# EDGAR Filing Document

**Accession Number:** 0001299953
**File Stem:** 0001193125-26-182598
**Filing Date:** 2026-4
**Character Count:** 228403
**Document Hash:** 1e0d109fcfd2cc8c90d50c6e9bf2d30a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-182598.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001193125-26-182598

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260427

**EFFECTIVENESS DATE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VARIABLE ANNUITY ACCOUNT B
- **CENTRAL INDEX KEY:** 0001299953

**ORGANIZATION NAME:**
- **EIN:** 133797548
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21613
- **FILM NUMBER:** 26902527

**BUSINESS ADDRESS:**
- **STREET 1:** 121 STATE STREET
- **CITY:** ALBANY
- **STATE:** NY
- **ZIP:** 12207
- **BUSINESS PHONE:** 845-302-2205

**MAIL ADDRESS:**
- **STREET 1:** 121 STATE STREET
- **CITY:** ALBANY
- **STATE:** NY
- **ZIP:** 12207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Variable Annuity Account B
- **DATE OF NAME CHANGE:** 20040806

## Series and Classes Contracts Data

### Variable Annuity Account B (Series ID: S000010140)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000028146 | ADVANCEDESIGNS VARIABLE ANNUITY |  |

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

Variable Annuity Account B

Year Ended December 31, 2025

With Report of Independent Registered Public Accounting Firm

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Financial Statements

Year Ended December 31, 2025

Contents

---

| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#fin87934_1) | 1 |
|  Audited Financial Statements |  |
|  [Statements of Net Assets](#fin87934_3) | 6 |
|  [Statements of Operations and Change in Net Assets](#fin87934_4) | 9 |
|  [Notes to Financial Statements](#fin87934_5) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1. Organization and Significant Accounting Policies](#fin87934_6) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2. Variable Annuity Contract Charges](#fin87934_7) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3. Summary of Unit Transactions](#fin87934_8) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4. Financial Highlights](#fin87934_9) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5. Subsequent Events](#fin87934_10) | 69 |

---

------

##### [**Table of Contents**](#toc)
Report of Independent Registered Public Accounting Firm

To the Board of Directors of First Security Benefit Life Insurance and Annuity

Company of New York and Contract Owners of Variable Annuity Account B

**Opinion on the Financial Statements** 

We have audited the accompanying statements of net assets of each of the subaccounts listed in the Appendix that comprise Variable Annuity Account B (the Separate Account), as of December 31, 2025 and the related statements of operations and change in net assets for each of the periods indicated in the Appendix, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2025, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures 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/ Ernst & Young LLP

We have served as the Separate Account's auditor since 1996.

Kansas City, Missouri

April 24, 2026

------

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

**Subaccounts comprising Variable Annuity Account B** 

---

| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
|  AB VPS Discovery Value Portfolio | For each of the two years in the period ended December 31, 2025 |
|  AB VPS Dynamic Asset Allocation | For each of the two years in the period ended December 31, 2025 |
|  American Funds IS<sup>®</sup> Asset Allocation | For each of the two years in the period ended December 31, 2025 |
|  American Funds IS<sup>®</sup> Capital World Bond | For each of the two years in the period ended December 31, 2025 |
|  American Funds IS<sup>®</sup> Global Growth | For each of the two years in the period ended December 31, 2025 |
|  American Funds IS<sup>®</sup> Growth-Income | For each of the two years in the period ended December 31, 2025 |
|  American Funds IS<sup>®</sup> International | For each of the two years in the period ended December 31, 2025 |
|  American Funds IS<sup>®</sup> New World | For each of the two years in the period ended December 31, 2025 |
|  BlackRock Equity Dividend V.I. | For each of the two years in the period ended December 31, 2025 |
|  BlackRock Global Allocation V.I. | For each of the two years in the period ended December 31, 2025 |
|  BlackRock High Yield V.I. | For each of the two years in the period ended December 31, 2025 |
|  BNY Mellon IP MidCap Stock | For each of the two years in the period ended December 31, 2025 |
|  BNY Mellon IP Small Cap Stock Index | For each of the two years in the period ended December 31, 2025 |
|  BNY Mellon IP Technology Growth | For each of the two years in the period ended December 31, 2025 |
|  BNY Mellon VIF Appreciation | For each of the two years in the period ended December 31, 2025 |
|  ClearBridge Variable Growth | For each of the two years in the period ended December 31, 2025 |
|  ClearBridge Variable Small Cap Growth | For each of the two years in the period ended December 31, 2025 |
|  Fidelity<sup>®</sup> VIP Equity-Income | For each of the two years in the period ended December 31, 2025 |
|  Fidelity<sup>®</sup> VIP Growth & Income | For each of the two years in the period ended December 31, 2025 |
|  Fidelity<sup>®</sup> VIP Growth Opportunities | For each of the two years in the period ended December 31, 2025 |
|  Fidelity<sup>®</sup> VIP High Income | For each of the two years in the period ended December 31, 2025 |

---

------

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

---

| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
|  Fidelity<sup>®</sup> VIP Overseas | For each of the two years in the period ended December 31, 2025 |
|  Franklin Allocation VIP Fund | For each of the two years in the period ended December 31, 2025 |
|  Franklin Income VIP Fund | For each of the two years in the period ended December 31, 2025 |
|  Franklin Mutual Global Discovery VIP Fund | For each of the two years in the period ended December 31, 2025 |
|  Franklin Small Cap Value VIP Fund | For each of the two years in the period ended December 31, 2025 |
|  Franklin Strategic Income VIP Fund | For each of the two years in the period ended December 31, 2025 |
|  Guggenheim VIF Floating Rate Strategies | For each of the two years in the period ended December 31, 2025 |
|  Guggenheim VIF Global Managed Futures Strategy | For each of the two years in the period ended December 31, 2025 |
|  Guggenheim VIF High Yield | For each of the two years in the period ended December 31, 2025 |
|  Guggenheim VIF Multi-Hedge Strategies | For each of the two years in the period ended December 31, 2025 |
|  Guggenheim VIF Total Return Bond | For each of the two years in the period ended December 31, 2025 |
|  Invesco V.I. American Value | For each of the two years in the period ended December 31, 2025 |
|  Invesco V.I. Comstock | For each of the two years in the period ended December 31, 2025 |
|  Invesco V.I. Core Plus Bond | For each of the two years in the period ended December 31, 2025 |
|  Invesco V.I. Discovery Mid Cap Growth | For each of the two years in the period ended December 31, 2025 |
|  Invesco V.I. Equity and Income | For each of the two years in the period ended December 31, 2025 |
|  Invesco V.I. EVQ International Equity Fund | For each of the two years in the period ended December 31, 2025 |
|  Invesco V.I. Global | For each of the two years in the period ended December 31, 2025 |
|  Invesco V.I. Global Real Estate | For each of the two years in the period ended December 31, 2025 |
|  Invesco V.I. Government Money Market | For each of the two years in the period ended December 31, 2025 |
|  Invesco V.I. Government Securities | For each of the two years in the period ended December 31, 2025 |
|  Invesco V.I. Health Care | For each of the two years in the period ended December 31, 2025 |
|  Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> | For each of the two years in the period ended December 31, 2025 |

---

------

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

---

| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
|  Invesco V.I. Main Street Small Cap Fund<sup>®</sup> | For each of the two years in the period ended December 31, 2025 |
|  Janus Henderson VIT Enterprise | For each of the two years in the period ended December 31, 2025 |
|  Janus Henderson VIT Research | For each of the two years in the period ended December 31, 2025 |
|  Lord Abbett Series Bond-Debenture VC | For each of the two years in the period ended December 31, 2025 |
|  Lord Abbett Series Developing Growth VC | For each of the two years in the period ended December 31, 2025 |
|  LVIP American Century Mid Cap Value | For each of the two years in the period ended December 31, 2025 |
|  LVIP American Century Ultra | For each of the two years in the period ended December 31, 2025 |
|  LVIP American Century Value | For each of the two years in the period ended December 31, 2025 |
|  LVIP JPMorgan Core Bond Fund | For each of the two years in the period ended December 31, 2025 |
|  MFS<sup>®</sup> VIT II Research International | For each of the two years in the period ended December 31, 2025 |
|  MFS<sup>®</sup> VIT Total Return | For each of the two years in the period ended December 31, 2025 |
|  MFS<sup>®</sup> VIT Utilities | For each of the two years in the period ended December 31, 2025 |
|  Morgan Stanley VIF Emerging Markets Equity | For each of the two years in the period ended December 31, 2025 |
|  Morningstar Aggressive Growth ETF Asset Allocation Portfolio | For each of the two years in the period ended December 31, 2025 |
|  Morningstar Balanced ETF Asset Allocation Portfolio | For each of the two years in the period ended December 31, 2025 |
|  Morningstar Conservative ETF Asset Allocation Portfolio | For each of the two years in the period ended December 31, 2025 |
|  Morningstar Growth ETF Asset Allocation Portfolio | For each of the two years in the period ended December 31, 2025 |
|  Morningstar Income and Growth ETF Asset Allocation Portfolio | For each of the two years in the period ended December 31, 2025 |
|  NAA All Cap Value Series | For each of the two years in the period ended December 31, 2025 |
|  NAA Large Cap Value Series | For each of the two years in the period ended December 31, 2025 |
|  NAA Large Core Series | For each of the two years in the period ended December 31, 2025 |
|  NAA Large Growth Series | For each of the two years in the period ended December 31, 2025 |
|  NAA Mid Growth Series | For each of the two years in the period ended December 31, 2025 |

---

------

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

---

| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
|  NAA Small Cap Value Series | For each of the two years in the period ended December 31, 2025 |
|  NAA Small Growth Series | For each of the two years in the period ended December 31, 2025 |
|  NAA Smid-Cap Value Series | For each of the two years in the period ended December 31, 2025 |
|  NAA World Equity Income Series | For each of the two years in the period ended December 31, 2025 |
|  Neuberger Berman AMT Quality Equity Portfolio | For each of the two years in the period ended December 31, 2025 |
|  Nomura VIP Asset Strategy Series | For each of the two years in the period ended December 31, 2025 |
|  PIMCO VIT All Asset | For each of the two years in the period ended December 31, 2025 |
|  PIMCO VIT CommodityRealReturn Strategy | For each of the two years in the period ended December 31, 2025 |
|  PIMCO VIT Emerging Markets Bond | For each of the two years in the period ended December 31, 2025 |
|  PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) | For each of the two years in the period ended December 31, 2025 |
|  PIMCO VIT Low Duration | For each of the two years in the period ended December 31, 2025 |
|  PIMCO VIT Real Return | For each of the two years in the period ended December 31, 2025 |
|  PIMCO VIT Total Return | For each of the two years in the period ended December 31, 2025 |
|  Putnam VT Small Cap Value | For each of the two years in the period ended December 31, 2025 |
|  Royce Micro-Cap | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Health Sciences | For each of the two years in the period ended December 31, 2025 |
|  Templeton Developing Markets VIP Fund | For each of the two years in the period ended December 31, 2025 |
|  Templeton Global Bond VIP Fund | For each of the two years in the period ended December 31, 2025 |
|  Western Asset Variable Global High Yield Bond | For each of the two years in the period ended December 31, 2025 |

---

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##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Net Assets

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Subaccount | Number of<br>Shares | Cost | Assets at<br>Market Value | Investment<br>Income<br>Receivable | Net Assets | Units<br>Outstanding | Range of Unit<br>Values | Range of Unit<br>Values |
|  AB VPS Discovery Value Portfolio | 8782 | $157237 | $143066 | $— | $143066 | 9934 | $14.40 | $14.40 |
|  AB VPS Dynamic Asset Allocation | 1571 | 17536 | 17012 |  | 17012 | 1559 | 10.90 | 10.90 |
|  American Funds IS<sup>®</sup> Asset Allocation | 49635 | 1156864 | 1328728 |  | 1328728 | 78856 | 16.85 | 16.85 |
|  American Funds IS<sup>®</sup> Capital World Bond | 6737 | 77150 | 66898 |  | 66898 | 10119 | 6.61 | 6.61 |
|  American Funds IS<sup>®</sup> Global Growth | 47462 | 1495048 | 1782185 |  | 1782185 | 80935 | 22.01 | 22.01 |
|  American Funds IS<sup>®</sup> Growth-Income | 24049 | 1243939 | 1557644 |  | 1557644 | 61197 | 25.46 | 25.46 |
|  American Funds IS<sup>®</sup> International | 10013 | 186060 | 218579 |  | 218579 | 19229 | 11.37 | 11.37 |
|  American Funds IS<sup>®</sup> New World | 2783 | 71890 | 88263 |  | 88263 | 6472 | 13.63 | 13.63 |
|  BlackRock Equity Dividend V.I. | 69845 | 793603 | 800423 |  | 800423 | 41086 | 19.48 | 19.48 |
|  BlackRock Global Allocation V.I. | 14139 | 196820 | 188619 |  | 188619 | 14434 | 13.07 | 13.07 |
|  BlackRock High Yield V.I. | 29258 | 205634 | 205973 | 1098 | 207071 | 18658 | 11.10 | 11.10 |
|  BNY Mellon IP MidCap Stock | 5469 | 105664 | 110473 |  | 110473 | 7062 | 15.64 | 15.64 |
|  BNY Mellon IP Small Cap Stock Index | 38319 | 680247 | 690124 |  | 690124 | 42490 | 16.24 | 16.24 |
|  BNY Mellon IP Technology Growth | 101291 | 1767236 | 1771582 |  | 1771582 | 34432 | 45.42 | 51.79 |
|  BNY Mellon VIF Appreciation | 12405 | 427262 | 405893 |  | 405893 | 18693 | 21.71 | 21.71 |
|  ClearBridge Variable Growth | 39606 | 770285 | 524386 |  | 524386 | 24545 | 18.73 | 21.39 |
|  ClearBridge Variable Small Cap Growth | 16293 | 443685 | 459472 |  | 459472 | 18636 | 21.50 | 24.71 |
|  Fidelity<sup>®</sup> VIP Equity-Income | 17648 | 420586 | 496440 |  | 496440 | 26076 | 18.94 | 18.94 |
|  Fidelity<sup>®</sup> VIP Growth & Income | 42878 | 1000532 | 1371682 |  | 1371682 | 56400 | 24.32 | 24.32 |
|  Fidelity<sup>®</sup> VIP Growth Opportunities | 15076 | 789998 | 1453281 |  | 1453281 | 31293 | 46.44 | 46.44 |
|  Fidelity<sup>®</sup> VIP High Income | 130357 | 648481 | 600944 |  | 600944 | 58748 | 10.22 | 10.22 |
|  Fidelity<sup>®</sup> VIP Overseas | 10143 | 233898 | 275082 |  | 275082 | 20797 | 13.22 | 13.22 |
|  Franklin Allocation VIP Fund | 16488 | 101288 | 95302 |  | 95302 | 7160 | 13.30 | 13.30 |
|  Franklin Income VIP Fund | 30249 | 452763 | 458578 |  | 458578 | 33966 | 12.71 | 13.50 |
|  Franklin Mutual Global Discovery VIP Fund | 54469 | 998285 | 1038187 |  | 1038187 | 63738 | 14.66 | 16.27 |
|  Franklin Small Cap Value VIP Fund | 8489 | 123721 | 117741 |  | 117741 | 6404 | 18.30 | 18.30 |
|  Franklin Strategic Income VIP Fund | 6360 | 62903 | 58066 |  | 58066 | 6941 | 8.37 | 8.37 |
|  Guggenheim VIF Floating Rate Strategies | 39705 | 1008729 | 933457 |  | 933457 | 94932 | 9.83 | 9.83 |
|  Guggenheim VIF Global Managed Futures Strategy | 687 | 11691 | 11563 |  | 11563 | 2364 | 4.88 | 4.88 |
|  Guggenheim VIF High Yield | 24906 | 661824 | 615927 |  | 615927 | 18296 | 16.04 | 34.94 |
|  Guggenheim VIF Multi-Hedge Strategies | 2131 | 53421 | 50042 |  | 50042 | 8981 | 5.56 | 5.56 |
|  Guggenheim VIF Total Return Bond | 79968 | 1254690 | 1176324 |  | 1176324 | 117692 | 7.97 | 9.97 |
|  Invesco V.I. American Value | 2624 | 46374 | 46597 |  | 46597 | 2977 | 15.65 | 15.65 |
|  Invesco V.I. Comstock | 9801 | 183199 | 208669 |  | 208669 | 8597 | 20.12 | 24.33 |
|  Invesco V.I. Core Plus Bond | 17699 | 102348 | 102125 |  | 102125 | 10615 | 9.63 | 9.63 |
|  Invesco V.I. Discovery Mid Cap Growth | 3450 | 223412 | 218748 |  | 218748 | 10766 | 20.32 | 20.32 |
|  Invesco V.I. Equity and Income | 38567 | 658264 | 698841 |  | 698841 | 36025 | 19.39 | 19.39 |
|  Invesco V.I. EVQ International Equity Fund | 7375 | 249500 | 260993 |  | 260993 | 14631 | 15.93 | 18.17 |
|  Invesco V.I. Global | 14082 | 530759 | 511181 |  | 511181 | 27079 | 18.83 | 18.83 |
|  Invesco V.I. Global Real Estate | 22516 | 348836 | 318828 |  | 318828 | 17869 | 15.55 | 17.85 |
|  Invesco V.I. Government Money Market | 1194010 | 1194010 | 1194010 |  | 1194010 | 144058 | 7.81 | 8.29 |
|  Invesco V.I. Government Securities | 42849 | 484862 | 451625 |  | 451625 | 62689 | 6.40 | 7.19 |
|  Invesco V.I. Health Care | 5693 | 161199 | 170177 |  | 170177 | 6336 | 24.08 | 27.63 |
|  Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> | 5717 | 59719 | 60025 |  | 60025 | 2289 | 23.04 | 26.43 |

