# EDGAR Filing Document

**Accession Number:** 0001055367
**File Stem:** 0001104659-26-052671
**Filing Date:** 2026-4
**Character Count:** 113183
**Document Hash:** 9f6443a59ac297922a144aaf5a384934
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-052671.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001104659-26-052671

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EQUITRUST LIFE ANNUITY ACCOUNT
- **CENTRAL INDEX KEY:** 0001055367

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

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08665
- **FILM NUMBER:** 26923383

**BUSINESS ADDRESS:**
- **STREET 1:** 5400 UNIVERSITY AVE
- **CITY:** WEST DES MOINES
- **STATE:** IA
- **ZIP:** 50266
- **BUSINESS PHONE:** 5152255400

**MAIL ADDRESS:**
- **STREET 1:** 5400 UNIVERSITY AVE
- **CITY:** WEST DES MOINES
- **STATE:** IA
- **ZIP:** 50266

## Series and Classes Contracts Data

### EQUITRUST LIFE ANNUITY ACCOUNT (Series ID: S000007217)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000019813 | Individual Flexible Premium Deferred Variable Annuity Contract |  |
| C000061844 | Variable Annuity Contract                                      |  |

**Report of Independent Registered Public Accounting Firm**

The Board of Directors and Contract Owners of

EquiTrust Life Annuity Account and

EquiTrust Life Insurance Company

***Opinion on the Financial Statements***

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise EquiTrust Life Annuity Account (the Accounts) as of December 31, 2025, and the related statements of operations for the year then ended, and the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Accounts as of December 31, 2025, and the results of their operations for the year then ended and changes in net assets for each of the years in the two-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Forvis Mazars LLP

We have served as the Accounts' auditor since 2024.

**West Des Moines, Iowa**

**April 30, 2026**

***Appendix***

 ****

Subaccounts comprising EquiTrust Life Annuity Account

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subaccounts** |  |
| &nbsp;&nbsp;**Product A** | &nbsp;&nbsp;**Product B** |
| &nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares | &nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio - Class F |
| &nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares | &nbsp;&nbsp;Columbia VP Small Cap Value Fund - Class 2 |
| &nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares | &nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares |
| &nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares | &nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Service Class 2 |
| &nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio | &nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Service Class 2 |
| &nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio | &nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2 |
| &nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio | &nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2 |
| &nbsp;&nbsp;Federated Hermes Government Money Fund II - Service Shares | &nbsp;&nbsp;Fidelity® VIP Real Estate Portfolio - Service Class 2 |
| &nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares | &nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2 |
| &nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares | &nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2 |
| &nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Initial Class | &nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2 |
| &nbsp;&nbsp;Fidelity® VIP Growth & Income Portfolio - Initial Class | &nbsp;&nbsp;T. Rowe Price Equity Income Portfolio |
| &nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Initial Class | &nbsp;&nbsp;T. Rowe Price International Stock Portfolio |
| &nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2 |  |
| &nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Initial Class |  |
| &nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2 |  |
| &nbsp;&nbsp;Fidelity® VIP Overseas Portfolio - Initial Class |  |
| &nbsp;&nbsp;Franklin Global Real Estate VIP Fund - Class 2 |  |
| &nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2 |  |
| &nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2 |  |
| &nbsp;&nbsp;Franklin Small-Mid Cap Growth VIP Fund - Class 2 |  |
| &nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2 |  |
| &nbsp;&nbsp;Templeton Growth VIP Fund - Class 2 |  |
| &nbsp;&nbsp;LVIP American Century Capital Appreciation Fund – Standard II |  |
| &nbsp;&nbsp;LVIP American Century Inflation Protection Fund – Standard II |  |
| &nbsp;&nbsp;LVIP American Century Ultra Fund – Standard II |  |
| &nbsp;&nbsp;LVIP American Century Value Fund – Standard II |  |
| &nbsp;&nbsp;LVIP JPMorgan Mid Cap Value Fund - Standard |  |
| &nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Standard |  |
| &nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio |  |
| &nbsp;&nbsp;T. Rowe Price Equity Income Portfolio |  |
| &nbsp;&nbsp;T. Rowe Price Mid-Cap Growth Portfolio |  |
| &nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio |  |
| &nbsp;&nbsp;T. Rowe Price International Stock Portfolio |  |

---

**EquiTrust Life Annuity Account** 

**Statements of Assets and Liabilities**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Net assets** | **Net assets** | **Investments in mutual funds** | **Investments in mutual funds** | |
| <br>**Subaccount** | <br>**Investments in shares of mutual funds, at fair value** | **Accumulation units** | **Total net assets** | **Cost** | **Shares owned** | <br>**Accumulation<br> units<br> outstanding** |
| **Product A** |  |  |  |  |  |  |
| BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares | $5632 | $5632 | $5632 | $4253 | 98.61 | 115.41 |
| BNY Mellon VIF Appreciation Portfolio - Initial Shares | 652143 | 652143 | 652143 | 681363 | 19368.65 | 12429.23 |
| BNY Mellon VIF Growth & Income Portfolio - Initial Shares | 316715 | 316715 | 316715 | 254442 | 7961.67 | 4723.31 |
| BNY Mellon VIF Small Cap Portfolio - Initial Shares | 490203 | 490203 | 490203 | 436070 | 10212.57 | 13610.42 |
| CVT NASDAQ-100 Index Portfolio | 258810 | 258810 | 258810 | 144637 | 1307.25 | 2027.09 |
| CVT Russell 2000® Small Cap Index Portfolio | 191673 | 191673 | 191673 | 165835 | 2115.13 | 3865.55 |
| CVT S&P MidCap 400 Index Portfolio | 77815 | 77815 | 77815 | 71109 | 610.65 | 1142.24 |
| Federated Hermes Government Money Fund II - Service Shares | 188773 | 188773 | 188773 | 188773 | 188772.88 | 19437.72 |
| Federated Hermes Managed Volatility Fund II - Primary Shares | 684059 | 684059 | 684059 | 648780 | 65774.86 | 32442.18 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 831259 | 831259 | 831259 | 836084 | 78568.88 | 66897.33 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 1865133 | 1865133 | 1865133 | 1418442 | 31142.65 | 18963.36 |
| Fidelity® VIP Growth & Income Portfolio - Initial Class | 244382 | 244382 | 244382 | 197308 | 7327.79 | 3934.74 |
| Fidelity® VIP Growth Portfolio - Initial Class | 477493 | 477493 | 477493 | 463583 | 4886.34 | 5584.47 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 298200 | 298200 | 298200 | 309646 | 64685.37 | 9904.28 |
| Fidelity® VIP Index 500 Portfolio - Initial Class | 437999 | 437999 | 437999 | 223981 | 663.50 | 6134.99 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 533564 | 533564 | 533564 | 535758 | 15170.99 | 7053.86 |
| Fidelity® VIP Overseas Portfolio - Initial Class | 171446 | 171446 | 171446 | 149525 | 6229.88 | 5313.19 |
| Franklin Global Real Estate VIP Fund - Class 2 | 118761 | 118761 | 118761 | 114026 | 9093.47 | 6189.14 |
| Franklin Mutual Shares VIP Fund - Class 2 | 174556 | 174556 | 174556 | 163499 | 10842.00 | 5357.53 |
| Franklin Small Cap Value VIP Fund - Class 2 | 287298 | 287298 | 287298 | 264050 | 20713.63 | 4803.76 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 2 | 307998 | 307998 | 307998 | 299402 | 21523.28 | 7049.70 |
| Franklin U.S. Government Securities VIP Fund - Class 2 | 373680 | 373680 | 373680 | 404158 | 35588.62 | 27916.71 |
| Templeton Growth VIP Fund - Class 2 | 65987 | 65987 | 65987 | 48954 | 4663.42 | 2445.51 |
| LVIP American Century Capital Appreciation Fund – Standard II | 182942 | 182942 | 182942 | 172371 | 12067.41 | 3290.10 |
| LVIP American Century Inflation Protection Fund – Standard II | 44311 | 44311 | 44311 | 48760 | 4908.74 | 3132.58 |
| LVIP American Century Ultra Fund – Standard II | 146945 | 146945 | 146945 | 104710 | 4665.52 | 1783.13 |
| LVIP American Century Value Fund – Standard II | 148046 | 148046 | 148046 | 125592 | 11459.52 | 4900.58 |
| LVIP JPMorgan Mid Cap Value Fund - Standard | 315077 | 315077 | 315077 | 342436 | 34961.89 | 4753.49 |
| LVIP JPMorgan Small Cap Core Fund - Standard | 198553 | 198553 | 198553 | 186212 | 9047.32 | 4143.55 |
| T. Rowe Price All-Cap Opportunities Portfolio | 220433 | 220433 | 220433 | 198700 | 5558.07 | 2358.64 |
| T. Rowe Price Equity Income Portfolio | 857224 | 857224 | 857224 | 812472 | 29651.48 | 15984.78 |
| T. Rowe Price Mid-Cap Growth Portfolio | 291302 | 291302 | 291302 | 319926 | 11118.40 | 2969.62 |

---

*See accompanying notes, including note 6 which includes per unit information.* 

**EquiTrust Life Annuity Account** 

**Statements of Assets and Liabilities (continued)**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Net assets** | **Net assets** | **Investments in mutual funds** | **Investments in mutual funds** | |
| <br>**Subaccount** | <br>**Investments in shares of mutual funds, at fair value** | **Accumulation units** | **Total net assets** | **Cost** | **Shares owned** | <br>**Accumulation units outstanding** |
| T. Rowe Price Moderate Allocation Portfolio | $562728 | $562728 | $562728 | $524602 | 25088.17 | 12778.24 |
| T. Rowe Price International Stock Portfolio | 351428 | 351428 | 351428 | 328693 | 22102.40 | 15117.90 |
| **Product B** |  |  |  |  |  |  |
| CVT S&P MidCap 400 Index Portfolio - Class F | $45963 | $45963 | $45963 | $41318 | 363.20 | 2379.54 |
| Columbia VP Small Cap Value Fund - Class 2 | 28673 | 28673 | 28673 | 26540 | 2304.93 | 453.97 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 71594 | 71594 | 71594 | 72449 | 6766.90 | 5441.56 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 74164 | 74164 | 74164 | 63772 | 1304.33 | 1170.73 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 67467 | 67467 | 67467 | 66489 | 726.39 | 1459.49 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 31551 | 31551 | 31551 | 32413 | 6844.07 | 1940.41 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 27889 | 27889 | 27889 | 28420 | 792.99 | 712.07 |
| Fidelity® VIP Real Estate Portfolio - Service Class 2 | 18614 | 18614 | 18614 | 18112 | 1068.54 | 771.06 |
| Franklin Mutual Shares VIP Fund - Class 2 | 74285 | 74285 | 74285 | 69581 | 4613.99 | 1874.81 |
| Franklin U.S. Government Securities VIP Fund - Class 2 | 68762 | 68762 | 68762 | 73815 | 6548.78 | 5826.67 |
| Templeton Global Bond VIP Fund - Class 2 | 24085 | 24085 | 24085 | 23711 | 1828.76 | 1890.10 |
| T. Rowe Price Equity Income Portfolio | 5364 | 5364 | 5364 | 4917 | 185.53 | 142.16 |
| T. Rowe Price International Stock Portfolio | 70811 | 70811 | 70811 | 66858 | 4453.51 | 2972.16 |

