sum to the Beneficiary.

**Rules for Payment of Policy Proceeds**

▪ Payees must be individuals who receive payments in their own behalf unless otherwise agreed to by us.

▪ We may require proof of your age or survival or the age or survival of the payee.

▪ No payee may commute, encumber or alienate any proceeds under this Policy before they are due. No proceeds are subject to attachment
for any debt or obligation of any payee.

**<u>Payment of Death Benefit Proceeds</u>**

We may pay death benefit proceeds in a lump sum by establishing an interest bearing account for the Beneficiary, in the amount of the death benefit proceeds payable. The same interest rate schedule and other account terms will apply to all Beneficiary accounts in place at any given time. We will send the Beneficiary a checkbook within seven days after we receive all the required documents, and the Beneficiary will have immediate access to the account simply by writing a check for all or any part of the amount of the death benefit proceeds payable. The account is part of our General Account.

Ameritas Performance II VUL 27

It is not a bank account and it is not insured by the FDIC or any other government agency. As part of our General Account, it is subject to the claims of our creditors. We receive a benefit from all amounts left in the General Account.

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| | |
|:---|:---|
| We will include interest from the Insured's date of death to the payment date. | We will include interest from the Insured's date of death to the payment date. |
| (1) | Interest will accrue at the rate or rates applicable to the Policy for funds left on deposit or, if the Company has not established a rate for funds left on deposit, at the Two Year Treasury Constant Maturity Rate as published by the Federal Reserve. In determining the effective annual rate or rates, we shall use the rate in effect on the date of death. |
| (2) | Interest will accrue at the effective annual rate determined in item (1) above, plus additional interest at a rate of 10% annually beginning with the date that is 31 calendar days from the latest of items (a), (b) and (c) below to the date the claim is paid. |
| (a) | the date that we receive satisfactory proof of death of the Insured; |
| (b) | the date that we receive sufficient information to determine our liability, the extent of that liability, and the appropriate payee legally entitled to the proceeds; |
| (c) | the date that legal impediments to payment of proceeds that depend on the action of parties other than us are resolved and sufficient evidence of the same is provided to us. Legal impediments to payment include, but are not limited to: |
| (i) | the establishment of guardianships and conservatorships; |
| (ii) | the appointment and qualification of trustees, executors and administrators; and |
| (iii) | the submission of information required to satisfy state and federal reporting requirements. |

---

**Misstatement of Age or Gender**

If an Insured's age or gender has been misstated on the application, an adjustment will be made to reflect the correct age and gender. If the misstatement is discovered at death, the Policy death benefit and any additional benefits provided will be adjusted based on what the cost of insurance rate as of the most recent Monthly Date would have purchased at the Insured's correct age and gender. If the misstatement is discovered prior to death, the Cash Surrender Value will be adjusted, based on the Insured's correct age and gender, to reflect the expense charges, Surrender Charges and cost of insurance rates from the Policy Date.

**Suicide**

We will terminate the Policy without payment of the death benefit and give back the premiums received, less any partial withdrawals and Policy Loan Balance, if the Insured, while sane or insane, commits suicide within two years (one year in North Dakota) after the date the Policy was issued. We will pay only the Monthly Deductions for an increase in Specified Amount of insurance if the Insured, while sane or insane, commits suicide within two years (one year in North Dakota) after the effective date of any increase. Riders to the policy may have separate suicide provisions.

**RELIANCE**

The Policy was issued based on the answers in the application and supplemental applications. We have assumed all such answers to be true and complete. If any are not, we may, subject to the incontestability provision, have the right to void the Policy and give back premiums paid, minus any Policy Loan Balance and any partial withdrawals.

**Incontestability**

We will not contest the Policy, in the absence of fraud, after it has been in force while the Insured is alive for two years from the Issue Date, nor will we contest any increased benefits later than two years after the effective date of such increase. If you did not request the increase or if evidence of insurability was not required, we will not contest the increase. Increased benefits, for the purposes of this provision, shall include any favorable Policy changes you request. If the Policy is reinstated, the contestable period will start over again beginning on the reinstatement date, but only for statements made in the application for reinstatement. Riders to the Policy may have separate incontestability provisions.

**Assignment**

You may assign your Policy by giving Written Notice. We will not be responsible for the validity of an assignment or tax consequences of an assignment. Unless you specify otherwise, the assignment will take effect on the date the Written Notice was signed by you. No assignment will be binding on us until we receive written notice. We will not be liable for any payments we make or actions we take before we receive Written Notice of an assignment. Your rights, and the rights of any Beneficiary or payee, will be subject to any assignment. An assignment is subject to any Policy Loan Balance.

**UNCLAIMED DEATH BENEFIT PROCEEDS**

Every state has unclaimed property laws that generally declare life insurance policies to be abandoned after a period of inactivity of three to five years from the date any death benefit is due and payable. For example, if the payment of a death benefit has been triggered, and after a thorough search, we are still unable to locate the Beneficiary of the death benefit, the death benefit will be paid to the abandoned property investment division or unclaimed property office of the state in which the Beneficiary or the Policy Owner last resided, as shown on our books and records. However, the state is obligated to pay the death benefit (without interest) if your Beneficiary steps forward to claim it with the proper documentation and within certain mandated periods. To prevent your Policy's death benefit from being paid to the state's abandoned or unclaimed property office, it is important that you update your Beneficiary designation—including complete names and complete address—if and as they change.

Ameritas Performance II VUL 28

**OTHER BENEFITS AVAILABLE UNDER THE POLICY**

In addition to the standard death benefit(s) associated with your Policy, other standard and/or optional benefits may be available to you. The following table(s) summarize information about those benefits. Information about the fees associated with each benefit included in the table(s) may be found in the **FEE TABLE**.

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| | | | |
|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Is Benefit Standard or**<br> **Optional** | **Brief Description of Restrictions/Limitations\*** |
| <br> Accelerated Benefit Rider for Terminal Illness | <br> This rider provides the ability to accelerate a portion of the death benefit to be a living benefit, allowing you to withdraw value from the Policy, as defined in the rider, in the event of diagnosis of terminal illness. | <br> Standard | <br> Available for issue ages 0-80. We charge an administrative fee when this rider is exercised. The administrative fee will be deducted from the accelerated benefit. The amount available as a living benefit is no more than 50% of the total Specified Amount up to $500,000 payable under the Policy. We will treat the accelerated benefit plus accrued interest as a lien against the death benefit proceeds. Your death benefit and access to the Account Value will be reduced by the Lien Balance. We will charge interest on the Lien Balance. We will make only one accelerated benefit payment under this rider. No further changes to the Policy will be permitted without our consent. |
| <br> Insurance Exchange Rider | <br> This rider provides the right to exchange the Policy for a new policy on the life of a substitute Insured. This rider will transfer the Account Value of the original Policy and any Policy Loan Balance into the new policy.<br>| <br> Standard | <br> Exercise of the right is subject to satisfactory evidence of insurability of the substitute Insured. Costs associated with the new policy will vary.<br>Exercise of this rider will result in a taxable exchange.<br>Available after issue with satisfactory evidence of insurability. |
| <br> Paid-Up Insurance Benefit Endorsement | <br> This endorsement protects your Policy from lapsing under certain conditions when your outstanding Policy Loan Balance is large relative to your Account Value and Specified Amount. | <br> Standard for Owners that select the guideline premium test ("GPT") | <br> Available for Insured age 75 or older. The Policy must be in its 11<sup>th</sup> Policy year or later. The outstanding Policy Loan Balance must be more than 92.5%, but less than 96% of the Policy Value. For Owners that select the guideline premium test ("GPT"), the endorsement is "inherent" (i.e. added to all Policies). The endorsement is unavailable for Owners that select the cash value accumulation test ("CVAT"). The endorsement has no annual cost until the Owner elects the option. |
| <br> Scheduled Increase Rider | <br> This rider provides for automatic increases in the Specified Amount on each Annual Date, subject to the terms of the rider. The amount of the increase is specified in the rider. The Insured's rate class on the Issue Date of the rider will be the rate class of the scheduled increases. | <br> Standard for Owners that select the guideline premium test ("GPT") | <br> Available for Issue Age 0-60. You cannot add this rider if you have chosen the cash value accumulation test ("CVAT") as your tax qualification test. Amount of increase can be specified between 1-10%. Benefits increase each year (and up to) the annual Policy Date nearest the Insured's 65<sup>th</sup> birthday, subject to a limit for total increases of two times the initial face amount. |

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Ameritas Performance II VUL 29

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| | | | |
|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Is Benefit Standard or**<br> **Optional** | **Brief Description of Restrictions/Limitations\*** |
| <br> Dollar Cost Averaging ("DCA") | <br> This is a systematic transfer program that allows you to automatically transfer, on a periodic basis, a set dollar amount or percentage from the money market subaccount or the Fixed Account to any other Subaccount(s) or the Fixed Account. | <br> Standard | <br> You must request the DCA program. While a DCA program is in effect, elective transfers out of the Fixed Account are prohibited. DCA program transfers cannot begin before the end of a Policy's Right to Examine Transfer Date. DCA is not available when the Portfolio Rebalancing Program is elected. |
| <br> Portfolio Rebalancing Program ("PBL") | <br> This is a systematic transfer program that allows you to rebalance your Account Value among designated Subaccounts. | <br> Standard | <br> The Fixed Account is excluded from this program. You must request the rebalancing program. PBL is not available when the DCA Program is elected. |
| <br> Earnings Sweep Program | <br> This is a systematic transfer program that allows you to rebalance your Account Value by automatically allocating earnings from your Subaccounts among designated Investment Options.<br>| <br> Standard | <br> You must request the Earnings Sweep program. You may have your earnings sweep quarterly, semi-annually or annually. |
| <br> Policy Loans | <br> You may obtain a Policy Loan secured by the Cash Surrender Value of your Policy. | <br> Standard | <br> Any Policy Loan transaction will permanently affect your Account Value. We may require you to sign a Policy Loan agreement. The Policy must be assigned to us as security for the Policy Loan.<br>Interest accrues daily and becomes a part of the Policy Loan Balance.<br>There are limits on the amount you can borrow.<br>The death benefit will be reduced by the amount of any Policy Loan Balance on the date of the Insured's death.<br>We may defer making a Policy Loan from the Fixed Account for up to six months unless the Policy Loan is to pay premiums to us. |
| <br> Accidental Death Benefit Rider | <br> This rider provides an additional death benefit, payable if the Insured's death results from certain accidental causes within 120 days of the injury. | <br> Optional | <br> Available for Basic Insured ages 0 - 65. Available after issue with satisfactory evidence of insurability. Expires at age 70 or when base policy terminates. The minimum benefit amount is $25,000, the maximum benefit amount is based on Issue Age. |
| <br> Children's Insurance Rider | <br> This rider provides term life insurance protection, as defined in the Rider, for the Insured's children. | <br> Optional | <br> Available for Basic Insured ages 18-55. Eligible children include those at least 15 days old and no more than 18 years old. Available after issue for covered children with evidence of insurability. |

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Ameritas Performance II VUL 30

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| | | | |
|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Is Benefit Standard or**<br> **Optional** | **Brief Description of Restrictions/Limitations\*** |
| <br> Guaranteed Insurability Rider | <br> This rider guarantees that insurance coverage may be added at various option dates without evidence of insurability. The option dates take place at the policy anniversary date nearest the Insured's 25<sup>th</sup>, 28<sup>th</sup>, 31<sup>st</sup>, 34<sup>th</sup>, 37<sup>th</sup>, and 40<sup>th</sup> birthdays. This benefit may be exercised on the option dates even if the Insured is disabled. | <br> Optional | <br> Available for Basic Insured ages 0-37 on unrated policies only. Not available after issue. On any option date, the face amount can be increased anywhere from $25,000 to $50,000. The option period for an option date begins 60 days before and ends 31 days after that date. |
| <br> Total Disability Benefit Rider | <br> This rider provides that during periods of the Insured's total disability, as defined in the rider, we will pay benefits to the Policy Owner by paying some or all of the Policy premiums. | <br> Optional | <br> Available for Issue Ages 0-55. Available after issue with satisfactory evidence of insurability. Terminates at the earliest of when the policy terminates, as shown on the policy schedule, or the owner provides Written Notice requesting termination of the rider. |
| <br> Waiver of Monthly Deduction Rider | <br> This rider provides that during periods of the Insured's total disability, as defined in the rider, certain Policy charges and charges for any Policy riders will be waived. | <br> Optional | <br> Available for Issue Ages 0-55. Available after initial policy issue with satisfactory evidence of insurability. |

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*\** We may discontinue offering, or modify the terms of, optional benefits for new sales at any time.

**ADDITIONAL INFORMATION ON BENEFITS AVAILABLE UNDER THE POLICY**

The examples listed below are hypothetical assumptions and illustrations with the purpose of explaining the operation of the benefits. Actual results will vary.

**<u>Accelerated Benefit Rider for Terminal Illness (Standard)</u>**

We will pay an accelerated benefit if the Insured is terminally ill subject to the provisions of this rider. The accelerated benefit that you may receive is 50% of the eligible amount. The eligible amount includes the Specified Amount or face amount of the policy, any paid-up additions, and any term insurance rider on the same Insured as the policy. The eligible amount does not include accidental death benefit riders, any coverage that is within its two-year contestable period, nor any coverage within two years of its maturity or expiration date.

We will pay the accelerated benefit as a lump sum. We may make payments other than as a lump sum at your request subject to our approval. The accelerated benefit will first be used to repay any Policy Loan Balance. We will treat the accelerated benefit plus accrued interest as a lien against the death benefit proceeds. Your access to any Cash Surrender Value of this Policy through Policy Loans and partial withdrawals/Surrenders is limited to the excess of the Cash Surrender Value over the amount of the lien. We will reduce death benefit proceeds by the amount of the lien on the date of death.

Payment of an accelerated benefit is subject to the following conditions:

▪ The Insured must have a non-correctable medical condition that was first diagnosed while the Policy was in force.

▪ You must provide satisfactory proof that the expected remaining lifetime of the Insured is less than 12 months. This must include
a written statement from the Insured's attending physician certifying the Insured's life expectancy and any other proof we may require.
The physician must be a duly licensed physician who is licensed in the United States. The physician cannot be either you or the Insured,
nor related to either you or the Insured. We reserve the right to obtain a second medical opinion at our expense.

▪ The Policy must be in force other than as extended term insurance, decreasing term or paid up term insurance.

▪ Any assignee or lienholder must release the assignment or existing lien.

▪ Any irrevocable Beneficiary must consent in writing to the accelerated benefit payment.

▪ You must assign the Policy to us for an amount equal to the lien and accrued interest. No further changes to the Policy will be
permitted without our consent.

Ameritas Performance II VUL 31

▪ We must receive a written claim form that will be provided by us within 10 working days after you request it.

▪ The total accelerated benefit payments on the Insured from Policies with us and our affiliates will not exceed $500,000.

▪ This rider allows for the accelerated payment of death benefit proceeds, which would otherwise be payable to the Beneficiary of the
Policy. You cannot be required to access and exhaust these benefits. Therefore, you are not eligible for this benefit if you are required
by:

&nbsp;&nbsp;&nbsp;&nbsp;· The law to use this benefit to meet the claims of creditors, whether in bankruptcy or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;· A government agency to use this benefit in order to apply for, obtain, or otherwise keep a government benefit or entitlement.

After payment of the accelerated benefit, we will pay the minimum premium necessary to keep the basic Policy and any attached riders in force. The total of any premiums paid by us will be assigned to us, made a part of the lien, and deducted from the death benefit proceeds.

We will charge interest on the lien. The interest accrues daily at the Policy Loan interest rate currently in effect. If no Policy Loan interest rate is stated, interest accrues daily at an effective annual interest rate of 8%.

The payment of any accelerated benefit under this rider is subject to the following:

(1) We may charge an administrative fee not to exceed .5% of the accelerated benefit. This administrative fee will be deducted from the
accelerated benefit.

(2) We will make only one accelerated benefit payment under this rider.

(3) After we pay the accelerated benefit, you may not surrender the Policy or terminate any rider coverage that was part of the eligible
amount.

Example: An Insured is diagnosed with a terminal illness with a certified life expectancy of 12 months or less. This rider gives the Insured the right to accelerate the lesser of 50% or $500,000 of the Specified Amount which will be held as an interest-accruing lien against the remaining death benefit. If the client has a $1 million death benefit, they would be able to accelerate up to $500,000.

**<u>Insurance Exchange Rider (Standard)</u>**

If certain conditions are met, you may exchange this Policy for a new policy on the life of a substitute Insured.

In order for you to exchange this Policy for a new policy on the life of a substitute Insured, the following conditions must be met:

▪ This Policy and this rider must be in force.

▪ We must receive a written application for insurance in a form acceptable to us, signed by you and the substitute Insured.

▪ We must receive satisfactory proof of the insurability of the substitute Insured.

▪ You must have an insurable interest in the life of the substitute Insured.

▪ Any assignee, lienholder, and irrevocable Beneficiary must consent in writing to the exchange.

The following will apply to the new policy:

▪ The Specified Amount of the new policy may be no greater than the Specified Amount of this Policy.

▪ The Account Value of this Policy will be transferred to the new policy.

▪ Any Policy Loan Balance will be transferred to the new policy.

▪ We will waive any Surrender Charges on this Policy. If you exercise the free look privilege of the new policy, we will charge you
the Surrender Charges of this Policy.

▪ The Policy Date of the new policy will be the first Monthly Date following satisfaction of the conditions stated above.

▪ The new policy may be any permanent plan issued by us on the Policy Date of the new policy.

▪ The incontestability and suicide provisions of the new policy will be measured from the Policy Date
of this Policy.

▪ Insurance under this Policy will terminate on the Policy Date of the new policy.

▪ Any riders which are a part of this Policy will terminate when this Policy terminates. If available,
riders may be added to the new policy only with evidence of insurability and our consent.

This rider will terminate;

▪ when the Policy terminates; or

▪ on the annual date nearest the Insured's 65th birthday.

Example: A Policy Owner has this rider attached to their Policy. The Policy Owner would like to exchange their Policy for a new policy on a separate Insured. The Policy Owner may then apply for a new policy and receive a new policy on a different Insured with sufficient evidence of insurability on the new Insured. The Specified Amount of the new policy can be no greater than the original Policy. The Account Value of the original Policy and any Policy Loan Balance will transfer to the new policy. This rider has no extra cost.

Ameritas Performance II VUL 32

**<u>Paid-Up Life Insurance Benefit Endorsement (Standard)</u>**

The benefit provided by this endorsement will keep your Policy from lapsing when you have a large outstanding Policy Loan Balance. When the conditions specified below are met, you may elect this benefit, which will provide paid-up life insurance. Once you have elected this benefit, your Policy will not lapse.

You may elect this benefit only if the following requirements are met:

▪ the Insured is age 75 or older; and,

▪ the Policy is in its 11<sup>th</sup> Policy year or later; and,

▪ the outstanding Policy Loan Balance is more than 92.5%, but less than 96% of the Policy Value. If the outstanding Policy Loan Balance
is greater than 96% of your Policy Value, you can repay Policy Loan Balance to bring the balance within the range of 92.5% and 96% of
your Policy Value; and

▪ the outstanding Policy Loan Balance is more than the Specified Amount; and

▪ The Internal Revenue Code Life Insurance Qualification Test chosen at policy issue was the guideline premium test ("GPT").

Electing this benefit will change your Policy as follows:

▪ We will deduct 3.5% of the Policy Value on the date you elect this benefit.

▪ After we take the 3.5% deduction, we will set the Specified Amount to 105% of the remaining Policy Value. No further changes in the
Specified Amount will be allowed.

▪ We will set the death benefit option to Option A as described in your Policy. No further changes in the death benefit option will
be allowed. The death benefit at any time after you elect the benefit will equal the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;· the Specified Amount;

&nbsp;&nbsp;&nbsp;&nbsp;· the Policy Value multiplied by the Corridor Factor as shown in your Policy;

&nbsp;&nbsp;&nbsp;&nbsp;· the outstanding Policy Loan Balance multiplied by the Corridor Factor as shown in your Policy.

▪ The death benefit proceeds will equal the death benefit on the Insured's date of death minus any outstanding Policy Loan Balance.

▪ Any riders attached to the Policy will terminate, and any charges or fees associated with the riders will cease.

▪ We will not accept any additional premiums.

▪ You may not take additional partial withdrawals and Policy Loans, except for automatic Policy Loans to cover loan interest not paid
when due.

▪ We will stop taking Monthly Deductions.

▪ All amounts not allocated to the Loan Account must be allocated to the Fixed Account.

Electing the benefit provided by this endorsement may have adverse tax consequences. The Internal Revenue Service has not ruled on the use of this endorsement. We strongly urge you to consult legal counsel and your personal tax adviser before electing this benefit.

Example: An Insured with attained age 80 is in their 20<sup>th</sup> Policy year. The Policy Loan Balance is between 92.5% and 96% of the Policy Value, and the Policy Value is greater than the Specified Amount. The Insured chooses to elect the Paid-Up Insurance Benefit Endorsement. A charge of 3.5% of the Policy Value is taken from the Policy, the Specified Amount is set to 105% of the remaining Policy Value. The Death Benefit Option is changed to Death Benefit Option A, no further premiums are accepted, all riders are terminated, monthly deductions cease, and no further changes to the Policy are allowed. Upon death, the Beneficiary receives the death benefit minus any outstanding Policy Loan Balance.

**<u>Scheduled Increase Rider for The Insured (Standard)</u>**

We will automatically increase the Specified Amount on annual dates as described in the following section. The amount of increase will be the scheduled increase amount shown on the Policy schedule.

Increases will take place on each annual date, subject to the following:

▪ no increase will be made after the annual date nearest the Insured's 65th birthday; and

▪ total increases may not exceed two times the initial Specified Amount.

The rate class applicable to each increase will be the rate class of the Insured on the effective date of this rider.

We will mail you a revised Policy schedule for each increase. Acceptance is automatic. You may reject the increase by Written Notice to us and return of the revised Policy schedule within 30 days of the increase date.

This rider will terminate:

▪ when any increase is rejected; or

▪ when the Specified Amount is reduced; or

▪ when the Policy terminates; or

▪ on the first Monthly Date after you give us Written Notice; or

▪ on the expiry date shown on the Policy schedule.

Within five years after your rider terminates, you may put this rider back in force by Written Notice to us if:

▪ the Policy is in force; and

▪ you provide us with evidence of insurability.

Ameritas Performance II VUL 33

Example: The insured is issued a Policy, including the Scheduled Increase Rider, at age 45 with a Specified Amount of $250,000. The amount of the rider may be between 1% and 10% of the base specified amount and is $10,000 for this Policy. The Specified Amount is increased every Policy year automatically. After 10 increases, the Policy Owner chooses to reject the 11<sup>th</sup> increase. The rider is then terminated with an aggregate $350,000 death benefit assuming no other changes have been made to the Policy.

**<u>Dollar Cost Averaging Program (Standard)</u>**

Dollar Cost Averaging allows you to automatically transfer, on a periodic basis, a set dollar amount or percentage from the money market subaccount or the Fixed Account to any other Subaccount(s) or the Fixed Account. Requested percentages are converted to a dollar amount. You can begin Dollar Cost Averaging when you purchase the Policy or later. You can increase or decrease the amount or percentage of transfers or discontinue the program at any time. We must receive notice of your election and any changed instruction – either Written Notice or by telephone transaction instruction. Dollar Cost Averaging is intended to limit loss by resulting in the purchase of more Accumulation Units when an underlying portfolio company's value is low, and fewer units when its value is high. However, there is no guarantee that such a program will result in a higher Account Value, protect against a loss, or otherwise achieve your investment goals. You can limit the number of transfers to be made, in which case the program will end when that number has been made. Otherwise, the program will terminate when the amount remaining in the money market subaccount or the Fixed Account is less than $100. For more information regarding Dollar Cost Averaging rules, see the **SYSTEMATIC TRANSFER PROGRAMS** – **Dollar Cost Averaging Program** under the **GENERAL DESCRIPTION OF THE POLICY** section.

**<u>Portfolio Rebalancing Program (Standard)</u>**

The Portfolio Rebalancing program allows you to rebalance your Account Value among designated Subaccounts only as you instruct. You must request the rebalancing program, give us your rebalancing instructions, or request to end this program either by Written Notice or by telephone transaction instruction. You may change your rebalancing allocation instructions at any time. Any change will be effective when the next rebalancing occurs. For more information regarding Portfolio Rebalancing Program rules, see the **SYSTEMATIC TRANSFER PROGRAMS** – **Portfolio Rebalancing Program** under the **GENERAL DESCRIPTION OF THE POLICY** section.

**<u>Earnings Sweep Program (Standard)</u>**

The Earnings Sweep program allows you to rebalance your Account Value by automatically allocating earnings from your Subaccounts among designated Investment Options (Subaccounts or the Fixed Account) either based on your original Policy allocation of premiums or pursuant to new allocation instructions. You must request the Earnings Sweep program, give us your allocation instructions, or request to end this program either by Written Notice or by telephone transaction instruction. You may change your Earnings Sweep program instructions at any time. Any change will be effective when the next sweep occurs. For more information regarding the Earnings Sweep Program rules, see the **SYSTEMATIC TRANSFER PROGRAMS** – **Earnings Sweep Program** under the **GENERAL DESCRIPTION OF THE POLICY** section.

**<u>Policy Loans (Standard)</u>**

You may obtain a Policy Loan secured by the Cash Surrender Value of your Policy. Any Policy Loan transaction will permanently affect your Account Value. For additional information regarding Policy Loans, refer to the **POLICY LOANS** section.

**<u>Accidental Death Benefit Rider (Optional)</u>**

We will pay the benefit amount under this rider as soon as we receive satisfactory proof that the Insured's death:

▪ occurred within 120 days of the date of injury; and

▪ resulted from an injury which occurred while this rider was in force; and

▪ resulted from accidental bodily injury, directly and independently of all other causes. Except in the case of drowning or internal
injuries revealed by an autopsy, the injury must be evidenced b y a visible bruise or wound
on the body.

If death results from the Insured's travel as a fare-paying passenger on a public conveyance operated by a licensed common carrier for passenger service, the benefit amount will be doubled.

The benefit will be paid to the designated Beneficiary, if any; otherwise to

▪ you, if living; otherwise to

▪ your estate.

The benefit amount under this rider will not be payable if the Insured's death results from, or is contributed to by, any of the following causes:

▪ suicide or attempted suicide, while sane or insane; or

▪ any intentionally self - inflicted injury; or

▪ any disease or infirmity of mind or body; or medical or surgical treatment; or

▪ an act of declared or undeclared war, whether or not the Insured is a member of any armed forces; or

▪ any unlawful participation in a riot; or

▪ an attempt to commit, or commission of, an assault or felony; or

▪ voluntary or involuntary inhalation of any kind of gas except while in performance of those duties considered within the scope of
occupation or employment; or

▪ the voluntary taking of any drug unless taken as prescribed by a physician; or

Ameritas Performance II VUL 34

▪ riding in or descending from any kind of aircraft;

&nbsp;&nbsp;&nbsp;&nbsp;· as a passenger in any aircraft operated by or for the armed forces; or

&nbsp;&nbsp;&nbsp;&nbsp;· as a participant in a sporting event or hobby; or

&nbsp;&nbsp;&nbsp;&nbsp;· as a pilot, crew member or participant in training. Crew member includes anyone who has duties at any time on the flight involving
either the flight or the aircraft.

We have the right to examine the Insured's body and to have an autopsy performed, at our expense, unless prohibited by law.

This rider will terminate;

▪ when the Policy terminates; or

▪ on the first Monthly Date after you give us Written Notice; or

▪ on the expiry date shown on the Policy schedule.

Example: A Policy Owner has this rider with a coverage amount of $50,000 attached to their Policy. The Insured then dies in an accident. The Beneficiary would then receive an additional $50,000 in excess of the death benefit provided by the base Policy.

**<u>Children's Insurance Rider (Optional)</u>**

This rider insures each child of the Insured if the child is:

▪ named in the application for this rider; or

▪ born after the date of the application; or

▪ adopted by the Insured after the date of the application and before the child's 18th birthday.

This rider does not insure any child less than 15 days old nor after the child's 25th birthday.

We will pay the benefit amount under this rider as soon as we receive satisfactory proof that an insured child died while this rider is in force. Unless otherwise provided, the benefit will be paid to:

▪ the Insured, if living; otherwise

▪ the Insured's spouse, if any; otherwise

▪ the estate of the deceased.

If the Insured dies (except by suicide within two years of the effective date of this rider), existing insurance on each insured child will be continued at no cost until the child's 25th birthday. Conversion will be allowed as provided by this rider. If the Insured commits suicide during the first two years of the Policy, there is a 31-day period for conversion for each insured child.

You may convert the insurance on each insured child, without evidence of insurability, no later than 31 days after the insured child's 25th birthday. The face amount of the new policy must be at least $25,000. You must give us Written Notice. Before the insured child's 25th birthday, the face amount of the new policy may not exceed the benefit amount of the rider on the date of conversion. On or after the insured child's 25th birthday, the face amount of the new policy may not exceed five times the benefit amount of the rider on the date of conversion.

The new policy may be any permanent plan issued by us on the date of conversion. The date of conversion will be the Monthly Date following Written Notice to us. The Policy Date of the new policy will be the date of conversion. Insurance under this rider on that insured child will terminate on the date of conversion. The incontestability and suicide provisions of the new policy shall be measured from the effective date of this rider up to the benefit amount of this rider on the date of conversion. For any additional face amount, the incontestability and suicide provisions will run from the effective date of the new policy.

In the absence of fraud, we will not contest this rider with respect to each insured child after the benefit amount on that child has been in force during that child's life for two years. Our total liability will be to return the monthly rider charges paid while the insurance on that child's life was in force. We will not contest any increased benefit amount later than two years after its effective date. Our total liability for that increase will be to return the monthly rider charges for that increase paid while the increase was in force for that child. If this rider is reinstated, the incontestable period will start over again beginning on the reinstatement date, but only for statements made in the application for reinstatement.

If any insured child under this rider commits suicide (while sane or insane) within two years after the date that child's insurance starts, our total liability will be to return the monthly rider charges paid while the insurance on that child was in force. If any insured child under this rider commits suicide (while sane or insane) within two years after the effective date for an increase in the benefit amount, our total liability for that increase will be to return the monthly rider charges paid while the increase was in force for that child.

This rider will terminate:

▪ when the Policy terminates for any reason other than the death of the Insured; or

▪ on the first Monthly Date after you give us Written Notice; or

▪ on the expiry date shown on the P olicy schedule.

Ameritas Performance II VUL 35

You may put this rider back in force by Written Notice to us if:

▪ the Policy is in force;

▪ you provide us with evidence of insurability on each insured child within five years after the rider terminated; and

▪ enough premium is paid to keep this rider in force for three months.

Example: A Policy Owner has this rider attached to their Policy covering their 10-year-old child for an amount of $25,000. That child then dies. A $25,000 death benefit would be paid for the death of the child. This rider is no longer in force after the child's 25th birthday.

**<u>Guaranteed Insurability Rider (Optional)</u>**

On each option date while this rider is in force, you may increase the Specified Amount by the benefit amount of this rider shown on the Policy schedule. No evidence of insurability will be required. The option dates will be the annual dates nearest the Insured's 25th, 28th, 31st, 34th, 37th and 40th birthdays.

You may elect to advance the next option date when one of these events happen:

▪ the date of the Insured's marriage; or

▪ the date of the live birth of a child of the Insured's marriage; or

▪ the date of legal adoption by the Insured of a child under 18 years of age.

The date the increase in coverage will take effect will be the third Monthly Date after the event. If more than one child is born or adopted on the same date, an option date will be advanced with respect to each child. An advanced option date will replace the next regular option date. At no time may the total number of options that are elected be more than the number of option dates that occur after the effective date of this rider.

You may increase the monthly total disability benefit that is provided by this Policy, if any, on an option date in the same proportion as the Specified Amount increase that is elected under this rider.

If on an option date, premiums are being credited under the terms of a Total Disability Benefit Rider, we will automatically increase the Specified Amount of insurance for the Insured by the benefit amount of this rider. We will also increase the monthly total disability benefit in the same proportion.

You may increase the accidental death benefit that is provided by this Policy, if any, on an option date in the same proportion as the Specified Amount increase elected under this rider, provided that the total amount of accidental death benefit for all Policies issued by us on the Insured's life does not exceed $150,000.

The option period for an option date begins 60 days before and ends 31 days after that date. The option period for an option date that has been advanced begins on the date of any occasion as stated above and ends 91 days after that date.

We will provide free term insurance on the life of the Insured for the option period of an available option date caused by marriage, birth, or adoption of a child. The insurance is not payable if the Insured dies by suicide, while sane or insane. The amount will be equal to the option amount. This insurance will expire on the day before the third Monthly Date after the marriage, birth or adoption.

If the Specified Amount is reduced below the benefit amount of this rider, the benefit amount will be changed to the reduced Specified Amount. The monthly cost for this rider will also be reduced.

This rider will terminate:

▪ when the Policy terminates; or

▪ on the first Monthly Date after you give us Written Notice; or

▪ on the expiry date shown on the Policy schedule.

Within five years after your rider terminates, you may put this rider back in force by Written Notice to us if:

▪ t h e P o li c y i s i n fo r ce ; a n d

▪ y o u p r ov i d e u s w it h e v i d e n c e o f i n s u r a b ilit y ; a n d

▪ e n o ug h p r e m i u m i s p ai d t o k ee p t h i s r i d e r i n fo r c e fo r t h r e e m o n t h s .

Example: A man (aged 32) is issued a new policy with the inclusion of this rider. Due to the policy being issued at age 32, he has three possible option dates to increase the Specified Amount of the Policy without submitting proof of insurability. At the policy anniversary nearest his 37<sup>th</sup> birthday, which is the second option date, he elects to increase the Policy's Specified Amount by the minimum $25,000 at a cost based on the Insured's rate class as of the Policy Date and the issue age as applicable at the time of increase. The aggregate policy Specified Amount is now $25,000 higher than it was previously. In this example the Insured chooses not to further increase the Specified Amount on the remaining option date.

Ameritas Performance II VUL 36

**<u>Total Disability Benefit Rider (Optional)</u>**

The disability benefit that is provided by this rider is not a "waiver of premium" benefit. The benefit amount will be credited to the Policy as premiums paid during continued covered disability. On any Monthly Date during continued covered disability, the benefit that is paid may result in Cash Surrender Value increases or reductions, and additional premium payments may be required to keep the Policy in force. Policy continuation to the Insured's death is not guaranteed.

We will credit, as premium to the Policy, the monthly total disability benefit stated on the Policy schedule. This will be credited upon receipt of satisfactory proof that:

▪ the Insured is totally disabled; and

▪ total disability began while this rider was in force; and

▪ total disability has continued for six consecutive months.

The benefit will begin on the Monthly Date after the start of the six-month period. If total disability begins:

▪ Before age 60: the benefit will be credited during that disability.

▪ On or after age 60, but before age 63: the benefit will be credited only before age 65 while that disability continues.

▪ On or after age 63, but before age 65: the benefit will be credited only during the two-year
period after that disability begins and while it continues.

As used in this rider, "age 60," "age 63," and "age 65" mean the annual date that is nearest the Insured's 60th, 63rd and 65th birthdays, respectively.

Total disability is a disability which:

▪ results from bodily injury or disease; and

▪ lasts for at least six months; and

▪ begins before age 65; and

▪ continuously prevents the Insured from being able to engage in an occupation for pay or profit. During the first 24 months of total
disability, "an occupation " means the regular occupation of the Insured at the time that disability
began. After the first 24 months of total disability, "an occupation" means any occupation for which the Insured is or becomes
reasonably suited by education, training or experience. "Occupation for pay or profit" includes being a full-time student or
a homemaker, if that was the Insured's regular occupation at the time that the disability began.

Total disability is also the total and irrevocable loss, by the Insured, of:

▪ the sight of both eyes; or

▪ the use of both hands; or

▪ the use of both feet; or

▪ the use of one hand and one foot.

Written Notice and satisfactory proof of the Insured's total disability must be given to us:

▪ during the life of the Insured; and

▪ during the period of total disability; and

▪ within one year after the beginning of the total disability.

Failure to give Written Notice and satisfactory proof within the time required will not invalidate a claim if the Written Notice and satisfactory proof were given as soon as was reasonably possible; however, no amount due more than one year prior to receipt of satisfactory proof by us will be paid.

Satisfactory Proof of continuance of total disability must be given to us as often as we reasonably require. After the first two years of continuous total disability, satisfactory proof will not be required more than once a year. Examination of the Insured at our expense by physicians approved by us may be required as part of any proof. If proof is not given to us when required, no further benefit will be paid.

No benefit will be paid if disability results from, or is contributed to by:

▪ intentionally self-inflicted injury; or

▪ an act of declared or undeclared war while the Insured is a member of any armed forces.

This rider will terminate:

▪ when the Policy terminates; or

▪ on the first Monthly Date after you give us Written Notice; or

▪ on the expiry date shown on the Policy schedule. However, this termination will not affect an eligible
claim for disability that occurred before age 65.

Example: The owner of a Policy with this rider suffers a covered disability at age 45. The monthly benefit amount of this rider is $100. After six months of disability, the Policy Owner will receive $100 monthly as premium credited to the Policy. The Insured then recovers at age 48, and payments under this rider cease.

Ameritas Performance II VUL 37

**<u>Waiver of Monthly Deduction Rider (Optional)</u>**

We will waive the Monthly Deduction for the Policy and riders stated on the Policy schedule, upon receipt of satisfactory proof that:

▪ the Insured is totally disabled; and

▪ total disability began while this rider was in force; and

▪ total disability has continued for six consecutive months.

The benefit will begin on the Monthly Date after the start of the six-month period. If total disability begins:

▪ Before age 60: the benefit will be credited during that disability.

▪ On or after age 60, but before age 63: the benefit will be credited only before age 65 while that disability continues.

▪ On or after age 63, but before age 65: the benefit will be credited only during the two-year period after that disability begins and
while it continues.

As used in this rider, "age 60," "age 63," and "age 65" mean the annual date that is nearest the Insured's 60th, 63rd and 65th birthdays, respectively.

Total disability is a disability which

▪ results from bodily injury or disease; and

▪ lasts for at least six months; and

▪ begins before age 65; and

▪ continuously prevents the Insured from being able to engage in an occupation for pay or profit. During the first 24 months of total
disability, "an occupation" means the regular occupation of the Insured at the time that total disability began. After the first 24 months of total disability, "an occupation" means any occupation for which the Insured is or becomes reasonably suited by education, training or experience. "Occupation for pay or profit" includes being a full-time student or a homemaker, if that was the Insured's regular
occupation at the time that the total disability began.

Total disability is also the total and irrevocable loss, by the Insured, of:

▪ the sight of both eyes; or

▪ the use of both hands; or

▪ the use of both feet; or

▪ the use of one hand and one foot.

Written Notice and satisfactory proof of the Insured's total disability must be given to us:

▪ during the life of the Insured; and

▪ during the period of total disability; and

▪ within one year after the beginning of the total disability.

Failure to give Written Notice and satisfactory proof within the time required will not invalidate a claim if the Written Notice and satisfactory proof were given as soon as was reasonably possible; however, no amount due more than one year prior to receipt of satisfactory proof by us will be paid.

Satisfactory proof of continuance of total disability must be given to us as often as we reasonably require. After the first two years of continuous total disability, satisfactory proof will not be required more than once a year. Examination of the Insured at our expense by physicians approved by us may be required as a part of any satisfactory proof. If satisfactory proof is not given to us when required, no further Monthly Deductions will be waived.

No benefit will be paid if disability results from or is contributed to by:

▪ intentionally self-inflicted injury; or

▪ an act of declared or undeclared war while the Insured is a member of any armed forces.

This rider will terminate:

▪ when the Policy terminates; or

▪ on the first Monthly Date after you give us Written Notice; or

▪ on the expiry date shown on the Policy schedule. However, this termination will not affect an eligible claim for disability that occurred
before age 65.

Example: The owner of a Policy with this rider suffers a covered disability at age 45. After six months of disability, all monthly deductions from the Policy will be waived. The Insured then recovers at age 48, and monthly deductions under the Policy are resumed.

Ameritas Performance II VUL 38

**SURRENDERS AND WITHDRAWALS**

**Cash SURRENDER**

While the Insured is alive, you may terminate the Policy for its Cash Surrender Value. Following a full Surrender, all your rights in the Policy end, and the Policy may not be reinstated.

**Cash Surrender Rules**

▪ We will accept a full Surrender request signed by you on our form of Written Notice by mail or fax. However, when accepting a request
by a method not requiring an original signature, there is a greater possibility that unauthorized persons can manipulate your signature
and make changes on your Policy (including withdrawals) without your knowledge.

▪ Any Cash Surrender Value available under the Policy at any time other than on a Policy Anniversary, shall be calculated with allowance
for lapse of time from the last preceding anniversary.

▪ The applicable Surrender Charge is described in your Policy and the **FEE TABLE** section of this prospectus.

▪ We may defer Surrender payments from the Fixed Account for up to six months from the date we receive your request.

**Partial Withdrawal**

While the Insured is alive, you may withdraw part of the Account Value. The amount requested and any partial withdrawal charge will usually be deducted from the Account Value on the date we receive your request if received before 3 p.m. Central Time.

We may deduct a partial withdrawal fee, which will not exceed the maximum partial withdrawal fee of $50.

If *Death Benefit Option A* (described above) is in effect, then the Specified Amount will be reduced by the partial withdrawal amount plus any charge.

If *Death Benefit Option B or Option C* (described above) is in effect, the Account Value will be reduced by the amount of the partial withdrawal, but the Specified Amount of insurance coverage will not change.

If *Death Benefit Option C* (described above) is in effect and the sum of partial withdrawals taken is greater than the sum of premiums paid, the death benefit may be less than the Specified Amount.

**Partial Withdrawal Rules**

▪ We will accept a partial withdrawal request signed by you on our form of Written Notice by mail or fax.

▪ The applicable partial withdrawal charge is stated in the **CHARGES** section of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;· The *minimum* partial withdrawal amount is $100; the *maximum* is an amount such that the remaining Cash Surrender Value
is at least an amount sufficient to maintain the Policy in force for the next three months.

▪ A partial withdrawal is irrevocable.

▪ For tax purposes, partial withdrawals are treated as made first from premiums paid and then from earnings, beginning with the most
recent premium payment, unless the Policy is a modified endowment contract.

▪ Partial withdrawals will be deducted from your Policy Investment Options on a Pro-Rata basis, unless you instruct us otherwise. You
may tell us how to allocate the partial withdrawal among the Investment Options, provided that the remaining Account Value in each Subaccount
is not less than $100, if you do not tell us, we will deduct it Pro-Rata.

▪ Partial withdrawals result in cancellation of Accumulation Units from each applicable Subaccount.

▪ We reserve the right to defer withdrawal payments from the Fixed Account for up to six months from the date we receive your request.

▪ Partial withdrawals may change the Minimum No-Lapse Premium requirements. You may request a new illustration of Account Value from
us to demonstrate these changes.

▪ Depending upon the circumstances, a partial withdrawal may have tax consequences.

**Delay of Payments or Transfers**

We will usually pay any amounts from the Separate Account requested as a partial withdrawal or Surrender within seven days after we receive your Written Notice. We can postpone such payments or any transfers out of a Subaccount if:

▪ the NYSE is closed for other than customary weekend and holiday closings, or trading on the NYSE is restricted as determined by the
SEC; or

▪ the SEC permits delay for the protection of security holders; or

▪ an emergency exists as determined by the SEC, as a result of which it is not reasonably practical to dispose of securities, or not
reasonably practical to determine the value of the net assets of the Subaccounts.

The applicable rules of the SEC will govern as to whether these conditions exist.

We may defer payments of a Policy Loan, partial withdrawal or full Surrender from the Fixed Account for up to six months from the date we receive your Written Notice requesting the loan, withdrawal or Surrender.

For information regarding your "right to examine" and "free look," see **"Right to Examine" Period** under the **PREMIUMS** section and **STATE VARIATIONS** under the **General Description of the Policy** section.

Ameritas Performance II VUL 39

**POLICY LOANS**

You may obtain a Policy Loan secured by the Cash Surrender Value of your Policy. Any Policy Loan transaction will permanently affect your Account Value. We may require you to sign a Policy Loan agreement. You may ask your sales representative or us to provide illustrations giving examples of how a Policy Loan might affect your Account Value, Cash Surrender Value and death benefit.

Surrender or lapse of a Policy while a Policy Loan is outstanding could result in significant tax consequences. See the discussion at **Tax Treatment of Loans and Other Distributions**.

The following chart applies to Policies dated prior to January 1, 2022.

---

| | |
|:---|:---|
| **Amount You Can Borrow** | **Policy Loan Interest Rate** |
| <u>Standard Policy Loan</u>. You may borrow no more than:<br> ▪ the Cash Surrender Value; minus<br> ▪ Policy Loan interest on Policy Loan Balance including the requested Policy Loan to the next Annual Date; minus<br> ▪ the sum of the next three Monthly Deductions.<br>| <u>Standard Policy Loan Interest Rate</u>. Current net annual Policy Loan interest rate of 1.0%: we charge a current interest rate with a 4.0% effective annual yield (guaranteed not to exceed 4.0%), but we also credit an interest rate with an effective annual yield of 3.0% to any amounts in the Loan Account. |
| **Amount You Can Borrow** | **Policy Loan Interest Rate** |
| <u>Preferred Rate Policy Loan</u>. After five (5) Policy years, a portion of the Policy Loan Balance may qualify for the preferred Policy Loan interest rate. The portion eligible for the preferred loan interest rate is:<br> ▪ the Account Value; plus<br> ▪ the sum of partial withdrawals taken, minus<br> ▪ the sum of premiums paid. | <u>Preferred Policy Loan Interest Rate</u>. Current net annual Policy Loan interest rate of 0.0%: we charge a current interest rate with a 3.0% effective annual yield (guaranteed not to exceed 3.5%), but we also credit an interest rate with an effective annual yield of 3.0% to any amounts in the Loan Account. |

---

The following chart applies to Policies dated on or after January 1, 2022.

---

| | |
|:---|:---|
| **Amount You Can Borrow** | **Policy Loan Interest Rate** |
| <u>Standard Policy Loan</u>. You may borrow no more than:<br> ▪ the Cash Surrender Value; minus<br> ▪ Policy Loan interest on Policy Loan Balance including the requested loan to the next Annual Date; minus<br> ▪ the sum of the next three Monthly Deductions.<br>| <u>Standard Policy Loan Interest Rate</u>. Current net annual Policy Loan interest rate of 1.0% (guaranteed not to exceed 3.0%): we charge a current interest rate with a 4.0% effective annual yield (guaranteed not to exceed 4.0%), but we also credit an interest rate with an effective annual yield of 3.0% (guaranteed to be at least 1.0%) to any amounts in the Loan Account. |
| **Amount You Can Borrow** | **Policy Loan Interest Rate** |
| <u>Preferred Rate Policy Loan</u>. After five (5) Policy years, a portion of the Policy Loan Balance may qualify for the preferred loan interest rate. The portion eligible for the preferred Policy Loan interest rate is:<br> ▪ the Account Value; plus<br> ▪ the sum of partial withdrawals taken, minus<br> ▪ the sum of premiums paid. | <u>Preferred Policy Loan Interest Rate</u>. Current net annual Policy Loan interest rate of 0.0% (guaranteed not to exceed 2.5%): we charge a current interest rate with a 3.0% effective annual yield (guaranteed not to exceed 3.5%), but we also credit an interest rate with an effective annual yield of 3.0% (guaranteed to be at least 1.0%) to any amounts in the Loan Account. |

---

**Policy Loan Rules**

▪ The Policy must be assigned to us as security for the Policy Loan.

▪ We will accept a Policy Loan request signed by you on our form of Written Notice by mail or fax. However, when accepting a request
by a method not requiring an original signature, there is a greater possibility that unauthorized persons can manipulate your signature
and make changes on your Policy (including withdrawals) without your knowledge.

▪ We will transfer all Policy Loan amounts from the Subaccounts and the Fixed Account to a Loan Account. The amounts will be transferred
on a Pro-Rata basis, unless you instruct us otherwise. If the value of an Investment Option after a transfer pursuant to your instructions
is less than $100, the amounts will be transferred on a Pro-Rata basis.

▪ Interest accrues daily and becomes a part of the Policy Loan Balance. Policy Loan interest is due on each Annual Date. If the interest
is not paid when due, we will transfer an amount equal to the unpaid Policy Loan interest only from the Policy Investment Options you
designate; if that is not possible (due to insufficient value in an Investment Option you elect) or you have not provided such instructions,
we will deduct Policy Loan interest on a Pro-Rata basis from balances in all Subaccounts and the Fixed Account.

▪ If the Policy Loan Balance exceeds Account Value minus the Surrender Charge minus accrued expenses and charges, you must pay the excess
or your Policy will lapse.

Ameritas Performance II VUL 40

▪ You may repay the Policy Loan Balance in full or in part any time while the Policy is in force. We will deduct the amount of the Policy
Loan repayment from the Loan Account and allocate that amount among the Subaccounts and the Fixed Account in the same percentages as Net
Premium is allocated on the date of repayment. You must instruct us to treat your payment as a Policy Loan repayment; otherwise, we will
treat any unspecified payment as premium. Policy Loan repayments will not incur a maximum sales charge
imposed on premiums (load).

▪ The death benefit will be reduced by the amount of any Policy Loan Balance on the date of the Insured's death.

▪ We may defer making a Policy Loan from the Fixed Account for up to six months unless the Policy Loan is to pay premiums to us.

A Policy Loan Balance, whether or not repaid, will affect the Cash Surrender Value of your Policy over time. We will transfer all Policy Loan amounts from the Subaccounts and the Fixed Account to a Loan Account. The Loan Account does not participate in the investment experience of the Investment Options or receive the potentially higher current interest rate credited to the Fixed Account.

**LAPSE AND REINSTATEMENT**

**Lapse and Grace Period**

**<u>Minimum No-Lapse Period</u>**

*Because Account Value can fluctuate depending upon the performance of your selected variable Investment Options, your Policy can lapse, even if you pay all Planned Periodic Premiums on time.*

**Lapse of the Policy may result in adverse tax consequences.**<br> **See discussion at Tax Treatment of Policy Loans and Other Distributions.**<br>

This Policy will lapse with no value when the Policy's Cash Surrender Value is not enough to cover any due but unpaid charges. However, we guarantee the Policy will remain in force for the period shown in your Policy's schedule page so long as the premium paid, less partial withdrawals and Policy Loan Balance, equals or exceeds the sum of the monthly Minimum No-Lapse Premiums from the Policy Date to the most recent Monthly Date. Your minimum no-lapse period and Minimum No-Lapse Premium are shown in your Policy schedule. Your Policy Value at the end of the minimum no-lapse period may be insufficient to keep the Policy in force unless an additional payment is made at that time.

**<u>Grace Period</u>**

If the Cash Surrender Value on any Monthly Date is less than the Monthly Deduction for the next Policy month, you will have a 61-day grace period to make a premium payment to continue your Policy. The minimum premium to continue the Policy is the amount which will result in the Cash Surrender Value on the date the grace period began being equal to the current Monthly Deduction plus the next two Monthly Deductions. At the start of the grace period, we will mail a notice of the minimum premium necessary to keep the Policy in force to you at your current address on record with us and to any assignee on record. Insurance coverage continues during the grace period. If sufficient premium is not paid by the end of the grace period, the Policy will terminate without value as of the first day of the grace period. A death benefit will not be paid if the Policy has lapsed. If the Insured dies during the grace period, we will pay the death benefit proceeds.

**Reinstatement**

If the Policy lapses because a grace period ended without a sufficient payment being made, you may reinstate it within five years of the date of lapse, so long as the Insured is Attained Age 80 or less. To reinstate, we must receive:

▪ Written application signed by you and the Insured;

▪ Evidence of the Insured's insurability satisfactory to us, and the insurability of any Insured covered under an optional benefit rider;

▪ Premium at least equal to (a + b + c - d) divided by (e) where :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is the sum of all due and unpaid *Monthly Deductions* during the grace period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is the sum of *Monthly Deductions* for three months from the date of reinstatement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is the *Surrender Charge* on the date of reinstatement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is the *Account Value* at the beginning of the grace period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is one minus the premium charge.

▪ Repayment or reinstatement of any outstanding Policy Loan Balance.

The effective date of reinstatement will be the Monthly Date on or next following the date the reinstatement is approved.

The Account Value on the date of reinstatement will equal the Net Premium paid to reinstate the Policy; plus the Account Value at the beginning of the grace period; minus the sum of the due and unpaid Monthly Deductions during the grace period. The Surrender Charge at reinstatement will be based on the original Policy Date and the dates of any increases in Specified Amount as if the Policy had never terminated.

The Policy cannot be reinstated once it has been fully Surrendered.

Ameritas Performance II VUL 41

**TAXES**

 

*The following is only general information about federal tax law and is not intended as tax advice to any individual. Tax laws affecting the Policy are complex, may change and are affected by your facts and circumstances. We cannot guarantee the tax treatment of the Policy or any transaction involving the Policy. You should consult your own tax adviser as to how these general rules and any applicable taxes will apply to you if you purchase a Policy.* 

**<u>Life Insurance Qualification; Tax Treatment of Death Benefit</u>**

The Internal Revenue Code, as amended (the "Code") defines a life insurance contract for federal income tax purposes. This definition can be met if an insurance contract satisfies either one of two tests. The Code and related regulations do not directly address the manner in which these tests should be applied to certain features of the Policy. Thus, there is some uncertainty about how those tests apply to the Policy.

Nevertheless, we believe the Policy qualifies as a life insurance contract for federal tax purposes, so that:

▪ you should not be considered in constructive receipt of the Cash Surrender Value, including any increases in Cash Surrender Value,
unless and until it is distributed from the Policy and

▪ the death benefit generally should be fully excludable from the Beneficiary's gross income; however, special rules apply to employer
owned life insurance or if the policy is transferred for value, particularly in a reportable policy sale. The death benefit of life insurance
owned by an employer is taxable unless the Insured is a certain class of employee and has been given notice and has consented to coverage
on his life. Specific statutory requirements must be satisfied for the death benefit of employer owned life insurance to be excluded from
taxable income.

We reserve the right to make such changes in the Policy as we deem necessary to assure it qualifies as a life insurance contract under the Code and continues to provide the tax benefits of such qualification.

*<u>Modified Endowment Contracts</u>.* The Code establishes a class of life insurance contracts designated as modified endowment contracts. Distributions from a modified endowment contract are taxed under different rules, most notably distributions are treated as from income first (to the extent of any gain in the contract) then from cost basis. There are other differences related to modified endowment contracts, such as loans being treated as a distribution (see **Tax Treatment of Policy Loans and Other Distributions** below). The rules governing whether a Policy will be treated as a modified endowment contract are extremely complex. In general, a Policy is a modified endowment contract if the accumulated premium payments made at any time during the first seven Policy years exceed the sum of the net level premium payments which would have been paid on or before such time if the Policy provided for paid-up future benefits after the payment of seven level annual premiums. A Policy may also become a modified endowment contract because of a material change. The determination of whether a Policy is a modified endowment contract after a material change generally depends upon the relationship of the Policy's death benefit and Account Value at the time of such change and the additional premium payments made in the seven years following the material change. A Policy may also become a modified endowment contract if the death benefit is reduced.

This Policy's flexibility and how you tailor it to meet your needs could cause it to be a modified endowment contract. We recommend you consult with a tax adviser to determine if desired Policy transactions may cause such treatment. <u>When a premium payment is credited which we believe causes the Policy to become a modified endowment contract, we will notify you</u> and offer you the opportunity to request a refund of that premium in order to avoid such treatment. You have 30 days after receiving such a notice to request the refund.

A Policy issued in exchange for a modified endowment contract is also treated as a modified endowment contract. However, we believe that a Policy issued in exchange for a life insurance Policy that is <u>not</u> a modified endowment contract will generally not be treated as a modified endowment contract if the death benefit of the Policy is greater than or equal to the death benefit of the Policy being exchanged. The payment of any premiums at the time of or after the exchange may, however, cause the Policy to become a modified endowment contract. You may, of course, choose not to make additional payments in order to prevent a Policy from being treated as a modified endowment contract.

**<u>Special Considerations for Corporations and Employers</u>**

Premium paid by a business for a life insurance Policy is not deductible as a business expense or otherwise if the business is directly or indirectly a Beneficiary of the Policy. In 2006, Congress adopted new rules relating to Employer Owned Life Insurance. Any employer contemplating the purchase of a new life insurance contract or a change in an existing contract should observe the Employee Notice and Consent requirements to avoid the income taxation of the life insurance death benefits and consult a tax adviser regarding filing IRS Form 8925.

**<u>Tax Treatment of Policy Loans and Other Distributions</u>**

Upon a Surrender or lapse of the Policy, if the amount received plus any outstanding Policy Loan Balance exceeds the total cost basis in the Policy, the excess generally will be treated as ordinary income subject to tax, regardless of whether a Policy is or is not a modified endowment contract. However, the tax consequences of distributions from, and loans taken from or secured by, a Policy depend on whether the Policy is classified as a modified endowment contract.

**"<u>Cost Basis in the Policy</u>"** means:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the total of any premium payments or other consideration paid for the Policy, *<u>minus</u>*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any withdrawals previously recovered that were not taxable.<br>

Ameritas Performance II VUL 42

*<u>Distributions from Policies Classified as Modified Endowment Contracts</u>* are subject to the following tax rules:

▪ All distributions, including Surrender and partial withdrawals, are treated as ordinary income subject to tax to the extent the excess
(if any) of the Account Value immediately before the distribution exceeds the cost basis in the Policy at such time.