---

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

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##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Net Assets (continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Subaccount | Number of<br>Shares | Cost | Assets at<br>Market Value | Investment<br>Income<br>Receivable | Net Assets | Units<br>Outstanding | Range of Unit<br>Values | Range of Unit<br>Values |
|  Invesco V.I. Main Street Small Cap Fund<sup>®</sup> | 5764 | $144564 | $159722 | $– $| 159722 | 3884 | $36.19 | $41.53 |
|  Janus Henderson VIT Enterprise | 21294 | 1447554 | 1561922 | – | 1561922 | 48982 | 31.90 | 31.90 |
|  Janus Henderson VIT Research | 20967 | 781737 | 1284039 | – | 1284039 | 35806 | 35.82 | 35.82 |
|  Lord Abbett Series Bond-Debenture VC | 8257 | 98412 | 87605 | – | 87605 | 8572 | 10.19 | 10.19 |
|  Lord Abbett Series Developing Growth VC | 7210 | 245293 | 241020 | – | 241020 | 13110 | 18.36 | 18.36 |
|  LVIP American Century Mid Cap Value | 32686 | 639339 | 633952 | – | 633952 | 30210 | 21.01 | 21.01 |
|  LVIP American Century Ultra | 122165 | 2734393 | 3660426 | – | 3660426 | 69011 | 46.52 | 53.37 |
|  LVIP American Century Value | 79863 | 923920 | 1033186 | – | 1033186 | 33850 | 26.79 | 30.73 |
|  LVIP JPMorgan Core Bond Fund | 9249 | 99197 | 90718 | – | 90718 | 11382 | 8.01 | 8.01 |
|  MFS<sup>®</sup> VIT II Research International | 6347 | 100689 | 128655 | – | 128655 | 11005 | 8.91 | 11.68 |
|  MFS<sup>®</sup> VIT Total Return | 29822 | 662557 | 675164 | – | 675164 | 42308 | 13.29 | 15.92 |
|  MFS<sup>®</sup> VIT Utilities | 16122 | 508701 | 593617 | – | 593617 | 24763 | 15.85 | 24.28 |
|  Morgan Stanley VIF Emerging Markets Equity | 17053 | 240766 | 298256 | – | 298256 | 31892 | 7.71 | 9.36 |
|  Morningstar Aggressive Growth ETF Asset Allocation Portfolio | 10935 | 146705 | 186223 | – | 186223 | 10866 | 17.14 | 17.14 |
|  Morningstar Balanced ETF Asset Allocation Portfolio | 31397 | 346274 | 353218 | – | 353218 | 27223 | 12.98 | 12.98 |
|  Morningstar Conservative ETF Asset Allocation Portfolio | 2228 | 23555 | 24085 | – | 24085 | 2668 | 9.06 | 9.06 |
|  Morningstar Growth ETF Asset Allocation Portfolio | 12659 | 146061 | 168996 | – | 168996 | 11026 | 15.32 | 15.32 |
|  Morningstar Income and Growth ETF Asset Allocation Portfolio | 7845 | 82917 | 81670 | – | 81670 | 7476 | 10.94 | 10.94 |
|  NAA All Cap Value Series | 5171 | 154361 | 154088 | – | 154088 | 5724 | 20.84 | 26.92 |
|  NAA Large Cap Value Series | 15935 | 591586 | 608396 | – | 608396 | 27278 | 22.20 | 22.33 |
|  NAA Large Core Series | 13715 | 574511 | 633634 | – | 633634 | 31549 | 19.59 | 23.52 |
|  NAA Large Growth Series | 9193 | 180786 | 207396 | – | 207396 | 8044 | 25.73 | 30.52 |
|  NAA Mid Growth Series | 32225 | 1653956 | 1601235 | – | 1601235 | 79768 | 20.08 | 20.97 |
|  NAA Small Cap Value Series | 6770 | 272392 | 248182 | – | 248182 | 5852 | 42.40 | 42.40 |
|  NAA Small Growth Series | 22726 | 715014 | 689972 | – | 689972 | 54133 | 12.74 | 12.74 |
|  NAA Smid-Cap Value Series | 15485 | 1024355 | 951065 | – | 951065 | 19960 | 32.01 | 48.11 |
|  NAA World Equity Income Series | 34866 | 446051 | 524733 | – | 524733 | 31834 | 16.46 | 18.17 |
|  Neuberger Berman AMT Quality Equity Portfolio (a) | 12973 | 328912 | 555519 | – | 555519 | 12496 | 39.46 | 44.46 |
|  Nomura VIP Asset Strategy Series (a) | 7844 | 69939 | 78436 | – | 78436 | 6366 | 12.31 | 12.31 |
|  PIMCO VIT All Asset | 9197 | 93758 | 88105 | – | 88105 | 6110 | 13.25 | 15.20 |
|  PIMCO VIT CommodityRealReturn Strategy | 26720 | 177645 | 168070 | – | 168070 | 29342 | 4.96 | 5.78 |
|  PIMCO VIT Emerging Markets Bond | 2014 | 24828 | 23004 | – | 23004 | 1942 | 11.05 | 11.84 |
|  PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) | 18340 | 189637 | 184133 | – | 184133 | 16912 | 9.90 | 10.91 |
|  PIMCO VIT Low Duration | 18380 | 183836 | 179755 | – | 179755 | 23912 | 6.61 | 7.58 |
|  PIMCO VIT Real Return | 69031 | 870899 | 829064 | – | 829064 | 81396 | 8.87 | 10.18 |
|  PIMCO VIT Total Return | 32516 | 334635 | 307272 | – | 307272 | 37127 | 8.28 | 8.28 |
|  Putnam VT Small Cap Value | 2094 | 25316 | 22640 | – | 22640 | 1470 | 15.40 | 15.40 |
|  Royce Micro-Cap | 13310 | 128672 | 126574 | – | 126574 | 7845 | 16.20 | 16.20 |
| T. Rowe Price Health Sciences | 19565 | 942176 | 1057082 | – | 1057082 | 49749 | 21.23 | 21.23 |
|  Templeton Developing Markets VIP Fund | 11508 | 102523 | 139018 | – | 139018 | 10579 | 13.14 | 13.14 |
|  Templeton Global Bond VIP Fund | 72689 | 1001269 | 957312 | – | 957312 | 156080 | 6.13 | 6.13 |

---

(a) Name change. See Note 1.