---

*See accompanying notes, including note 6 which includes per unit information.* 

**EquiTrust Life Annuity Account** 

**Statements of Operations**

**Year Ended December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Income** | **Expenses** | | **Realized gain (loss) on investments** | **Realized gain (loss) on investments** | | | |
| <br>**Subaccount** | **Dividends** | **Mortality and expense risk** | <br>**Net investment income (loss)** | **Realized gain (loss) on sale of fund shares** | **Realized gain distributions** |<br>**Net realized gain (loss) on investments** |<br>**Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase in net assets from operations** |
| **Product A** | | | | | | | | |
| BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares | $15 | $(252) | $(237) | $6982 | $2118 | $9100 | $(6402) | $2461 |
| BNY Mellon VIF Appreciation Portfolio - Initial Shares | 2408 | (9076) | (6668) | (652) | 99657 | 99005 | (37619) | 54718 |
| BNY Mellon VIF Growth & Income Portfolio - Initial Shares | 1419 | (4345) | (2926) | 19136 | 26837 | 45973 | (1022) | 42025 |
| BNY Mellon VIF Small Cap Portfolio - Initial Shares | 4150 | (7392) | (3242) | (20419) |  | (20419) | 63886 | 40225 |
| CVT NASDAQ-100 Index Portfolio | 666 | (3291) | (2625) | 6114 | 3906 | 10020 | 34914 | 42309 |
| CVT Russell 2000® Small Cap Index Portfolio | 2811 | (2448) | 363 | 1061 | 9145 | 10206 | 8080 | 18649 |
| CVT S&P MidCap 400 Index Portfolio | 818 | (1029) | (211) | 335 | 4923 | 5258 | (955) | 4092 |
| Federated Hermes Government Money Fund II - Service Shares | 6956 | (2636) | 4320 |  |  |  |  | 4320 |
| Federated Hermes Managed Volatility Fund II - Primary Shares | 20829 | (9645) | 11184 | (1533) | 12707 | 11174 | 12674 | 35032 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 29696 | (12039) | 17657 | (7597) |  | (7597) | 37344 | 47404 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 2453 | (24172) | (21719) | 66756 | 281133 | 347889 | (8380) | 317790 |
| Fidelity® VIP Growth & Income Portfolio - Initial Class | 3540 | (3190) | 350 | 8239 | 21491 | 29730 | 10846 | 40926 |
| Fidelity® VIP Growth Portfolio - Initial Class | 1315 | (6321) | (5006) | 10389 | 58598 | 68987 | (7309) | 56672 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 20339 | (4371) | 15968 | (5483) |  | (5483) | 16104 | 26589 |
| Fidelity® VIP Index 500 Portfolio - Initial Class | 4698 | (5632) | (934) | 24065 | 2098 | 26163 | 36178 | 61407 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 1257 | (7085) | (5828) | 8239 | 60948 | 69187 | (14173) | 49186 |
| Fidelity® VIP Overseas Portfolio - Initial Class | 2769 | (2718) | 51 | 28378 | 15651 | 44029 | (6080) | 38000 |
| Franklin Global Real Estate VIP Fund - Class 2 | 1677 | (1641) | 36 | (2138) |  | (2138) | 9561 | 7459 |
| Franklin Mutual Shares VIP Fund - Class 2 | 3577 | (2568) | 1009 | (2315) | 17625 | 15310 | 1147 | 17466 |
| Franklin Small Cap Value VIP Fund - Class 2 | 3017 | (3833) | (816) | 602 | 23527 | 24129 | (6117) | 17196 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 2 |  | (4508) | (4508) | (5005) | 17796 | 12791 | (4034) | 4249 |
| Franklin U.S. Government Securities VIP Fund - Class 2 | 13057 | (5463) | 7594 | (7688) |  | (7688) | 20117 | 20023 |
| Templeton Growth VIP Fund - Class 2 | 525 | (879) | (354) | 2796 | 4505 | 7301 | 5672 | 12619 |
| LVIP American Century Capital Appreciation Fund – Standard II |  | (2691) | (2691) | 4778 | 29909 | 34687 | (21117) | 10879 |
| LVIP American Century Inflation Protection Fund – Standard II | 3471 | (607) | 2864 | (76) |  | (76) | (620) | 2168 |
| LVIP American Century Ultra Fund – Standard II |  | (1906) | (1906) | 2769 | 11732 | 14501 | 2342 | 14937 |
| LVIP American Century Value Fund – Standard II | 2406 | (2126) | 280 | 4670 | 11387 | 16057 | 4512 | 20849 |
| LVIP JPMorgan Mid Cap Value Fund - Standard | 3574 | (4769) | (1195) | (9882) | 34112 | 24230 | (11643) | 11392 |
| LVIP JPMorgan Small Cap Core Fund - Standard | 1221 | (2624) | (1403) | 806 | 15597 | 16403 | 1881 | 16881 |
| T. Rowe Price All-Cap Opportunities Portfolio |  | (3132) | (3132) | 17535 | 24165 | 41700 | (7320) | 31248 |

---

*See accompanying notes.*

**EquiTrust Life Annuity Account**

**Statements of Operations (continued)**

**Year Ended December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Income** | **Expenses** | | **Realized gain (loss) on investments** | **Realized gain (loss) on investments** | | | |
| <br>**Subaccount** | **Dividends** | **Mortality and expense risk** | <br>**Net investment income (loss)** | **Realized gain (loss) on sale of fund shares** | **Realized gain distributions** | <br>**Net realized gain (loss) on investments** | <br>**Change in unrealized appreciation/ depreciation of investments** | <br>**Net increase in net assets from operations** |
| T. Rowe Price Equity Income Portfolio | $13681 | $(11609) | $2072 | $5715 | $81427 | $87142 | $11956 | $101170 |
| T. Rowe Price Mid-Cap Growth Portfolio |  | (4095) | (4095) | 5617 | 36788 | 42405 | (32697) | 5613 |
| T. Rowe Price Moderate Allocation Portfolio | 12563 | (7760) | 4803 | 6099 | 24015 | 30114 | 32718 | 67635 |
| T. Rowe Price International Stock Portfolio | 6566 | (4981) | 1585 | 5142 | 28837 | 33979 | 19446 | 55010 |
| **Product B** |  |  |  |  |  |  |  |  |
| CVT S&P MidCap 400 Index Portfolio - Class F | $486 | $(503) | $(17) | $4914 | $2929 | $7843 | $(5827) | $1999 |
| Columbia VP Small Cap Value Fund - Class 2 | 252 | (294) | (42) | (488) | 4335 | 3847 | (1012) | 2793 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 2993 | (769) | 2224 | (1293) |  | (1293) | 3433 | 4364 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 |  | (745) | (745) | 11146 | 12132 | 23278 | (9484) | 13049 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 32 | (689) | (657) | 2802 | 8832 | 11634 | (2836) | 8141 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 2063 | (337) | 1726 | (1318) |  | (1318) | 2357 | 2765 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 65 | (285) | (220) | 1641 | 3467 | 5108 | (2408) | 2480 |
| Fidelity® VIP Real Estate Portfolio - Service Class 2 | 359 | (216) | 143 | 172 | 8 | 180 | (105) | 218 |
| Franklin Mutual Shares VIP Fund - Class 2 | 1448 | (815) | 633 | 3449 | 7135 | 10584 | (4074) | 7143 |
| Franklin U.S. Government Securities VIP Fund - Class 2 | 2210 | (742) | 1468 | (3509) |  | (3509) | 5863 | 3822 |
| Templeton Global Bond VIP Fund - Class 2 |  | (269) | (269) | (1989) |  | (1989) | 6169 | 3911 |
| T. Rowe Price Equity Income Portfolio | 83 | (50) | 33 |  | 509 | 509 | 85 | 627 |
| T. Rowe Price International Stock Portfolio | 1323 | (777) | 546 | 4690 | 5811 | 10501 | 2239 | 13286 |

---

*See accompanying notes.*

**EquiTrust Life Annuity Account**

**Statements of Changes in Net Assets**

**For the Year Ended December 31, 2025**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, 2024** | **Net investment income (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase in net assets from operations** | **Transfers of net premiums** | **Transfers of surrenders and death benefits** | **Transfers of administrative and other charges** | **Transfers between subaccounts, including Declared Interest Option account** |<br>**Net increase (decrease) in net assets from contract transactions** |<br>**Total increase (decrease) in net assets** |<br>**Net Assets at December 31, 2025** |
| **Product A** |  |  |  |  |  |  |  |  |  |  |  |  |
| BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares | $25866 | $(237) | $9100 | $(6402) | $2461 | $- | $(22644) | $(22) | $(29) | $(22695) | $(20234) | $5632 |
| BNY Mellon VIF Appreciation Portfolio - Initial Shares | 658168 | (6668) | 99005 | (37619) | 54718 | 8722 | (68856) | (498) | (111) | (60743) | (6025) | 652143 |
| BNY Mellon VIF Growth & Income Portfolio - Initial Shares | 334617 | (2926) | 45973 | (1022) | 42025 | 1200 | (58873) | (213) | (2041) | (59927) | (17902) | 316715 |
| BNY Mellon VIF Small Cap Portfolio - Initial Shares | 625766 | (3242) | (20419) | 63886 | 40225 | 2681 | (180251) | (979) | 2761 | (175788) | (135563) | 490203 |
| CVT NASDAQ-100 Index Portfolio  | 219950 | (2625) | 10020 | 34914 | 42309 | 5000 | (6819) | (66) | (1564) | (3449) | 38860 | 258810 |
| CVT Russell 2000® Small Cap Index Portfolio | 176378 | 363 | 10206 | 8080 | 18649 | 242 | (3690) | (1532) | 1626 | (3354) | 15295 | 191673 |
| CVT S&P MidCap 400 Index Portfolio | 74207 | (211) | 5258 | (955) | 4092 | 187 | (817) | (71) | 217 | (484) | 3608 | 77815 |
| Federated Hermes Government Money Fund II - Service Shares | 194546 | 4320 |  |  | 4320 | 2181 | (16905) | (152) | 4783 | (10093) | (5773) | 188773 |
| Federated Hermes Managed Volatility Fund II - Primary Shares | 731830 | 11184 | 11174 | 12674 | 35032 | 8650 | (92283) | (363) | 1193 | (82803) | (47771) | 684059 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 878450 | 17657 | (7597) | 37344 | 47404 | 9891 | (114738) | (614) | 10866 | (94595) | (47191) | 831259 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 1679823 | (21719) | 347889 | (8380) | 317790 | 3988 | (120763) | (451) | (15254) | (132480) | 185310 | 1865133 |
| Fidelity® VIP Growth & Income Portfolio - Initial Class | 223610 | 350 | 29730 | 10846 | 40926 | 129 | (18726) | (87) | (1470) | (20154) | 20772 | 244382 |
| Fidelity® VIP Growth Portfolio - Initial Class | 459239 | (5006) | 68987 | (7309) | 56672 | 1955 | (38825) | (168) | (1380) | (38418) | 18254 | 477493 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 313459 | 15968 | (5483) | 16104 | 26589 | 490 | (41509) | (223) | (606) | (41848) | (15259) | 298200 |
| Fidelity® VIP Index 500 Portfolio - Initial Class | 403031 | (934) | 26163 | 36178 | 61407 | 2530 | (20046) | (2111) | (6812) | (26439) | 34968 | 437999 |