▪ Loans from or secured by the Policy are treated as distributions and taxed accordingly. If you do not repay loan interest, the loan
interest itself is treated as a distribution.

▪ A 10% additional income tax is imposed on the portion of any distribution, loan, or assignment of the Policy that is included in income
except where the distribution or loan is made on or after the Owner attains age 59½, is attributable to the Owner's becoming disabled,
or is part of a series of substantially equal periodic payments for the life (or life expectancy) of the Owner or the joint lives (or
joint life expectancies) of the Owner and the Owner's Beneficiary.

*<u>Distributions from Policies Not Classified as Modified Endowment Contracts</u>* are generally treated as first recovering the cost basis in the Policy and then, only after the return of all such cost basis in the Policy, as distributing taxable income. An exception to this general rule occurs in the case of a decrease in the Policy's death benefit or any other change that reduces benefits under the Policy in the first 15 years after the Policy is issued and that results in a cash distribution to the Owner in order for the Policy to continue complying with the Code's definition of life insurance. Such a cash distribution will be taxed in whole or in part as ordinary income (to the extent of any gain in the Policy).

Loans from, or secured by, a Policy that is not a modified endowment contract are not treated as distributions. However, it is possible that reduced rate loans could be treated as distributions rather than loans.

Distributions (including upon Surrender and partial withdrawals) and loans from, or secured by, a Policy that is <u>not</u> a modified endowment contract are not subject to the 10% additional income tax rule. If a Policy is not now but later becomes a modified endowment contract, then any distributions made from the Policy within two years prior to the change will become taxable pursuant to modified endowment contract rules.

**<u>Other Policy Owner Tax Matters</u>**

Depending on the circumstances, the exchange of a Policy, a change in the Policy's death benefit option, a Policy Loan, a partial or full Surrender, a lapse, a change in ownership, or an assignment of the Policy may have federal income tax consequences. In addition, federal, state and local transfer and other tax consequences of ownership or receipt of distributions from a Policy depend on the circumstances of each Owner or Beneficiary.

*<u>Interest paid on Policy Loans</u>* generally is not tax deductible.

*<u>Aggregation of modified endowment contracts.</u>* Pre-death distributions (including a loan, partial withdrawal, collateral assignment or full Surrender) from a Policy that is treated as a modified endowment contract may require a special aggregation to determine the amount of income recognized on the Policy. If we or any of our affiliates issue more than one modified endowment contract to the same Policy Owner within any 12-month period, then for purposes of measuring the income on the Policy with respect to a distribution from any of those Policies, the income for all those Policies will be aggregated and attributed to that distribution.

*<u>Federal and state estate, inheritance and other tax consequences</u>* of ownership or receipt of proceeds under the Policy depend upon your or the Beneficiary's individual circumstances.

*<u>Diversification requirements.</u>* Investments of the Separate Account must be "adequately diversified" for the Policy to qualify as a life insurance contract under the Code. Any failure to comply with diversification requirements could subject you to immediate taxation on the incremental increases in Account Value plus the cost of insurance protection for the year. However, we believe the Policy complies fully with such requirements.

 

*<u>Owner control.</u>* The Treasury Department stated that it anticipates the issuance of regulations or rulings prescribing the circumstances in which your control of the investments of the Separate Account may cause you, rather than us, to be treated as the owner of the assets in the Separate Account. For variable life policies to qualify for tax deferral, assets in the separate accounts supporting the Policy must be considered owned by the insurance company and not by the Policy Owner. If you are considered the Owner of the assets of the Separate Account, income and gains from the Separate Account would be included in your gross income.

The application of the investor control doctrine is subject to some uncertainty. The ownership rights under the Policy are similar to, but different in certain respects from, those described by the IRS in rulings in which it determined that owners were not owners of separate account assets. For example, you have additional flexibility in allocating Policy premium and Account Value. These differences could result in you being treated as the owner of a Pro-Rata share of the assets of the Separate Account. In addition, we do not know what standards will be set forth in future regulations or rulings which the Treasury may issue. We therefore reserve the right to modify the Policy as necessary to attempt to prevent you from being considered the Owner of the assets of the Separate Account.

*<u>Paid-Up Life Insurance Benefit Endorsement.</u>* Electing this benefit may have adverse tax consequences. The Internal Revenue Service has not ruled on the use of this endorsement. We strongly urge you to consult legal counsel and your personal tax adviser before electing this benefit.

Ameritas Performance II VUL 43

*<u>Tax-advantaged arrangements.</u>* The Policy may be used in various arrangements, including non-qualified deferred compensation, split dollar arrangements and others. The tax consequences of such arrangements may vary depending on the particular facts and circumstances of each individual arrangement. If you are contemplating the use of the Policy in any arrangement the value of which depends in part on its tax consequences, you should be sure to consult a qualified tax adviser regarding the tax attributes of the particular arrangement and the suitability of this Policy for the arrangement.

*<u>Split-Dollar Arrangements.</u>* The IRS and the Treasury Department have issued guidance that substantially affects split-dollar arrangements. Consult a qualified tax adviser before entering into or paying additional premiums with respect to such arrangements.

Also, on July 30, 2002, the Sarbanes-Oxley Act of 2002 became law and required significant accounting and corporate governance reform. This Act prohibits, with limited exceptions, publicly-traded companies from extending many types of personal loans to their directors or executive officers. This prohibition may be interpreted as applying to some arrangements for split-dollar life insurance policies for directors and executive officers of such companies, since such insurance may be viewed as involving a loan from the employer for at least some purposes. Any affected business contemplating the payment of a premium on an existing Policy, or the purchase of a new Policy, in connection with a split-dollar life insurance arrangement should consult legal counsel.

*<u>Tax Shelter Regulations.</u>* Prospective owners should consult a tax adviser about the treatment of the Policy when used in a plan or arrangement that under the Treasury Regulations would be considered a tax shelter.

**LEGAL PROCEEDINGS**

We and our subsidiaries, like other life insurance companies, are subject to regulatory and legal proceedings in the ordinary course of our business. Certain of the proceedings we are involved in assert claims for substantial amounts. While it is not possible to predict with certainty the ultimate outcome of any pending or future case, legal proceeding or regulatory action, we do not expect the ultimate result of any of these actions to result in a material adverse effect on the Separate Account, our ability to meet our obligations under the Policies, or AIC's ability to perform its obligations. Nonetheless, given the large or indeterminate amounts sought in certain of these matters, and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could from time to time have a material adverse effect on any or all of the above.

**FINANCIAL STATEMENTS**

Our financial statements are included in a Statement of Additional Information ("SAI"). For information on how to obtain copies of these financial statements, at no charge, see the **STATEMENT OF ADDITIONAL INFORMATION; REGISTRATION STATEMENT** provision on the last page of this prospectus.

**DISTRIBUTION OF THE POLICY**

We pay commissions for the sale of the Policies. Our underwriter and affiliate, Ameritas Investment Company, LLC enters into contracts with its own representatives to sell Policies and with various unaffiliated broker-dealers ("Distributors") to also distribute Policies through their own representatives. Because representatives of Distributors are also insurance agents for other Ameritas Life Insurance Corp. products, as well as for Ameritas Life Insurance Corp. of New York ("Ameritas companies"), they may be eligible for various cash benefits, such as bonuses, insurance benefits and financing arrangements, and non-cash compensation programs that Ameritas companies offer. These programs may include conferences, seminars, meals, sporting events, theater performances, payment for travel, lodging and entertainment, prizes, and awards, subject to applicable regulatory requirements. Sales of the Policies may help representatives qualify for such benefits. Representatives may receive other payments from Ameritas companies for services that do not directly involve the sale of the Policies, including payments made for the recruitment and training of personnel, production of promotional literature, and similar services. In addition, the Distributor's representatives who meet certain Ameritas companies productivity, persistency and length of service standards may be eligible for additional compensation. These benefits, programs or payments do not result in any additional charges under the Policy other than those described in the prospectus **CHARGES** sections.

**This policy is no longer available for sale.**

Ameritas Performance II VUL 44

**APPENDIX A: PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY**

The following is a list of Portfolio Companies available under the Policy. More information about the Portfolio Companies is available in the prospectuses for the portfolio companies, which may be amended from time to time and can be found online at ameritas.com/investments/fund-prospectuses. You can also request this information at no cost by calling 800-745-1112 or by sending an email request to alictd@ameritas.com.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** |
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **1 year** | **5 year** | **10 year** |
| Current income and long-term capital appreciation. | Alger Balanced Portfolio, Class I-2<br> *Fred Alger Management, LLC* | 0.94% | 16.15% | 11.02% | 10.41% |
| Long-term capital appreciation. | Alger Capital Appreciation Portfolio, Class I-2<br> *Fred Alger Management, LLC* | 0.94% | 32.87% | 16.33% | 18.17% |
| Seeks to provide long-term capital appreciation. | American Funds® IS New World Fund, Class 2<br> *Capital Research and Management Company (SM)* | 0.82%\* | 28.29% | 5.33% | 9.25% |
| Total return. | Calvert VP SRI Balanced Portfolio, Class I<br> *Calvert Research and Management* | 0.65% | 11.48% | 8.68% | 9.81% |
| Investing to correspond with the returns of the MSCI EAFE Index. | CVT EAFE International Index Portfolio, Class I<br> *Calvert Research and Management* | 0.48%\* | 30.90% | 8.53% | 7.86% |
| Investing to correspond with the returns of the Bloomberg Barclays U.S. Aggregate Bond Index. | CVT Investment Grade Bond Index Portfolio, Class I<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>1</sup>* | 0.32%\* | 6.90% | -0.44% | 1.87% |
| Investing to correspond with the returns of the NASDAQ 100 Index. | CVT Nasdaq 100 Index Portfolio, Class I<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>1</sup>* | 0.49%\* | 20.39% | 14.73% | 19.09% |
| Investing to correspond with the returns of the Russell 2000 Index. | CVT Russell 2000 Small Cap Index Portfolio, Class I<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>1</sup>* | 0.40%\* | 12.45% | 5.83% | 9.32% |
| Investing to correspond with the returns of the S&P 500 Index. <sup>2</sup> | CVT S&P 500 Index Portfolio<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>1</sup>* | 0.28%\* | 17.50% | 14.09% | 14.47% |
| Investing to correspond with the returns of the S&P MidCap 400 Index. <sup>2</sup> | CVT S&P MidCap 400 Index Portfolio, Class I<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>1</sup>* | 0.33%\* | 7.14% | 8.77% | 10.37% |
| Growth and income. | CVT Volatility Managed Growth Portfolio, Class F<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>1</sup> and Parametric Portfolio Associates LLC* | 0.93%\* | 8.06% | 6.67% | 6.74% |
| Income and growth. | CVT Volatility Managed Moderate Growth Portfolio, Class F<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>1</sup> and Parametric Portfolio Associates LLC* | 0.91%\* | 8.51% | 5.71% | 6.37% |
| Current income. | CVT Volatility Managed Moderate Portfolio, Class F<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>1</sup> and Parametric Portfolio Associates LLC* | 0.89%\* | 6.98% | 4.02% | 5.39% |
| Long-term growth of capital. | DWS Capital Growth VIP, Class A<br> *DWS Investment Management Americas, Inc.* | 0.49% | 12.53% | 10.92% | 15.29% |
| Long-term capital growth. | DWS International Opportunities VIP, Class A<br> *DWS Investment Management Americas, Inc.* | 0.86%\* | 18.92% | 3.13% | 7.37% |
| Long-term capital appreciation. | DWS Small Mid Cap Value VIP, Class A<br> *DWS Investment Management Americas, Inc.* | 0.80%\* | 18.21% | 9.66% | 7.57% |
| Seeks long-term capital appreciation. | Fidelity® VIP Contrafund<sup>SM</sup> Portfolio, Initial Class <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.54% | 21.52% | 15.37% | 15.78% |

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Ameritas Performance II VUL 45

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** |
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **1 year** | **5 year** | **10 year** |
| Seeks reasonable income. The fund will also consider the potential for capital appreciation. The fund's goal is to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500® Index. <sup>2</sup> | Fidelity® VIP Equity-Income Portfolio<sup>SM</sup>, Initial Class <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.46% | 19.02% | 12.51% | 11.60% |
| Seeks as high a level of current income as is consistent with preservation of capital and liquidity. | Fidelity® VIP Government Money Market Portfolio, Initial Class <sup>3,4</sup> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.25% | 4.13% | 3.10% | 2.03% |
| Seeks a high level of current income, while also considering growth of capital. | Fidelity® VIP High Income Portfolio, Initial Class <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.81% <sup>\*, \*\*</sup> | 10.36% | 4.22% | 5.59% |
| Seeks as high a level of current income as is consistent with the preservation of capital. | Fidelity® VIP Investment Grade Bond Portfolio, Initial Class <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.37% | 7.22% | 0.06% | 2.71% |
| Seeks long-term growth of capital. | Fidelity® VIP Mid Cap Portfolio, Initial Class <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.55% | 11.75% | 10.10% | 10.59% |
| Seeks long-term growth of capital. | Fidelity® VIP Overseas Portfolio, Initial Class <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.72% | 20.39% | 6.62% | 7.93% |
| Seeks a high level of current income. The fund may also seek capital appreciation. | Fidelity® VIP Strategic Income Portfolio, Initial Class <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.63% | 8.85% | 3.07% | 4.66% |
| Seeks to maximize income while maintaining prospects for capital appreciation. | FTVIPT Franklin Income VIP Fund, Class 2<br> *Franklin Advisers, Inc.* | 0.72% | 12.56% | 7.66% | 7.30% |
| Seeks high current income, consistent with preservation of capital, with capital appreciation as secondary consideration. | FTVIPT Templeton Global Bond VIP Fund, Class 2<br> *Franklin Advisers, Inc.* | 0.75%\* | 15.73% | -0.96% | -0.15% |
| Long-term growth of capital. | Invesco V.I. EQV International Equity Fund, Series I<br> *Invesco Advisers, Inc.* | 0.90% | 16.50% | 3.68% | 6.22% |
| Seeks capital appreciation. | Invesco V.I. Global Fund, Series I<br> *Invesco Advisers, Inc.* | 0.81% | 15.32% | 7.28% | 11.00% |
| Total return through growth of capital and current income. | Invesco V.I. Global Real Estate Fund, Series I<br> *Invesco Advisers, Inc.* | 1.02% | 7.85% | 1.73% | 2.44% |
| Long-term growth of capital. | Invesco V.I. Small Cap Equity Fund, Series I<br> *Invesco Advisers, Inc.* | 0.96% | 8.05% | 7.32% | 9.55% |
| Long-term capital growth. Income is a secondary objective. | LVIP American Century Mid Cap Value Fund, Standard Class II<br> *Lincoln Financial Investments Corporation /<br> American Century Investment Management, Inc.* | 0.86%\* | 8.99% | 8.89% | 9.12% |
| Capital growth by investing in common stocks. Income is a secondary objective. | LVIP Avantis Large Cap Value Fund, Standard Class II (named LVIP American Century Disciplined Core Value Fund, Standard Class II prior to 5/01/26)<br> *Lincoln Financial Investments Corporation /<br> American Century Investment Management, Inc.* | 0.71%\* | 14.86% | 8.78% | 10.39% |
| Seeks total return. | MFS® Global Real Estate Portfolio, Initial Class<br> *Massachusetts Financial Services Company* | 0.90%\* | 3.53% | 1.32% | 5.01% |
| Seeks capital appreciation. | MFS® Research International Portfolio, Initial Class<br> *Massachusetts Financial Services Company* | 0.90%\* | 22.05% | 5.51% | 7.54% |
| Seeks total return. | MFS® Total Return Series, Initial Class<br> *Massachusetts Financial Services Company* | 0.61%\* | 11.16% | 6.42% | 7.63% |
| Seeks total return. | MFS® Utilities Series, Initial Class<br> *Massachusetts Financial Services Company* | 0.78%\* | 15.01% | 7.64% | 9.49% |
| Seeks capital appreciation. | MFS® Value Series, Initial Class<br> *Massachusetts Financial Services Company* | 0.69%\* | 13.01% | 9.95% | 10.05% |

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Ameritas Performance II VUL 46

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** |
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **1 year** | **5 year** | **10 year** |
| Long-term capital appreciation by investing primarily in growth-oriented equity securities of issuers in emerging market countries. | Morgan Stanley VIF Emerging Markets Equity Portfolio, Class I<br> *Morgan Stanley Investment Management Inc. /<br> Morgan Stanley Investment Management Company* | 1.25%\* | 32.96% | 4.37% | 7.27% |
| Capital appreciation and some current income. | Morningstar Balanced ETF Asset Allocation Portfolio, Class II<br> *ALPS Advisors, Inc. /<br> Morningstar Investment Management LLC* | 0.84% | 14.82% | 6.61% | 7.25% |
| Capital appreciation. | Morningstar Growth ETF Asset Allocation Portfolio, Class II<br> *ALPS Advisors, Inc. /<br> Morningstar Investment Management LLC* | 0.82% | 17.91% | 8.82% | 9.05% |
| Current income and capital appreciation. | Morningstar Income and Growth ETF Asset Allocation Portfolio, Class II<br> *ALPS Advisors, Inc. /<br> Morningstar Investment Management LLC* | 0.84%\* | 11.70% | 4.43% | 5.46% |
| Seeks growth of capital. | Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class I<br> *Neuberger Berman Investment Advisers LLC* | 0.85%\* | 11.56% | 10.06% | 7.75% |
| Seeks long-term growth of capital by investing primarily in securities of companies that meet the Fund's environmental, social and governance criteria. | Neuberger Berman AMT Quality Equity Portfolio, Class I<br> *Neuberger Berman Investment Advisers LLC* | 0.87% | 13.74% | 12.83% | 12.94% |
| To seek to provide total return through a combination of capital appreciation and current income. | Nomura VIP Balanced Series, Service Class<br> *Delaware Management Company /<br> Macquarie Investment Management Global Limited* | 1.03%\* | 11.79% | 7.85% | 8.38% |
| To seek to provide growth of capital. | Nomura VIP Science and Technology Series, Service Class<br> *Delaware Management Company* | 1.15% | 33.36% | 13.71% | 17.20% |
| Seeks maximum total return, consistent with preservation of capital and prudent investment management. | PIMCO Low Duration Portfolio, Administrative Class<br> *Pacific Investment Management Company LLC* | 0.66% | 5.52% | 1.57% | 1.79% |
| Seeks maximum real return, consistent with preservation of real capital and prudent investment management. | PIMCO Real Return Portfolio, Advisor Class<br> *Pacific Investment Management Company LLC* | 1.49% | 7.74% | 1.11% | 3.11% |
| Seeks maximum total return, consistent with preservation of capital and prudent investment management. | PIMCO Total Return Portfolio, Administrative Class<br> *Pacific Investment Management Company LLC* | 0.73% | 8.89% | 0.02% | 2.36% |
| Seeks to provide long-term capital growth. Income is a secondary objective. | T. Rowe Price Blue Chip Growth Portfolio-II<br> *T. Rowe Price Associates, Inc.* | 1.00% | 18.43% | 11.41% | 15.25% |
| Seeks a high level of dividend income and long-term capital growth primarily through investments in stock. | T. Rowe Price Equity Income Portfolio-II<br> *T. Rowe Price Associates, Inc.* | 0.99% | 14.07% | 10.89% | 10.24% |
| Long-term capital appreciation. | Third Avenue Value Portfolio<br> *Third Avenue Management LLC* | 1.31%\* | 34.85% | 17.68% | 9.66% |

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|:---|:---|
| \* | Current Expenses take into account expense reimbursement or fee waiver arrangements in place and reflect temporary fee reductions under such an arrangement. |
| \*\* | Includes interest expense of certain underlying Fidelity® funds. Excluding interest expense of the applicable underlying Fidelity funds, total annual operating expenses after fee waiver and/or expense reimbursement are 0.67%. |
| 1 | Ameritas Investment Partners, Inc. is an affiliate of Ameritas Life. |
| 2 | "Standard & Poor's®," "S&P®," "S&P 500®," "Standard & Poor's 500," and "500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by us. The Product is not sponsored, endorsed, sold or promoted by Standard & Poor's® and Standard & Poor's® makes no representation regarding the advisability of investing in the Product. The Statement of Additional Information sets forth certain additional disclaimers and limitations of liabilities on behalf of Standard & Poor's® as set forth in the Licensing Agreement between us and Standard & Poor's®. |
| 3 | FIDELITY, Contrafund and Equity-Income are registered service marks of FMR LLC. Used with permission. |
| 4 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |

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Ameritas Performance II VUL 47

**ILLUSTRATIONS**

Illustrations are tools that can help demonstrate how the Policy operates, given the Policy's charges, Investment Options and any optional features selected, how you plan to accumulate or access Account Value over time, and assumed rates of return. Illustrations may also be able to assist you in comparing the Policy's death benefits, Cash Surrender Value and Account Value with those of other variable life insurance policies based upon the same or similar assumptions. You may ask your sales representative or us (at our toll-free telephone number) to provide an illustration, based upon your specific situation. You may annually request, without charge, an illustration from us. We may charge a reasonable fee, not to exceed the maximum shown on the Policy schedule page, for additional illustrations requested in the same Policy year.

**STATEMENT OF ADDITIONAL INFORMATION; REGISTRATION STATEMENT**

A Statement of Additional Information ("SAI") with the same date as this prospectus contains other information about the Separate Account, us, and the Policy. You may obtain a copy without charge, request other information about the Policy, and make investor inquiries by calling our toll-free telephone number 800-745-1112.

**REPORTS TO YOU**

We will send a statement to you at least annually showing your Policy's death benefit, Account Value and any Policy Loan Balance. If your Policy activity is limited to scheduled periodic premiums automatically deducted from your bank or investment account or other systematic transfer programs, you will also receive a quarterly report, which will be confirmation of premium payments and regular Monthly Deductions. We will confirm any other premium payments, Policy Loans, Subaccount transfers, lapses, Surrender, partial withdrawals, and other Policy transactions as they occur. You will receive such additional periodic reports as may be required by the SEC.

Also, reports and other information about the Separate Account are available on the SEC's website at sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

**FINRA PUBLIC DISCLOSURE PROGRAM**

FINRA provides investor protection education through its website and printed materials. The FINRA regulation website address is finra.org. An investor brochure that includes information describing the BrokerCheck program may be obtained from FINRA. The FINRA BrokerCheck hotline number is 800-289-9999. FINRA does not charge a fee for the BrokerCheck program Services.

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|:---|:---|
| <br> **THANK YOU**<br> for reviewing this prospectus. You should also review the fund prospectus for the portfolio underlying<br> each Subaccount variable Investment Option you wish to select.<br>**IF YOU HAVE QUESTIONS,**<br> about the Policy described in this prospectus, or wish to request a Statement of Additional Information,<br> contact your sales representative, email,<br> write or telephone us at the following:<br>| <br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Toll-Free Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax: 402-467-7923<br> Website: ameritas.com<br> Email: clientservices@ameritas.com<br>|
| **REMEMBER, THE CORRECT FORM** is important for us to process your Policy elections and changes accurately. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need. | **REMEMBER, THE CORRECT FORM** is important for us to process your Policy elections and changes accurately. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need. |

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![](image_006.gif)© 2026 Ameritas Life Insurance Corp. SEC Registration # 811-04473 <br> Class /Contract # C000216331 <br> File # 333-233986

Ameritas Performance II VUL 48

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| | | |
|:---|:---|:---|
| Statement of Additional Information: May 1, 2026 | Statement of Additional Information: May 1, 2026 | ![](image_008.gif) |
| to accompany Policy Prospectuses listed below. | to accompany Policy Prospectuses listed below. | ![](image_008.gif) |
|  |  | ![](image_008.gif) |
|  |  | ![](image_008.gif) |
| **Variable Life Insurance Policies:** | **Variable Life Insurance Policies:** | **Variable Life Insurance Policies:** |
| **Overture Life SPVUL** | **Corporate Benefit VUL** | **Corporate Benefit VUL** |
| **Univar** | **Overture Ovation!** | **Overture Ovation!** |
| **Overture Applause!** | **Overture Viva!** | **Overture Viva!** |
| **Overture Applause! II** | **Protector** ***h*VUL** | **Protector** ***h*VUL** |
| **Overture Encore!** | **Excel Performance VUL** | **Excel Performance VUL** |
| **Overture Bravo!** | **Ameritas Performance II VUL** | **Ameritas Performance II VUL** |
| offered through |  |  |
| **Ameritas Variable Separate Account V** | **Ameritas Variable Separate Account V** | **Ameritas Variable Separate Account V** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;<u>**<u>**TABLE OF CONTENTS**</u>**</u> | <u>**<u>PAGE</u>**</u> | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
|  |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;&nbsp;GENERAL INFORMATION AND HISTORY | 1 | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;&nbsp;SERVICES |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
|  |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;&nbsp;UNDERWRITER | 2 | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;&nbsp;DISTRIBUTION OF THE POLICY |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
|  |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;&nbsp;MORE INFORMATION ON CHARGES | 3 | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
|  |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;&nbsp;DISTRIBUTION OF MATERIALS | 4 | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;&nbsp;ADVERTISING |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;&nbsp;PERFORMANCE DATA |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;&nbsp;LICENSING AGREEMENT |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
|  |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| &nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS | 5 | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |

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Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp.

This Statement of Additional Information is not a prospectus. It contains information in addition to that set forth in the Policy prospectus and should be read together with the prospectus. The Policy prospectus may be obtained from our Service Center by writing us at P.O. Box 81889, Lincoln, Nebraska 68501, by e-mailing us or accessing it through our website at ameritas.com/prospectuses or by calling us at 800-745-1112. Defined terms used in the current prospectus for the Policies are incorporated in this Statement of Additional Information.

**GENERAL INFORMATION AND HISTORY**

Ameritas Variable Separate Account V (referred to as the "Separate Account" or the "Registrant") is a separate investment account of Ameritas Life Insurance Corp. ("We, us, our, Ameritas Life, Depositor"). We are engaged in the business of issuing life insurance, annuities, individual disability income insurance, group dental, vision and hearing care insurance, retirement plans and 401(k) plans throughout the United States (except New York). We are a stock life insurance company organized under the insurance laws of the State of Nebraska since 1887. We are wholly owned by Ameritas Holding Company ("AHC"), a Nebraska stock insurance holding company. AHC is wholly owned by Ameritas Mutual Holding Company ("Ameritas"), a Nebraska mutual insurance holding company. Ameritas is a diversified family of financial services businesses. For a complete list of the Ameritas companies and their products and services, visit the Ameritas website at ameritas.com. Each Ameritas company is solely responsible for its own financial condition and contractual obligations.

The Registrant is a segregated asset account of Ameritas Life established to receive and invest your Premiums. Ameritas Life established the Separate Account on August 28, 1985, under the laws of the State of Nebraska, in accordance with resolutions set forth by the Ameritas Life Board of Directors. The Separate Account is registered as a unit investment trust with the SEC under the Investment Company Act of 1940, as amended. This registration does not mean that the SEC supervises the management, investment practices, or policies of the Separate Account.

**SERVICES**

Affiliates of Ameritas Life may provide administrative services, including but not limited to third party administrative services, policy administration and other operation support services, claims administration, and development and maintenance of software, to Ameritas Life relating to policies offered by its separate accounts, including the Separate Account. On October 1, 2021, Ameritas Life entered into a Fourth Amended and Restated General Administrative Services Agreement (the "Agreement"), under which administrative services relating to policies offered by the Ameritas Life separate accounts may be provided by affiliates of Ameritas Life. The parties to the Agreement are Ameritas Life, AHC, Ameritas Investment Partners, Inc., Ameritas Investment Company, LLC, Variable Contract Agency, LLC, Ameritas Advisory Services, LLC, Select Benefits Group, LLC dba Dental Select and Ameritas Bluestar Retirement Services, LLC.

Ameritas Separate Account V 1 Statement of Additional Information

At the time of the Agreement, all parties to the Agreement were wholly owned subsidiaries of AHC or Ameritas Life. Ameritas Bluestar Retirement Services, LLC and Select Benefits Group, LLC dba Dental Select have since been dissolved. Ameritas Life made no payments for administrative services provided by affiliated companies in 2023, 2024 or 2025.

Matters of state and federal law pertaining to the policies have been reviewed by the Ameritas Life legal staff.

**UNDERWRITER**

The Policies listed above, and offered through the Separate Account, are no longer offered for new sales. Ameritas Investment Company, LLC, ("AIC" or "Underwriter") entered into contracts with various broker-dealers ("Distributors") to distribute policies. AIC is a wholly owned subsidiary of ours, 5900 O Street, Lincoln, Nebraska 68510 (formerly Ameritas Investment Corp. which served as underwriter until its conversion to a limited liability company in January, 2020).

---

| | | | |
|:---|:---|:---|:---|
| **YEAR:** | **2023** | **2024** | **2025** |
| Variable life insurance commission the Depositor paid to the Underwriter that was paid to other broker-dealers and representatives (not kept by the Underwriter.) | $2005378 | $1861340 | $1462492 |
| Variable life insurance compensation earned and kept by the Underwriter. | $0 | $0 | $0 |
| Fees the Depositor paid to the Underwriter for variable life insurance Principal Underwriter services. | $670831 | $719883 | $1224770 |

---

**DISTRIBUTION OF THE POLICY**

**The Policies listed above, and offered through the Separate Account, are no longer offered for new sales.** 

We pay commissions for the sale of the Policies. Our Underwriter and affiliate, AIC enters into contracts with its own representatives to sell Policies and with various unaffiliated broker-dealers ("Distributors") to also distribute Policies through their own representatives. Because representatives of Distributors are also insurance agents for other Ameritas Life products, as well as for Ameritas Life Insurance Corp. of New York (collectively "Ameritas companies"), they may be eligible for various cash benefits, such as bonuses, insurance benefits and financing arrangements, and non-cash compensation programs that Ameritas companies offer. These programs may include conferences, seminars, meals, sporting events, theater performances, payment for travel, lodging and entertainment, prizes, and awards, subject to applicable regulatory requirements. Sales of the Policies may help representatives qualify for such benefits. Representatives may receive other payments from Ameritas companies for services that do not directly involve the sale of the Policies, including payments made for the recruitment and training of personnel, production of promotional literature, and similar services. In addition, the Distributor's representatives who meet certain Ameritas companies productivity, persistency and length of service standards may be eligible for additional compensation. These benefits, programs or payments do not result in any additional charges under the Policy other than those described in the prospectus **CHARGES** sections.

**<u>Distribution Compensation for Currently Sold Products</u>**

The Policies listed above, and offered through the Separate Account, are no longer offered for new sales.

**<u>Distribution Compensation for Products No Longer Being Sold</u>**

<u>Ameritas Performance II VUL:</u> We pay commissions for the sale of the Policies. The maximum commissions payable are: 120% of premiums up to the target premium and 4.80% of premiums above that amount paid in the first Policy Year; 6.27% of premium paid in Policy Years 2 through 10; and 2.28% of premium paid thereafter as a service fee. For an increase in specified amount, we will pay first-year commission on any increase in Planned Periodic Premium that occurs during the Policy Year of the increase in specified amount. Substandard risks and riders, to the extent they affect target premiums, may result in additional compensation. We will pay agents commissions after the first year, called "trail" commissions, up to a maximum annual rate of 0.20% of unborrowed account value. Additional amounts may be paid and expenses may be reimbursed based on various factors. Other selling broker-dealers will share commissions and additional amounts received for sales of the Policies with their sales representatives involved in the sales in accordance with their rules and policies for compensating sales representatives.

<u>Excel Performance VUL:</u> If the Accounting Benefit Rider ("ABR") is not selected, the maximum commissions payable are: 105% of premiums up to the target premium and 4% of premiums above that amount paid in the first Policy Year; 4% of premium paid in Policy Years 2 through 10; and 2% of premium paid thereafter as a service fee. If the ABR is selected, the maximum commissions payable are: 105% of first-year premium allocated to the base Policy up to the base Policy target premium; 35% of first-year premium allocated to the ABR up to the ABR target premium; 4% of first-year premium in excess of the sum of the base and ABR target premiums; 25% of premium allocated to the ABR up to the ABR target premium in each of Policy Years 2 through 5; 4% of premium on any additional premium paid in each of Policy Years 2 through 5; 4% of premium paid in Policy Years 6 through 10; and 2% of premium paid thereafter as a service fee. The Supplemental Coverage Rider ("SCR") does not affect target premium and does not have premiums allocated to it. For an increase in specified amount, we will pay first-year commission on any increase in Planned Periodic Premium that occurs during the Policy Year of the increase in specified amount. Substandard risks and riders, to the extent they affect target premiums, may result in additional compensation. We will pay agents commissions after the first year, called "trail" commissions, up to a maximum annual rate of 0.25% of unborrowed account value. Additional amounts may be paid and expenses may be reimbursed based on various factors.

Ameritas Separate Account V 2 Statement of Additional Information

<u>Overture Applause!, Overture Applause! II, and Overture Encore!</u>: During the first Policy Year, the commission may equal an amount up to 100% (105% for Encore!) of the first year target premium paid plus the first year cost of any riders and 4% for premiums paid in excess of the first year target premium.

For Policy Years two through seven, the commission may equal an amount up to 4% (2% for Encore!) of premiums paid. Broker-dealers may also receive a service fee up to an annualized rate of 0.25% of the Accumulation Value beginning in the eighth Policy Year.

<u>Overture Life SPVUL</u>: During the first Policy Year, the commission may equal an amount up to 105% of the first year target premium paid plus the first year cost of any riders and 4% for premiums paid in excess of the first year target premium. For Policy Years two through seven, the commission may equal an amount up to 4% of premiums paid. Broker-dealers may also receive a service fee up to an annualized rate of 0.25% of the Accumulation Value beginning in the eighth Policy Year.

<u>Corporate Benefit VUL</u>: During the first Policy Year, the commission may equal an amount up to 30% of premium in the first year and up to 12% of premium in renewal years. Broker-dealers may also receive a service fee up to an annualized rate of 0.25% of the Accumulation Value beginning in the sixth Policy Year.

<u>Overture Viva!</u>: Commission may equal an amount up to 140% of premium in the first year and up to 13% of premium in renewal years. Broker-dealers may also receive a service fee up to an annualized rate of 0.5% of the Policy value beginning in the fifth Policy Year.

<u>Overture Bravo!</u>: During the first Policy Year, the commission may equal an amount up to 105% of the first year target premium paid plus the first year cost of any riders and 4% for premiums paid in excess of the first year target premium. For Policy Years two through seven, the commission may equal an amount up to 4% of premiums paid. Broker-dealers may also receive a service fee up to an annualized rate of 0.25% of the Accumulation Value beginning in the eighth Policy Year.

<u>Overture Ovation!</u>: During the first Policy Year, the commission may equal an amount up to 117% of the first year target premium paid plus the first year cost of any riders and 5% for premiums paid in excess of the first year target premium. For Policy Years two through seven, the commission may equal an amount up to 4% of premiums paid. Broker-dealers may also receive a service fee up to an annualized rate of 0.25% of the accumulation value beginning in the eighth Policy Year.

<u>Protector *h*VUL:</u> Commission may equal an amount up to 105% of premium in the first year and up to 3% of premium in renewal years. Broker-dealers may also receive a service fee up to an annualized rate of 0.25% of the Policy value beginning in the fifth Policy Year.

**MORE INFORMATION ON CHARGES**

**<u>Waiver of Certain Charges</u>**

When the Policy is sold in a manner that results in savings of sales or administrative expenses, we reserve the right to waive all or part of any fee we charge under the Policy (excluding charges charged by the portfolios). Factors we consider include one or more of the following: size and type of group to whom the Policy is issued; amount of expected premiums; relationship with us (employee of us or an affiliated company, receiving distributions or making transfers from other policies we or one of our affiliates issue, or transferring amounts held under qualified retirement plans we or one of our affiliates sponsor); type and frequency of administrative and sales services provided; or level of annual maintenance fee and withdrawal charges. Any fee waiver will not discriminate unfairly against protected classes of individuals and will be done according to our rules in effect at the time the Policy is issued. We reserve the right to change these rules. The right to waive any charges may be subject to State approval.

**<u>Underwriting Procedure</u>**

The Policy's cost of insurance depends upon the insured's gender, issue age, risk class, specified amount, and length of time the Policy has been in force. The rates will vary depending upon tobacco use and other risk factors. For Ameritas Performance II VUL, guaranteed cost of insurance rates are based on the gender-distinct 2017 Commissioners Standard Ordinary Age Nearest Birthday Ultimate Mortality Tables. Attained ages 18 and greater will follow smoker-distinct rates while attained ages 0-17 will follow composite rates. For the Excel Performance VUL and Protector *h*VUL, guaranteed cost of insurance rates are based on the gender-distinct, smoker-distinct 2001 Commissioners Standard Ordinary Age Nearest Birthday Ultimate Mortality Tables. For all other Policies, the guaranteed cost of insurance rates are based on the insured's attained age and are equal to the 1980 Insurance Commissioners Standard Ordinary Male and Female Mortality Tables without smoker distinction. The maximum rates for the table-rated substandard insureds are based on a multiple (shown in the schedule pages of the Policy) of the above rates. We may add flat extra ratings to reflect higher mortality risk. Any change in the cost of insurance rates will apply to all insureds of the same age, gender, risk class and whose Policies have been in effect for the same length of time.

The cost of insurance rates, Policy charges, and payment options for Policies issued in Montana, and perhaps other states or in connection with certain employee benefit arrangements, are issued on a gender-neutral (unisex) basis. The unisex rates will be higher than those applicable to females and lower than those applicable to males.

Ameritas Separate Account V 3 Statement of Additional Information

If the rating class for any increase in the specified amount of insurance coverage is not the same as the rating class at issue, the cost of insurance rate used after such increase will be a composite rate based upon a weighted average of the rates of the different rating classes. Decreases may be reflected in the cost of insurance rate, as discussed earlier.

Actual charges made during the Policy Year will be shown in the annual report delivered to Policy Owners.

**DISTRIBUTION OF MATERIALS**

We will distribute proxy statements, updated prospectuses and other materials to you from time to time. In order to achieve cost savings, we may send consolidated mailings to several owners with the same last name who share a common address or post office box.

**ADVERTISING**

From time to time, we may advertise performance information for the Subaccounts and their underlying portfolios. We may also advertise ratings, rankings or other information related to us, the Subaccounts or the underlying portfolios.

We may provide hypothetical illustrations of Policy value, Cash Surrender Value and death benefit based on historical investment returns of the underlying portfolios for a sample Policy based on assumptions as to age, gender and risk class of the insured, and other Policy-specific assumptions.

We may also provide individualized hypothetical illustrations calculated in the same manner as stated above but based upon factors particular to your Policy.

**PERFORMANCE DATA**

From time to time, we may advertise performance for the Subaccount variable investment options. Performance data is available on our website and is authorized for use with prospective investors only when accompanied or preceded by current product and fund prospectuses containing detailed information about the Policy, investment options, limitations and risks.

Performance returns reflect fees and charges assessed by the fund companies and current mortality and expenses and administrative risk charges deducted from separate account assets. Some portfolio advisers have agreed to limit their expenses; without these limits, performance would have been lower. The returns shown on our website do not reflect the Policy's transaction fees and periodic charges. If these fees and charges were deducted, the performance quoted would be lower. Yields shown are typically annualized yields. This means the income generated during the measured seven days is assumed to be generated each week over a 52-week period, and not reinvested, and is shown as a percentage of the investment.

We encourage you to obtain a personalized illustration which reflects all charges of the Policy and the impact of those charges upon performance; contact your registered representative or us to obtain an illustration based upon your specific situation. See the Policy prospectus for detailed information about Policy charges and portfolio prospectuses for each portfolio's expenses.

For periods prior to the date the Policy Subaccount began operation, performance data will be calculated based on the performance of the underlying portfolio and the assumption that the Subaccounts were in existence for the same periods as those indicated for the underlying portfolio with the level of Policy charges that were in effect at the inception of the Subaccount.

Past performance is no guarantee of future results. The return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

**LICENSING AGREEMENT**

The Policy is not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"). S&P makes no representation or warranty, express or implied, to the Owners of the Policy or any member of the public regarding the advisability of investing in securities generally or in the Policy particularly or the ability of the S&P 500 Index to track general stock market performance. S&P's only relationship to the Licensee ("Ameritas Life") is the licensing of certain trademarks and trade names of S&P and of the S&P 500 Index which is determined, composed and calculated by S&P without regard to the Licensee or the product. S&P has no obligation to take the needs of the Licensee or the Owners of the Policy into consideration in determining, composing or calculating the S&P 500 Index. S&P is not responsible for and has not participated in the determination of the prices and amount of the Policy or the timing of the issuance or sale of the product or in the determination or calculation of the equation by which the Policy is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the Policy.

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE POLICY, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Ameritas Separate Account V 4 Statement of Additional Information

**FINANCIAL STATEMENTS**

The balance sheets – statutory basis of Ameritas Life Insurance Corp., a wholly owned subsidiary of Ameritas Holding Company, which is a wholly owned subsidiary of Ameritas Mutual Holding Company, as of December 31, 2025 and 2024, and the related summary of operations and changes in capital and surplus – statutory basis and statements of cash flows – statutory basis for each of the three years in the period ended December 31, 2025 have been audited by Deloitte & Touche LLP, independent auditors, as stated in their report appearing herein and the statements of net assets of each of the subaccounts of Ameritas Variable Separate Account V as of December 31, 2025, and the related statements of operations for the period then ended, the statements of changes in net assets for each of the periods in the two years then ended and the financial highlights for each of the periods in the five years then ended, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report appearing herein.

Such financial statements are included in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing. The principal business address of Deloitte & Touche LLP is 1100 Capitol Avenue, Suite 300, Omaha, NE 68102.

Our financial statements bear only on our ability to meet our obligations under the Policy, and should not be considered as bearing on the investment performance of the assets held in the Separate Account.

Ameritas Separate Account V 5 Statement of Additional Information

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

![](image_007.gif)

**FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025**

**AND FOR EACH OF THE PERIODS IN THE TWO YEARS THEN ENDED<br> AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Policyowners of Ameritas Variable Separate Account V

and the Board of Directors of Ameritas Life Insurance Corp.

Lincoln, Nebraska

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of net assets for each of the subaccounts of Ameritas Variable Separate Account V (the "Account") listed in Note 1 as of December 31, 2025, the related statements of operations, the statements of changes in net assets, the financial highlights, and the related notes for the periods presented in Note 1 (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts constituting the Account as of December 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for periods presented in Note 1 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Account's management. Our responsibility is to express an opinion on the subaccounts' financial statements and financial highlights 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 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 and financial highlights are free of material misstatement, whether due to error or fraud. The subaccounts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the subaccounts' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.

*/s/ Deloitte & Touche LLP*

Omaha, Nebraska

March 19, 2026

We have served as the Account's auditor since 1986.

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| | |
|:---|:---|
| **AMERITAS VARIABLE SEPARATE ACCOUNT V** | **AMERITAS VARIABLE SEPARATE ACCOUNT V** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Fidelity(R) Variable Insurance Products (Fidelity):</u> |  |
| Fidelity(R) VIP Equity-Income Portfolio(SM), Initial Class (Equity-Income IC) - |  |
| 980,725.342 shares at $29.43 per share (cost $23,131,443) | $28862747 |
| Fidelity(R) VIP Equity-Income Portfolio(SM), Service Class (Equity-Income SC) - |  |
| 13,907.923 shares at $29.16 per share (cost $328,409) | 405555 |
| Fidelity(R) VIP Growth Portfolio, Initial Class (Growth IC) - |  |
| 653,054.325 shares at $97.72 per share (cost $49,461,343) | 63816469 |
| Fidelity(R) VIP Growth Portfolio, Service Class (Growth SC) - |  |
| 14,976.602 shares at $96.56 per share (cost $1,130,392) | 1446141 |
| Fidelity(R) VIP High Income Portfolio, Initial Class (High Income IC) - |  |
| 2,582,759.734 shares at $4.88 per share (cost $13,521,008) | 12603868 |
| Fidelity(R) VIP High Income Portfolio, Service Class (High Income SC) - |  |
| 30,754.137 shares at $4.84 per share (cost $161,093) | 148850 |
| Fidelity(R) VIP Overseas Portfolio, Initial Class (Overseas IC) - |  |
| 417,807.210 shares at $27.52 per share (cost $9,323,079) | 11498054 |
| Fidelity(R) VIP Overseas Portfolio, Service Class (Overseas SC) - |  |
| 4,280.599 shares at $27.32 per share (cost $97,241) | 116946 |
| Fidelity(R) VIP Asset Manager 50% Portfolio, Initial Class (Asset Mgr. IC) - |  |
| 581,505.949 shares at $17.62 per share (cost $9,010,048) | 10246135 |
| Fidelity(R) VIP Asset Manager 50% Portfolio, Service Class (Asset Mgr. SC) - |  |
| 2,936.371 shares at $17.39 per share (cost $45,671) | 51063 |
| Fidelity(R) VIP Investment Grade Bond Portfolio, Initial Class (Inv. Bond IC) - |  |
| 1,069,118.870 shares at $11.36 per share (cost $13,282,422) | 12145190 |
| Fidelity(R) VIP Contrafund(SM) Portfolio, Initial Class (Contrafund IC) - |  |
| 873,049.018 shares at $59.89 per share (cost $36,070,518) | 52286906 |
| Fidelity(R) VIP Contrafund(SM) Portfolio, Service Class (Contrafund SC) - |  |
| 30,658.003 shares at $59.33 per share (cost $1,278,144) | 1818939 |
| Fidelity(R) VIP Asset Manager 70% Portfolio, Initial Class (Asset Mgr. Gr. IC) - |  |
| 96,411.133 shares at $25.87 per share (cost $1,757,587) | 2494156 |
| Fidelity(R) VIP Asset Manager 70% Portfolio, Service Class (Asset Mgr. Gr. SC) - |  |
| 13,873.444 shares at $25.57 per share (cost $251,284) | 354744 |
| Fidelity(R) VIP Mid Cap Portfolio, Initial Class (Mid Cap IC) - |  |
| 89,609.112 shares at $37.51 per share (cost $3,249,242) | 3361238 |
| Fidelity(R) VIP Strategic Income Portfolio, Initial Class (Strategic IC) - |  |
| 10,321.028 shares at $11.23 per share (cost $114,690) | 115905 |
| Fidelity(R) VIP Government Money Market Portfolio, Initial Class (Money Market) - |  |
| 22,514,848.320 shares at $1.00 per share (cost $22,514,848) | 22514848 |
| <u>The Alger Portfolios (Alger):</u> |  |
| Alger Balanced Portfolio, Class I-2 (Balanced) - |  |
| 329,234.666 shares at $22.56 per share (cost $5,282,318) | 7427534 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **AMERITAS VARIABLE SEPARATE ACCOUNT V** | **AMERITAS VARIABLE SEPARATE ACCOUNT V** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>The Alger Portfolios (Alger), continued:</u> |  |
| Alger Capital Appreciation Portfolio, Class I-2 (Capital App) - |  |
| 80,053.718 shares at $128.85 per share (cost $7,325,564) | $10314922 |
| <u>MFS(R) Variable Insurance Trust (MFS):</u> |  |
| MFS(R) Utilities Series Portfolio, Initial Class (Utilities) - |  |
| 245,823.605 shares at $37.73 per share (cost $7,377,890) | 9274925 |
| MFS(R) New Discovery Series Portfolio, Initial Class (New Discovery) - |  |
| 347,221.439 shares at $15.60 per share (cost $5,777,073) | 5416654 |
| MFS(R) Total Return Series Portfolio, Initial Class (Total Return) - |  |
| 48,017.997 shares at $23.33 per share (cost $1,102,180) | 1120260 |
| MFS(R) Value Series Portfolio, Initial Class (Value) - |  |
| 46,100.475 shares at $22.26 per share (cost $974,248) | 1026197 |
| <u>MFS(R) Variable Insurance Trust II (MFS):</u> |  |
| MFS(R) Income Portfolio, Initial Class (Strategic) - |  |
| 216,586.848 shares at $8.54 per share (cost $2,021,282) | 1849652 |
| MFS(R) Research International Portfolio, Initial Class (Research) - |  |
| 374,809.129 shares at $20.61 per share (cost $6,078,098) | 7724816 |
| <u>MFS(R) Variable Insurance Trust III (MFS):</u> |  |
| MFS(R) Global Real Estate Portfolio, Initial Class (Global Real Estate) - |  |
| 1,370.391 shares at $12.69 per share (cost $17,907) | 17390 |
| <u>Morgan Stanley Variable Insurance Fund, Inc. (Van Kampen):</u> |  |
| Morgan Stanley VIF Emerging Markets Equity Portfolio, Class I (Emerging Markets) - |  |
| 688,317.202 shares at $17.57 per share (cost $9,876,244) | 12093733 |
| Morgan Stanley VIF Global Strategist Portfolio, Class I (Intl. Magnum) - |  |
| 146,888.063 shares at $10.44 per share (cost $1,448,710) | 1533511 |
| <u>Calvert Variable Series, Inc. (Calvert):</u> |  |
| Calvert VP SRI Balanced Portfolio, Class I (Balanced) - |  |
| 721,247.984 shares at $2.850 per share (cost $1,690,518) | 2055557 |
| Calvert VP SRI Mid Cap Portfolio (Mid Cap) - |  |
| 17,376.772 shares at $26.47 per share (cost $491,110) | 459963 |
| <u>Lincoln Variable Insurance Products Trust (Lincoln):</u> |  |
| LVIP American Century Disciplined Core Value Fund Portfolio, Standard Class II |  |
| (Disciplined Core Value II) - |  |
| 1,679,589.684 shares at $9.680 per share (cost $13,713,423) | 16258428 |
| LVIP American Century Value Fund Portfolio, Standard Class II (Value II) - |  |
| 6,581.742 shares at $12.919 per share (cost $79,061) | 85030 |
| LVIP American Century Mid Cap Value Fund Portfolio, Standard Class II (Mid Cap Value II) - | LVIP American Century Mid Cap Value Fund Portfolio, Standard Class II (Mid Cap Value II) - |
| 545,808.220 shares at $19.349 per share (cost $10,528,909) | 10560843 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **AMERITAS VARIABLE SEPARATE ACCOUNT V** | **AMERITAS VARIABLE SEPARATE ACCOUNT V** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>AIM Variable Insurance Funds (AIM):</u> |  |
| Invesco V.I. EQV International Equity Fund Portfolio, Series I (Intl. Growth) - |  |
| 190,433.644 shares at $36.11 per share (cost $6,388,988) | $6876559 |
| Invesco V.I. Global Real Estate Fund Portfolio, Series I (Global) - |  |
| 56,783.240 shares at $14.16 per share (cost $867,729) | 804051 |
| Invesco V.I. Small Cap Equity Fund Portfolio, Series I (Small Cap) - |  |
| 49,082.982 shares at $20.06 per share (cost $912,802) | 984605 |
| Invesco V.I. Global Core Equity Fund Portfolio, Series I (Global Value) - |  |
| 283,598.464 shares at $11.79 per share (cost $2,902,721) | 3343626 |
| Invesco V.I. Discovery Mid Cap Growth Fund Portfolio, Series I (Discovery Mid Cap) - |  |
| 28,922.572 shares at $75.21 per share (cost $2,215,447) | 2175267 |
| Invesco V.I. Global Fund Portfolio, Series I (Global Securities) - |  |
| 116,118.587 shares at $37.95 per share (cost $4,500,024) | 4406700 |
| <u>Calvert Variable Trust, Inc. (Summit):</u> |  |
| CVT S&P MidCap 400 Index Portfolio, Class I (S&P MidCap) - |  |
| 341,035.534 shares at $127.43 per share (cost $32,404,666) | 43458158 |
| CVT Russell 2000 Small Cap Index Portfolio, Class I (Russell Small Cap) - |  |
| 394,833.483 shares at $90.62 per share (cost $29,858,636) | 35779810 |
| CVT Nasdaq 100 Index Portfolio, Class I (Nasdaq-100 Index) - |  |
| 142,717.986 shares at $197.98 per share (cost $13,359,759) | 28255307 |
| CVT EAFE International Index Portfolio, Class I (EAFE Intl.) - |  |
| 134,530.727 shares at $122.51 per share (cost $11,342,116) | 16481359 |
| CVT Investment Grade Bond Index Portfolio, Class I (Barclays) - |  |
| 210,244.546 shares at $49.29 per share (cost $11,164,207) | 10362954 |
| CVT S&P 500 Index Portfolio (S&P 500) - |  |
| 689,504.840 shares at $213.87 per share (cost $93,396,496) | 147464400 |
| CVT Volatility Managed Moderate Portfolio, Class F (Moderate) - |  |
| 186,291.560 shares at $17.22 per share (cost $3,192,012) | 3207941 |
| CVT Volatility Managed Growth Portfolio, Class F (Growth) - |  |
| 2,115.587 shares at $19.49 per share (cost $42,592) | 41233 |
| CVT Volatility Managed Moderate Growth Portfolio, Class F (Mod. Growth) - |  |
| 330,512.754 shares at $19.46 per share (cost $5,984,184) | 6431778 |
| <u>Third Avenue Variable Series Trust (Third Avenue):</u> |  |
| Third Avenue Value Portfolio (Value) - |  |
| 515,482.516 shares at $25.04 per share (cost $10,104,979) | 12907682 |
| <u>BNY Mellon Investment Portfolios (Dreyfus):</u> |  |
| BNY Mellon MidCap Stock Portfolio, Service Shares (MidCap) - |  |
| 79,327.204 shares at $20.20 per share (cost $1,373,818) | 1602410 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **AMERITAS VARIABLE SEPARATE ACCOUNT V** | **AMERITAS VARIABLE SEPARATE ACCOUNT V** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Deutsche DWS Variable Series II (Scudder):</u> |  |
| DWS Small Mid Cap Value VIP Portfolio, Class A (Small Mid Value) - |  |
| 150,797.147 shares at $14.09 per share (cost $1,988,869) | $2124732 |
| DWS International Opportunities VIP Portfolio, Class A (Thematic) - |  |
| 18,350.953 shares at $19.22 per share (cost $298,366) | 352705 |
| <u>Deutsche DWS Variable Series I (Scudder):</u> |  |
| DWS Capital Growth VIP Portfolio, Class A (Capital Growth) - |  |
| 17,364.429 shares at $42.96 per share (cost $619,531) | 745976 |
| <u>Neuberger Berman Advisers Management Trust (Neuberger Berman):</u> |  |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class I (Regency) - |  |
| 39,136.143 shares at $16.41 per share (cost $652,535) | 642224 |
| Neuberger Berman AMT Quality Equity Portfolio, Class I (Equity) - |  |
| 9,401.104 shares at $42.76 per share (cost $289,389) | 401991 |
| <u>T. Rowe Price Equity Series, Inc. (T. Rowe):</u> |  |
| T. Rowe Price Blue Chip Growth Portfolio-II (Blue Chip) - |  |
| 334,109.265 shares at $60.72 per share (cost $12,491,702) | 20287115 |
| T. Rowe Price Equity Income Portfolio-II (Equity Income) - |  |
| 10,150.658 shares at $28.66 per share (cost $284,406) | 290918 |
| <u>Franklin Templeton Variable Insurance Products Trust (Franklin Templeton):</u> |  |
| Franklin Income VIP Fund Portfolio, Class 2 (Income) - |  |
| 37,011.429 shares at $15.16 per share (cost $542,549) | 561093 |
| Templeton Global Bond VIP Fund Portfolio, Class 2 (Global Bond) - |  |
| 300,893.147 shares at $13.17 per share (cost $4,446,397) | 3962763 |
| <u>Ivy Variable Insurance Portfolios (Ivy):</u> |  |
| Nomura VIP Science and Technology Series Portfolio, Service Class (Science) - |  |
| 95,035.472 shares at $32.6600 per share (cost $2,423,296) | 3103859 |
| Nomura VIP Balanced Series Portfolio, Service Class (Balanced) - |  |
| 40,541.165 shares at $6.5300 per share (cost $253,320) | 264734 |
| <u>PIMCO Variable Insurance Trust (Pimco):</u> |  |
| PIMCO Total Return Portfolio, Administrative Class (Total Return) - |  |
| 238,643.425 shares at $9.45 per share (cost $2,451,574) | 2255180 |
| PIMCO Low Duration Portfolio, Administrative Class (Low Duration) - |  |
| 95,426.678 shares at $9.78 per share (cost $946,414) | 933273 |
| PIMCO Real Return Portfolio, Advisor Class (Real Return) - |  |
| 4,965.050 shares at $12.01 per share (cost $61,940) | 59630 |
| <u>ALPS Variable Investment Trust (Ibbotson):</u> |  |
| Morningstar Balanced ETF Asset Allocation Portfolio, Class II (Balanced) - |  |
| 81,155.458 shares at $11.25 per share (cost $901,071) | 912999 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **AMERITAS VARIABLE SEPARATE ACCOUNT V** | **AMERITAS VARIABLE SEPARATE ACCOUNT V** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>ALPS Variable Investment Trust (Ibbotson), continued:</u> |  |
| Morningstar Growth ETF Asset Allocation Portfolio, Class II (Growth) - |  |
| 28,610.730 shares at $13.35 per share (cost $354,831) | $381953 |
| Morningstar Income and Growth ETF Asset Allocation Portfolio, Class II (Income) - |  |
| 34,353.390 shares at $10.41 per share (cost $364,507) | 357619 |
| <u>American Funds Insurance Series(R) (American Funds):</u> |  |
| American Funds(R) IS New World Fund Portfolio, Class 2 (IS New World) - |  |
| 3,267.090 shares at $32.03 per share (cost $88,932) | 104645 |
| **NET ASSETS REPRESENTING EQUITY OF POLICYOWNERS** | $673834418 |

---

The accompanying notes are an integral part of these financial statements.