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Net Assets (continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Subaccount | Number of<br>Shares | Cost | Assets at<br>Market Value | Investment<br>Income<br>Receivable | Net Assets | Units<br>Outstanding | Range of Unit<br>Values | Range of Unit<br>Values |
|  Western Asset Variable Global High Yield Bond | 2255 | $16652 | $14637 | $– $| 14637 | 1296 | $10.88 | $11.29 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **AB VPS Discovery<br>Value Portfolio** | **AB VPS Dynamic<br>Asset Allocation** | **American Funds<br>IS<sup>®</sup> Asset<br>Allocation** |
|  Net assets as of December 31, 2023 | $140749 | $39137 | $1749919 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 897 | 234 | 26372 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1064) | (226) | (11733) |
|  Net investment income (loss) | (167) | 8 | 14639 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 7068 |  | 69392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (572) | (3876) | 47845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 5565 | 6807 | 93636 |
|  Net gain (loss) on investments | 12061 | 2931 | 210873 |
|  Net increase (decrease) in net assets from operations | 11894 | 2939 | 225512 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 2288 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (11667) | (19546) | (679471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (399) | (19) | 16765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (324) | (529) | (18556) |
|  Increase (decrease) in net assets from contract transactions | (10102) | (20094) | (681262) |
|  Total increase (decrease) in net assets | 1792 | (17155) | (455750) |
|  Net assets as of December 31, 2024 | $142541 | $21982 | $1294169 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 774 | 371 | 23075 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1014) | (156) | (9677) |
|  Net investment income (loss) | (240) | 215 | 13398 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 14611 |  | 90105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (2330) | (483) | 10192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (10886) | 2773 | 55060 |
|  Net gain (loss) on investments | 1395 | 2290 | 155357 |
|  Net increase (decrease) in net assets from operations | 1155 | 2505 | 168755 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 438 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (3020) | (7409) | (149989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 2227 |  | 21490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (275) | (66) | (5697) |
|  Increase (decrease) in net assets from contract transactions | (630) | (7475) | (134196) |
|  Total increase (decrease) in net assets | 525 | (4970) | 34559 |
|  Net assets as of December 31, 2025 | $143066 | $17012 | $1328728 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **American Funds<br>IS<sup>®</sup> Capital World<br>Bond** | **American Funds<br>IS<sup>®</sup> Global Growth** | **American Funds<br>IS<sup>®</sup> Growth-<br>Income** |
|  Net assets as of December 31, 2023 | $65162 | $2694981 | $1281527 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1215 | 33377 | 12947 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (482) | (19830) | (10505) |
|  Net investment income (loss) | 733 | 13547 | 2442 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 78654 | 63646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (229) | 156503 | 27471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (3135) | 95509 | 190465 |
|  Net gain (loss) on investments | (3364) | 330666 | 281582 |
|  Net increase (decrease) in net assets from operations | (2631) | 344213 | 284024 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 13459 | 8249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (439) | (895647) | (80978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 446 | 30151 | (35733) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (190) | (12099) | (2982) |
|  Increase (decrease) in net assets from contract transactions | (183) | (864136) | (111444) |
|  Total increase (decrease) in net assets | (2814) | (519923) | 172580 |
|  Net assets as of December 31, 2024 | $62348 | $2175058 | $1454107 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1865 | 21378 | 10845 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (490) | (14814) | (11315) |
|  Net investment income (loss) | 1375 | 6564 | (470) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 261127 | 258157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (1444) | 104065 | 51073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 5154 | (11422) | (66949) |
|  Net gain (loss) on investments | 3710 | 353770 | 242281 |
|  Net increase (decrease) in net assets from operations | 5085 | 360334 | 241811 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 18666 | 13589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (8443) | (653774) | (147690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 8106 | (108897) | (1838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (198) | (9202) | (2335) |
|  Increase (decrease) in net assets from contract transactions | (535) | (753207) | (138274) |
|  Total increase (decrease) in net assets | 4550 | (392873) | 103537 |
|  Net assets as of December 31, 2025 | $66898 | $1782185 | $1557644 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **American Funds<br>IS<sup>®</sup> International** | **American Funds<br>IS<sup>®</sup> New World** | **BlackRock Equity<br>Dividend V.I.** |
|  Net assets as of December 31, 2023 | $225114 | $145661 | $814126 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2637 | 1295 | 16297 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1956) | (933) | (5660) |
|  Net investment income (loss) | 681 | 362 | 10637 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 559 | 51692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (701) | 1692 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 4076 | 5518 | 7080 |
|  Net gain (loss) on investments | 3375 | 7769 | 58896 |
|  Net increase (decrease) in net assets from operations | 4056 | 8131 | 69533 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 720 | 693 | 10544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (12853) | (51474) | (252046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 37761 | 391 | 37900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (193) | (334) | (2317) |
|  Increase (decrease) in net assets from contract transactions | 25435 | (50724) | (205919) |
|  Total increase (decrease) in net assets | 29491 | (42593) | (136386) |
|  Net assets as of December 31, 2024 | $254605 | $103068 | $677740 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2339 | 777 | 14991 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1793) | (718) | (5575) |
|  Net investment income (loss) | 546 | 59 | 9416 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 4085 | 66381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 6773 | 4603 | 5207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 48400 | 14120 | 60141 |
|  Net gain (loss) on investments | 55173 | 22808 | 131729 |
|  Net increase (decrease) in net assets from operations | 55719 | 22867 | 141145 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 720 |  | 5871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (89767) | (24770) | (187827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (2548) | (12149) | 164626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (150) | (753) | (1132) |
|  Increase (decrease) in net assets from contract transactions | (91745) | (37672) | (18462) |
|  Total increase (decrease) in net assets | (36026) | (14805) | 122683 |
|  Net assets as of December 31, 2025 | $218579 | $88263 | $800423 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **BlackRock Global<br>Allocation V.I.** | **BlackRock High<br>Yield V.I.** | **BNY Mellon IP<br>MidCap Stock** |
|  Net assets as of December 31, 2023 | $284681 | $198773 | $110831 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2972 | 13736 | 694 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1793) | (1553) | (837) |
|  Net investment income (loss) | 1179 | 12183 | (143) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 16239 |  | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (3465) | (404) | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 5990 | 2206 | 10224 |
|  Net gain (loss) on investments | 18764 | 1802 | 12280 |
|  Net increase (decrease) in net assets from operations | 19943 | 13985 | 12137 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 360 | 311 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (104419) | (9550) | (13436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 3273 | 9678 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1965) | (629) | (31) |
|  Increase (decrease) in net assets from contract transactions | (102751) | (190) | (11352) |
|  Total increase (decrease) in net assets | (82808) | 13795 | 785 |
|  Net assets as of December 31, 2024 | $201873 | $212568 | $111616 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 7432 | 13882 | 435 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1473) | (1610) | (788) |
|  Net investment income (loss) | 5959 | 12272 | (353) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 18311 | 446 | 8969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (1383) | (244) | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 9002 | 4880 | (180) |
|  Net gain (loss) on investments | 25930 | 5082 | 8742 |
|  Net increase (decrease) in net assets from operations | 31889 | 17354 | 8389 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 360 | 1370 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (31039) | (44847) | (12827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (13484) | 21174 | 2801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (980) | (548) | (31) |
|  Increase (decrease) in net assets from contract transactions | (45143) | (22851) | (9532) |
|  Total increase (decrease) in net assets | (13254) | (5497) | (1143) |
|  Net assets as of December 31, 2025 | $188619 | $207071 | $110473 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **BNY Mellon IP<br>Small Cap Stock<br>Index** | **BNY Mellon IP<br>Technology<br>Growth** | **BNY Mellon VIF<br>Appreciation** |
|  Net assets as of December 31, 2023 | $1001662 | $1862730 | $364855 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 11421 |  | 695 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (7074) | (15592) | (2913) |
|  Net investment income (loss) | 4347 | (15592) | (2218) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 22375 |  | 27817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 7116 | 46605 | (1059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 29176 | 403721 | 16817 |
|  Net gain (loss) on investments | 58667 | 450326 | 43575 |
|  Net increase (decrease) in net assets from operations | 63014 | 434734 | 41357 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 12730 | 7389 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (192181) | (157103) | (35938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (6501) | (42935) | (277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (598) | (7802) | (21) |
|  Increase (decrease) in net assets from contract transactions | (186550) | (200451) | (36236) |
|  Total increase (decrease) in net assets | (123536) | 234283 | 5121 |
|  Net assets as of December 31, 2024 | $878126 | $2097013 | $369976 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 10466 |  | 625 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5718) | (15291) | (2863) |
|  Net investment income (loss) | 4748 | (15291) | (2238) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 79674 | 1084391 | 59327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (13035) | (55173) | (4443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (46712) | (531492) | (19872) |
|  Net gain (loss) on investments | 19927 | 497726 | 35012 |
|  Net increase (decrease) in net assets from operations | 24675 | 482435 | 32774 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 7381 | 6897 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (150119) | (776549) | (9456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (69612) | (30978) | 12623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (327) | (7236) | (24) |
|  Increase (decrease) in net assets from contract transactions | (212677) | (807866) | 3143 |
|  Total increase (decrease) in net assets | (188002) | (325431) | 35917 |
|  Net assets as of December 31, 2025 | $690124 | $1771582 | $405893 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **ClearBridge<br>Variable Growth** | **ClearBridge<br>Variable Small<br>Cap Growth** | **Fidelity<sup>®</sup> VIP<br>Equity-Income** |
|  Net assets as of December 31, 2023 | $910838 | $407451 | $472305 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1020 |  | 8511 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (6955) | (3259) | (4009) |
|  Net investment income (loss) | (5935) | (3259) | 4502 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 253346 | 15192 | 31826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (38687) | 61 | 15368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (110512) | 3620 | 16524 |
|  Net gain (loss) on investments | 104147 | 18873 | 63718 |
|  Net increase (decrease) in net assets from operations | 98212 | 15614 | 68220 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 8215 | 5779 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (89468) | (11438) | (115958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (14510) | 33812 | 114424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1931) | (530) | (4195) |
|  Increase (decrease) in net assets from contract transactions | (97694) | 27623 | (4784) |
|  Total increase (decrease) in net assets | 518 | 43237 | 63436 |
|  Net assets as of December 31, 2024 | $911356 | $450688 | $535741 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  | 7726 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5451) | (3505) | (3924) |
|  Net investment income (loss) | (5451) | (3505) | 3802 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 98520 | 32226 | 28065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (213118) | 4223 | 20241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 197333 | 6756 | 32227 |
|  Net gain (loss) on investments | 82735 | 43205 | 80533 |
|  Net increase (decrease) in net assets from operations | 77284 | 39700 | 84335 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 3813 | 4401 | 5657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (364470) | (40777) | (138983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (101968) | 5895 | 13110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1629) | (435) | (3420) |
|  Increase (decrease) in net assets from contract transactions | (464254) | (30916) | (123636) |
|  Total increase (decrease) in net assets | (386970) | 8784 | (39301) |
|  Net assets as of December 31, 2025 | $524386 | $459472 | $496440 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup> VIP<br>Growth & Income** | **Fidelity<sup>®</sup> VIP<br>Growth<br>Opportunities** | **Fidelity<sup>®</sup> VIP High<br>Income** |
|  Net assets as of December 31, 2023 | $1010989 | $1667660 | $646037 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 13745 |  | 41798 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (8204) | (14175) | (5010) |
|  Net investment income (loss) | 5541 | (14175) | 36788 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 74408 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 37200 | 66669 | (2064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 88297 | 537012 | 15123 |
|  Net gain (loss) on investments | 199905 | 603681 | 13059 |
|  Net increase (decrease) in net assets from operations | 205446 | 589506 | 49847 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 42850 | 13538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (129499) | (114762) | (6895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (4625) | (112017) | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (726) | (5341) | (3696) |
|  Increase (decrease) in net assets from contract transactions | (92000) | (218582) | (10677) |
|  Total increase (decrease) in net assets | 113446 | 370924 | 39170 |
|  Net assets as of December 31, 2024 | $1124435 | $2038584 | $685207 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 17096 |  | 39178 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (9318) | (13251) | (5008) |
|  Net investment income (loss) | 7778 | (13251) | 34170 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 122957 | 28649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 11645 | 425420 | (7968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 88977 | (106413) | 34340 |
|  Net gain (loss) on investments | 223579 | 347656 | 26372 |
|  Net increase (decrease) in net assets from operations | 231357 | 334405 | 60542 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 43402 | 8096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (21611) | (903233) | (143083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (5535) | (20856) | 2223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (366) | (3715) | (3945) |
|  Increase (decrease) in net assets from contract transactions | 15890 | (919708) | (144805) |
|  Total increase (decrease) in net assets | 247247 | (585303) | (84263) |
|  Net assets as of December 31, 2025 | $1371682 | $1453281 | $600944 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup> VIP<br>Overseas** | **Franklin Allocation<br>VIP Fund** | **Franklin Income<br>VIP Fund** |
|  Net assets as of December 31, 2023 | $417242 | $245933 | $594645 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 4914 | 4715 | 29660 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2981) | (1698) | (4545) |
|  Net investment income (loss) | 1933 | 3017 | 25115 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 15552 |  | 2431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 27128 | (22391) | (7882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (24030) | 41643 | 17805 |
|  Net gain (loss) on investments | 18650 | 19252 | 12354 |
|  Net increase (decrease) in net assets from operations | 20583 | 22269 | 37469 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 1332 | 1040 | 2085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (106816) | (177838) | (176353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (7844) | 126 | 5358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (250) | (373) | (1549) |
|  Increase (decrease) in net assets from contract transactions | (113578) | (177045) | (170459) |
|  Total increase (decrease) in net assets | (92995) | (154776) | (132990) |
|  Net assets as of December 31, 2024 | $324247 | $91157 | $461655 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 3804 | 1556 | 23831 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2466) | (684) | (3646) |
|  Net investment income (loss) | 1338 | 872 | 20185 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 24994 | 3472 | 5010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 29604 | (1333) | (3274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 3738 | 6641 | 28547 |
|  Net gain (loss) on investments | 58336 | 8780 | 30283 |
|  Net increase (decrease) in net assets from operations | 59674 | 9652 | 50468 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 75 | 960 | 7077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (105280) |  | (51545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (3293) | (6333) | (8008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (341) | (134) | (1069) |
|  Increase (decrease) in net assets from contract transactions | (108839) | (5507) | (53545) |
|  Total increase (decrease) in net assets | (49165) | 4145 | (3077) |
|  Net assets as of December 31, 2025 | $275082 | $95302 | $458578 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Franklin Mutual<br>Global Discovery<br>VIP Fund** | **Franklin Small<br>Cap Value VIP<br>Fund** | **Franklin Strategic<br>Income VIP Fund** |
|  Net assets as of December 31, 2023 | $953642 | $168666 | $101937 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 16536 | 1362 | 3458 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (7352) | (1122) | (575) |
|  Net investment income (loss) | 9184 | 240 | 2883 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 69486 | 3366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 2732 | (5309) | (6440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (45072) | 17044 | 5906 |
|  Net gain (loss) on investments | 27146 | 15101 | (534) |
|  Net increase (decrease) in net assets from operations | 36330 | 15341 | 2349 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 12821 | 1895 | 4435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (82343) | (46994) | (49849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 2591 | (1877) | (216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1016) | (73) | (503) |
|  Increase (decrease) in net assets from contract transactions | (67947) | (47049) | (46133) |
|  Total increase (decrease) in net assets | (31617) | (31708) | (43784) |
|  Net assets as of December 31, 2024 | $922025 | $136958 | $58153 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 18677 | 1417 | 3006 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (7408) | (969) | (449) |
|  Net investment income (loss) | 11269 | 448 | 2557 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 103528 | 11049 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 373 | (3472) | (843) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 80492 | 883 | 2070 |
|  Net gain (loss) on investments | 184393 | 8460 | 1228 |
|  Net increase (decrease) in net assets from operations | 195662 | 8908 | 3785 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 10967 | 12979 | 3720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (76508) | (41690) | (7702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (13502) | 647 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (457) | (61) | (114) |
|  Increase (decrease) in net assets from contract transactions | (79500) | (28125) | (3872) |
|  Total increase (decrease) in net assets | 116162 | (19217) | (87) |
|  Net assets as of December 31, 2025 | $1038187 | $117741 | $58066 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Guggenheim VIF<br>Floating Rate<br>Strategies** | **Guggenheim VIF<br>Global Managed<br>Futures Strategy** | **Guggenheim VIF<br>High Yield** |
|  Net assets as of December 31, 2023 | $1244227 | $71764 | $792191 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 99932 | 1966 | 48872 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (9461) | (554) | (6474) |
|  Net investment income (loss) | 90471 | 1412 | 42398 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 1051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (3156) | 9 | (12563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (14229) | (2746) | 23753 |
|  Net gain (loss) on investments | (17385) | (1686) | 11190 |
|  Net increase (decrease) in net assets from operations | 73086 | (274) | 53588 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 3043 | 262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (71047) |  | (90635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (8189) |  | 42430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (6488) | (354) | (1845) |
|  Increase (decrease) in net assets from contract transactions | (82681) | (92) | (50050) |
|  Total increase (decrease) in net assets | (9595) | (366) | 3538 |
|  Net assets as of December 31, 2024 | $1234632 | $71398 | $795729 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 99401 | 1343 | 47455 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (8359) | (368) | (5714) |
|  Net investment income (loss) | 91042 | 975 | 41741 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (19437) | (5529) | (14560) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (40773) | 2284 | 14900 |
|  Net gain (loss) on investments | (60210) | (3245) | 340 |
|  Net increase (decrease) in net assets from operations | 30832 | (2270) | 42081 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 715 | 2819 | 9129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (330619) | (60243) | (235055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 3389 |  | 5432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (5492) | (141) | (1389) |
|  Increase (decrease) in net assets from contract transactions | (332007) | (57565) | (221883) |
|  Total increase (decrease) in net assets | (301175) | (59835) | (179802) |
|  Net assets as of December 31, 2025 | $933457 | $11563 | $615927 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Guggenheim VIF<br>Multi-Hedge<br>Strategies** | **Guggenheim VIF<br>Total Return Bond** | **Invesco V.I.<br>American Value** |
|  Net assets as of December 31, 2023 | $94078 | $1589687 | $148399 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2519 | 59485 | 14 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (466) | (11936) | (578) |
|  Net investment income (loss) | 2053 | 47549 | (564) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 2883 | (14590) | (10112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (5422) | 3027 | 28826 |
|  Net gain (loss) on investments | (2539) | (11563) | 18755 |
|  Net increase (decrease) in net assets from operations | (486) | 35986 | 18191 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 1700 | 6752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (457) | (109706) | (161962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (44478) | 43941 | (132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (286) | (6854) | (2650) |
|  Increase (decrease) in net assets from contract transactions | (43521) | (65867) | (164744) |
|  Total increase (decrease) in net assets | (44007) | (29881) | (146553) |
|  Net assets as of December 31, 2024 | $50071 | $1559806 | $1846 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1142 | 61100 | 80 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (373) | (10803) | (156) |
|  Net investment income (loss) | 769 | 50297 | (76) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 5756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (79) | (44022) | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (442) | 87788 | 122 |
|  Net gain (loss) on investments | (521) | 43766 | 7395 |
|  Net increase (decrease) in net assets from operations | 248 | 94063 | 7319 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 3645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (471) | (516243) | (14435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 446 | 41053 | 52282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (252) | (6000) | (415) |
|  Increase (decrease) in net assets from contract transactions | (277) | (477545) | 37432 |
|  Total increase (decrease) in net assets | (29) | (383482) | 44751 |
|  Net assets as of December 31, 2025 | $50042 | $1176324 | $46597 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I.<br>Comstock** | **Invesco V.I. Core<br>Plus Bond** | **Invesco V.I.<br>Discovery Mid Cap<br>Growth** |
|  Net assets as of December 31, 2023 | $317275 | $210344 | $349688 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 3561 | 5669 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1761) | (1365) | (2563) |
|  Net investment income (loss) | 1800 | 4304 | (2563) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 16702 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 27032 | (836) | (7740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (11108) | 137 | 81632 |
|  Net gain (loss) on investments | 32626 | (699) | 73892 |
|  Net increase (decrease) in net assets from operations | 34426 | 3605 | 71329 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (60939) | (71885) | (102882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (90194) | 3314 | (4812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (226) | (1083) | (903) |
|  Increase (decrease) in net assets from contract transactions | (151359) | (69654) | (107239) |
|  Total increase (decrease) in net assets | (116933) | (66049) | (35910) |
|  Net assets as of December 31, 2024 | $200342 | $144295 | $313778 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2826 | 5926 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1500) | (1041) | (1989) |
|  Net investment income (loss) | 1326 | 4885 | (1989) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 20944 |  | 23888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 2859 | (450) | (1463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 4435 | 3741 | (14202) |
|  Net gain (loss) on investments | 28238 | 3291 | 8223 |
|  Net increase (decrease) in net assets from operations | 29564 | 8176 | 6234 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 7671 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (6924) | (61038) | (85822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (14156) | 3150 | (15622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (157) | (129) | (975) |
|  Increase (decrease) in net assets from contract transactions | (21237) | (50346) | (101264) |