---

*See accompanying notes.* 

**EquiTrust Life Annuity Account**

**Statements of Changes in Net Assets (continued)**

**For the Year Ended December 31, 2025**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, 2024** | **Net investment income (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase in net assets from operations** | **Transfers of net premiums** | **Transfers of surrenders and death benefits** | **Transfers of administrative and other charges** | **Transfers between subaccounts, including Declared Interest Option account** |<br>**Net increase (decrease) in net assets from contract transactions** |<br>**Total increase (decrease) in net assets** |<br>**Net Assets at December 31, 2025** |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | $523153 | $(5828) | $69187 | $(14173) | $49186 | $2562 | $(38262) | $(2899) | $(176) | $(38775) | $10411 | $533564 |
| Fidelity® VIP Overseas Portfolio - Initial Class | 210852 | 51 | 44029 | (6080) | 38000 | 180 | (75638) | (68) | (1880) | (77406) | (39406) | 171446 |
| Franklin Global Real Estate VIP Fund - Class 2 | 110037 | 36 | (2138) | 9561 | 7459 | 2628 | (5153) | (84) | 3874 | 1265 | 8724 | 118761 |
| Franklin Mutual Shares VIP Fund - Class 2 | 194253 | 1009 | 15310 | 1147 | 17466 | 121 | (36555) | (94) | (635) | (37163) | (19697) | 174556 |
| Franklin Small Cap Value VIP Fund - Class 2 | 280874 | (816) | 24129 | (6117) | 17196 | 615 | (12619) | (197) | 1429 | (10772) | 6424 | 287298 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 2 | 342787 | (4508) | 12791 | (4034) | 4249 | 3688 | (39818) | (99) | (2809) | (39038) | (34789) | 307998 |
| Franklin U.S. Government Securities VIP Fund - Class 2 | 387124 | 7594 | (7688) | 20117 | 20023 | 4547 | (44427) | (216) | 6629 | (33467) | (13444) | 373680 |
| Templeton Growth VIP Fund - Class 2 | 62936 | (354) | 7301 | 5672 | 12619 |  | (9050) | (22) | (496) | (9568) | 3051 | 65987 |
| LVIP American Century Capital Appreciation Fund – Standard II | 201880 | (2691) | 34687 | (21117) | 10879 | 2680 | (31269) | (83) | (1145) | (29817) | (18938) | 182942 |
| LVIP American Century Inflation Protection Fund – Standard II | 42288 | 2864 | (76) | (620) | 2168 |  | (139) | (6) |  | (145) | 2023 | 44311 |
| LVIP American Century Ultra Fund – Standard II | 138047 | (1906) | 14501 | 2342 | 14937 | 120 | (5688) | (107) | (364) | (6039) | 8898 | 146945 |
| LVIP American Century Value Fund – Standard II | 154349 | 280 | 16057 | 4512 | 20849 | 108 | (27183) | (77) |  | (27152) | (6303) | 148046 |
| LVIP JPMorgan Mid Cap Value Fund - Standard | 373213 | (1195) | 24230 | (11643) | 11392 | 2044 | (71553) | (237) | 218 | (69528) | (58136) | 315077 |
| LVIP JPMorgan Small Cap Core Fund - Standard | 190079 | (1403) | 16403 | 1881 | 16881 | 99 | (8756) | (49) | 299 | (8407) | 8474 | 198553 |
| T. Rowe Price All-Cap Opportunities Portfolio | 234872 | (3132) | 41700 | (7320) | 31248 |  | (45131) | (154) | (402) | (45687) | (14439) | 220433 |
| T. Rowe Price Equity Income Portfolio | 824467 | 2072 | 87142 | 11956 | 101170 | 5163 | (72468) | (1668) | 560 | (68413) | 32757 | 857224 |

---

*See accompanying notes.* 

**EquiTrust Life Annuity Account**

**Statements of Changes in Net Assets (continued)**

**For the Year Ended December 31, 2025**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, 2024** | **Net investment income (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase in net assets from operations** | **Transfers of net premiums** | **Transfers of surrenders and death benefits** | **Transfers of administrative and other charges** | **Transfers between subaccounts, including Declared Interest Option account** |<br>**Net increase (decrease) in net assets from contract transactions** |<br>**Total increase (decrease) in net assets** |<br>**Net Assets at December 31, 2025** |
| T. Rowe Price Mid-Cap Growth Portfolio | $310120 | $(4095) | $42405 | $(32697) | $5613 | $3250 | $(26908) | $(2465) | $1692 | $(24431) | $(18818) | $291302 |
| T. Rowe Price Moderate Allocation Portfolio | 547846 | 4803 | 30114 | 32718 | 67635 | 6226 | (57860) | (2005) | 886 | (52753) | 14882 | 562728 |
| T. Rowe Price International Stock Portfolio | 338748 | 1585 | 33979 | 19446 | 55010 | 5614 | (47599) | (179) | (166) | (42330) | 12680 | 351428 |
| **Product B** |  |  |  |  |  |  |  |  |  |  |  |  |
| CVT S&P MidCap 400 Index Portfolio - Class F | $61941 | $(17) | $7843 | $(5827) | $1999 | $639 | $(19384) | $(325) | $1093 | $(17977) | $(15978) | $45963 |
| Columbia VP Small Cap Value Fund - Class 2 | 35855 | (42) | 3847 | (1012) | 2793 | 321 | (10652) | (189) | 545 | (9975) | (7182) | 28673 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 86608 | 2224 | (1293) | 3433 | 4364 | 1968 | (18958) | (429) | (1959) | (19378) | (15014) | 71594 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 82973 | (745) | 23278 | (9484) | 13049 | 744 | (22395) | (473) | 266 | (21858) | (8809) | 74164 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 78368 | (657) | 11634 | (2836) | 8141 | 741 | (20276) | (429) | 922 | (19042) | (10901) | 67467 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 38920 | 1726 | (1318) | 2357 | 2765 | 627 | (9800) | (205) | (756) | (10134) | (7369) | 31551 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 33325 | (220) | 5108 | (2408) | 2480 | 420 | (8808) | (169) | 641 | (7916) | (5436) | 27889 |
| Fidelity® VIP Real Estate Portfolio - Service Class 2 | 26084 | 143 | 180 | (105) | 218 | 318 | (7994) | (135) | 123 | (7688) | (7470) | 18614 |
| Franklin Mutual Shares VIP Fund - Class 2 | 97572 | 633 | 10584 | (4074) | 7143 | 1065 | (31060) | (533) | 98 | (30430) | (23287) | 74285 |
| Franklin U.S. Government Securities VIP Fund - Class 2 | 84029 | 1468 | (3509) | 5863 | 3822 | 1968 | (18647) | (415) | (1995) | (19089) | (15267) | 68762 |
| Templeton Global Bond VIP Fund - Class 2 | 29971 | (269) | (1989) | 6169 | 3911 | 627 | (9926) | (166) | (332) | (9797) | (5886) | 24085 |
| T. Rowe Price Equity Income Portfolio | 4757 | 33 | 509 | 85 | 627 |  |  | (20) |  | (20) | 607 | 5364 |

---

*See accompanying notes.* 

**EquiTrust Life Annuity Account**

**Statements of Changes in Net Assets (continued)**

**For the Year Ended December 31, 2025**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, 2024** | **Net investment income (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase in net assets from operations** | **Transfers of net premiums** | **Transfers of surrenders and death benefits** | **Transfers of administrative and other charges** | **Transfers between subaccounts, including Declared Interest Option account** |<br>**Net increase (decrease) in net assets from contract transactions** |<br>**Total increase (decrease) in net assets** |<br>**Net Assets at December 31, 2025** |
| T. Rowe Price International Stock Portfolio | $86697 | $546 | $10501 | $2239 | $13286 | $1062 | $(31096) | $(492) | $1354 | $(29172) | $(15886) | $70811 |

---

*See accompanying notes.*

**EquiTrust Life Annuity Account**

**Statements of Changes in Net Assets**

**For the Year Ended December 31, 2024**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, 2023** | **Net investment income (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase (decrease) in net assets from operations** | **Transfers of net premiums** | **Transfers of surrenders and death benefits** | **Transfers of administrative and other charges** | **Transfers between subaccounts, including Declared Interest Option account** |<br>**Net increase (decrease) in net assets from contract transactions** |<br>**Total increase (decrease) in net assets** |<br>**Net Assets at December 31, 2024** |
| **Product A** |  |  |  |  |  |  |  |  |  |  |  |  |
| BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares | $32255 | $(334) | $5032 | $2313 | $7011 | $- | $(11120) | $(36) | $(2244) | $(13400) | $(6389) | $25866 |
| BNY Mellon VIF Appreciation Portfolio - Initial Shares | 602410 | (6263) | 44312 | 29373 | 67422 | 13708 | (68492) | (531) | 43651 | (11664) | 55758 | 658168 |
| BNY Mellon VIF Growth & Income Portfolio - Initial Shares | 295839 | (2775) | 20069 | 43303 | 60597 | 694 | (18318) | (240) | (3955) | (21819) | 38778 | 334617 |
| BNY Mellon VIF Small Cap Portfolio - Initial Shares | 634544 | (4469) | (15012) | 39312 | 19831 | 8680 | (68400) | (219) | 31330 | (28609) | (8778) | 625766 |
| CVT NASDAQ-100 Index Portfolio | 211098 | (2313) | 34774 | 12886 | 45347 |  | (31258) | (80) | (5157) | (36495) | 8852 | 219950 |
| CVT Russell 2000® Small Cap Index Portfolio | 162426 | (247) | 3907 | 12091 | 15751 | 242 | (968) | 207 | (1280) | (1799) | 13952 | 176378 |
| CVT S&P MidCap 400 Index Portfolio | 98854 | (213) | 9911 | 2170 | 11868 | 156 | (37305) | (77) | 711 | (36515) | (24647) | 74207 |
| Federated Hermes Government Money Fund II - Service Shares | 206459 | 6172 |  |  | 6172 | 833 | (27730) | (175) | 8987 | (18085) | (11913) | 194546 |
| Federated Hermes Managed Volatility Fund II - Primary Shares | 713013 | 6451 | (18910) | 105899 | 93440 | 12276 | (91126) | (388) | 4615 | (74623) | 18817 | 731830 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 995655 | 15848 | (16184) | 24995 | 24659 | 15804 | (185018) | (654) | 28004 | (141864) | (117205) | 878450 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 1453353 | (20411) | 327867 | 141054 | 448510 | 14065 | (243398) | (470) | 7763 | (222040) | 226470 | 1679823 |
| Fidelity® VIP Growth & Income Portfolio - Initial Class | 145794 | 369 | 24145 | 10284 | 34798 | 120 | (25318) | (100) | 68316 | 43018 | 77816 | 223610 |
| Fidelity® VIP Growth Portfolio - Initial Class | 599085 | (8760) | 235023 | (66507) | 159756 | 1387 | (287506) | (174) | (13309) | (299602) | (139846) | 459239 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 365700 | 14593 | (10715) | 19377 | 23255 | 501 | (66423) | (246) | (9328) | (75496) | (52241) | 313459 |
| Fidelity® VIP Index 500 Portfolio - Initial Class | 355937 | (727) | 61596 | 21877 | 82746 | 4765 | (82494) | 27 | 42050 | (35652) | 47094 | 403031 |