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Equity-Income** |  |
|  | **IC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $491975 |  |
| Mortality and expense risk charge | (123711) |  |
| **Net investment income(loss)** | 368264 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 1521827 |  |
| Net realized gain(loss) on sale of fund shares | 473094 |  |
| **Net realized gain(loss)** | 1994921 |  |
| **Change in unrealized appreciation/depreciation** | 2257754 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $4620939 |  |
|  | **Equity-Income IC** | **Equity-Income IC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $368264 | $339985 |
| Net realized gain(loss) | 1994921 | 1882805 |
| Net change in unrealized appreciation/depreciation | 2257754 | 1316100 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 4620939 | 3538890 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 705560 | 725917 |
| Subaccounts transfers (including fixed account), net | (156537) | (462495) |
| Transfers for policyowner benefits and terminations | (1567630) | (909087) |
| Policyowner maintenance charges | (979081) | (1024441) |
| **Net increase(decrease) from policyowner transactions** | (1997688) | (1670106) |
| **Total increase(decrease) in net assets** | 2623251 | 1868784 |
| **Net assets at beginning of period** | 26239496 | 24370712 |
| **Net assets at end of period** | $28862747 | $26239496 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
| **Equity-Income** |  |  |  |  |  |
| **SC** |  | **Growth IC** |  | **Growth SC** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $6577 |  | $176169 |  | $2812 |  |
| (1708) |  | (326376) |  | (6325) |  |
| 4869 |  | (150207) |  | (3513) |  |
| 21462 |  | 7822387 |  | 180436 |  |
| 4755 |  | 1700866 |  | 48280 |  |
| 26217 |  | 9523253 |  | 228716 |  |
| 33969 |  | (1045752) |  | (40674) |  |
| $65055 |  | $8327294 |  | $184529 |  |
| **Equity-Income SC** | **Equity-Income SC** | **Growth IC** | **Growth IC** | **Growth SC** | **Growth SC** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $4869 | $4457 | $(150207) | $(308160) | $(3513) | $(6128) |
| 26217 | 24003 | 9523253 | 14609329 | 228716 | 329245 |
| 33969 | 17063 | (1045752) | (144883) | (40674) | 14513 |
| 65055 | 45523 | 8327294 | 14156286 | 184529 | 337630 |
| 11579 | 10231 | 1029591 | 1027714 | 7384 | 8228 |
| (345) | 12539 | (1564095) | 425193 | (129681) | 10679 |
| (9238) | (7307) | (2548896) | (2274942) | (388) | (5281) |
| (14656) | (16270) | (1825028) | (1869337) | (59191) | (57892) |
| (12660) | (807) | (4908428) | (2691372) | (181876) | (44266) |
| 52395 | 44716 | 3418866 | 11464914 | 2653 | 293364 |
| 353160 | 308444 | 60397603 | 48932689 | 1443488 | 1150124 |
| $405555 | $353160 | $63816469 | $60397603 | $1446141 | $1443488 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **High Income** |  |
|  | **IC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $792038 |  |
| Mortality and expense risk charge | (41748) |  |
| **Net investment income(loss)** | 750290 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (89684) |  |
| **Net realized gain(loss)** | (89684) |  |
| **Change in unrealized appreciation/depreciation** | 486115 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $1146721 |  |
|  | **High Income IC** | **High Income IC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $750290 | $664348 |
| Net realized gain(loss) | (89684) | (53746) |
| Net change in unrealized appreciation/depreciation | 486115 | 340562 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 1146721 | 951164 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 583407 | 599478 |
| Subaccounts transfers (including fixed account), net | 58120 | 432763 |
| Transfers for policyowner benefits and terminations | (705882) | (413614) |
| Policyowner maintenance charges | (513465) | (546010) |
| **Net increase(decrease) from policyowner transactions** | (577820) | 72617 |
| **Total increase(decrease) in net assets** | 568901 | 1023781 |
| **Net assets at beginning of period** | 12034967 | 11011186 |
| **Net assets at end of period** | $12603868 | $12034967 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
| **High Income** |  |  |  |  |  |
| **SC** |  | **Overseas IC** |  | **Overseas SC** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $9340 |  | $180630 |  | $1773 |  |
| (647) |  | (50278) |  | (523) |  |
| 8693 |  | 130352 |  | 1250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 1007215 |  | 10342 |  |
| (1154) |  | 549872 |  | 3389 |  |
| (1154) |  | 1557087 |  | 13731 |  |
| 6052 |  | 398488 |  | 5719 |  |
| $13591 |  | $2085927 |  | $20700 |  |
| **High Income SC** | **High Income SC** | **Overseas IC** | **Overseas IC** | **Overseas SC** | **Overseas SC** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $8693 | $7362 | $130352 | $129485 | $1250 | $1377 |
| (1154) | (1471) | 1557087 | 716971 | 13731 | 8759 |
| 6052 | 4995 | 398488 | (355172) | 5719 | (5871) |
| 13591 | 10886 | 2085927 | 491284 | 20700 | 4265 |
| 8558 | 6680 | 437216 | 379700 | 2936 | 1554 |
| 1280 | 2552 | (440482) | 45289 | (290) | 13631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (42) | (580970) | (494063) | (283) | (5470) |
| (14656) | (13170) | (448547) | (441929) | (14742) | (12864) |
| (4818) | (3980) | (1032783) | (511003) | (12379) | (3149) |
| 8773 | 6906 | 1053144 | (19719) | 8321 | 1116 |
| 140077 | 133171 | 10444910 | 10464629 | 108625 | 107509 |
| $148850 | $140077 | $11498054 | $10444910 | $116946 | $108625 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Asset Mgr. IC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $246834 |  |
| Mortality and expense risk charge | (61055) |  |
| **Net investment income(loss)** | 185779 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 453056 |  |
| Net realized gain(loss) on sale of fund shares | 75902 |  |
| **Net realized gain(loss)** | 528958 |  |
| **Change in unrealized appreciation/depreciation** | 617938 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $1332675 |  |
|  | **Asset Mgr. IC** | **Asset Mgr. IC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $185779 | $175390 |
| Net realized gain(loss) | 528958 | 129082 |
| Net change in unrealized appreciation/depreciation | 617938 | 431096 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 1332675 | 735568 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 341152 | 357722 |
| Subaccounts transfers (including fixed account), net | (262016) | (241840) |
| Transfers for policyowner benefits and terminations | (264077) | (290642) |
| Policyowner maintenance charges | (570843) | (571734) |
| **Net increase(decrease) from policyowner transactions** | (755784) | (746494) |
| **Total increase(decrease) in net assets** | 576891 | (10926) |
| **Net assets at beginning of period** | 9669244 | 9680170 |
| **Net assets at end of period** | $10246135 | $9669244 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
| **Asset Mgr. SC** |  | **Inv. Bond IC** |  | **Contrafund IC** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $1224 |  | $426511 |  | $68590 |  |
| (216) |  | (33305) |  | (213411) |  |
| 1008 |  | 393206 |  | (144821) |  |
| 2184 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 7839849 |  |
| 181 |  | (102447) |  | 1896689 |  |
| 2365 |  | (102447) |  | 9736538 |  |
| 3086 |  | 504369 |  | (245996) |  |
| $6459 |  | $795128 |  | $9345721 |  |
| **Asset Mgr. SC** | **Asset Mgr. SC** | **Inv. Bond IC** | **Inv. Bond IC** | **Contrafund IC** | **Contrafund IC** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $1008 | $877 | $393206 | $369817 | $(144821) | $(114862) |
| 2365 | 404 | (102447) | (46426) | 9736538 | 7276886 |
| 3086 | 2040 | 504369 | (155369) | (245996) | 4870299 |
| 6459 | 3321 | 795128 | 168022 | 9345721 | 12032323 |
| 1078 | 1078 | 652851 | 668962 | 1551570 | 1439704 |
| (147) | 1588 | 285729 | 989447 | (1674886) | (350235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (632024) | (391438) | (1853191) | (1802150) |
| (2330) | (2017) | (625669) | (637879) | (1718800) | (1688045) |
| (1399) | 649 | (319113) | 629092 | (3695307) | (2400726) |
| 5060 | 3970 | 476015 | 797114 | 5650414 | 9631597 |
| 46003 | 42033 | 11669175 | 10872061 | 46636492 | 37004895 |
| $51063 | $46003 | $12145190 | $11669175 | $52286906 | $46636492 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Contrafund SC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $863 |  |
| Mortality and expense risk charge | (7600) |  |
| **Net investment income(loss)** | (6737) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 274885 |  |
| Net realized gain(loss) on sale of fund shares | 50438 |  |
| **Net realized gain(loss)** | 325323 |  |
| **Change in unrealized appreciation/depreciation** | 5981 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $324567 |  |
|  | **Contrafund SC** | **Contrafund SC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(6737) | $(5624) |
| Net realized gain(loss) | 325323 | 271489 |
| Net change in unrealized appreciation/depreciation | 5981 | 162765 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 324567 | 428630 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 22947 | 19169 |
| Subaccounts transfers (including fixed account), net | (18544) | 20026 |
| Transfers for policyowner benefits and terminations | (15944) | (60107) |
| Policyowner maintenance charges | (106259) | (93905) |
| **Net increase(decrease) from policyowner transactions** | (117800) | (114817) |
| **Total increase(decrease) in net assets** | 206767 | 313813 |
| **Net assets at beginning of period** | 1612172 | 1298359 |
| **Net assets at end of period** | $1818939 | $1612172 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
| **Asset Mgr.** |  | **Asset Mgr.** |  |  |  |
| **Gr. IC** |  | **Gr. SC** |  | **Mid Cap IC** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $43163 |  | $5999 |  | $14166 |  |
| (11793) |  | (1458) |  | (14701) |  |
| 31370 |  | 4541 |  | (535) |  |
| 78131 |  | 10631 |  | 368288 |  |
| 70780 |  | 1920 |  | 2778 |  |
| 148911 |  | 12551 |  | 371066 |  |
| 212232 |  | 36061 |  | (27092) |  |
| $392513 |  | $53153 |  | $343439 |  |
| **Asset Mgr. Gr. IC** | **Asset Mgr. Gr. IC** | **Asset Mgr. Gr. SC** | **Asset Mgr. Gr. SC** | **Mid Cap IC** | **Mid Cap IC** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $31370 | $29417 | $4541 | $3739 | $(535) | $1196 |
| 148911 | 62053 | 12551 | 7811 | 371066 | 451642 |
| 212232 | 119148 | 36061 | 17886 | (27092) | (28530) |
| 392513 | 210618 | 53153 | 29436 | 343439 | 424308 |
| 81983 | 78740 | 7362 | 7367 | 203058 | 200598 |
| (100867) | 210904 | (248) | (10978) | (33459) | (32355) |
| (64567) | (61859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (31183) | (59506) |
| (101481) | (103750) | (8775) | (7910) | (107633) | (113688) |
| (184932) | 124035 | (1661) | (11521) | 30783 | (4951) |
| 207581 | 334653 | 51492 | 17915 | 374222 | 419357 |
| 2286575 | 1951922 | 303252 | 285337 | 2987016 | 2567659 |
| $2494156 | $2286575 | $354744 | $303252 | $3361238 | $2987016 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Strategic IC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $4228 |  |
| Mortality and expense risk charge | (629) |  |
| **Net investment income(loss)** | 3599 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (93) |  |
| **Net realized gain(loss)** | (93) |  |
| **Change in unrealized appreciation/depreciation** | 4960 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $8466 |  |
|  | **Strategic IC** | **Strategic IC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $3599 | $2974 |
| Net realized gain(loss) | (93) | (51) |
| Net change in unrealized appreciation/depreciation | 4960 | 1835 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 8466 | 4758 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 23622 | 21523 |
| Subaccounts transfers (including fixed account), net | (5814) | 929 |
| Transfers for policyowner benefits and terminations | (1188) | (684) |
| Policyowner maintenance charges | (10213) | (9614) |
| **Net increase(decrease) from policyowner transactions** | 6407 | 12154 |
| **Total increase(decrease) in net assets** | 14873 | 16912 |
| **Net assets at beginning of period** | 101032 | 84120 |
| **Net assets at end of period** | $115905 | $101032 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Alger** | **Alger** | **Alger** | **Alger** |
| **Money Market** |  | **Balanced** |  | **Capital App** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $917638 |  | $194265 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (81348) |  | (28651) |  | (52314) |  |
| 836290 |  | 165614 |  | (52314) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 701805 |  | 1622190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 312993 |  | 170336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 1014798 |  | 1792526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (153075) |  | 719338 |  |
| $836290 |  | $1027337 |  | $2459550 |  |
| **Money Market** | **Money Market** | **Balanced** | **Balanced** | **Capital App** | **Capital App** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $836290 | $511869 | $165614 | $(28860) | $(52314) | $(42658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1014798 | 251436 | 1792526 | 149450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (153075) | 799989 | 719338 | 2278686 |
| 836290 | 511869 | 1027337 | 1022565 | 2459550 | 2385478 |
| 1579359 | 1132637 | 226286 | 225526 | 779180 | 644571 |
| 6525097 | 18789639 | (48408) | 73524 | (98406) | (435478) |
| (8110645) | (6188907) | (495105) | (509529) | (17929) | (153838) |
| (1369440) | (938126) | (274438) | (290804) | (191630) | (174337) |
| (1375629) | 12795243 | (591665) | (501283) | 471215 | (119082) |
| (539339) | 13307112 | 435672 | 521282 | 2930765 | 2266396 |
| 23054187 | 9747075 | 6991862 | 6470580 | 7384157 | 5117761 |
| $22514848 | $23054187 | $7427534 | $6991862 | $10314922 | $7384157 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **MFS** | **MFS** |
|  | **Utilities** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $258621 |  |
| Mortality and expense risk charge | (37972) |  |
| **Net investment income(loss)** | 220649 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 118274 |  |
| Net realized gain(loss) on sale of fund shares | 172921 |  |
| **Net realized gain(loss)** | 291195 |  |
| **Change in unrealized appreciation/depreciation** | 700454 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $1212298 |  |
|  | **Utilities** | **Utilities** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $220649 | $163707 |
| Net realized gain(loss) | 291195 | 462446 |
| Net change in unrealized appreciation/depreciation | 700454 | 296592 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 1212298 | 922745 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 353795 | 317355 |
| Subaccounts transfers (including fixed account), net | (260127) | (414483) |
| Transfers for policyowner benefits and terminations | (462866) | (559549) |
| Policyowner maintenance charges | (365909) | (391606) |
| **Net increase(decrease) from policyowner transactions** | (735107) | (1048283) |
| **Total increase(decrease) in net assets** | 477191 | (125538) |
| **Net assets at beginning of period** | 8797734 | 8923272 |
| **Net assets at end of period** | $9274925 | $8797734 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MFS** | **MFS** | **MFS** | **MFS** | **MFS** | **MFS** |
| **New** |  |  |  |  |  |
| **Discovery** |  | **Total Return** |  | **Value** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $29622 |  | $16148 |  |
| (20305) |  | (4514) |  | (6469) |  |
| (20305) |  | 25108 |  | 9679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 78987 |  | 75121 |  |
| (143897) |  | 1194 |  | 12510 |  |
| (143897) |  | 80181 |  | 87631 |  |
| 773042 |  | 4321 |  | 20766 |  |
| $608840 |  | $109610 |  | $118076 |  |
| **New Discovery** | **New Discovery** | **Total Return** | **Total Return** | **Value** | **Value** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(20305) | $(20951) | $25108 | $17808 | $9679 | $8480 |
| (143897) | (86415) | 80181 | 46300 | 87631 | 105311 |
| 773042 | 425871 | 4321 | (5177) | 20766 | 425 |
| 608840 | 318505 | 109610 | 58931 | 118076 | 114216 |
| 116424 | 118090 | 63466 | 55447 | 109257 | 102098 |
| (19639) | 41892 | 24133 | 100884 | (22568) | (105707) |
| (294610) | (155325) | (24653) | (11175) | (121708) | (331276) |
| (161440) | (175702) | (40991) | (37131) | (24887) | (27480) |
| (359265) | (171045) | 21955 | 108025 | (59906) | (362365) |
| 249575 | 147460 | 131565 | 166956 | 58170 | (248149) |
| 5167079 | 5019619 | 988695 | 821739 | 968027 | 1216176 |
| $5416654 | $5167079 | $1120260 | $988695 | $1026197 | $968027 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **MFS** | **MFS** |
|  | **Strategic** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $75617 |  |
| Mortality and expense risk charge | (6837) |  |
| **Net investment income(loss)** | 68780 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (21712) |  |
| **Net realized gain(loss)** | (21712) |  |
| **Change in unrealized appreciation/depreciation** | 71638 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $118706 |  |
|  | **Strategic** | **Strategic** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $68780 | $61118 |
| Net realized gain(loss) | (21712) | (28641) |
| Net change in unrealized appreciation/depreciation | 71638 | 10674 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 118706 | 43151 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 75712 | 104842 |
| Subaccounts transfers (including fixed account), net | 46949 | 202098 |
| Transfers for policyowner benefits and terminations | (78922) | (41182) |
| Policyowner maintenance charges | (102096) | (117843) |
| **Net increase(decrease) from policyowner transactions** | (58357) | 147915 |
| **Total increase(decrease) in net assets** | 60349 | 191066 |
| **Net assets at beginning of period** | 1789303 | 1598237 |
| **Net assets at end of period** | $1849652 | $1789303 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MFS** | **MFS** | **MFS** | **MFS** | **Van Kampen** | **Van Kampen** |
|  |  | **Global** |  | **Emerging** |  |
| **Research** |  | **Real Estate** |  | **Markets** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $103344 |  | $269 |  | $42833 |  |
| (21010) |  | (95) |  | (34023) |  |
| 82334 |  | 174 |  | 8810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 355707 |  |
| 150097 |  | (11) |  | 150908 |  |
| 150097 |  | (11) |  | 506615 |  |
| 1176331 |  | 158 |  | 2490364 |  |
| $1408762 |  | $321 |  | $3005789 |  |
| **Research** | **Research** | **Global Real Estate** | **Global Real Estate** | **Emerging Markets** | **Emerging Markets** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $82334 | $88890 | $174 | $137 | $8810 | $97249 |
| 150097 | 57720 | (11) | (10) | 506615 | (12357) |
| 1176331 | 42217 | 158 | (453) | 2490364 | 616099 |
| 1408762 | 188827 | 321 | (326) | 3005789 | 700991 |
| 445040 | 411676 | 3477 | 3094 | 558171 | 586152 |
| (292812) | 187659 | 3433 | 1 | (71597) | (103123) |
| (306952) | (349054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (588097) | (409541) |
| (291437) | (296631) | (438) | (426) | (429954) | (424620) |
| (446161) | (46350) | 6472 | 2669 | (531477) | (351132) |
| 962601 | 142477 | 6793 | 2343 | 2474312 | 349859 |
| 6762215 | 6619738 | 10597 | 8254 | 9619421 | 9269562 |
| $7724816 | $6762215 | $17390 | $10597 | $12093733 | $9619421 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | | |
|:---|:---|:---|:---|
|  | **Van Kampen** | **Van Kampen** | **Van Kampen** |
|  |  | **Intl. Magnum** |  |
|  |  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |  |
| **Investment income:** |  |  |  |
| Dividend distributions received |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge |  | (5901) |  |
| **Net investment income(loss)** |  | (5901) |  |
| **Realized gain(loss) on investments:** |  |  |  |
| Net realized gain distributions |  | 50473 |  |
| Net realized gain(loss) on sale of fund shares |  | (3847) |  |
| **Net realized gain(loss)** |  | 46626 |  |
| **Change in unrealized appreciation/depreciation** |  | 185066 |  |
| **Net increase(decrease) in net assets resulting** |  |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** |  | $225791 |  |
|  |  | **Intl. Magnum** | **Intl. Magnum** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** |  | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |  |
| Net investment income(loss) |  | $(5901) | $(5777) |
| Net realized gain(loss) |  | 46626 | (15837) |
| Net change in unrealized appreciation/depreciation |  | 185066 | 117818 |
| **Net increase(decrease) in net assets resulting** |  |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** |  | 225791 | 96204 |
| **Net increase(decrease) from policyowner transactions:** |  |  |  |
| Payments received from policyowners |  | 53697 | 63359 |
| Subaccounts transfers (including fixed account), net |  | (6955) | 21834 |
| Transfers for policyowner benefits and terminations |  | (85649) | (116096) |
| Policyowner maintenance charges |  | (56777) | (60291) |
| **Net increase(decrease) from policyowner transactions** |  | (95684) | (91194) |
| **Total increase(decrease) in net assets** |  | 130107 | 5010 |
| **Net assets at beginning of period** |  | 1403404 | 1398394 |
| **Net assets at end of period** |  | $1533511 | $1403404 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Calvert** | **Calvert** | **Calvert** | **Calvert** | **Lincoln** | **Lincoln** |
|  |  |  |  | **Disciplined** |  |
| **Balanced** |  | **Mid Cap** |  | **Core Value II** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $31491 |  | $1723 |  | $259384 |  |
| (7991) |  | (1361) |  | (39155) |  |
| 23500 |  | 362 |  | 220229 |  |
| 103297 |  | 27540 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 42187 |  | (1140) |  | 151672 |  |
| 145484 |  | 26400 |  | 151672 |  |
| 34583 |  | (21355) |  | 1768402 |  |
| $203567 |  | $5407 |  | $2140303 |  |
| **Balanced** | **Balanced** | **Mid Cap** | **Mid Cap** | **Disciplined Core Value II** | **Disciplined Core Value II** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $23500 | $23630 | $362 | $(812) | $220229 | $114631 |
| 145484 | 51041 | 26400 | 3454 | 151672 | 63910 |
| 34583 | 224090 | (21355) | 42042 | 1768402 | 776604 |
| 203567 | 298761 | 5407 | 44684 | 2140303 | 955145 |
| 121362 | 118914 | 984 | 1074 | 636738 | 431168 |
| (77486) | 114692 | 4 | (3128) | (171835) | 14412734 |
| (48416) | (66637) | (15577) | (3728) | (760632) | (425514) |
| (76983) | (72557) | (13285) | (15097) | (557902) | (401777) |
| (81523) | 94412 | (27874) | (20879) | (853631) | 14016611 |
| 122044 | 393173 | (22467) | 23805 | 1286672 | 14971756 |
| 1933513 | 1540340 | 482430 | 458625 | 14971756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| $2055557 | $1933513 | $459963 | $482430 | $16258428 | $14971756 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Lincoln** | **Lincoln** |
|  | **Value II** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $1315 |  |
| Mortality and expense risk charge | (158) |  |
| **Net investment income(loss)** | 1157 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 6239 |  |
| Net realized gain(loss) on sale of fund shares | 221 |  |
| **Net realized gain(loss)** | 6460 |  |
| **Change in unrealized appreciation/depreciation** | 4125 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $11742 |  |
|  | **Value II** | **Value II** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $1157 | $1576 |
| Net realized gain(loss) | 6460 | 1248 |
| Net change in unrealized appreciation/depreciation | 4125 | 1845 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 11742 | 4669 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 2789 | 1974 |
| Subaccounts transfers (including fixed account), net | 590 | 70627 |
| Transfers for policyowner benefits and terminations | (760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | (4035) | (2566) |
| **Net increase(decrease) from policyowner transactions** | (1416) | 70035 |
| **Total increase(decrease) in net assets** | 10326 | 74704 |
| **Net assets at beginning of period** | 74704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net assets at end of period** | $85030 | $74704 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Lincoln** | **Lincoln** | **AIM** | **AIM** | **AIM** | **AIM** |
| **Mid Cap** |  | **Intl.** |  |  |  |
| **Value II** |  | **Growth** |  | **Global** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $197553 |  | $94543 |  | $15979 |  |
| (41662) |  | (20452) |  | (3569) |  |
| 155891 |  | 74091 |  | 12410 |  |
| 835014 |  | 419621 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 18007 |  | 65813 |  | (7451) |  |
| 853021 |  | 485434 |  | (7451) |  |
| (193258) |  | 403421 |  | 49884 |  |
| $815654 |  | $962946 |  | $54843 |  |
| **Mid Cap Value II** | **Mid Cap Value II** | **Intl. Growth** | **Intl. Growth** | **Global** | **Global** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $155891 | $167566 | $74091 | $88298 | $12410 | $16014 |
| 853021 | 205435 | 485434 | 63912 | (7451) | (10292) |
| (193258) | 225190 | 403421 | (132948) | 49884 | (23344) |
| 815654 | 598191 | 962946 | 19262 | 54843 | (17622) |
| 772076 | 490743 | 348975 | 363764 | 44312 | 46726 |
| 185339 | 8759072 | (59577) | 156096 | 28015 | 3417 |
| (285235) | (189779) | (282019) | (311064) | (41459) | (34882) |
| (342159) | (243059) | (242981) | (250630) | (29356) | (30379) |
| 330021 | 8816977 | (235602) | (41834) | 1512 | (15118) |
| 1145675 | 9415168 | 727344 | (22572) | 56355 | (32740) |
| 9415168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 6149215 | 6171787 | 747696 | 780436 |
| $10560843 | $9415168 | $6876559 | $6149215 | $804051 | $747696 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **AIM** | **AIM** |
|  | **Small Cap** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (5694) |  |
| **Net investment income(loss)** | (5694) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 42272 |  |
| Net realized gain(loss) on sale of fund shares | 5563 |  |
| **Net realized gain(loss)** | 47835 |  |
| **Change in unrealized appreciation/depreciation** | 20386 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $62527 |  |
|  | **Small Cap** | **Small Cap** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(5694) | $(4566) |
| Net realized gain(loss) | 47835 | 40002 |
| Net change in unrealized appreciation/depreciation | 20386 | 98437 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 62527 | 133873 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 59369 | 67299 |
| Subaccounts transfers (including fixed account), net | 6306 | (40600) |
| Transfers for policyowner benefits and terminations | (9635) | (39328) |
| Policyowner maintenance charges | (22695) | (23929) |
| **Net increase(decrease) from policyowner transactions** | 33345 | (36558) |
| **Total increase(decrease) in net assets** | 95872 | 97315 |
| **Net assets at beginning of period** | 888733 | 791418 |
| **Net assets at end of period** | $984605 | $888733 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AIM** | **AIM** | **AIM** | **AIM** | **AIM** | **AIM** |
|  |  | **Discovery** |  | **Global** |  |
| **Global Value** |  | **Mid Cap** |  | **Securities** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $44628 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (9785) |  | (6246) |  | (24883) |  |
| 34843 |  | (6246) |  | (24883) |  |
| 220960 |  | 182731 |  | 765701 |  |
| 34258 |  | 8443 |  | 8788 |  |
| 255218 |  | 191174 |  | 774489 |  |
| 162058 |  | (91428) |  | (208239) |  |
| $452119 |  | $93500 |  | $541367 |  |
| **Global Value** | **Global Value** | **Discovery Mid Cap** | **Discovery Mid Cap** | **Global Securities** | **Global Securities** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $34843 | $24143 | $(6246) | $(6214) | $(24883) | $(22912) |
| 255218 | 50625 | 191174 | (27461) | 774489 | 217977 |
| 162058 | 380559 | (91428) | 420177 | (208239) | 257149 |
| 452119 | 455327 | 93500 | 386502 | 541367 | 452214 |
| 104413 | 107686 | 51301 | 55460 | 555287 | 498191 |
| 18211 | (7486) | (525683) | 526149 | 5000 | (290304) |
| (198258) | (229807) | (66980) | (43225) | (17130) | (50730) |
| (108919) | (115399) | (60323) | (61872) | (105753) | (109927) |
| (184553) | (245006) | (601685) | 476512 | 437404 | 47230 |
| 267566 | 210321 | (508185) | 863014 | 978771 | 499444 |
| 3076060 | 2865739 | 2683452 | 1820438 | 3427929 | 2928485 |
| $3343626 | $3076060 | $2175267 | $2683452 | $4406700 | $3427929 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Summit** | **Summit** |
|  | **S&P** |  |
|  | **MidCap** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $460349 |  |
| Mortality and expense risk charge | (165563) |  |
| **Net investment income(loss)** | 294786 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 2771419 |  |
| Net realized gain(loss) on sale of fund shares | 641263 |  |
| **Net realized gain(loss)** | 3412682 |  |
| **Change in unrealized appreciation/depreciation** | (906333) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $2801135 |  |
|  | **S&P MidCap** | **S&P MidCap** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $294786 | $325064 |
| Net realized gain(loss) | 3412682 | 2689679 |
| Net change in unrealized appreciation/depreciation | (906333) | 2041303 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 2801135 | 5056046 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 1599041 | 1557966 |
| Subaccounts transfers (including fixed account), net | 152157 | (936838) |
| Transfers for policyowner benefits and terminations | (1745434) | (1474349) |
| Policyowner maintenance charges | (1434383) | (1517734) |
| **Net increase(decrease) from policyowner transactions** | (1428619) | (2370955) |
| **Total increase(decrease) in net assets** | 1372516 | 2685091 |
| **Net assets at beginning of period** | 42085642 | 39400551 |
| **Net assets at end of period** | $43458158 | $42085642 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summit** | **Summit** | **Summit** | **Summit** | **Summit** | **Summit** |
| **Russell** |  | **Nasdaq-100** |  |  |  |
| **Small Cap** |  | **Index** |  | **EAFE Intl.** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $527756 |  | $73209 |  | $378485 |  |
| (145599) |  | (97879) |  | (53114) |  |
| 382157 |  | (24670) |  | 325371 |  |
| 1717040 |  | 429617 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 310760 |  | 1402541 |  | 527360 |  |
| 2027800 |  | 1832158 |  | 527360 |  |
| 1557795 |  | 3177953 |  | 3090201 |  |
| $3967752 |  | $4985441 |  | $3942932 |  |
| **Russell Small Cap** | **Russell Small Cap** | **Nasdaq-100 Index** | **Nasdaq-100 Index** | **EAFE Intl.** | **EAFE Intl.** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $382157 | $251920 | $(24670) | $(13057) | $325371 | $300677 |
| 2027800 | 983952 | 1832158 | 3548820 | 527360 | 122329 |
| 1557795 | 2038093 | 3177953 | 1450674 | 3090201 | (87974) |
| 3967752 | 3273965 | 4985441 | 4986437 | 3942932 | 335032 |
| 1600699 | 1547677 | 1237387 | 1064518 | 728333 | 787285 |
| (360887) | (629005) | (431429) | (1941722) | (239515) | 371713 |
| (1105785) | (1114693) | (870659) | (662711) | (473403) | (426800) |
| (1147135) | (1204379) | (859760) | (852169) | (492159) | (471190) |
| (1013108) | (1400400) | (924461) | (2392084) | (476744) | 261008 |
| 2954644 | 1873565 | 4060980 | 2594353 | 3466188 | 596040 |
| 32825166 | 30951601 | 24194327 | 21599974 | 13015171 | 12419131 |
| $35779810 | $32825166 | $28255307 | $24194327 | $16481359 | $13015171 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Summit** | **Summit** |
|  | **Barclays** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $308851 |  |
| Mortality and expense risk charge | (23670) |  |
| **Net investment income(loss)** | 285181 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (85396) |  |
| **Net realized gain(loss)** | (85396) |  |
| **Change in unrealized appreciation/depreciation** | 426444 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $626229 |  |
|  | **Barclays** | **Barclays** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $285181 | $242740 |
| Net realized gain(loss) | (85396) | (55840) |
| Net change in unrealized appreciation/depreciation | 426444 | (112120) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 626229 | 74780 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 532289 | 551891 |
| Subaccounts transfers (including fixed account), net | 507256 | 867641 |
| Transfers for policyowner benefits and terminations | (421278) | (444393) |
| Policyowner maintenance charges | (487729) | (490465) |
| **Net increase(decrease) from policyowner transactions** | 130538 | 484674 |
| **Total increase(decrease) in net assets** | 756767 | 559454 |
| **Net assets at beginning of period** | 9606187 | 9046733 |
| **Net assets at end of period** | $10362954 | $9606187 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summit** | **Summit** | **Summit** | **Summit** | **Summit** | **Summit** |
| **S&P 500** |  | **Moderate** |  | **Growth** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $1533590 |  | $77232 |  | $663 |  |
| (574387) |  | (6709) |  | (381) |  |
| 959203 |  | 70523 |  | 282 |  |
| 12854228 |  | 198376 |  | 4771 |  |
| 4192602 |  | 11902 |  | 2493 |  |
| 17046830 |  | 210278 |  | 7264 |  |
| 3986820 |  | (72931) |  | (3123) |  |
| $21992853 |  | $207870 |  | $4423 |  |
| **S&P 500** | **S&P 500** | **Moderate** | **Moderate** | **Growth** | **Growth** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $959203 | $1010779 | $70523 | $60807 | $282 | $302 |
| 17046830 | 10780310 | 210278 | 204243 | 7264 | 24810 |
| 3986820 | 15461240 | (72931) | (42184) | (3123) | (3427) |
| 21992853 | 27252329 | 207870 | 222866 | 4423 | 21685 |
| 4078516 | 4242638 | 164122 | 172949 | 11032 | 14394 |
| (1232828) | (2585252) | 27388 | 97855 | (21387) | (127664) |
| (7353373) | (5481462) | (213372) | (315935) | (476) | (1923) |
| (4711991) | (4830591) | (155116) | (161813) | (4494) | (4752) |
| (9219676) | (8654667) | (176978) | (206944) | (15325) | (119945) |
| 12773177 | 18597662 | 30892 | 15922 | (10902) | (98260) |
| 134691223 | 116093561 | 3177049 | 3161127 | 52135 | 150395 |
| $147464400 | $134691223 | $3207941 | $3177049 | $41233 | $52135 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Summit** | **Summit** |
|  | **Mod. Growth** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $129582 |  |
| Mortality and expense risk charge | (17130) |  |
| **Net investment income(loss)** | 112452 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 506890 |  |
| Net realized gain(loss) on sale of fund shares | 35763 |  |
| **Net realized gain(loss)** | 542653 |  |
| **Change in unrealized appreciation/depreciation** | (156019) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $499086 |  |
|  | **Mod. Growth** | **Mod. Growth** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $112452 | $94915 |
| Net realized gain(loss) | 542653 | 326259 |
| Net change in unrealized appreciation/depreciation | (156019) | 127624 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 499086 | 548798 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 324422 | 341651 |
| Subaccounts transfers (including fixed account), net | 267680 | 20053 |
| Transfers for policyowner benefits and terminations | (372171) | (265195) |
| Policyowner maintenance charges | (241884) | (251053) |
| **Net increase(decrease) from policyowner transactions** | (21953) | (154544) |
| **Total increase(decrease) in net assets** | 477133 | 394254 |
| **Net assets at beginning of period** | 5954645 | 5560391 |
| **Net assets at end of period** | $6431778 | $5954645 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Third Avenue** | **Third Avenue** | **Dreyfus** | **Dreyfus** | **Scudder** | **Scudder** |
|  |  |  |  | **Small** |  |
| **Value** |  | **MidCap** |  | **Mid Value** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $248419 |  | $6729 |  | $17835 |  |
| (28200) |  | (3185) |  | (9863) |  |
| 220219 |  | 3544 |  | 7972 |  |
| 806431 |  | 138888 |  | 201466 |  |
| 236304 |  | 10955 |  | 828 |  |
| 1042735 |  | 149843 |  | 202294 |  |
| 1979690 |  | (12068) |  | 109236 |  |
| $3242644 |  | $141319 |  | $319502 |  |
| **Value** | **Value** | **MidCap** | **MidCap** | **Small Mid Value** | **Small Mid Value** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $220219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231198 | $3544 | $6118 | $7972 | $10318 |
| 1042735 | 976777 | 149843 | 36267 | 202294 | 83168 |
| 1979690 | (1430379) | (12068) | 130497 | 109236 | (2802) |
| 3242644 | (222404) | 141319 | 172882 | 319502 | 90684 |
| 630039 | 573308 | 49408 | 50283 | 200714 | 162022 |
| 747552 | (13980) | (45904) | (8946) | 89177 | (74376) |
| (582796) | (351986) | (39613) | (75470) | (78840) | (48629) |
| (612500) | (620396) | (57003) | (58248) | (60040) | (59434) |
| 182295 | (413054) | (93112) | (92381) | 151011 | (20417) |
| 3424939 | (635458) | 48207 | 80501 | 470513 | 70267 |
| 9482743 | 10118201 | 1554203 | 1473702 | 1654219 | 1583952 |
| $12907682 | $9482743 | $1602410 | $1554203 | $2124732 | $1654219 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Scudder** | **Scudder** |
|  | **Thematic** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $3171 |  |
| Mortality and expense risk charge | (1458) |  |
| **Net investment income(loss)** | 1713 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | 37288 |  |
| **Net realized gain(loss)** | 37288 |  |
| **Change in unrealized appreciation/depreciation** | 16949 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $55950 |  |
|  | **Thematic** | **Thematic** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $1713 | $2667 |
| Net realized gain(loss) | 37288 | 9779 |
| Net change in unrealized appreciation/depreciation | 16949 | 17523 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 55950 | 29969 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 20540 | 12826 |
| Subaccounts transfers (including fixed account), net | 7665 | (52533) |
| Transfers for policyowner benefits and terminations | (16844) | (3017) |
| Policyowner maintenance charges | (18153) | (12878) |
| **Net increase(decrease) from policyowner transactions** | (6792) | (55602) |
| **Total increase(decrease) in net assets** | 49158 | (25633) |
| **Net assets at beginning of period** | 303547 | 329180 |
| **Net assets at end of period** | $352705 | $303547 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Scudder** | **Scudder** | **Neuberger Berman** | **Neuberger Berman** | **Neuberger Berman** | **Neuberger Berman** |
| **Capital** |  |  |  |  |  |
| **Growth** |  | **Regency** |  | **Equity** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $331 |  | $2725 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (4403) |  | (3308) |  | (1314) |  |
| (4072) |  | (583) |  | (1314) |  |
| 77294 |  | 63940 |  | 23192 |  |
| 7936 |  | (841) |  | 13493 |  |
| 85230 |  | 63099 |  | 36685 |  |
| (5344) |  | 587 |  | 14855 |  |
| $75814 |  | $63103 |  | $50226 |  |
| **Capital Growth** | **Capital Growth** | **Regency** | **Regency** | **Equity** | **Equity** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(4072) | $(2856) | $(583) | $339 | $(1314) | $(1236) |
| 85230 | 44753 | 63099 | 15660 | 36685 | 35798 |
| (5344) | 79105 | 587 | 30846 | 14855 | 44143 |
| 75814 | 121002 | 63103 | 46845 | 50226 | 78705 |
| 97274 | 105237 | 37972 | 26740 | 17357 | 19394 |
| (17035) | (12077) | 13575 | (83233) | (14206) | (47439) |
| (8187) | (10612) | (1211) | (22069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (18897) |
| (24667) | (26442) | (20506) | (20275) | (5653) | (6595) |
| 47385 | 56106 | 29830 | (98837) | (2502) | (53537) |
| 123199 | 177108 | 92933 | (51992) | 47724 | 25168 |
| 622777 | 445669 | 549291 | 601283 | 354267 | 329099 |
| $745976 | $622777 | $642224 | $549291 | $401991 | $354267 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **T. Rowe** | **T. Rowe** |
|  | **Blue Chip** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (75060) |  |
| **Net investment income(loss)** | (75060) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 1816579 |  |
| Net realized gain(loss) on sale of fund shares | 1231516 |  |
| **Net realized gain(loss)** | 3048095 |  |
| **Change in unrealized appreciation/depreciation** | 291426 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $3264461 |  |
|  | **Blue Chip** | **Blue Chip** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(75060) | $(71925) |
| Net realized gain(loss) | 3048095 | 2496519 |
| Net change in unrealized appreciation/depreciation | 291426 | 2658335 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 3264461 | 5082929 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 1340793 | 1155261 |
| Subaccounts transfers (including fixed account), net | (1131080) | (2636177) |
| Transfers for policyowner benefits and terminations | (715944) | (497341) |
| Policyowner maintenance charges | (652652) | (687010) |
| **Net increase(decrease) from policyowner transactions** | (1158883) | (2665267) |
| **Total increase(decrease) in net assets** | 2105578 | 2417662 |
| **Net assets at beginning of period** | 18181537 | 15763875 |
| **Net assets at end of period** | $20287115 | $18181537 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **T. Rowe** | **T. Rowe** | **Franklin Templeton** | **Franklin Templeton** | **Franklin Templeton** | **Franklin Templeton** |
| **Equity** |  |  |  |  |  |
| **Income** |  | **Income** |  | **Global Bond** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $4329 |  | $26075 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (1650) |  | (2053) |  | (9621) |  |
| 2679 |  | 24022 |  | (9621) |  |
| 27854 |  | 5481 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 6154 |  | (1493) |  | (85558) |  |
| 34008 |  | 3988 |  | (85558) |  |
| 267 |  | 32594 |  | 634391 |  |
| $36954 |  | $60604 |  | $539212 |  |
| **Equity Income** | **Equity Income** | **Income** | **Income** | **Global Bond** | **Global Bond** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $2679 | $3469 | $24022 | $22128 | $(9621) | $(10367) |
| 34008 | 37865 | 3988 | (4682) | (85558) | (44129) |
| 267 | 2853 | 32594 | 16384 | 634391 | (372110) |
| 36954 | 44187 | 60604 | 33830 | 539212 | (426606) |
| 21206 | 19348 | 37905 | 40120 | 208310 | 215291 |
| 17994 | (55330) | (52881) | 152762 | (8491) | 613721 |
| (65561) | (201407) | (2342) | (206911) | (163157) | (149039) |
| (6842) | (7465) | (34834) | (31859) | (186755) | (186748) |
| (33203) | (244854) | (52152) | (45888) | (150093) | 493225 |
| 3751 | (200667) | 8452 | (12058) | 389119 | 66619 |
| 287167 | 487834 | 552641 | 564699 | 3573644 | 3507025 |
| $290918 | $287167 | $561093 | $552641 | $3962763 | $3573644 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Ivy** | **Ivy** |
|  | **Science** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (16251) |  |
| **Net investment income(loss)** | (16251) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 367882 |  |
| Net realized gain(loss) on sale of fund shares | 38664 |  |
| **Net realized gain(loss)** | 406546 |  |
| **Change in unrealized appreciation/depreciation** | 359639 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $749934 |  |
|  | **Science** | **Science** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(16251) | $(13687) |
| Net realized gain(loss) | 406546 | 85029 |
| Net change in unrealized appreciation/depreciation | 359639 | 426635 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 749934 | 497977 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 236705 | 209752 |
| Subaccounts transfers (including fixed account), net | 84148 | 54936 |
| Transfers for policyowner benefits and terminations | (85423) | (194744) |
| Policyowner maintenance charges | (67028) | (68089) |
| **Net increase(decrease) from policyowner transactions** | 168402 | 1855 |
| **Total increase(decrease) in net assets** | 918336 | 499832 |
| **Net assets at beginning of period** | 2185523 | 1685691 |
| **Net assets at end of period** | $3103859 | $2185523 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ivy** | **Ivy** | **Pimco** | **Pimco** | **Pimco** | **Pimco** |
|  |  | **Total** |  | **Low** |  |
| **Balanced** |  | **Return** |  | **Duration** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $3239 |  | $89793 |  | $36366 |  |
| (1123) |  | (9612) |  | (2885) |  |
| 2116 |  | 80181 |  | 33481 |  |
| 9804 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 266 |  | (40905) |  | (3997) |  |
| 10070 |  | (40905) |  | (3997) |  |
| 15818 |  | 138977 |  | 17128 |  |
| $28004 |  | $178253 |  | $46612 |  |
| **Balanced** | **Balanced** | **Total Return** | **Total Return** | **Low Duration** | **Low Duration** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $2116 | $2069 | $80181 | $79025 | $33481 | $35682 |
| 10070 | (2717) | (40905) | (49423) | (3997) | (14500) |
| 15818 | 28791 | 138977 | 13850 | 17128 | 17603 |
| 28004 | 28143 | 178253 | 43452 | 46612 | 38785 |
| 8312 | 5976 | 133019 | 124141 | 29994 | 33265 |
| (5611) | 24303 | 47992 | (13347) | 5255 | 94969 |
| (15676) | (9520) | (144237) | (56931) | (74051) | (227691) |
| (5963) | (4493) | (123261) | (126142) | (33849) | (33067) |
| (18938) | 16266 | (86487) | (72279) | (72651) | (132524) |
| 9066 | 44409 | 91766 | (28827) | (26039) | (93739) |
| 255668 | 211259 | 2163414 | 2192241 | 959312 | 1053051 |
| $264734 | $255668 | $2255180 | $2163414 | $933273 | $959312 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Pimco** | **Pimco** |
|  | **Real** |  |
|  | **Return** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $1921 |  |
| Mortality and expense risk charge | (177) |  |
| **Net investment income(loss)** | 1744 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (160) |  |
| **Net realized gain(loss)** | (160) |  |
| **Change in unrealized appreciation/depreciation** | 2591 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $4175 |  |
|  | **Real Return** | **Real Return** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $1744 | $1192 |
| Net realized gain(loss) | (160) | (3638) |
| Net change in unrealized appreciation/depreciation | 2591 | 3189 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 4175 | 743 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 3020 | 2992 |
| Subaccounts transfers (including fixed account), net | 761 | (13976) |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Policyowner maintenance charges | (1074) | (1037) |
| **Net increase(decrease) from policyowner transactions** | 2707 | (12021) |
| **Total increase(decrease) in net assets** | 6882 | (11278) |
| **Net assets at beginning of period** | 52748 | 64026 |
| **Net assets at end of period** | $59630 | $52748 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ibbotson** | **Ibbotson** | **Ibbotson** | **Ibbotson** | **Ibbotson** | **Ibbotson** |
| **Balanced** |  | **Growth** |  | **Income** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $16437 |  | $5024 |  | $7813 |  |
| (2050) |  | (1273) |  | (1669) |  |
| 14387 |  | 3751 |  | 6144 |  |
| 92950 |  | 25228 |  | 27446 |  |
| 2832 |  | 6074 |  | 176 |  |
| 95782 |  | 31302 |  | 27622 |  |
| 4886 |  | 11117 |  | 2247 |  |
| $115055 |  | $46170 |  | $36013 |  |
| **Balanced** | **Balanced** | **Growth** | **Growth** | **Income** | **Income** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $14387 | $7126 | $3751 | $1873 | $6144 | $5533 |
| 95782 | 4988 | 31302 | 15327 | 27622 | 1676 |
| 4886 | 21088 | 11117 | 8158 | 2247 | 15103 |
| 115055 | 33202 | 46170 | 25358 | 36013 | 22312 |
| 59789 | 25952 | 109969 | 76233 | 9902 | 6393 |
| 321506 | 92574 | 82770 | (6676) | 11597 | 8246 |
| (16100) | (1564) | (630) | (54880) | (949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (43740) | (34526) | (54305) | (51376) | (19806) | (13478) |
| 321455 | 82436 | 137804 | (36699) | 744 | 1161 |
| 436510 | 115638 | 183974 | (11341) | 36757 | 23473 |
| 476489 | 360851 | 197979 | 209320 | 320862 | 297389 |
| $912999 | $476489 | $381953 | $197979 | $357619 | $320862 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **American Funds** | **American Funds** |
|  | **IS New World** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $1091 |  |
| Mortality and expense risk charge | (626) |  |
| **Net investment income(loss)** | 465 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 3145 |  |
| Net realized gain(loss) on sale of fund shares | 4265 |  |
| **Net realized gain(loss)** | 7410 |  |
| **Change in unrealized appreciation/depreciation** | 14080 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $21955 |  |
|  | **IS New World** | **IS New World** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $465 | $658 |
| Net realized gain(loss) | 7410 | 556 |
| Net change in unrealized appreciation/depreciation | 14080 | (279) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 21955 | 935 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 29494 | 20304 |
| Subaccounts transfers (including fixed account), net | (26424) | 26768 |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (2040) |
| Policyowner maintenance charges | (6898) | (6476) |
| **Net increase(decrease) from policyowner transactions** | (3828) | 38556 |
| **Total increase(decrease) in net assets** | 18127 | 39491 |
| **Net assets at beginning of period** | 86518 | 47027 |
| **Net assets at end of period** | $104645 | $86518 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT V**<br> **NOTES TO FINANCIAL STATEMENTS**<br> **FOR THE PERIODS ENDED DECEMBER 31, 2025 AND 2024**<br>

**1. ORGANIZATION**

Ameritas Variable Separate Account V (the "Account") began operations during 1986. It operates as a separate investment account within Ameritas Life Insurance Corp. (the "Company"), a Nebraska domiciled company. The statements of operations and changes in net assets, financial highlights, and the related notes for each of the subaccounts listed below, are presented for the periods noted in the financial statements and notes, except for those subaccounts with commencement dates occurring during the period as referenced below. For those subaccounts with commencement dates during the respective period, the financial statements and the notes are presented from the commencement date forward. The assets of the Account are held by the Company and are segregated from all of the Company's other assets and are used only to support the variable life products issued by the Company.

Management believes these financial statements should be read in conjunction with the policyowner statements and policy and fund prospectuses.

The Account is registered under the Investment Company Act of 1940, as amended, as a unit investment trust. The Account is made up of variable investment options called subaccounts for which accumulation units are separately maintained. Each subaccount corresponds to a single underlying non-publicly traded portfolio issued through a fund series. At December 31, 2025, there are sixty-nine subaccounts available within the Account listed as follows:

---

| | |
|:---|:---|
| **Fidelity Management & Research** | **Fred Alger Management, LLC** |
| **Company LLC (Advisor)** | *Alger* |
| *Fidelity (Fund Series short cite)* | \*Balanced |
| \*Equity-Income IC (Subaccount short cite) | \*Capital App |
| \*Equity-Income SC |  |
| \*Growth IC | **Massachusetts Financial Services** |
| \*Growth SC | **Company** |
| \*High Income IC | *MFS* |
| \*High Income SC | \*Utilities |
| \*Overseas IC | \*New Discovery |
| \*Overseas SC | \*Total Return |
| \*Asset Mgr. IC *(formerly Fidelity(R) VIP* | \*Value |
| *Asset Manager Portfolio, Initial Class)* | \*Strategic |
| \*Asset Mgr. SC *(formerly Fidelity(R) VIP* | \*Research |
| *Asset Manager Portfolio, Service Class)* | \*Global Real Estate |
| \*Inv. Bond IC |  |
| \*Contrafund IC | **Morgan Stanley Investment** |
| \*Contrafund SC | **Management Inc.** |
| \*Asset Mgr. Gr. IC *(formerly Fidelity(R) VIP* | *Van Kampen* |
| *Asset Manager: Growth Portfolio, Initial Class)* | \*Emerging Markets |
| \*Asset Mgr. Gr. SC *(formerly Fidelity(R) VIP* | \*Intl. Magnum |
| *Asset Manager: Growth Portfolio, Service Class)* |  |
| \*Mid Cap IC |  |
| \*Strategic IC |  |
| \*Money Market |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**1. ORGANIZATION, continued**

---

| | |
|:---|:---|
| **Calvert Research and Management** | **Third Avenue Management LLC** |
| *Calvert* | *Third Avenue* |
| \*Balanced | \*Value |
| \*Mid Cap |  |
|  | **BNY Mellon Investment Adviser, Inc.** |
| **Lincoln Financial Investments** | *Dreyfus* |
| **Corporation** | \*MidCap |
| *Lincoln* |  |
| \*Disciplined Core Value II | **DWS Investment Management Americas, Inc.** |
| (Commenced April 26, 2024) | *Scudder* |
| \*Value II | \*Small Mid Value |
| (Commenced April 26, 2024) | \*Thematic *(formerly DWS International* |
| \*Mid Cap Value II | *Growth VIP Portfolio, Class A)* |
| (Commenced April 26, 2024) | \*Capital Growth |
| **Invesco Advisers, Inc.** | **Neuberger Berman Investment Advisers LLC** |
| *AIM* | *Neuberger Berman* |
| \*Intl. Growth | \*Regency |
| \*Global | \*Equity *(formerly Neuberger Berman AMT* |
| \*Small Cap | *Sustainable Equity Portfolio, Class I)* |
| \*Global Value |  |
| \*Discovery Mid Cap | **T. Rowe Price Associates, Inc.** |
| \*Global Securities | *T. Rowe* |
|  | \*Blue Chip |
| **Calvert Research and Management** | \*Equity Income |
| (See Note 3) |  |
| *Summit* | **Franklin Advisers, Inc.** |
| \*S&P MidCap | *Franklin Templeton* |
| \*Russell Small Cap | \*Income |
| \*Nasdaq-100 Index | \*Global Bond |
| \*EAFE Intl. |  |
| \*Barclays |  |
| \*S&P 500 |  |
| \*Moderate |  |
| \*Growth |  |
| \*Mod. Growth |  |

---

**1. ORGANIZATION, continued**

---

| |
|:---|
| **Delaware Management Company** |
| *Ivy* |
| \*Science *(formerly Macquarie VIP Science and* |
| *Technology Series Portfolio, Service Class)* |
| \*Balanced *(formerly Macquarie VIP Balanced* |
| *Series Portfolio, Service Class)* |
| **Pacific Investment Management** |
| **Company LLC** |
| *Pimco* |
| \*Total Return |
| \*Low Duration |
| \*Real Return |
| **ALPS Advisors, Inc.** |
| *Ibbotson* |
| \*Balanced |
| \*Growth |
| \*Income |
| **Capital Research and Management Company (SM)** |
| *American Funds* |
| \*IS New World |

---

Note: The above chart references the fund series and subaccount short cites from the Statements of Net Assets

**2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**BASIS OF ACCOUNTING**

The financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for variable life separate accounts registered as unit investment trusts.

**USE OF ESTIMATES**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**INVESTMENTS**

The assets of the subaccounts are carried at the net asset value of the underlying portfolios, adjusted for the accrual of dividends. The value of the policyowners' units corresponds to the investment in the underlying subaccounts. The availability of investment portfolio and subaccount options may vary between products. Share transactions and security transactions are accounted for on a trade date basis.

Income from dividends and gains from realized gain distributions are recorded on the ex-distribution date. Realized gains and losses on the sales of investments represent the difference between the proceeds from sales of investments by the subaccounts and the cost of such shares, which is determined on a weighted average cost basis.

**FAIR VALUE MEASUREMENTS**

The accounting guidance on fair value measurements establishes a framework for measuring fair value and expands disclosures about fair value measurements. It also defines fair value as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. The fair value measurement guidance applies to all assets and liabilities that are measured and reported on a fair value basis and enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. Each asset and liability carried at fair value is classified into one of the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;· Level 1 – Quoted market prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;· Level 2 – Observable market based inputs or unobservable inputs that are corroborated by market data.

&nbsp;&nbsp;&nbsp;&nbsp;· Level 3 – Unobservable inputs that are not corroborated by market data.

Each subaccount invests in shares of open-ended mutual funds, which calculate a daily net asset value based on the value of the underlying securities in its portfolios. As a result, and as required by law, pricing information is provided on an ongoing basis. Shares of open end mutual funds are purchased and redeemed at their quoted daily net asset values as reported by the fund companies at the close of each business day. On that basis, the fair value measurements of all shares held by the Account are reported as Level 1 assets.

**2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued**

**FEDERAL AND STATE INCOME TAXES**

The operations of the Account form a part of and are taxed with the operations of the Company. The Company is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. Under existing federal income tax law, separate account investment income and capital gains are not taxed to the extent they are applied to increase reserves under a contract issued in connection with the Account. Investment income and realized capital gains and losses on assets of the Account are automatically applied to increase or decrease reserves under the contract. Accordingly, no provision for federal income taxes or unrecognized tax benefits are reflected in these financial statements.

**3. SEGMENT INFORMATION** 

Each fund of the Separate Account constitutes a single operating segment and therefore, a single reportable segment because the CODM manages the activities of the Separate Account using information of each fund. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding vehicle for individual variable annuity contracts with the assets owned by Ameritas Life Insurance Corp. to support the liabilities of the applicable insurance contracts. The subaccounts have identified the President and Chief Operating Officer of the Company as the chief operating decision maker as the Separate Account does not have employees and is not a separate legal entity.

The CODM uses Increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the funds within the Separate Account. The accounting policies used to measure profit and loss of the segments are the same as those described in the summary of significant account policies (see note 2.) The measure of segment assets is reported on the balance sheet as total consolidated assets. Refer to the Statements of Operations and Changes in Net Assets for each fund's operating segment and related footnotes for significant expenses principle and the existing segment disclosure requirements as of December 31, 2025 and for the years ended December 31, 2025 and December 31, 2024. All assets held and revenue is generated in the US and there is no customer greater than 10% of consolidated results for all periods presented.