|  Total increase (decrease) in net assets | 8327 | (42170) | (95030) |
|  Net assets as of December 31, 2025 | $208669 | $102125 | $218748 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I. Equity<br>and Income** | **Invesco V.I. EVQ<br>International<br>Equity Fund** | **Invesco V.I. Global** |
|  Net assets as of December 31, 2023 | $733868 | $346134 | $632148 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 11135 | 5037 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5491) | (2817) | (4729) |
|  Net investment income (loss) | 5644 | 2220 | (4729) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 27199 | 1744 | 34662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 4094 | 183 | 6365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 38508 | (5604) | 54405 |
|  Net gain (loss) on investments | 69801 | (3677) | 95432 |
|  Net increase (decrease) in net assets from operations | 75445 | (1457) | 90703 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 3921 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (114795) | (20505) | (128328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 1883 | (15151) | (5682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2536) | (1154) | (3103) |
|  Increase (decrease) in net assets from contract transactions | (115448) | (32889) | (135965) |
|  Total increase (decrease) in net assets | (40003) | (34346) | (45262) |
|  Net assets as of December 31, 2024 | $693865 | $311788 | $586886 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 13668 | 3148 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5358) | (2339) | (4099) |
|  Net investment income (loss) | 8310 | 809 | (4099) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 39216 | 17180 | 97333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 5945 | 4607 | 7647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 26766 | 17693 | (28804) |
|  Net gain (loss) on investments | 71927 | 39480 | 76176 |
|  Net increase (decrease) in net assets from operations | 80237 | 40289 | 72077 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 16814 | 18647 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (100011) | (105015) | (147164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 8812 | (3896) | (137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (876) | (820) | (2079) |
|  Increase (decrease) in net assets from contract transactions | (75261) | (91084) | (147782) |
|  Total increase (decrease) in net assets | 4976 | (50795) | (75705) |
|  Net assets as of December 31, 2025 | $698841 | $260993 | $511181 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I. Global**<br>**Real Estate** | **Invesco V.I.<br>Government<br>Money Market** | **Invesco V.I.<br>Government<br>Securities** |
|  Net assets as of December 31, 2023 | $484103 | $622298 | $625048 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 10812 | 39486 | 13699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (3361) | (6690) | (4426) |
|  Net investment income (loss) | 7451 | 32796 | 9273 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (12417) |  | (14697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (5643) |  | 7898 |
|  Net gain (loss) on investments | (18060) |  | (6799) |
|  Net increase (decrease) in net assets from operations | (10609) | 32796 | 2474 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 6504 | 3083 | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (79974) | (340280) | (55088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 8260 | 903377 | 11753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1009) | (4203) | (1148) |
|  Increase (decrease) in net assets from contract transactions | (66219) | 561977 | (42512) |
|  Total increase (decrease) in net assets | (76828) | 594773 | (40038) |
|  Net assets as of December 31, 2024 | $407275 | $1217071 | $585010 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 6539 | 44230 | 16889 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2608) | (9095) | (4318) |
|  Net investment income (loss) | 3931 | 35135 | 12571 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (17622) |  | (15618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 37522 |  | 37680 |
|  Net gain (loss) on investments | 19900 |  | 22062 |
|  Net increase (decrease) in net assets from operations | 23831 | 35135 | 34633 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 5185 | 9370 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (124346) | (165411) | (182621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 7449 | 102365 | 14551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (566) | (4520) | (826) |
|  Increase (decrease) in net assets from contract transactions | (112278) | (58196) | (168018) |
|  Total increase (decrease) in net assets | (88447) | (23061) | (133385) |
|  Net assets as of December 31, 2025 | $318828 | $1194010 | $451625 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I. Health<br>Care** | **Invesco V.I. Main<br>Street Mid Cap<br>Fund<sup>®</sup>** | **Invesco V.I. Main<br>Street Small Cap<br>Fund<sup>®</sup>** |
|  Net assets as of December 31, 2023 | $196844 | $119149 | $205598 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 103 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1769) | (740) | (1617) |
|  Net investment income (loss) | (1769) | (637) | (1617) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 2053 | 7568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 865 | (467) | 5220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 8826 | 12757 | 10841 |
|  Net gain (loss) on investments | 9691 | 14343 | 23629 |
|  Net increase (decrease) in net assets from operations | 7922 | 13706 | 22012 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 1825 |  | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (20331) | (15217) | (39179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 4005 | (33108) | 20603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (230) | (86) | (537) |
|  Increase (decrease) in net assets from contract transactions | (14731) | (48411) | (18420) |
|  Total increase (decrease) in net assets | (6809) | (34705) | 3592 |
|  Net assets as of December 31, 2024 | $190035 | $84444 | $209190 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 61 | 369 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1457) | (482) | (1382) |
|  Net investment income (loss) | (1457) | (421) | (1013) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 6924 | 5885 | 16394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 193 | 3975 | 10677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 17229 | (4674) | (14539) |
|  Net gain (loss) on investments | 24346 | 5186 | 12532 |
|  Net increase (decrease) in net assets from operations | 22889 | 4765 | 11519 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 850 | 16814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (48647) | (46605) | (79866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 5197 | 669 | 19374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (147) | (62) | (495) |
|  Increase (decrease) in net assets from contract transactions | (42747) | (29184) | (60987) |
|  Total increase (decrease) in net assets | (19858) | (24419) | (49468) |
|  Net assets as of December 31, 2025 | $170177 | $60025 | $159722 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Janus Henderson<br>VIT Enterprise** | **Janus Henderson<br>VIT Research** | **Lord Abbett Series<br>Bond-Debenture<br>VC** |
|  Net assets as of December 31, 2023 | $2057994 | $1033863 | $170338 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 13979 |  | 6426 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (16652) | (9007) | (1091) |
|  Net investment income (loss) | (2673) | (9007) | 5335 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 97994 | 35219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 14020 | 51698 | (8109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 186585 | 261438 | 11546 |
|  Net gain (loss) on investments | 298599 | 348355 | 3437 |
|  Net increase (decrease) in net assets from operations | 295926 | 339348 | 8772 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 4025 | 11703 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (125293) | (106447) | (52696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 19309 | (13353) | (10359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (10625) | (4216) | (819) |
|  Increase (decrease) in net assets from contract transactions | (112584) | (112313) | (63584) |
|  Total increase (decrease) in net assets | 183342 | 227035 | (54812) |
|  Net assets as of December 31, 2024 | $2241336 | $1260898 | $115526 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1045 |  | 5095 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (14868) | (9306) | (718) |
|  Net investment income (loss) | (13823) | (9306) | 4377 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 186201 | 97090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 40972 | 79134 | (5058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (94921) | 29858 | 6977 |
|  Net gain (loss) on investments | 132252 | 206082 | 1919 |
|  Net increase (decrease) in net assets from operations | 118429 | 196776 | 6296 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 42960 | 10564 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (732115) | (172995) | (4198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (99782) | (9375) | (29615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (8906) | (1829) | (548) |
|  Increase (decrease) in net assets from contract transactions | (797843) | (173635) | (34217) |
|  Total increase (decrease) in net assets | (679414) | 23141 | (27921) |
|  Net assets as of December 31, 2025 | $1561922 | $1284039 | $87605 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Lord Abbett Series<br>Developing Growth<br>VC** | **LVIP American<br>Century Mid Cap<br>Value** | **LVIP American<br>Century Ultra** |
|  Net assets as of December 31, 2023 | $209011 | $575388 | $5032018 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 354 | 13392 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1720) | (4306) | (39157) |
|  Net investment income (loss) | (1366) | 9086 | (39157) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 26681 | 450078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (6022) | 1255 | 396342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 51099 | 5026 | 450326 |
|  Net gain (loss) on investments | 45077 | 32962 | 1296746 |
|  Net increase (decrease) in net assets from operations | 43711 | 42048 | 1257589 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 125 | 7297 | 8193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (4159) | (50699) | (1157851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (14025) | (15318) | (198959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (9) | (840) | (24427) |
|  Increase (decrease) in net assets from contract transactions | (18068) | (59560) | (1373044) |
|  Total increase (decrease) in net assets | 25643 | (17512) | (115455) |
|  Net assets as of December 31, 2024 | $234654 | $557876 | $4916563 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 471 | 10175 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1788) | (4524) | (30879) |
|  Net investment income (loss) | (1317) | 5651 | (30879) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 50574 | 321953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (3548) | 3176 | 646021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 40116 | (10843) | (624463) |
|  Net gain (loss) on investments | 36568 | 42907 | 343511 |
|  Net increase (decrease) in net assets from operations | 35251 | 48558 | 312632 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 130 | 19033 | 4807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (16922) | (40723) | (1372295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (12072) | 49712 | (182602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (21) | (504) | (18679) |
|  Increase (decrease) in net assets from contract transactions | (28885) | 27518 | (1568769) |
|  Total increase (decrease) in net assets | 6366 | 76076 | (1256137) |
|  Net assets as of December 31, 2025 | $241020 | $633952 | $3660426 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP American<br>Century Value** | **LVIP JPMorgan<br>Core Bond Fund** | **MFS<sup>®</sup> VIT II<br>Research<br>International** |
|  Net assets as of December 31, 2023 | $1216119 | $112262 | $246824 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 34396 | 4533 | 2663 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (9775) | (812) | (1592) |
|  Net investment income (loss) | 24621 | 3721 | 1071 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 74484 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 26576 | (1207) | 8742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (21426) | (1852) | (2973) |
|  Net gain (loss) on investments | 79634 | (3059) | 5769 |
|  Net increase (decrease) in net assets from operations | 104255 | 662 | 6840 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 14138 |  | 4625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (177306) | (7675) | (75870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 57055 | 1120 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (3756) | (269) | (721) |
|  Increase (decrease) in net assets from contract transactions | (109869) | (6824) | (71959) |
|  Total increase (decrease) in net assets | (5614) | (6162) | (65119) |
|  Net assets as of December 31, 2024 | $1210505 | $106100 | $181705 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 14552 | 3068 | 2505 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (10391) | (734) | (1406) |
|  Net investment income (loss) | 4161 | 2334 | 1099 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 93183 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 166658 | (4044) | 20529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (29579) | 7703 | 14125 |
|  Net gain (loss) on investments | 230262 | 3659 | 34654 |
|  Net increase (decrease) in net assets from operations | 234423 | 5993 | 35753 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 63055 |  | 11638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (489735) | (38916) | (96638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 19465 | 17741 | (3175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4527) | (200) | (628) |
|  Increase (decrease) in net assets from contract transactions | (411742) | (21375) | (88803) |
|  Total increase (decrease) in net assets | (177319) | (15382) | (53050) |
|  Net assets as of December 31, 2025 | $1033186 | $90718 | $128655 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **MFS<sup>®</sup> VIT Total<br>Return** | **MFS<sup>®</sup> VIT<br>Utilities** | **Morgan Stanley<br>VIF Emerging<br>Markets Equity** |
|  Net assets as of December 31, 2023 | $781139 | $574166 | $262790 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 17230 | 13016 | 4512 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5796) | (4783) | (2425) |
|  Net investment income (loss) | 11434 | 8233 | 2087 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 36958 | 18123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 8801 | 9892 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (8249) | 29247 | 19267 |
|  Net gain (loss) on investments | 37510 | 57262 | 20673 |
|  Net increase (decrease) in net assets from operations | 48944 | 65495 | 22760 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 960 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (88858) | (109424) | (25330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 4075 | 33400 | 23192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1877) | (1537) | (134) |
|  Increase (decrease) in net assets from contract transactions | (86660) | (76601) | (77) |
|  Total increase (decrease) in net assets | (37716) | (11106) | 22683 |
|  Net assets as of December 31, 2024 | $743423 | $563060 | $285473 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 19343 | 15754 | 1018 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5728) | (4571) | (2156) |
|  Net investment income (loss) | 13615 | 11183 | (1138) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 56907 | 7856 | 9644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 3586 | 6905 | 6799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 73 | 50823 | 64873 |
|  Net gain (loss) on investments | 60566 | 65584 | 81316 |
|  Net increase (decrease) in net assets from operations | 74181 | 76767 | 80178 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 16814 | 1028 | 13426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (165363) | (60404) | (64818) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 7441 | 14692 | (15915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1332) | (1526) | (88) |
|  Increase (decrease) in net assets from contract transactions | (142440) | (46210) | (67395) |
|  Total increase (decrease) in net assets | (68259) | 30557 | 12783 |
|  Net assets as of December 31, 2025 | $675164 | $593617 | $298256 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Morningstar<br>Aggressive Growth<br>ETF Asset<br>Allocation Portfolio** | **Morningstar<br>Balanced ETF<br>Asset Allocation<br>Portfolio** | **Morningstar<br>Conservative ETF<br>Asset Allocation<br>Portfolio** |
|  Net assets as of December 31, 2023 | $222224 | $321994 | $25068 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2929 | 6083 | 548 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1718) | (2563) | (182) |
|  Net investment income (loss) | 1211 | 3520 | 366 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 3392 | 3261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 2204 | (87) | (206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 21916 | 23192 | 898 |
|  Net gain (loss) on investments | 27512 | 26366 | 692 |
|  Net increase (decrease) in net assets from operations | 28723 | 29886 | 1058 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 545 | 375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (15723) | (3353) | (3514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (670) | (16) | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (547) | (351) | (19) |
|  Increase (decrease) in net assets from contract transactions | (16395) | (3345) | (2196) |
|  Total increase (decrease) in net assets | 12328 | 26541 | (1138) |
|  Net assets as of December 31, 2024 | $234552 | $348535 | $23930 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1947 | 6415 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1391) | (2527) | (177) |
|  Net investment income (loss) | 556 | 3888 | 453 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 12347 | 36273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 18917 | 500 | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (2215) | 2369 | 1373 |
|  Net gain (loss) on investments | 29049 | 39142 | 1325 |
|  Net increase (decrease) in net assets from operations | 29605 | 43030 | 1778 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 16964 | 390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (93862) | (38687) | (2067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (904) |  | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (132) | (50) | (19) |
|  Increase (decrease) in net assets from contract transactions | (77934) | (38347) | (1623) |
|  Total increase (decrease) in net assets | (48329) | 4683 | 155 |
|  Net assets as of December 31, 2025 | $186223 | $353218 | $24085 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Morningstar<br>Growth ETF Asset<br>Allocation Portfolio** | **Morningstar<br>Income and<br>Growth ETF Asset<br>Allocation Portfolio** | **NAA All Cap<br>Value Series** |
|  Net assets as of December 31, 2023 | $215142 | $117266 | $284983 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2771 | 2597 | 4475 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1595) | (889) | (2005) |
|  Net investment income (loss) | 1176 | 1708 | 2470 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 3813 | 753 | 14183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 3874 | (321) | 22660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 14728 | 5957 | (10012) |
|  Net gain (loss) on investments | 22415 | 6389 | 26831 |
|  Net increase (decrease) in net assets from operations | 23591 | 8097 | 29301 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (48251) | (7189) | (133208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (35) | (26) | (20764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (865) | (271) | (825) |
|  Increase (decrease) in net assets from contract transactions | (49151) | (7361) | (154797) |
|  Total increase (decrease) in net assets | (25560) | 736 | (125496) |
|  Net assets as of December 31, 2024 | $189582 | $118002 | $159487 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2324 | 1784 | 2174 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1247) | (646) | (1122) |
|  Net investment income (loss) | 1077 | 1138 | 1052 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 11670 | 6266 | 31919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 3865 | (1055) | 3351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 8060 | 1589 | (18793) |
|  Net gain (loss) on investments | 23595 | 6800 | 16477 |
|  Net increase (decrease) in net assets from operations | 24672 | 7938 | 17529 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (44716) | (44356) | (22021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (26) |  | (806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (516) | (44) | (101) |
|  Increase (decrease) in net assets from contract transactions | (45258) | (44270) | (22928) |
|  Total increase (decrease) in net assets | (20586) | (36332) | (5399) |
|  Net assets as of December 31, 2025 | $168996 | $81670 | $154088 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **NAA Large Cap<br>Value Series** | **NAA Large Core<br>Series** | **NAA Large<br>Growth Series** |
|  Net assets as of December 31, 2023 | $655522 | $578704 | $191214 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 11981 | 21179 | 6807 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5199) | (5401) | (1776) |
|  Net investment income (loss) | 6782 | 15778 | 5031 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 49342 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 20960 | 21302 | 5548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 8807 | 108721 | 50419 |
|  Net gain (loss) on investments | 79109 | 130023 | 55967 |
|  Net increase (decrease) in net assets from operations | 85891 | 145801 | 60998 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 3280 | 9663 | 2608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (130835) | (101438) | (25618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (2938) | 25415 | 34941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (604) | (1146) | (1280) |
|  Increase (decrease) in net assets from contract transactions | (131097) | (67506) | 10651 |
|  Total increase (decrease) in net assets | (45206) | 78295 | 71649 |
|  Net assets as of December 31, 2024 | $610316 | $656999 | $262863 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 9888 | 17414 | 4780 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (4560) | (5199) | (1715) |
|  Net investment income (loss) | 5328 | 12215 | 3065 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 114905 | 115172 | 40142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 7712 | 29465 | 23451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (53705) | (66713) | (34534) |
|  Net gain (loss) on investments | 68912 | 77924 | 29059 |
|  Net increase (decrease) in net assets from operations | 74240 | 90139 | 32124 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 3620 | 10523 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (59210) | (114858) | (56641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (19371) | (8359) | (31262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1199) | (810) | (1897) |
|  Increase (decrease) in net assets from contract transactions | (76160) | (113504) | (87591) |
|  Total increase (decrease) in net assets | (1920) | (23365) | (55467) |
|  Net assets as of December 31, 2025 | $608396 | $633634 | $207396 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **NAA Mid<br>Growth Series** | **NAA Small Cap<br>Value Series** | **NAA Small<br>Growth Series** |
|  Net assets as of December 31, 2023 | $2665245 | $396377 | $1059957 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 72367 | 4219 | 33079 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (19220) | (2841) | (8392) |
|  Net investment income (loss) | 53147 | 1378 | 24687 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 15552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (24454) | 4136 | (6135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 360802 | 4909 | 105150 |
|  Net gain (loss) on investments | 336348 | 24597 | 99015 |
|  Net increase (decrease) in net assets from operations | 389495 | 25975 | 123702 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 11993 | 7433 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (809334) | (52623) | (29172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (98334) | (13940) | (4336) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (11094) | (1531) | (6183) |
|  Increase (decrease) in net assets from contract transactions | (906769) | (60661) | (38998) |
|  Total increase (decrease) in net assets | (517274) | (34686) | 84704 |
|  Net assets as of December 31, 2024 | $2147971 | $361691 | $1144661 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 44062 | 3026 | 20878 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (13889) | (2149) | (7285) |
|  Net investment income (loss) | 30173 | 877 | 13593 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 67918 | 56632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 7363 | (7077) | (20420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (87754) | (52566) | 63227 |
|  Net gain (loss) on investments | (12473) | (3011) | 42807 |
|  Net increase (decrease) in net assets from operations | 17700 | (2134) | 56400 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 34078 | 5349 | 13731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (671776) | (102911) | (494764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 80870 | (12524) | (25640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (7608) | (1289) | (4416) |
|  Increase (decrease) in net assets from contract transactions | (564436) | (111375) | (511089) |
|  Total increase (decrease) in net assets | (546736) | (113509) | (454689) |
|  Net assets as of December 31, 2025 | $1601235 | $248182 | $689972 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **NAA Smid-Cap<br>Value Series** | **NAA World Equity<br>Income Series** | **Neuberger Berman<br>AMT Quality<br>Equity**<br>**Portfolio(a)** |
|  Net assets as of December 31, 2023 | $1226092 | $629419 | $580616 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 15735 | 17439 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (9145) | (4879) | (4830) |
|  Net investment income (loss) | 6590 | 12560 | (4830) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 32078 |  | 31091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 31645 | 29104 | 28181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 29754 | 31649 | 84022 |
|  Net gain (loss) on investments | 93477 | 60753 | 143294 |
|  Net increase (decrease) in net assets from operations | 100067 | 73313 | 138464 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 16979 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (197470) | (87844) | (39641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (972) | (12499) | (22971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2403) | (1935) | (1913) |
|  Increase (decrease) in net assets from contract transactions | (183866) | (102278) | (64525) |
|  Total increase (decrease) in net assets | (83799) | (28965) | 73939 |
|  Net assets as of December 31, 2024 | $1142293 | $600454 | $654555 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 12024 | 10428 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (8106) | (4232) | (4302) |
|  Net investment income (loss) | 3918 | 6196 | (4302) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 260025 | 87350 | 31938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 774 | 35551 | 67530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (198528) | (18560) | (30558) |
|  Net gain (loss) on investments | 62271 | 104341 | 68910 |
|  Net increase (decrease) in net assets from operations | 66189 | 110537 | 64608 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 24443 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (290133) | (170655) | (157531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 10327 | (14227) | (4498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2054) | (1376) | (1615) |
|  Increase (decrease) in net assets from contract transactions | (257417) | (186258) | (163644) |
|  Total increase (decrease) in net assets | (191228) | (75721) | (99036) |
|  Net assets as of December 31, 2025 | $951065 | $524733 | $555519 |