---

*See accompanying notes.* 

**EquiTrust Life Annuity Account** 

**Statements of Changes in Net Assets (continued)**

**For the Year Ended December 31, 2024**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, 2023** | **Net investment income (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase (decrease) in net assets from operations** | **Transfers of net premiums** | **Transfers of surrenders and death benefits** | **Transfers of administrative and other charges** | **Transfers between subaccounts, including Declared Interest Option account** |<br>**Net increase (decrease) in net assets from contract transactions** |<br>**Total increase (decrease) in net assets** |<br>**Net Assets at December 31, 2024** |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2  | $551217 | $(6204) | $94308 | $(4352) | $83752 | $4568 | $(116185) | $228 | $(427) | $(111816) | $(28064) | $523153 |
| Fidelity® VIP Overseas Portfolio - Initial Class | 260789 | 128 | 36286 | (22325) | 14089 | 180 | (67919) | (75) | 3788 | (64026) | (49937) | 210852 |
| Franklin Global Real Estate VIP Fund - Class 2 | 137144 | 656 | (8731) | 7337 | (738) | 140 | (27994) | (93) | 1578 | (26369) | (27107) | 110037 |
| Franklin Mutual Shares VIP Fund - Class 2 | 211509 | 1019 | (5456) | 23257 | 18820 | 151 | (36497) | (109) | 379 | (36076) | (17256) | 194253 |
| Franklin Small Cap Value VIP Fund - Class 2 | 292433 | (1401) | (2452) | 31309 | 27456 | 253 | (42959) | (215) | 3906 | (39015) | (11559) | 280874 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 2 | 424055 | (5248) | (30854) | 67918 | 31816 | 1504 | (111351) | (118) | (3119) | (113084) | (81268) | 342787 |
| Franklin U.S. Government Securities VIP Fund - Class 2 | 431890 | 6836 | (12895) | 5641 | (418) | 904 | (55928) | (238) | 10914 | (44348) | (44766) | 387124 |
| Templeton Growth VIP Fund - Class 2 | 91233 | (221) | (1778) | 5993 | 3994 |  | (31600) | (22) | (669) | (32291) | (28297) | 62936 |
| LVIP American Century Capital Appreciation Fund – Standard II | 199223 | (2885) | 19859 | 27087 | 44061 | 180 | (39930) | (86) | (1568) | (41404) | 2657 | 201880 |
| LVIP American Century Inflation Protection Fund – Standard II | 42262 | 1084 | (83) | (832) | 169 |  | (137) | (6) |  | (143) | 26 | 42288 |
| LVIP American Century Ultra Fund – Standard II | 151920 | (2182) | 29263 | 9505 | 36586 | 120 | (48828) | (107) | (1644) | (50459) | (13873) | 138047 |
| LVIP American Century Value Fund – Standard II | 167052 | 2338 | 13441 | (3325) | 12454 | 148 | (25225) | (80) |  | (25157) | (12703) | 154349 |
| LVIP JPMorgan Mid Cap Value Fund - Standard | 408144 | (1011) | 59617 | (10382) | 48224 | 1495 | (84988) | (236) | 574 | (83155) | (34931) | 373213 |
| LVIP JPMorgan Small Cap Core Fund - Standard | 208962 | (1453) | 1020 | 21796 | 21363 | 37 | (40387) | (53) | 157 | (40246) | (18883) | 190079 |
| T. Rowe Price All-Cap Opportunities Portfolio | 242840 | (3427) | 47602 | 10178 | 54353 |  | (56120) | (174) | (6027) | (62321) | (7968) | 234872 |
| T. Rowe Price Equity Income Portfolio | 828516 | 3667 | 63716 | 17178 | 84561 | 5499 | (90094) | (143) | (3872) | (88610) | (4049) | 824467 |

---

*See accompanying notes.* 

**EquiTrust Life Annuity Account** 

**Statements of Changes in Net Assets (continued)**

**For the Year Ended December 31, 2024**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, 2023** | **Net investment income (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase (decrease) in net assets from operations** | **Transfers of net premiums** | **Transfers of surrenders and death benefits** | **Transfers of administrative and other charges** | **Transfers between subaccounts, including Declared Interest Option account** |<br>**Net increase (decrease) in net assets from contract transactions** |<br>**Total increase (decrease) in net assets** |<br>**Net Assets at December 31, 2024** |
| T. Rowe Price Mid-Cap Growth Portfolio | $283572 | $(4337) | $33204 | $(7084) | $21783 | $7580 | $(33693) | $226 | $30652 | $4765 | $26548 | $310120 |
| T. Rowe Price Moderate Allocation Portfolio | 598571 | 4986 | 34428 | 10456 | 49870 | 10703 | (133102) | (188) | 21992 | (100595) | (50725) | 547846 |
| T. Rowe Price International Stock Portfolio | 436911 | (2522) | 20218 | (4708) | 12988 | 2347 | (115384) | (184) | 2070 | (111151) | (98163) | 338748 |
| **Product B** |  |  |  |  |  |  |  |  |  |  |  |  |
| CVT S&P MidCap 400 Index Portfolio - Class F | $67963 | $167 | $5164 | $3181 | $8512 | $1477 | $(14123) | $(530) | $(1358) | $(14534) | $(6022) | $61941 |
| Columbia VP Small Cap Value Fund - Class 2 | 40350 | (185) | 3640 | (244) | 3211 | 790 | (7856) | (301) | (339) | (7706) | (4495) | 35855 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 94083 | 1853 | (1407) | 2388 | 2834 | 2771 | (16440) | (645) | 4005 | (10309) | (7475) | 86608 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 78472 | (895) | 21707 | 4418 | 25230 | 1671 | (16232) | (654) | (5514) | (20729) | 4501 | 82973 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 74925 | (870) | 27517 | (5028) | 21619 | 1568 | (14663) | (606) | (4475) | (18176) | 3443 | 78368 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 41945 | 2429 | (1631) | 2473 | 3271 | 1065 | (8232) | (309) | 1180 | (6296) | (3025) | 38920 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 34528 | (250) | 6779 | (896) | 5633 | 779 | (6280) | (258) | (1077) | (6836) | (1203) | 33325 |
| Fidelity® VIP Real Estate Portfolio - Service Class 2 | 30643 | 935 | 276 | 596 | 1807 | 687 | (6264) | (224) | (565) | (6366) | (4559) | 26084 |
| Franklin Mutual Shares VIP Fund - Class 2 | 108769 | 1214 | (1171) | 11352 | 11395 | 2461 | (23693) | (862) | (498) | (22592) | (11197) | 97572 |
| Franklin U.S. Government Securities VIP Fund - Class 2 | 93320 | 2041 | (3282) | 1639 | 398 | 2771 | (16343) | (635) | 4518 | (9689) | (9291) | 84029 |
| Templeton Global Bond VIP Fund - Class 2 | 39234 | (393) | (4024) | (595) | (5012) | 1065 | (7928) | (277) | 2889 | (4251) | (9263) | 29971 |
| T. Rowe Price Equity Income Portfolio | 4318 | 39 | 311 | 108 | 458 |  |  | (19) |  | (19) | 439 | 4757 |

---

*See accompanying notes.*

**EquiTrust Life Annuity Account** 

**Statements of Changes in Net Assets (continued)**

**For the Year Ended December 31, 2024**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, 2023** | **Net investment income (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase (decrease) in net assets from operations** | **Transfers of net premiums** | **Transfers of surrenders and death benefits** | **Transfers of administrative and other charges** | **Transfers between subaccounts, including Declared Interest Option account** |<br>**Net increase (decrease) in net assets from contract transactions** |<br>**Total increase (decrease) in net assets** |<br>**Net Assets at December 31, 2024** |
| T. Rowe Price International Stock Portfolio | $103751 | $(43) | $647 | $1947 | $2551 | $2358 | $(22412) | $(784) | $1233 | $(19605) | $(17054) | $86697 |

---

*See accompanying notes.*

**EquiTrust Life Annuity Account**

**Notes to Financial Statements**

**December 31, 2025**

**1. Organization and Significant Accounting Policies**

**Organization**

EquiTrust Life Annuity Account (the Account), a unit investment trust registered under the Investment Company Act of 1940, as amended, was established by EquiTrust Life Insurance Company (the Company). The Account is a funding vehicle for individual flexible premium deferred variable annuity contracts (Product A) and variable annuity contracts (Product B) issued by the Company. The Company discontinued sales of all new variable annuity contracts but continues to receive premiums from sales that occurred prior to this change.

The assets and liabilities of the Account are clearly identified and distinguished from the Company's other assets and liabilities. The portion of the Account's assets applicable to the variable annuity contracts is not available to satisfy liabilities arising out of any other business the Company may conduct.