**4. RELATED PARTIES**

Ameritas Investment Partners, Inc., an affiliate of the Company, provides sub-advisor services to certain portfolios of the Summit funds for a fee. These fees are reflected in the daily value of the underlying portfolio share price. The fee is computed separately for each underlying portfolio on daily average net assets, at an annual rate, as of December 31, 2025 and 2024, as follows:

---

| | |
|:---|:---|
|  | **Sub-Advisor<br> Fee %**  |
| **Summit:** |  |
| S&P MidCap | .050 |
| Russell Small Cap | .050 |
| Nasdaq-100 Index | .050 |
| Barclays | .050 |
| S&P 500 | .050 |
| Moderate | .050 |
| Growth | .050 |
| Mod. Growth | .050 |

---

**5. PURCHASES AND SALES OF INVESTMENTS**

The cost of purchases and proceeds from sales of investments in the subaccounts for the period ended

December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Fidelity:** |  |  |
| Equity-Income IC | $2560477 | $2668075 |
| Equity-Income SC | 37364 | 23693 |
| Growth IC | 8709334 | 5945582 |
| Growth SC | 189577 | 194531 |
| High Income IC | 1206691 | 1034220 |
| High Income SC | 17346 | 13471 |
| Overseas IC | 2294548 | 2189764 |
| Overseas SC | 15011 | 15799 |
| Asset Mgr. IC | 735431 | 852380 |
| Asset Mgr. SC | 4905 | 3112 |
| Inv. Bond IC | 1048198 | 974105 |
| Contrafund IC | 9151665 | 5151945 |
| Contrafund SC | 293744 | 143395 |
| Asset Mgr. Gr. IC | 188282 | 263713 |
| Asset Mgr. Gr. SC | 21379 | 7867 |
| Mid Cap IC | 958066 | 559531 |
| Strategic IC | 17892 | 7886 |
| Money Market | 7072525 | 7611863 |
| **Alger:** |  |  |
| Balanced | 1172895 | 897142 |
| Capital App | 2500064 | 458973 |
| **MFS:** |  |  |
| Utilities | 630654 | 1026838 |
| New Discovery | 441360 | 820931 |
| Total Return | 206954 | 80905 |
| Value | 226154 | 201261 |
| Strategic | 201475 | 191053 |
| Research | 677761 | 1041588 |
| Global Real Estate | 6893 | 247 |
| **Van Kampen:** |  |  |
| Emerging Markets | 1339580 | 1506539 |
| Intl. Magnum | 77249 | 128361 |
| **Calvert:** |  |  |
| Balanced | 274503 | 229228 |
| Mid Cap | 29455 | 29427 |

---

**5. PURCHASES AND SALES OF INVESTMENTS, continued**

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Lincoln:** |  |  |
| Disciplined Core Value II | $846808 | $1480209 |
| Value II | 9408 | 3428 |
| Mid Cap Value II | 1743396 | 422471 |
| **AIM:** |  |  |
| Intl. Growth | 1282535 | 1024426 |
| Global | 76104 | 62182 |
| Small Cap | 159822 | 89898 |
| Global Value | 343026 | 271776 |
| Discovery Mid Cap | 256539 | 681739 |
| Global Securities | 1413045 | 234823 |
| **Summit:** |  |  |
| S&P MidCap | 3925392 | 2287805 |
| Russell Small Cap | 3063822 | 1977733 |
| Nasdaq-100 Index | 2226681 | 2746196 |
| EAFE Intl. | 1959393 | 2110767 |
| Barclays | 1253856 | 838136 |
| S&P 500 | 15467492 | 10873737 |
| Moderate | 499764 | 407845 |
| Growth | 19618 | 29890 |
| Mod. Growth | 1008532 | 411144 |
| **Third Avenue:** |  |  |
| Value | 2723469 | 1514525 |
| **Dreyfus:** |  |  |
| MidCap | 175688 | 126367 |
| **Scudder:** |  |  |
| Small Mid Value | 454850 | 94400 |
| Thematic | 449206 | 454286 |
| Capital Growth | 175715 | 55107 |
| **Neuberger Berman:** |  |  |
| Regency | 118072 | 24886 |
| Equity | 65921 | 46545 |
| **T. Rowe:** |  |  |
| Blue Chip | 3360875 | 2778239 |
| Equity Income | 105791 | 108461 |
| **Franklin Templeton:** |  |  |
| Income | 103268 | 125918 |
| Global Bond | 262589 | 422303 |

---

**5. PURCHASES AND SALES OF INVESTMENTS, continued**

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Ivy:** |  |  |
| Science | $752144 | $232112 |
| Balanced | 17913 | 24932 |
| **Pimco:** |  |  |
| Total Return | 313945 | 320250 |
| Low Duration | 135633 | 174804 |
| Real Return | 9458 | 5006 |
| **Ibbotson:** |  |  |
| Balanced | 470257 | 41465 |
| Growth | 220115 | 53332 |
| Income | 53998 | 19664 |
| **American Funds:** |  |  |
| IS New World | 48362 | 48580 |

---

**6. FINANCIAL HIGHLIGHTS**

The unit value, units, net assets, investment income ratio ("Inv. Income Ratio"), expense ratio and total return (certain of which are defined below) are included in the following table (amounts have been rounded). Total returns, unit values and expense ratios in this table may not be applicable to all policies.

Inv. Income Ratio – The Inv. Income Ratio represents the dividend distributions received divided by average daily net assets. This ratio excludes the mortality and expense risk charge and is affected by the timing of the declaration of dividends by the underlying fund portfolio.

Expense Ratio – The Expense Ratio represents the annualized contract expenses of the subaccounts for the period indicated and includes only those expenses that are charged through a reduction of the unit value. Included in this category are mortality and expense charges. During the year ended December 31, 2025, these fees range between .10 percent and 1.20 percent (annualized) of net assets, depending on the product selected. Expenses of the underlying fund portfolios and charges made directly to policyowner accounts through the redemption of units are excluded. For this separate account, charges made through the redemption of units ranged up to $20 per policy monthly, depending on the product selected. On all life insurance policies, cost of insurance is charged to each policyowner monthly through the redemption of units. The cost of insurance is determined based upon several variables, including the policyowners death benefit amount and account value.

Total Return – The Total Return represents the change in the unit value reported year-to-date; however, subaccounts which commenced during a year, as shown in Note 1, are based on shorter return periods. These percentages do not include any expenses assessed through the redemption of units. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Fidelity:** |  |  |  |  |  |  |  |  |  |
| <u>Equity-Income IC</u> | <u>Equity-Income IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 95.87 | 225.58 | 416851 | 28862747 | 1.81 | 0.10 | 1.20 | 17.60 | 18.90 |
| 2024 | 47.67 | 191.82 | 447475 | 26239496 | 1.77 | 0.10 | 1.20 | 13.96 | 15.23 |
| 2023 | 41.37 | 168.32 | 473394 | 24370712 | 1.89 | 0.10 | 1.20 | 9.33 | 10.54 |
| 2022 | 37.43 | 153.95 | 512184 | 23913154 | 1.89 | 0.10 | 1.20 | (6.09) | (5.05) |
| 2021 | 39.42 | 163.94 | 534806 | 26906201 | 1.90 | 0.10 | 1.20 | 23.40 | 24.77 |
| <u>Equity-Income SC</u> | <u>Equity-Income SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 44.57 | 67.94 | 6397 | 405555 | 1.73 | 0.45 | 0.45 | 18.39 | 18.39 |
| 2024 | 37.64 | 57.38 | 6581 | 353160 | 1.75 | 0.45 | 0.45 | 14.72 | 14.73 |
| 2023 | 32.81 | 50.02 | 6592 | 308444 | 1.80 | 0.45 | 0.45 | 10.04 | 10.04 |
| 2022 | 23.38 | 45.46 | 8360 | 360763 | 1.81 | 0.45 | 0.90 | (5.51) | (3.03) |
| 2021 | 48.11 | 93.46 | 8263 | 380113 | 1.76 | 0.45 | 0.90 | 23.70 | 24.27 |
| <u>Growth IC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 291.24 | 483.68 | 213513 | 63816469 | 0.29 | 0.10 | 1.20 | 13.53 | 14.78 |
| 2024 | 253.73 | 426.04 | 231014 | 60397603 |  | 0.10 | 1.20 | 28.82 | 30.26 |
| 2023 | 194.79 | 330.72 | 242360 | 48932689 | 0.13 | 0.10 | 1.20 | 34.62 | 36.10 |
| 2022 | 143.12 | 245.67 | 259663 | 38630716 | 0.61 | 0.10 | 1.20 | (25.36) | (24.53) |
| 2021 | 189.64 | 329.13 | 274842 | 54747646 |  | 0.10 | 1.20 | 21.75 | 23.09 |
| <u>Growth SC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 207.61 | 318.97 | 4917 | 1446141 | 0.20 | 0.45 | 0.45 | 14.26 | 14.27 |
| 2024 | 181.69 | 279.15 | 5779 | 1443488 |  | 0.45 | 0.45 | 29.68 | 29.68 |
| 2023 | 140.11 | 215.26 | 5954 | 1150124 | 0.04 | 0.45 | 0.45 | 35.49 | 35.49 |
| 2022 | 103.41 | 158.88 | 6740 | 973479 | 0.51 | 0.45 | 0.45 | (24.86) | (24.86) |
| 2021 | 101.70 | 211.45 | 6971 | 1344252 |  | 0.45 | 0.90 | (1.00) | 22.53 |
| <u>High Income IC</u> | <u>High Income IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 15.29 | 69.25 | 1249858 | 12603868 | 6.56 | 0.10 | 1.20 | 9.05 | 10.25 |
| 2024 | 13.86 | 63.51 | 1311693 | 12034967 | 6.13 | 0.10 | 1.20 | 7.66 | 8.86 |
| 2023 | 7.04 | 58.99 | 1307111 | 11011186 | 5.69 | 0.10 | 1.20 | 9.16 | 10.37 |
| 2022 | 6.38 | 54.04 | 1263690 | 10134462 | 4.89 | 0.10 | 1.20 | (12.43) | (11.46) |
| 2021 | 7.21 | 61.71 | 1323221 | 12730699 | 5.43 | 0.10 | 1.20 | 3.17 | 4.31 |
| <u>High Income SC</u> | <u>High Income SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 9.11 | 9.11 | 16347 | 148850 | 6.47 | 0.45 | 0.45 | 9.83 | 9.83 |
| 2024 | 8.29 | 8.29 | 16895 | 140077 | 5.82 | 0.45 | 0.45 | 8.23 | 8.23 |
| 2023 | 7.66 | 7.66 | 17385 | 133171 | 5.64 | 0.45 | 0.45 | 10.01 | 10.01 |
| 2022 | 4.37 | 6.96 | 18583 | 129394 | 4.93 | 0.45 | 0.90 | (11.95) | (7.16) |
| 2021 | 7.91 | 23.21 | 19852 | 158657 | 5.22 | 0.45 | 0.90 | 3.56 | 4.03 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Fidelity, continued:** | **Fidelity, continued:** |  |  |  |  |  |  |  |  |
| <u>Overseas IC</u> | <u>Overseas IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 47.56 | 70.04 | 263923 | 11498054 | 1.55 | 0.10 | 1.20 | 18.96 | 20.27 |
| 2024 | 33.71 | 58.88 | 287137 | 10444910 | 1.63 | 0.10 | 1.20 | 3.79 | 4.95 |
| 2023 | 32.12 | 56.73 | 299782 | 10464629 | 1.02 | 0.10 | 1.20 | 19.07 | 20.39 |
| 2022 | 26.68 | 47.65 | 323751 | 9421533 | 1.09 | 0.10 | 1.20 | (25.38) | (24.56) |
| 2021 | 35.37 | 63.85 | 320882 | 12547273 | 0.53 | 0.10 | 1.20 | 18.27 | 19.58 |
| <u>Overseas SC</u> | <u>Overseas SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 39.45 | 39.45 | 2964 | 116946 | 1.52 | 0.45 | 0.45 | 19.74 | 19.74 |
| 2024 | 32.95 | 32.95 | 3297 | 108625 | 1.64 | 0.45 | 0.45 | 4.48 | 4.48 |
| 2023 | 31.54 | 31.54 | 3409 | 107509 | 1.06 | 0.45 | 0.45 | 19.87 | 19.87 |
| 2022 | 21.58 | 26.31 | 3228 | 84925 | 0.64 | 0.45 | 0.45 | (25.83) | (24.92) |
| 2021 | 29.13 | 35.04 | 7865 | 272842 | 0.44 | 0.45 | 0.90 | (1.62) | 19.04 |
| <u>Asset Mgr. IC</u> | <u>Asset Mgr. IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 29.76 | 82.78 | 260944 | 10246135 | 2.48 | 0.10 | 1.20 | 13.61 | 14.87 |
| 2024 | 25.91 | 72.86 | 280940 | 9669244 | 2.41 | 0.10 | 1.20 | 7.19 | 8.39 |
| 2023 | 23.91 | 67.97 | 303974 | 9680170 | 2.34 | 0.10 | 1.20 | 11.60 | 12.83 |
| 2022 | 21.19 | 60.90 | 322491 | 9148147 | 2.03 | 0.10 | 1.20 | (15.95) | (15.02) |
| 2021 | 24.93 | 72.46 | 350027 | 11794332 | 1.60 | 0.10 | 1.20 | 8.61 | 9.81 |
| <u>Asset Mgr. SC</u> | <u>Asset Mgr. SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 32.64 | 32.64 | 1564 | 51063 | 2.55 | 0.45 | 0.45 | 14.35 | 14.35 |
| 2024 | 28.55 | 28.55 | 1611 | 46003 | 2.42 | 0.45 | 0.45 | 7.85 | 7.85 |
| 2023 | 26.47 | 26.47 | 1588 | 42033 | 2.28 | 0.45 | 0.45 | 12.39 | 12.39 |
| 2022 | 14.16 | 23.55 | 1688 | 39767 | 1.01 | 0.45 | 0.45 | (15.41) | (13.97) |
| 2021 | 23.77 | 27.84 | 7584 | 187269 | 1.51 | 0.45 | 0.45 | 9.31 | 9.31 |
| <u>Inv. Bond IC</u> | <u>Inv. Bond IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 22.28 | 37.34 | 719614 | 12145190 | 3.59 | 0.10 | 1.20 | 5.95 | 7.12 |
| 2024 | 14.93 | 35.25 | 741058 | 11669175 | 3.59 | 0.10 | 1.20 | 0.57 | 1.69 |
| 2023 | 14.68 | 35.05 | 701249 | 10872061 | 2.61 | 0.10 | 1.20 | 4.94 | 6.10 |
| 2022 | 13.84 | 33.40 | 678087 | 10173893 | 2.21 | 0.10 | 1.20 | (14.00) | (13.05) |
| 2021 | 15.92 | 38.83 | 710479 | 12622379 | 2.07 | 0.10 | 1.20 | (1.79) | (0.71) |
| <u>Contrafund IC</u> | <u>Contrafund IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 177.37 | 261.06 | 360290 | 52286906 | 0.14 | 0.10 | 1.20 | 20.03 | 21.36 |
| 2024 | 109.35 | 217.49 | 389299 | 46636492 | 0.19 | 0.10 | 1.20 | 32.18 | 33.66 |
| 2023 | 81.82 | 164.53 | 410385 | 37004895 | 0.49 | 0.10 | 1.20 | 31.87 | 33.32 |
| 2022 | 61.37 | 124.77 | 436636 | 29816253 | 0.51 | 0.10 | 1.20 | (27.19) | (26.39) |
| 2021 | 83.37 | 171.37 | 455387 | 42782695 | 0.06 | 0.10 | 1.20 | 26.31 | 27.71 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Fidelity, continued:** | **Fidelity, continued:** |  |  |  |  |  |  |  |  |
| <u>Contrafund SC</u> | <u>Contrafund SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 138.45 | 156.84 | 11706 | 1818939 | 0.05 | 0.45 | 0.45 | 20.83 | 20.84 |
| 2024 | 114.58 | 129.80 | 12527 | 1612172 | 0.09 | 0.45 | 0.45 | 33.03 | 33.03 |
| 2023 | 86.13 | 97.57 | 13410 | 1298359 | 0.37 | 0.45 | 0.45 | 32.74 | 32.74 |
| 2022 | 37.63 | 73.50 | 15589 | 1138584 | 0.40 | 0.45 | 0.90 | (26.71) | (17.09) |
| 2021 | 100.29 | 164.23 | 15878 | 1586780 | 0.05 | 0.45 | 0.90 | 26.59 | 27.14 |
| <u>Asset Mgr. Gr. IC</u> | <u>Asset Mgr. Gr. IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 37.83 | 62.43 | 62582 | 2494156 | 1.80 | 0.10 | 1.20 | 16.83 | 18.13 |
| 2024 | 32.03 | 53.44 | 67288 | 2286575 | 1.84 | 0.10 | 1.20 | 9.48 | 10.70 |
| 2023 | 28.93 | 48.81 | 65476 | 1951922 | 1.81 | 0.10 | 1.20 | 14.99 | 16.25 |
| 2022 | 24.89 | 42.45 | 68158 | 1762256 | 1.81 | 0.10 | 1.20 | (17.87) | (16.96) |
| 2021 | 29.97 | 51.69 | 71491 | 2277606 | 1.42 | 0.10 | 1.20 | 12.61 | 13.85 |
| <u>Asset Mgr. Gr. SC</u> | <u>Asset Mgr. Gr. SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 42.32 | 42.32 | 8383 | 354744 | 1.84 | 0.45 | 0.45 | 17.57 | 17.57 |
| 2024 | 35.99 | 35.99 | 8426 | 303252 | 1.68 | 0.45 | 0.45 | 10.23 | 10.23 |
| 2023 | 32.65 | 32.65 | 8739 | 285337 | 1.78 | 0.45 | 0.45 | 15.69 | 15.69 |
| 2022 | 28.22 | 28.22 | 8718 | 246043 | 1.78 | 0.45 | 0.45 | (17.32) | (17.32) |
| 2021 | 34.14 | 34.14 | 8684 | 296446 | 1.36 | 0.45 | 0.45 | 13.38 | 13.38 |
| <u>Mid Cap IC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 118.96 | 131.73 | 35039 | 3361238 | 0.45 | 0.10 | 0.70 | 10.98 | 11.64 |
| 2024 | 73.88 | 107.19 | 34489 | 2987016 | 0.54 | 0.10 | 0.70 | 16.67 | 17.37 |
| 2023 | 62.95 | 91.88 | 34174 | 2567659 | 0.60 | 0.10 | 0.70 | 14.28 | 14.96 |
| 2022 | 32.72 | 54.76 | 39971 | 2639139 | 0.53 | 0.10 | 0.80 | (14.83) | (11.38) |
| 2021 | 64.29 | 93.49 | 38368 | 3048442 | 0.62 | 0.10 | 0.80 | 24.59 | 25.48 |
| <u>Strategic IC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 22.40 | 24.80 | 5323 | 115905 | 3.96 | 0.10 | 0.70 | 8.09 | 8.74 |
| 2024 | 20.72 | 22.81 | 5008 | 101032 | 3.91 | 0.10 | 0.70 | 4.86 | 5.33 |
| 2023 | 12.55 | 19.67 | 4448 | 84120 | 4.59 | 0.70 | 0.70 | 8.65 | 8.65 |
| 2022 | 11.55 | 18.10 | 4136 | 73332 | 3.55 | 0.70 | 0.70 | (11.87) | (11.87) |
| 2021 | 13.11 | 20.54 | 4651 | 95528 | 2.50 | 0.70 | 0.70 | 2.08 | 3.02 |
| <u>Money Market</u> | <u>Money Market</u> |  |  |  |  |  |  |  |  |
| 2025 | 1.06 | 1.21 | 19180222 | 22514848 | 4.06 | 0.10 | 1.20 | 2.89 | 4.03 |
| 2024 | 1.03 | 1.16 | 20421060 | 23054187 | 4.92 | 0.10 | 1.20 | 3.84 | 5.00 |
| 2023 | 0.99 | 1.11 | 9152615 | 9747075 | 4.80 | 0.10 | 1.20 | 3.64 | 4.79 |
| 2022 | 0.95 | 1.06 | 10626028 | 10826448 | 1.43 | 0.10 | 1.20 | 0.23 | 1.34 |
| 2021 | 0.95 | 1.04 | 9364604 | 9449882 | 0.01 | 0.10 | 1.20 | (1.18) | (0.09) |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Alger:** |  |  |  |  |  |  |  |  |  |
| <u>Balanced</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 44.34 | 103.20 | 195590 | 7427534 | 2.80 | 0.10 | 1.20 | 14.76 | 16.03 |
| 2024 | 33.07 | 89.92 | 212972 | 6991862 |  | 0.10 | 1.20 | 15.66 | 16.95 |
| 2023 | 28.28 | 77.75 | 229168 | 6470580 | 1.44 | 0.10 | 1.20 | 16.03 | 17.31 |
| 2022 | 24.10 | 67.01 | 238915 | 5788595 | 1.12 | 0.10 | 1.20 | (12.37) | (11.40) |
| 2021 | 27.20 | 76.46 | 257892 | 7169593 | 0.83 | 0.10 | 1.20 | 17.70 | 19.00 |
| <u>Capital App</u> | <u>Capital App</u> |  |  |  |  |  |  |  |  |
| 2025 | 475.32 | 526.37 | 24580 | 10314922 |  | 0.10 | 0.70 | 31.95 | 32.74 |
| 2024 | 360.24 | 396.55 | 23119 | 7384157 |  | 0.10 | 0.70 | 33.70 | 47.10 |
| 2023 | 135.63 | 244.90 | 23192 | 5117761 |  | 0.70 | 0.70 | 42.14 | 42.14 |
| 2022 | 95.42 | 172.30 | 20554 | 3302750 |  | 0.70 | 0.70 | (36.96) | (36.96) |
| 2021 | 151.37 | 273.33 | 17482 | 4620536 |  | 0.70 | 0.70 | 18.30 | 18.30 |
| **MFS:** |  |  |  |  |  |  |  |  |  |
| <u>Utilities</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 94.74 | 151.79 | 142228 | 9274925 | 2.88 | 0.10 | 1.20 | 13.64 | 14.89 |
| 2024 | 51.36 | 133.57 | 155258 | 8797734 | 2.27 | 0.10 | 1.20 | 10.32 | 11.55 |
| 2023 | 46.04 | 121.08 | 173278 | 8923272 | 3.54 | 0.10 | 1.20 | (3.27) | (2.21) |
| 2022 | 47.08 | 125.18 | 183381 | 9826107 | 2.40 | 0.10 | 1.20 | (0.44) | 0.66 |
| 2021 | 46.78 | 125.74 | 190527 | 10387775 | 1.74 | 0.10 | 1.20 | 12.73 | 13.98 |
| <u>New Discovery</u> | <u>New Discovery</u> |  |  |  |  |  |  |  |  |
| 2025 | 40.79 | 74.70 | 127656 | 5416654 |  | 0.10 | 1.20 | 11.61 | 12.85 |
| 2024 | 36.15 | 66.92 | 136753 | 5167079 |  | 0.10 | 1.20 | 5.44 | 6.62 |
| 2023 | 33.90 | 63.47 | 140394 | 5019619 |  | 0.10 | 1.20 | 13.05 | 14.30 |
| 2022 | 29.66 | 56.14 | 146634 | 4631416 |  | 0.10 | 1.20 | (30.60) | (29.83) |
| 2021 | 42.27 | 80.89 | 151344 | 6921217 |  | 0.10 | 1.20 | 0.59 | 1.70 |
| <u>Total Return</u> | <u>Total Return</u> |  |  |  |  |  |  |  |  |
| 2025 | 54.00 | 59.80 | 22974 | 1120260 | 2.78 | 0.10 | 0.70 | 10.39 | 11.05 |
| 2024 | 39.58 | 48.92 | 22609 | 988695 | 2.49 | 0.10 | 0.70 | 7.00 | 7.64 |
| 2023 | 36.76 | 45.72 | 20439 | 821739 | 2.04 | 0.10 | 0.70 | 9.68 | 10.33 |
| 2022 | 33.32 | 41.69 | 22597 | 832930 | 1.71 | 0.10 | 0.70 | (10.21) | (9.67) |
| 2021 | 36.89 | 46.43 | 22542 | 928797 | 1.76 | 0.10 | 0.70 | 13.32 | 14.00 |
| <u>Value</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 53.38 | 59.11 | 21767 | 1026197 | 1.60 | 0.10 | 0.70 | 12.23 | 12.90 |
| 2024 | 47.56 | 52.35 | 22427 | 968027 | 1.52 | 0.10 | 0.70 | 8.60 | 10.83 |
| 2023 | 26.85 | 42.91 | 29867 | 1216176 | 1.68 | 0.70 | 0.70 | 7.18 | 7.18 |
| 2022 | 25.05 | 40.04 | 29066 | 1112155 | 1.52 | 0.70 | 0.70 | (6.56) | (6.56) |
| 2021 | 26.81 | 42.85 | 25715 | 1087490 | 1.41 | 0.70 | 0.70 | 24.58 | 24.58 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **MFS, continued:** | **MFS, continued:** |  |  |  |  |  |  |  |  |
| <u>Strategic</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 12.64 | 12.84 | 145923 | 1849652 | 4.24 | 0.10 | 1.20 | 6.05 | 7.22 |
| 2024 | 11.79 | 12.11 | 150627 | 1789303 | 4.10 | 0.10 | 1.20 | 2.01 | 3.14 |
| 2023 | 11.43 | 11.87 | 137846 | 1598237 | 3.72 | 0.10 | 1.20 | 6.31 | 7.49 |
| 2022 | 10.63 | 11.17 | 145911 | 1579287 | 3.46 | 0.10 | 1.20 | (14.73) | (13.79) |
| 2021 | 12.33 | 13.10 | 159277 | 2010149 | 3.14 | 0.10 | 1.20 | (0.73) | 0.37 |
| <u>Research</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 27.39 | 29.21 | 278105 | 7724816 | 1.43 | 0.10 | 0.70 | 21.20 | 21.93 |
| 2024 | 22.60 | 23.96 | 296736 | 6762215 | 1.62 | 0.10 | 0.70 | 2.37 | 2.99 |
| 2023 | 22.08 | 22.26 | 299288 | 6619738 | 1.07 | 0.10 | 0.70 | 12.23 | 12.90 |
| 2022 | 15.10 | 19.72 | 302486 | 5943731 | 1.87 | 0.10 | 0.90 | (17.66) | (14.88) |
| 2021 | 23.71 | 23.95 | 300849 | 7208186 | 0.83 | 0.10 | 0.90 | 10.58 | 11.46 |
| <u>Global Real Estate</u> | <u>Global Real Estate</u> |  |  |  |  |  |  |  |  |
| 2025 | 16.57 | 16.57 | 1050 | 17390 | 1.96 | 0.70 | 0.70 | 2.81 | 2.81 |
| 2024 | 16.12 | 16.12 | 658 | 10597 | 2.19 | 0.70 | 0.70 | (3.37) | (3.37) |
| 2023 | 16.68 | 16.68 | 495 | 8254 | 1.56 | 0.70 | 0.70 | 5.36 | 10.68 |
| 2022 | 15.07 | 15.07 | 59 | 887 | 1.91 | 0.70 | 0.70 | (27.45) | (27.45) |
| 2021 | 20.77 | 20.77 | 7.00 | 150.00 | 1.27 | 0.70 | 0.70 | 29.22 | 29.22 |
| **Van Kampen:** | **Van Kampen:** |  |  |  |  |  |  |  |  |
| <u>Emerging Markets</u> | <u>Emerging Markets</u> |  |  |  |  |  |  |  |  |
| 2025 | 25.43 | 37.13 | 489572 | 12093733 | 0.40 | 0.10 | 1.20 | 31.38 | 32.83 |
| 2024 | 19.14 | 28.26 | 516225 | 9619421 | 1.35 | 0.10 | 1.20 | 6.52 | 7.71 |
| 2023 | 17.22 | 26.53 | 535631 | 9269562 | 1.62 | 0.10 | 1.20 | 10.64 | 11.86 |
| 2022 | 15.39 | 23.98 | 536167 | 8507290 | 0.44 | 0.10 | 1.20 | (25.98) | (25.16) |
| 2021 | 20.57 | 32.39 | 498519 | 10925168 | 0.83 | 0.10 | 1.20 | 1.76 | 2.88 |
| <u>Intl. Magnum</u> | <u>Intl. Magnum</u> |  |  |  |  |  |  |  |  |
| 2025 | 17.97 | 26.58 | 83135 | 1533511 |  | 0.10 | 1.20 | 16.00 | 17.29 |
| 2024 | 15.32 | 22.91 | 89023 | 1403404 |  | 0.10 | 1.20 | 6.18 | 7.36 |
| 2023 | 14.27 | 21.58 | 95174 | 1398394 | 1.67 | 0.10 | 1.20 | 12.71 | 13.96 |
| 2022 | 12.52 | 19.14 | 99081 | 1288030 |  | 0.10 | 1.20 | (17.93) | (17.02) |
| 2021 | 15.09 | 23.33 | 103697 | 1663704 | 1.83 | 0.10 | 1.20 | 7.07 | 8.26 |
| **Calvert:** |  |  |  |  |  |  |  |  |  |
| <u>Balanced</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 5.05 | 6.70 | 438110 | 2055557 | 1.63 | 0.10 | 1.20 | 10.15 | 11.37 |
| 2024 | 4.54 | 6.08 | 452441 | 1933513 | 1.74 | 0.10 | 1.20 | 18.18 | 19.49 |
| 2023 | 3.80 | 5.14 | 431052 | 1540340 | 1.61 | 0.10 | 1.20 | 15.43 | 16.70 |
| 2022 | 3.25 | 4.46 | 408712 | 1310806 | 1.19 | 0.10 | 1.20 | (16.42) | (15.50) |
| 2021 | 3.35 | 4.69 | 356104 | 1341961 | 1.51 | 0.10 | 1.20 | 13.88 | 15.14 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Calvert, continued:** | **Calvert, continued:** |  |  |  |  |  |  |  |  |
| <u>Mid Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 59.98 | 91.35 | 8151 | 459963 | 0.36 | 0.10 | 1.20 | 0.25 | 1.36 |
| 2024 | 59.18 | 91.12 | 8665 | 482430 | 0.12 | 0.10 | 1.20 | 8.90 | 10.11 |
| 2023 | 53.74 | 83.68 | 9050 | 458625 | 0.19 | 0.10 | 1.20 | 10.31 | 11.53 |
| 2022 | 48.19 | 75.86 | 9444 | 430446 |  | 0.10 | 1.20 | (20.44) | (19.57) |
| 2021 | 59.91 | 95.35 | 10366 | 589759 | 0.19 | 0.10 | 1.20 | 13.65 | 14.91 |
| **Lincoln:** |  |  |  |  |  |  |  |  |  |
| <u>Disciplined Core Value II</u> | <u>Disciplined Core Value II</u> | <u>Disciplined Core Value II</u> |  |  |  |  |  |  |  |
| 2025 | 9.81 | 9.91 | 1644500 | 16258428 | 1.71 | 0.10 | 0.70 | 14.06 | 14.74 |
| 2024 | 8.60 | 8.64 | 1735244 | 14971756 | 0.94 | 0.10 | 0.70 | 6.08 | 6.51 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>Value II</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 14.58 | 14.58 | 5830 | 85030 | 1.66 | 0.20 | 0.20 | 15.79 | 15.79 |
| 2024 | 12.60 | 12.60 | 5931 | 74704 | 2.33 | 0.20 | 0.20 | 6.48 | 6.48 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>Mid Cap Value II</u> | <u>Mid Cap Value II</u> |  |  |  |  |  |  |  |  |
| 2025 | 22.00 | 22.23 | 477659 | 10560843 | 1.99 | 0.10 | 0.70 | 8.24 | 8.89 |
| 2024 | 20.33 | 20.41 | 462302 | 9415168 | 2.08 | 0.10 | 0.70 | 6.32 | 6.76 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| **AIM:** |  |  |  |  |  |  |  |  |  |
| <u>Intl. Growth</u> | <u>Intl. Growth</u> |  |  |  |  |  |  |  |  |
| 2025 | 60.66 | 67.17 | 113286 | 6876559 | 1.44 | 0.10 | 0.70 | 15.69 | 16.38 |
| 2024 | 52.43 | 57.72 | 118307 | 6149215 | 1.76 | 0.10 | 0.70 | (0.09) | 0.52 |
| 2023 | 51.16 | 52.48 | 119777 | 6171787 | 0.20 | 0.10 | 0.70 | 17.33 | 18.03 |
| 2022 | 28.94 | 43.35 | 123609 | 5439331 | 1.72 | 0.10 | 0.90 | (18.39) | (16.46) |
| 2021 | 53.11 | 53.62 | 127878 | 6960587 | 1.31 | 0.10 | 0.90 | 4.93 | 5.78 |
| <u>Global</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 22.39 | 24.79 | 36873 | 804051 | 2.07 | 0.10 | 0.70 | 7.10 | 7.74 |
| 2024 | 18.52 | 20.90 | 36942 | 747696 | 2.58 | 0.10 | 0.70 | (2.49) | (1.90) |
| 2023 | 18.88 | 21.44 | 37938 | 780436 | 1.55 | 0.10 | 0.70 | 8.29 | 8.94 |
| 2022 | 17.33 | 19.80 | 36750 | 696221 | 2.91 | 0.10 | 0.70 | (25.46) | (25.01) |
| 2021 | 17.99 | 23.11 | 40345 | 1026430 | 3.26 | 0.10 | 0.80 | 8.15 | 25.58 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **AIM, continued:** | **AIM, continued:** |  |  |  |  |  |  |  |  |
| <u>Small Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 55.00 | 60.91 | 18322 | 984605 |  | 0.10 | 0.70 | 7.30 | 7.94 |
| 2024 | 51.26 | 56.43 | 17862 | 888733 | 0.13 | 0.10 | 0.70 | 14.92 | 17.26 |
| 2023 | 24.47 | 43.71 | 18762 | 791418 |  | 0.70 | 0.70 | 15.77 | 15.77 |
| 2022 | 21.14 | 37.76 | 18790 | 682983 |  | 0.70 | 0.70 | (21.06) | (21.06) |
| 2021 | 26.78 | 47.83 | 18795 | 854826 | 0.17 | 0.70 | 0.70 | 19.56 | 19.56 |
| <u>Global Value</u> | <u>Global Value</u> |  |  |  |  |  |  |  |  |
| 2025 | 19.23 | 38.64 | 173121 | 3343626 | 1.39 | 0.10 | 1.20 | 14.18 | 15.45 |
| 2024 | 16.65 | 33.84 | 183589 | 3076060 | 1.11 | 0.10 | 1.20 | 15.44 | 16.73 |
| 2023 | 14.27 | 29.31 | 199397 | 2865739 | 0.57 | 0.10 | 1.20 | 20.28 | 21.61 |
| 2022 | 11.73 | 24.37 | 209793 | 2508457 | 0.34 | 0.10 | 1.20 | (22.81) | (21.95) |
| 2021 | 15.03 | 31.57 | 215955 | 3392650 | 0.97 | 0.10 | 1.20 | 14.59 | 15.86 |
| <u>Discovery Mid Cap</u> | <u>Discovery Mid Cap</u> |  |  |  |  |  |  |  |  |
| 2025 | 124.80 | 128.74 | 17070 | 2175267 |  | 0.10 | 0.65 | 4.11 | 4.68 |
| 2024 | 119.87 | 122.98 | 21991 | 2683452 |  | 0.10 | 0.65 | 23.42 | 24.11 |
| 2023 | 62.81 | 99.09 | 18499 | 1820438 |  | 0.10 | 0.70 | 13.02 | 13.04 |
| 2022 | 55.51 | 87.66 | 20052 | 1748197 |  | 0.10 | 0.80 | (31.45) | (31.05) |
| 2021 | 125.68 | 127.14 | 20511 | 2598082 |  | 0.10 | 0.80 | 18.17 | 18.98 |
| <u>Global Securities</u> | <u>Global Securities</u> |  |  |  |  |  |  |  |  |
| 2025 | 124.28 | 137.63 | 41185 | 4406700 |  | 0.10 | 0.70 | 14.52 | 15.21 |
| 2024 | 108.52 | 119.46 | 36587 | 3427929 |  | 0.10 | 0.70 | 7.93 | 15.25 |
| 2023 | 56.06 | 94.16 | 35355 | 2928485 | 0.24 | 0.70 | 0.70 | 33.80 | 33.80 |
| 2022 | 41.90 | 70.37 | 33087 | 2118967 |  | 0.70 | 0.70 | (32.24) | (32.24) |
| 2021 | 61.83 | 103.85 | 27363 | 2690099 |  | 0.70 | 0.70 | 14.69 | 14.69 |
| **Summit:** |  |  |  |  |  |  |  |  |  |
| <u>S&P MidCap</u> | <u>S&P MidCap</u> |  |  |  |  |  |  |  |  |
| 2025 | 247.94 | 300.81 | 175851 | 43458158 | 1.10 | 0.10 | 1.20 | 5.86 | 7.03 |
| 2024 | 234.21 | 281.05 | 181845 | 42085642 | 1.20 | 0.10 | 1.20 | 12.15 | 13.40 |
| 2023 | 200.50 | 208.84 | 192498 | 39400551 | 1.24 | 0.10 | 1.20 | 14.74 | 16.00 |
| 2022 | 172.84 | 182.01 | 212120 | 35478561 | 0.94 | 0.10 | 1.20 | (14.37) | (13.42) |
| 2021 | 199.63 | 212.54 | 244518 | 43294276 | 0.84 | 0.10 | 1.20 | 22.93 | 24.29 |
| <u>Russell Small Cap</u> | <u>Russell Small Cap</u> |  |  |  |  |  |  |  |  |
| 2025 | 172.37 | 236.20 | 197186 | 35779810 | 1.59 | 0.10 | 1.20 | 11.11 | 12.34 |
| 2024 | 155.13 | 210.26 | 202320 | 32825166 | 1.24 | 0.10 | 1.20 | 9.89 | 11.12 |
| 2023 | 134.99 | 141.16 | 211564 | 30951601 | 0.88 | 0.10 | 1.20 | 15.21 | 16.48 |
| 2022 | 115.88 | 122.52 | 227015 | 27140925 | 0.83 | 0.10 | 1.20 | (21.46) | (20.60) |
| 2021 | 145.94 | 156.01 | 248614 | 34939466 | 0.75 | 0.10 | 1.20 | 13.16 | 14.41 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Summit, continued:** | **Summit, continued:** |  |  |  |  |  |  |  |  |
| <u>Nasdaq-100 Index</u> | <u>Nasdaq-100 Index</u> |  |  |  |  |  |  |  |  |
| 2025 | 332.51 | 368.22 | 96921 | 28255307 | 0.28 | 0.10 | 0.70 | 19.56 | 20.27 |
| 2024 | 278.12 | 306.15 | 99390 | 24194327 | 0.33 | 0.10 | 0.70 | 24.33 | 25.08 |
| 2023 | 185.09 | 223.70 | 110845 | 21599974 | 0.33 | 0.10 | 0.70 | 53.33 | 54.25 |
| 2022 | 93.02 | 120.00 | 137342 | 15268537 | 0.18 | 0.10 | 0.90 | (32.71) | (17.59) |
| 2021 | 40.48 | 178.33 | 153853 | 22690020 | 0.28 | 0.10 | 0.90 | 25.74 | 26.75 |
| <u>EAFE Intl.</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 150.37 | 189.44 | 98405 | 16481359 | 2.50 | 0.10 | 1.20 | 29.00 | 30.77 |
| 2024 | 116.57 | 144.86 | 102122 | 13015171 | 2.71 | 0.10 | 1.20 | 1.70 | 3.04 |
| 2023 | 114.62 | 120.50 | 100808 | 12419131 | 3.00 | 0.10 | 1.20 | 16.20 | 17.66 |
| 2022 | 98.64 | 102.42 | 103587 | 10925083 | 3.61 | 0.10 | 1.20 | (15.69) | (14.67) |
| 2021 | 116.99 | 120.03 | 104166 | 12992353 | 1.77 | 0.10 | 1.20 | 9.56 | 10.76 |
| <u>Barclays</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 70.75 | 78.35 | 156498 | 10362954 | 3.16 | 0.10 | 0.70 | 6.16 | 6.80 |
| 2024 | 61.28 | 66.64 | 154706 | 9606187 | 2.87 | 0.10 | 0.70 | 0.32 | 0.93 |
| 2023 | 60.72 | 66.43 | 147325 | 9046733 | 2.76 | 0.10 | 0.70 | 4.74 | 5.37 |
| 2022 | 47.25 | 57.62 | 146271 | 8570824 | 2.67 | 0.10 | 0.90 | (12.61) | (8.88) |
| 2021 | 65.94 | 68.22 | 155498 | 10520775 | 2.44 | 0.10 | 0.90 | (2.70) | (1.92) |
| <u>S&P 500</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 479.91 | 579.01 | 327706 | 147464400 | 1.11 | 0.10 | 1.20 | 16.10 | 17.39 |
| 2024 | 413.35 | 493.25 | 350660 | 134691223 | 1.23 | 0.10 | 1.20 | 23.14 | 24.51 |
| 2023 | 293.82 | 335.68 | 376202 | 116093561 | 1.37 | 0.10 | 1.20 | 24.42 | 25.80 |
| 2022 | 233.57 | 269.79 | 397919 | 98306890 | 1.23 | 0.10 | 1.20 | (19.31) | (18.42) |
| 2021 | 286.32 | 334.37 | 419667 | 128110089 | 1.33 | 0.10 | 1.20 | 26.89 | 28.29 |
| <u>Moderate</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 25.08 | 26.89 | 124242 | 3207941 | 2.50 | 0.10 | 0.70 | 6.23 | 6.87 |
| 2024 | 23.60 | 24.33 | 131684 | 3177049 | 2.21 | 0.10 | 0.70 | 6.95 | 7.59 |
| 2023 | 22.07 | 22.61 | 141339 | 3161127 | 1.44 | 0.10 | 0.70 | 11.15 | 11.81 |
| 2022 | 17.03 | 20.22 | 144650 | 2896434 | 1.09 | 0.10 | 0.90 | (14.26) | (5.71) |
| 2021 | 22.95 | 23.59 | 154341 | 3611085 | 1.07 | 0.10 | 0.90 | 9.08 | 9.95 |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 28.10 | 28.65 | 1453 | 41233 | 1.21 | 0.70 | 0.70 | 7.31 | 7.31 |
| 2024 | 26.19 | 26.70 | 1966 | 52135 | 0.91 | 0.70 | 0.70 | 11.38 | 11.38 |
| 2023 | 23.51 | 23.97 | 6287 | 150395 | 1.30 | 0.70 | 0.70 | 14.85 | 14.85 |
| 2022 | 20.47 | 20.87 | 5818 | 121190 | 0.86 | 0.70 | 0.70 | (15.53) | (15.53) |
| 2021 | 24.24 | 24.71 | 1788 | 44026 | 1.07 | 0.70 | 0.70 | 15.06 | 15.06 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Summit, continued:** | **Summit, continued:** |  |  |  |  |  |  |  |  |
| <u>Mod. Growth</u> | <u>Mod. Growth</u> |  |  |  |  |  |  |  |  |
| 2025 | 27.63 | 29.63 | 225777 | 6431778 | 2.12 | 0.10 | 0.70 | 7.75 | 8.40 |
| 2024 | 25.64 | 27.33 | 227138 | 5954645 | 1.94 | 0.10 | 0.70 | 9.40 | 10.06 |
| 2023 | 23.44 | 24.09 | 233819 | 5560391 | 1.38 | 0.10 | 0.70 | 13.00 | 13.68 |
| 2022 | 18.33 | 21.19 | 231377 | 4832949 | 0.99 | 0.10 | 0.90 | (14.69) | (9.46) |
| 2021 | 23.80 | 24.84 | 250664 | 6132378 | 1.01 | 0.10 | 0.90 | 12.63 | 13.53 |
| **Third Avenue:** | **Third Avenue:** |  |  |  |  |  |  |  |  |
| <u>Value</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 50.41 | 55.82 | 337815 | 12907682 | 2.30 | 0.10 | 0.70 | 33.91 | 34.71 |
| 2024 | 27.05 | 37.64 | 334566 | 9482743 | 2.52 | 0.10 | 0.70 | (2.96) | (2.37) |
| 2023 | 27.71 | 38.79 | 347389 | 10118201 | 2.34 | 0.10 | 0.70 | 19.97 | 20.69 |
| 2022 | 21.16 | 22.96 | 369083 | 9016957 | 1.41 | 0.10 | 0.90 | 10.66 | 15.99 |
| 2021 | 19.79 | 39.78 | 380753 | 8167010 | 0.67 | 0.10 | 0.90 | 21.01 | 21.95 |
| **Dreyfus:** |  |  |  |  |  |  |  |  |  |
| <u>MidCap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 38.95 | 47.44 | 41332 | 1602410 | 0.44 | 0.10 | 0.65 | 9.10 | 9.70 |
| 2024 | 19.07 | 35.94 | 44217 | 1554203 | 0.61 | 0.10 | 0.70 | 8.62 | 12.22 |
| 2023 | 31.64 | 68.49 | 46977 | 1473702 | 0.61 | 0.10 | 0.70 | 17.87 | 31.25 |
| 2022 | 16.36 | 26.84 | 50575 | 1361675 | 0.45 | 0.10 | 0.90 | (14.37) | (7.89) |
| 2021 | 31.35 | 59.43 | 53604 | 1734225 | 0.44 | 0.10 | 0.90 | 24.42 | 25.44 |
| **Scudder:** |  |  |  |  |  |  |  |  |  |
| <u>Small Mid Value</u> | <u>Small Mid Value</u> |  |  |  |  |  |  |  |  |
| 2025 | 34.86 | 38.61 | 72966 | 2124732 | 0.97 | 0.10 | 0.70 | 17.39 | 18.10 |
| 2024 | 24.79 | 29.70 | 65515 | 1654219 | 1.17 | 0.10 | 0.70 | 5.46 | 6.10 |
| 2023 | 23.36 | 28.16 | 64560 | 1583952 | 1.15 | 0.10 | 0.70 | 14.15 | 14.83 |
| 2022 | 20.34 | 24.67 | 60323 | 1340919 | 0.84 | 0.10 | 0.70 | (16.39) | (15.89) |
| 2021 | 15.47 | 24.18 | 69737 | 1842335 | 1.38 | 0.10 | 0.80 | 30.37 | 31.72 |
| <u>Thematic</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 21.15 | 21.63 | 16478 | 352705 | 0.87 | 0.10 | 0.70 | 18.09 | 18.80 |
| 2024 | 17.91 | 18.21 | 16960 | 303547 | 1.25 | 0.10 | 0.70 | 8.60 | 9.26 |
| 2023 | 16.49 | 16.66 | 19998 | 329180 | 1.03 | 0.10 | 0.70 | 15.24 | 15.93 |
| 2022 | 14.31 | 14.38 | 20660 | 294129 | 1.05 | 0.10 | 0.70 | (29.01) | (28.58) |
| 2021 | 18.80 | 20.13 | 21030 | 420726 | 0.34 | 0.10 | 0.80 | 6.98 | 8.00 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Scudder, continued:** | **Scudder, continued:** |  |  |  |  |  |  |  |  |
| <u>Capital Growth</u> | <u>Capital Growth</u> |  |  |  |  |  |  |  |  |
| 2025 | 135.32 | 149.85 | 7442 | 745976 | 0.05 | 0.10 | 0.70 | 11.75 | 12.42 |
| 2024 | 121.10 | 133.30 | 6681 | 622777 | 0.18 | 0.10 | 0.70 | 13.23 | 25.73 |
| 2023 | 52.95 | 96.31 | 5729 | 445669 | 0.07 | 0.70 | 0.70 | 37.61 | 37.61 |
| 2022 | 38.48 | 69.99 | 3825 | 234992 | 0.09 | 0.70 | 0.70 | (31.22) | (31.22) |
| 2021 | 55.94 | 101.76 | 3043 | 288275 | 0.20 | 0.70 | 0.70 | 21.92 | 21.92 |
| **Neuberger Berman:** | **Neuberger Berman:** |  |  |  |  |  |  |  |  |
| <u>Regency</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 45.18 | 49.63 | 16181 | 642224 | 0.48 | 0.10 | 0.70 | 10.78 | 11.45 |
| 2024 | 27.31 | 40.79 | 15402 | 549291 | 0.65 | 0.10 | 0.70 | 8.06 | 8.71 |
| 2023 | 25.12 | 37.74 | 18990 | 601283 | 1.15 | 0.10 | 0.70 | 10.23 | 10.89 |
| 2022 | 22.65 | 34.24 | 18687 | 528483 | 0.58 | 0.10 | 0.70 | (10.38) | (9.84) |
| 2021 | 20.33 | 25.12 | 28297 | 840938 | 0.46 | 0.10 | 0.90 | 21.58 | 32.67 |
| <u>Equity</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 59.64 | 62.07 | 6588 | 401991 |  | 0.10 | 0.70 | 12.95 | 13.63 |
| 2024 | 52.80 | 54.63 | 6591 | 354267 | 0.21 | 0.10 | 0.70 | 12.49 | 24.96 |
| 2023 | 39.94 | 42.25 | 7798 | 329099 | 0.35 | 0.70 | 0.70 | 26.02 | 26.02 |
| 2022 | 31.69 | 33.53 | 8733 | 292778 | 0.44 | 0.70 | 0.70 | (19.02) | (7.63) |
| 2021 | 41.40 | 41.40 | 9424 | 390185 | 0.39 | 0.70 | 0.70 | 22.62 | 22.62 |
| **T. Rowe:** |  |  |  |  |  |  |  |  |  |
| <u>Blue Chip</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 82.21 | 91.05 | 232752 | 20287115 |  | 0.10 | 0.70 | 17.61 | 18.32 |
| 2024 | 69.90 | 76.95 | 246229 | 18181537 |  | 0.10 | 0.70 | 34.22 | 35.03 |
| 2023 | 52.08 | 57.35 | 287839 | 15763875 |  | 0.10 | 0.70 | 47.92 | 48.81 |
| 2022 | 29.23 | 38.54 | 303278 | 11138861 |  | 0.10 | 0.90 | (38.72) | (22.13) |
| 2021 | 56.00 | 62.89 | 252970 | 15101278 |  | 0.10 | 0.90 | 16.28 | 17.21 |
| <u>Equity Income</u> | <u>Equity Income</u> |  |  |  |  |  |  |  |  |
| 2025 | 72.65 | 80.46 | 4044 | 290918 | 1.43 | 0.10 | 0.70 | 13.28 | 13.96 |
| 2024 | 64.13 | 70.60 | 4522 | 287167 | 1.62 | 0.10 | 0.70 | 9.07 | 10.60 |
| 2023 | 37.43 | 57.99 | 8557 | 487834 | 1.88 | 0.70 | 0.70 | 8.55 | 8.55 |
| 2022 | 34.48 | 53.42 | 9620 | 499253 | 1.68 | 0.70 | 0.70 | (4.26) | (4.26) |
| 2021 | 36.02 | 55.79 | 9375 | 521556 | 1.48 | 0.70 | 0.70 | 24.35 | 24.35 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Franklin Templeton:** | **Franklin Templeton:** |  |  |  |  |  |  |  |  |
| <u>Income</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 39.76 | 44.03 | 21521 | 561093 | 4.94 | 0.10 | 0.70 | 11.77 | 12.45 |
| 2024 | 20.48 | 35.57 | 24034 | 552641 | 4.58 | 0.10 | 0.70 | 6.45 | 7.10 |
| 2023 | 19.13 | 33.42 | 22600 | 564699 | 5.15 | 0.10 | 0.70 | 7.87 | 8.52 |
| 2022 | 17.63 | 30.98 | 23184 | 544868 | 4.79 | 0.10 | 0.70 | (6.13) | (5.57) |
| 2021 | 16.76 | 18.66 | 22384 | 563495 | 4.65 | 0.10 | 0.90 | 7.57 | 16.63 |
| <u>Global Bond</u> | <u>Global Bond</u> |  |  |  |  |  |  |  |  |
| 2025 | 16.45 | 17.64 | 251732 | 3962763 |  | 0.10 | 0.70 | 14.92 | 15.61 |
| 2024 | 13.33 | 14.32 | 262715 | 3573644 |  | 0.10 | 0.70 | (11.99) | (11.46) |
| 2023 | 15.05 | 16.27 | 228719 | 3507025 |  | 0.10 | 0.70 | 2.17 | 2.78 |
| 2022 | 12.48 | 14.64 | 213967 | 3232524 |  | 0.10 | 0.90 | (5.04) | (2.81) |
| 2021 | 15.42 | 16.61 | 238679 | 3855880 |  | 0.10 | 0.90 | (5.84) | (5.09) |
| **Ivy:** |  |  |  |  |  |  |  |  |  |
| <u>Science</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 151.47 | 167.74 | 25178 | 3103859 |  | 0.10 | 0.70 | 32.44 | 33.23 |
| 2024 | 114.37 | 125.90 | 23065 | 2185523 |  | 0.10 | 0.70 | 16.98 | 29.68 |
| 2023 | 46.89 | 88.20 | 21882 | 1685691 |  | 0.70 | 0.70 | 38.10 | 38.10 |
| 2022 | 33.96 | 63.87 | 20161 | 1199065 |  | 0.70 | 0.70 | (32.31) | (32.31) |
| 2021 | 50.17 | 94.36 | 19355 | 1778122 |  | 0.70 | 0.70 | 14.37 | 14.37 |
| <u>Balanced</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 15.05 | 18.30 | 16798 | 264734 | 1.26 | 0.10 | 0.70 | 11.01 | 11.67 |
| 2024 | 13.48 | 16.49 | 17978 | 255668 | 1.38 | 0.10 | 0.70 | 14.78 | 15.48 |
| 2023 | 11.67 | 14.37 | 18809 | 211259 | 0.74 | 0.10 | 0.70 | 15.23 | 15.91 |
| 2022 | 10.07 | 12.47 | 16842 | 165598 | 1.11 | 0.10 | 0.70 | (16.64) | (16.14) |
| 2021 | 9.39 | 12.01 | 17313 | 204105 | 0.98 | 0.10 | 0.90 | 8.25 | 15.85 |
| **Pimco:** |  |  |  |  |  |  |  |  |  |
| <u>Total Return</u> | <u>Total Return</u> |  |  |  |  |  |  |  |  |
| 2025 | 16.65 | 18.43 | 151410 | 2255180 | 4.10 | 0.10 | 0.70 | 8.13 | 8.78 |
| 2024 | 11.92 | 15.39 | 159284 | 2163414 | 4.04 | 0.10 | 0.70 | 1.82 | 2.43 |
| 2023 | 11.64 | 15.12 | 165536 | 2192241 | 3.57 | 0.10 | 0.70 | 5.20 | 5.83 |
| 2022 | 8.98 | 11.00 | 160548 | 2036627 | 2.58 | 0.10 | 0.90 | (14.38) | (6.37) |
| 2021 | 12.84 | 16.13 | 207994 | 3107653 | 1.82 | 0.10 | 0.90 | (2.15) | (1.36) |
| <u>Low Duration</u> | <u>Low Duration</u> |  |  |  |  |  |  |  |  |
| 2025 | 11.78 | 12.63 | 78444 | 933273 | 3.95 | 0.10 | 0.70 | 4.79 | 5.42 |
| 2024 | 11.24 | 11.36 | 85115 | 959312 | 3.98 | 0.10 | 0.70 | 3.77 | 4.39 |
| 2023 | 10.83 | 10.88 | 98083 | 1053051 | 3.60 | 0.10 | 0.70 | 4.24 | 4.87 |
| 2022 | 9.48 | 10.38 | 98664 | 1011887 | 1.66 | 0.10 | 0.80 | (5.83) | (0.91) |
| 2021 | 10.23 | 11.02 | 99787 | 1097008 | 0.52 | 0.10 | 0.90 | (1.80) | (1.03) |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Pimco, continued:** | **Pimco, continued:** |  |  |  |  |  |  |  |  |
| <u>Real Return</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 14.87 | 15.14 | 4097 | 59630 | 3.25 | 0.10 | 0.70 | 6.99 | 7.64 |
| 2024 | 13.81 | 14.15 | 3890 | 52748 | 2.52 | 0.10 | 0.70 | 1.32 | 1.93 |
| 2023 | 13.55 | 13.97 | 4714 | 64026 | 2.84 | 0.10 | 0.70 | 2.85 | 3.46 |
| 2022 | 13.10 | 13.58 | 4508 | 59021 | 6.91 | 0.10 | 0.70 | (12.60) | (12.08) |
| 2021 | 13.99 | 14.90 | 11259 | 166488 | 4.67 | 0.10 | 0.90 | 0.16 | 5.38 |
| **Ibbotson:** |  |  |  |  |  |  |  |  |  |
| <u>Balanced</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 20.03 | 23.21 | 46486 | 912999 | 2.11 | 0.10 | 0.70 | 14.02 | 14.70 |
| 2024 | 17.46 | 20.36 | 27774 | 476489 | 2.15 | 0.10 | 0.70 | 9.40 | 10.06 |
| 2023 | 15.87 | 18.61 | 22631 | 360851 | 1.99 | 0.10 | 0.70 | 12.04 | 12.71 |
| 2022 | 14.08 | 16.61 | 23803 | 337156 | 1.43 | 0.10 | 0.70 | (13.49) | (12.97) |
| 2021 | 11.81 | 16.17 | 29463 | 494131 | 1.22 | 0.10 | 0.80 | 4.95 | 10.68 |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 26.78 | 29.24 | 17171 | 381953 | 1.77 | 0.10 | 0.70 | 17.09 | 17.79 |
| 2024 | 19.88 | 22.87 | 10127 | 197979 | 1.28 | 0.10 | 0.70 | 11.88 | 12.56 |
| 2023 | 17.66 | 20.44 | 12237 | 209320 | 1.84 | 0.10 | 0.70 | 14.47 | 15.15 |
| 2022 | 15.34 | 17.86 | 11699 | 177277 | 1.55 | 0.10 | 0.70 | (13.85) | (13.34) |
| 2021 | 17.70 | 20.73 | 12062 | 213388 | 1.23 | 0.10 | 0.70 | 14.09 | 14.77 |
| <u>Income</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 13.54 | 16.63 | 20321 | 357619 | 2.29 | 0.10 | 0.70 | 10.93 | 11.59 |
| 2024 | 12.21 | 14.90 | 20197 | 320862 | 2.26 | 0.10 | 0.70 | 7.21 | 7.86 |
| 2023 | 11.39 | 13.82 | 20070 | 297389 | 2.15 | 0.10 | 0.70 | 9.83 | 10.48 |
| 2022 | 9.19 | 12.51 | 20262 | 273468 | 1.64 | 0.10 | 0.80 | (12.62) | (7.02) |
| 2021 | 14.31 | 16.95 | 22483 | 352051 | 1.39 | 0.10 | 0.80 | 5.62 | 6.36 |
| **American Funds:** | **American Funds:** |  |  |  |  |  |  |  |  |
| <u>IS New World</u> | <u>IS New World</u> |  |  |  |  |  |  |  |  |
| 2025 | 39.40 | 40.76 | 2656 | 104645 | 1.19 | 0.10 | 0.70 | 10.04 | 27.40 |
| 2024 | 30.92 | 30.92 | 2798 | 86518 | 1.75 | 0.70 | 0.70 | 5.81 | 5.81 |
| 2023 | 29.23 | 29.23 | 1609 | 47027 | 1.63 | 0.70 | 0.70 | 15.19 | 15.19 |
| 2022 | 25.37 | 25.37 | 435 | 11034 | 1.29 | 0.70 | 0.70 | (22.64) | (22.64) |
| 2021 | 32.80 | 32.80 | 878 | 28783 | 1.04 | 0.70 | 0.70 | 4.19 | 4.19 |