---

(a) Name change. See Note 1.

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Nomura VIP Asset<br>Strategy Series(a)** | **PIMCO VIT All<br>Asset** | **PIMCO VIT<br>CommodityRealReturn<br>Strategy** |
|  Net assets as of December 31, 2023 | $76650 | $101054 | $181873 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1354 | 5460 | 3853 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (587) | (839) | (1394) |
|  Net investment income (loss) | 767 | 4621 | 2459 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 2691 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 1255 | (3180) | (5802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 3826 | 704 | 8835 |
|  Net gain (loss) on investments | 7772 | (2476) | 3033 |
|  Net increase (decrease) in net assets from operations | 8539 | 2145 | 5492 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 900 |  | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (15092) | (20921) | (18636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (19) | 929 | 5997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (191) | (436) | (512) |
|  Increase (decrease) in net assets from contract transactions | (14402) | (20428) | (12597) |
|  Total increase (decrease) in net assets | (5863) | (18283) | (7105) |
|  Net assets as of December 31, 2024 | $70787 | $82771 | $174768 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 954 | 3971 | 4896 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (563) | (828) | (1360) |
|  Net investment income (loss) | 391 | 3143 | 3536 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 5052 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 489 | (784) | (6776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 5032 | 8027 | 31902 |
|  Net gain (loss) on investments | 10573 | 7243 | 25126 |
|  Net increase (decrease) in net assets from operations | 10964 | 10386 | 28662 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  | 3367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (3128) | (4132) | (38620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (52) | (495) | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (135) | (425) | (448) |
|  Increase (decrease) in net assets from contract transactions | (3315) | (5052) | (35360) |
|  Total increase (decrease) in net assets | 7649 | 5334 | (6698) |
|  Net assets as of December 31, 2025 | $78436 | $88105 | $168070 |

---

(a) Name change. See Note 1.

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO VIT<br>Emerging Markets<br>Bond** | **PIMCO VIT<br>International Bond<br>Portfolio (U.S.<br>Dollar-Hedged)** | **PIMCO VIT Low<br>Duration** |
|  Net assets as of December 31, 2023 | $28995 | $319725 | $279960 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2184 | 8709 | 9848 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (290) | (1912) | (1917) |
|  Net investment income (loss) | 1894 | 6797 | 7931 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 239 | (7853) | (3160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 401 | 11420 | 4059 |
|  Net gain (loss) on investments | 640 | 3567 | 899 |
|  Net increase (decrease) in net assets from operations | 2534 | 10364 | 8830 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  | 3288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (522) | (95402) | (66791) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (603) | (38220) | 5849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (147) | (1460) | (1517) |
|  Increase (decrease) in net assets from contract transactions | (1272) | (135082) | (59171) |
|  Total increase (decrease) in net assets | 1262 | (124718) | (50341) |
|  Net assets as of December 31, 2024 | $30257 | $195007 | $229619 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1607 | 6678 | 7750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (176) | (1490) | (1534) |
|  Net investment income (loss) | 1431 | 5188 | 6216 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (1639) | (1009) | (2148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 3300 | 1731 | 5071 |
|  Net gain (loss) on investments | 1661 | 722 | 2923 |
|  Net increase (decrease) in net assets from operations | 3092 | 5910 | 9139 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 5907 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (10612) | (24984) | (32436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 333 | 3119 | (25427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (66) | (826) | (1140) |
|  Increase (decrease) in net assets from contract transactions | (10345) | (16784) | (59003) |
|  Total increase (decrease) in net assets | (7253) | (10874) | (49864) |
|  Net assets as of December 31, 2025 | $23004 | $184133 | $179755 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO VIT Real<br>Return** | **PIMCO VIT Total<br>Return** | **Putnam VT Small<br>Cap Value** |
|  Net assets as of December 31, 2023 | $1000165 | $405561 | $20835 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 25636 | 14570 | 198 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (7439) | (2805) | (161) |
|  Net investment income (loss) | 18197 | 11765 | 37 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (12525) | (11613) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 8736 | 6009 | 144 |
|  Net gain (loss) on investments | (3789) | (5604) | 1086 |
|  Net increase (decrease) in net assets from operations | 14408 | 6161 | 1123 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 16499 | 2413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (130049) | (73467) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 21608 | 321 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2978) | (3487) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from contract transactions | (94920) | (74220) | (15) |
|  Total increase (decrease) in net assets | (80512) | (68059) | 1108 |
|  Net assets as of December 31, 2024 | $919653 | $337502 | $21943 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 28758 | 12948 | 145 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (6629) | (2434) | (162) |
|  Net investment income (loss) | 22129 | 10514 | (17) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (11619) | (10615) | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 50270 | 24786 | (904) |
|  Net gain (loss) on investments | 38651 | 14171 | 991 |
|  Net increase (decrease) in net assets from operations | 60780 | 24685 | 974 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 14185 | 480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (171471) | (63500) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 7363 | 9731 | (261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1446) | (1626) | (15) |
|  Increase (decrease) in net assets from contract transactions | (151369) | (54915) | (277) |
|  Total increase (decrease) in net assets | (90589) | (30230) | 697 |
|  Net assets as of December 31, 2025 | $829064 | $307272 | $22640 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Royce Micro-Cap** | **T. Rowe Price<br>Health Sciences** | **Templeton<br>Developing<br>Markets VIP Fund** |
|  Net assets as of December 31, 2023 | $169206 | $1481854 | $168117 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  | 4651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1240) | (11589) | (963) |
|  Net investment income (loss) | (1240) | (11589) | 3688 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 11392 | 131315 | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (813) | 22127 | (2639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 9934 | (124359) | 5555 |
|  Net gain (loss) on investments | 20513 | 29083 | 3810 |
|  Net increase (decrease) in net assets from operations | 19273 | 17494 | 7498 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 4849 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (15303) | (114738) | (43937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (5693) | 12590 | (11626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (198) | (6085) | (264) |
|  Increase (decrease) in net assets from contract transactions | (21194) | (103384) | (54555) |
|  Total increase (decrease) in net assets | (1921) | (85890) | (47057) |
|  Net assets as of December 31, 2024 | $167285 | $1395964 | $121060 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1123) | (9156) | (975) |
|  Net investment income (loss) | (1123) | (9156) | (233) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 18832 | 38406 | 2314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 931 | 3003 | 8431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (4322) | 126322 | 38220 |
|  Net gain (loss) on investments | 15441 | 167731 | 48965 |
|  Net increase (decrease) in net assets from operations | 14318 | 158575 | 48732 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 16814 | 7929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (68859) | (468300) | (38037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (2819) | (31624) | 7493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (165) | (5462) | (230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from contract transactions | (55029) | (497457) | (30774) |
|  Total increase (decrease) in net assets | (40711) | (338882) | 17958 |
|  Net assets as of December 31, 2025 | $126574 | $1057082 | $139018 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | |
|:---|:---|:---|
|  | **Templeton Global<br>Bond VIP Fund** | **Western Asset<br>Variable Global<br>High Yield Bond** |
|  Net assets as of December 31, 2023 | $1901403 | $23075 |
|  Investment income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (12653) | (244) |
|  Net investment income (loss) | (12653) | 1195 |
|  Increase (decrease) in net assets from operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (122381) | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (73645) | 153 |
|  Net gain (loss) on investments | (196026) | 99 |
|  Net increase (decrease) in net assets from operations | (208679) | 1294 |
|  Contract owner transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 5266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (694165) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 263223 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (9330) | (75) |
|  Increase (decrease) in net assets from contract transactions | (435006) | 53 |
|  Total increase (decrease) in net assets | (643685) | 1347 |
|  Net assets as of December 31, 2024 | $1257718 | $24422 |
|  Investment income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (8447) | (200) |
|  Net investment income (loss) | (8447) | 701 |
|  Increase (decrease) in net assets from operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (66752) | (1371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 243317 | 2464 |
|  Net gain (loss) on investments | 176565 | 1093 |
|  Net increase (decrease) in net assets from operations | 168118 | 1794 |
|  Contract owner transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 9838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (501268) | (16865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 29459 | 5370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (6553) | (84) |
|  Increase (decrease) in net assets from contract transactions | (468524) | (11579) |
|  Total increase (decrease) in net assets | (300406) | (9785) |
|  Net assets as of December 31, 2025 | $957312 | $14637 |

---

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements

December 31, 2025

**1. Organization and Significant Accounting Policies** 

Variable Annuity Account B (the Account) is a deferred variable annuity contract offered by First Security Benefit Life Insurance and Annuity Company of New York (FSBL). The Account is an investment company as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 946. The Account follows the accounting guidance as outlined in ASC 946. Purchase payments for SecureDesigns and AdvanceDesigns are allocated to one or more of the subaccounts that comprise the Account. The Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended. As directed by the owners, amounts directed to each subaccount are invested in a designated mutual fund as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
| AB VPS Discovery Value Portfolio | B | AllianceBernstein LP |  |
| AB VPS Dynamic Asset Allocation | B | AllianceBernstein LP |  |
| American Funds IS<sup>®</sup> Asset Allocation | Class 4 | Capital Research and Management Company |  |
| American Funds IS<sup>®</sup> Capital World Bond | Class 4 | Capital Research and Management Company |  |
| American Funds IS<sup>®</sup> Global Growth | Class 4 | Capital Research and Management Company |  |
| American Funds IS<sup>®</sup> Growth-Income | Class 4 | Capital Research and Management Company |  |
| American Funds IS<sup>®</sup> International | Class 4 | Capital Research and Management Company |  |
| American Funds IS<sup>®</sup> New World | Class 4 | Capital Research and Management Company |  |
| BlackRock Equity Dividend V.I. | Class 3 | BlackRock Advisors LLC |  |
| BlackRock Global Allocation V.I. | Class 3 | BlackRock Advisors LLC | BlackRock (Singapore) Ltd |
| BlackRock High Yield V.I. | Class 3 | BlackRock Advisors LLC | BlackRock International Ltd |
| BNY Mellon IP MidCap Stock | Service | BNY Mellon Investment Adviser, Inc | Newton Investment Management North America, LLC |
| BNY Mellon IP Small Cap Stock Index | Service | BNY Mellon Investment Adviser, Inc |  |
| BNY Mellon IP Technology Growth | Service | BNY Mellon Investment Adviser, Inc | Newton Investment Management North America, LLC |
| BNY Mellon VIF Appreciation | Service | BNY Mellon Investment Adviser, Inc | Fayez Sarofim & Company |
| ClearBridge Variable Growth | Class II | Legg Mason Partners Fund Advisor, LLC | ClearBridge Investments, LLC |
| ClearBridge Variable Small Cap Growth | Class I | Legg Mason Partners Fund Advisor, LLC | ClearBridge Investments, LLC |
| Fidelity<sup>®</sup> VIP Equity-Income | Service Class 2 | Fidelity Management & Research Company LLC | Fidelity Management & Research (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd<br> FMR Co., Inc (FMRC) |
| Fidelity<sup>®</sup> VIP Growth & Income | Service Class 2 | Fidelity Management & Research Company LLC | Fidelity Management & Research (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd<br> FMR Co., Inc (FMRC) |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
| Fidelity<sup>®</sup> VIP Growth Opportunities | Service Class 2 | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
| Fidelity<sup>®</sup> VIP High Income | Service Class 2 | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
| Fidelity<sup>®</sup> VIP Overseas | Service Class 2 | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> FIL Investments (Japan) Ltd<br> Fil Investment Advisors<br> Fidelity Management & Research (HK) Ltd<br> FIL Investment Advisors (UK) Ltd |
| Franklin Allocation VIP Fund | Class 4 | Franklin Advisers, Inc | Templeton Global Advisors Ltd<br> Franklin Templeton Institutional, LLC |
| Franklin Income VIP Fund | Class 2 | Franklin Advisers, Inc |  |
| Franklin Mutual Global Discovery VIP Fund | Class 2 | Franklin Mutual Advisers, LLC |  |
| Franklin Small Cap Value VIP Fund | Class 2 | Franklin Mutual Advisers, LLC |  |
| Franklin Strategic Income VIP Fund | Class 2 | Franklin Advisers, Inc |  |
| Guggenheim VIF Floating Rate Strategies |  | Guggenheim Partners Investment Mgmt LLC |  |
| Guggenheim VIF Global Managed Futures Strategy |  | Security Investors, LLC |  |
| Guggenheim VIF High Yield |  | Security Investors, LLC |  |
| Guggenheim VIF Multi-Hedge Strategies |  | Security Investors, LLC |  |
| Guggenheim VIF Total Return Bond |  | Security Investors, LLC |  |
| Invesco V.I. American Value | Series II | Invesco Advisers, Inc |  |
| Invesco V.I. Comstock | Series II | Invesco Advisers, Inc |  |
| Invesco V.I. Core Plus Bond | Series II | Invesco Advisers, Inc |  |
| Invesco V.I. Discovery Mid Cap Growth | Series II | Invesco Advisers, Inc |  |
| Invesco V.I. Equity and Income | Series II | Invesco Advisers, Inc |  |
| Invesco V.I. EVQ International Equity Fund | Series II | Invesco Advisers, Inc |  |
| Invesco V.I. Global | Series II | Invesco Advisers, Inc |  |
| Invesco V.I. Global Real Estate | Series I | Invesco Advisers, Inc | Invesco Asset Management Ltd |
| Invesco V.I. Government Money Market | Series II | Invesco Advisers, Inc |  |
| Invesco V.I. Government Securities | Series II | Invesco Advisers, Inc |  |
| Invesco V.I. Health Care | Series I | Invesco Advisers, Inc |  |
| Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> | Series II | Invesco Advisers, Inc |  |
| Invesco V.I. Main Street Small Cap Fund<sup>®</sup> | Series II | Invesco Advisers, Inc |  |
| Janus Henderson VIT Enterprise | Service | Janus Capital Management LLC |  |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
| Janus Henderson VIT Research | Service | Janus Capital Management LLC |  |
| Lord Abbett Series Bond-Debenture VC | VC | Lord, Abbett & Co LLC |  |
| Lord Abbett Series Developing Growth VC | VC | Lord, Abbett & Co LLC |  |
| LVIP American Century Mid Cap Value | Service Class | American Century Investment Management, Inc |  |
| LVIP American Century Ultra | Service Class | American Century Investment Management, Inc |  |
| LVIP American Century Value | Service Class | American Century Investment Management, Inc |  |
| LVIP JPMorgan Core Bond Fund | Service Class | J.P. Morgan Investment Management, Inc |  |
| MFS<sup>®</sup> VIT II Research International | Service | Massachusetts Financial Services Company |  |
| MFS<sup>®</sup> VIT Total Return | Service | Massachusetts Financial Services Company |  |
| MFS<sup>®</sup> VIT Utilities | Service | Massachusetts Financial Services Company |  |
| Morgan Stanley VIF Emerging Markets Equity | II | Morgan Stanley Investment Management, Inc | Morgan Stanley Investment Management Co |
| Morningstar Aggressive Growth ETF Asset Allocation Portfolio | Class II | ALPS Advisors Inc | Morningstar Investment Management LLC |
| Morningstar Balanced ETF Asset Allocation Portfolio | Class II | ALPS Advisors Inc | Morningstar Investment Management LLC |
| Morningstar Conservative ETF Asset Allocation Portfolio | Class II | ALPS Advisors Inc | Morningstar Investment Management LLC |
| Morningstar Growth ETF Asset Allocation Portfolio | Class II | ALPS Advisors Inc | Morningstar Investment Management LLC |
| Morningstar Income and Growth ETF Asset Allocation Portfolio | Class II | ALPS Advisors Inc | Morningstar Investment Management LLC |
| NAA All Cap Value Series |  | Security Investors, LLC |  |
| NAA Large Cap Value Series |  | Security Investors, LLC |  |
| NAA Large Core Series |  | Security Investors, LLC |  |
| NAA Large Growth Series |  | Security Investors, LLC |  |
| NAA Mid Growth Series |  | Security Investors, LLC |  |
| NAA Small Cap Value Series |  | Security Investors, LLC |  |
| NAA Small Growth Series |  | Security Investors, LLC |  |
| NAA Smid-Cap Value Series |  | Security Investors, LLC |  |
| NAA World Equity Income Series |  | Security Investors, LLC |  |
| Neuberger Berman AMT Quality Equity Portfolio | Class S | Neuberger Berman Investment Advisers LLC |  |
| Nomura VIP Asset Strategy Series | Service Class | Delaware Management Company | Macquarie Funds Management HK Ltd.<br> Macquarie Investment Management Global Limited<br> Macquarie Investment Management Austria Kapitalanlage AG<br> Macquarie Investment Management Europe Limited |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
| PIMCO VIT All Asset | Administrative | Pacific Investment Management Company, LLC | Research Affiliates LLC |
| PIMCO VIT CommodityRealReturn Strategy | Administrative | Pacific Investment Management Company, LLC |  |
| PIMCO VIT Emerging Markets Bond | Advisor | Pacific Investment Management Company, LLC |  |
| PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) | Administrative | Pacific Investment Management Company, LLC |  |
| PIMCO VIT Low Duration | Administrative | Pacific Investment Management Company, LLC |  |
| PIMCO VIT Real Return | Administrative | Pacific Investment Management Company, LLC |  |
| PIMCO VIT Total Return | Advisor | Pacific Investment Management Company, LLC |  |
| Putnam VT Small Cap Value | IB | Putnam Investment Management, LLC | Putnam Investments Ltd |
| Royce Micro-Cap | Investment | Royce & Associates, LP |  |
| T. Rowe Price Health Sciences | II | T. Rowe Price Associates, Inc |  |
| Templeton Developing Markets VIP Fund | Class 2 | Templeton Asset Management Ltd | Franklin Templeton Inv Mgmt Ltd |
| Templeton Global Bond VIP Fund | Class 2 | Franklin Advisers, Inc |  |
| Western Asset Variable Global High Yield Bond | II | Legg Mason Partners Fund Advisor, LLC | Western Asset Management Company Pte Ltd – Singapore Inc<br> Western Asset Management Company, LLC Inc<br> Western Asset Management Company Ltd – UK |

---

Eighty-six subaccounts are currently offered by the Account, all of which had activity.