At the direction of eligible contract owners, the Account invests in the following fifty investment subaccounts which, in turn, own open-end mutual fund shares of registered investment companies (the Funds). Eligible contract owners may also allocate funds to the Declared Interest Option (DIO) account. The DIO is funded by the general account of the Company and pays interest at declared rates with a guaranteed minimum. Assets and liabilities associated with funds allocated to the DIO are excluded from the Account as these are included in the Company's general account.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Subaccount / Fund** | **Product** |
| &nbsp;&nbsp;&nbsp;**BNY Mellon Sustainable U.S. Equity Portfolio, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio – Service Shares | A |
| &nbsp;&nbsp;&nbsp;**BNY Mellon Variable Investment Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares (4) | A |
| &nbsp;&nbsp;&nbsp;**Calvert Variable Trust, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVT EAFE International Index Portfolio - Class F (2) | B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio (2) | A & B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio - Class F (2) | B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio - Class F | B |
| &nbsp;&nbsp;&nbsp;**Columbia Variable Products, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Overseas Core Fund - Class 1 (2) | B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Select Mid Cap Value Fund - Class 1 (2) | B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Small Cap Value Fund - Class 2 | B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Small Company Growth Fund - Class 2 (2) | B |
| &nbsp;&nbsp;&nbsp;**Deutsche DWS Variable Series I** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Global Small Cap VIP - Class A (2) | B |
| &nbsp;&nbsp;&nbsp;**Deutsche DWS Variable Series II** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS International Opportunities VIP - Class A (2) (3) | B |

---

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Subaccount / Fund** | **Product** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federated Hermes Insurance Series** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Money Fund II – Service Shares (2) | A & B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares (2) | A & B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares | A & B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fidelity® Variable Insurance Products Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Initial Class | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Service Class 2 | B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth & Income Portfolio - Initial Class | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Initial Class | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Service Class 2 | B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2 | A & B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Initial Class | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Service Class 2 (2) | B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2 | A & B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Overseas Portfolio - Initial Class | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Real Estate Portfolio - Service Class 2 | B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Franklin Templeton Variable Insurance Products Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Global Real Estate VIP Fund - Class 2 | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2 | A & B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2 (2) | A & B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Small-Mid Cap Growth VIP Fund - Class 2 | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2 | A & B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2 | B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Growth VIP Fund - Class 2 | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lincoln Variable Insurance Products Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Capital Appreciation Fund – Standard II | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Inflation Protection Bond Fund – Standard II | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Mid Cap Value Fund – Standard II (1) | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Ultra Fund – Standard II | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Value Fund – Standard II | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Mid Cap Value Fund – Standard | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund – Standard | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund – Service (2) | B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Equity Series, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio (2) | A & B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio | A & B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Mid-Cap Growth Portfolio | A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio (2) | A & B |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price International Series, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio | A & B |

---

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

(1) Product
 A subaccount was inactive during 2025 and 2024; accordingly, a Statement of Assets and
 Liabilities, a Statement of Operations and a Statement of Changes in Net Assets have
 not been presented herein.

(2) Product
 B subaccount was inactive during 2025 and 2024; accordingly, a Statement of Assets and
 Liabilities, a Statement of Operations and a Statement of Changes in Net Assets have
 not been presented herein.

(3) Effective
 May 1, 2025, Deutsche DWS Variable Series II changed the name of DWS International Growth
 VIP fund to DWS International Opportunities VIP.

(4) Effective
 December 31, 2025, BNY Mellon Variable Investment Fund changed the name of BNY Mellon
 VIF Opportunistic Small Cap Portfolio fund to BNY Mellon VIF Small Cap Portfolio.

**Investments**

Investments in shares of the Funds are stated at fair value, which is the closing net asset value per share as determined by the Funds. The first-in, first-out cost basis has been used in determining the net realized gain or loss from investment transactions and unrealized appreciation or depreciation on investments. Investment transactions are accounted for on the trade date.

At December 31, 2025, all valuation inputs used to determine the fair value of mutual fund shares owned by the Account were classified as Level 1 in accordance with accounting principles generally accepted in the United States of America. There were no transfers into or out of Level 3 during the year.

Dividends and realized capital gain distributions are taken into income on an accrual basis as of the ex-dividend date and are automatically reinvested in shares of the Funds on the payable date.

**Contracts in Annuitization Period**

Net assets allocated to contracts in the annuitization period are computed according to the mortality table indicated in the original contract with an assumed investment return determined at the time of annuitization. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the variable annuity account by the Company to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the insurance company.

**Use of Estimates in the Preparation of Financial Statements**

The preparation of the Account's financial statements and accompanying notes in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed. These estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the financial statements and accompanying notes.

**2. Expense Charges and Related Party Transactions**

**Paid to the Company**

The Account pays the Company certain amounts relating to the distribution and administration of the contracts funded by the Account and as reimbursement for certain mortality and other risks assumed by the Company. The following summarizes those amounts.

*Mortality and Expense Risk Charges*: The Company deducts a daily mortality and expense risk charge from the Account at an effective annual rate of 1.40% on Product A, and 1.00% on Product B of the average daily net asset value of the Account.

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

These charges are assessed in return for the Company's assumption of risks associated with adverse mortality experience or excess administrative expenses in connection with contracts issued.

*Administrative Charge*: Prior to the annuity payment period, the Company will deduct an administrative charge of $45 annually on Product A or $4 monthly on Product B to reimburse it for administrative expenses related to the contract. Product B is also assessed an asset-based administrative charge of 0.02% monthly of the variable accumulated value. A portion of this charge may be deducted from funds held in the fixed interest subaccount.

*Transfer Charge*: A transfer charge of $25 for Product A or $10 for Product B may be imposed for the thirteenth and each subsequent transfer between subaccounts in any one contract year.

**3. Federal Income Taxes**

The operations of the Account are included in the federal income tax return of the Company, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the contracts. Based on this, no charge is being made currently to the Account for federal income taxes. The Company will review periodically the status of this policy. In the event of changes in the tax law, a charge may be made in future years for any federal income taxes that would be attributable to the contracts.

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

**4. Purchases and Sales of Investment Securities**

The aggregate cost of investment securities purchased and proceeds from investment securities sold by subaccount were as follows during the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| <br>**Subaccount** | **Cost of**<br>**Purchases** | **Proceeds**<br>**from Sales** |
| **Product A:** |  |  |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: | BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: | BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: |
| &nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares | $2195 | $23009 |
| BNY Mellon Variable Investment Fund: | BNY Mellon Variable Investment Fund: | BNY Mellon Variable Investment Fund: |
| &nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares | 112070 | 79824 |
| &nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares | 30641 | 66657 |
| &nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares | 10403 | 189433 |
| Calvert Variable Trust, Inc.: | Calvert Variable Trust, Inc.: | Calvert Variable Trust, Inc.: |
| &nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio | 9563 | 11731 |
| &nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio | 15900 | 9746 |
| &nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio | 6113 | 1885 |
| Federated Hermes Insurance Series: | Federated Hermes Insurance Series: | Federated Hermes Insurance Series: |
| &nbsp;&nbsp;&nbsp;Federated Hermes Government Money Fund II - Service Shares | 13814 | 19587 |
| &nbsp;&nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares | 43642 | 102554 |
| &nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares | 48241 | 125179 |
| Fidelity® Variable Insurance Products Funds: |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Initial Class | 287647 | 160713 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth & Income Portfolio - Initial Class | 26545 | 24858 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Initial Class | 63061 | 47887 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2 | 20674 | 46554 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Initial Class | 11698 | 36973 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 65696 | 49351 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Overseas Portfolio - Initial Class | 19731 | 81435 |
| Franklin Templeton Variable Insurance Products Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Franklin Global Real Estate VIP Fund - Class 2 | 8031 | 6730 |
| &nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2 | 21224 | 39753 |
| &nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2 | 28422 | 16483 |
| &nbsp;&nbsp;&nbsp;Franklin Small-Mid Cap Growth VIP Fund - Class 2 | 21444 | 47194 |
| &nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2 | 25585 | 51458 |
| &nbsp;&nbsp;&nbsp;Templeton Growth VIP Fund - Class 2 | 5029 | 10446 |
| Lincoln Variable Insurance Products Trust: | Lincoln Variable Insurance Products Trust: | Lincoln Variable Insurance Products Trust: |
| &nbsp;&nbsp;&nbsp;LVIP American Century Capital Appreciation Fund – Standard II | 32507 | 35106 |
| &nbsp;&nbsp;&nbsp;LVIP American Century Inflation Protection Fund – Standard II | 3472 | 753 |
| &nbsp;&nbsp;&nbsp;LVIP American Century Ultra Fund – Standard II | 11771 | 7984 |
| &nbsp;&nbsp;&nbsp;LVIP American Century Value Fund – Standard II | 13828 | 29313 |
| &nbsp;&nbsp;&nbsp;LVIP JPMorgan Mid Cap Value Fund - Standard | 39986 | 76597 |
| &nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Standard | 18905 | 13118 |

---

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

---

| | | |
|:---|:---|:---|
| <br>**Subaccount** | **Cost of**<br>**Purchases** | **Proceeds**<br>**from Sales** |
| T. Rowe Price Equity Series, Inc.: | T. Rowe Price Equity Series, Inc.: | T. Rowe Price Equity Series, Inc.: |
| &nbsp;&nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio | $24165 | $48819 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio | 101899 | 86813 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Mid-Cap Growth Portfolio | 42240 | 33978 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio | 44954 | 68889 |
| T. Rowe Price International Series, Inc.: | T. Rowe Price International Series, Inc.: | T. Rowe Price International Series, Inc.: |
| &nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio | 40763 | 52671 |
| **Product B:** |  |  |
| Calvert Variable Trust, Inc.: | Calvert Variable Trust, Inc.: | Calvert Variable Trust, Inc.: |
| &nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio - Class F | $5554 | $20619 |
| Columbia Variable Products, Inc.: | Columbia Variable Products, Inc.: | Columbia Variable Products, Inc.: |
| &nbsp;&nbsp;&nbsp;Columbia VP Small Cap Value Fund - Class 2 | 5883 | 11565 |
| Federated Hermes Insurance Series: | Federated Hermes Insurance Series: | Federated Hermes Insurance Series: |
| &nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares | 4991 | 22145 |
| Fidelity® Variable Insurance Products Funds: | Fidelity® Variable Insurance Products Funds: | Fidelity® Variable Insurance Products Funds: |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 14355 | 24826 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Service Class 2 | 11496 | 22363 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2 | 2674 | 11082 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 4785 | 9454 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Real Estate Portfolio - Service Class 2 | 1073 | 8610 |
| Franklin Templeton Variable Insurance Products Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2 | 9754 | 32416 |
| &nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2 | 4409 | 22030 |
| &nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2 | 1507 | 11573 |
| T. Rowe Price Equity Series, Inc.: | T. Rowe Price Equity Series, Inc.: | T. Rowe Price Equity Series, Inc.: |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio | 592 | 70 |
| T. Rowe Price International Series, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio | 10081 | 32896 |