---

**7. CHANGES IN UNITS OUTSTANDING**

The change in units outstanding for the periods ended December 31, were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Fidelity:** |  |  |
| <u>Equity-Income IC</u> |  |  |
| Units issued | 254666 | 266478 |
| Units redeemed | (285290) | (292397) |
| Net increase(decrease) | (30624) | (25919) |
| <u>Equity-Income SC</u> |  |  |
| Units issued | 2152 | 2492 |
| Units redeemed | (2336) | (2503) |
| Net increase(decrease) | (184) | (11) |
| <u>Growth IC</u> |  |  |
| Units issued | 41229 | 57859 |
| Units redeemed | (58730) | (69205) |
| Net increase(decrease) | (17501) | (11346) |
| <u>Growth SC</u> |  |  |
| Units issued | 267 | 284 |
| Units redeemed | (1129) | (459) |
| Net increase(decrease) | (862) | (175) |
| <u>High Income IC</u> |  |  |
| Units issued | 3486849 | 3718505 |
| Units redeemed | (3548684) | (3713923) |
| Net increase(decrease) | (61835) | 4582 |
| <u>High Income SC</u> |  |  |
| Units issued | 27149 | 27088 |
| Units redeemed | (27697) | (27578) |
| Net increase(decrease) | (548) | (490) |
| <u>Overseas IC</u> |  |  |
| Units issued | 308448 | 237673 |
| Units redeemed | (331662) | (250318) |
| Net increase(decrease) | (23214) | (12645) |
| <u>Overseas SC</u> |  |  |
| Units issued | 775 | 1407 |
| Units redeemed | (1108) | (1519) |
| Net increase(decrease) | (333) | (112) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Fidelity, continued:** |  |  |
| <u>Asset Mgr. IC</u> |  |  |
| Units issued | 40904 | 48833 |
| Units redeemed | (60900) | (71867) |
| Net increase(decrease) | (19996) | (23034) |
| <u>Asset Mgr. SC</u> |  |  |
| Units issued | 3076 | 3129 |
| Units redeemed | (3123) | (3106) |
| Net increase(decrease) | (47) | 23 |
| <u>Inv. Bond IC</u> |  |  |
| Units issued | 1864812 | 1896698 |
| Units redeemed | (1886256) | (1856889) |
| Net increase(decrease) | (21444) | 39809 |
| <u>Contrafund IC</u> |  |  |
| Units issued | 147769 | 194936 |
| Units redeemed | (176778) | (216022) |
| Net increase(decrease) | (29009) | (21086) |
| <u>Contrafund SC</u> |  |  |
| Units issued | 2052 | 2991 |
| Units redeemed | (2873) | (3874) |
| Net increase(decrease) | (821) | (883) |
| <u>Asset Mgr. Gr. IC</u> |  |  |
| Units issued | 36496 | 40090 |
| Units redeemed | (41202) | (38278) |
| Net increase(decrease) | (4706) | 1812 |
| <u>Asset Mgr. Gr. SC</u> |  |  |
| Units issued | 289 | 358 |
| Units redeemed | (332) | (671) |
| Net increase(decrease) | (43) | (313) |
| <u>Mid Cap IC</u> |  |  |
| Units issued | 29665 | 33439 |
| Units redeemed | (29115) | (33124) |
| Net increase(decrease) | 550 | 315 |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Fidelity, continued:** |  |  |
| <u>Strategic IC</u> |  |  |
| Units issued | 2749 | 2921 |
| Units redeemed | (2434) | (2361) |
| Net increase(decrease) | 315 | 560 |
| <u>Money Market</u> |  |  |
| Units issued | 38143200 | 25925923 |
| Units redeemed | (39384038) | (14657478) |
| Net increase(decrease) | (1240838) | 11268445 |
| **Alger:** |  |  |
| <u>Balanced</u> |  |  |
| Units issued | 92830 | 108409 |
| Units redeemed | (110212) | (124605) |
| Net increase(decrease) | (17382) | (16196) |
| <u>Capital App</u> |  |  |
| Units issued | 6451 | 5976 |
| Units redeemed | (4990) | (6049) |
| Net increase(decrease) | 1461 | (73) |
| **MFS:** |  |  |
| <u>Utilities</u> |  |  |
| Units issued | 83270 | 108156 |
| Units redeemed | (96300) | (126176) |
| Net increase(decrease) | (13030) | (18020) |
| <u>New Discovery</u> |  |  |
| Units issued | 60901 | 45172 |
| Units redeemed | (69998) | (48813) |
| Net increase(decrease) | (9097) | (3641) |
| <u>Total Return</u> |  |  |
| Units issued | 34788 | 32290 |
| Units redeemed | (34423) | (30120) |
| Net increase(decrease) | 365 | 2170 |
| <u>Value</u> |  |  |
| Units issued | 19143 | 26487 |
| Units redeemed | (19803) | (33927) |
| Net increase(decrease) | (660) | (7440) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **MFS, continued:** |  |  |
| <u>Strategic</u> |  |  |
| Units issued | 149374 | 167272 |
| Units redeemed | (154078) | (154491) |
| Net increase(decrease) | (4704) | 12781 |
| <u>Research</u> |  |  |
| Units issued | 1050768 | 1109557 |
| Units redeemed | (1069399) | (1112109) |
| Net increase(decrease) | (18631) | (2552) |
| <u>Global Real Estate</u> |  |  |
| Units issued | 809 | 189 |
| Units redeemed | (417) | (26) |
| Net increase(decrease) | 392 | 163 |
| **Van Kampen:** |  |  |
| <u>Emerging Markets</u> |  |  |
| Units issued | 1239273 | 1293846 |
| Units redeemed | (1265926) | (1313252) |
| Net increase(decrease) | (26653) | (19406) |
| <u>Intl. Magnum</u> |  |  |
| Units issued | 63623 | 69778 |
| Units redeemed | (69511) | (75929) |
| Net increase(decrease) | (5888) | (6151) |
| **Calvert:** |  |  |
| <u>Balanced</u> |  |  |
| Units issued | 154285 | 231901 |
| Units redeemed | (168616) | (210512) |
| Net increase(decrease) | (14331) | 21389 |
| <u>Mid Cap</u> |  |  |
| Units issued | 22 | 25 |
| Units redeemed | (536) | (410) |
| Net increase(decrease) | (514) | (385) |
| **Lincoln:** |  |  |
| <u>Disciplined Core Value II</u> |  |  |
| Units issued | 4562407 | 5099195 |
| Units redeemed | (4653151) | (3363951) |
| Net increase(decrease) | (90744) | 1735244 |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Lincoln, continued:** |  |  |
| <u>Value II</u> |  |  |
| Units issued | 8942 | 14108 |
| Units redeemed | (9043) | (8177) |
| Net increase(decrease) | (101) | 5931 |
| <u>Mid Cap Value II</u> |  |  |
| Units issued | 1072739 | 1233971 |
| Units redeemed | (1057382) | (771669) |
| Net increase(decrease) | 15357 | 462302 |
| **AIM:** |  |  |
| <u>Intl. Growth</u> |  |  |
| Units issued | 398588 | 405876 |
| Units redeemed | (403609) | (407346) |
| Net increase(decrease) | (5021) | (1470) |
| <u>Global</u> |  |  |
| Units issued | 31564 | 35855 |
| Units redeemed | (31633) | (36851) |
| Net increase(decrease) | (69) | (996) |
| <u>Small Cap</u> |  |  |
| Units issued | 4761 | 8697 |
| Units redeemed | (4301) | (9597) |
| Net increase(decrease) | 460 | (900) |
| <u>Global Value</u> |  |  |
| Units issued | 138016 | 143050 |
| Units redeemed | (148484) | (158858) |
| Net increase(decrease) | (10468) | (15808) |
| <u>Discovery Mid Cap</u> |  |  |
| Units issued | 15281 | 21215 |
| Units redeemed | (20202) | (17723) |
| Net increase(decrease) | (4921) | 3492 |
| <u>Global Securities</u> |  |  |
| Units issued | 13775 | 11585 |
| Units redeemed | (9177) | (10353) |
| Net increase(decrease) | 4598 | 1232 |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Summit:** |  |  |
| <u>S&P MidCap</u> |  |  |
| Units issued | 185454 | 186676 |
| Units redeemed | (191448) | (197329) |
| Net increase(decrease) | (5994) | (10653) |
| <u>Russell Small Cap</u> |  |  |
| Units issued | 199453 | 209799 |
| Units redeemed | (204587) | (219043) |
| Net increase(decrease) | (5134) | (9244) |
| <u>Nasdaq-100 Index</u> |  |  |
| Units issued | 125297 | 144962 |
| Units redeemed | (127766) | (156417) |
| Net increase(decrease) | (2469) | (11455) |
| <u>EAFE Intl.</u> |  |  |
| Units issued | 275390 | 258814 |
| Units redeemed | (279107) | (257500) |
| Net increase(decrease) | (3717) | 1314 |
| <u>Barclays</u> |  |  |
| Units issued | 477611 | 482610 |
| Units redeemed | (475819) | (475229) |
| Net increase(decrease) | 1792 | 7381 |
| <u>S&P 500</u> |  |  |
| Units issued | 260326 | 279566 |
| Units redeemed | (283280) | (305108) |
| Net increase(decrease) | (22954) | (25542) |
| <u>Moderate</u> |  |  |
| Units issued | 482169 | 499934 |
| Units redeemed | (489611) | (509589) |
| Net increase(decrease) | (7442) | (9655) |
| <u>Growth</u> |  |  |
| Units issued | 2884 | 11942 |
| Units redeemed | (3397) | (16263) |
| Net increase(decrease) | (513) | (4321) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Summit, continued:** |  |  |
| <u>Mod. Growth</u> |  |  |
| Units issued | 921076 | 951529 |
| Units redeemed | (922437) | (958210) |
| Net increase(decrease) | (1361) | (6681) |
| **Third Avenue:** |  |  |
| <u>Value</u> |  |  |
| Units issued | 355620 | 256873 |
| Units redeemed | (352371) | (269696) |
| Net increase(decrease) | 3249 | (12823) |
| **Dreyfus:** |  |  |
| <u>MidCap</u> |  |  |
| Units issued | 24053 | 26006 |
| Units redeemed | (26938) | (28766) |
| Net increase(decrease) | (2885) | (2760) |
| **Scudder:** |  |  |
| <u>Small Mid Value</u> |  |  |
| Units issued | 43588 | 44094 |
| Units redeemed | (36137) | (43139) |
| Net increase(decrease) | 7451 | 955 |
| <u>Thematic</u> |  |  |
| Units issued | 39389 | 15537 |
| Units redeemed | (39871) | (18575) |
| Net increase(decrease) | (482) | (3038) |
| <u>Capital Growth</u> |  |  |
| Units issued | 2620 | 2860 |
| Units redeemed | (1859) | (1908) |
| Net increase(decrease) | 761 | 952 |
| **Neuberger Berman:** |  |  |
| <u>Regency</u> |  |  |
| Units issued | 10217 | 11579 |
| Units redeemed | (9438) | (15167) |
| Net increase(decrease) | 779 | (3588) |
| <u>Equity</u> |  |  |
| Units issued | 3124 | 5249 |
| Units redeemed | (3127) | (6456) |
| Net increase(decrease) | (3) | (1207) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **T. Rowe:** |  |  |
| <u>Blue Chip</u> |  |  |
| Units issued | 480268 | 610944 |
| Units redeemed | (493745) | (652554) |
| Net increase(decrease) | (13477) | (41610) |
| <u>Equity Income</u> |  |  |
| Units issued | 6311 | 10429 |
| Units redeemed | (6789) | (14464) |
| Net increase(decrease) | (478) | (4035) |
| **Franklin Templeton:** |  |  |
| <u>Income</u> |  |  |
| Units issued | 24354 | 37665 |
| Units redeemed | (26867) | (36231) |
| Net increase(decrease) | (2513) | 1434 |
| <u>Global Bond</u> |  |  |
| Units issued | 1009186 | 1007142 |
| Units redeemed | (1020169) | (973146) |
| Net increase(decrease) | (10983) | 33996 |
| **Ivy:** |  |  |
| <u>Science</u> |  |  |
| Units issued | 10468 | 11750 |
| Units redeemed | (8355) | (10567) |
| Net increase(decrease) | 2113 | 1183 |
| <u>Balanced</u> |  |  |
| Units issued | 13014 | 12627 |
| Units redeemed | (14194) | (13458) |
| Net increase(decrease) | (1180) | (831) |
| **Pimco:** |  |  |
| <u>Total Return</u> |  |  |
| Units issued | 105287 | 142866 |
| Units redeemed | (113161) | (149118) |
| Net increase(decrease) | (7874) | (6252) |
| <u>Low Duration</u> |  |  |
| Units issued | 153451 | 189428 |
| Units redeemed | (160122) | (202396) |
| Net increase(decrease) | (6671) | (12968) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Pimco, continued:** |  |  |
| <u>Real Return</u> |  |  |
| Units issued | 2632 | 2308 |
| Units redeemed | (2425) | (3132) |
| Net increase(decrease) | 207 | (824) |
| **Ibbotson:** |  |  |
| <u>Balanced</u> |  |  |
| Units issued | 64664 | 22067 |
| Units redeemed | (45952) | (16924) |
| Net increase(decrease) | 18712 | 5143 |
| <u>Growth</u> |  |  |
| Units issued | 11662 | 6749 |
| Units redeemed | (4618) | (8859) |
| Net increase(decrease) | 7044 | (2110) |
| <u>Income</u> |  |  |
| Units issued | 28517 | 33856 |
| Units redeemed | (28393) | (33729) |
| Net increase(decrease) | 124 | 127 |
| **American Funds:** |  |  |
| <u>IS New World</u> |  |  |
| Units issued | 2314 | 1718 |
| Units redeemed | (2456) | (529) |
| Net increase(decrease) | (142) | 1189 |

---

**AMERITAS LIFE INSURANCE CORP.**

**________________**

**STATUTORY BASIS FINANCIAL STATEMENTS AS OF** 

**DECEMBER 31, 2025 AND 2024 AND FOR EACH OF THE**

**THREE YEARS ENDED DECEMBER 31, 2025**

**SUPPLEMENTAL SCHEDULES AS OF AND FOR THE**

**YEAR ENDED DECEMBER 31, 2025**

**AND INDEPENDENT AUDITOR'S REPORT**

 **INDEPENDENT AUDITOR'S REPORT**

To the Board of Directors

Ameritas Life Insurance Corp.

Lincoln, Nebraska

**Opinions**

We have audited the statutory basis financial statements of Ameritas Life Insurance Corp. (the "Company"), which comprise the balance sheets - statutory basis as of December 31, 2025 and 2024, and the related summary of operations and changes in capital and surplus - statutory basis and statements of cash flows - statutory basis for each of the three years in the period ended December 31, 2024, and the related notes to the financial statements - statutory basis (collectively referred to as the "statutory basis financial statements").

 

***Unmodified Opinion on Statutory Basis of Accounting***

In our opinion, the accompanying statutory basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in accordance with the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska described in Note 1 to the statutory basis financial statements.

***Adverse Opinion on Accounting Principles Generally Accepted in the United States of America***

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2025.

**Basis for Opinion**

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2025.

***Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America***

As described in Note 1 to the statutory basis financial statements, the statutory basis financial statements are prepared by the Company using the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Insurance Department of the State of Nebraska. The effects on the statutory basis financial statements of the variances between the statutory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

**Responsibilities of Management for the Statutory Basis Financial Statements**

Management is responsible for the preparation and fair presentation of the statutory basis financial statements in accordance with the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory basis financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the statutory basis financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the statutory basis financial statements are issued.

**Auditor's Responsibilities for the Audit of the Statutory Basis Financial Statements**

Our objectives are to obtain reasonable assurance about whether the statutory basis financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statutory basis financial statements.

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the statutory basis financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statutory basis financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory basis financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ Deloitte & Touche LLP

Omaha, Nebraska

March 30, 2026

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---

| | | |
|:---|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **Balance Sheets - Statutory Basis** | **Balance Sheets - Statutory Basis** | **Balance Sheets - Statutory Basis** |
| **(in thousands, except shares)** | **(in thousands, except shares)** | **(in thousands, except shares)** |
|  | **December 31** | **December 31** |
| **ADMITTED ASSETS** | **2025** | **2024** |
| Bonds | $12904203 | $12109742 |
| Preferred stocks |  | 2828 |
| Common stocks | 478370 | 483188 |
| Mortgage loans | 2436818 | 2300251 |
| Real estate: |  |  |
| &nbsp;&nbsp;Properties occupied by the company | 32225 | 38470 |
| &nbsp;&nbsp;Properties held for the production of income | 26423 | 4732 |
| Cash, cash equivalents, and short-term investments | 341551 | 201163 |
| Contract loans | 967549 | 851561 |
| Other investments | 1600111 | 1495017 |
| &nbsp;&nbsp;**Total Cash and Invested Assets** | 18787250 | 17486952 |
| Investment income due and accrued | 150555 | 145519 |
| Deferred and uncollected premiums | 110048 | 109647 |
| Federal income tax recoverable |  | 3032 |
| Net deferred income tax asset | 117529 | 125426 |
| Funds held under coinsurance - affiliate | 33327 | 33945 |
| Other admitted assets | 152542 | 138472 |
| Separate account assets | 11287354 | 10756291 |
| &nbsp;&nbsp;**Total Admitted Assets** | $30638605 | $28799284 |
| **LIABILITIES, CAPITAL AND SURPLUS** |  |  |
| Reserves for life, accident and health policies | $14373108 | $13684723 |
| Deposit-type funds | 1409540 | 1192888 |
| Reserves for unpaid claims | 153178 | 153824 |
| Dividends payable to policyholders | 31150 | 28994 |
| Interest maintenance reserve | 40430 | 48625 |
| Accrued commissions, expenses and insurance taxes | 155500 | 152753 |
| Federal income taxes payable | 30202 |  |
| Asset valuation reserve | 325047 | 354449 |
| Other liabilities | 664851 | 545291 |
| Separate account liabilities | 11287354 | 10756291 |
| &nbsp;&nbsp;**Total Liabilities** | 28470360 | 26917838 |
| Common stock, par value $0.10 per share; 25,000,000 shares authorized, |  |  |
| &nbsp;&nbsp; issued and outstanding | 2500 | 2500 |
| Additional paid in capital | 496449 | 431449 |
| Surplus notes | 49993 | 49984 |
| Unassigned surplus | 1619303 | 1397513 |
| &nbsp;&nbsp;**Total Capital and Surplus** | 2168245 | 1881446 |
| &nbsp;&nbsp;**Total Liabilities, Capital and Surplus** | $30638605 | $28799284 |

---

The accompanying notes are an integral part of these statutory basis financial statements.

---

| | | | |
|:---|:---|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** | **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** | **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** | **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Years Ended December 31** | **Years Ended December 31** | **Years Ended December 31** |
|  | **2025** | **2024** | **2023** |
| **Premiums and Other Revenue** |  |  |  |
| &nbsp;&nbsp;Premiums, net | $3951843 | $4210410 | $3779855 |
| &nbsp;&nbsp;Net investment income | 893742 | 806210 | 622185 |
| &nbsp;&nbsp;Commissions and expense allowances on reinsurance ceded | 41158 | 34784 | 33566 |
| &nbsp;&nbsp;Modco reinsurance adjustment – affiliate | 2474 | 9968 | 11843 |
| &nbsp;&nbsp;Income from fees associated with separate accounts | 68559 | 69115 | 63552 |
| &nbsp;&nbsp;Miscellaneous income | 52936 | 55982 | 62673 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Premiums and Other Revenue** | 5010712 | 5186469 | 4573674 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;Benefits to policyholders | 4038904 | 4038081 | 3358782 |
| &nbsp;&nbsp;Change in reserves for life, accident and health policies | 682854 | 1135517 | 636666 |
| &nbsp;&nbsp;Commissions | 343882 | 372384 | 318711 |
| &nbsp;&nbsp;General insurance expenses | 588755 | 587818 | 589251 |
| &nbsp;&nbsp;Taxes, licenses and fees | 58206 | 67561 | 59330 |
| &nbsp;&nbsp;Net transfers from separate accounts | (911109) | (951350) | (487201) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 4801492 | 5250011 | 4475539 |
| **Gain (Loss) from Operations before Dividends, Federal Income Tax** |  |  |  |
| &nbsp;&nbsp;**Expense (Benefit) and Net Realized Capital Gains** | 209220 | (63542) | 98135 |
| &nbsp;&nbsp;Dividends to policyholders | 29550 | 30907 | 25630 |
| **Gain (Loss) from Operations before Federal Income Tax** |  |  |  |
| &nbsp;&nbsp;**Expense (Benefit) and Net Realized Capital Gains** | 179670 | (94449) | 72505 |
| &nbsp;&nbsp;Federal income tax expense (benefit) | 16986 | (16252) | 31114 |
| **Gain (Loss) from Operations before Net Realized Capital Gains** | 162684 | (78197) | 41391 |
| &nbsp;&nbsp;Net realized capital gains, net of taxes | 41778 | 44770 | 32387 |
| **Net Income (Loss)** | 204462 | (33427) | 73778 |
| **Surplus notes** |  |  |  |
| &nbsp;&nbsp;Surplus notes amortization | 9 | 9 | 9 |
| **Additional paid in capital** |  |  |  |
| &nbsp;&nbsp;Capital contribution from parent | 65000 |  |  |
| **Unassigned surplus** |  |  |  |
| &nbsp;&nbsp;Change in unrealized gains, net of tax | 23635 | 23633 | 50539 |
| &nbsp;&nbsp;Change in net deferred income taxes | 5918 | 29059 | 65216 |
| &nbsp;&nbsp;Change in nonadmitted assets | (36073) | (41149) | (50383) |
| &nbsp;&nbsp;Change in asset valuation reserve | 29402 | (17539) | (72433) |
| &nbsp;&nbsp;Change in unrecognized actuarial losses on pension, net of tax | (607) | (37) | (250) |
| &nbsp;&nbsp;Amortization of reinsurance gain, net of tax (Note 13) | (4947) | (4266) | (3954) |
| &nbsp;&nbsp;Dissolution of subsidiary (Note 2) |  |  | (95745) |
| &nbsp;&nbsp;Cumulative effect of change in accounting principle (Note 1) |  |  | 58822 |
| **Net Change in Capital and Surplus** | 286799 | (43717) | 25599 |
| Capital and Surplus at the Beginning of the Year | 1881446 | 1925163 | 1899564 |
| &nbsp;&nbsp;**Capital and Surplus at the End of Year** | $2168245 | $1881446 | $1925163 |

---

The accompanying notes are an integral part of these statutory basis financial statements.

---

| | | | |
|:---|:---|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **Statements of Cash Flows – Statutory Basis** | **Statements of Cash Flows – Statutory Basis** | **Statements of Cash Flows – Statutory Basis** | **Statements of Cash Flows – Statutory Basis** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Years Ended December 31** | **Years Ended December 31** | **Years Ended December 31** |
|  | **2025** | **2024** | **2023** |
| **OPERATING ACTIVITIES** |  |  |  |
| Premium collected net of reinsurance | $3945890 | $4236530 | $3783194 |
| Net investment income received | 901250 | 801523 | 620675 |
| Miscellaneous income | 163016 | 160112 | 160206 |
| Benefits paid to policyholders | (4029025) | (4010542) | (3377550) |
| Net transfers from separate accounts | 907358 | 959589 | 490322 |
| Commissions, expenses and taxes paid | (995884) | (1021655) | (945340) |
| Dividends paid to policyholders | (27393) | (27516) | (23832) |
| Federal income taxes received (paid) | 5213 | (27086) | (17142) |
| &nbsp;&nbsp;**Net Cash from Operating Activities** | 870425 | 1070955 | 690533 |
| **INVESTING ACTIVITIES** |  |  |  |
| Proceeds from investments sold, matured or repaid | 2376607 | 1665850 | 1300512 |
| Cost of investments acquired | (3327033) | (2609281) | (1605951) |
| Net change in contract loans | (115721) | (119637) | (118593) |
| &nbsp;&nbsp;**Net Cash from Investing Activities** | (1066147) | (1063068) | (424032) |
| **FINANCING AND MISCELLANEOUS ACTIVITIES** |  |  |  |
| Change in deposit-type funds | 216654 | 22451 | (417) |
| Proceeds from capital contributions | 65000 |  |  |
| Proceeds from borrowings |  | 107 | 167500 |
| Redemptions of borrowings | (2959) |  | (262500) |
| Other miscellaneous, net | 57415 | 13837 | (56338) |
| &nbsp;&nbsp;**Net Cash from Financing and Miscellaneous Activities** | 336110 | 36395 | (151755) |
| **Net Change in Cash, Cash Equivalents and Short-Term Investments** | 140388 | 44282 | 114746 |
| **Cash, Cash Equivalents and Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;**– Beginning of Year** | 201163 | 156881 | 42135 |
| **Cash, Cash Equivalents and Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;**– End of Year** | $341551 | $201163 | $156881 |
| **Non-cash transactions from operating, investing and financing activities:** |  |  |  |
| Exchanges of bonds and stocks | $183673 | $41833 | $16375 |
| Real estate acquired through mortgage loan foreclosure | 14055 |  |  |
| Transfer of bonds to other invested assets | 2633 |  |  |
| Acquisition of stock from alternative partnerships | 195 |  |  |
| Bonds converted to stocks |  | 5161 |  |
| Recognized commitments for low income housing investments (Note 3) |  | 2932 | 18069 |
| Net assets (liabilities) acquired from dissolution of subsidiary (Note 2) |  |  | (3296) |
| Disposal of investment from dissolution of subsidiary (Note 2) |  |  | (92609) |

---

The accompanying notes are an integral part of these statutory basis financial statements.

 **AMERITAS LIFE INSURANCE CORP.**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025, 2024 and 2023**

**(in thousands)**

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES**

**Nature of Operations**

Ameritas Life Insurance Corp. (the Company or Ameritas Life), a stock life insurance company domiciled in the state of Nebraska, is a wholly-owned subsidiary of Ameritas Holding Company (AHC), which is a wholly-owned subsidiary of Ameritas Mutual Holding Company (AMHC). AMHC is a mutual insurance holding company. Owners of designated policies issued by the Company have membership interest in AMHC, while contractual rights remain with the Company. AHC also wholly owns Ameritas Investment Partners, Inc. (AIP), an advisor providing investment management services to the Company.

The Company wholly-owns Ameritas Life Insurance Corp. of New York (Ameritas-NY), a New York domiciled life insurance subsidiary, Ameritas Investment Company, LLC (AIC), a broker dealer, Variable Contract Agency LLC (VCA), an insurance agency, and Ameritas Advisory Services LLC (AAS), a registered investment advisor.

The Company has established three Closed Blocks of policies: (a) the first on October 1, 1998, (b) the second on July 1, 2005, and (c) the third on July 1, 2007, (collectively, the Closed Blocks). The Company formed these closed blocks of policies, under the arrangements approved by the Insurance Departments of the State of Nebraska, Ohio or the District of Columbia, as appropriate, to provide for dividends on policies that were in force on each respective effective date and which were within the classes of individual policies for which the Company had a dividend scale in effect at those dates. The Closed Blocks were designed to give reasonable assurance to owners of affected policies that the assets will be available to support such policies including maintaining dividend scales in effect at the effective dates, if the experience underlying such scales continues. The assets, including revenue thereon, will accrue solely to the benefit of the owners of policies included in the block until the block is no longer in effect.

The Company's insurance operations consist of life and health insurance, annuity, group pension and retirement contracts. The Company operates in 49 states and the District of Columbia.

**Basis of Presentation** 

The accompanying financial statements of the Company have been prepared in accordance with accounting practices prescribed or permitted by the Nebraska Department of Insurance (the Department). Accounting practices and procedures of the National Association of Insurance Commissioners (NAIC) as prescribed or permitted by the Department comprise a comprehensive basis of accounting (NAIC SAP) other than accounting principles generally accepted in the United States of America (GAAP). The Company follows NAIC SAP and has not been granted any Nebraska prescribed or permitted practices.

<br> The preparation of financial statements in accordance with statutory accounting practices requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Material estimates susceptible to significant change include reserves, income taxes, investment values, and other-than-temporary impairments (OTTI).

Current NAIC SAP practices vary from GAAP. The more significant variances between NAIC SAP and GAAP are as follows:

 

Under NAIC SAP, investments in bonds and redeemable preferred stock are generally reported at amortized cost, with certain NAIC designated securities reported at the lower of amortized cost or fair value and adjustments to fair value reported directly in surplus. Under GAAP, bonds are carried either at amortized cost or fair value based on their classifications. Under GAAP, bonds designated as held-to-maturity based on the Company's intent and ability to hold to maturity would be carried at amortized cost. Bonds designated as available-for-sale would be carried at fair value with net unrealized holding gains and losses reported in other comprehensive income. Bonds designated as trading would be carried at fair value with net unrealized holding gains and losses reported in income.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

Under NAIC SAP, the cost basis of an impaired issuer credit obligations or asset-backed security is written down to fair value when a decline in value is considered other-than-temporary. The full impairment loss is recognized in income. Under U.S. GAAP, credit-related impairment to a debt security is recorded through an allowance in income, with the remaining unrealized loss, if applicable, recognized in other comprehensive income.

<br> Under NAIC SAP, investments in unaffiliated common stocks are stated at fair value with changes in fair value recognized in unrealized gains (losses) on investments, a component of surplus. Under GAAP, common stocks are carried at fair value with changes in unrealized gains and losses recognized in income.

Subsidiaries are included as common stocks carried under the equity method, with the equity in net income (loss) of subsidiaries credited directly to the Company's unassigned surplus for NAIC SAP. Dividends received from subsidiaries are recorded in net investment income. GAAP requires either consolidation or the equity interest in net income of subsidiaries to be credited to the income statement.<br>Under NAIC SAP, a mortgage loan is impaired when it it is probable the Company will be unable to collect all amounts contractually due. Impairments are evaluated on an individual basis. Under GAAP, a mortgage loan is stated at amortized cost less an allowance based on expected lifetime credit loss. Collectibility is measured on a collective basis for assets with similar risk characteristics.

Under NAIC SAP, real estate owned and occupied by the Company is included in invested assets, and net investment income and operating expenses includes self-charged rent for the Company's occupancy of this property. Under GAAP, this property would be classified as an operating asset, and there would be no self-charged rent or expenses.

Under NAIC SAP, limited partnerships are stated at the underlying audited GAAP equity value with the change in valuation reflected in unrealized gains (losses), net of tax in unassigned surplus. Income distributions from the limited partnerships are reported as net investment income when declared, to the extent that they are not in excess of the undistributed accumulated earnings, in the statement of operations and changes in capital and surplus on a NAIC SAP basis. Under GAAP, the change in valuation as well as the income distributions are reflected in either net investment income or as a realized capital gain or loss depending on the underlying investments.

The asset valuation reserve (AVR) and interest maintenance reserve (IMR) are established only on the statutory financial statements.

Under NAIC SAP, derivative instruments that meet the criteria of an effective hedge are valued and reported in a manner that is consistent with the hedged asset or liability and embedded derivatives are not accounted for separately from the host contract. Also, the change in fair value of open derivative instruments that do not meet the criteria of an effective hedge is recorded as an unrealized gain or loss in surplus. Under GAAP, all derivatives are reported on the balance sheets at fair value. Changes in fair value of derivatives, to the extent they are effective at offsetting hedged risk are recorded through either income or equity, depending on the nature of the hedge. An embedded derivative within a contract that is not clearly and closely related to the economic characteristics and risks of the host contract is accounted for separately from the host contract and reported at fair value.<br>

Acquisition costs, such as commissions and other costs directly related to acquiring new business, are charged to operations as incurred under NAIC SAP. Under GAAP, costs related to successful acquisitions are capitalized and charged to operations on a constant level basis over the expected term of the related insurance contracts.

Under NAIC SAP, identifiable intangible assets are not recorded.

 ****

Under NAIC SAP, amounts that represent revenue for services to be provided in future periods are reported as revenue when received. Under GAAP, amounts would be reported as a liability and amortized into revenue using the same assumptions used to amortize deferred policy acquisition costs.

 

<br> Certain assets designated as nonadmitted are excluded from the accompanying Balance Sheets – Statutory Basis and are charged directly to unassigned surplus. Under GAAP, these assets would be included in the balance sheets, net of any valuation allowance.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

Under NAIC SAP, Universal Life and Annuity revenues consist of the entire premium received and benefits represent the death benefits paid and the change in policy reserves. Under GAAP, revenues are comprised of contract charges and fees which are recognized when assessed against the policyholder account balance.

Policy reserves for Life, Accident and Health policies are based on methods prescribed by the NAIC. For policies subject to formulaic reserving method, a prescribed limited range of assumptions, such as mortality, morbidity and interest assumptions and economic market information are used. For policies subject to Principle Based Reserving method, a wider range of the Company's own assumptions are considered, subject to prescribed rule based regulatory requirements. Under GAAP, policy reserves are based on relevant actual cash flows and the Company's own assumptions such as morbidity, mortality, and lapse; as well as market-observable discount rates and other economic information.

Under NAIC SAP, policyholder dividends are recognized when declared. Under GAAP, policyholder dividends would be for dividends that have accrued as of the financial statement date based on the best available estimate of the amount of dividends to be paid.

 ****

Under NAIC SAP, reinsurance agreements must transfer risk from the ceding company to the reinsurer in order to receive the reinsurance accounting treatment. If the terms of the agreement violate the risk transfer criteria, the agreement shall be accounted for as deposit accounting. Under NAIC SAP, reserves and unpaid claim liabilities ceded to reinsurers have been reported as reductions to the related reserves. Under GAAP, to qualify for risk transfer and be accounted for as reinsurance an evaluation must be made to determine whether the contract indemnifies against insurance risk. If risk transfer requirements are not met, the reinsurance agreement is considered a financing arrangement and deposit accounting is required.

Under NAIC SAP, a liability for reinsurance balances is provided for unsecured policy reserves ceded to reinsurers unauthorized by license to assume such business. Changes to those amounts are credited or charged directly to unassigned surplus. Under GAAP, no such amounts are recorded.

Reinsurance recoverables on unpaid losses are reported as a reduction of policy reserves, while under GAAP, they are reported as an asset.

<br> Under NAIC SAP, the difference between the employee benefit plan's assets and the employee benefit obligation is reflected as an asset or liability, with an offset to unassigned surplus and any asset balances nonadmitted. Prior service costs are recorded as a component of unassigned surplus, net of tax. Under GAAP, the difference between the plan's assets and the benefit obligation is reflected as an asset or liability, with an offset to other comprehensive income. Prior service costs are recorded as a component of other comprehensive income, net of tax.

 

NAIC SAP requires an amount be recorded for deferred taxes as a component of surplus, however, there are limitations as to the amount of deferred tax assets that may be reported as admitted assets that are not applicable under GAAP. Under NAIC SAP, both the valuation allowance determination and admission calculation are made based on a separate company basis.

Under SAP, surplus notes are reported as surplus and interest cannot be accrued until written approval has been received from the Department. Under GAAP, surplus notes are included in liabilities including interest.

 ****

Under NAIC SAP, the amount of goodwill recorded as an admitted asset is subject to limitation and is amortized into earnings over a period not to exceed 10 years. Goodwill under GAAP is not amortized into earnings and is annually analyzed for impairment which would be reported as a recognized loss into earnings.<br>

Under NAIC SAP, the Statements of Cash Flow – Statutory Basis reflects changes in cash, cash equivalents, and short-term investments with remaining maturities when purchased of one year or less. Under GAAP, the statement of cash flows reflects changes in cash and investments with original maturities when purchased of three months or less.

Comprehensive income and its components are not presented under NAIC SAP.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

Significant statutory accounting practices are as follows:

**Investments**

Investments are stated at amounts prescribed by the NAIC which are as follows: issuer credit obligations and asset-backed securities with NAIC ratings 1-5 are stated at amortized cost. Issuer credit obligations and asset-backed securities with a NAIC rating of 6 are stated at the lower of amortized cost or fair value. Significant changes in estimated cash flows from the original purchase assumptions are reviewed monthly. Prepayment assumptions for asset-backed securities are obtained from broker dealer survey values or internal estimates based on characteristics of similar products, consistent with the current interest rate and economic environment. The retrospective adjustment method is used to value all asset-backed securities of high credit quality. The prospective method is used to value investments with significant changes in cash flow or of lower credit quality.

Common stocks are reported at fair value. Investments in stocks of insurance subsidiaries are carried at audited statutory equity and non-insurance subsidiaries and affiliates in which the Company has an interest of 10% or more are carried equal to the Company's proportionate share of the audited GAAP-basis equity after the date of acquisition. The change in the carrying value is recorded as a change in unrealized gains (losses) on investments, a component of unassigned surplus. The value of affiliated subsidiaries was $114,509 and $102,398 at December 31, 2025 and 2024, respectively.

Mortgage loans are stated at the unpaid principal balance adjusted for unamortized discounts or premiums. The Company records a reserve for losses on mortgage loans as part of the AVR and mortgage loans are recorded at the lower of unamortized cost and the fair value of the collateral, less estimated selling cost, if deemed other than temporarily impaired.

Real estate occupied by the Company and held for the production of income is reported at depreciated cost. Depreciation expense is determined by the straight-line method. Real estate owned and occupied by the Company is included in investments, and investment income and operating expenses include rent for the Company's occupancy of its owned properties. Fair value for impaired commercial real estate is determined by valuations based on external appraisals. Real estate impairment losses due to decreases in property value are recognized in net realized capital gains (losses) on the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

Cash and cash equivalents consist of cash-in-bank, cash-in-transit, money market mutual funds and all highly liquid securities with maturity of three months or less at the date acquired. Money market mutual funds are stated at amortized cost which approximates fair value. Short-term investments presented in the Balance Sheets – Statutory Basis consist of all investments that have a maturity date of one year or less at the date acquired and are stated at amortized cost, which approximates fair value.

Contract loans are stated at the aggregate unpaid principal balance. The excess of the unpaid balance of the loan over the cash surrender value is considered a nonadmitted asset.

A carrying amount of limited partnerships, limited liability companies, and joint ventures reflects the underlying audited GAAP equity of these investments. Income from these investments is recognized when declared, to the extent that they are not in excess of the undistributed accumulated earnings. Unrealized gains and losses resulting from differences between the cost and carrying amount of these investments are credited or charged directly to unassigned surplus. These investments are recorded in other investments in the Balance Sheets – Statutory Basis. The recorded carrying value of affiliated limited liability companies are as follows:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| AIC | $18043 | $14266 |
| VCA <sup>1</sup> | 535 | 524 |
| AAS <sup>1</sup> | 1744 | 402 |
| Total | $20322 | $15192 |

---

<sup>1</sup> VCA and AAS did not have GAAP audits performed, so the Company nonadmits these assets.

Other investments also include collateral loans, surplus debentures, residual tranches, and low-income housing tax credits carried under the proportional amortized cost method. Other-than-temporary impairments on other investments of $8,161, $1,000, and $3,256 were recorded as realized losses during 2025, 2024, and 2023, respectively. The Company has no investments in joint ventures, partnerships, or limited liability companies that exceeds 10% of its admitted assets.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

The Company purchases and sells futures contracts to hedge against principal losses on variable annuity contracts with a guaranteed lifetime withdrawal benefit rider attached. Futures contracts are a standardized contractual agreement to buy or sell a particular financial instrument at a predetermined price in the future. The gains and losses of futures contracts are derived from the daily movement of the underlying market. These gains and losses are settled in cash through a daily variation margin. The Company sells futures contracts on certain equity indices with expiration dates of less than 6 months as well as buys and sells futures contracts on certain Treasury notes and bonds, ranging in maturities between 1 and 30 years, with expiration dates of less than 6 months. The Company does not receive cash on the initial purchase or sale of the futures contracts, but will receive or pay cash daily based on the movement of the underlying index or Treasury notes. At December 31, 2025, and 2024, respectively, the notional amount of the equity and treasury futures contracts bought by the Company was $123,000, and $144,100, and the notional amount of the equity and treasury futures contracts sold was $118,915, and $144,100.<br>

The Company is required to post collateral to the brokering bank for futures. To comply with this requirement, the Company usually posts short-term Treasury bills with the bank. The bank acts as an intermediary to the futures transactions and takes initial margins from both parties to limit the counterparty risk. The collateral (treasury bills) is recorded in bonds on the Balance Sheets – Statutory Basis as an asset by the Company. The book/adjusted carrying value of the collateral recorded at December 31, 2025 and 2024 was $16,974 and $22,780, respectively.

Since futures contracts are not considered an effective hedge, the total variation margin on open contracts is reflected in the change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis. The total variation margin on closed futures contracts is reflected in net investment income in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

<br> The Company purchases and sells call options (Over the Counter "OTC" index call options) to hedge variable annuity, fixed index annuity, and index universal life insurance contracts whose credited interest is linked to returns on multiple equity indices based on a formula which applies participation rates and/or cap rates to the returns in the indices. Call options are contracts, which give the option purchaser the right, but not the obligation, to buy securities at a specified price during a specified period. The OTC index call options expire monthly until December 23, 2027. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased OTC index call options give the Company the right to receive cash at settlement if the closing Index value is above the strike price, while the written OTC index call options require the Company to pay cash at settlement if the closing Index value is above the strike price. The Company sells OTC index call options to effectively offset the proceeds the Company would receive on its purchased OTC index call options that represent a return above the amount that would be credited to insurance contracts electing a capped return in the Index. These proceeds do not result in income to the Company because the hedged insurance contracts would be credited interest for an equivalent amount.

The Company purchases and sells exchange traded index call options (exchange traded index call options) based on multiple equity indices to hedge fixed index annuity contracts and index universal life contracts. The Company has purchased and written exchange traded index call options that expire through June 17, 2027. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased exchange traded index call options give the Company the right to receive cash at settlement if the closing index value is above the strike price, while the written exchange traded index call options require the Company to pay cash at settlement if the closing index value is above the strike price.

The Company purchases and sells exchange traded put options (equity put options) based on multiple equity indices to hedge variable annuity contracts with a guaranteed lifetime withdrawal benefit rider attached. Put options are contracts, which give the option purchaser the right, but not the obligation, to sell securities at a specified price during a specified period. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased equity put options give the Company the right to receive cash at settlement if the closing index value is below the strike price, while the written equity put options require the Company to pay cash at settlement if the closing index value is below the strike price. If the closing index value is above the strike price, the equity put options expire without value.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

<br> The Company uses OTC foreign currency swaps to reduce the risk from fluctuations in foreign currency exchange rates associated with holding foreign currency denominated investments. In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, cash flows in one currency for cash flows in another currency. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. When the currency swaps meet specific criteria, they may be designated as accounting hedges and accounted for as foreign currency fair value hedges. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and qualitatively assessed, at least quarterly, throughout the life of the designated hedging relationship.

The Company is exposed to credit-related losses in the event of nonperformance by counter-parties on its OTC derivative positions. The Company manages its exposure to credit risk by utilizing highly rated counterparties and uses master netting agreements (MNAs) which permit either party to net payments due to exposure. Collateral is either pledged or received when certain predetermined exposure limits are exceeded. The Company had collateral pledged from counterparties of $30,000, and $10,000 which is included in other liabilities on the Statutory Balance Sheet as of December 31, 2025 and 2024, respectively. The Company had $1,991 and $4,981 of collateral pledged to counterparties included in bonds on the Statutory Balance Sheet as of December 31, 2025 and 2024, respectively. There are no losses on derivative financial instruments due to counterparty nonperformance.

The options (OTC index call options, exchange traded index call options, and equity put options) are carried at their fair value with changes recorded through unrealized capital gains (losses). Options with a positive fair value or carrying value are reported as other investments in the Balance Sheets – Statutory Basis. Options with a negative fair value or carrying value are reported as other liabilities in the Balance Sheets – Statutory Basis.

<br> Cash flows related to the gains and losses from options, opening and closing marks for futures, and interest payments from currency swaps are reflected in net investment income received in the Statement of Cash Flows - Statutory Basis. Cash flows related to long options' open, closed, and the mark-to-market transactions, futures mark-to-market, and currency swap open and close transactions are reflected in proceeds from investments sold, matured or repaid and cost of investments acquired in the Statement of Cash Flows - Statutory Basis. Cash flows related to short options' open, closed and the mark-to-market transactions are reflected in other miscellaneous, net in the Statement of Cash Flows - Statutory Basis.<br>

The foreign currency swaps used in effective hedges are carried in a manner consistent with the hedged asset or liability. Foreign currency swaps hedging bonds are carried at amortized cost and reflected in other investments and other liabilities in the Balance Sheets - Statutory Basis. Changes in the carrying value of open foreign currency swaps as a result of exchange rate changes are reflected in change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Interest income received from open foreign currency swaps is reflected in net investment income. Changes in the carrying value of closed foreign currency swaps is reflected in net investment income.

Foreign currency swaps not used in an effective hedge are carried at fair value and reflected in other investments when fair value is positive and other liabilities when fair value is negative in the Balance Sheets - Statutory Basis. Changes in the fair value of open foreign currency swaps are reflected in change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Changes in the fair value of closed foreign currency swaps and interest income associated with the currency swaps are reflected in net investment income.<br>

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

<br> The credit exposure is limited to the fair value of the options and foreign currency swaps included in other investments in the Balance Sheets - Statutory Basis as follows:<br>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* |
|  | *Asset Derivatives* | *Asset Derivatives* | *Asset Derivatives* | *Asset Derivatives* |
|  | *Notional Amount* | *Notional Amount* | *Fair Value* | *Fair Value* |
|  | *2025* | *2024* | *2025* | *2024* |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts owned - gross asset | $4226896 | $3712055 | $332848 | $202246 |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts written - gross liability | 1950496 | 1411000 | (152404) | (86294) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts owned | 2094868 | 2079595 | 322150 | 273603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross liability |  | 22321 |  | (664) |
| Derivatives Designated as Fair Value Hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross asset | 24058 | 178474 | 1724 | 11461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross liability | 10882 | 39728 | (864) | (1920) |

---

The fair value of the related derivative liabilities included in other liabilities in the Balance Sheets - Statutory Basis are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* |
|  | *Liability Derivatives* | *Liability Derivatives* | *Liability Derivatives* | *Liability Derivatives* |
|  | *Notional Amount* | *Notional Amount* | *Fair Value* | *Fair Value* |
|  | *2025* | *2024* | *2025* | *2024* |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts written | $1991038 | $2001383 | $176900 | $145709 |
| Derivatives Designated as Fair Value Hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross asset | 59710 |  | (2757) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross liability | 191683 |  | 14825 |  |

---

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

The amounts recognized in net investment income and change in unrealized gains (losses) in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis for options, futures and foreign currency swaps are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Amount Recognized* | *Amount Recognized* | *Amount Recognized* |
|  | *2025* | *2024* | *2023* |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts - closed | $15765 | $32236 | $(15207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts - closed | 62163 | 32276 | 6913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity put option contracts - closed | (190) | (80) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts - closed | (7146) | (19020) | (36224) |
| Derivatives Designated as Fair Value Hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - closed |  |  | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - open | 4111 | 2655 |  |
| Total recognized in net investment income | $74703 | $48067 | $(43362) |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts - open | $38292 | $(15988) | $37212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts - open | 12855 | 19200 | 30723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts - open | 47 | (8508) | 8028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - open |  | (664) |  |
| Derivatives Designated as Fair Value Hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - open | (19270) | 10379 | 2832 |
| Total recognized in change in unrealized gains (losses) | $31924 | $4419 | $78795 |

---

Investment income consists primarily of interest and dividends. Interest is recognized on an accrual basis and dividends are recorded as earned at the ex-dividend date. Interest income on asset-backed securities is determined on the effective yield method based on estimated principal repayments. Accrual of income is suspended for bonds and mortgage loans that are in default or when the receipt of interest payments is in doubt. Realized capital gains and losses are determined on a specific identification basis and recorded in operations.

Accrued interest more than 180 days past due deemed collectible on mortgage loans in default is nonadmitted. All other investment income due and accrued, excluding contract loans, with amounts over 90 days past due is nonadmitted. Interest income due and accrued for contract loans in excess of the cash surrender value is nonadmitted.

<br> If the Company has the intent to sell an impaired security, the cost basis of the security is written down to fair value. For issuer credit obligations, if the Company does not have the intent to sell, but it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to fair value. For asset-backed securities, if the Company does not have the intent to sell and it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to the discounted estimated future cash flows. All write downs are recorded as a realized loss. For unaffiliated common stocks and other investments carried at fair value, unrealized gains and losses resulting from differences between the cost and carrying amount of these investments are credited or charged directly to unassigned surplus.

**Nonadmitted Assets**

In accordance with NAIC SAP, certain assets, designated as nonadmitted assets, are excluded from the Balance Sheets – Statutory Basis and are charged directly to unassigned surplus. Nonadmitted assets consist primarily of a portion of deferred income tax assets, contract loans, prepaid expenses, advances to agents, unearned annualized commissions, furniture and equipment, application software, other investment income that is over 90 days past due, unaudited non-insurance subsidiaries and other assets not specifically identified as an admitted asset within NAIC SAP. Total nonadmitted assets were $308,755 and $272,682 at December 31, 2025 and 2024, respectively.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

****

<br> **Furniture and Equipment** 

Electronic data processing (EDP) equipment and operating software are carried at cost of $11,409 and $14,523 less accumulated depreciation of $10,128 and $12,202 at December 31, 2025 and 2024, respectively. EDP equipment and operating software are depreciated using the straight line method over the lesser of the estimated useful life of the related asset or three years.

An impairment of an asset is recorded as a charge to operations if both of the following conditions are met: information available prior to issuance of the statutory basis financial statements indicates that it is probable that an asset has been impaired at the date of the statutory basis financial statements and the amount of loss can be reasonably estimated.

Leasehold improvements are carried at cost less accumulated amortization. The Company calculated amortization of leasehold improvements using the straight-line method over the lesser of the useful life of the asset or the remaining original lease term, excluding options or renewal periods. Leasehold improvements are generally amortized over three to twenty years. Non-operating software is depreciated over the lesser of its estimated useful life or five years. Other furniture and equipment are depreciated using the straight line method over the estimated useful lives of the assets. Furniture and fixtures are generally depreciated over three to ten years. Depreciation expense on depreciable assets of $11,379, $8,285, and $8,098, was recorded in general insurance expenses in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis for the years ended December 31, 2025, 2024, and 2023 respectively.

**Reserves for Life, Accident and Health Policies, and Deposit-type Funds**<br> Life policy reserves are established to provide amounts adequate to discharge estimated future policy obligations in excess of estimated future premiums on policies in force. Reserves for traditional, flexible premium and variable life insurance are determined using the Commissioners' Reserve Valuation Method or Net Level Premium Method, or, where applicable, under the principle-based reserve requirements of VM-20, using prescribed interest and mortality assumptions and other assumptions consistent with regulatory guidance.

Reserves for fixed annuities are calculated using the Commissioners' Annuity Reserve Valuation Method with applicable statutory interest and mortality assumptions. Reserves for variable annuities are determined in accordance with VM-21, based on a conditional tail expectation 70 stochastic reserve and any additional standard projection amount required, using a prescribed set of economic scenarios and assumptions as defined by VM-21.

Tabular interest, less actual reserves released and tabular cost for all life contracts are determined based upon statutory regulations. Other policy reserves are established and maintained on the basis of published mortality and morbidity tables using assumed interest rates and valuation methods as prescribed by the Department.

Reserves for deposit-type funds are equal to deposits received and interest credited to the benefit of policyholders, less withdrawals that represent a return to the policyholder. For the determination of tabular interest to deposit-type funds, the valuation interest rate, which varies by issue year, is multiplied by the average funds in force during the year subject to such valuation interest rate.

**<br> Reserve for Unpaid Claims**<br> The reserves for unpaid group and individual dental and vision claims are estimated using historical claim lags, with adjustments based on the current level of pending/unprocessed claims, and relative to the historical levels during the time period used to generate claim lag factors. The reserves for unpaid claims for group and individual dental and vision insurance includes claims in course of settlement and incurred but not reported claims. Claim adjustment expenses corresponding to the unpaid claims are accounted for by adding an additional load to the reserve for unpaid claims. To the extent the ultimate liability differs from the amounts recorded, such differences are reflected in operations when additional information becomes known.

Reserves for unpaid individual accident and health disability contracts claims, the present value of amounts not yet due on claim reserves is a first principles-type calculation based on a seriatim listing of open disability claims. All termination rate and interest discounting assumptions adhere to minimum NAIC Standards. An additional liability is recorded for claim adjustment expenses corresponding to the unpaid claims.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

<br> Reserves for unpaid life claims include claims reported and unpaid and claims not yet reported, which is estimated based upon historical experience. As such amounts are necessarily estimates, the ultimate liability will differ from the amount recorded and will be reflected in operations when additional information becomes known.

Reserves for unpaid group accident and health long-term disability contracts are a tabular calculation based on a seriatim listing of open disability claims. Issued and incurred claims are generated based on the 2012 Group Long-term Disability Table (GLTD). A modification is made for claims in the first two years from disablement.

**Dividends to Policyholders**

Dividends are provided based on dividend formulas approved by the Board of Directors of the Company in accordance with actuarially determined dividend scales. Dividends to policyholders are reflected in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis at amounts estimated to be paid or credited to policyholders during the subsequent year on the policy anniversary dates. Dividends to policyholders also include reinsurance assumed business. A portion of the Company's business has been issued on a participating basis. The amount of insurance in force on direct individual life participating policies was $22,362,038, or 19.0%, and $22,397,605, or 17.8%, of the individual life policies in force as of December 31, 2025 and 2024, respectively.

**Asset Valuation and Interest Maintenance Reserves**

The AVR is a required appropriation of unassigned surplus to provide for possible losses that may occur on certain investments of the Company. The reserve is computed based on holdings of all investments and realized and unrealized gains and losses, other than those resulting from interest rate changes. Changes in the reserve are charged or credited to unassigned surplus.

The IMR is calculated based on the prescribed methods developed by the NAIC. Realized gains and losses, net of tax, resulting from interest rate changes on fixed income investments are deferred and credited to this reserve. These gains and losses are then amortized into investment income over what would have been the remaining years to maturity of the underlying investment. Amortization included in net investment income was $7,932, $7,780, and $9,711 for 2025, 2024, and 2023, respectively.

**Recognition of Premium Revenues and Related Costs**

Life premiums are recognized as revenue when premiums are due. Annuity considerations are recognized as income when received. Health premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Consideration received on deposit-type funds, which do not contain life contingencies, is recorded directly to the related liability.

Expenses incurred in connection with acquiring new insurance business, including acquisition costs such as sales commissions, are charged to operations as incurred.<br>**Reinsurance**<br> Reinsurance premiums and claims are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums, benefits, reserves for life, accident and health policies, and reserves for unpaid claims are reported net of reinsured amounts. In a modified coinsurance arrangement, the ceding company retains the assets with respect to the policies reinsured and also retains and records the associated reserves. The assuming company does not reflect the assets or reserves in its balance sheet.

<br> **<br> Leases**<br> The Company leases and subleases office space under operating lease agreements that expire at various dates through 2030. Certain rental commitments have renewal options extending through the year 2030. Some of these leases include escalation clauses, which vary with levels of operating expense. The impact of these leases, including future minimum lease payments under noncancellable operating leases, were not material for 2025, 2024, and 2023.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

**<br> Income Taxes**

The Company files a life/non-life consolidated tax return with AMHC and AMHC eligible affiliates. The Company's income tax allocation is based upon a written agreement which uses a modified separate return method. The modified separate return method adjusts the separate return method so that the net operating losses (or other current or deferred tax attributes) are characterized as realized by the Company when those attributes are realized (or realizable) by the consolidated group.

The Company is subject to tax-related audits in the normal course of operations. The Company records a contingency reserve for tax-related matters when it is more likely than not that a liability has been incurred and the amount of the loss can be reasonably estimated. The tax contingency reserves are evaluated based upon the facts and circumstances that exist at each reporting measurement. Adjustments may result from new information, resolution of an issue with the taxing authorities or changes in laws or regulations. There was no reserve for tax related contingencies at December 31, 2025 and 2024.

The Company is subject to taxation in the United States and various states. The Company is not subject to examinations by tax authorities for years before 2022.

**Separate Accounts**

Separate account assets and liabilities reported in the accompanying financial statements represent funds that are separately administered, principally for variable annuity, variable life and group annuity contracts and for which the contract holders, rather than the Company, bear the investment risk. Separate account contract holders have no claim against the assets of the general account of the Company. Investment income and gains and losses from these accounts accrue directly to contract holders and are not included in the accompanying financial statements. Net asset values and changes in net asset values of separate account assets generally accrue directly to the contract holders and are not included in the Company's revenues and expenses or surplus.