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from FSBL's other assets and liabilities. The portion of the Account's assets applicable to the variable annuity contracts is not chargeable with liabilities arising out of any other business FSBL may conduct.

The Account has one underlying fund, BlackRock High Yield V.I., that pays dividends on the first of each month. The daily dividend amount is accumulated and the balance is recognised on the Statements of Net Assets as Investment Income Receivable.

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

During the current year the following subaccount name changes were made effective:

---

| | | |
|:---|:---|:---|
| **Date** | **New Name** | **Old Name** |
| July 28, 2025 | Neuberger Berman AMT Quality Equity Portfolio | Neuberger Berman AMT Sustainable Equity |
| December 1, 2025 | Nomura VIP Asset Strategy Series | Macquarie VIP Asset Strategy |

---

**Investment Valuation** 

Investments in mutual fund shares are carried in the Statements of Net Assets at market value (net asset value of the underlying mutual fund). Investment transactions are accounted for on the trade date. Realized capital gains and losses on sales of investments are determined based on the average cost of investments sold. The difference between cost and current market value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.

The cost of investment purchases and proceeds from investments sold for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Cost of Purchases** | **Proceeds from Sales** |
|  AB VPS Discovery Value Portfolio | $28145 | $14404 |
|  AB VPS Dynamic Asset Allocation | 371 | 7631 |
|  American Funds IS<sup>®</sup> Asset Allocation | 137212 | 167905 |
|  American Funds IS<sup>®</sup> Capital World Bond | 10038 | 9198 |
|  American Funds IS<sup>®</sup> Global Growth | 366309 | 851825 |
|  American Funds IS<sup>®</sup> Growth-Income | 377075 | 257662 |
|  American Funds IS<sup>®</sup> International | 11844 | 103043 |
|  American Funds IS<sup>®</sup> New World | 9580 | 43108 |
|  BlackRock Equity Dividend V.I. | 308136 | 250801 |
|  BlackRock Global Allocation V.I. | 26515 | 47388 |
|  BlackRock High Yield V.I. | 37358 | 47431 |
|  BNY Mellon IP MidCap Stock | 12607 | 13523 |
|  BNY Mellon IP Small Cap Stock Index | 134134 | 262389 |
|  BNY Mellon IP Technology Growth | 1116605 | 855371 |
|  BNY Mellon VIF Appreciation | 90957 | 30725 |
|  ClearBridge Variable Growth | 103395 | 474580 |
|  ClearBridge Variable Small Cap Growth | 45751 | 47946 |
|  Fidelity<sup>®</sup> VIP Equity-Income | 59120 | 150889 |
|  Fidelity<sup>®</sup> VIP Growth & Income | 185489 | 38864 |
|  Fidelity<sup>®</sup> VIP Growth Opportunities | 120138 | 1024448 |
|  Fidelity<sup>®</sup> VIP High Income | 42416 | 153051 |
|  Fidelity<sup>®</sup> VIP Overseas | 54966 | 137473 |
|  Franklin Allocation VIP Fund | 7245 | 8408 |
|  Franklin Income VIP Fund | 43963 | 72313 |
|  Franklin Mutual Global Discovery VIP Fund | 153360 | 118063 |
|  Franklin Small Cap Value VIP Fund | 29324 | 45952 |
|  Franklin Strategic Income VIP Fund | 6868 | 8182 |
|  Guggenheim VIF Floating Rate Strategies | 103364 | 344329 |
|  Guggenheim VIF Global Managed Futures Strategy | 4148 | 60738 |
|  Guggenheim VIF High Yield | 55583 | 235725 |
|  Guggenheim VIF Multi-Hedge Strategies | 1555 | 1063 |
|  Guggenheim VIF Total Return Bond | 112340 | 539588 |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Cost of Purchases** | **Proceeds from Sales** |
|  Invesco V.I. American Value | $65103 | $21991 |
|  Invesco V.I. Comstock | 24168 | 23135 |
|  Invesco V.I. Core Plus Bond | 19942 | 65403 |
|  Invesco V.I. Discovery Mid Cap Growth | 42789 | 122154 |
|  Invesco V.I. Equity and Income | 81726 | 109461 |
|  Invesco V.I. EVQ International Equity Fund | 44286 | 117381 |
|  Invesco V.I. Global | 101377 | 155925 |
|  Invesco V.I. Global Real Estate | 29337 | 137684 |
|  Invesco V.I. Government Money Market | 183619 | 206680 |
|  Invesco V.I. Government Securities | 36903 | 192350 |
|  Invesco V.I. Health Care | 28532 | 65812 |
|  Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> | 24955 | 48675 |
|  Invesco V.I. Main Street Small Cap Fund<sup>®</sup> | 35967 | 81573 |
|  Janus Henderson VIT Enterprise | 233212 | 858677 |
|  Janus Henderson VIT Research | 122765 | 208616 |
|  Lord Abbett Series Bond-Debenture VC | 5100 | 34940 |
|  Lord Abbett Series Developing Growth VC | 17523 | 47725 |
|  LVIP American Century Mid Cap Value | 128618 | 44875 |
|  LVIP American Century Ultra | 1080830 | 2358525 |
|  LVIP American Century Value | 998723 | 1313121 |
|  LVIP JPMorgan Core Bond Fund | 20828 | 39869 |
|  MFS<sup>®</sup> VIT II Research International | 24183 | 111887 |
|  MFS<sup>®</sup> VIT Total Return | 105429 | 177347 |
|  MFS<sup>®</sup> VIT Utilities | 49155 | 76326 |
|  Morgan Stanley VIF Emerging Markets Equity | 42240 | 101129 |
|  Morningstar Aggressive Growth ETF Asset Allocation Portfolio | 32708 | 97739 |
|  Morningstar Balanced ETF Asset Allocation Portfolio | 42791 | 40977 |
|  Morningstar Conservative ETF Asset Allocation Portfolio | 2155 | 3325 |
|  Morningstar Growth ETF Asset Allocation Portfolio | 13993 | 46504 |
|  Morningstar Income and Growth ETF Asset Allocation Portfolio | 8091 | 44957 |
|  NAA All Cap Value Series | 36064 | 26021 |
|  NAA Large Cap Value Series | 146130 | 102057 |
|  NAA Large Core Series | 155957 | 142074 |
|  NAA Large Growth Series | 47219 | 91603 |
|  NAA Mid Growth Series | 273174 | 739519 |
|  NAA Small Cap Value Series | 99133 | 152999 |
|  NAA Small Growth Series | 37178 | 534674 |
|  NAA Smid-Cap Value Series | 319511 | 312985 |
|  NAA World Equity Income Series | 106447 | 199159 |
|  Neuberger Berman AMT Quality Equity Portfolio (a) | 38141 | 174149 |
|  Nomura VIP Asset Strategy Series (a) | 6476 | 4348 |
|  PIMCO VIT All Asset | 4102 | 6011 |
|  PIMCO VIT CommodityRealReturn Strategy | 23533 | 55357 |
|  PIMCO VIT Emerging Markets Bond | 1942 | 10856 |
|  PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) | 17430 | 29026 |
|  PIMCO VIT Low Duration | 13662 | 66449 |

---

(a) Name change. See Note 1.

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Cost of Purchases** | **Proceeds from Sales** |
|  PIMCO VIT Real Return | $57313 | $186553 |
|  PIMCO VIT Total Return | 42189 | 86590 |
|  Putnam VT Small Cap Value | 2209 | 518 |
|  Royce Micro-Cap | 42364 | 79684 |
| T. Rowe Price Health Sciences | 88496 | 556703 |
|  Templeton Developing Markets VIP Fund | 26678 | 55371 |
|  Templeton Global Bond VIP Fund | 147093 | 624064 |
|  Western Asset Variable Global High Yield Bond | 9888 | 20766 |

---

**Market Risk** 

Each subaccount invests in shares of a single underlying fund. The investment performance of each subaccount will reflect the investment performance of the underlying fund less separate account expenses. There is no assurance that the investment objective of any underlying fund will be met. A fund calculates a daily net asset value per share ("NAV") which is based on the market value of its investment portfolio. The amount of risk varies significantly between subaccounts. Due to the level of risk associated with certain investment portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect contractholders' investments in the funds and the amounts reported in the Statements of Net Assets. The contractholder assumes all of the investment performance risk for the subaccounts selected.

**Annuity Assets** 

As of December 31, 2025, annuity reserves have not been established, as there are no contracts that have matured and are in the payout stage. Such reserves would be computed on the basis of published mortality tables using assumed interest rates that will provide reserves as prescribed by law. In cases where the payout option selected is life contingent, FSBL periodically recalculates the required annuity reserves, and any resulting adjustment is either charged or credited to FSBL and not to the Account.

**Reinvestment of Dividends** 

Dividend and capital gain distributions paid by the mutual funds to the Account are reinvested in additional shares of each respective fund. Dividend income and capital gain distributions are recorded as income on the ex-dividend date.

**Federal Income Taxes** 

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

**Use of Estimates** 

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

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

**Fair Value Measurements** 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).

The Account invests in shares of open-end mutual funds, which process contractholders directed purchases, sales and transfers on a daily basis at the funds' computed NAVs. The fair value of the Account's assets is based on the NAVs of mutual funds, which are obtained from the custodians and reflect the fair values of the mutual fund investments. The NAV is calculated daily and is based on the fair values of the underlying securities.

Because the fund provides liquidity for the investments through purchases and redemptions at NAV, this may represent the fair value of the investment in the fund. That is, for an open-ended mutual fund, the fair value of an investment in the fund would not be expected to be higher than the amount that a new investor would be required to spend in order to directly invest in the mutual fund. Similarly, the hypothetical seller of the investment would not be expected to accept less in proceeds than it could receive by directly redeeming its investment with the fund.

The Account had no financial liabilities as of December 31, 2025.

**Segment Disclosures** 

An operating segment is defined in ASC Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is Brian Beckett, Chief Financial Officer. The subaccount represents a single operating segment, as the CODM monitors the operating results of the subaccount and as a whole, the subaccount's long-term strategic asset allocation is pre-determined based on a defined investment strategy. The net increase (decrease) in net assets from operations, which is used by the CODM to assess the segment's performance is consistent with that presented within the subaccount's financial statements. Segment assets are reflected on the accompanying Statements of Net Assets as "Net Assets" and significant segment expenses are listed on the accompanying Statements of Operations and Change in Net Assets.

**2. Variable Annuity Contract Charges** 

**AdvanceDesigns** 

*Mortality and Expense Risk Charge*: The mortality and expense risks assumed by FSBL are compensated for by a fee equivalent to a minimum annual rate of 1.20% of the average daily net assets. The mortality and expense risk charge is based on the daily value of the individual contract.

*Administrative Charge*: FSBL deducts a daily administrative charge equivalent to an annual rate of 0.15% of the average daily net asset value.

These charges are presented as expenses on the Statements of Operations and Change in Net Assets under Mortality and expense risk and administrative charges line item.

*Premium Tax Charge*: When applicable, an amount for premium taxes is deducted as provided by pertinent state law either from the purchase payments or from the amount applied to effect an annuity at the time annuity payments commence.

Contract owner maintenance charges presented as a decrease in units on the Statements of Operations and Change in Net Assets under the Maintenance charges and mortality adjustments line item may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mortality and Expense Risk Charge*: If the net asset value of an individual contract is less than $100,000,
FSBL deducts an additional mortality and expense risk charge of 0.25% on contracts with a net asset value less than $25,000 and 0.10% on contracts with a net asset value of at least $25,000 but less than $100,000, as a contract level deduction.

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

**2. Variable Annuity Contract Charges (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Contingent Deferred Sales Charge (CDSC)*: FSBL deducts a CDSC (also referred to as a "withdrawal
charge") of up to 7% of any portion of a withdrawal, consisting of purchase payments, that exceed the free withdrawal amount for units withdrawn in the first seven years of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Account Administrative Charge*: FSBL deducts an account administration charge of $30 annually, except for
certain contracts based on a minimum account value and the period of time the contract has been in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Rider Charge:* FSBL deducts an amount for each rider, equal to a percentage of the contract value, not to
exceed a total charge of 1.70% of the contract value.

**SecureDesigns** 

*Mortality and Expense Risk Charge*: Mortality and expense risks assumed by FSBL are compensated for by a fee equivalent to a minimum annual rate of 0.60% of the average daily net asset. The mortality and expense risk charge is based on the daily value of the individual contract.

*Administrative Charge*: FSBL deducts a daily administrative charge equivalent to an annual rate of 0.15% of the average daily net asset value.

These charges are presented as expenses on the Statements of Operations and Change in Net Assets under Mortality and expense risk and administrative charges line item.

*Premium Tax Charge*: When applicable, an amount for state premium taxes is deducted as provided by pertinent state law either from the purchase payments or from the amount applied to effect an annuity at the time annuity payments commence.

Contract owner maintenance charges presented as a decrease in units on the Statements of Operations and Change in Net Assets under the Maintenance charges and mortality adjustments line item may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mortality and Expense Risk Charge*: If the net asset value of an individual contract is less than $100,000,
FSBL deducts an additional mortality and expense risk charge of 0.25% on contracts with a net asset value less than $25,000 and 0.10% on contracts with a net asset value of at least $25,000 but less than $100,000, as a contract level deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Account Administrative Charge*: FSBL deducts an account administration charge of $30 annually, except for
certain contracts based on a minimum account value and the period of time the contract has been in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Contingent Deferred Sales Charge (CDSC)*: FSBL deducts a CDSC (also referred to as a "withdrawal
charge") of up to 7% of any portion of a withdrawal, consisting of purchase payments, that exceed the free withdrawal amount for units withdrawn in the first seven years of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Rider Charge*: FSBL deducts an amount for each rider, equal to a percentage of contract value, not to
exceed a total charge of 1.70% of the contract value.