---

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

**5. Summary of Changes from Unit Transactions**

Transactions in units of each subaccount were as follows for the periods ended December 31, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | | |
| | | **2025** | | | | **2024** | |
| <br>**Subaccount** | **Purchased** | **Redeemed** | **Net <br> Increase<br> (Decrease)** | **Net <br> Increase<br> (Decrease)** | **Purchased** | **Redeemed** | **Net <br> Increase<br> (Decrease)** |
| **Product A:** |  |  |  |  |  |  |  |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: | BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: | BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: | BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares | **1** | **491** |  | **(490)** | 1 | 322 | (321) |
| BNY Mellon Variable Investment Fund: | BNY Mellon Variable Investment Fund: | BNY Mellon Variable Investment Fund: | BNY Mellon Variable Investment Fund: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares | **224** | **1412** |  | **(1188)** | 1242 | 1489 | (247) |
| &nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares | **41** | **1068** |  | **(1027)** | 29 | 431 | (402) |
| &nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares | **208** | **5615** |  | **(5407)** | 1174 | 2050 | (876) |
| Calvert Variable Trust, Inc.: | Calvert Variable Trust, Inc.: | Calvert Variable Trust, Inc.: | Calvert Variable Trust, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio | **52** | **70** |  | **(18)** |  | 379 | (379) |
| &nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio | **97** | **176** |  | **(79)** | 32 | 72 | (40) |
| &nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio | **6** | **15** |  | **(9)** | 15 | 580 | (565) |
| Federated Hermes Insurance Series: | Federated Hermes Insurance Series: | Federated Hermes Insurance Series: | Federated Hermes Insurance Series: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Federated Hermes Government Money Fund II - Service Shares | **726** | **1781** |  | **(1055)** | 1053 | 3008 | (1955) |
| &nbsp;&nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares | **546** | **4741** |  | **(4195)** | 984 | 5020 | (4036) |
| &nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares | **1643** | **9404** |  | **(7761)** | 3781 | 15807 | (12026) |
| Fidelity® Variable Insurance Products Funds: | Fidelity® Variable Insurance Products Funds: | Fidelity® Variable Insurance Products Funds: | Fidelity® Variable Insurance Products Funds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Initial Class | **58** | **1557** |  | **(1499)** | 741 | 3635 | (2894) |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth & Income Portfolio - Initial Class | **30** | **409** |  | **(379)** | 1363 | 439 | 924 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Initial Class | **44** | **546** |  | **(502)** | 22 | 4144 | (4122) |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2 | **17** | **1439** |  | **(1422)** | 89 | 2916 | (2827) |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Initial Class | **82** | **504** |  | **(422)** | 1008 | 1583 | (575) |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2 | **59** | **609** |  | **(550)** | 96 | 1750 | (1654) |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Overseas Portfolio - Initial Class | **45** | **2490** |  | **(2445)** | 141 | 2323 | (2182) |
| Franklin Templeton Variable Insurance Products Trust: | Franklin Templeton Variable Insurance Products Trust: | Franklin Templeton Variable Insurance Products Trust: | Franklin Templeton Variable Insurance Products Trust: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Franklin Global Real Estate VIP Fund - Class 2 | **357** | **272** |  | **85** | 137 | 1511 | (1374) |
| &nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2 | **4** | **1203** |  | **(1199)** | 17 | 1294 | (1277) |
| &nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2 | **38** | **220** |  | **(182)** | 89 | 821 | (732) |
| &nbsp;&nbsp;&nbsp;Franklin Small-Mid Cap Growth VIP Fund - Class 2 | **92** | **974** |  | **(882)** | 86 | 2898 | (2812) |
| &nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2 | **996** | **3510** |  | **(2514)** | 1009 | 4513 | (3504) |
| &nbsp;&nbsp;&nbsp;Templeton Growth VIP Fund - Class 2 | **-** | **402** |  | **(402)** |  | 1444 | (1444) |

---

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | | |
| | | **2025** | | | | **2024** | |
| <br>**Subaccount** | **Purchased** | **Redeemed** | **Net<br> Increase<br> (Decrease)** | **Net<br> Increase<br> (Decrease)** | **Purchased** | **Redeemed** | **Net <br> Increase<br> (Decrease)** |
| Lincoln Variable Insurance Products Trust: | Lincoln Variable Insurance Products Trust: | Lincoln Variable Insurance Products Trust: | Lincoln Variable Insurance Products Trust: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;LVIP American Century Capital Appreciation Fund – Standard II | **55** | **586** |  | **(531)** | 6 | 832 | (826) |
| &nbsp;&nbsp;&nbsp;LVIP American Century Inflation Protection Fund – Standard II | **-** | **10** |  | **(10)** |  | 11 | (11) |
| &nbsp;&nbsp;&nbsp;LVIP American Century Ultra Fund – Standard II | **2** | **83** |  | **(81)** | 1 | 743 | (742) |
| &nbsp;&nbsp;&nbsp;LVIP American Century Value Fund – Standard II | **4** | **949** |  | **(945)** | 4 | 989 | (985) |
| &nbsp;&nbsp;&nbsp;LVIP JPMorgan Mid Cap Value Fund - Standard | **38** | **1100** |  | **(1062)** | 42 | 1393 | (1351) |
| &nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Standard | **54** | **224** |  | **(170)** | 32 | 942 | (910) |
| T. Rowe Price Equity Series, Inc.: | T. Rowe Price Equity Series, Inc.: | T. Rowe Price Equity Series, Inc.: | T. Rowe Price Equity Series, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio | **-** | **524** |  | **(524)** | 1 | 796 | (795) |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio | **156** | **1510** |  | **(1354)** | 147 | 2000 | (1853) |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Mid-Cap Growth Portfolio | **59** | **317** |  | **(258)** | 416 | 370 | 46 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio | **219** | **1489** |  | **(1270)** | 1688 | 4297 | (2609) |
| T. Rowe Price International Series, Inc.: | T. Rowe Price International Series, Inc.: | T. Rowe Price International Series, Inc.: | T. Rowe Price International Series, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio | **265** | **2164** |  | **(1899)** | 216 | 5546 | (5330) |
| **Product B:** |  |  |  |  |  |  |  |
| Calvert Variable Trust, Inc.: | Calvert Variable Trust, Inc.: | Calvert Variable Trust, Inc.: | Calvert Variable Trust, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio - Class F | **137** | **1152** |  | **(1015)** | 163 | 946 | (783) |
| Columbia Variable Products, Inc.: | Columbia Variable Products, Inc.: | Columbia Variable Products, Inc.: | Columbia Variable Products, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Columbia VP Small Cap Value Fund - Class 2 | **28** | **218** |  | **(190)** | 38 | 174 | (136) |
| Federated Hermes Insurance Series: | Federated Hermes Insurance Series: | Federated Hermes Insurance Series: | Federated Hermes Insurance Series: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares | **163** | **1700** |  | **(1537)** | 573 | 1392 | (819) |
| Fidelity® Variable Insurance Products Funds: | Fidelity® Variable Insurance Products Funds: | Fidelity® Variable Insurance Products Funds: | Fidelity® Variable Insurance Products Funds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Service Class 2 | **48** | **449** |  | **(401)** | 65 | 457 | (392) |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Service Class 2 | **76** | **541** |  | **(465)** | 80 | 524 | (444) |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2 | **42** | **716** |  | **(674)** | 164 | 580 | (416) |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2 | **42** | **269** |  | **(227)** | 37 | 227 | (190) |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Real Estate Portfolio - Service Class 2 | **30** | **360** |  | **(330)** | 103 | 362 | (259) |

---

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | | |
| | | **2025** | | | | **2024** | |
| <br>**Subaccount** | **Purchased** | **Redeemed** | **Net <br> Increase<br> (Decrease)** | **Net <br> Increase<br> (Decrease)** | **Purchased** | **Redeemed** | **Net <br> Increase<br> (Decrease)** |
| Franklin Templeton Variable Insurance Products Trust: | Franklin Templeton Variable Insurance Products Trust: | Franklin Templeton Variable Insurance Products Trust: | Franklin Templeton Variable Insurance Products Trust: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2 | **34** | **878** |  | **(844)** | 117 | 737 | (620) |
| &nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2 | **197** | **1892** |  | **(1695)** | 679 | 1540 | (861) |
| &nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2 | **133** | **938** |  | **(805)** | 357 | 758 | (401) |
| T. Rowe Price Equity Series, Inc.: | T. Rowe Price Equity Series, Inc.: | T. Rowe Price Equity Series, Inc.: | T. Rowe Price Equity Series, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio | **-** | **1** |  | **(1)** | 1 | 1 |  |
| T. Rowe Price International Series, Inc.: | T. Rowe Price International Series, Inc.: | T. Rowe Price International Series, Inc.: | T. Rowe Price International Series, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio | **143** | **1437** |  | **(1294)** | 198 | 1151 | (953) |

---

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

**6. Unit Values**

The following summarizes units outstanding, unit values, and net assets at December 31, 2025, 2024, 2023, 2022 and 2021, and investment income ratios, expense ratios, and total return ratios for the periods then ended:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Value (A)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (B)** | <br>**Expense**<br>**Ratio (C)** | <br>**Total**<br>**Return (D)** |
| **Product A:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 115 | $48.80 | $5632 | 0.08% | 1.40% | 14.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 605 | 42.78 | 25866 | 0.39 | 1.40 | 22.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 926 | 34.83 | 32255 | 0.52 | 1.40 | 21.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 938 | 28.59 | 26810 | 0.34 | 1.40 | (24.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1304 | 37.68 | 49134 | 0.60 | 1.40 | 24.93 |
| &nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 12429 | 52.47 | 652143 | 0.37 | 1.40 | 8.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 13617 | 48.33 | 658168 | 0.43 | 1.40 | 11.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 13864 | 43.45 | 602410 | 0.70 | 1.40 | 19.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 17523 | 36.42 | 638214 | 0.64 | 1.40 | (19.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 23763 | 45.07 | 1071040 | 0.44 | 1.40 | 25.37 |
| &nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4723 | 67.05 | 316715 | 0.45 | 1.40 | 15.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 5750 | 58.20 | 334617 | 0.54 | 1.40 | 21.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 6152 | 48.09 | 295839 | 0.60 | 1.40 | 24.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 12227 | 38.49 | 470598 | 0.79 | 1.40 | (16.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 13070 | 45.82 | 598782 | 0.47 | 1.40 | 23.90 |
| &nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 13610 | 36.02 | 490203 | 0.78 | 1.40 | 9.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 19017 | 32.91 | 625766 | 0.69 | 1.40 | 3.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 19893 | 31.90 | 634544 | 0.32 | 1.40 | 7.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 23327 | 29.60 | 690370 |  | 1.40 | (17.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 24796 | 35.99 | 892443 | 0.11 | 1.40 | 14.87 |
| &nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2027 | 127.68 | 258810 | 0.28 | 1.40 | 18.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2045 | 107.53 | 219950 | 0.33 | 1.40 | 23.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2424 | 87.10 | 211098 | 0.31 | 1.40 | 52.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 3551 | 57.20 | 203090 | 0.17 | 1.40 | (33.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 5539 | 86.10 | 476918 | 0.28 | 1.40 | 25.11 |
| &nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 3866 | 49.58 | 191673 | 1.60 | 1.40 | 10.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3945 | 44.71 | 176378 | 1.26 | 1.40 | 9.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3985 | 40.76 | 162426 | 0.89 | 1.40 | 14.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 3852 | 35.45 | 136536 | 0.82 | 1.40 | (21.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 4188 | 45.22 | 189384 | 0.74 | 1.40 | 12.94 |