**Vulnerability due to Certain Concentrations**

The Company operates in a business environment which is subject to various risks and uncertainties. Such risks and uncertainties include, but are not limited to, interest rate risk, market risk, credit risk and legal and regulatory changes, including policies and related impacts from pandemics or other public health issues. Furthermore, the market for deferred annuities and interest-sensitive life insurance is enhanced by the tax incentives available under current law. Any legislative changes that lessen these incentives are likely to negatively impact the demand for these products. The demand for life insurance products that are used to address a customer's estate planning needs may be impacted to the extent any legislative changes occur to the current estate tax laws.

**Accounting Pronouncements**

The NAIC issued revisions to Statement of Statutory Accounting Principles (SSAP) No. 26 – Bonds, and SSAP No. 43R – Asset-Backed Securities, SSAP No. 2R – Cash, Cash Equivalents, Drafts, and Short-Term Investments, SSAP No. 21R – Other Admitted Assets, as part of the Principles-Based Bond Project. The amended guidance, effective January 1, 2025, provides criteria for distinguishing bonds from other types of investments, further restricts the investments that are permitted for cash equivalent or short-term reporting and provides guidance for debt securities that do not qualify as bonds under the principles-based bond definition. The adoption of this guidance was not material to the Company's statutory financial statements.

**Accounting Changes**

During 2023, the Company changed its method of accounting for distributions received from joint ventures, partnerships, and limited liability companies to include fair value adjustments in addition to accumulated earnings in order to better align with the U.S. GAAP equity of the investee. The change resulted in a decrease in net unrealized capital gains (losses), less capital gains tax of $58,822 as of December 31, 2023.

**NOTE 2 - BUSINESS COMBINATIONS AND GOODWILL**

**Statutory Merger**

Effective October 1, 2023, Select Benefits Group, LLC (Dental Select), a third-party administrator (TPA) for dental and vision plans, was merged into the Company with the Company assuming net liabilities of $3,296. In the Summary of Operations and Changes in Capital and Surplus - Statutory Basis, the Company recorded a charge of $92,822 for the write-off of embedded goodwill and reversed unrealized losses of $28,074, net of taxes, for a net charge to surplus of $64,748.

**NOTE 3 - INVESTMENTS**

**Bonds**

The cost or amortized cost and estimated fair value of bonds by type are summarized as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Cost or Amortized Cost* | *Gross Unrealized Gains* | *Gross Unrealized Losses* | *Fair Value* |
| *Issuer Credit Obligations:* |  |  |  |  |
| &nbsp;&nbsp;U.S. Government Obligations | $11663 | $53 | $(56) | $11660 |
| &nbsp;&nbsp;Non-U.S. Sovereign Jurisdiction Securities | 62333 | 1652 | (379) | 63606 |
| &nbsp;&nbsp;Municipal Bonds – Special Revenues | 88568 | 778 | (2989) | 86357 |
| &nbsp;&nbsp;Corporate Bonds (Unaffiliated) | 8301299 | 105950 | (725923) | 7681326 |
| &nbsp;&nbsp;Single Entity Backed Obligations (Unaffiliated) | 18425 |  | (1008) | 17417 |
| &nbsp;&nbsp;SVO-Identified Bond Exchange Traded Funds – Systematic Value | 537 | 22 |  | 559 |
| &nbsp;&nbsp;Bonds Issued by Funds Representing Operating Entities (Unaffiliated) | 589983 | 6947 | (43550) | 553380 |
| &nbsp;&nbsp;Other Issuer Credit Obligations (Unaffiliated) | 15600 | 25 | (240) | 15385 |
| Total Issuer Credit Obligations | 9088408 | 115427 | (774145) | 8429690 |

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**<br>** 

<br> **<br>** 

<br> **<br>** 

**NOTE 3 - INVESTMENTS, (continued)**

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| | | | | |
|:---|:---|:---|:---|:---|
| *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Cost or Amortized Cost* | *Gross Unrealized Gains* | *Gross Unrealized Losses* | *Fair Value* |
| *Asset-Backed Securities:* |  |  |  |  |
| &nbsp;&nbsp;Financial Asset-Backed – Self-Liquidating: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities – Guaranteed | 178621 | 2174 | (7745) | 173050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities – Guaranteed | 248747 | 223 | (5749) | 243221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities – Not/Partially Guaranteed | 83560 | 100 | (7490) | 76170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities – Not/Partially Guaranteed | 33828 | 1421 | (198) | 35051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Residential Mortgage-Backed Securities (Unaffiliated) | 390430 | 3501 | (21761) | 372170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities (Unaffiliated) | 218565 | 532 | (125) | 218972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency – CLOs/CBOs/CDOs (Unaffiliated) | 1443370 | 3856 | (7363) | 1439863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Financial Asset-Backed Securities – Self-Liquidating (Unaffiliated) | 284356 | 1605 | (8085) | 277876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Asset-Backed - Self-Liquidating | 2881477 | 13412 | (58516) | 2836373 |
| &nbsp;&nbsp;Financial Asset-Backed – Not Self-Liquidating: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Backed Securities (Unaffiliated) | 80909 | 1521 | (283) | 82147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Financial Asset-Backed Securities – Not Self-Liquidating (Unaffiliated) | 378372 |  | (133) | 378239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Asset Backed - Not Self-Liquidating | 459281 | 1521 | (416) | 460386 |
| &nbsp;&nbsp;Non-Financial Asset-Backed Securities – Practical Expedient: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease-Backed Securities – Practical Expedient (Unaffiliated) | 142314 | 754 | (12157) | 130911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Financial Asset-Backed Securities – Practical Expedient (Unaffiliated) | 753 |  |  | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Financial Asset-Backed Securities – Practical Expedient | 143067 | 754 | (12157) | 131664 |
| &nbsp;&nbsp;Non-Financial Asset-Backed Securities – Full Analysis: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease-Backed Securities – Full Analysis (Unaffiliated) | 175496 | 1030 | (6240) | 170286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Financial Asset-Backed Securities – Full Analysis (Unaffiliated) | 146452 | 1518 | (3727) | 144243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Financial Asset-Backed Securities – Full Analysis | 321948 | 2548 | (9967) | 314529 |
| Total Asset-Backed Securities | 3805773 | 18235 | (81056) | 3742952 |
| Total Bonds | $12894181 | $133662 | $(855201) | $12172642 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Cost or Amortized Cost* | *Gross Unrealized Gains* | *Gross Unrealized Losses* | *Fair Value* |
| U.S. Government | $81536 | $3 | $(11187) | $70352 |
| All other governments | 51830 | 323 | (1673) | 50480 |
| Special revenue and special assessment obligations and |  |  |  |  |
| &nbsp;&nbsp;all non-guaranteed obligations of agencies and authorities |  |  |  |  |
| &nbsp;&nbsp;of governments and their political subdivisions | 200140 | 20 | (17704) | 182456 |
| Hybrid securities | 5137 | 2 | (298) | 4841 |
| Industrial and miscellaneous | 11779827 | 62758 | (1057702) | 10784883 |
| Total bonds | $12118470 | $63106 | $(1088564) | $11093012 |

---

**NOTE 3 - INVESTMENTS, (continued)**

<br> The amortized cost of bonds was increased by $10,022 and reduced by $8,728 at December 31, 2025 and December 31, 2024, respectively, as a result of cumulative fair value adjustments to derive the carrying amounts of bonds in the Balance Sheets - Statutory Basis of $12,904,203 and $12,109,742, respectively.

The cost or amortized cost and estimated fair value of bonds at December 31, 2025 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

---

| | | |
|:---|:---|:---|
|  | *Cost or Amortized Cost* | *Fair Value* |
| Due in one year or less | $304866 | $303302 |
| Due after one year through five years | 1509437 | 1485205 |
| Due after five years through ten years | 2611142 | 2564487 |
| Due after ten years | 8468736 | 7819648 |
| Total bonds | $12894181 | $12172642 |

---

Proceeds from the sales of bonds were $733,936, $388,956, and $308,442 for the years ended December 31, 2025, 2024, and 2023, respectively.

Realized capital gains (losses) are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | *2025* | *2024* | *2023* |
| Bonds: |  |  |  |
| &nbsp;&nbsp;Gross realized capital gains on sales | $10730 | $12380 | $7070 |
| &nbsp;&nbsp;Gross realized capital losses on sales | (16042) | (10149) | (9335) |
| Net realized capital gains (losses) on sales | (5312) | 2231 | (2265) |
| Other, including impairments and net gain on dispositions other than sales | (817) | (2880) | (5148) |
| Total bonds | (6129) | (649) | (7413) |
| Preferred stocks | 539 | 272 | (618) |
| Common stocks | 49783 | 47308 | 33983 |
| Mortgage loans | (902) | (296) | (2040) |
| Real estate | (6202) | 379 | 2285 |
| Other investments | 15463 | 10371 | 12092 |
| Realized capital gains before federal income taxes and transfer to IMR | 52552 | 57385 | 38289 |
| Realized capital gains (losses) transferred to IMR | (332) | 714 | (2708) |
| Federal income tax expense | 11106 | 11901 | 8610 |
| Net realized capital gains | $41778 | $44770 | $32387 |

---

The Company sold common stock with a fair market value of $50,200 and a book adjusted carrying value of $32,412 to AHC on December 23, 2024 for cash consideration of $50,200. The sale resulted in a realized gain of $17,788.

**<br>** 

<br> **<br>** 

<br> **<br>** 

**NOTE 3 - INVESTMENTS, (continued)**

The Company has entered into an agreement with the FHLB of Topeka to enhance investment yields through investment spread strategies and to provide for liquidity needs, if a future need for immediate liquidity arises. The agreement provides for advances (lines of credit, inclusive of the existing funding agreements) up to $1,175,594 to the Company in return for the purchase of asset-based membership stock equal to 0.1% of assets, with a $500 maximum, plus an additional activity-based stock purchase equal to 4.0% of the advances less the amount of the asset-based membership stock held. As of December 31, 2025 and 2024, the Company did not have any FHLB membership stock eligible for redemption. Excluding the funding agreements, the Company had no outstanding balance related to the line of credit as of December 31, 2025 and 2024, respectively.

The amount of FHLB capital stock held, in aggregate, and classified as of December 31 is as follows:

---

| | | |
|:---|:---|:---|
|  | *General Account* | *General Account* |
|  | *2025* | *2024* |
| Membership stock - class A | $408 | $397 |
| Membership stock - class B | 33288 | 21928 |
| Excess stock | 721 | 645 |
| Aggregate total | $34417 | $22970 |
| Actual borrowing capacity as determined by the insurer | $1175594 | $852634 |

---

The related reserves of $903,171 and $702,681 are reported in deposit-type funds on the Balance Sheets – Statutory Basis as of December 31, 2025 and 2024, respectively.

The values of the collateral pledged to the FHLB and the total aggregate borrowing by the Company as of December 31 is as follows:

---

| | | |
|:---|:---|:---|
|  | *General Account* | *General Account* |
|  | *2025* | *2024* |
| Fair value | $1585637 | $1166792 |
| Carrying value | 1652068 | 1290524 |
| Aggregate total borrowing - funding agreements | 900000 | 700000 |

---

The maximum amount of collateral pledged to the FHLB during the years ended December 31 is as follows:

---

| | | |
|:---|:---|:---|
|  | *General Account* | *General Account* |
|  | *2025* | *2024* |
| Fair value | $1585637 | $1386123 |
| Carrying value | 1652068 | 1436940 |
| Amount borrowed at time of maximum collateral - funding agreements | 900000 | 700000 |
| Amount borrowed at time of maximum collateral - lines of credit | 61455 |  |

---

There are prepayment penalties on the Company's funding agreements.

**NOTE 3 - INVESTMENTS, (continued)**

**<br> Restricted Assets**

A detailed summary of restricted assets (including pledged assets) primarily bonds, common stock, mortgage loans and cash at cost or amortized cost is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  |  | *Percentage* | *Percentage* |  | *Percentage* | *Percentage* |
| *Restricted Asset Category* | *Total Admitted Gross Assets Current Year* | *Gross Restricted to Total Assets* | *Admitted Restricted to Total Admitted Restricted Assets* | *Total Admitted Gross Assets Prior Year* | *Gross Restricted to Total Assets* | *Admitted Restricted to Total Admitted Restricted Assets* |
| FHLB capital stock | $34417 | 0.1% | 0.1% | $22970 | 0.1% | 0.1% |
| Bonds on deposit with states | 121097 | 0.4% | 0.4% | 144792 | 0.5% | 0.5% |
| Pledged as collateral to FHLB (including assets backing funding agreements) | 1652068 | 5.3% | 5.4% | 1290524 | 4.4% | 4.5% |
| Pledged as collateral not captured in other categories: |  |  |  |  |  |  |
| Derivatives | 18965 | 0.1% | 0.1% | 27761 | 0.1% | 0.1% |
| Other restricted assets: |  |  |  |  |  |  |
| Policy loans reinsurance assumed | 102600 | 0.3% | 0.3% | 107429 | 0.4% | 0.4% |
| Bonds and short-term investments reinsurance assumed \* | 873122 | 2.8% | 2.8% | 886156 | 3.0% | 3.1% |
| Collateral assets received and on balance sheet\*\* | 30000 | 0.1% | 0.1% | 10000 | 0.0% | 0.0% |
| Separate account assets held under modco reinsurance agreements | 103278 | 0.3% | 0.3% | 100804 | 0.3% | 0.4% |
| Total restricted assets | $2935547 | 9.4% | 9.5% | $2590436 | 8.8% | 9.1% |

---

\* Includes investment income due and accrued<br> \*\* Reported in cash, cash equivalents and short-term investments on the Statutory Balance Sheet.<br>The Company had $103,278 and $100,804 of separate account assets and recognized obligations under modco reinsurance agreements in Schedule D, Part 2, Section 2 of it separate accounts statutory financials as of December 31, 2025 and 2024, respectively. These assets represented 0.9% of both total separate account assets and total admitted separate account assets and liabilities for both years. The underlying invested assets are not related or affiliated with the reinsurer.

<br> An aging of unrealized losses on the Company's investments in bonds and unaffiliated stocks were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Less than 12 Months* | *Less than 12 Months* | *12 Months or More* | *12 Months or More* | *Total* | *Total* |
|  | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* |
| Issuer Credit Obligations | $2332150 | $(82317) | $5415054 | $(691828) | 7747204 | (774145) |
| Asset-Backed Securities | 1632317 | (14884) | 1006949 | (66172) | 2639266 | (81056) |
| Common stocks | 110577 | (1434) | 25067 | (1371) | 135644 | (2805) |
| Total | $4075044 | $(98635) | $6447070 | $(759371) | $10522114 | $(858006) |

---

**NOTE 3 - INVESTMENTS, (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Less than 12 Months* | *Less than 12 Months* | *12 Months or More* | *12 Months or More* | *Total* | *Total* |
|  | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* |
| Bonds: |  |  |  |  |  |  |
| U.S. Governments | $3568 | $(345) | $66750 | $(10842) | $70318 | $(11187) |
| All other governments | 35757 | (1067) | 9550 | (606) | 45307 | (1673) |
| Special revenue and special assessment |  |  |  |  |  |  |
| &nbsp;&nbsp;obligations and all non-guaranteed |  |  |  |  |  |  |
| &nbsp;&nbsp;obligations of agencies and authorities |  |  |  |  |  |  |
| &nbsp;&nbsp;of governments and their political |  |  |  |  |  |  |
| &nbsp;&nbsp;subdivisions | 58261 | (2452) | 122344 | (15252) | 180605 | (17704) |
| Hybrid securities | 1056 | (67) | 3785 | (231) | 4841 | (298) |
| Industrial and miscellaneous | 3403375 | (198644) | 6084379 | (859058) | 9487754 | (1057702) |
| Total bonds | 3502017 | (202575) | 6286808 | (885989) | 9788825 | (1088564) |
| Preferred stocks | 609 |  | 2175 | (130) | 2784 | (130) |
| Common stocks | 144533 | (1842) | 27841 | (1658) | 172374 | (3500) |
| Total | $3647159 | $(204417) | $6316824 | $(887777) | $9963983 | $(1092194) |

---

The Company considers various factors when considering if a decline is other-than-temporary, including the size of the unrealized loss, deterioration in ratings, industry conditions or factors related to a geographic area that are negatively affecting a security, violation of loan covenants, overall financial condition of the issuer and the Company's intention and ability to sell or hold the security for a period of time sufficient to allow for a recovery in value. The Company has determined that such declines are temporary in nature.

<br> The Company considers various factors when considering if a decline in the fair value of a common stock security is other-than-temporary, including but not limited to the magnitude of the unrealized loss; the volatility of the investment; analyst recommendations, price targets and NAIC ratings; opinions of the Company's investment managers; market liquidity; and the Company's intentions to sell or ability to hold the investments until recovery. During 2025, 2024, and 2023, based on an evaluation of these factors, the realized losses for other-than-temporary impairments recognized by the Company on unaffiliated common stocks were not material.

<br> The Company's bond and short-term investment portfolios are predominantly comprised of investment grade securities. At December 31, 2025 and 2024, bonds at book/adjusted carrying value totaling $279,259 and $436,189, respectively, (2.2% and 3.5%, respectively, of the total bond and short-term portfolios) are considered below investment grade. Securities are classified as below investment grade by utilizing rating criteria established by the NAIC. During 2025, 2024, and 2023, the realized losses for other-than-temporary impairments recognized by the Company on bonds were not material. The Company did not recognize any other-than-temporary impairments on asset-backed and structured security investments in 2025 and 2024.

**NOTE 3 - INVESTMENTS, (continued)**

<br> A summary of asset-backed security and structured security investments included with unrealized losses for which an other-than-temporary impairment has not been recognized is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* |
|  | *Amortized* | *Fair* | *Unrealized* | *Amortized* | *Fair* | *Unrealized* |
|  | *Cost* | *Value* | *Losses* | *Cost* | *Value* | *Losses* |
| Asset-backed securities | $605985 | $596083 | $(9902) | $933591 | $862414 | $(71177) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* |
|  | *Amortized* | *Fair* | *Unrealized* | *Amortized* | *Fair* | *Unrealized* |
|  | *Cost* | *Value* | *Losses* | *Cost* | *Value* | *Losses* |
| Structured Securities | $193033 | $187385 | $(5648) | $1305594 | $1203661 | $(101933) |

---

**<br> Mortgage Loans**

For the commercial mortgage loans held by the Company, debt service coverage ratio (DSCR) is considered a key credit quality indicator for loans that are income dependent while loan to value and borrower financial strength are considered key credit quality indicators for borrower-occupied loans. Debt service coverage ratios compare a property's net operating income to the borrower's principal and interest payments. Loan to value and debt service coverage ratios are updated annually or as warranted by economic conditions or impairment considerations.

Debt service coverage ratios for income dependent mortgage loans are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| DSCR distribution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below 1 | $79426 | $72947 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.0 - 1.2 | 107308 | 147689 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 - 1.5 | 358278 | 398826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater than 1.5 | 1882371 | 1669985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2427383 | $2289447 |

---

<br> Mortgage loans with a DSCR below 1.0 that are not considered impaired primarily relate to instances where the borrower has the financial capacity to fund the revenue shortfalls from the properties for the foreseeable future, the decrease in cash flows is considered temporary, or there are other risk mitigating factors.

Loan to value for borrower-occupied commercial real estate mortgage loans is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| Loan to value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below 60% | $9435 | $8786 |
| &nbsp;&nbsp;&nbsp;&nbsp;60-75% |  | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $9435 | $10804 |

---

**NOTE 3 - INVESTMENTS, (continued)**

<br> An aging analysis of the commercial loans held by the Company is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| Recorded investment (all) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | $2435704 | $2292386 |
| &nbsp;&nbsp;&nbsp;&nbsp;30-59 days past due |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;60-89 days past due |  | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp;90-179 days past due |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;180+ days past due | 1114 | 5396 |
| Accruing Interest 180+ Days Past Due |  |  |
| &nbsp;&nbsp;Recorded investment | 1114 | 5396 |
| &nbsp;&nbsp;Interest accrued | 56 | 124 |
| Participant or co-lender in a mortgage loan agreement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recorded investment | 211 | 312 |

---

At December 31, 2025, the average size of an individual commercial mortgage loan was $2,826. For commercial mortgage loans, the Company's policy is to obtain a first mortgage lien and to require a loan to value ratio of 75% or less at acquisition. The Company's policy for commercial loans is to recognize due and accrued interest income on impaired loans if deemed collectible. As of December 31, 2025, the maximum and minimum rates of interest in the Company's mortgage loan portfolio were 8.85% and 2.85% for commercial mortgage loans.<br>**** <br> In 2025 and 2024, the Company had 118 and 91, respectively, commercial loans acquired or with additions to existing loans at the maximum and minimum rates of interest of 8.68% and 8.68%, respectively, and 4.60% and 4.55%, respectively, totaling $458,898 and $335,896, respectively.<br>

Commercial mortgage loans are evaluated individually for impairment. The Company's impairments for commercial loans and interest income on impaired commercial mortgage loans was not material for December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025 and 2024, no impaired commercial mortgage loans were on nonaccrual status under SSAP No 34, paragraph 6.

In 2025, the Company had $36,954 aggregate amount of mortgage loans derecognized as a result of foreclosure, $14,055 real estate collateral recognized, and $22,732 other collateral recognized. In 2024, the Company had no mortgage loans derecognized as a result of foreclosure.

**Investments in Tax Credit Structures**

During 2025 and 2024, the Company recognized $10,406 and $11,214, respectively, of low income housing tax credits (LIHTC) and other tax benefits. The Company's investment in LIHTC recognized in the Balance Sheets - Statutory Basis in other investments was $56,308 and $70,877 and in other liabilities was $14,144 and $23,498 for the years ended December 31, 2025 and 2024, respectively. No property is currently subject to any regulatory review. The Company had no investment in LIHTC that exceeded 10% of its admitted assets. The Company recognized no impairment losses related to LIHTC at December 31, 2025 and 2024. The Company recognized no write-down or reclassification resulting from the forfeiture or ineligibility of tax credits at December 31, 2025 and 2024.

**NOTE 3 - INVESTMENTS, (continued)**

<br> An aggregate schedule of non-transferrable tax credits expected to be generated by the Company each year for the subsequent five years and thereafter, as of December 31, 2025, is presented below:

---

| | |
|:---|:---|
| *Year* | *Non-Transferable* |
| 2026 | $11410 |
| 2027 | 898 |
| 2028 | 117 |
| 2029 | 314 |
| 2030 | 147 |
| Thereafter | 1258 |
| Total | $14144 |

---

The Company has no transferrable tax credits as of December 31, 2025.

<br> **<br> Offsetting and Netting of Assets and Liabilities**<br> Call options and foreign currency swaps that are included in other investments and other liabilities on the Balance Sheets - Statutory Basis and qualified for offsetting and netting are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Gross Amount Recognized* | *Amount Offset* | *Net Amount Presented on Financial Statements* | *Gross Amount Recognized* | *Amount Offset* | *Net Amount Presented on Financial Statements* |
| *Assets:* |  |  |  |  |  |  |
| Derivatives - call options | $332848 | $152405 | $180443 | $202246 | $86294 | $115952 |
| Derivatives - foreign currency swaps | 4482 | 3621 | 861 | 11461 | 2584 | 8877 |
| *Liabilities:* |  |  |  |  |  |  |
| Derivatives - call options | $152405 | $152405 | $— | $86294 | $86294 | $— |
| Derivatives - foreign currency swaps | 15689 | 3621 | 12068 | 2584 | 2584 |  |

---

**NOTE 3 - INVESTMENTS, (continued)**

**Net Investment Income**<br> Major categories of net investment income by class of investment are summarized below.

---

| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | *2025* | *2024* | *2023* |
| Income: |  |  |  |
| Bonds | $590016 | $556609 | $499408 |
| Preferred stocks | 66 | 166 | 490 |
| Common stocks | 11262 | 9885 | 8382 |
| Mortgage loans | 121493 | 104896 | 98441 |
| Real estate<sup>1</sup> | 12062 | 11175 | 14261 |
| Contract loans | 44237 | 39226 | 33583 |
| Short-term investments | 8109 | 6936 | 3385 |
| Derivatives | 74703 | 48067 | (43362) |
| Other investments | 81541 | 77269 | 50021 |
| Amortization of interest maintenance reserve | 7932 | 7780 | 9711 |
| Gross investment income | 951421 | 862009 | 674320 |
| Total investment expenses | 57679 | 55799 | 52135 |
| Net investment income | $893742 | $806210 | $622185 |

---

<sup>1</sup>Includes amounts for the occupancy of company-owned property of $5,647, $5,647, and $8,302 in 2025, 2024, and 2023, respectively.

** 

**Fair Value Measurements**

** 

Included in various investment related lines in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or, for certain bonds and preferred stocks when carried at the lower of cost or market. The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

**** 

Fair values are based on quoted market prices when available. When market prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality (matrix pricing). In instances where there is little or no market activity for the same or similar instruments, the Company estimates fair value using methods, models and assumptions that management believes market participants would use to determine a current transaction price. These valuation techniques involve some level of management estimation and judgment which becomes significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect the risk inherent in a particular methodology, model or input used.

The Company's financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by Fair Value Measurements as defined under NAIC SAP. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets (Level 1) and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset's classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:<br>

Level 1 – Values are unadjusted quoted prices for identical assets or liabilities in active markets accessible at the measurement date.

 

Level 2 – Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads and yield curves.

**** 

Level 3 – Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company's best estimate of what hypothetical market participants would use to determine a transaction price for the asset at the reporting date.

**NOTE 3 - INVESTMENTS, (continued)**

<br> Net asset value (NAV) – Separate account assets are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy.<br>The following tables provide information about the Company's financial assets and liabilities measured and reported at fair value or NAV:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* | *Total* |
| Assets at fair value/net asset value |  |  |  |  |  |
| Asset-Backed Securities | $— | $3415 | $— | $— | $3415 |
| Total bonds |  | 3415 |  |  | 3415 |
| Common stock |  |  |  |  |  |
| Industrial and miscellaneous | $329444 | $— | $— | $— | $329444 |
| Total common stocks | 329444 |  |  |  | 329444 |
| Derivative assets |  |  |  |  |  |
| Exchange traded index call options | 322150 |  |  |  | 322150 |
| Over the counter index call options |  | 180444 |  |  | 180444 |
| Foreign currency swaps |  | 860 |  |  | 860 |
| Total other investments | 322150 | 181304 |  |  | 503454 |
| Separate account assets |  |  |  | 11287354 | 11287354 |
| Total assets at fair value/net asset value | $651594 | $184719 | $— | $11287354 | $12123667 |
| Liabilities at fair value |  |  |  |  |  |
| Derivative liabilities |  |  |  |  |  |
| Exchange traded index call options | $176900 | $— | $— | $— | $176900 |
| Foreign currency swaps |  | 12068 |  |  | 12068 |
| Total liabilities at fair value | $176900 | $12068 | $— | $— | $188968 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* | *Total* |
| Assets at fair value/net asset value |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| Asset-Backed Securities | $— | $673 | $— | $— | $673 |
| Total bonds |  | 673 |  |  | 673 |
| Common stock |  |  |  |  |  |
| Industrial and miscellaneous | 357820 |  |  |  | 357820 |
| Total common stocks | 357820 |  |  |  | 357820 |
| Other investments | 14052 |  |  |  | 14052 |
| Derivative assets |  |  |  |  |  |
| Exchange traded index call options | 273603 |  |  |  | 273603 |
| Over the counter index call options |  | 115952 |  |  | 115952 |
| Foreign currency swaps |  | 8877 |  |  | 8877 |
| Total other investments | 287655 | 124829 |  |  | 412484 |
| Separate account assets |  |  |  | 10756291 | 10756291 |
| Total assets at fair value/net asset value | $645475 | $125502 | $— | $10756291 | $11527268 |
| Liabilities at fair value |  |  |  |  |  |
| Derivative liabilities |  |  |  |  |  |
| Exchange traded index call options | $145709 | $— | $— | $— | $145709 |
| Total liabilities at fair value | $145709 | $— | $— | $— | $145709 |

---

**NOTE 3 - INVESTMENTS, (continued)**

<br> The valuation techniques used to measure the fair values by type of investment in the above table are as follows:

**Level 1 – Financial Assets and Liabilities**

These assets and liabilities include actively-traded exchange-listed common stocks, mutual funds, exchange traded call and put options and exchange traded call and put options (written). Unadjusted quoted prices for these securities are provided to the Company by independent pricing services. Derivative asset and liability valuations are based on quoted prices in active markets for identical securities. Exchange traded call options and equity put options and written exchange traded call options and written equity put options are classified as Level 1.

**Level 2 – Financial Assets and Liabilities**

The Company's Level 2 assets includes bonds, OTC index call options and foreign currency swaps. Prices are based on other observable inputs, including quoted prices for similar assets/liabilities. The Company used broker quotes which are corroborated to the market for the monthly valuation of the index call options and foreign currency swaps. For the index call options, the broker quotes use the S&P Dividend Yield and Implied Volatility inputs in the Black Scholes Model that is tailored to the remaining term of each call option. For the foreign currency swaps, the broker quotes use models that rely on inputs such as basis curves and currency spot rates that are observable for substantially the full term of the contract. In addition, the Company corroborates the broker quotes to Bloomberg and to actual trades.

**Level 3 - Financial Assets and Liabilities**

There were no financial assets measured at fair value in Level 3 at December 31, 2025 and December 31, 2024.

**<br> NAV - Financial Assets and Liabilities**

Separate account assets represent NAVs as a practical expedient received from fund managers who stand ready to transact at the quoted values. The funds in the separate account assets are considered open-end mutual funds, meaning that the fund is ready to redeem its shares at any time and offers its shares for sale to the public, either through retail outlets or through institutional investors continuously. For institutional funds, NAVs are received daily from fund managers, and the managers stand ready to transact at these quoted amounts. The Company, on behalf of the contract holders, transacts in these funds on a daily basis as part of the separate account trading activity. There are no unfunded commitments in the separate account assets.

<br> There were no material transfers of financial instruments carried at fair value into or out of Level 3 during the years ended December 31, 2025 and 2024.

The Company had no financial instruments that were not practicable to calculate fair value. The Company had no investments measured using NAV instead of fair value in which the investment may be sold below NAV or significant restrictions in the liquidation of the investment held at NAV.

**NOTE 3 - INVESTMENTS, (continued)**

<br> The tables below reflect the fair values or NAV and book/adjusted carrying values of all admitted assets and liabilities that are financial instruments excluding those accounted for under the equity method. The fair values are also categorized into the three-level fair value hierarchy as described previously.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Fair Value* | *Book/Adjusted Carrying Value* | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* |
| *Assets:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Bonds |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuer credit obligations | $8429689 | $9099637 | $— | $6377988 | $2051701 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 3742953 | 3804566 |  | 3000533 | 742420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Bonds | 12172642 | 12904203 |  | 9378521 | 2794121 |  |
| &nbsp;&nbsp;Common stocks | 363861 | 363861 | 329444 | 34417 |  |  |
| &nbsp;&nbsp;Mortgage loans | 2363644 | 2436818 |  |  | 2363644 |  |
| &nbsp;&nbsp;Cash, cash equivalents and short-term |  |  |  |  |  |  |
| &nbsp;&nbsp;investments | 341551 | 341551 | 341551 |  |  |  |
| &nbsp;&nbsp;Contract loans | 916656 | 967549 |  |  | 916656 |  |
| &nbsp;&nbsp;Other investments | 623379 | 630044 | 322150 | 236266 | 64963 |  |
| &nbsp;&nbsp;Investment income due and accrued | 150555 | 150555 | 150555 |  |  |  |
| &nbsp;&nbsp;Separate account assets |  | 11287354 |  |  |  | 11287354 |
| Total financial assets | $16932288 | $29081935 | $1143700 | $9649204 | $6139384 | $11287354 |
| &nbsp;&nbsp;Deposit-type funds | $1408143 | $1409540 | $— | $— | $1408143 | $— |
| &nbsp;&nbsp;Derivative liabilities | 188967 | 188967 | 176899 | 12068 |  |  |
| Total financial liabilities | $1597110 | $1598507 | $176899 | $12068 | $1408143 | $— |

---

**<br>** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Fair Value* | *Book/Adjusted Carrying Value* | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* |
| *Assets:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Bonds | $11093012 | $12109742 | $— | $7447078 | $3645934 | $— |
| &nbsp;&nbsp;Preferred stocks | 2784 | 2828 |  | 2784 |  |  |
| &nbsp;&nbsp;Common stocks | 380790 | 380790 | 357820 | 22970 |  |  |
| &nbsp;&nbsp;Mortgage loans | 2134258 | 2300251 |  |  | 2134258 |  |
| &nbsp;&nbsp;Cash, cash equivalents and short-term |  |  |  |  |  |  |
| investments | 201163 | 201163 | 201163 |  |  |  |
| &nbsp;&nbsp;Contract loans | 796924 | 851561 |  |  | 796924 |  |
| &nbsp;&nbsp;Other investments | 557790 | 566065 | 297012 | 181226 | 79552 |  |
| &nbsp;&nbsp;Investment income due and accrued | 145519 | 145519 | 145519 |  |  |  |
| &nbsp;&nbsp;Separate account assets |  | 10756291 |  |  |  | 10756291 |
| Total financial assets | $15312240 | $27314210 | $1001514 | $7654058 | $6656668 | $10756291 |
| *Liabilities:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Deposit-type funds | $1190833 | $1192888 | $— | $— | $1190833 | $— |
| &nbsp;&nbsp;Borrowings | 3011 | 2959 |  |  | 3011 |  |
| &nbsp;&nbsp;Derivative liabilities | 145709 | 145709 | 145709 |  |  |  |
| Total financial liabilities | $1339553 | $1341556 | $145709 | $— | $1193844 | $— |

---

**NOTE 3 - INVESTMENTS, (continued)**

<br> The following methods and assumptions were used by the Company in estimating its fair value disclosures for each class of financial instruments for which it is practicable to estimate a value:

*Bonds:* For issuer credit obligations not actively traded, fair values are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. The fair values of asset-backed securities are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. Issuer credit obligations, asset-backed securities priced based on observable market information are assigned to Level 2. Issuer credit obligations and asset-backed securities priced based on uncorroborated broker quotes, unobservable market inputs, partnership valuations or internal valuations are assigned to Level 3.

*Preferred Stocks:* For preferred stocks not actively traded, fair values are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield credit quality, and maturity of the investments. Preferred stocks priced based on observable market information are assigned to Level 2.

*Common stocks:* For publicly traded securities and mutual funds, fair value is obtained from independent pricing services or fund managers and are assigned to Level 1 as the fair values are based on quoted prices in active markets for identical securities. For stock in FHLB, fair value is presumed to be par, which is the value at which the FHLB will repurchase the stock, and is assigned to Level 2. Stocks in affiliates carried on the equity method are not included as part of the fair value disclosure.

*Mortgage loans:* The fair value of commercial mortgage loans is primarily determined by estimating expected future cash flows and discounting the cash flows using current interest rates for similar mortgage loans with similar credit risk.

*Cash, cash equivalents and short-term investments, and investment income due and accrued:* The carrying amounts approximate fair values.**<br>** 

<br> *Other investments and derivative liabilities*: Fair values are estimated using values obtained from independent pricing services where available, or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. Other investments priced based on observable market information for similar assets are assigned to Level 2. Other investments priced based on uncorroborated broker quotes, unobservable market inputs or internal valuations are assigned to Level 3. Other investments carried on the equity method are not included as part of the fair value disclosure. Exchange traded call and put options and exchange traded call and put options (written) are classified as Level 1 since the valuations are based on quoted prices in active markets for identical securities. Foreign currency swaps are classified as Level 2 as the *v*aluation is based on models that rely on inputs such as basis curves and currency spot rates that are observable for substantially the full term of the contract. The valuation techniques underlying the models are widely accepted in the financial services industry and do not involve significant judgment.

*Contract loans:* The fair values for contract loans are estimated using discounted cash flow analysis at interest rates currently offered for similar loans. Contract loans with similar characteristics are aggregated for purposes of the calculations.

*Deposit-type funds*: Deposit-type funds are valued using discounted cash flow calculations, based on interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued.

*Borrowings:* The fair value of borrowed money is estimated using discounted cash flow calculations based on current interest rates consistent with the maturity of the obligation.**<br>** 

**NOTE 3 - INVESTMENTS, (continued)**

*Separate account assets*: Separate account assets represent NAV as a practical expedient received from fund managers who stand ready to transact at the quoted values.

**NOTE 4 - INCOME TAXES**

The application of NAIC SAP requires a company to evaluate the recoverability of gross deferred tax assets and to establish a valuation allowance if necessary to reduce the gross deferred tax asset to an amount which is more likely than not to be realized (adjusted gross deferred tax asset). Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance the Company considers many factors including: (1) the nature of the deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) the timing of their reversals; (4) taxable capital gains in prior carry back years as well as projected taxable earnings exclusive of reversing temporary differences and carry forwards; (5) the length of time that carryovers can be utilized; (6) unique tax rules that would impact the utilization of the deferred tax assets; and (7) tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused. Based on an evaluation of the above factors, management believes it more likely than not that the adjusted gross deferred tax assets will be realized.

The components of the net deferred tax asset/(liability) as of December 31, 2025 are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| Gross deferred tax assets | $353272 | $2448 | $355720 |
| Statutory valuation allowance adjustment |  |  |  |
| Adjusted gross deferred tax assets | 353272 | 2448 | 355720 |
| Deferred tax assets nonadmitted | 116710 |  | 116710 |
| Subtotal net admitted deferred tax assets | 236562 | 2448 | 239010 |
| Deferred tax liabilities | 39616 | 81865 | 121481 |
| Net admitted deferred tax assets/(liability) | $196946 | $(79417) | $117529 |

---

<br> The amount of admitted adjusted gross deferred tax assets under each component of NAIC SAP as of December 31, 2025 is:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| *Admission calculation components - NAIC SAP* |  |  |  |
| Adjusted gross deferred tax assets expected to be realized |  |  |  |
| (excluding the amount of deferred tax assets from above) |  |  |  |
| after application of the threshold limitation | $117529 | $— | $117529 |
| Adjusted gross deferred tax assets expected to be |  |  |  |
| realized following the balance sheet date | $117529 | $— | $117529 |
| Adjusted gross deferred tax assets allowed per |  |  |  |
| limitation threshold | xxx | xxx | $307415 |
| Adjusted gross deferred tax assets offset by gross deferred |  |  |  |
| tax liabilities | $119033 | $2448 | $121481 |
| Deferred tax assets admitted as the result of application |  |  |  |
| of NAIC SAP | $236562 | $2448 | $239010 |

---

The components of the net deferred tax asset/(liability) as of December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| Gross deferred tax assets | $348557 | $2748 | $351305 |
| Statutory valuation allowance adjustment |  |  |  |
| Adjusted gross deferred tax assets | 348557 | 2748 | 351305 |
| Deferred tax assets nonadmitted | 105799 |  | 105799 |
| Subtotal net admitted deferred tax assets | 242758 | 2748 | 245506 |
| Deferred tax liabilities | 34378 | 85702 | 120080 |
| Net admitted deferred tax assets/(net deferred tax liability) | $208380 | $(82954) | $125426 |

---

**NOTE 4 - INCOME TAXES, (continued)**

The amount of admitted adjusted gross deferred tax assets under each component of NAIC SAP as of December 31, 2024 is:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| *Admission calculation components - NAIC SAP* |  |  |  |
| Adjusted gross deferred tax assets expected to be realized |  |  |  |
| (excluding the amount of deferred tax assets from above) |  |  |  |
| after application of the threshold limitation | $125426 | $— | $125426 |
| Adjusted gross deferred tax assets expected to be |  |  |  |
| realized following the balance sheet date | $125426 | $— | $125426 |
| Adjusted gross deferred tax assets allowed per |  |  |  |
| limitation threshold | xxx | xxx | $263055 |
| Adjusted gross deferred tax assets offset by gross deferred |  |  |  |
| tax liabilities | $117332 | $2748 | $120080 |
| Deferred tax assets admitted as the result of application |  |  |  |
| of NAIC SAP | $242758 | $2748 | $245506 |

---

The changes in the components of the net deferred tax asset/(liability) from December 31, 2024 to December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| Gross deferred tax assets | $4715 | $(300) | $4415 |
| Statutory valuation allowance adjustment |  |  |  |
| Adjusted gross deferred tax assets | 4715 | (300) | 4415 |
| Deferred tax assets nonadmitted | 10911 |  | 10911 |
| Subtotal net admitted deferred tax assets | (6196) | (300) | (6496) |
| Deferred tax liabilities | 5238 | (3837) | 1401 |
| Net admitted deferred tax assets/(net deferred tax liability) | $(11434) | $3537 | $(7897) |

---

**<br>** 

<br> ---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| *Admission calculation components - NAIC SAP* |  |  |  |
| Adjusted gross deferred tax assets expected to be realized |  |  |  |
| (excluding the amount of deferred tax assets from above) |  |  |  |
| after application of the threshold limitation | (7897) |  | (7897) |
| Adjusted gross deferred tax assets expected to be |  |  |  |
| realized following the balance sheet date | (7897) |  | (7897) |
| Adjusted gross deferred tax assets allowed per |  |  |  |
| limitation threshold | xxx | xxx | 44360 |
| Adjusted gross deferred tax assets offset by gross deferred |  |  |  |
| tax liabilities | 1701 | (300) | 1401 |
| Deferred tax assets admitted as the result of application |  |  |  |
| of NAIC SAP | $(6196) | $(300) | $(6496) |

---

The Company does not carry any deferred tax liabilities on unrealized capital gains related to investments in affiliates.

The Company used the following amounts in determining the DTA admissibility:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Ratio percentage used to determine recovery period and |  |  |
| &nbsp;&nbsp;threshold limitation above | 972% | 841% |
| Amount of adjusted capital and surplus used to determine |  |  |
| &nbsp;&nbsp;recovery period and threshold limitation above | $2049435 | $1753699 |

---

There were no tax planning strategies utilized as of December 31, 2025 or 2024.

**NOTE 4 - INCOME TAXES, (continued)**

<br> The provision for incurred federal income taxes on earnings are:

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| | | | |
|:---|:---|:---|:---|
|  | *Years ended December 31* | *Years ended December 31* | *Years ended December 31* |
|  | *2025* | *2024* | *2023* |
| Federal | $16986 | $(16252) | $31114 |
| Federal income tax on net capital gains | 11036 | 12051 | 8041 |
| Federal income tax incurred/(recovered) | $28022 | $(4201) | $39155 |

---

<br> The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31* | *December 31* | *December 31* | *Change* | *Change* |
|  | *2025* | *2024* | *2023* | *from 2024* | *from 2023* |
| *Deferred tax assets:* |  |  |  |  |  |
| &nbsp;&nbsp;Ordinary |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discounting of unpaid losses | $178 | $157 | $165 | $21 | $(8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premium reserve | 534 | 523 | 505 | 11 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | 138269 | 134578 | 111591 | 3691 | 22987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 8676 | 8166 | 7877 | 510 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | 103832 | 94942 | 88273 | 8890 | 6669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder dividends accrual | 1410 | 2145 | 1632 | (735) | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | (693) | 9891 | 11241 | (10584) | (1350) |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits accrual | 26798 | 25898 | 25789 | 900 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables - nonadmitted | 40329 | 35046 | 29906 | 5283 | 5140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carry-forward | 190 | 208 | 225 | (18) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible Amortization | 22739 | 25522 | 28309 | (2783) | (2787) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (including items <5% of total |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ordinary tax assets) | 11010 | 11481 | 10103 | (471) | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 353272 | 348557 | 315616 | 4715 | 32941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted deferred tax assets | 116710 | 105799 | 89124 | 10911 | 16675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted ordinary deferred tax assets | $236562 | $242758 | $226492 | $(6196) | $16266 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $203 | $435 | $1272 | $(232) | $(837) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 2245 | 2313 | 2793 | (68) | (480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 2448 | 2748 | 4065 | (300) | (1317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted capital deferred tax assets | 2448 | 2748 | 4065 | (300) | (1317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted deferred tax assets | $239010 | $245506 | $230557 | $(6496) | $14949 |

---

**<br>** 

<br> ---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Deferred tax liabilities:* |  |  |  |  |  |
| &nbsp;&nbsp;Ordinary |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $6384 | $4790 | $3171 | $1594 | $1619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | 8123 | 818 | 2042 | 7305 | (1224) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred and uncollected premium | 14621 | 15297 | 17372 | (676) | (2075) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | 437 | 3509 | 6588 | (3072) | (3079) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned commissions | 9907 | 9820 | 9251 | 87 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (including items <5% of total |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ordinary tax liabilities) | 144 | 144 | 143 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 39616 | 34378 | 38567 | 5238 | (4189) |

---

**NOTE 4 - INCOME TAXES, (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31* | *December 31* | *December 31* | *Change* | *Change* |
|  | *2025* | *2024* | *2023* | *from 2024* | *from 2023* |
| &nbsp;&nbsp;Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $80590 | $84427 | $74312 | $(3837) | $10115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate | 1275 | 1275 | 1276 |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | $81865 | $85702 | $75588 | $(3837) | $10114 |
| Deferred tax liabilities | $121481 | $120080 | $114155 | $1401 | $5925 |
| Net deferred tax assets | $117529 | $125426 | $116402 | $(7897) | $9024 |

---

The change in the net admitted deferred tax assets was $(7,897), $9,024 and $19,640 for the years ended December 31, 2025, 2024, and 2023, respectively. The change in nonadmitted deferred tax assets of $10,911, $16,675, and $7,304 was included in change in nonadmitted assets in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis for the years ended December 31, 2025, 2024, and 2023, respectively.

The change in net deferred income taxes as of December 31 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *Change* |
| Total gross deferred tax assets | $355720 | $351305 | $4415 |
| Total deferred tax liabilities | 121481 | 120080 | 1401 |
| Net deferred tax asset | $234239 | $231225 | 3014 |
| Tax effect of change in unrealized gains and pension liability |  |  | 2904 |
| Change in net deferred income tax |  |  | $5918 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *2024* | *2023* | *Change* |
| Total gross deferred tax assets | $351305 | $319681 | $31624 |
| Total deferred tax liabilities | 120080 | 114155 | 5925 |
| Net deferred tax asset | $231225 | $205526 | 25699 |
| Tax effect of change in unrealized gains and pension liability |  |  | 3360 |
| Change in net deferred income tax |  |  | $29059 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *2023* | *2022* | *Change* |
| Total gross deferred tax assets | $319681 | $273463 | $46218 |
| Total deferred tax liabilities | 114155 | 94881 | 19274 |
| Net deferred tax asset | $205526 | $178582 | 26944 |
| Tax effect of change in unrealized gains and pension liability |  |  | 35349 |
| Adjustment to prior year deferred income tax |  |  | 2923 |
| Change in net deferred income tax |  |  | $65216 |

---

**NOTE 4 - INCOME TAXES, (continued)**

<br> The provision for federal income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference as of December 31, 2025, 2024, and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Net gain (loss) from operations before income taxes | $179670 | $(94449) | $72505 |
| Net realized capital gains before income taxes | 52552 | 57385 | 38289 |
| Deferred reinsurance loss, net | (4947) | (4266) | (3954) |
| Total pre-tax statutory income (loss) | 227275 | (41330) | 106840 |
| Change in nonadmitted assets | (25161) | (24475) | (43079) |
| IMR amortization | (7932) | (7780) | (9711) |
| Tax-exempt income | (24174) | (25301) | (22687) |
| Adjustment to prior year deferreds | (270) | (1217) | 3083 |
| Dissolution of subsidiary |  |  | (92822) |
| Non-deductible expense | 4085 | 4251 | 4884 |
| Other | 1344 | (1117) | (408) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 175167 | (96969) | (53900) |
| Statutory tax rate | 0.21 | 0.21 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 36785 | (20364) | (11319) |
| Adjustment to prior year deferred income tax |  |  | (2923) |
| Tax credits | (14681) | (12896) | (11819) |
| Total statutory income taxes | $22104 | $(33260) | $(26061) |
| Federal and foreign income tax incurred/(recovered) | $28022 | $(4201) | $39155 |
| Change in deferred income tax | (5918) | (29059) | (65216) |
| Total statutory income taxes | $22104 | $(33260) | $(26061) |

---

The Company has no foreign tax credit carryovers to subsequent years.

At December 31, 2025, the Company has tax carryovers to subsequent years as follows:

---

| | | | |
|:---|:---|:---|:---|
| Year of Origination |  | Amount | Year of Expiration |
| 2016 | Net Operating Loss | $907 | 2036 |

---

The amount of federal income tax which is available for recoupment in the event of future capital losses is $11,983, $9,928, and $14,604, for the tax years 2025, 2024, and 2023, respectively. There were no deposits admitted under IRC Section 6033.

The Company joins in a consolidated federal income tax return filed by AMHC with AHC, AIP and Ameritas-NY.

The Company has no tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

The Inflation Reduction Act was enacted on August 16, 2022, and included a new corporate alternative minimum tax (CAMT) which is effective for tax years beginning after 2022. The Company is a nonapplicable reporting entity that does not reasonably expect to be an applicable corporation subject to CAMT as a member of a tax-controlled group of corporations in 2025 and 2024.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into law. Connected to OBBBA, the Company is immediately expensing domestic research and development costs in 2025 that have been previously capitalized. The other provisions of OBBBA are not material to the Company.

**NOTE 5 - INFORMATION CONCERNING PARENT, SUBSIDIARIES, AFFILIATES AND RELATED PARTIES**

The Company loaned $3,000 to Ameritas Advisory Services, LLC on December 5, 2023 under a promissory note due on or before December 1, 2024. The promissory note was repaid in full on June 28, 2024.

The Company loaned $2,000 to Ameritas Investment Company, LLC on April 3, 2023 under a promissory note due on or before April 1, 2024. The promissory note was repaid in full on March 21, 2024.

AAS and AIC each established a $10,000 unsecured line of credit with the Company expiring March 31, 2026. There were no balances outstanding at any time during 2025.

The Company received capital contributions in the amount of $40,000 and $25,000 from AHC on June 23, 2025 and December 3, 2025, respectively.

Ameritas-NY and AHC each established a $50,000 unsecured line of credit with the Company. There were no balances outstanding at any time during 2025, 2024, and 2023. The unsecured lines of credit with Ameritas-NY and AHC provide for automatic annual renewal on May 1, and January 1, respectively, unless terminated by either party.

The Company established a $50,000 unsecured line of credit with AHC under an agreement that provides for automatic renewal on January 1 unless terminated by either either party. There were no balances outstanding at any time during 2025 or 2024.

The Company's variable life and annuity products are distributed through AIC. Policies placed by this affiliate generated commission and general insurance expense of $21,085, $20,984, and $21,305, for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company had amounts due to and from various affiliates at December 31, 2025 and 2024 which were recorded in other admitted assets and other liabilities in the Balance Sheets-Statutory Basis. The balances are settled monthly on a net basis. Additionally, the Company provides, as well as receives, technical, financial, legal and marketing support, and investment advisory services from certain affiliates under administrative service and cost-sharing agreement which were recorded in general insurance expenses in the Summary of Operations-Statutory Basis. Both the individual and combined amounts recorded under these agreements were not material for the years ended December 31, 2025, 2024, and 2023.

**NOTE 6 - EMPLOYEE BENEFITS**

The Company has deferred compensation plans covering the Board of Directors, certain management employees and agents. The Company's method of accounting for these plans is the accrual method and the assets for some of these deferred compensation plans are held in a Rabbi Trust.

The Company has unfunded, non-qualified pension plans (the NQ Plans) where the Company makes payments under certain voluntary arrangements for retirement benefits, which are not provided for under the AHC sponsored defined benefit pension plan. The measurement date for the Company's NQ Plans was December 31. A summary of the obligations and assumptions are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Underfunded Pension Benefits* | *Underfunded Pension Benefits* | *Underfunded Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Benefit obligation at beginning of year | $29240 | $31776 | $34365 |
| Interest cost | 1511 | 1560 | 1763 |
| Actuarial loss | (996) | (372) | (84) |
| Benefits paid | (3649) | (3724) | (4268) |
| Benefit obligation at end of year | $26106 | $29240 | $31776 |

---

**NOTE 6 - EMPLOYEE BENEFITS, (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Reporting entity contribution | 3649 | 3724 | 4268 |
| Benefits paid | (3649) | (3724) | (4268) |
| Fair value of plan assets at end of year | $— | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Components: |  |  |  |
| Accrued benefit costs | $27563 | $31465 | $34049 |
| Liability (asset) for pension benefits | (1457) | (2225) | (2273) |
| Assets and liabilities recognized: |  |  |  |
| Liabilities recognized | 26106 | 29240 | 31776 |
| Unrecognized liabilities (assets) | (1457) | (2225) | (2273) |

---

The components of net periodic benefit cost are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Interest cost | 1511 | 1560 | 1763 |
| Amount of recognized gains | (1764) | (420) | (399) |
| Total net periodic benefit cost | $(253) | $1140 | $1364 |

---

Amounts in unassigned funds (surplus) recognized as components of net periodic benefit cost:

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Items not yet recognized as a component of net periodic cost - prior year | $(2225) | $(2273) | $(2588) |
| Net loss arising during the period | (996) | (372) | (84) |
| Net gain recognized | 1764 | 420 | 399 |
| Items not yet recognized as a component of net |  |  |  |
| periodic cost - current year | $(1457) | $(2225) | $(2273) |

---

<br> The weighted-average discount rate assumptions at December 31 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Net periodic benefit cost | 5.28% | 5.43% | 3.08% |
| Projected benefit obligation | 5.44% | 5.28% | 5.43% |

---

Future expected pension benefit payments are as follows:

---

| | |
|:---|:---|
| *Year* | *Amount* |
| 2026 | $3472 |
| 2027 | 3347 |
| 2028 | 3221 |
| 2029 | 3097 |
| 2030 | 2972 |
| 2031-2035 | 11886 |

---

**NOTE 6 - EMPLOYEE BENEFITS, (continued)**

The accumulated pension benefit obligation for the NQ plans is as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| Accumulated benefit obligation | $26106 | $29239 |
| Projected benefit obligation (PBO) | $26106 | $29239 |
| Funded status (PBO - Plan assets) | $26106 | $29239 |
| Unrecognized items: |  |  |
| Unrecognized gains, net of tax | $(1151) | $(1758) |
| Total unrecognized items, net of tax | $(1151) | $(1758) |

---

The Company participates in the Ameritas Pension Plan (the Plan), of which AHC is the plan sponsor. Plan assets are held in separate accounts of the Company. The Company participates in a postretirement benefit plan sponsored by AHC. The expenses recognized by the Company for the Plan and the postretirement benefit plan were not material for 2025, 2024, or 2023.

The Company's employees and agents participate in defined contribution plans sponsored by AHC that cover substantially all full-time employees and agents. In addition, certain of the Company's employees participate in an unfunded, non-qualified defined contribution plan sponsored by AHC. Company matching contributions under the defined contribution plans range from 0.5% to 3.0% of the participant's compensation. In addition, for eligible employees, the Company makes a contribution of 6.0% of the participant's compensation for those employees hired prior to January 1, 2006 and 5.0% of the participant's compensation for those hired after January 1, 2006. Contributions by the Company to the employee and agents defined contribution plans were $18,857, $19,027, and $18,281 in 2025, 2024, and 2023, respectively.

**NOTE 7 - DIVIDEND RESTRICTIONS AND SURPLUS**

The Company is subject to regulation by the Department, which restricts the advancement of funds to parent and affiliated companies as well as the amount of dividends that may be paid without prior approval. Dividend payments to the stockholder by the Company, when aggregated with all other dividends in the preceding 12 months, cannot exceed the greater of 10% of surplus as of the preceding year-end or the statutory net gain from operations for the previous calendar year, without prior approval from the Department. Based on this limitation, the Company would be able to pay $216,574 in dividends in 2026, without prior approval. The Company did not pay ordinary dividends to AHC, its parent, in 2025, 2024, or 2023.

Unassigned surplus represents the undistributed and unappropriated amount of surplus at the statement date. The cumulative effect related to the portion of unassigned surplus represented or reduced by each of the following items as of December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Unrealized capital gains, net of taxes | $134593 | $110958 | $87325 |
| Nonadmitted asset values | (308755) | (272682) | (231533) |
| Asset valuation reserve | (325047) | (354449) | (336910) |

---

**NOTE 7 - DIVIDEND RESTRICTIONS AND SURPLUS, (continued)**

On November 1, 1996, the Company issued $50,000 of 8.20% Surplus Notes (Notes). The Notes mature on November 1, 2026 and may not be redeemed prior to maturity. The Notes are unsecured and subordinated to all present and future policy claims, prior claims and senior indebtedness. These Notes were underwritten by Merrill Lynch & Co. with the trustee as Bank of New York. Subject to prior written approval of the Department, these Notes will pay interest semi-annually on May 1 and November 1. In accordance with Department regulations, interest cannot be accrued or paid until written approval has been received. Interest of $4,100 was paid in 2025, 2024, and 2023 and included as reduction to net investment income on the Summary of Operations and Changes in Capital and Surplus – Statutory Basis. The carrying amount of the Notes was $49,993 and $49,984 at December 31, 2025 and 2024, respectively. There is no unapproved interest and principal. The life-to-date interest expense recognized on the Notes as of December 31, 2025 is $118,866. There has been no principal paid during the life of the Notes as of December 31, 2025. The interest offset percentage is 100%. The Notes holder, the asset issuer and the liquidity source are not related parties. The Notes are not contractually linked and the Notes payments are not subject to administrative offsetting provisions. Cash received upon issuance was not used to purchase an asset directly from the holder of the surplus note.