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

**3. Summary of Unit Transactions** 

The changes in units outstanding for the periods December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **Subaccount** | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase<br>(Decrease)** |
|  AB VPS Discovery Value Portfolio | 1204 | (1054) | 150 | 460 | (885) | (425) |
|  AB VPS Dynamic Asset Allocation | 60 | (698) | (638) | 89 | (2054) | (1965) |
|  American Funds IS<sup>®</sup> Asset Allocation | 4012 | (10659) | (6647) | 4408 | (48196) | (43788) |
|  American Funds IS<sup>®</sup> Capital World Bond | 1536 | (1320) | 216 | 368 | (102) | 266 |
|  American Funds IS<sup>®</sup> Global Growth | 7514 | (42022) | (34508) | 11838 | (52610) | (40772) |
|  American Funds IS<sup>®</sup> Growth-Income | 6819 | (10419) | (3600) | 2313 | (5669) | (3356) |
|  American Funds IS<sup>®</sup> International | 1700 | (9736) | (8036) | 4768 | (1401) | 3367 |
|  American Funds IS<sup>®</sup> New World | 610 | (3450) | (2840) | 486 | (4654) | (4168) |
|  BlackRock Equity Dividend V.I. | 14140 | (13707) | 433 | 4522 | (15466) | (10944) |
|  BlackRock Global Allocation V.I. | 565 | (3911) | (3346) | 1022 | (9546) | (8524) |
|  BlackRock High Yield V.I. | 2761 | (4226) | (1465) | 1918 | (1341) | 577 |
|  BNY Mellon IP MidCap Stock | 397 | (917) | (520) | 750 | (1310) | (560) |
|  BNY Mellon IP Small Cap Stock Index | 4581 | (16951) | (12370) | 6678 | (16891) | (10213) |
|  BNY Mellon IP Technology Growth | 2159 | (17814) | (15655) | 2802 | (6365) | (3563) |
|  BNY Mellon VIF Appreciation | 2076 | (1398) | 678 | 2305 | (3536) | (1231) |
|  ClearBridge Variable Growth | 1384 | (23286) | (21902) | 2872 | (6688) | (3816) |
|  ClearBridge Variable Small Cap Growth | 1232 | (1797) | (565) | 2787 | (1058) | 1729 |
|  Fidelity<sup>®</sup> VIP Equity-Income | 2313 | (8458) | (6145) | 8417 | (7680) | 737 |
|  Fidelity<sup>®</sup> VIP Growth & Income | 3778 | (1353) | 2425 | 3760 | (6789) | (3029) |
|  Fidelity<sup>®</sup> VIP Growth Opportunities | 3595 | (23721) | (20126) | 2101 | (6806) | (4705) |
|  Fidelity<sup>®</sup> VIP High Income | 2479 | (14910) | (12431) | 2411 | (1437) | 974 |
|  Fidelity<sup>®</sup> VIP Overseas | 2862 | (10418) | (7556) | 2892 | (11372) | (8480) |
|  Franklin Allocation VIP Fund | 393 | (655) | (262) | 622 | (14207) | (13585) |
|  Franklin Income VIP Fund | 2315 | (5574) | (3259) | 2969 | (15164) | (12195) |
|  Franklin Mutual Global Discovery VIP Fund | 4177 | (7729) | (3552) | 5733 | (8610) | (2877) |
|  Franklin Small Cap Value VIP Fund | 1239 | (2562) | (1323) | 669 | (3194) | (2525) |
|  Franklin Strategic Income VIP Fund | 698 | (937) | (239) | 852 | (6281) | (5429) |
|  Guggenheim VIF Floating Rate Strategies | 3957 | (34277) | (30320) | 4367 | (8985) | (4618) |

---

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##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **Subaccount** | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase<br>(Decrease)** |
|  Guggenheim VIF Global Managed Futures Strategy | 917 | (13172) | (12255) | 490 | (74) | 416 |
|  Guggenheim VIF High Yield | 937 | (8305) | (7368) | 5509 | (5645) | (136) |
|  Guggenheim VIF Multi-Hedge Strategies | 344 | (126) | 218 | 756 | (7386) | (6630) |
|  Guggenheim VIF Total Return Bond | 9903 | (53867) | (43964) | 13321 | (15148) | (1827) |
|  Invesco V.I. American Value | 4317 | (1477) | 2840 | 179 | (13861) | (13682) |
|  Invesco V.I. Comstock | 284 | (998) | (714) | 2789 | (9866) | (7077) |
|  Invesco V.I. Core Plus Bond | 1902 | (6738) | (4836) | 953 | (7781) | (6828) |
|  Invesco V.I. Discovery Mid Cap Growth | 1429 | (6211) | (4782) | 1948 | (7082) | (5134) |
|  Invesco V.I. Equity and Income | 2795 | (5535) | (2740) | 3467 | (8958) | (5491) |
|  Invesco V.I. EVQ International Equity Fund | 1914 | (6854) | (4940) | 1812 | (3192) | (1380) |
|  Invesco V.I. Global | 1185 | (8564) | (7379) | 1267 | (8210) | (6943) |
|  Invesco V.I. Global Real Estate | 1928 | (7782) | (5854) | 2420 | (5349) | (2929) |
|  Invesco V.I. Government Money Market | 21315 | (24042) | (2727) | 120149 | (49189) | 70960 |
|  Invesco V.I. Government Securities | 5415 | (26429) | (21014) | 13442 | (17067) | (3625) |
|  Invesco V.I. Health Care | 1037 | (2496) | (1459) | 810 | (1093) | (283) |
|  Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> | 795 | (1878) | (1083) | 383 | (2346) | (1963) |
|  Invesco V.I. Main Street Small Cap Fund<sup>®</sup> | 601 | (2022) | (1421) | 704 | (1041) | (337) |
|  Janus Henderson VIT Enterprise | 3562 | (27279) | (23717) | 4272 | (5717) | (1445) |
|  Janus Henderson VIT Research | 1986 | (6177) | (4191) | 2816 | (5445) | (2629) |
|  Lord Abbett Series Bond-Debenture VC | 290 | (3521) | (3231) | 457 | (6555) | (6098) |
|  Lord Abbett Series Developing Growth VC | 1642 | (2622) | (980) | 720 | (1399) | (679) |
|  LVIP American Century Mid Cap Value | 4349 | (2009) | 2340 | 1346 | (3519) | (2173) |
|  LVIP American Century Ultra | 17674 | (49020) | (31346) | 4864 | (31595) | (26731) |
|  LVIP American Century Value | 34244 | (44560) | (10316) | 4478 | (6997) | (2519) |
|  LVIP JPMorgan Core Bond Fund | 2594 | (4940) | (2346) | 594 | (1056) | (462) |
|  MFS<sup>®</sup> VIT II Research International | 2642 | (9872) | (7230) | 1252 | (7543) | (6291) |
|  MFS<sup>®</sup> VIT Total Return | 3463 | (10968) | (7505) | 9848 | (14174) | (4326) |
|  MFS<sup>®</sup> VIT Utilities | 1955 | (3708) | (1753) | 3747 | (6079) | (2332) |
|  Morgan Stanley VIF Emerging Markets Equity | 5203 | (12486) | (7283) | 12347 | (10477) | 1870 |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **Subaccount** | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase<br>(Decrease)** |
|  Morningstar Aggressive Growth ETF Asset Allocation Portfolio | 1487 | (6437) | (4950) | 517 | (1236) | (719) |
|  Morningstar Balanced ETF Asset Allocation Portfolio | 853 | (3334) | (2481) | 916 | (329) | 587 |
|  Morningstar Conservative ETF Asset Allocation Portfolio | 254 | (363) | (109) | 244 | (417) | (173) |
|  Morningstar Growth ETF Asset Allocation Portfolio | 352 | (3373) | (3021) | 479 | (3730) | (3251) |
|  Morningstar Income and Growth ETF Asset Allocation Portfolio | 255 | (4395) | (4140) | 364 | (751) | (387) |
|  NAA All Cap Value Series | 257 | (996) | (739) | 681 | (6437) | (5756) |
|  NAA Large Cap Value Series | 1910 | (4714) | (2804) | 1614 | (6837) | (5223) |
|  NAA Large Core Series | 2378 | (7609) | (5231) | 4106 | (6634) | (2528) |
|  NAA Large Growth Series | 427 | (3880) | (3453) | 2661 | (1804) | 857 |
|  NAA Mid Growth Series | 11208 | (36649) | (25441) | 7482 | (49864) | (42382) |
|  NAA Small Cap Value Series | 1196 | (3829) | (2633) | 560 | (1794) | (1234) |
|  NAA Small Growth Series | 3775 | (41770) | (37995) | 2998 | (3523) | (525) |
|  NAA Smid-Cap Value Series | 1808 | (6587) | (4779) | 2375 | (5497) | (3122) |
|  NAA World Equity Income Series | 1756 | (12977) | (11221) | 5642 | (11570) | (5928) |
|  Neuberger Berman AMT Quality Equity Portfolio(a) | 576 | (4111) | (3535) | 723 | (1877) | (1154) |
|  Nomura VIP Asset Strategy Series(a) | 234 | (323) | (89) | 296 | (1411) | (1115) |
|  PIMCO VIT All Asset | 194 | (386) | (192) | 263 | (1566) | (1303) |
|  PIMCO VIT CommodityRealReturn Strategy | 4599 | (10308) | (5709) | 2633 | (4139) | (1506) |
|  PIMCO VIT Emerging Markets Bond | 91 | (976) | (885) | 2002 | (1978) | 24 |
|  PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) | 1544 | (2572) | (1028) | 2154 | (14163) | (12009) |
|  PIMCO VIT Low Duration | 1609 | (8672) | (7063) | 2259 | (9261) | (7002) |
|  PIMCO VIT Real Return | 5765 | (18251) | (12486) | 7286 | (13776) | (6490) |
|  PIMCO VIT Total Return | 4863 | (10460) | (5597) | 1641 | (9570) | (7929) |
|  Putnam VT Small Cap Value | 49 | (24) | 25 | 44 | (2) | 42 |

---

(a) Name change. See Note 1.

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | | **Net** | | | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  Royce Micro-Cap | 1949 | (5462) | (3513) | 475 | (1693) | (1218) |
| T. Rowe Price Health Sciences | 4921 | (29743) | (24822) | 4347 | (7098) | (2751) |
|  Templeton Developing Markets VIP Fund | 2496 | (4895) | (2399) | 981 | (6691) | (5710) |
|  Templeton Global Bond VIP Fund | 31886 | (104340) | (72454) | 55542 | (121962) | (66420) |
|  Western Asset Variable Global High Yield Bond | 921 | (1948) | (1027) | 80 | (7) | 73 |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

**4. Financial Highlights** 

The Account has a number of products, which have unique combinations of features and fees that are charged against the contract owner's account balance. Differences in the fee structures result in a variety of unit values, expense ratios, and total returns. The information presented below identifies the range of lowest to highest expense ratios and the corresponding total return. The summary may not reflect the minimum and maximum contract charges offered by the Account as contract owners may not have selected all available and applicable contract options as discussed in Note 2.