---

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Value (A)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (B)** | <br>**Expense**<br>**Ratio (C)** | <br>**Total**<br>**Return (D)** |
| &nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1142 | $68.12 | $77815 | 1.11% | 1.40% | 5.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1151 | 64.48 | 74207 | 1.19 | 1.40 | 11.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1716 | 57.60 | 98854 | 1.20 | 1.40 | 14.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1930 | 50.30 | 97066 | 0.94 | 1.40 | (14.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1979 | 58.85 | 116451 | 0.93 | 1.40 | 22.71 |
| &nbsp;&nbsp;&nbsp;Federated Hermes Government Money Fund II - Service Shares: | &nbsp;&nbsp;&nbsp;Federated Hermes Government Money Fund II - Service Shares: | &nbsp;&nbsp;&nbsp;Federated Hermes Government Money Fund II - Service Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 19438 | 9.71 | 188773 | 3.67 | 1.40 | 2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 20493 | 9.49 | 194546 | 4.58 | 1.40 | 3.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 22448 | 9.20 | 206459 | 4.41 | 1.40 | 3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 27379 | 8.92 | 244282 | 1.10 | 1.40 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 31740 | 8.94 | 283866 |  | 1.40 | (1.43) |
| &nbsp;&nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares: | &nbsp;&nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares: | &nbsp;&nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 32442 | 21.09 | 684059 | 3.00 | 1.40 | 5.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 36637 | 19.98 | 731830 | 2.29 | 1.40 | 13.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 40673 | 17.53 | 713013 | 1.88 | 1.40 | 7.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 44290 | 16.36 | 724359 | 1.86 | 1.40 | (14.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 48375 | 19.23 | 930186 | 1.77 | 1.40 | 16.90 |
| &nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares: | &nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares: | &nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 66897 | 12.43 | 831259 | 3.43 | 1.40 | 5.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 74658 | 11.77 | 878450 | 3.05 | 1.40 | 2.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 86684 | 11.49 | 995655 | 2.62 | 1.40 | 4.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 95618 | 10.97 | 1049220 | 2.59 | 1.40 | (10.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 103169 | 12.26 | 1265268 | 2.38 | 1.40 | (2.78) |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Initial Class: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Initial Class: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Initial Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 18963 | 98.35 | 1865133 | 0.14 | 1.40 | 19.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 20462 | 82.10 | 1679823 | 0.18 | 1.40 | 31.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 23356 | 62.23 | 1453353 | 0.45 | 1.40 | 31.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 29240 | 47.28 | 1382442 | 0.48 | 1.40 | (27.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 33257 | 65.06 | 2163655 | 0.06 | 1.40 | 26.09 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth & Income Portfolio - Initial Class: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth & Income Portfolio - Initial Class: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth & Income Portfolio - Initial Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 3935 | 62.11 | 244382 | 1.54 | 1.40 | 19.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 4314 | 51.83 | 223610 | 1.58 | 1.40 | 20.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3390 | 43.01 | 145794 | 0.89 | 1.40 | 17.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 9269 | 36.73 | 340487 | 1.63 | 1.40 | (6.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 10862 | 39.19 | 425641 | 2.42 | 1.40 | 24.22 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Initial Class: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Initial Class: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Initial Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 5584 | 85.50 | 477493 | 0.29 | 1.40 | 13.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 6086 | 75.46 | 459239 |  | 1.40 | 28.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 10208 | 58.69 | 599085 | 0.13 | 1.40 | 34.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 12314 | 43.68 | 537857 | 0.62 | 1.40 | (25.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 12630 | 58.63 | 740457 |  | 1.40 | 21.54 |

---

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Value (A)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (B)** | <br>**Expense**<br>**Ratio (C)** | <br>**Total**<br>**Return (D)** |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2: | &nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2: | &nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 9904 | $30.11 | $298200 | 6.47% | 1.40% | 8.78&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 11326 | 27.68 | 313459 | 5.73 | 1.40 | 7.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 14153 | 25.84 | 365700 | 5.52 | 1.40 | 8.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 15524 | 23.77 | 368966 | 4.71 | 1.40 | (12.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 18128 | 27.28 | 494621 | 5.20 | 1.40 | 2.83 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Initial Class: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Initial Class: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Initial Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 6135 | 71.39 | 437999 | 1.16 | 1.40 | 16.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 6557 | 61.47 | 403031 | 1.22 | 1.40 | 23.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 7132 | 49.91 | 355937 | 1.48 | 1.40 | 24.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 7424 | 40.10 | 297678 | 1.32 | 1.40 | (19.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 9165 | 49.71 | 455606 | 1.24 | 1.40 | 26.81 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 7054 | 75.64 | 533564 | 0.25 | 1.40 | 9.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 7604 | 68.80 | 523153 | 0.31 | 1.40 | 15.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 9258 | 59.54 | 551217 | 0.33 | 1.40 | 13.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 12859 | 52.59 | 676203 | 0.26 | 1.40 | (16.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 15545 | 62.71 | 974784 | 0.35 | 1.40 | 23.59 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Overseas Portfolio - Initial Class: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Overseas Portfolio - Initial Class: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Overseas Portfolio - Initial Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 5313 | 32.27 | 171446 | 1.42 | 1.40 | 18.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 7758 | 27.18 | 210852 | 1.45 | 1.40 | 3.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 9940 | 26.24 | 260789 | 1.03 | 1.40 | 18.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 11394 | 22.08 | 251517 | 1.07 | 1.40 | (25.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 12224 | 29.64 | 362342 | 0.53 | 1.40 | 18.04 |
| &nbsp;&nbsp;&nbsp;Franklin Global Real Estate VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Franklin Global Real Estate VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Franklin Global Real Estate VIP Fund - Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 6189 | 19.19 | 118761 | 1.42 | 1.40 | 6.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 6104 | 18.03 | 110037 | 1.90 | 1.40 | (1.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 7478 | 18.34 | 137144 | 2.75 | 1.40 | 9.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 7377 | 16.69 | 123120 | 2.35 | 1.40 | (27.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 7906 | 22.89 | 180940 | 0.89 | 1.40 | 25.08 |
| &nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 5358 | 32.58 | 174556 | 1.94 | 1.40 | 9.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 6557 | 29.63 | 194253 | 1.91 | 1.40 | 9.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 7834 | 27.00 | 211509 | 1.88 | 1.40 | 11.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 8215 | 24.13 | 198209 | 1.81 | 1.40 | (8.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 10867 | 26.43 | 287202 | 2.67 | 1.40 | 17.52 |
| &nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4804 | 59.81 | 287298 | 1.09 | 1.40 | 6.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 4986 | 56.33 | 280874 | 0.91 | 1.40 | 10.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 5718 | 51.14 | 292433 | 0.52 | 1.40 | 11.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 6350 | 45.99 | 292045 | 0.99 | 1.40 | (11.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 7232 | 51.86 | 375025 | 0.99 | 1.40 | 23.65 |

---

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Value (A)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (B)** | <br>**Expense**<br>**Ratio (C)** | <br>**Total**<br>**Return (D)** |
| &nbsp;&nbsp;&nbsp;Franklin Small-Mid Cap Growth VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Franklin Small-Mid Cap Growth VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Franklin Small-Mid Cap Growth VIP Fund - Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 7050 | $43.69 | $307998 | -% | 1.40% | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 7932 | 43.21 | 342787 |  | 1.40 | 9.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 10744 | 39.47 | 424055 |  | 1.40 | 24.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 11074 | 31.58 | 349671 |  | 1.40 | (34.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 11269 | 48.29 | 544141 |  | 1.40 | 8.49 |
| &nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 27917 | 13.39 | 373680 | 3.32 | 1.40 | 5.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 30431 | 12.72 | 387124 | 3.07 | 1.40 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 33935 | 12.73 | 431890 | 2.74 | 1.40 | 3.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 36519 | 12.35 | 451124 | 2.41 | 1.40 | (11.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 40877 | 13.88 | 567344 | 2.59 | 1.40 | (3.21) |
| &nbsp;&nbsp;&nbsp;Templeton Growth VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Templeton Growth VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Templeton Growth VIP Fund - Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2446 | 26.98 | 65987 | 0.83 | 1.40 | 22.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2848 | 22.10 | 62936 | 1.12 | 1.40 | 3.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4292 | 21.26 | 91233 | 3.19 | 1.40 | 19.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 5495 | 17.81 | 97892 | 0.16 | 1.40 | (12.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 6095 | 20.41 | 124402 | 1.10 | 1.40 | 3.45 |
| &nbsp;&nbsp;&nbsp;LVIP American Century Capital Appreciation Fund – Standard II: | &nbsp;&nbsp;&nbsp;LVIP American Century Capital Appreciation Fund – Standard II: | &nbsp;&nbsp;&nbsp;LVIP American Century Capital Appreciation Fund – Standard II: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 3290 | 55.60 | 182942 |  | 1.40 | 5.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3821 | 52.83 | 201880 |  | 1.40 | 23.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4647 | 42.87 | 199223 |  | 1.40 | 19.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 4687 | 36.02 | 168790 |  | 1.40 | (29.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 4720 | 50.80 | 239762 |  | 1.40 | 9.62 |
| &nbsp;&nbsp;&nbsp;LVIP American Century Inflation Protection Fund – Standard II: | &nbsp;&nbsp;&nbsp;LVIP American Century Inflation Protection Fund – Standard II: | &nbsp;&nbsp;&nbsp;LVIP American Century Inflation Protection Fund – Standard II: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 3133 | 14.15 | 44311 | 7.93 | 1.40 | 5.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3143 | 13.45 | 42288 | 3.96 | 1.40 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3154 | 13.40 | 42262 | 3.67 | 1.40 | 2.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2961 | 13.12 | 38843 | 5.19 | 1.40 | (14.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 2962 | 15.27 | 45212 | 3.38 | 1.40 | 5.17 |
| &nbsp;&nbsp;&nbsp;LVIP American Century Ultra Fund – Standard II: | &nbsp;&nbsp;&nbsp;LVIP American Century Ultra Fund – Standard II: | &nbsp;&nbsp;&nbsp;LVIP American Century Ultra Fund – Standard II: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1783 | 82.41 | 146945 |  | 1.40 | 11.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1864 | 74.05 | 138047 |  | 1.40 | 26.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2606 | 58.31 | 151920 |  | 1.40 | 41.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 4644 | 41.20 | 191304 |  | 1.40 | (33.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 5440 | 61.77 | 336052 |  | 1.40 | 21.45 |
| &nbsp;&nbsp;&nbsp;LVIP American Century Value Fund – Standard II: | &nbsp;&nbsp;&nbsp;LVIP American Century Value Fund – Standard II: | &nbsp;&nbsp;&nbsp;LVIP American Century Value Fund – Standard II: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4901 | 30.21 | 148046 | 1.57 | 1.40 | 14.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 5846 | 26.40 | 154349 | 2.86 | 1.40 | 7.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 6831 | 24.46 | 167052 | 2.35 | 1.40 | 7.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 8141 | 22.73 | 185032 | 2.05 | 1.40 | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 10341 | 22.92 | 237038 | 1.71 | 1.40 | 22.76 |