**NOTE 8 - COMMITMENTS AND CONTINGENCIES**

At December 31, 2025, the Company had outstanding agreements to fund mortgages totaling $126,459. In addition at December 31, 2025, the Company has committed to invest $362,332 in equity-type limited partnerships and $168,672 in bonds in subsequent years. These transactions are in the normal course of operations and are not reflected in the accompanying statutory basis financial statements. The Company's exposure to credit loss is represented by the contractual notional amount of these instruments. The Company uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance sheet instruments.

**Guaranty Funds Assessments** 

As a condition of doing business, all states and jurisdictions have adopted laws requiring membership in life and health guaranty funds. Member companies are subject to assessments each year based on life, health or annuity premiums collected in the state. In some states these assessments may be applied against premium taxes. For 2025, 2024, and 2023, the charge to operations related to these assessments was not material. The estimated liability for future guaranty fund assessments of $3,001 and $4,989 at December 31, 2025 and 2024, respectively, was based on data provided by the National Organization of Life & Health Guaranty Associations and is included in other liabilities in the Balance Sheets - Statutory Basis. At December 31, 2025 and 2024, the Company had a related receivable of $2,701 and $4,332, respectively, for amounts recoverable against premium taxes which is included in other admitted assets in the Balance Sheets - Statutory Basis. The periods over which the guaranty funds assessments are expected to be paid are unknown at this time. Premium tax offsets are realized over the period allowed by each state once the guaranty fund assessment has been paid.

<br> Reconciliation of assets recognized from paid and accrued premium tax offsets and policy surcharges which are included in other admitted assets on the Balance Sheets – Statutory Basis as of December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Assets recognized from paid and accrued premium tax offsets and policy surcharges as of prior year end | $8842 | $4844 |
| &nbsp;&nbsp;Decreases during the year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium tax offset applied | (1138) | (397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charge off of estimated premium tax offset | (1630) |  |
|  | (2768) | (397) |
| &nbsp;&nbsp;Increases during the year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated premium tax offset |  | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assessments paid | 428 | 3577 |
|  | 428 | 4395 |
| Assets recognized from paid and accrued premium tax offsets and policy surcharges as of current year end | $6502 | $8842 |

---

**NOTE 8 - COMMITMENTS AND CONTINGENCIES, (continued)**

<br> The Company recognizes liabilities, contingencies and assessments for long-term care insolvencies related guaranty funds liabilities and assets related to the Penn Treaty/ANIC insolvency. As of December 31, 2025, the undiscounted and discounted guaranty fund assessments were $6,877 and $2,598, and the related undiscounted and discounted assets were $5,244 and $2,032. As of December 31, 2024, the undiscounted and discounted guaranty fund assessments were $6,961 and $2,682, and the related undiscounted and discounted assets were $5,076 and $2,033.<br>

**Litigation and Regulatory Examination**

From time to time, the Company is subject to litigation and regulatory examination in the normal course of business. Management does not believe that the Company is party to any such pending litigation or examination which would have a material adverse effect on its financial condition or results of its operations. There were no claims (per claim or claimant) where amounts paid to settle were related to extra contractual obligations or bad faith claims resulting from lawsuits during 2025 and 2024.

**Uncollectibility of Assets**

The Company had admitted assets of $16,431 and $14,406 at December 31, 2025 and 2024, respectively, in accounts receivable for uninsured plans included in other admitted assets on the Balance Sheets – Statutory Basis. The Company routinely assesses the collectibility of these receivables. Based upon Company experience, less than 1% of the balance may become uncollectible and the potential loss is not material to the Company's financial condition.

**NOTE 9 – GAIN OR LOSS TO THE REPORTING ENTITY FROM UNINSURED ACCIDENT AND HEALTH PLANS** 

**ASC Plans** 

The gain (loss) from operations from administrative services contract (ASC) uninsured plans which is reported within general insurance expenses in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis is as follows for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Gross reimbursement for medical cost incurred | $249726 | $227572 | $212227 |
| Other income or expenses (including interest paid to or received from plans) | 25358 | 23732 | 24431 |
| Gross expenses incurred (claims and administrative) | 275084 | 251304 | 236658 |
| Net gain (loss) from operations | $1827 | $1249 | $(106) |

---

**NOTE 10 - MANAGING GENERAL AGENTS AND THIRD-PARTY ADMINISTRATORS**

The Company has a third-party administrator, for which direct premiums written exceed 5% of total capital and surplus. The third party administers ordinary life and individual annuity business and does not have an exclusive contract. The third party has been granted the authority for policy administration, claims payment, claims adjustment, reinsurance ceding, binding authority and premium collection. The total amount of direct premiums administered was $203,739, $552,348, and $342,707 for the years ended December 31, 2025, 2024, and 2023, respectively. Another third-party administrator, which administered group accident and health business, does not have an exclusive contract, and has been granted the authority for binding authority and premium collection. Direct premiums administered were $126,718, $119,830, and $115,530 for the years ended December 31, 2025, 2024, and 2023, respectively. The Company had various other third party administrators and managing general agents during these periods, however their direct premiums written did not exceed 5% of total capital and surplus. The total amount of direct premiums administered by third-party administrators was $492,298, $830,868, and $613,333 for the years ended December 31, 2025, 2024, and 2023, respectively.

**NOTE 11 - OTHER ITEMS**

**Securities on Deposit** 

Included in the Company's deposits with government agencies are bonds with a book/adjusted carrying value of $111,292 and $127,093 and cash of $1,899 and $9,919 at December 31, 2025 and 2024, respectively, in a Regulation 109 deposit account with the State of New York as a result of its delicensure in the state as of September 30, 2013.

**NOTE 12 - SUBSEQUENT EVENTS** 

The Company has evaluated events subsequent to December 31, 2025 and through March 30, 2026, the date the financial statements were available to be issued.

**NOTE 13 - REINSURANCE**

In the ordinary course of business, the Company assumes and cedes reinsurance with other insurers and reinsurers. These arrangements provide greater diversification of business and limit the maximum net loss potential on large or hazardous risks. These reinsured risks are treated in the financial statements as risks for which the Company is not liable. Accordingly, policy liabilities and accruals, including incurred but not reported claims, are reported in the financial statements net of reinsurance assumed and ceded. A contingent liability exists with respect to the amount of such reinsurance in the event that the reinsuring companies are unable to meet their obligations. Reinsurance of risk does not discharge the primary liability of the Company, the Company remains contingently liable with respect to any reinsurance ceded, and this contingency would become an actual liability in the event that the assuming company becomes unable to meet its obligation under the reinsurance treaty.

The Company recaptured previously ceded business related to a reinsurer under an order of rehabilitation, due to a liquidation order effective September 30, 2023. The impacts from the liquidation order resulted in the recording of a $5,054 and $5,302 recoverable at December 31, 2025 and 2024, respectively, as an estimate of settlement from the reinsurer's estate. This recoverable consists of paid claims and waived and unearned premiums.

On December 31, 2025, the Company amended certain reinsurance agreements under which all previously ceded business was recaptured in exchange for a one-time recapture payment of $9,091. As a result of the recapture payment, $6,543 of ceded commission and $2,548 of ceded renewal premium was recorded in Commissions and expense allowances on reinsurance ceded and Premium income, respectively, in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

The Company conducts reinsurance business with Ameritas-NY and other non-affiliated companies. No policies issued by the Company have been reinsured with a foreign company.

<br> The reinsurance premiums, net are included in the premium income, net in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Reinsurance premium transactions with affiliated and non-affiliated companies are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | *2025* | *2024* | *2023* |
| Assumed | $101473 | $96572 | $108381 |
| Ceded | (317665) | (296232) | (286288) |
| &nbsp;&nbsp;Reinsurance premiums, net | $(216192) | $(199660) | $(177907) |

---

The Company did not have any affiliated transactions through reinsurance operations for premium income, commission expense allowances, benefits to policyholders and reserves for life, accident and health policies that were more than half of 1% of the Company's admitted assets for the years ended December 31, 2025, 2024, and 2023.

<br> Effective October 1, 2019, the Company entered into a combination coinsurance/quota share funds withheld reinsurance agreement of an individual indexed annuity block and guaranteed living withdrawal benefit riders on an individual indexed annuity block with a third party. This agreement covers policies sold through June 30, 2024. Amortization of $4,947 and $4,266, which is based on the growth of the funds withheld liability, was recorded in change in surplus as a result of reinsurance, net of taxes, in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis at December 31, 2025 and 2024, respectively. Effective December 1, 2024 the Company entered into a quota share funds withheld reinsurance agreement of an individual indexed annuity block and guaranteed living withdrawal benefit riders on an individual indexed annuity block with an additional third party. This agreement included policies sold on or after July 1, 2024.

**NOTE 13 - REINSURANCE, (continued)**

<br> The Company entered into two coinsurance agreements of participating life blocks with a third party (Coinsurance Treaties) effective on December 1, 2015. As of December 31, 2025 and 2024, invested assets of $883,591 and $896,696, respectively, were held in trust to support the obligations reinsured under the Coinsurance Treaties. The amounts held in trust are to be used solely to fund obligations incurred under the Coinsurance Treaties and represent 2.9% and 3.1% of the Company's admitted assets at December 31, 2025 and 2024, respectively.

No reinsurance contracts with risk-limiting features were identified for disclosure in any year.

**NOTE 14 - CHANGES IN UNPAID CLAIMS AND CLAIM ADJUSTMENT EXPENSES**

The change in the liability for unpaid accident and health claims and claim adjustment expenses, which is reported in reserves for unpaid claims and reserves for life, accident and health policies in the Balance Sheets – Statutory Basis, is summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Total reserve for unpaid claims at January 1 | $387210 | $373034 | $356953 |
| Less reinsurance assumed | (14918) | (16234) | (16244) |
| Plus reinsurance ceded | 216426 | 202128 | 192807 |
| Direct balance | 588718 | 558928 | 533516 |
| Incurred related to: |  |  |  |
| &nbsp;&nbsp;Current year | 973098 | 920602 | 831876 |
| &nbsp;&nbsp;Prior year | (21568) | (3346) | (4967) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total incurred | 951530 | 917256 | 826909 |
| Paid related to: |  |  |  |
| &nbsp;&nbsp;Current year | 804431 | 782116 | 699500 |
| &nbsp;&nbsp;Prior year | 106995 | 105350 | 101997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total paid | 911426 | 887466 | 801497 |
| Direct balance | 628822 | 588718 | 558928 |
| Plus reinsurance assumed | 14806 | 14918 | 16234 |
| Less reinsurance ceded | (229424) | (216426) | (202128) |
| Total reserve for unpaid claims at December 31 | $414204 | $387210 | $373034 |

---

As a result of favorable settlement of prior years' estimated claims, the provision for claims and claim adjustment expenses decreased by $21,568, $3,346, and $4,967 for the years ended December 31, 2025, 2024, and 2023, respectively. During 2025, incurred claims were negative for prior year primarily due to favorable claim runout for both group dental and disability products. During 2024 and 2023, incurred claims were negative for prior year primarily due to favorable claim runout for group dental products partially offset by unfavorable claim runout for disability products. There were no significant changes in methodologies and assumptions used in calculating the liability for unpaid losses and loss adjustment expenses for the year ended December 31, 2025.

<br> The Company paid and incurred assumed and ceded reinsurance claims as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Paid assumed reinsurance claims | $79391 | $79533 | $80811 |
| Incurred assumed reinsurance claims | $79279 | $78217 | $80801 |
| Paid ceded reinsurance claims | $34533 | $33118 | $31346 |
| Incurred ceded reinsurance claims | $47531 | $47416 | $40667 |

---

Anticipated salvage and subrogation are not included in the Company's determination of the liability for unpaid claims/losses.

**NOTE 15 - RESERVES FOR LIFE, ACCIDENT AND HEALTH POLICIES**

The Company waives deduction of deferred fractional premiums due upon death of the insured and returns any portion of the final premium beyond the date of death on traditional business. Surrender values are not provided in excess of legally computed direct reserves.

Additional premiums are charged for policies issued on substandard lives according to underwriting classification. Reserves for substandard policies are included in the reserves for life, accident and health policies as reflected on the Balance Sheets – Statutory Basis. The corresponding reserves held on such policies are calculated using the same interest rate as standard policies, but employ mortality rates which are multiples of standard mortality.

<br> As of December 31, 2025 and 2024, respectively, the Company had $1,195,979 and $1,397,738 of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by the Department. Reserves to cover the above insurance totaled $22,920 and $23,629 at December 31, 2025 and 2024, respectively.

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS**

Withdrawal characteristics of annuity reserves and deposit-type funds at December 31 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2025* | *2025* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Individual Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $— | $— | $— | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more | 3341312 |  | 3341312 | 39.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 2193442 | 2193442 | 26.0% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 3341312 | 2193442 | 5534754 | 65.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 1940442 |  | 1940442 | 23.0% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 955516 |  | 955516 | 11.4% |
| &nbsp;&nbsp;Total gross | 6237270 | 2193442 | 8430712 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 647942 |  | 647942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total individual annuity reserves | $5589328 | $2193442 | $7782770 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $475872 | $— | $475872 |  |

---

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2025* | *2025* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Group Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $1051627 | $— | $1051627 | 12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 7406276 | 7406276 | 86.4% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 1051627 | 7406276 | 8457903 | 98.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 90536 |  | 90536 | 1.1% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 26873 |  | 26873 | 0.2% |
| &nbsp;&nbsp;Total gross | 1169036 | 7406276 | 8575312 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 8914 |  | 8914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total group annuity reserves | $1160122 | $7406276 | $8566398 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Deposit-type Funds (no life contingencies):* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $280175 | $— | $280175 | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 379872 | 379872 | 21.2% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 280175 | 379872 | 660047 | 36.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 402050 |  | 402050 | 22.5% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 727645 |  | 727645 | 40.6% |
| &nbsp;&nbsp;Total gross | 1409870 | 379872 | 1789742 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 330 |  | 330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposit-type funds | $1409540 | $379872 | $1789412 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |
| Total annuity reserves and deposit-type funds | $8158990 | $9979590 | $18138580 |  |

---

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)**

**<br>** 

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2024* | *2024* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Individual Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $— | $— | $— | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more | 3192063 |  | 3192063 | 39.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 2207123 | 2207123 | 27.0% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 3192063 | 2207123 | 5399186 | 66.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 1877039 |  | 1877039 | 22.9% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 910189 |  | 910189 | 11.1% |
| &nbsp;&nbsp;Total gross | 5979291 | 2207123 | 8186414 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 651627 |  | 651627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total individual annuity reserves | $5327664 | $2207123 | $7534787 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $327756 | $— | $327756 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Group Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $889681 | $— | $889681 | 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 6963887 | 6963887 | 87.2% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 889681 | 6963887 | 7853568 | 98.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 101597 |  | 101597 | 1.3% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 29604 |  | 29604 | 0.4% |
| &nbsp;&nbsp;Total gross | 1020882 | 6963887 | 7984769 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 9761 |  | 9761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total group annuity reserves | $1011121 | $6963887 | $7975008 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |

---

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2024* | *2024* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Deposit-type Funds (no life contingencies):* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $262230 | $— | $262230 | 16.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 384837 | 384837 | 24.4% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 262230 | 384837 | 647067 | 41.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 207286 |  | 207286 | 13.1% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 723769 |  | 723769 | 45.9% |
| &nbsp;&nbsp;Total gross | 1193285 | 384837 | 1578122 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 397 |  | 397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposit-type funds | $1192888 | $384837 | $1577725 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |
| Total annuity reserves and deposit-type funds | $7531673 | $9555847 | $17087520 |  |

---

<br> The following information is obtained from the applicable Exhibit in the Company's December 31 Annual Statements and related Separate Accounts Annual Statements, both of which are filed with the Department, and is provided to reconcile annuity reserves and deposit-type funds to amounts reported in the Balance Sheets – Statutory Basis as of December 31:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Life and Accident and Health Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 5, Annuities Section, Total (net) | $6726378 | $6316848 |
| &nbsp;&nbsp;Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net) | 23072 | 21937 |
| &nbsp;&nbsp;Exhibit 7, Deposit-Type Contracts, Line 14, Column 1 | 1409540 | 1192888 |
| &nbsp;&nbsp;Subtotal | 8158990 | 7531673 |
| Separate Accounts Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 3, Line 0299999, Column 2 | 9599718 | 9171010 |
| &nbsp;&nbsp;Exhibit 4, Line 9, Column 1 | 379872 | 384837 |
| &nbsp;&nbsp;Subtotal | 9979590 | 9555847 |
| Total | $18138580 | $17087520 |

---

**NOTE 17 - ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS**

Withdrawal characteristics of life insurance account value, cash value and reserves as of December 31 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2025* | *2025* | *2025* | *2025* |
|  | *General Account* | *General Account* | *General Account* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* |
|  | *Account Value* | *Cash Value* | *Reserve* | *Account Value* | *Cash Value* | *Reserve* |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |  |  |  |
| Universal life | $956382 | $907899 | $966310 | $— | $— | $— |
| Universal life with secondary guarantees | 740644 | 617760 | 1305496 |  |  |  |
| Indexed universal life | 12169 | 11437 | 12219 |  |  |  |
| Indexed universal life with secondary guarantees | 1731188 | 1337261 | 1573945 |  |  |  |
| Other permanent cash value life insurance |  | 1770849 | 3002306 |  |  |  |
| Variable universal life | 140280 | 1352935 | 151486 | 1302916 |  | 1299133 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |  |  |  |
| Term policies without cash value | XXX | XXX | 492688 | XXX | XXX |  |
| Accidental death benefits | XXX | XXX | 351 | XXX | XXX |  |
| Disability - active lives | XXX | XXX | 20163 | XXX | XXX |  |
| Disability - disabled lives | XXX | XXX | 22030 | XXX | XXX |  |
| Miscellaneous reserves | XXX | XXX | 85545 | XXX | XXX |  |
| Total gross | 3580663 | 5998141 | 7632539 | 1302916 |  | 1299133 |
| Reinsurance ceded |  |  | 557870 |  |  |  |
| Total life reserves | $3580663 | $5998141 | $7074669 | $1302916 | $— | $1299133 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2024* | *2024* | *2024* | *2024* |
|  | *General Account* | *General Account* | *General Account* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* |
|  | *Account Value* | *Cash Value* | *Reserve* | *Account Value* | *Cash Value* | *Reserve* |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |  |  |  |
| Universal life | $996993 | $946535 | $1006328 | $— | $— | $— |
| Universal life with secondary guarantees | 743684 | 614536 | 1286146 |  |  |  |
| Indexed universal life | 13832 | 12471 | 13959 |  |  |  |
| Indexed universal life with secondary guarantees | 1500201 | 1150310 | 1424274 |  |  |  |
| Other permanent cash value life insurance |  | 1733973 | 2910875 |  |  |  |
| Variable universal life | 135447 | 1244884 | 146615 | 1193954 |  | 1189416 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |  |  |  |
| Term policies without cash value | XXX | XXX | 500944 | XXX | XXX |  |
| Accidental death benefits | XXX | XXX | 344 | XXX | XXX |  |
| Disability - active lives | XXX | XXX | 22278 | XXX | XXX |  |
| Disability - disabled lives | XXX | XXX | 22232 | XXX | XXX |  |
| Miscellaneous reserves | XXX | XXX | 76958 | XXX | XXX |  |
| Total gross | 3390157 | 5702709 | 7410953 | 1193954 |  | 1189416 |
| Reinsurance ceded |  |  | 576609 |  |  |  |
| Total life reserves | $3390157 | $5702709 | $6834344 | $1193954 | $— | $1189416 |

---

**NOTE 17 - ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS, (continued)**

<br> The following information is obtained from the applicable Exhibit in the Company's December 31 Annual Statements and related Separate Accounts Annual Statements, both of which are filed with the Department, and is provided to reconcile life reserves to amounts reported in the Balance Sheets – Statutory Basis as of December 31:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Life and Accident and Health Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 5, Life Insurance Section, Total (net) | $6965126 | $6733319 |
| &nbsp;&nbsp;Exhibit 5, Accidental Death Benefits Section, Total (net) | 331 | 322 |
| &nbsp;&nbsp;Exhibit 5, Disability - Active Lives Section, Total (net) | 9206 | 9761 |
| &nbsp;&nbsp;Exhibit 5, Disability - Disabled Lives Section, Total (net) | 15371 | 15086 |
| &nbsp;&nbsp;Exhibit 5, Miscellaneous Reserves Section, Total (net) | 84635 | 75856 |
| &nbsp;&nbsp;Subtotal | 7074669 | 6834344 |
| Separate Accounts Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 3, Line 0199999, Column 2 | 1299133 | 1189416 |
| &nbsp;&nbsp;Subtotal | 1299133 | 1189416 |
| Total | $8373802 | $8023760 |

---

**NOTE 18 - PREMIUM AND ANNUITY CONSIDERATIONS DEFERRED AND UNCOLLECTED**

Deferred and uncollected life insurance premiums and annuity considerations as of December 31 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2024* | *2024* |
| *Type* | *Gross* | *Net of Loading* | *Gross* | *Net of Loading* |
| Ordinary new business | $5657 | $(857) | $5047 | $(462) |
| Ordinary renewal | $47448 | $50409 | $45995 | $52586 |
| Total | $53105 | $49552 | $51042 | $52124 |

---

**NOTE 19 - SEPARATE ACCOUNTS**

The Company utilizes separate accounts to record and account for assets and liabilities for particular lines of business and/or transactions. As of December 31, 2025, the Company reported assets and liabilities from variable universal life, variable annuities, funding agreements and group annuities product lines in a separate account. In accordance with the products/transactions recorded within the separate account, assets are considered legally separated or legally insulated from the general account. As of December 31, 2025 and 2024, the Company's Separate Accounts included legally insulated assets of $11,287,354 and $10,756,291, respectively. The assets of the separate account are carried at NAV.

Separate accounts held by the Company offer no investment experience guarantees and relate to individual variable life and annuity policies, group annuity contracts and group funding agreements of a nonguaranteed return nature, as approved by the state of domicile pursuant to the Company's certificate of authority. The net investment experience of the separate accounts is credited directly to the contract holder and can be positive or negative.

Variable life and annuities provide an incidental death benefit of the greater of account value or premium paid. The Company offers a policy with a step up minimum guaranteed death benefit option and a guaranteed lifetime withdrawal benefit. The minimum guaranteed death benefit reserve and the guaranteed lifetime withdrawal benefit reserve is held in reserves for life, accident and health policies line of the Balance Sheets – Statutory Basis.

The Company does not engage in securities lending transactions within the separate account.

**NOTE 19 - SEPARATE ACCOUNTS, (continued)**

<br> Information regarding the nonguaranteed separate accounts of the Company is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| For the year ended December 31: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums, considerations or deposits | $870039 | $912398 | $992717 |
| At December 31: |  |  |  |
| Reserves by valuation basis |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;For accounts with assets at: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value | $11278756 | $10745264 |  |
| Reserves subject to discretionary withdrawal: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | $11278756 | $10745264 |  |
| Total included in Separate account liabilities in the |  |  |  |
| &nbsp;&nbsp;Balance Sheets – Statutory Basis | $11278756 | $10745264 |  |

---

Following is a reconciliation of net transfers to (from) separate accounts at December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Transfers as reported in the Statements of Income and |  |  |  |
| &nbsp;&nbsp;Changes in Surplus of the Separate Accounts Statement: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers to the separate accounts | $840697 | $879909 | $957081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers from the separate accounts | (1751806) | (1831259) | (1444282) |
| Net transfers from the separate accounts in the Summary of Operations and |  |  |  |
| &nbsp;&nbsp;Changes in Capital and Surplus – Statutory Basis of the Company | $(911109) | $(951350) | $(487201) |

---

 

 

 

**<u>PART C</u>**

**<u>OTHER INFORMATION</u>**

**Item 30.** **Exhibits**

---

| | | |
|:---|:---|:---|
| Exhibit<br> Number | Exhibit<br> Number | Description of Exhibit |
| (a) | (1) | Resolution of Board of Directors of Ameritas Variable Life Insurance Company establishing Ameritas Variable Life Insurance Company Separate Account V. Incorporated by reference to Ameritas Variable Separate Account V Form S-6 Initial Registration Statement for File No. 333-15585, filed November 6, 1996, EX-99.A1.<br> [https://www.sec.gov/Archives/edgar/data/783402/0000783402-96-000040.txt](https://www.sec.gov/Archives/edgar/data/783402/0000783402-96-000040.txt) |
| (a) | (2) | Resolutions of Board of Directors of Ameritas Life Insurance Corp. authorizing the transfer of Ameritas Variable Life Insurance Company Separate Account V to Ameritas Life Insurance Corp. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Initial Registration Statement for File No. 333-142483, filed May 1, 2007, EX-99.A.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484807000018/medley-exh1b.txt](https://www.sec.gov/Archives/edgar/data/814848/000081484807000018/medley-exh1b.txt) |
| (b) |  | Custody Agreements. Not Applicable |
| (c) | (1) | Fifth Amended and Restated Principal Underwriting Agreement. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6 Post-Effective Amendment No. 1 to Registration Statement No. 333-233977, filed February 26, 2020, EX.99.C1.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309420000011/principalunderagreement.htm](https://www.sec.gov/Archives/edgar/data/933094/000093309420000011/principalunderagreement.htm) |
| (c) | (2) | Form of Selling Agreement. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 3 to Registration Statement No. 333-142494 filed on January 28, 2021, EX(c)(2).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340221000011/ovation_exhibitc2-286.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340221000011/ovation_exhibitc2-286.htm) |
| (c) | (3) | Networking Agreement. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 3 to Registration Statement No. 333-142494 filed on January 28, 2021, EX(c)(3).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340221000011/ovation_exhibitc3-286.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340221000011/ovation_exhibitc3-286.htm) |
| (d) | (1) | Form of Policy. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Initial Registration Statement for File No. 333-233986, filed September 27, 2019, EX-99.D.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340219000025/policy_ex-d.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340219000025/policy_ex-d.htm) |
| (d) | (2) | Form of Policy Riders and Endorsements. |
| (d) | (2) (A) | Accelerated Benefit Rider for Terminal Illness. Incorporated by Reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 9 to Registration Statement No. 333-151913, filed April 29, 2015, EX-99.D2A.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2a.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2a.htm) |
| (d) | (2) (B) | Accidental Death Benefit Rider. Incorporated by Reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 9 to Registration Statement No. 333-151913, filed April 29, 2015, EX-99.D2B.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2b.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2b.htm) |
| (d) | (2) (C) | Children's Insurance Rider. Incorporated by Reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 9 to Registration Statement No. 333-151913, filed April 29, 2015, EX-99.D2D.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2d.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2d.htm) |
| (d) | (2) (D) | Guaranteed Insurability Rider. Incorporated by Reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 9 to Registration Statement No. 333-151913, filed April 29, 2015, EX-99.D2E.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2e.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2e.htm) |
| (d) | (2) (E) | Insurance Exchange Rider. Incorporated by Reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 9 to Registration Statement No. 333-151913, filed April 29, 2015, EX-99.D2F.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2f.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2f.htm) |
| (d) | (2) (F) | Paid-Up Life Insurance Benefit Endorsement. Incorporated by Reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 9 to Registration Statement No. 333-151913, filed April 29, 2015, EX-99.D2G.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2g.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2g.htm) |

---

---

| | | |
|:---|:---|:---|
| Exhibit<br> Number | Exhibit<br> Number | Description of Exhibit |
| (d) | (2) (G) | Scheduled Increase Rider for the Insured. Incorporated by Reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 9 to Registration Statement No. 333-151913, filed April 29, 2015, EX-99.D2H.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2h.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2h.htm) |
| (d) | (2) (H) | Total Disability Benefit Rider. Incorporated by Reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 9 to Registration Statement No. 333-151913, filed April 29, 2015, EX-99.D2K.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2k.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2k.htm) |
| (d) | (2) (I) | Waiver of Monthly Deduction Rider. Incorporated by Reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 9 to Registration Statement No. 333-151913, filed April 29, 2015, EX-99.D2L.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2l.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340215000016/alicexcelperf485b-63_exd2l.htm) |
| (e) |  | Form of Application. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Initial Registration Statement for File No. 333-233986, filed September 27, 2019, EX-99.E.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340219000025/application_ex-e.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340219000025/application_ex-e.htm) |
| (f) | (1) | Amended and Restated Articles of Incorporation of Ameritas Life Insurance Corp. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Post-Effective Amendment No. 5 to Registration Statement No. 333-182090, filed April 22, 2014, EX-99.A.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484814000012/ovmedley485b-50_ex6a.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484814000012/ovmedley485b-50_ex6a.htm) |
| (f) | (2) | Amended and Restated By-Laws of Ameritas Life Insurance Corp. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 7 to Registration Statement No. 333-233986, filed April 26, 2022, EX-99.f(2).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340222000017/performanceiivul_exf2-73.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340222000017/performanceiivul_exf2-73.htm) |
| (g) |  | Reinsurance Agreements. |
| (g) | (1) | Munich American Reassurance Company. Portions of the exhibit have been omitted. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 7 to Registration Statement No. 333-233986, filed April 26, 2022, EX-99.g(1).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340222000017/performanceiivul_exg1-73.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340222000017/performanceiivul_exg1-73.htm) |
| (g) | (2) (A) | RGA Reinsurance Company. Portions of the exhibit have been omitted. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 7 to Registration Statement No. 333-233986, filed April 26, 2022, EX-99.g(2).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340222000017/performanceiivul_exg2-73.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340222000017/performanceiivul_exg2-73.htm) |
| (g) | (2) (B) | RGA Reinsurance Company. Portions of the exhibit have been omitted. [Exhibit (g)(2)(B), filed herein.](perfii_485b-exg2b.htm) |
| (g) | (3) | SCOR Global Life USA Reinsurance Company. Portions of the exhibit have been omitted. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 7 to Registration Statement No. 333-233986, filed April 26, 2022, EX-99.g(3).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340222000017/performanceiivul_exg3-73.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340222000017/performanceiivul_exg3-73.htm) |
| (g) | (4) | Swiss Re Life & Health America Inc. Portions of the exhibit have been omitted. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 7 to Registration Statement No. 333-233986, filed April 26, 2022, EX-99.g(4).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340222000017/performanceiivul_exg4-73.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340222000017/performanceiivul_exg4-73.htm) |
| (g) | (5) | Hanover Life Reassurance Company of America. Portions of the exhibit have been omitted. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 11 to Registration Statement No. 333-233986, filed April 24, 2025, EX-99.g(5).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340225000006/perfiivul_exg5-35.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340225000006/perfiivul_exg5-35.htm) |
| (g) | (6) | Munich American Reassurance Company. Portions of the exhibit have been omitted. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 11 to Registration Statement No. 333-233986, filed April 24, 2025, EX-99.g(6).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340225000006/perfiivul_exg6-35.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340225000006/perfiivul_exg6-35.htm) |
| (g) | (7) | PartnerRe Life Reinsurance Company of America. Portions of the exhibit have been omitted. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 11 to Registration Statement No. 333-233986, filed April 24, 2025, EX-99.g(7)..<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340225000006/perfiivul_exg7-35.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340225000006/perfiivul_exg7-35.htm) |

---

---

| | | |
|:---|:---|:---|
| Exhibit<br> Number | Exhibit<br> Number | Description of Exhibit |
| (g) | (8) | SCOR Global Life USA Reinsurance Company. Portions of the exhibit have been omitted. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 11 to Registration Statement No. 333-233986, filed April 24, 2025, EX-99.g(8).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340225000006/perfiivul_exg8-35.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340225000006/perfiivul_exg8-35.htm) |
| (g) | (9) | Swiss Re Life & Health America Inc. Portions of the exhibit have been omitted. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 11 to Registration Statement No. 333-233986, filed April 24, 2025, EX-99.g(9).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340225000006/perfiivul_exg9-35.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340225000006/perfiivul_exg9-35.htm) |
| (h) |  | Participation Agreements. |
| (h) | (1) | AIM/Invesco. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Initial Registration Statement for File No. 333-151913, filed June 25, 2008, EX-99.H1.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340208000041/h-1.txt](https://www.sec.gov/Archives/edgar/data/783402/000078340208000041/h-1.txt) |
| (h) | (2) | Alger. Incorporated by reference to Ameritas Variable Separate Account V Form S-6/A Pre-Effective Amendment No. 1 to Registration Statement No. 333-15585, filed January 17, 1997, EX-99.A8B.<br> [https://www.sec.gov/Archives/edgar/data/783402/0000783402-97-000001.txt](https://www.sec.gov/Archives/edgar/data/783402/0000783402-97-000001.txt) |
| (h) | (3) | Alps. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Post-Effective Amendment No. 13 to Registration Statement No. 333-142483, filed April 18, 2011, EX-99.H(2).<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484811000006/alicmedley485b-32_ex8b.txt](https://www.sec.gov/Archives/edgar/data/814848/000081484811000006/alicmedley485b-32_ex8b.txt) |
| (h) | (4) | American Funds Insurance Series. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective Amendment No. 2 to Registration Statement No. 333-206889, filed November 25, 2015, EX-8.A.4.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a4.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a4.htm) |
| (h) | (5) | Calvert Variable Series and Calvert Variable Products. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Post-Effective Amendment No. 13 to Registration Statement No. 333-142483, filed April 18, 2011, EX.99.H(1).<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484811000006/alicmedley485b-32_ex8a.txt](https://www.sec.gov/Archives/edgar/data/814848/000081484811000006/alicmedley485b-32_ex8a.txt)<br> Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVA Form N-4 Post-Effective Amendment No. 3 to Registration Statement No. 333-205138, filed February 24, 2017, EX 8(a)(3).<br> [https://www.sec.gov/Archives/edgar/data/1016274/000117516417000055/advisornoloadva485a_ex8-65.htm](https://www.sec.gov/Archives/edgar/data/1016274/000117516417000055/advisornoloadva485a_ex8-65.htm) |
| (h) | (6) | DWS Variable Series I and II. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6/A Pre-Effective Amendment No. 1 to Registration Statement No. 333-151912, filed November 12, 2008, EX.99.H.1.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/ameradv-exhh1.txt](https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/ameradv-exhh1.txt) |
| (h) | (7) | Fidelity Variable Insurance Products Funds. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6/A Pre-Effective Amendment No. 1 to Registration Statement No. 333-151912, filed November 12, 2008, EX.99.H.2.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/advvul-exhh2.txt](https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/advvul-exhh2.txt) |
| (h) | (8) | Franklin Templeton. Incorporated by reference to Ameritas Variable Separate Account V Form N-6/A Pre-Effective Amendment No. 1 to Registration Statement No. 333-151913, filed November 12, 2008, EX.99.H.3.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340208000065/excelperf-exhh3.txt](https://www.sec.gov/Archives/edgar/data/783402/000078340208000065/excelperf-exhh3.txt) |
| (h) | (9) | Ivy Funds. Incorporated by reference to Carillon Life Account Form N-6/A Pre-Effective Amendment No. 1 to Registration Statement No. 333-151914, filed November 12, 2008, EX.99.H.4.<br> [https://www.sec.gov/Archives/edgar/data/948443/000094844308000023/ucexcelperf-h4.txt](https://www.sec.gov/Archives/edgar/data/948443/000094844308000023/ucexcelperf-h4.txt) |
| (h) | (10) | Lincoln Variable Insurance Products Trust. Incorporated by reference to Ameritas Variable Separate Account V Form N-6/A Post-Effective Amendment No. 10. to Registration Statement No. 333-233986, Filed April 24, 2024, EX.99.H.10.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340224000015/perfiivul_exh10-44.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340224000015/perfiivul_exh10-44.htm) |
| (h) | (11) | MFS Variable Insurance Trust. Incorporated by reference to Ameritas Variable Separate Account V Form S-6 Initial Registration Statement for File No. 333-15585, filed November 6, 1996, EX-99.A8C.<br> [https://www.sec.gov/Archives/edgar/data/783402/0000783402-96-000040.txt](https://www.sec.gov/Archives/edgar/data/783402/0000783402-96-000040.txt) |
| (h) | (12) | MFS Variable Insurance Trust II. Incorporated by reference to Carillon Account Form N-4 Initial Registration Statement for File No. 333-197146, filed July 1, 2014, EX-99.8(k).<br> [https://www.sec.gov/Archives/edgar/data/749330/000074933014000017/ex8k.htm](https://www.sec.gov/Archives/edgar/data/749330/000074933014000017/ex8k.htm) |
| (h) | (13) | MFS Variable Insurance Trust III. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective Amendment No. 2 to Registration Statement No. 333-206889, filed November 25, 2015, EX-8.A.15.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a15.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a15.htm) |
| (h) | (14) | Morgan Stanley. Incorporated by reference to Ameritas Variable Separate Account V Form S-6 Initial Registration Statement for File No. 333-15585, filed November 6, 1996, EX-99.A8D.<br> [https://www.sec.gov/Archives/edgar/data/783402/0000783402-96-000040.txt](https://www.sec.gov/Archives/edgar/data/783402/0000783402-96-000040.txt) |

---

---

| | | |
|:---|:---|:---|
| Exhibit<br> Number | Exhibit<br> Number | Description of Exhibit |
| (h) | (15) | Neuberger Berman. Incorporated by reference to Ameritas Variable Separate Account VA Form N-4 Initial Registration Statement for File No. 333-91670, filed July 1, 2002, EX-99.8d.<br> [https://www.sec.gov/Archives/edgar/data/1175163/000117516302000002/alloc2000aexh8.txt](https://www.sec.gov/Archives/edgar/data/1175163/000117516302000002/alloc2000aexh8.txt) |
| (h) | (16) | Oppenheimer. Incorporated by reference to Ameritas Variable Separate Account V Form N-6/A Pre-Effective Amendment No. 1 to Registration Statement No. 333-151913, filed November 12, 2008, EX.99.H.4.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340208000065/excelperf-exhh4.txt](https://www.sec.gov/Archives/edgar/data/783402/000078340208000065/excelperf-exhh4.txt) |
| (h) | (17) | PIMCO. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6/A Pre-Effective Amendment No. 1 to Registration Statement No. 333-151912, filed November 12, 2008, EX.99.H.3.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/advvul-exhh3.txt](https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/advvul-exhh3.txt) |
| (h) | (18) | T. Rowe Price. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Initial Registration Statement for File No. 333-151913, filed June 25, 2008, EX. 99.H.5.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340208000041/h-5.txt](https://www.sec.gov/Archives/edgar/data/783402/000078340208000041/h-5.txt) |
| (h) | (19) | Third Avenue. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Initial Registration Statement for File No. 333-151913, filed June 25, 2008, EX. 99.H.6.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340208000041/h-6.txt](https://www.sec.gov/Archives/edgar/data/783402/000078340208000041/h-6.txt) |
| (i) |  | Administrative Contracts. |
| (i) | (1) | Fourth Amended and Restated General Administrative Services Agreement. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 7 to Registration Statement No. 333-233986, filed April 26, 2022, EX-99.i(1).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340222000018/ovation_exi1-74.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340222000018/ovation_exi1-74.htm) |
| (j) |  | Other Material Contracts: Powers of Attorney. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 10 to Registration No. 333-233986, filed April 24, 2024, EX.99.J.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340224000015/perfiivul_exj-44.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340224000015/perfiivul_exj-44.htm) |
| (k) |  | Legal Opinion. [Exhibit (k), filed herein](perfii_exk-86.htm). |
| (l) |  | Actuarial Opinion. Not applicable. |
| (m) |  | Calculation. Not applicable. |
| (n) |  | Consents of Independent Auditors and Independent Registered Public Accounting Firm. [Exhibit (n), filed herein](perfii_exn-86.htm). |
| (o) |  | No financial statements are omitted from Item 28. |
| (p) |  | Initial Capital Agreements. Not applicable. |
| (q) |  | Transfer and Redemption Procedures Pursuant to Rule 6e-3(b)(12)(iii). Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 8 to Registration Statement No. 333-233986, filed February 10, 2023, EX-99.Q.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340223000005/performanceiivul-4_exq.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340223000005/performanceiivul-4_exq.htm) |
| (r) |  | Form of Initial Summary Prospectuses. Not applicable. |

---

**Item 31.** **Directors and Officers of the Depositor**

---

| | |
|:---|:---|
| Name and Principal | Position and Offices |
| <u>Business Address</u>\* | <u>with Depositor</u> |
| Robert M. Jurgensmeier | Director, Chair, Chief Executive Officer |
| Susan K. Wilkinson | President & Chief Operating Officer |
| L. Javier Fernandez | Director |
| Ann M. Frohman | Director |
| Thomas W. Knapp | Director |
| Tonn M. Ostergard | Director |
| Kim M. Robak | Director |
| Paul C. Schorr, IV | Director |
| Bryan E. Slone | Director |
| Oris R. Stuart, III | Director |
| Rohit Verma | Director |
| Ryan C. Beasley | Executive Vice President, Individual |
| Orlando R. Cruz | Senior Vice President, Retirement Plans |
| Laura A. Fender | Senior Vice President, Controller |
| Patrick D. Fleming | Senior Vice President, Group Sales & Distribution |
| Jeffrey C. Graves | Senior Vice President, Agency & Field Distribution |
| Kelly J. Halverson | Senior Vice President, Chief Actuary & Underwriting, Individual |
| Morgan B.S. Lorenzen | Second Vice President, Assistant General Counsel |
| Bruce E. Mieth | Senior Vice President, Group Operations |
| Shreejit R. Nair | Senior Vice President, Chief Information Officer |
| Christine M. Neighbors | Senior Vice President, General Counsel & Corporate Secretary |
| April L. Rimpley | Senior Vice President, Human Resources |
| Jeremy M. Robson | Senior Vice President, Wealth Management & Investment Services & AIC President |
| Craig T. Schommer | Senior Vice President, Risk & Compliance |
| Tina J. Udell | Senior Vice President, Chief Investment Officer |
| David A. Voelker | Senior Vice President, Individual Operations |
| Linda A. Whitmire | Senior Vice President, Chief Actuary, Corporate |
| Kelly J. Wieseler | Executive Vice President, Group |
| Jennifer A. Wooster | Senior Vice President, Chief Actuary and Underwriting, Group |
| Michele X. Wu | Senior Vice President, Chief Financial Officer & Treasurer |

---

\* Principal business address: Ameritas Life Insurance Corp., 5900 O Street, Lincoln, Nebraska 68510.

**Item 32.** **Persons Controlled by or Under Common Control with the Depositor or the Registrant**

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Name of Corporation</u>** <u>(state where organized)</u> | **<u>Name of Corporation</u>** <u>(state where organized)</u> | **<u>Name of Corporation</u>** <u>(state where organized)</u> | **<u>Name of Corporation</u>** <u>(state where organized)</u> | **<u>Principal Business</u>** |
| **Ameritas Mutual Holding Company** (NE) | **Ameritas Mutual Holding Company** (NE) | **Ameritas Mutual Holding Company** (NE) | **Ameritas Mutual Holding Company** (NE) | mutual insurance holding company |
|  | **Ameritas Holding Company** (NE) | **Ameritas Holding Company** (NE) | **Ameritas Holding Company** (NE) | stock insurance holding company |
|  |  | **Ameritas Life Insurance Corp.** (NE) | **Ameritas Life Insurance Corp.** (NE) | life/health insurance company |
|  |  |  | <u>Ameritas Investment Company, LLC (NE)</u> | securities broker dealer |
|  |  |  | <u>Variable Contract Agency, LLC (NE)</u> | insurance agency |
|  |  |  | <u>Ameritas Advisory Services, LLC (NE)</u> | investment adviser |
|  |  |  | <u>Ameritas Life Insurance Corp. of New York (NY)</u> | life insurance company |
|  |  | **Ameritas Investment Partners, Inc.** (NE) | **Ameritas Investment Partners, Inc.** (NE) | investment adviser |

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Subsidiaries are indicated by indentations.

Ameritas Life Insurance Corp. filed a consolidated financial statement which includes its subsidiaries.

Ownership is 100% by the parent company.

**Item 33.** **Indemnification**

Ameritas Life Insurance Corp.'s By-Laws provide as follows:

**<u>Section 9.01. Mandatory Indemnification.</u>** (a) Every person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he or she is or was a Director, Officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a Director, Officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified by the Corporation to the fullest extent permitted by law against expenses (including attorney's fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful; and (b) To the extent that a Director, Officer, employee or agent of a Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in this section or any action, suit or proceeding by or in the right of the Corporation, or in defense of any claim, issue or matter therein, he or she shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection therewith.

**<u>Section 9.02. Application of Article</u>.** Any indemnification under Section 9.01 or otherwise (unless ordered by a court) shall be made by the Corporation only as authorized in the specific case upon a determination that indemnification of the present or former Director, Officer, employee or agent is proper in the circumstances because he or she has met the applicable standard of conduct set forth in Section 9.01. Such determination shall be made, with respect to a person who is a Director or Officer at the time of such determination (1) by a majority vote of the Directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (2) by a committee of such Directors designated by majority vote of such Directors, even though less than a quorum, or (3) if there are no such Directors, or if such Directors so direct, by independent legal counsel in a written opinion, or (4) by the shareholders.

**<u>Section 9.03. Advance Payment</u>.** Expenses (including attorneys' fees) incurred by any current or former Officer, Director, employee or agent in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such current or former Officer, Director, employee or agent to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the Corporation as authorized in this section.

**<u>Section 9.04. Other Rights</u>.** The indemnification and advancement of expenses provided by this Article shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of shareholders or disinterested Directors or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a Director, Officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

**<u>Section 9.05. Insurance</u>.** The Corporation may purchase and maintain insurance on behalf of any person who is or was a Director, Officer, employee or agent of the Corporation, or who is or was serving at the request of the Corporation as a Director, Officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify him or her against such liability under the provisions of this Article.

Under the Nebraska Model Business Corporation Act, Ameritas Life Insurance Corp. is required to indemnify a director or officer who was wholly successful in defense of any proceeding to which he or she was a party because of his or her position as a director or officer of the corporation against expenses incurred in connection with the proceeding. Under the Nebraska Model Business Corporation Act, Ameritas Life Insurance Corp. is permitted, but not required, to indemnify a director or officer against liability if the director or officer conducted himself or herself in good faith, and the director or officer reasonably believed, in the case of conduct in an official capacity, that his or her conduct was in the best interests of the corporation, and, in all other cases, that his or her conduct was at least not opposed to the best interests of the corporation, and, in the case of any criminal proceeding, the director or officer had no reasonable cause to believe his or her conduct was unlawful or the director or officer engaged in conduct for which broader indemnification has been made permissible or obligatory under a provision of the articles of incorporation.

**Item 34.** **Principal Underwriter**

(a) Ameritas Investment Company, LLC ("AIC") serves as the principal underwriter for the variable life insurance contracts issued
through Ameritas Variable Separate Account V, as well as Ameritas Variable Separate Account VL, Ameritas Life Insurance Corp. Separate
Account LLVL, Ameritas Life of NY Separate Account VUL, and Carillon Life Account. AIC also serves as the principal underwriter for variable
annuity contracts issued through Ameritas Variable Separate Account VA-2, Ameritas Variable Separate Account VA, Ameritas Life Insurance
Corp. Separate Account LLVA, Ameritas Life of NY Separate Account VA, and Carillon Account.

(b) The following table sets forth certain information regarding the officers and directors of the principal underwriter, Ameritas Investment
Company, LLC.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name and Principal | Positions and Offices |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Business Address\*</u> | <u>With Underwriter</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan C. Beasley | Director, Chair |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeremy M. Robson | Director, President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelly J. Halverson | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michele X. Wu | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard A. Berthold | Vice President, Service |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollin L. Biel | Second Vice President, Financial Reporting |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matthew J. Kinsella | Vice President, Chief Compliance Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jennifer A. Kobza | Vice President, Public Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christine M. Neighbors | Assistant Secretary |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roger A. Ruz | Vice President, Sales Supervision |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler J. Schubauer | Secretary |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maria E. Sherffius | Second Vice President, Compliance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael E. Shoemaker | Vice President & Managing Director, Public Finance |

---

\* Principal business address: Ameritas Investment Company, LLC, 5900 O Street, Lincoln, Nebraska 68510.

(c) Compensation From the Registrant.

---

| | | | | |
|:---|:---|:---|:---|:---|
| (1) | (2) | (3) | (4) | (5) |
| <br> Name of Principal<br> <u>Underwriter</u> | Net Underwriting<br> Discounts and<br> <u>Commission</u> | <br> Compensation on<br> <u>Redemption</u> | <br> Brokerage<br> <u>Commissions</u> | <br><u>Compensation</u> |
| Ameritas Investment<br> Company, LLC | $1462492 | $0 | $0 | $1224770 |

---

(2)+(4)+(5) = Gross variable life compensation received by AIC.

(2) = Sales compensation received and paid out by AIC as underwriter; AIC retains 0.

(4) = Sales compensation received by AIC for retail sales.

(5) = Sales compensation received by AIC and retained as underwriting fee.

**Item 35.** **Location of Accounts and Records**

The Books, records and other documents required to be maintained by Section 31(a) of the 1940 Act and Rules 31a-1 to 31a-3 thereunder are maintained at Ameritas Life Insurance Corp., 5900 O Street, Lincoln, Nebraska 68510.

**Item 36.** **Management Services**

There are no additional management services contracts that are not discussed in Part A or B of the registration statement.

**Item 37.** **Fee Representation**

Ameritas Life Insurance Corp. represents that the fees and charges deducted under the contract, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the insurance company.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant (certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and) has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Lincoln, County of Lancaster, State of Nebraska on this 24<sup>th</sup> day of April, 2026.

AMERITAS VARIABLE SEPARATE ACCOUNT V, Registrant

---

| |
|:---|
| By: <u>/s/ Robert M. Jurgensmeier\*\*\*</u> |
| Director, Chair, Chief Executive Officer |
| Ameritas Life Insurance Corp. |

---

AMERITAS LIFE INSURANCE CORP., Depositor

---

| |
|:---|
| By: <u>/s/ Robert M. Jurgensmeier\*\*\*</u> |
| Director, Chair, Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated on April 24, 2026.

---

| | |
|:---|:---|
| **<u>SIGNATURE</u>** | **<u>TITLE</u>** |
| Robert M. Jurgensmeier\*\*\* | Director, Chair, Chief Executive Officer |
| Susan K. Wilkinson \*\*\* | President & Chief Operating Officer |
| L. Javier Fernandez \*\* | Director |
| Ann M. Frohman \* | Director |
| Thomas W. Knapp \* | Director |
| Tonn M. Ostergard \* | Director |
| Kim M. Robak \* | Director |
| Paul C. Schorr, IV \* | Director |
| Bryan E. Slone \* | Director |
| Oris R. Stuart, III \* | Director |
| Rohit Verma \* | Director |
| Ryan C. Beasley \* | Executive Vice President, Individual |
| Michele X. Wu \*\*\* | Senior Vice President, Chief Financial Officer & Treasurer |
| Laura A. Fender \* | Senior Vice President, Controller |
| Christine M. Neighbors \* | Senior Vice President, General Counsel & Corporate Secretary |

---

---

| | |
|:---|:---|
| <u>/s/ Morgan B.S. Lorenzen</u> |  |
| Morgan B.S. Lorenzen | Second Vice President, Assistant General Counsel |

---

\* Signed by Morgan B.S. Lorenzen under Powers of Attorney executed effective as of September 12, 2022.

\*\* Signed by Morgan B.S. Lorenzen under Powers of Attorney executed effective as of September 16, 2022.

\*\*\* Signed by Morgan B.S. Lorenzen under Powers of Attorney executed effective as of January 10, 2024.

**<u>Exhibit Index</u>**

**<u>Exhibit</u>**

---

| | |
|:---|:---|
| (g)(2)(B) | [Reinsurance Agreement. RGA Reinsurance Company. Portions of the exhibit have been omitted.](perfii_485b-exg2b.htm) |
| (k) | [Legal Opinion](perfii_exk-86.htm) |
| (n) | [Consents of Independent Auditors and Independent Registered Public Accounting Firm](perfii_exn-86.htm) |

---

## Ex-99.G

**<u>Exhibit (g)(2)(B)</u>**

**<u>Reinsurance Agreement: RGA Reinsurance Company</u>**

**Reinsurance Agreement: RGA REINSURANCE COMPANY**

<u>CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE THE INFORMATION IS BOTH (i) NOT MATERIAL AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. OMITTED INFORMATION IS INDICATED BY [\*] or [\*Omitted].</u>

**Reinsurer Agreement No. 18356-00-00**

**FACULTATIVE YRT REINSURANCE AGREEMENT**

(hereinafter referred to as the "Agreement")

**between**

**AMERITAS LIFE INSURANCE CORP.**

Lincoln, Nebraska

(hereinafter referred to as the "Ceding Company")

**and**

**RGA REINSURANCE COMPANY**

Chesterfield, Missouri

(hereinafter referred to as the "Reinsurer")

**EFFECTIVE DATE OF THIS AGREEMENT**

January 5, 2024

(019) 18356-00-00 11/20/2025

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| ARTICLE 1 – PREAMBLE | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Parties to This Agreement | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Compliance | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Construction | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Entire Agreement | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Severability | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 Waiver | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 Backdating to Save Age | &nbsp;&nbsp;6 |
| ARTICLE 2 – AUTOMATIC REINSURANCE | &nbsp;&nbsp;7 |
| ARTICLE 3 – FACULTATIVE REINSURANCE | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 General Conditions | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Automated Selection and Assessment Program (ASAP) | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Retained Amounts | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Expense of Original Policy | &nbsp;&nbsp;10 |
| ARTICLE 4 – COMMENCEMENT OF LIABILITY | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Facultative Reinsurance | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Temporary Insurance Agreement | &nbsp;&nbsp;11 |
| ARTICLE 5 – PREMIUM ACCOUNTING | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Premiums | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Payment of Premiums | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Delayed Payment | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Failure to Pay Premiums | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Premium Rate Guarantee | &nbsp;&nbsp;12 |
| ARTICLE 6 – POLICY TERMINATIONS, CHANGES AND REINSTATEMENTS | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Reductions and Terminations | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Increases | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Risk Classification Changes and Misstatement of Age or Sex | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Reinstatement | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Nonforfeiture Benefits | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Policy Loans | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 Death Benefit Option Changes | &nbsp;&nbsp;17 |
| ARTICLE 7 – CONVERSIONS, EXCHANGES AND REPLACEMENTS | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Notification and Placement | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Premiums | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Increases in Amount | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Special Programs | &nbsp;&nbsp;19 |
| ARTICLE 8 – FORMS, MANUALS, ISSUE RULES AND CLAIMS PRACTICES | &nbsp;&nbsp;20 |
| ARTICLE 9 – CLAIMS | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Coverage | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Notice | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Proofs | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Amount and Payment of Reinsurance Benefits | &nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 Disputed Claims | &nbsp;&nbsp;22 |

---

(019) 18356-00-00 2 11/20/2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 Claim Expenses | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 Misrepresentation or Suicide | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 Misstatement of Age or Sex | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 Extra-Contractual Obligations | &nbsp;&nbsp;23 |
| ARTICLE 10 – RETENTION LIMIT CHANGES | &nbsp;&nbsp;25 |
| ARTICLE 11 – RECAPTURE | &nbsp;&nbsp;26 |
| ARTICLE 12 – GENERAL PROVISIONS | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Currency | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Premium Tax | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Dividends | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Inspection of Records | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 Sanction Programs | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 Interest Rate for Balances in Default | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 Foreign Account Tax Compliance Act (FATCA) | &nbsp;&nbsp;28 |
| ARTICLE 13 – DAC TAX | &nbsp;&nbsp;29 |
| ARTICLE 14 – OFFSET | &nbsp;&nbsp;30 |
| ARTICLE 15 – INSOLVENCY OF THE CEDING COMPANY | &nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Insolvency of a Party | &nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Insolvency of the Ceding Company | &nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 Insolvency of the Reinsurer | &nbsp;&nbsp;31 |
| ARTICLE 16 – ERRORS AND OMISSIONS | &nbsp;&nbsp;33 |
| ARTICLE 17 – ARBITRATION | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 Negotiation | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 General | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 Notice | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 Procedure | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 Arbitration Costs | &nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 Site of Arbitration | &nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 Arbitration Settlement | &nbsp;&nbsp;36 |
| ARTICLE 18 – DURATION OF AGREEMENT | &nbsp;&nbsp;37 |
| ARTICLE 19 – REPRESENTATIONS AND WARRANTIES | &nbsp;&nbsp;38 |
| ARTICLE 20 – DEFINITIONS | &nbsp;&nbsp;39 |
| ARTICLE 21 – EXECUTION | &nbsp;&nbsp;41 |

---

---

| |
|:---|
| EXHIBIT A – Retention Schedule of the Ceding Company [\* Omitted] |
| EXHIBIT B – Business Covered [\* Omitted] |
| EXHIBIT C – Binding Limits [\* Omitted] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.1 Reinsurer's Share |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.2 ASAP Coverage Limit |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.3 Jumbo Limits |

---

(019) 18356-00-00 3 11/20/2025

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.4 Temporary Insurance Agreement Limits |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.5 Age Limits |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.6 Minimum Initial Cession / Trivial Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.7 Minimum / Maximum Original Face Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.8 Level Term Rider Conversion Privileges |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.9 Other Insured Term Rider Conversion Privileges |
| EXHIBIT D – Reinsurance Premiums [\* Omitted] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.1 Base Plan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.2 Age Basis |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.3 Policy Fees |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.4 Substandard Ratings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.5 Flat Extras |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.6 Joint Life Last Survivor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.7 Riders and Benefits |
| EXHIBIT D– Rate Schedule 1 [\* Omitted] |
| EXHIBIT D– Rate Schedule 2 [\* Omitted] |
| EXHIBIT E – Rates for Conversions, Exchanges and Replacements [\* Omitted] |
| EXHIBIT F – Self-Administered Reporting [\* Omitted] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.1 General Reporting Requirements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.2 Business Reported Electronically |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.3 General Statement Specifications |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.4 Claims |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.5 Policy Exhibit |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.6 Accounting Summary |

---

(019) 18356-00-00 4 11/20/2025

**ARTICLE 1 – PREAMBLE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 PARTIES TO THIS AGREEMENT

This is a YRT agreement for indemnity reinsurance solely between Ameritas Life Insurance Corp. of Lincoln, Nebraska and RGA Reinsurance Company of Chesterfield, Missouri. The Ceding Company and the Reinsurer are also referred to singularly as a "party" and collectively as the "parties".

The acceptance of risks under this Agreement will create no right or legal relationship between the Reinsurer and the insured, owner or beneficiary of any insurance policy or other contract of the Ceding Company.

This Agreement will be binding upon the Ceding Company and the Reinsurer and their respective successors and assigns. Neither party may assign nor otherwise transfer any of its rights, duties or obligations under this Agreement in any manner, including by merger, by plan of division, by election or by operation of law without the prior written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 COMPLIANCE

Reinsurance under this Agreement is provided only to policies issued by the Ceding Company in a jurisdiction in which it is properly licensed or otherwise may legally issue policies of the type reinsured hereunder.

The Ceding Company and the Reinsurer represent that, to the best of their knowledge, they are in compliance with all state and federal laws and regulations applicable to the business reinsured under this Agreement. In the event that either party is found to be in non-compliance with any such law or regulation, the Agreement will remain in effect and the parties will seek to remedy the non-compliance and will indemnify each other for any direct loss suffered as a result of the non-compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 CONSTRUCTION

This Agreement will be construed in accordance with the laws of the state of Missouri.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the parties with respect to the business reinsured hereunder. There are no understandings between the parties other than as expressed in this Agreement. Any change or modification to this Agreement will be null and void unless made by amendment to this Agreement and signed by all parties, except as otherwise provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 SEVERABILITY

If any provision of this Agreement is determined by a court of law to be invalid or unenforceable, such determination will not impair or affect the validity or the enforceability of the remaining provisions of this Agreement to the extent that enforcement of such remaining provisions, without the invalid or unenforceable provision, is consistent with the intent of the parties which is inferred from the provisions of the entire Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 WAIVER

Either party may choose to waive any provision or right under this Agreement under which performance is owed to them by the other party. Any waiver of provisions or rights by a party to this Agreement must be in writing signed by a duly authorized representative of the party granting the waiver. If either party so elects, it will not be considered to be a permanent waiver of such provision or right nor in any way affect the validity of this Agreement. The

(019) 18356-00-00 5 11/20/2025

applicable party will still have the right to insist upon the strict adherence to that provision or any other provision of this Agreement in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 BACKDATING TO SAVE AGE

The Ceding Company will have the right to backdate policies up to six (6) months (up to twelve (12) months if required by state regulations) for the purpose of saving age. Such backdated policies will be eligible for coverage under this Agreement, subject to the requirements of the Agreement including the ASAP Coverage Limits and Jumbo Limits in Exhibit C, even if the backdated issue date precedes the Effective Date of this Agreement. Notwithstanding the preceding, no reinsurance shall be available for a policy for which the applicant's issue age on the application date is greater than the oldest allowable issue age for the plan without the Reinsurer's prior written approval.

(019) 18356-00-00 6 11/20/2025

**ARTICLE 2 – AUTOMATIC REINSURANCE**

Automatic reinsurance is not available under the terms and conditions of this Agreement.

(019) 18356-00-00 7 11/20/2025

**ARTICLE 3 – FACULTATIVE REINSURANCE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 GENERAL CONDITIONS

The Ceding Company may submit an application on a plan or rider identified in Exhibit B to the Reinsurer for its consideration on a Facultative basis.

The Ceding Company will apply for reinsurance on a Facultative basis by sending to the Reinsurer an application for Facultative reinsurance. Accompanying this application will be copies of all underwriting evidence that is available for risk assessment including, but not limited to, copies of the application for insurance, medical examiners' reports, attending physicians' statements, inspection reports, sales illustration (for flexible premium policies and/or policies with increasing benefits), Ultimate Amount in force and currently applied for with the Ceding Company and its affiliates\*, total death benefit in force and currently applied for with all other companies\*, (\*including both single and joint life last survivor coverage, and any external coverage to be replaced) and any other information bearing on the insurability of the risk The Ceding Company also will notify the Reinsurer of any outstanding underwriting requirements at the time of the Facultative submission. Any subsequent information received by the Ceding Company that is pertinent to the risk assessment will be promptly transmitted to the Reinsurer.

The Ceding Company has the responsibility to clearly identify the Ultimate Amount to be reinsured at the time a request for coverage is made so that the Reinsurer's underwriters are aware of the highest projected Policy Death Benefit amount. The highest Reinsured Net Amount at Risk can never exceed the maximum amount of the Reinsurer's offer. Notwithstanding any other provision in this Agreement to the contrary, year-to-year changes in risk will be shared proportionately, determined by the amount of retention relative to the amount of reinsurance, unless specified otherwise.

After consideration of the application for Facultative reinsurance and related information, the Reinsurer will promptly inform the Ceding Company of its underwriting decision. The Reinsurer's offer will expire at the end of one hundred twenty (120) days, unless otherwise specified by the Reinsurer.

In order to accept any Facultative offer made by the Reinsurer to the Ceding Company, the Ceding Company must: (1) notify the Reinsurer of its acceptance of the offer, including the amount accepted, (2) issue the policy within one hundred twenty (120) days after the date of the Reinsurer's offer (the "Acceptance Period"); and (3) report the policy to the Reinsurer within ninety (90) days of the end of the Acceptance Period (the "Offer Expiration Period"). If the above requirements are not completed by the end of the Offer Expiration Period, the Reinsurer's Facultative offer shall expire and no reinsurance coverage shall exist on the risk. Notwithstanding the preceding, if the Reinsurer does not receive a formal acceptance notification, the Reinsurer will deem the reporting of the policy to the Reinsurer by the end of the Offer Expiration Period as the acceptance of the Facultative offer and the extent of coverage will be determined by the amount reported to the Reinsurer as of such time. In addition, if a Facultative risk is submitted through the Reinsurer's Automated Selection and Assessment Program (ASAP), acceptance of the risk through the Reinsurer's ASAP protocols and in accordance with Article 3.2, will constitute notice of acceptance to the Reinsurer. If any risk was submitted to more than one reinsurer for consideration, the Ceding Company will place the case with the reinsurer having the first in best offer. Article 16 – Errors and Omissions, shall not apply to the acceptance or failure to accept the Reinsurer's Facultative offer and to the amount of such offer accepted.

The relevant terms and conditions of this Agreement will apply to those Facultative offers

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made by the Reinsurer and properly accepted per the above by the Ceding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 AUTOMATED SELECTION AND ASSESSMENT PROGRAM (ASAP)

**[ \* Omitted]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 RETAINED AMOUNTS

The Ceding Company may not reinsure, on any basis, the amount it has retained on the business covered under this Agreement without prior notification to, and agreement of, the Reinsurer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 EXPENSE OF ORIGINAL POLICY

The Ceding Company will bear the expense of all medical examinations, inspection fees and other charges incurred in connection with the policies reinsured hereunder.

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**ARTICLE 4 – COMMENCEMENT OF LIABILITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 FACULTATIVE REINSURANCE

For Facultative reinsurance, the Reinsurer's liability will commence at the same time as the Ceding Company's liability, provided that the Reinsurer has made a binding Facultative offer, as described in Article 3, and that offer was accepted, during the lifetime of the insured, in accordance with the terms of Article 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 TEMPORARY INSURANCE AGREEMENT

Reinsurance coverage under a Temporary Insurance Agreement is limited to the Reinsurer's Share of amounts within such agreement as specified in Exhibit C.4. The Exhibit C.4 limit applies on a per life basis regardless of how many agreements are issued or initial premiums are accepted by the Ceding Company. The Reinsurer will accept liability provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Reinsurer has reviewed and approved the Temporary
Insurance Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Reinsurer has made a Facultative offer during
the lifetime of the insured, the date of death of the insured precedes the expiration date of the Facultative offer, and the Ceding Company
would have placed the case with the reinsurer having the first in best offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the Ceding Company, its agents, or duly authorized
representatives have followed the Ceding Company's normal cash-with-application procedures for such coverage.

After a policy has been issued, no reinsurance benefits are payable under this pre-issue coverage provision.

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**ARTICLE 5 – PREMIUM ACCOUNTING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 PREMIUMS

Reinsurance premium rates paid by the Ceding Company for life insurance and other benefits reinsured under this Agreement are shown in Exhibit D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 PAYMENT OF PREMIUMS

Reinsurance premiums are payable annually and in advance. The Ceding Company will calculate the amount of reinsurance premium due and, within thirty (30) days after the end of the month, will send the Reinsurer a statement that contains the information specified in Exhibit F, showing reinsurance premiums due for that period. The Ceding Company will remit amounts due the Reinsurer at the same time as the statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 DELAYED PAYMENT

If premium balances remain unpaid for more than sixty (60) days after they are due pursuant to Article 5.2 above, the Reinsurer reserves the right to charge interest from the end of the reporting period. Interest will be calculated using the index specified in Article 12.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 FAILURE TO PAY PREMIUMS

The payment of reinsurance premiums is a condition precedent to the liability of the Reinsurer for reinsurance covered by this Agreement. In the event that reinsurance premiums are not paid within sixty (60) days after they are due pursuant to Article 5.2 above, the Reinsurer will have the right to terminate the reinsurance for all policies having reinsurance premiums in arrears. If the Reinsurer elects to exercise its right of termination, it will give the Ceding Company ninety (90) days written notice of its intention. Such notice will be sent by certified mail or overnight courier service (e.g. Federal Express).

If all reinsurance premiums in arrears, including any that become in arrears during the ninety (90) day notice period, are not paid before the expiration of the notice period, the Reinsurer will be relieved of all liability under those policies as of the last date to which premiums have been paid for each policy. Reinsurance on policies on which reinsurance premiums subsequently fall due will automatically terminate as of the last date to which premiums have been paid for each policy, unless reinsurance premiums on those policies are paid on or before their due date pursuant to Article 5.2 above.

Terminated reinsurance may be reinstated, subject to approval by the Reinsurer, within thirty (30) days of the date of termination, and upon payment of all reinsurance premiums in arrears including any interest accrued thereon. The Reinsurer will have no liability for any claims incurred between the date of termination and the date of the reinstatement of the reinsurance. The right to terminate reinsurance will not prejudice the Reinsurer's right to collect premiums for the period during which reinsurance was in force prior to the expiration of the ninety (90) day notice.

The Ceding Company may not force termination under the provisions of this Article to transfer the reinsured policies to another reinsurer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 PREMIUM RATE GUARANTEE

The reinsurance premium rates contained in Exhibit D and Exhibit E are non-guaranteed. The Reinsurer may increase reinsurance premiums upon written notice, subject to the parameters set out below.

&nbsp;&nbsp;&nbsp;&nbsp;**5.5.1** After one year following the Effective Date of this Agreement, the Reinsurer may exercise its right to increase the reinsurance premium rates. The Reinsurer will provide the

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Ceding Company written notice at least sixty (60) days prior to the effective date of a reinsurance premium rate increase. The rate increase will go into effect immediately following the sixty (60) day notice period or on the date specified in the notice, if later.

In no event will such increased reinsurance premium rates be higher than the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the applicable rates in Exhibit D or the applicable
rates in Exhibit E for term conversions, exchanges and replacements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. for permanent single life policies and/or the pre-Frasier
rates for each insured on a joint life last survivor policy, [ \* Omitted].

\* For issue ages 0-17, [ \* Omitted].

The maximum reinsurance premium limits above will be increased by [ \* Omitted].

If the Reinsurer increases rates, except as described in Article 5.5.2 below, the Ceding Company has the right, but not the obligation, to recapture in its entirety all the reinsured policies impacted by the reinsurance premium rate increase. If any reinsurance is recaptured pursuant to this Article 5.5, then all policies subject to such reinsurance premium rate increase must be recaptured. The Ceding Company must provide written notice of its intent to recapture prior to the effective date of the reinsurance premium rate increase. If all policies will be recaptured simultaneously, the recapture will be effective on the effective date of the reinsurance premium rate increase. Alternatively, the Ceding Company may recapture each policy on its next reinsurance premium due date on or after the effective date of the reinsurance premium rate increase. The Ceding Company's recapture is subject to the provisions of Articles 5.5.3 Terminal Settlement and 5.5.4 Late Reported Claims below. After the effective date of recapture, the Reinsurer will not be liable for any benefits on policies eligible for recapture that the Ceding Company has overlooked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5.2** If the Ceding Company increases direct premium rates or cost of insurance charges for the reinsured policies, it shall provide written notice to the Reinsurer of the increase within sixty (60) days of the effective date of such increase. Such notice shall also include sufficient information to identify the reinsured policies impacted and the amount of the increase. The Reinsurer shall have the right to increase the reinsurance premium rates by a commensurate amount. The effective date of the reinsurance premium rate increase will be simultaneous with the effective date of the direct rate increase on the underlying policies. An increase to the reinsurance premium rates that is commensurate with the increase in direct premium rates or cost of insurance charges shall not trigger a right of recapture for the Ceding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5.3** **Terminal Amount:** Upon Ceding Company recapture pursuant to the terms of this Article 5.5, a terminal settlement shall be made such that the parties shall settle all amounts due and payable with respect to the recaptured policies reinsured hereunder as stated below. All such settlements shall be made as of the recapture effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Reinsurer will refund to the
Ceding Company any unearned reinsurance premiums. The reinsured portion of any policy fee will be deemed earned for the entire policy
year if the policy was reinsured during any portion of that policy year.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Reinsurer will pay to the Ceding Company all claims eligible for coverage
under the Agreement incurred and reported to the Reinsurer prior to the recapture effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Ceding Company will pay the Reinsurer any due and unpaid reinsurance premiums.

&nbsp;&nbsp;&nbsp;&nbsp;**5.5.4** **Late Reported Claims:** Upon Ceding Company recapture pursuant to the terms of this Article 5.5, the Reinsurer will be obligated to pay to the Ceding Company all claims attributable to the recaptured amounts that were eligible for coverage under the Agreement, incurred prior to the recapture effective date and reported to the Reinsurer within one hundred and eighty (180) calendar days of the recapture effective date. The Reinsurer shall have no liability with respect to claims incurred on or after the recapture effective date or claims reported to the Reinsurer after one hundred and eighty (180) calendar days from the recapture effective date regardless of the date on which such claims were incurred.

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**ARTICLE 6 – POLICY TERMINATIONS, CHANGES AND REINSTATEMENTS**

Whenever a change is made in the status, plan, amount or other feature of a policy reinsured under this Agreement, the Reinsurer will, upon receipt of notification of the change, adjust reinsurance coverage in accordance with the provisions of this Article. The Ceding Company will notify the Reinsurer of any change within ninety (90) days after its effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 REDUCTIONS AND TERMINATIONS

In the event of reduction, lapse, or termination of a policy or policies on a life that is reinsured under this Agreement, the Ceding Company will reduce or terminate reinsurance on that life. The reinsurance on the life with all reinsurers will be reduced, effective on the same date, by the amount required such that the Ceding Company maintains its Quota Share Retention as defined in Exhibit A.2. If the policies are reinsured with multiple reinsurers, the reinsurance will be reduced by the ratio of the amount of reinsurance in each company to the total outstanding reinsurance on the risk involved.

In the event of the contractual reduction, lapse, death claim or termination of a policy or policies reinsured under this Agreement, the Reinsurer will refund any unearned reinsurance premiums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 INCREASES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Non-contractual Increases

Any non-contractual increases must be submitted to the Reinsurer Facultatively pursuant to the terms of Article 3. The Reinsurer may decline to participate in such increases or the Reinsurer's Share of the increases may differ from the Reinsurer's Share of the original policy.

The amount reinsured, if any, will be determined according to the terms of the Facultative offer. Reinsurance premiums for the increase will be equal to the New Business rates based on the issue age, mortality rating, and underwriting class of the increase. The increase will be added to the policy as a new layer with a separate benefit or cession record and its own effective date. The amount of reinsurance must not exceed the maximum amount offered in the Facultative offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Contractual Increases

The Reinsurer will participate in non-underwritten contractual increases, including any increases due to Death Benefit Option C, which are eligible for coverage under this Agreement. The amount reinsured will be determined according to Exhibit C.1 Reinsurer's Share. Reinsurance premiums for the additional reinsurance will be assessed point-in-scale based on the issue age, mortality rating, underwriting class and duration since the time of underwriting. The amount of reinsurance must not exceed the maximum amount offered in the Facultative offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Regulatory Increases

The Reinsurer will participate in regulatory increases, pursuant to Internal Revenue Code Section 7702, which are eligible for coverage under this Agreement. The Reinsurer will participate proportionally in any such increases. Reinsurance premiums for the additional reinsurance will be assessed point-in-scale based on the issue age, mortality rating, underwriting class and duration since the time of underwriting. The amount of reinsurance must not exceed the

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maximum amount offered in the Facultative offer.

If a premium payment would cause an unanticipated and/or non-underwritten increase in the Policy Net Amount at Risk (for example, the premium payment triggers Internal Revenue Code Section 7702 corridor factors under the Cash Value Accumulation Test) and the Policy Death Benefit already exceeds or would exceed the initial face amount, the Reinsurer will not participate in the increase unless satisfactory underwriting evidence is provided and the Reinsurer Facultatively approves the increase prior to the death of the insured. The Reinsurer may decline to participate in such increases, or Reinsurer's Share of the increases may differ from the Reinsurer's Share of the original policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 RISK CLASSIFICATION CHANGES AND MISSTATEMENT OF AGE OR SEX

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Risk Classification Changes

Risk classification changes are subject to Reinsurer approval. If the policyholder requests a risk classification change (such as a substandard table rating or Flat Extra reduction, smoker/tobacco to non-smoker/non-tobacco status change, as applicable), such change must be submitted to the Reinsurer for Facultative review. If the Reinsurer approves the risk class change, the reinsurance premiums will be prospectively revised to reflect the new classification. Such revised reinsurance premium shall be applied from the effective date of the risk classification change on a point-in-scale basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Misstatement of Age or Sex

If there is a misstatement of age or sex on a life policy reinsured hereunder, the adjusted Policy Death Benefit shall be that amount which would have been purchased at the correct age or sex in consideration of the most recent mortality charge by adjusting the Policy Net Amount at Risk by the ratio of the incorrect cost of insurance rate to the correct cost of insurance rate. The adjusted amount of reinsurance must not exceed the maximum amount offered in the Facultative offer. The Ceding Company shall recalculate all policy values since inception of the policy based on the corrected age or sex. Any additional reinsurance premium required will be paid by the Ceding Company to the Reinsurer, and any excess reinsurance premiums paid will be paid by the Reinsurer to the Ceding Company. Such amounts will be settled without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 REINSTATEMENT

Any policy originally reinsured in accordance with the terms and conditions of this Agreement by the Ceding Company may be automatically reinstated with the Reinsurer as long as the policy is reinstated in accordance with the established procedures and rules of the Ceding Company previously provided to the Reinsurer. If the policy being considered for reinstatement is subject to new underwriting based on the Ceding Company's established procedures and rules, then all underwriting evidence must be submitted to the Reinsurer for Facultative review. A new suicide and contestable period shall also apply. Any policy reinstatement exceptions deviating from established procedures and rules previously disclosed to the Reinsurer must be approved by the Reinsurer prior to ceding the reinstatement to the Reinsurer. Any policy originally reinsured hereunder for which the policy owner applies for reinstatement more than ninety (90) days from the lapse effective date, must be submitted with underwriting requirements and approved by the Reinsurer prior to ceding the reinstatement to the Reinsurer. The Ceding Company will pay the Reinsurer all reinsurance premiums due from the lapse effective date to the date of reinstatement. Such premiums, along with future reinsurance premiums, are paid point-in-scale from the issue

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date of the policy.

The Reinsurer will have no liability for the reinstatement or compromise of a lapsed policy under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Ceding Company failed to comply with applicable
state regulations on lapse and reinstatements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the policy was reinstated due to settlement or judgment
wherein the policy was lapsed for a longer time period than that stated in the Ceding Company's established reinstatement guidelines .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 NONFORFEITURE BENEFITS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Extended Term

If a policy reinsured under this Agreement remains in force through extended term insurance as elected under the terms of the policy, reinsurance will continue until the expiration of the extended term period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Reduced Paid- Up

If a policy reinsured under this Agreement remains in force through reduced paid-up insurance as elected under the terms of the policy, the amount reinsured and the amount retained will be reduced proportionately in accordance with the procedures described in Article 6.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 POLICY LOANS

The Reinsurer does not participate in policy loans or other forms of indebtedness on policies reinsured under this Agreement; therefore, policy loans do not affect the Reinsured Net Amount at Risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 DEATH BENEFIT OPTION CHANGES

Death benefit option changes must be approved by the Reinsurer.

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**ARTICLE 7 – CONVERSIONS, EXCHANGES AND REPLACEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 NOTIFICATION AND PLACEMENT

If a term rider reinsured under this Agreement is converted to a permanent policy, per the contractual rights under the term rider as specified in Exhibit C.7, the Ceding Company will notify the Reinsurer on its reporting statement with a conversion indicator within ninety (90) days after the effective date of the conversion. Conversions of term riders previously reinsured with the Reinsurer will continue to be reinsured with the Reinsurer in an amount not to exceed the original Reinsured Net Amount at Risk. Riders and benefits not attached to the Original Policy and reinsured hereunder that are added at the time of conversion will not be reinsured under this Agreement without prior approval of the Reinsurer.

The Reinsurer's approval to exchange or replace the Original Policy is required prior to ceding the New Policy to the Agreement.

Exchanges or replacements from one term plan to another term plan, or any other non-contractual term plan changes, will not be reinsured under this Agreement.

Unless mutually agreed otherwise, policies that are not reinsured with the Reinsurer and that are exchanged to or replaced by a plan covered under this Agreement will not be reinsured hereunder unless such exchange or replacement meets all the criteria for New Business and is ceded as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 PREMIUMS

If the New Policy meets all the criteria for New Business, it will be reinsured under this Agreement if this Agreement covers the New Plan and is still open for new business. Otherwise, the New Policy will not be reinsured hereunder.

For conversions to permanent policies and exchanges and replacements of permanent policies reinsured under this Agreement that do not qualify as New Business, the reinsurance premiums for the New Policy will be the rates shown in Exhibit E. The pay percents contained in Exhibit D.1 do not apply to the Exhibit E rates. Reinsurance premiums for the New Policy will be [ \* Omitted]. Conversions from a single life term policy(ies) to a joint life last survivor policy will be treated as a termination and shall not be reinsured under this Agreement.

Reinsurance premiums for the New Policy are payable up to, [ \* Omitted].

All other provisions will be those stated in this Agreement. Original terms shall govern the New Policy (i.e. Reinsurer's Share, limits, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;7.3 INCREASES IN AMOUNT

Any proposed increase in the Policy Death Benefit must be sent to the Reinsurer for approval.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 SPECIAL PROGRAMS

The Ceding Company will not introduce any special exchange, or replacement programs or other programs which encourage lapsation or otherwise impact the policies reinsured under this Agreement without the Reinsurer's prior written approval.

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**ARTICLE 8 – FORMS, MANUALS, ISSUE RULES AND CLAIMS PRACTICES**

The Ceding Company affirms that it has supplied the Reinsurer with the underwriting guidelines (which include any applicable accelerated underwriting or other special programs), policy and rider applications, issue rules, policy forms, rider forms (which include any accelerated benefits regardless of reinsured status), and reinstatement guidelines and applications in use as of the Effective Date of this Agreement for the business reinsured hereunder. Further, the Ceding Company affirms that it follows claims handling practices and procedures which are standard and customary to the life insurance industry. The Ceding Company will promptly notify the Reinsurer of any proposed Material Changes to all the aforementioned, as well as any changes to policyholder non-guaranteed elements (excluding changes to interest crediting rates). This Agreement will not extend to policies issued pursuant to a Material Change unless the Reinsurer has consented in writing to accept policies subject to the Material Change.

It is the Ceding Company's responsibility to ensure that its practices and applicable forms are in compliance with state insurance laws and regulations and current Medical Information Bureau (MIB) guidelines.

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**ARTICLE 9 – CLAIMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 COVERAGE

Claims covered under this Agreement are for the plans and any additional riders and benefits specified in Exhibit B, subject to the terms under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 NOTICE

The Ceding Company will promptly notify the Reinsurer after it receives a claim on a policy reinsured under this Agreement, optimally no later than one (1) month after receiving notice of the death of the insured.

For joint life last survivor plans, the Ceding Company, if notified, will also notify the Reinsurer at time of the first death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 PROOFS

The Ceding Company will promptly provide the Reinsurer with proper claim proofs, which are a copy of the proof of payment by the Ceding Company, a copy of the insured's death certificate (for death claims only), a copy of the claimant's statement, and the request for payment from the Reinsurer. The Reinsurer may request, and the Ceding Company will send, all documents in connection with any claim submitted under this Agreement, including all underwriting papers connected with the policy subject to the claim. It is the Ceding Company's sole decision to determine whether a claim is payable under the terms of the policy.

**Claims Document Reduction Program**

The above notwithstanding, under the Claims Document Reduction Program (the "Program") eligible death claims submitted by the Ceding Company to the Reinsurer are not required to be accompanied by [ \* Omitted].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 AMOUNT AND PAYMENT OF REINSURANCE BENEFITS

As soon as the Reinsurer receives proper claim notice and proper claim proofs, the Reinsurer will promptly pay its share of all payable claims on policies eligible for coverage under this Agreement. If the Ceding Company wishes to pay any ex gratia payment above and beyond what is contractually obligated, then the Ceding Company will accept the entire liability for such additional payment unless an Executive Director, or higher level officer, of the Reinsurer's US Individual Life Claims Department has expressly agreed to participate.

In addition to payment of the Reinsured Net Amount at Risk under this Agreement, the Reinsurer will also pay its share of the interest on the death proceeds (where share is defined as Reinsured Net Amount at Risk divided by the Policy Death Benefit) through the date of settlement that the Ceding Company is required to pay, either by law or under the terms of the policy or rider(s).

Death benefit payments will be made in a single sum or in a single sum for each beneficiary, if requested, regardless of the Ceding Company's settlement options.

**Accelerated Benefits**

Accelerated benefits are not reinsured under this Agreement. The impact of such benefits on the Reinsurer's payment of claims is as specified in the Accelerated Death Benefit Rider description in Exhibit D.7.

**Waiver Benefits**

Certain waiver benefits are reinsured under this Agreement. The reinsurance benefit for an approved waiver of premium is as specified in the waiver rider descriptions in Exhibit D.7.

The Reinsurer will pay waiver benefits annually regardless of the frequency of payment to the claimant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 DISPUTED CLAIMS

The Ceding Company will promptly notify the Reinsurer of any contest, compromise or litigation as a result of a denial of a claim involving a policy reinsured under this Agreement or as a result of rescission of a policy reinsured under this Agreement. Unless it declines to be a party to such action, the Reinsurer will pay its share of any settlement and third-party investigation fees (where share is defined as Reinsured Net Amount at Risk divided by the Policy Death Benefit). If the Ceding Company has multiple disputed policies on the same insured, the Reinsurer's Share of expenses will be calculated against the total Policy Death Benefit of all such policies. Such settlement shall not exceed the maximum that would have been payable under the specific policy had there been no dispute. Claim expenses are in addition to the aforementioned maximum and are as specified in Article 9.6 below.

If the Reinsurer declines to be a party to said contest, compromise or litigation, it will pay the

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Reinsured Net Amount at Risk as if there had been no contest, compromise or litigation. The Reinsurer will also pay its share, as defined above, of covered expenses incurred to the date it notifies the Ceding Company it declines to be a party. If the Ceding Company fails to notify the Reinsurer of any contest, compromise, or litigation within three (3) months of commencement, the Reinsurer is not liable for any expenses incurred prior to such notification.

If the Reinsurer declines to be a party to said contest, compromise or litigation on a waiver benefit, it may opt out and have no further expense or obligation with respect to the waiver benefit claim which is the subject of the contest, compromise or litigation or expenses related to the contest, compromise or litigation by paying the Ceding Company the amount equal to its Proportionate Share of the waiver benefit reserve. The Reinsurer and the Ceding Company shall mutually agree on the amount of the waiver benefit reserve to be paid which shall be determined on an individual claim level by [ \* Omitted]. The Reinsurer will pay its Proportionate Share of covered expenses incurred to the date it notifies the Ceding Company it will opt out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 CLAIM EXPENSES

The Reinsurer will pay its share of reasonable claim investigation and legal expenses (where share is defined as Reinsured Net Amount at Risk divided by the Policy Death Benefit) connected with the litigation or settlement of claims payable under this Agreement unless the Reinsurer has discharged its liability pursuant to Article 9.5 above.

The Reinsurer will not reimburse the Ceding Company for routine claim and administration expenses, including but not limited to the Ceding Company's home office expenses, compensation of salaried officers and employees, and any legal expenses other than third-party expenses incurred by the Ceding Company. Claim investigation expenses do not include expenses incurred by the Ceding Company as a result of a dispute or contest arising out of conflicting claims of entitlement to policy proceeds or benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 MISREPRESENTATION OR SUICIDE

If the Ceding Company returns premium to the policy owner or beneficiary as a result of fraud or misrepresentation within the policy contestable period, or suicide of the insured, the Reinsurer will refund reinsurance premiums received on that policy without interest to the Ceding Company in lieu of any other form of reinsurance benefit payable under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 MISSTATEMENT OF AGE OR SEX

If there is a misstatement of age or sex on a universal life or variable universal life policy, the adjusted Policy Death Benefit shall be that amount which would have been purchased at the correct age or sex in consideration of the most recent mortality charge by adjusting the Policy Net Amount at Risk by the ratio of the incorrect cost of insurance rate to the correct cost of insurance rate. The adjusted amount of reinsurance must not exceed the maximum amount offered in the Facultative offer. The Ceding Company shall recalculate all policy values since inception of the policy based on the corrected age or sex Any additional reinsurance premium required will be paid by the Ceding Company to the Reinsurer, and any excess reinsurance premiums paid will be paid by the Reinsurer to the Ceding Company. Such amounts will be settled without interest.

&nbsp;&nbsp;&nbsp;&nbsp;9.9 EXTRA-CONTRACTUAL OBLIGATIONS

In no event shall the Reinsurer be liable for any Extra-Contractual Obligations incurred as a result of any act, omission or course of conduct committed by the Ceding Company, its agents

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or duly authorized representatives in connection with claims under this Agreement, nor for any legal fees or expenses incurred in the defense of such claims.

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**ARTICLE 10 – RETENTION LIMIT CHANGES**

Changes to the Ceding Company's retention have no effect on the terms and conditions of this Agreement.

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**ARTICLE 11 – RECAPTURE**

The reinsured policies under this Agreement are not eligible for recapture except as noted in Article 5.5 and Article 15.3.

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**ARTICLE 12 – GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 CURRENCY

All payments and reporting by all parties under this Agreement will be made in United States dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 PREMIUM TAX

The Reinsurer will not reimburse the Ceding Company for premium taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 DIVIDENDS

Dividends are not applicable to the policies reinsured under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 INSPECTION OF RECORDS

The Reinsurer, or its duly authorized representatives, will have the right to inspect on-site or remotely by requesting electronically, original papers, records and all documents relating to the business reinsured under this Agreement. These documents will be made available to a duly authorized representative of the Reinsurer who will be named in advance. Notification of such visits or request for documents will be given two (2) weeks in advance, except in urgent cases when notification will be given at least forty-eight (48) hours in advance. The right of inspection survives the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;12.5 SANCTION PROGRAMS

The Ceding Company has established and will maintain policies and procedures to comply with applicable laws and regulations relating to anti-money laundering and anti-terrorism financing activities including, without limitation, the U.S.A. Patriot Act, the lists promulgated or maintained by the United States Department of Treasury naming specially designated nationals or blocked persons, and any other laws, regulations, executive orders or similar actions that impose sanctions or prohibit or restrict transactions or relations with designated persons, entities, organizations or governments. This Agreement shall not cover any risk that the Ceding Company is legally prohibited from writing and/or ceding to the Reinsurer or any risk that the Reinsurer is legally prohibited from reinsuring. For purposes of this exclusion, the term "legally prohibited" shall mean contrary to the laws and regulations of the countries of domicile of the Reinsurer and the Ceding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 INTEREST RATE FOR BALANCES IN DEFAULT

The Reinsurer reserves the right to charge interest at [ \* Omitted].

The Ceding Company reserves the right to charge interest at [ \* Omitted] when:

The Reinsurer fails to pay its share of any undisputed claim, or reinsured expenses associated with any undisputed claim, within ninety (90) days after receipt of all requested claim information.

The Ceding Company and the Reinsurer mutually agree to consider the timing of both premiums and claims when requesting interest for delinquent payments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 FOREIGN ACCOUNT TAX COMPLIANCE ACT

The Reinsurer and the Ceding Company agree to provide all information necessary to comply with or permit the other party to comply with Sections 1471-1474 of the United States Internal Revenue Code (the "Foreign Account Tax Compliance Act" or "FATCA") and any Treasury Regulations, or other guidance issued pursuant thereto, including, but without limitation, as applicable, Forms W-9, Forms W- 8BEN-E, and any information necessary for the Ceding Company or Reinsurer to enter into an agreement described in Section 1471(b) of the United States Internal Revenue Code and to comply with the terms of that agreement or to comply with the terms of any inter-governmental agreements between the United States and any other jurisdictions relating to FATCA. This information shall be provided upon execution of this Agreement, promptly upon reasonable request by either party to this Agreement and promptly upon learning that any such information previously provided has become obsolete or incorrect.

Each of the Reinsurer and the Ceding Company acknowledge that if it fails to supply such information on a timely basis, it may be subject to a thirty percent (30%) United States withholding tax imposed on payments of United States source income.

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**ARTICLE 13 – DAC TAX**

The Ceding Company and the Reinsurer hereby agree to the following, pursuant to Section 1.848-2(g)(8) of the Income Tax Regulation issued December 1992, under Section 848 of the Internal Revenue Code of 1986:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the term "party" refers to either the
Ceding Company or the Reinsurer, as appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the terms used in this Article are defined by reference
to Regulation Section 1.848-2, effective December 29, 1992;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. the party with the net positive consideration for
this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard
to the general deductions limitation of Section 848(c)(1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. all parties agree to exchange information pertaining
to the amount of net consideration under this Agreement each year to ensure consistency, or as otherwise required by the Internal Revenue
Service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. the Reinsurer will submit a schedule to the Ceding
Company by April 1 of each year of its calculation of the net consideration for the preceding calendar year. This schedule of calculations
will be accompanied by a statement stating that the Reinsurer will report such net consideration in its tax return for the preceding calendar
year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the Ceding Company may contest such calculation by
providing an alternative calculation to the Reinsurer by May 1 of the year following the end of the taxable year. If the Ceding Company
does not notify the Reinsurer by May 1, the net considerations reported in the respective tax returns will be the value as defined in
Item (e) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. if the Ceding Company submits its alternative calculation,
the parties will act in good faith to reach an agreement on the correct amount within thirty (30) days of the date the Ceding Company
submits its alternative calculation. If the Ceding Company and the Reinsurer reach agreement on an amount of the net consideration, each
party shall report such amount in their respective tax returns for the previous calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. the Ceding Company and the Reinsurer represent and
warrant that they are subject to United States taxation under either Subchapter L or Subpart F of Part III of Subchapter N of the Internal
Revenue Code of 1986, as amended.

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**ARTICLE 14 – OFFSET**

Any undisputed debts or credits, in favor of or against either the Reinsurer or the Ceding Company with respect to this Agreement or any other agreement between the parties, are deemed mutual debts or credits and may be offset, and only the balance will be allowed or paid.

The right of offset will not be affected or diminished because of the insolvency of either party.

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**ARTICLE 15 – INSOLVENCY OF THE CEDING COMPANY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 INSOLVENCY OF A PARTY TO THIS AGREEMENT

A party to this Agreement will be deemed insolvent when it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. applies for or consents to the appointment of a
receiver, rehabilitator, conservator, liquidator or statutory successor of its properties or assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. is determined by a court or other legal authority
having jurisdiction over the party to be bankrupt or insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. files or consents to the filing of a petition in
bankruptcy, seeks reorganization to avoid insolvency or makes formal application for any bankruptcy, dissolution, liquidation or similar
law or statute; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. becomes the subject of an order to rehabilitate or
an order to liquidate as defined by the insurance code of the jurisdiction of the party's domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 INSOLVENCY OF THE CEDING COMPANY

In the event of the insolvency of the Ceding Company, all reinsurance payments due under this Agreement will be payable directly to the liquidator, rehabilitator, receiver, or statutory successor of the Ceding Company, without diminution because of the insolvency, for those claims allowed against the Ceding Company by any court of competent jurisdiction or by the liquidator, rehabilitator, receiver or statutory successor having authority to allow such claims.

In the event of insolvency of the Ceding Company, the liquidator, rehabilitator, receiver or statutory successor will give written notice to the Reinsurer of all pending claims against the Ceding Company on any policies reinsured within a reasonable time after such claim is filed in the insolvency proceeding. While a claim is pending, the Reinsurer may investigate and interpose, at its own expense, in the proceeding where the claim is adjudicated, any defense or defenses that it may deem available to the Ceding Company or its liquidator, rehabilitator, receiver or statutory successor.

The expense incurred by the Reinsurer will be chargeable, subject to court approval, against the Ceding Company as part of the expense of liquidation to the extent of a share of the benefit that may accrue to the Ceding Company solely as a result of the defense undertaken by the Reinsurer. Where two or more reinsurers are participating in the same claim and a majority in interest elects to interpose a defense or defenses to any such claim, the expense will be apportioned in accordance with the terms of this Agreement as though such expense had been incurred by the Ceding Company.

The Reinsurer will be liable only for the amounts reinsured and will not be or become liable for any amounts or reserves to be held by the Ceding Company on policies reinsured under this Agreement.

This insolvency clause shall not preclude the Reinsurer from asserting any excuse or defense to payment of this reinsurance other than the excuses or defenses of the Insolvency of the Ceding Company and the failure of the Ceding Company's liquidator, receiver, conservator or statutory successor to pay all or a portion of any claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 INSOLVENCY OF THE REINSURER

In the event of the Reinsurer's insolvency, the Ceding Company may immediately cancel the Agreement for future new business and will notify the Reinsurer in writing of its intent within

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ninety (90) days of the insolvency determination. The parties agree to waive the notification period for this cancellation. The effective date will be no earlier than the effective date of the Reinsurer's insolvency.

In addition, in the event of the Reinsurer's insolvency, the Ceding Company may provide the Reinsurer with written notice of its intent to recapture all reinsurance in force under this Agreement regardless of the duration the reinsurance has been in force or the amount retained by the Ceding Company on the policies. The Ceding Company must make the recapture election within ninety (90) days of the Reinsurer's insolvency. The Ceding Company will provide the Reinsurer with ninety (90) days' advance written notice of its intent to recapture (the "Cure Period"). If at the end of the Cure Period the Reinsurer remains insolvent according to the authority responsible for such determination, then the Ceding Company may elect to recapture all reinsurance inforce under this Agreement effective no earlier than the end of the Cure Period and no later than the next reinsurance premium due date following the notice of intent to recapture.

The Ceding Company's recapture as described above is subject to payment by the Ceding Company to the Reinsurer in the amount of the [ \* Omitted].

The Ceding Company's recapture is subject to the provisions of Article 5.5.3 Terminal Settlement and Article 5.5.4 Late Reported Claims. After the effective date of recapture, the Reinsurer will not be liable for any benefits on policies eligible for recapture that the Ceding Company has overlooked.

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**ARTICLE 16 – ERRORS AND OMISSIONS**

For purposes of this Article, an Error is a clerical mistake, omission, or oversight made inadvertently in the administration of the reinsurance Agreement, and excludes acts of judgment, all other forms of intentional decision, and any mistakes, omissions, or oversights in the administration of the insurance provided by the Ceding Company on the underlying policy.

If either the Ceding Company or Reinsurer shall fail to perform an obligation under this Agreement and such failure shall be the result of an Error, as defined above, on the part of the Ceding Company or Reinsurer, such Error shall be corrected by restoring the Ceding Company and Reinsurer to the positions they would have occupied had no such Error occurred. Upon discovery of the Error by a party, such party shall promptly notify the other party, providing as much detail as is available about the circumstances surrounding the Error. Additionally, the notifying party shall propose a resolution to the Error which shall include actions that will be taken to avoid similar Errors in the future. If it is not possible to restore each party to the position it would have occupied but for the Error, the parties will endeavor in good faith to promptly resolve the situation in a manner that is fair and reasonable, and most closely approximates the intent of the parties as evidenced by the Agreement. However, in no case shall an Error create reinsurance coverage that would not have existed in the absence of the Error.

Issues arising out of the application of the underwriting guidelines or grossly negligent, deliberate acts or repetitive Errors, are the responsibility of the Ceding Company and its liability insurer, if any, but not that of the Reinsurer. Additionally, in no instance shall this Article apply for Facultatively submitted business where the Ceding Company has i) issued a case that was postponed or declined by the Reinsurer, ii) not notified the Reinsurer of its acceptance of the Reinsurer's unconditional offer pursuant to the terms of Article 3, iii) incorrectly advised the Reinsurer to close its file, or iv) incorrectly notifies the Reinsurer of the amount of the offer accepted.

There is a mutual obligation on both the Ceding Company and the Reinsurer to ensure that all Errors (both favorable and unfavorable to a party) are identified and corrected in an equitable manner at the earliest possible date. The party first discovering the Error will notify the other party in writing promptly upon discovery thereof, and the parties shall act to correct such failure promptly.

If either party discovers that the Ceding Company has failed to cede reinsurance as provided in this Agreement, or failed to comply with its reporting requirements, and the Error is indicative of a systemic problem, the Reinsurer will require the Ceding Company to audit its records, including in force and terminated policies, for similar Errors, correct existing Errors, and take the actions necessary to avoid similar Errors in the future. Claims impacted by this provision will not be paid until the entire audit has been completed and correction(s) agreed upon.

For historical corrections of Errors, including Late Reported Terminations, which exceed the lesser [ \* Omitted].

The Reinsurer shall refund [ \* Omitted] reinsurance premiums on Late Reported Terminations. A "Late Reported Termination" is a policy termination reported to the Reinsurer more than three (3) years after the actual policy termination was reported to the

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Ceding Company and where the total of Late Reported Terminations exceeds [ \* Omitted] of the volume of terminations reported for the year in which the termination should have been processed.

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**ARTICLE 17 – ARBITRATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 NEGOTIATION

Within fifteen (15) calendar days after either party provides the other party with written notification of a specific dispute, citing this Article and specifically describing the issue(s) to be resolved, each party will appoint an active company officer who has authority to make decisions with respect to such issues. As soon as possible, the officers will meet at a mutually agreeable location in order to gather and furnish each other with all appropriate and relevant information concerning the issue(s). The officers will discuss the issue(s) and will negotiate in good faith. During this negotiation process, all reasonable requests made by one officer to the other for information will be honored. The officers will decide the specific format for such discussions. All discussions held and any materials shared will be done without prejudice to the positions of the parties in any arbitration that may occur under this Article.

If the officers cannot resolve the issue(s) within sixty (60) calendar days of their first meeting, the issue(s) shall be subject to arbitration in accordance with this Article, unless the parties agree in writing to extend the negotiation period for an additional sixty (60) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 GENERAL

The parties agree to act in all matters relating to the contractual provisions of this Agreement with the utmost good faith. However, if the parties cannot mutually resolve a dispute or claim which arises out of, or in connection with, this Agreement, including formation and validity, and whether arising during or after the period of this Agreement, the dispute or claim will be referred to an Arbitration Tribunal (a group of three disinterested arbitrators), and settled through arbitration.

The arbitrators must have more than ten (10) years' experience in the life insurance or reinsurance industry and may not be current or former directors, officers or employees of either party to this Agreement or their respective affiliates or subsidiaries.

The arbitrators will base their decision on the terms and conditions of this Agreement plus, as necessary, on the customs and practices of the insurance and reinsurance industries rather than solely on a strict interpretation of the applicable law. There will be no appeal from their decision, and any court having jurisdiction of the subject matter, and the parties, may reduce the decision to judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 NOTICE

To initiate arbitration, either party will notify the other party by certified mail or overnight courier service (e.g. Federal Express) of its desire to arbitrate, stating the nature of the dispute and the remedy sought. The party to which the notice is sent will acknowledge receipt of the notification in writing within ten (10) days of its receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 PROCEDURE

Each of the two parties will appoint one arbitrator, and these two arbitrators will select the third arbitrator. Upon the selection of the third arbitrator, the Arbitration Tribunal will be constituted, and the third arbitrator will act as chairman of the Arbitration Tribunal.

If either party fails to appoint an arbitrator within sixty (60) days after the other party has given notice of appointing an arbitrator, then ARIAS-US will appoint an arbitrator for the party that has failed to do so. The party that has failed to appoint an arbitrator will be responsible for all expenses levied by ARIAS-US for such appointment.

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Should the two (2) arbitrators be unable to agree on the choice of the third arbitrator within thirty (30) days of the appointment of the second arbitrator, the parties will exchange lists of five (5) qualified candidates to serve as the third arbitrator. Should the name of one candidate appear on both parties' lists, that candidate shall be appointed as the third arbitrator subject to his or her completion of an ARIAS-US umpire questionnaire and approval by the parties. If the names of more than one candidate appears in common on both parties' lists, the third arbitrator shall be selected from that group of candidates by drawing lots pursuant to a procedure to be agreed upon by the parties. If there are no names of candidates in common on the parties' lists, each party shall strike two (2) names from the other party's list and the parties will rank the remaining six (6) candidates in order of preference. The candidate having the lowest combined score shall be appointed as the third arbitrator. Should there be a tie, the third arbitrator shall be selected from the group of tied candidates by drawing lots pursuant to a procedure to be agreed upon by the parties.

The Arbitration Tribunal may, in its sole discretion, make orders and directions as it considers to be necessary for the final determination of the matters in dispute. Such orders and directions may be necessary with regard to pleadings, discovery, inspection of documents, examination of witnesses and any other matters relating to the conduct of the arbitration. The Arbitration Tribunal will have the widest discretion permissible under the law, and practice of the place of arbitration, when making such orders or directions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 ARBITRATION COSTS

Unless the arbitrators decide otherwise, each party will bear the expense of its own arbitration activities, including its appointed arbitrator and any outside attorney and witness fees. The parties will jointly and equally bear the expense of the third arbitrator and other costs of the arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 SITE OF ARBITRATION

The site of arbitration will be as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 ARBITRATION SETTLEMENT

The award of the Arbitration Tribunal will be in writing, providing a reasoned basis and rationale for the ruling, and shall be binding upon the parties.

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**ARTICLE 18 – DURATION OF AGREEMENT**

This Agreement is indefinite as to its duration. The Ceding Company or the Reinsurer may terminate this Agreement with respect to reinsurance of New Business by giving ninety (90) days written notice of termination to the other party, sent by certified mail or overnight courier service (e.g. Federal Express). The date the notice is postmarked is deemed to be the first day of the notice period. No New Business issued after the termination date will be reinsured.

During the notification period, the Ceding Company may continue to cede and the Reinsurer will continue to accept policies covered under the terms of this Agreement. Reinsurance coverage on all policies reinsured under this Agreement will remain in force until the termination or expiration of the policies or until the contractual termination of reinsurance under the terms of this Agreement, whichever occurs first.

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**ARTICLE 19 – REPRESENTATIONS AND WARRANTIES**

Each party represents and warrants to the other party that it is solvent on a statutory basis in all states in which it does business or is licensed. Each party will promptly notify the other if it is subsequently financially impaired or if there is a change in ownership or control.

The parties agree that this Agreement is entered into with the understanding that the principles of good faith traditional to reinsurance shall be adhered to in the formation and performance of this Agreement and shall govern the parties' rights and obligations. This Agreement is entered into in reliance of the utmost good faith of the parties including, for example, their warranties, representations and disclosures. In entering into this Agreement, the Reinsurer has relied on the information provided by the Ceding Company, including, but not limited to, experience studies, sales history and distribution, product specifications, policy forms, etc. The Ceding Company represents that all data was complete, accurate, and prepared in accordance with industry practice and applicable Actuarial Standards of Practice, as promulgated by the American Academy of Actuaries. The Ceding Company must inform the Reinsurer, in writing, of any changes or errors subsequently identified in the data provided.

The Ceding Company represents that it has and will continue to disclose all matters material to this Agreement pursuant to Article 8.

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**ARTICLE 20 – DEFINITIONS**

**Age Basis** – The method used, as specified in Exhibit D.2, to determine the issue age of the insured (nearest/next/last) and for determining reinsurance premiums.

**ASAP Coverage Limit** - The amount specified in Exhibit C.2. [ \* Omitted].

**Automatic** – A reinsurance arrangement under which the Reinsurer is obligated to accept or assume risks, as assessed by the Ceding Company pursuant to the conditions in Article 2.

**Effective Date of this Agreement** – The date on which this Agreement becomes binding on the Ceding Company and the Reinsurer. Policies with an issue date on or after this date may be eligible for reinsurance coverage under this Agreement.

**Extra-Contractual Obligations** – Damages awarded by a court against an insurer that go beyond the coverage provided by the policy, typically for bad faith in dealing with the insured or beneficiary.

**Facultative(ly)** – A reinsurance arrangement under which the Ceding Company submits an application to the Reinsurer for independent underwriting assessment, and the Reinsurer may accept or decline the risk pursuant to the conditions in Article 3.

**Flat Extra** - An additional premium amount per $1,000 of insurance that is charged to cover any extra hazard or special risk such as aviation or hazardous activities as assessed by the underwriter of the policy application.

**Jumbo Limit** – The total Ultimate Amount in force and currently applied for on the life with the Ceding Company and its affiliates, plus the total death benefit in force and currently applied for on the life with all other companies including both single and joint life last survivor coverage and any external coverage to be replaced, as specified in Exhibit C.3. If the Jumbo Limit is exceeded, the Ceding Company may not submit the risk to the Reinsurer for ASAP Facultative review but may submit the risk to the Reinsurer for non-ASAP Facultative review in accordance with Article 3.1.

**Material Change** – A change that is likely to impact the Reinsurer's financial experience under this Agreement or would cause the Reinsurer to reconsider or adjust reinsurance participation, reinsurance pricing, or take similar actions.

**New Business** – An Original Policy, an increase to an Original Policy, or a New Policy on which the Ceding Company (1) has obtained the same new underwriting information it would obtain in the absence of the Original Policy, (2) pays the same commissions in the first year that it would have paid in the absence of the Original Policy or, for internal 1035 exchanges, pays commissions based on the Ceding Company's graded schedule applicable to such exchanges, and (3) starts suicide and contestable period provisions that are as long as those contained in other new policies issued by the Ceding Company.

**New Plan** – The plan to which the Original Policy exchanged or replaced.

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**New Policy** – The policy issued resulting from an exchange or replacement of the Original Policy.

**Original Policy** – An insurance contract issued by the Ceding Company on an insured that is reinsured under this Agreement.

**Permanent Resident** – An individual having his or her primary residence, defined as residing six (6) months or more per year, in a particular country, notwithstanding the fact that they may maintain one or more homes in other places. A legal Permanent Resident of the United States would include any citizen with primary residence in the United States, or any non-citizen with primary residence in the United States for five (5) or more years who does not intend to return to their native country (except for brief trips) and who holds a valid U.S. Permanent Resident Card (Green Card) or a U.S. visa that authorizes residence in the United States.

**Policy Death Benefit** – The death benefit of an underlying policy reinsured under this Agreement.

**Policy Net Amount at Risk** – The Policy Death Benefit less cash value on the policy, such difference taken to the nearest dollar.

**Professional Athlete** – An individual who is a team member, which includes players, coaches, trainers and managers, in any of the five major U.S. professional sports – National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB), Major League Soccer (MLS) or National Hockey League (NHL).

**Proportionate Share** – The percentage derived by dividing the Reinsured Net Amount at Risk by the Policy Net Amount at Risk.

**Reinsured Net Amount at Risk** – The Policy Net Amount at Risk less the retention on the policy times the Reinsurer's Share. For Facultative reinsurance, the Reinsured Net Amount at Risk is that amount of the Policy Net Amount at Risk for which the Ceding Company accepts the Reinsurer's offer to reinsure.

**Reinsurer's Share** – The percentage of reinsurance assumed by the Reinsurer as specified in Exhibit C.1.

**Temporary Insurance Agreement** - A separate contract between the Ceding Company and the applicant that provides insurance coverage for a specified amount for a limited period of time prior to policy issue. It has specific conditions where it will not provide coverage such as material misrepresentations in the application and death from suicide.

**Ultimate Amount** – The projected maximum Policy Death Benefit that a policy could achieve based on reasonable assumptions made about the operation of certain characteristics of the policy form, including any contractual increases, as well as applicable riders and additional benefits.

**Yearly Renewable Term** – A form of life reinsurance under which only the mortality risk is transferred to the Reinsurer. The Ceding Company retains its liability with respect to the contractual relationship with the insured.

(019) 18356-00-00 39 11/20/2025

**ARTICLE 21 – EXECUTION**

The parties understand and agree that they have the right to execute this Agreement through paper or through electronic signature technology, which is in compliance with applicable State and Federal law governing electronic signatures. The parties agree that to the extent they sign electronically, their electronic signature is the legally binding equivalent to their handwritten signature. The parties further agree not to object to the admissibility of this Agreement as an electronic record, or a paper copy of an electronic document, or a paper copy of a document bearing an electronic signature, on the grounds that it is an electronic record or electronic signature or that it is not in its original form.

---

| | |
|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | &nbsp;&nbsp;&nbsp;&nbsp;**RGA REINSURANCE COMPANY** |
| By: [ \* ] <br> (Signature) | &nbsp;&nbsp;&nbsp;&nbsp;By: [ \* ] <br> (Signature) |
| Name: Kyle O' Donnell <br> (Printed)<br>Title: VP Life Product Development  | &nbsp;&nbsp;&nbsp;&nbsp; Name:_<u>Beth Christy-Linder</u> <br> &nbsp;&nbsp;&nbsp;&nbsp;(Printed)<br>Title: <u>Authorized Signatory</u>  |
| Date: December 16, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;Date: December 15, 2025 |
| Location: Lincoln, Nebraska <br>By: [ \* ]<br> Name: Kelly Halverson<br> Title: SVP, Chief Actuary & Underwriting<br> Date: December 16, 2025<br> Location: Cincinnati, Ohio<br>| &nbsp;&nbsp;&nbsp;&nbsp; Location: <u>Chesterfield, Missouri</u> <br>|

---

(019) 18356-00-00 40 11/20/2025

## Ex-99.K

**<u>Exhibit (k)</u>**

**Legal Opinion**

---

| | |
|:---|:---|
| **Ameritas Life Insurance Corp.**<br> 5900 O Street / Lincoln, NE 68510 | ![Description: Ameritas_Bison_Tag_color](image_001.jpg) |

---

April 24, 2026

Ameritas Life Insurance Corp.

5900 O Street

P.O. Box 81889

Lincoln, Nebraska 68501

With reference to the Post-Effective Amendment No. 12 to Registration Statement No. 333-233986 on Form N-6, filed by Ameritas Life Insurance Corp. and Ameritas Variable Separate Account V with the Securities and Exchange Commission covering Ameritas Performance II VUL flexible premium life insurance policies, I have examined such documents and such laws as I considered necessary and appropriate, and on the basis of such examination, it is my opinion that:

1. Ameritas Life Insurance Corp. is duly organized and validly
existing under the laws of the State of Nebraska and has been duly authorized to issue variable life policies by the Insurance Department
of the State of Nebraska.

2. Ameritas Variable Separate Account V is a duly authorized
and existing separate account established pursuant to the provisions of Section 44-402.01 of the Statutes of the State of Nebraska.

3. The flexible premium variable universal life policies, when
issued as contemplated by said Form N-6 Registration Statement, will constitute legal, validly issued and binding obligations of Ameritas
Life Insurance Corp.

I hereby consent to the filing of this opinion as an exhibit to said Amendment to the Form N-6 Registration Statement.

Sincerely,

/s/ Morgan B.S. Lorenzen

Morgan B.S. Lorenzen

Second Vice President, Assistant General Counsel

## Ex-99.N

**<u>Exhibit (n)</u>**

**Consents of Independent Auditors and** 

**Independent Registered Public Accounting Firm**

**CONSENT OF INDEPENDENT AUDITORS**

We consent to the use in this Post-Effective Amendment No. 12 to Registration Statement No. 333-233986 on Form N-6 of our report dated March 30, 2026, relating to the statutory basis financial statements of Ameritas Life Insurance Corp. appearing in the Statement of Additional Information, which is part of such Registration Statement, and to the references to us under the heading "Financial Statements" in such Statement of Additional Information, which are part of such Registration Statement.

/s/ Deloitte & Touche LLP

Omaha, Nebraska<br> April 24, 2026

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the use in this Post-Effective Amendment No. 12 to Registration Statement No. 333-233986 on Form N-6 of our report dated March 19, 2026, relating to the financial statements and financial highlights of the subaccounts of Ameritas Variable Separate Account V appearing in the Statement of Additional Information, which is part of such Registration Statement, and to the references to us under the heading "Financial Statements" in such Statement of Additional Information, which are part of such Registration Statement.

/s/ Deloitte & Touche LLP

Omaha, Nebraska<br> April 24, 2026