---

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Value (A)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (B)** | <br>**Expense**<br>**Ratio (C)** | <br>**Total**<br>**Return (D)** |
| &nbsp;&nbsp;&nbsp;LVIP JPMorgan Mid Cap Value Fund - Standard: | &nbsp;&nbsp;&nbsp;LVIP JPMorgan Mid Cap Value Fund - Standard: | &nbsp;&nbsp;&nbsp;LVIP JPMorgan Mid Cap Value Fund - Standard: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4753 | $66.28 | $315077 | 1.04% | 1.40% | 3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 5815 | 64.18 | 373213 | 1.15 | 1.40 | 12.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 7166 | 56.95 | 408144 | 3.18 | 1.40 | 9.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 7205 | 52.07 | 375134 | 0.92 | 1.40 | (9.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 9287 | 57.48 | 533878 | 0.89 | 1.40 | 28.10 |
| &nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Standard: | &nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Standard: | &nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Standard: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4144 | 47.92 | 198553 | 0.65 | 1.40 | 8.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 4314 | 44.06 | 190079 | 0.72 | 1.40 | 10.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 5224 | 40.00 | 208962 | 1.38 | 1.40 | 11.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 5697 | 35.86 | 204320 | 0.44 | 1.40 | (20.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 6141 | 45.09 | 276895 | 0.49 | 1.40 | 19.70 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio: | &nbsp;&nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio: | &nbsp;&nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2359 | 93.46 | 220433 |  | 1.40 | 14.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2883 | 81.48 | 234872 | 0.06 | 1.40 | 23.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3678 | 66.02 | 242840 | 0.26 | 1.40 | 27.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 3719 | 51.91 | 193044 |  | 1.40 | (22.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 4040 | 67.06 | 270921 |  | 1.40 | 19.13 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio: | &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio: | &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 15985 | 53.63 | 857224 | 1.64 | 1.40 | 12.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 17339 | 47.55 | 824467 | 1.83 | 1.40 | 10.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 19192 | 43.17 | 828516 | 2.08 | 1.40 | 8.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 21009 | 39.96 | 839522 | 1.86 | 1.40 | (4.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 22572 | 41.92 | 946166 | 1.57 | 1.40 | 23.84 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Mid-Cap Growth Portfolio: | &nbsp;&nbsp;&nbsp;T. Rowe Price Mid-Cap Growth Portfolio: | &nbsp;&nbsp;&nbsp;T. Rowe Price Mid-Cap Growth Portfolio: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2970 | 98.09 | 291302 |  | 1.40 | 2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3228 | 96.06 | 310120 |  | 1.40 | 7.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3182 | 89.11 | 283572 |  | 1.40 | 18.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 3435 | 75.32 | 258724 |  | 1.40 | (23.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 4485 | 98.65 | 442501 |  | 1.40 | 13.26 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio: | &nbsp;&nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio: | &nbsp;&nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 12778 | 44.04 | 562728 | 2.25 | 1.40 | 12.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 14048 | 39.00 | 547846 | 2.25 | 1.40 | 8.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 16657 | 35.93 | 598571 | 2.26 | 1.40 | 13.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 19267 | 31.59 | 608599 | 1.53 | 1.40 | (19.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 22470 | 39.21 | 881048 | 0.98 | 1.40 | 8.55 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio: | &nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio: | &nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 15118 | 23.25 | 351428 | 1.83 | 1.40 | 16.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 17017 | 19.91 | 338748 | 0.80 | 1.40 | 1.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 22347 | 19.55 | 436911 | 0.95 | 1.40 | 14.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 26741 | 17.05 | 456062 | 0.75 | 1.40 | (16.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 27633 | 20.54 | 567617 | 0.57 | 1.40 | (0.10) |

---

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Value (A)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (B)** | <br>**Expense**<br>**Ratio (C)** | <br>**Total**<br>**Return (D)** |
| **Product B:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio - Class F: | &nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio - Class F: | &nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio - Class F: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2380 | $19.32 | $45963 | 0.96% | 1.00% | 5.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3395 | 18.25 | 61941 | 1.23 | 1.00 | 12.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4178 | 16.27 | 67963 | 1.20 | 1.00 | 14.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 4842 | 14.18 | 68639 | 0.90 | 1.00 | (14.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 5638 | 16.55 | 93329 | 0.81 | 1.00 | 22.96 |
| &nbsp;&nbsp;&nbsp;Columbia VP Small Cap Value Fund - Class 2: | &nbsp;&nbsp;&nbsp;Columbia VP Small Cap Value Fund - Class 2: | &nbsp;&nbsp;&nbsp;Columbia VP Small Cap Value Fund - Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 454 | 63.16 | 28673 | 0.85 | 1.00 | 13.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 644 | 55.64 | 35855 | 0.56 | 1.00 | 7.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 780 | 51.71 | 40350 | 0.41 | 1.00 | 20.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 902 | 42.93 | 38708 | 0.47 | 1.00 | (9.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1051 | 47.63 | 50034 | 0.47 | 1.00 | 27.52 |
| &nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares: | &nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares: | &nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 5442 | 13.16 | 71594 | 3.88 | 1.00 | 6.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 6979 | 12.41 | 86608 | 2.87 | 1.00 | 2.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 7798 | 12.07 | 94083 | 2.75 | 1.00 | 5.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 8749 | 11.48 | 100446 | 2.89 | 1.00 | (10.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 10941 | 12.78 | 139840 | 2.18 | 1.00 | (2.37) |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Service Class 2: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Service Class 2: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Service Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1171 | 63.35 | 74164 |  | 1.00 | 20.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1572 | 52.79 | 82973 | 0.03 | 1.00 | 32.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1964 | 39.96 | 78472 | 0.25 | 1.00 | 31.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2440 | 30.32 | 73963 | 0.25 | 1.00 | (27.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 2938 | 41.65 | 122374 | 0.03 | 1.00 | 26.25 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Service Class 2: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Service Class 2: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Service Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1459 | 46.23 | 67467 | 0.05 | 1.00 | 13.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1924 | 40.74 | 78368 |  | 1.00 | 28.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2368 | 31.63 | 74925 |  | 1.00 | 34.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2918 | 23.51 | 68614 | 0.37 | 1.00 | (25.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 3332 | 31.51 | 105010 |  | 1.00 | 21.71 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2: | &nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2: | &nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1940 | 16.26 | 31551 | 6.08 | 1.00 | 9.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2614 | 14.89 | 38920 | 6.43 | 1.00 | 7.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3030 | 13.84 | 41945 | 5.57 | 1.00 | 9.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 3452 | 12.68 | 43786 | 4.77 | 1.00 | (12.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 4245 | 14.50 | 61576 | 5.42 | 1.00 | 3.20 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 712 | 39.17 | 27889 | 0.23 | 1.00 | 10.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 939 | 35.48 | 33325 | 0.35 | 1.00 | 15.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1129 | 30.59 | 34528 | 0.38 | 1.00 | 13.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1280 | 26.91 | 34446 | 0.25 | 1.00 | (15.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1699 | 31.96 | 54308 | 0.35 | 1.00 | 24.07 |

---

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** |<br>**Units** | **Unit**<br>**Value (A)** |<br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (B)** |<br>**Expense**<br>**Ratio (C)** |<br>**Total**<br>**Return (D)** |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Real Estate Portfolio - Service Class 2: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Real Estate Portfolio - Service Class 2: | &nbsp;&nbsp;&nbsp;Fidelity® VIP Real Estate Portfolio - Service Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 771 | $24.14 | $18614 | 1.65% | 1.00% | 1.86&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1101 | 23.70 | 26084 | 3.96 | 1.00 | 5.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1360 | 22.53 | 30643 | 2.35 | 1.00 | 9.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1375 | 20.52 | 28209 | 1.05 | 1.00 | (28.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1826 | 28.66 | 52343 | 0.95 | 1.00 | 37.26 |
| &nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1875 | 39.62 | 74285 | 1.77 | 1.00 | 10.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2719 | 35.89 | 97572 | 2.03 | 1.00 | 10.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3339 | 32.58 | 108769 | 1.84 | 1.00 | 12.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 3870 | 29.00 | 112206 | 1.75 | 1.00 | (8.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 4865 | 31.64 | 153897 | 2.87 | 1.00 | 18.02 |
| &nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 5827 | 11.80 | 68762 | 2.97 | 1.00 | 5.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 7522 | 11.17 | 84029 | 3.09 | 1.00 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 8383 | 11.13 | 93320 | 2.63 | 1.00 | 3.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 9261 | 10.76 | 99670 | 2.23 | 1.00 | (10.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 11590 | 12.04 | 139599 | 2.63 | 1.00 | (2.82) |
| &nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2: | &nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1890 | 12.74 | 24085 |  | 1.00 | 14.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2695 | 11.12 | 29971 |  | 1.00 | (12.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3096 | 12.67 | 39234 |  | 1.00 | 1.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 3498 | 12.44 | 43517 |  | 1.00 | (5.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 4341 | 13.22 | 57391 |  | 1.00 | (5.91) |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio: | &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio: | &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 142 | 37.73 | 5364 | 1.66 | 1.00 | 13.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 143 | 33.33 | 4757 | 1.84 | 1.00 | 10.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 143 | 30.13 | 4318 | 2.11 | 1.00 | 8.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 138 | 27.78 | 3842 | 1.74 | 1.00 | (4.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 345 | 29.03 | 10025 | 1.57 | 1.00 | 24.33 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio: | &nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio: | &nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2972 | 23.82 | 70811 | 1.69 | 1.00 | 17.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 4266 | 20.32 | 86697 | 0.96 | 1.00 | 2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 5219 | 19.88 | 103751 | 0.94 | 1.00 | 15.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 6438 | 17.27 | 111197 | 0.77 | 1.00 | (16.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 6757 | 20.72 | 140030 | 0.59 | 1.00 | 0.29 |

---

**EquiTrust Life Annuity Account**

**Notes to Financial Statements (continued)**

(A) There
 are no differences in unit value between accumulation units and units of contracts in
 annuitization period since there are no differences in charges that result in direct
 reductions of unit values.

(B) These
 ratios represent the dividends, excluding distributions of capital gains, received by
 the subaccount from the underlying mutual fund, net of management fees assessed by the
 fund manager, divided by the average net assets. These ratios exclude those expenses,
 such as mortality and expense charges, that result in direct reductions in the unit values.
 The recognition of investment income by the subaccount is affected by the timing of the
 declaration of dividends by the underlying fund in which the subaccounts invest.

(C) These
 ratios represent the annualized contract expenses of the separate account, consisting
 of mortality and expense risk charges, for the period indicated. The ratios include only
 those expenses that result in a direct reduction to unit values. Charges made directly
 to contract owner accounts through the redemption of units and expenses of the underlying
 fund are excluded.

(D) These
 ratios represent the total return for the period indicated, including changes in the
 value of the underlying fund, and reflect deductions for all items included in the expense
 ratio. The total return does not include any expenses assessed through the redemption
 of units; inclusion of these expenses in the calculation would result in a reduction
 in the total return presented.

**7. Segment Reporting**

Each subaccount, as detailed in Note 1, represents a single operating segment. The Chief Operating Officer of the Company acts as the Chief Operating Decision Maker (CODM) and monitors the operating results of each subaccount. The change in net assets resulting from operations, which is used by the CODM to assess the subaccount's performance, is consistent with that presented within the subaccount's financial statements. Subaccount assets are reflected on the accompanying Statement of Assets and Liabilities and significant segment expenses are listed on the accompanying Statement of Operations.