A summary of units outstanding, unit values, net assets, expense ratios, investment income ratios and total return ratios for each of the five years in the period ended December 31, 2025 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  AB VPS Discovery Value Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 9934 | 14.40 | 14.40 | 143066 | 0.54 | 0.75 | 0.75 | (1.17) | (1.17) |
| 2024 | 9784 | 14.57 | 14.57 | 142541 | 0.01 | 0.75 | 0.75 | 5.66 | 5.66 |
| 2023 | 10209 | 13.79 | 13.79 | 140749 | 0.01 | 0.75 | 0.75 | 12.57 | 12.57 |
| 2022 | 10077 | 12.25 | 12.25 | 123412 | 0.01 | 0.75 | 0.75 | (18.87) | (18.87) |
| 2021 | 9983 | 15.10 | 15.10 | 150748 | 0.01 | 0.75 | 0.75 | 30.62 | 30.62 |
|  AB VPS Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| 2025 | 1559 | 10.90 | 10.90 | 17012 | 1.90 | 0.75 | 0.75 | 9.00 | 9.00 |
| 2024 | 2197 | 10.00 | 10.00 | 21982 | 0.01 | 0.75 | 0.75 | 6.38 | 6.38 |
| 2023 | 4162 | 9.40 | 9.40 | 39137 | 0.01 | 0.75 | 0.75 | 9.30 | 9.30 |
| 2022 | 4167 | 8.60 | 8.60 | 35844 | 0.02 | 0.75 | 0.75 | (21.68) | (21.68) |
| 2021 | 4217 | 10.98 | 10.98 | 46311 | 0.02 | 0.75 | 0.75 | 5.27 | 5.27 |
|  American Funds IS<sup>®</sup> Asset Allocation |  |  |  |  |  |  |  |  |  |
| 2025 | 78856 | 16.85 | 16.85 | 1328728 | 1.76 | 0.75 | 0.75 | 11.29 | 11.29 |
| 2024 | 85503 | 15.14 | 15.14 | 1294169 | 0.02 | 0.75 | 0.75 | 11.82 | 11.82 |
| 2023 | 129291 | 13.54 | 13.54 | 1749919 | 0.02 | 0.75 | 0.75 | 9.90 | 9.90 |
| 2022 | 165172 | 12.32 | 12.32 | 2035540 | 0.02 | 0.75 | 0.75 | (16.87) | (16.87) |
| 2021 | 191076 | 14.82 | 14.82 | 2831316 | 0.01 | 0.75 | 0.75 | 10.60 | 10.60 |
|  American Funds IS<sup>®</sup> Capital World Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 10119 | 6.61 | 6.61 | 66898 | 2.89 | 0.75 | 0.75 | 5.09 | 5.09 |
| 2024 | 9903 | 6.29 | 6.29 | 62348 | 0.02 | 0.75 | 0.75 | (6.95) | (6.95) |
| 2023 | 9637 | 6.76 | 6.76 | 65162 |  | 0.75 | 0.75 | 1.96 | 1.96 |
| 2022 | 9556 | 6.63 | 6.63 | 63352 | 0.00 | 0.75 | 0.75 | (20.88) | (20.88) |
| 2021 | 16906 | 8.38 | 8.38 | 141604 | 0.02 | 0.75 | 0.75 | (8.62) | (8.62) |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  American Funds IS<sup>®</sup> Global Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 80935 | 22.01 | 22.01 | 1782185 | 1.08 | 0.75 | 0.75 | 16.89 | 16.89 |
| 2024 | 115443 | 18.83 | 18.83 | 2175058 | 0.01 | 0.75 | 0.75 | 9.16 | 9.16 |
| 2023 | 156215 | 17.25 | 17.25 | 2694981 | 0.01 | 0.75 | 0.75 | 17.83 | 17.83 |
| 2022 | 162629 | 14.64 | 14.64 | 2381690 | 0.00 | 0.75 | 0.75 | (27.67) | (27.67) |
| 2021 | 161487 | 20.24 | 20.24 | 3269653 | 0.00 | 0.75 | 0.75 | 11.82 | 11.82 |
|  American Funds IS<sup>®</sup> Growth-Income |  |  |  |  |  |  |  |  |  |
| 2025 | 61197 | 25.46 | 25.46 | 1557644 | 0.72 | 0.75 | 0.75 | 13.41 | 13.41 |
| 2024 | 64797 | 22.45 | 22.45 | 1454107 | 0.01 | 0.75 | 0.75 | 19.35 | 19.35 |
| 2023 | 68153 | 18.81 | 18.81 | 1281527 | 0.01 | 0.75 | 0.75 | 21.20 | 21.20 |
| 2022 | 71075 | 15.52 | 15.52 | 1102701 | 0.01 | 0.75 | 0.75 | (19.75) | (19.75) |
| 2021 | 76205 | 19.34 | 19.34 | 1473460 | 0.01 | 0.75 | 0.75 | 19.24 | 19.24 |
|  American Funds IS<sup>®</sup> International |  |  |  |  |  |  |  |  |  |
| 2025 | 19229 | 11.37 | 11.37 | 218579 | 0.99 | 0.75 | 0.75 | 21.73 | 21.73 |
| 2024 | 27265 | 9.34 | 9.34 | 254605 | 0.01 | 0.75 | 0.75 | (0.85) | (0.85) |
| 2023 | 23898 | 9.42 | 9.42 | 225114 | 0.01 | 0.75 | 0.75 | 11.35 | 11.35 |
| 2022 | 30786 | 8.46 | 8.46 | 260567 | 0.01 | 0.75 | 0.75 | (23.99) | (23.99) |
| 2021 | 31954 | 11.13 | 11.13 | 355484 | 0.02 | 0.75 | 0.75 | (5.28) | (5.28) |
|  American Funds IS<sup>®</sup> New World |  |  |  |  |  |  |  |  |  |
| 2025 | 6472 | 13.63 | 13.63 | 88263 | 0.81 | 0.75 | 0.75 | 23.13 | 23.13 |
| 2024 | 9312 | 11.07 | 11.07 | 103068 | 0.01 | 0.75 | 0.75 | 2.41 | 2.41 |
| 2023 | 13480 | 10.81 | 10.81 | 145661 | 0.01 | 0.75 | 0.75 | 11.44 | 11.44 |
| 2022 | 15777 | 9.70 | 9.70 | 152989 | 0.01 | 0.75 | 0.75 | (25.10) | (25.10) |
| 2021 | 15886 | 12.95 | 12.95 | 205679 | 0.01 | 0.75 | 0.75 | 0.78 | 0.78 |
|  BlackRock Equity Dividend V.I. |  |  |  |  |  |  |  |  |  |
| 2025 | 41086 | 19.48 | 19.48 | 800423 | 2.03 | 0.75 | 0.75 | 16.86 | 16.86 |
| 2024 | 40653 | 16.67 | 16.67 | 677740 | 0.02 | 0.75 | 0.75 | 5.64 | 5.64 |
| 2023 | 51597 | 15.78 | 15.78 | 814126 | 0.02 | 0.75 | 0.75 | 7.86 | 7.86 |
| 2022 | 54891 | 14.63 | 14.63 | 802922 | 0.01 | 0.75 | 0.75 | (7.64) | (7.64) |
| 2021 | 48337 | 15.84 | 15.84 | 765420 | 0.01 | 0.75 | 0.75 | 15.87 | 15.87 |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  BlackRock Global Allocation V.I. |  |  |  |  |  |  |  |  |  |
| 2025 | 14434 | 13.07 | 13.07 | 188619 | 3.81 | 0.75 | 0.75 | 15.05 | 15.05 |
| 2024 | 17780 | 11.36 | 11.36 | 201873 | 0.01 | 0.75 | 0.75 | 4.99 | 4.99 |
| 2023 | 26304 | 10.82 | 10.82 | 284681 | 0.02 | 0.75 | 0.75 | 8.31 | 8.31 |
| 2022 | 34318 | 9.99 | 9.99 | 342827 |  | 0.75 | 0.75 | (19.17) | (19.17) |
| 2021 | 41315 | 12.36 | 12.36 | 510550 | 0.01 | 0.75 | 0.75 | 2.49 | 2.49 |
|  BlackRock High Yield V.I. |  |  |  |  |  |  |  |  |  |
| 2025 | 18658 | 11.10 | 11.10 | 207071 | 6.62 | 0.75 | 0.75 | 5.01 | 5.01 |
| 2024 | 20123 | 10.57 | 10.57 | 212568 | 0.07 | 0.75 | 0.75 | 3.93 | 3.93 |
| 2023 | 19546 | 10.17 | 10.17 | 198773 | 0.06 | 0.75 | 0.75 | 8.77 | 8.77 |
| 2022 | 19988 | 9.35 | 9.35 | 186885 | 0.05 | 0.75 | 0.75 | (13.90) | (13.90) |
| 2021 | 28550 | 10.86 | 10.86 | 309897 | 0.04 | 0.75 | 0.75 | 1.40 | 1.40 |
|  BNY Mellon IP MidCap Stock |  |  |  |  |  |  |  |  |  |
| 2025 | 7062 | 15.64 | 15.64 | 110473 | 0.39 | 0.75 | 0.75 | 5.75 | 5.75 |
| 2024 | 7582 | 14.79 | 14.79 | 111616 | 0.01 | 0.75 | 0.75 | 8.19 | 8.19 |
| 2023 | 8142 | 13.67 | 13.67 | 110831 | 0.01 | 0.75 | 0.75 | 13.63 | 13.63 |
| 2022 | 7833 | 12.03 | 12.03 | 93816 | 0.00 | 0.75 | 0.75 | (17.38) | (17.38) |
| 2021 | 8940 | 14.56 | 14.56 | 129730 | 0.00 | 0.75 | 0.75 | 20.93 | 20.93 |
|  BNY Mellon IP Small Cap Stock Index |  |  |  |  |  |  |  |  |  |
| 2025 | 42490 | 16.24 | 16.24 | 690124 | 1.33 | 0.75 | 0.75 | 1.44 | 1.44 |
| 2024 | 54860 | 16.01 | 16.01 | 878126 | 0.01 | 0.75 | 0.75 | 3.96 | 3.96 |
| 2023 | 65073 | 15.40 | 15.40 | 1001662 | 0.01 | 0.75 | 0.75 | 11.19 | 11.19 |
| 2022 | 60587 | 13.85 | 13.85 | 839031 | 0.01 | 0.75 | 0.75 | (19.71) | (19.71) |
| 2021 | 61408 | 17.25 | 17.25 | 1059107 | 0.01 | 0.75 | 0.75 | 21.48 | 21.48 |
|  BNY Mellon IP Technology Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 34432 | 45.42 | 51.79 | 1771582 |  | 0.75 | 1.35 | 22.39 | 23.13 |
| 2024 | 50087 | 37.11 | 42.06 | 2097013 |  | 0.75 | 1.35 | 20.02 | 20.72 |
| 2023 | 53650 | 30.92 | 34.84 | 1862730 |  | 0.75 | 1.35 | 52.24 | 53.21 |
| 2022 | 53212 | 20.31 | 22.74 | 1206385 |  | 0.75 | 1.35 | (48.79) | (48.48) |
| 2021 | 52366 | 39.66 | 44.14 | 2303121 |  | 0.75 | 1.35 | 7.83 | 8.48 |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  BNY Mellon VIF Appreciation |  |  |  |  |  |  |  |  |  |
| 2025 | 18693 | 21.71 | 21.71 | 405893 | 0.16 | 0.75 | 0.75 | 5.70 | 5.70 |
| 2024 | 18015 | 20.54 | 20.54 | 369976 |  | 0.75 | 0.75 | 8.33 | 8.33 |
| 2023 | 19246 | 18.96 | 18.96 | 364855 | 0.00 | 0.75 | 0.75 | 16.25 | 16.25 |
| 2022 | 18312 | 16.31 | 16.31 | 298675 | 0.00 | 0.75 | 0.75 | (21.25) | (21.25) |
| 2021 | 17698 | 20.71 | 20.71 | 366583 | 0.00 | 0.75 | 0.75 | 22.11 | 22.11 |
|  ClearBridge Variable Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 24545 | 18.73 | 21.39 | 524386 |  | 0.75 | 1.35 | 8.27 | 8.97 |
| 2024 | 46447 | 17.30 | 19.63 | 911356 |  | 0.75 | 1.35 | 7.65 | 8.21 |
| 2023 | 50263 | 16.07 | 18.14 | 910838 | 0.00 | 0.75 | 1.35 | 18.86 | 19.58 |
| 2022 | 52901 | 13.52 | 15.17 | 801863 |  | 0.75 | 1.35 | (29.73) | (29.24) |
| 2021 | 55176 | 19.24 | 21.44 | 1182547 | 0.00 | 0.75 | 1.35 | 5.37 | 5.98 |
|  ClearBridge Variable Small Cap Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 18636 | 21.50 | 24.71 | 459472 |  | 0.75 | 1.35 | 4.57 | 5.24 |
| 2024 | 19201 | 23.48 | 23.48 | 450688 |  | 0.75 | 0.75 | 0.64 | 0.64 |
| 2023 | 17472 | 20.55 | 23.33 | 407451 |  | 0.75 | 1.35 | 3.79 | 4.43 |
| 2022 | 19419 | 22.34 | 22.34 | 433699 |  | 0.75 | 0.75 | (31.47) | (31.47) |
| 2021 | 17438 | 29.06 | 32.60 | 568121 |  | 0.75 | 1.35 | 7.79 | 8.49 |
|  Fidelity<sup>®</sup> VIP Equity-Income |  |  |  |  |  |  |  |  |  |
| 2025 | 26076 | 18.94 | 18.94 | 496440 | 1.50 | 0.75 | 0.75 | 14.37 | 14.37 |
| 2024 | 32221 | 16.56 | 16.56 | 535741 | 0.02 | 0.75 | 0.75 | 10.77 | 10.77 |
| 2023 | 31484 | 14.95 | 14.95 | 472305 | 0.02 | 0.75 | 0.75 | 6.33 | 6.33 |
| 2022 | 40157 | 14.06 | 14.06 | 566155 | 0.02 | 0.75 | 0.75 | (8.70) | (8.70) |
| 2021 | 42297 | 15.40 | 15.40 | 653112 | 0.02 | 0.75 | 0.75 | 20.03 | 20.03 |
|  Fidelity<sup>®</sup> VIP Growth & Income |  |  |  |  |  |  |  |  |  |
| 2025 | 56400 | 24.32 | 24.32 | 1371682 | 1.37 | 0.75 | 0.75 | 16.70 | 16.70 |
| 2024 | 53975 | 20.84 | 20.84 | 1124435 | 0.01 | 0.75 | 0.75 | 17.47 | 17.47 |
| 2023 | 57004 | 17.74 | 17.74 | 1010989 | 0.02 | 0.75 | 0.75 | 14.01 | 14.01 |
| 2022 | 55393 | 15.56 | 15.56 | 861698 | 0.01 | 0.75 | 0.75 | (8.63) | (8.63) |
| 2021 | 50812 | 17.03 | 17.03 | 865268 | 0.02 | 0.75 | 0.75 | 21.04 | 21.04 |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  Fidelity<sup>®</sup> VIP Growth Opportunities |  |  |  |  |  |  |  |  |  |
| 2025 | 31293 | 46.44 | 46.44 | 1453281 |  | 0.75 | 0.75 | 17.12 | 17.12 |
| 2024 | 51419 | 39.65 | 39.65 | 2038584 |  | 0.75 | 0.75 | 33.41 | 33.41 |
| 2023 | 56124 | 29.72 | 29.72 | 1667660 |  | 0.75 | 0.75 | 39.99 | 39.99 |
| 2022 | 57643 | 21.23 | 21.23 | 1223592 |  | 0.75 | 0.75 | (40.57) | (40.57) |
| 2021 | 56982 | 35.72 | 35.72 | 2035465 |  | 0.75 | 0.75 | 7.56 | 7.56 |
|  Fidelity<sup>®</sup> VIP High Income |  |  |  |  |  |  |  |  |  |
| 2025 | 58748 | 10.22 | 10.22 | 600944 | 6.09 | 0.75 | 0.75 | 6.24 | 6.24 |
| 2024 | 71179 | 9.62 | 9.62 | 685207 | 0.06 | 0.75 | 0.75 | 4.57 | 4.57 |
| 2023 | 70205 | 9.20 | 9.20 | 646037 | 0.05 | 0.75 | 0.75 | 6.24 | 6.24 |
| 2022 | 75275 | 8.66 | 8.66 | 652348 | 0.05 | 0.75 | 0.75 | (14.93) | (14.93) |
| 2021 | 74900 | 10.18 | 10.18 | 763022 | 0.05 | 0.75 | 0.75 | 0.39 | 0.39 |
|  Fidelity<sup>®</sup> VIP Overseas |  |  |  |  |  |  |  |  |  |
| 2025 | 20797 | 13.22 | 13.22 | 275082 | 1.27 | 0.75 | 0.75 | 15.66 | 15.66 |
| 2024 | 28353 | 11.43 | 11.43 | 324247 | 0.01 | 0.75 | 0.75 | 0.88 | 0.88 |
| 2023 | 36833 | 11.33 | 11.33 | 417242 | 0.01 | 0.75 | 0.75 | 15.85 | 15.85 |
| 2022 | 46529 | 9.78 | 9.78 | 455156 | 0.01 | 0.75 | 0.75 | (27.45) | (27.45) |
| 2021 | 40316 | 13.48 | 13.48 | 543591 | 0.00 | 0.75 | 0.75 | 15.02 | 15.02 |
|  Franklin Allocation VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 7160 | 13.30 | 13.30 | 95302 | 1.67 | 0.75 | 0.75 | 8.31 | 8.31 |
| 2024 | 7422 | 12.28 | 12.28 | 91157 | 0.03 | 0.75 | 0.75 | 4.87 | 4.87 |
| 2023 | 21007 | 11.71 | 11.71 | 245933 | 0.01 | 0.75 | 0.75 | 10.47 | 10.47 |
| 2022 | 22045 | 10.60 | 10.60 | 233753 | 0.01 | 0.75 | 0.75 | (19.27) | (19.27) |
| 2021 | 27380 | 13.13 | 13.13 | 359605 | 0.02 | 0.75 | 0.75 | 7.36 | 7.36 |
|  Franklin Income VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 33966 | 12.71 | 13.50 | 458578 | 5.18 | 0.75 | 1.35 | 7.80 | 8.43 |
| 2024 | 37225 | 11.79 | 12.45 | 461655 | 0.06 | 0.75 | 1.35 | 2.61 | 3.23 |
| 2023 | 49420 | 11.49 | 12.06 | 594645 | 0.05 | 0.75 | 1.35 | 3.98 | 4.69 |
| 2022 | 48939 | 11.05 | 11.52 | 563091 | 0.05 | 0.75 | 1.35 | (9.50) | (9.00) |
| 2021 | 51694 | 12.21 | 12.66 | 653228 | 0.05 | 0.75 | 1.35 | 11.71 | 12.53 |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  Franklin Mutual Global Discovery VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 63738 | 14.66 | 16.27 | 1038187 | 1.91 | 0.75 | 1.35 | 18.13 | 18.85 |
| 2024 | 67290 | 12.41 | 13.69 | 922025 | 0.02 | 0.75 | 1.35 | 0.16 | 0.74 |
| 2023 | 70167 | 12.39 | 13.59 | 953642 | 0.02 | 0.75 | 1.35 | 15.15 | 15.96 |
| 2022 | 71525 | 10.76 | 11.72 | 839380 | 0.01 | 0.75 | 1.35 | (8.74) | (8.29) |
| 2021 | 74610 | 11.79 | 12.78 | 954132 | 0.03 | 0.75 | 1.35 | 14.02 | 14.72 |
|  Franklin Small Cap Value VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 6404 | 18.30 | 18.30 | 117741 | 1.11 | 0.75 | 0.75 | 3.62 | 3.62 |
| 2024 | 7727 | 16.78 | 17.66 | 136958 | 0.01 | 0.75 | 1.35 | 6.95 | 7.62 |
| 2023 | 10252 | 16.41 | 16.41 | 168666 | 0.01 | 0.75 | 0.75 | 8.60 | 8.60 |
| 2022 | 10107 | 15.11 | 15.11 | 153105 | 0.01 | 0.75 | 0.75 | (13.36) | (13.36) |
| 2021 | 12416 | 16.88 | 17.44 | 216969 | 0.01 | 0.75 | 1.35 | 20.06 | 20.78 |
|  Franklin Strategic Income VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 6941 | 8.37 | 8.37 | 58066 | 5.17 | 0.75 | 0.75 | 3.33 | 3.33 |
| 2024 | 7180 | 8.10 | 8.10 | 58153 | 0.04 | 0.75 | 0.75 | 0.12 | 0.12 |
| 2023 | 12609 | 8.09 | 8.09 | 101937 | 0.04 | 0.75 | 0.75 | 4.25 | 4.25 |
| 2022 | 11724 | 7.76 | 7.76 | 90989 | 0.05 | 0.75 | 0.75 | (14.06) | (14.06) |
| 2021 | 13418 | 9.03 | 9.03 | 121138 | 0.03 | 0.75 | 0.75 | (1.63) | (1.63) |
|  Guggenheim VIF Floating Rate Strategies |  |  |  |  |  |  |  |  |  |
| 2025 | 94932 | 9.83 | 9.83 | 933457 | 9.17 | 0.75 | 0.75 | (0.30) | (0.30) |
| 2024 | 125252 | 9.86 | 9.86 | 1234632 | 0.08 | 0.75 | 0.75 | 2.92 | 2.92 |
| 2023 | 129870 | 9.58 | 9.58 | 1244227 | 0.03 | 0.75 | 0.75 | 7.04 | 7.04 |
| 2022 | 131307 | 8.95 | 8.95 | 1175365 | 0.02 | 0.75 | 0.75 | (4.48) | (4.48) |
| 2021 | 130980 | 9.37 | 9.37 | 1227732 | 0.02 | 0.75 | 0.75 | (1.37) | (1.37) |
|  Guggenheim VIF Global Managed Futures Strategy |  |  |  |  |  |  |  |  |  |
| 2025 | 2364 | 4.88 | 4.88 | 11563 | 3.24 | 0.75 | 0.75 |  |  |
| 2024 | 14619 | 4.88 | 4.88 | 71398 | 0.03 | 0.75 | 0.75 | (3.37) | (3.37) |
| 2023 | 14203 | 5.05 | 5.05 | 71764 | 0.04 | 0.75 | 0.75 |  |  |
| 2022 | 13803 | 5.05 | 5.05 | 69753 | 0.03 | 0.75 | 0.75 | 7.22 | 7.22 |
| 2021 | 13459 | 4.71 | 4.71 | 63452 |  | 0.75 | 0.75 | (2.89) | (2.89) |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  Guggenheim VIF High Yield |  |  |  |  |  |  |  |  |  |
| 2025 | 18296 | 16.04 | 34.94 | 615927 | 6.72 | 0.75 | 1.35 | 2.23 | 2.92 |
| 2024 | 25664 | 15.69 | 33.95 | 795729 | 0.06 | 0.75 | 1.35 | 3.09 | 3.63 |
| 2023 | 25800 | 15.22 | 32.76 | 792191 | 0.06 | 0.75 | 1.35 | 7.26 | 7.91 |
| 2022 | 26151 | 14.19 | 30.36 | 740192 | 0.06 | 0.75 | 1.35 | (13.58) | (13.01) |
| 2021 | 29245 | 16.42 | 34.90 | 927988 | 0.05 | 0.75 | 1.35 | 0.92 | 1.51 |
|  Guggenheim VIF Multi-Hedge Strategies |  |  |  |  |  |  |  |  |  |
| 2025 | 8981 | 5.56 | 5.56 | 50042 | 2.28 | 0.75 | 0.75 | (2.46) | (2.46) |
| 2024 | 8763 | 5.25 | 5.70 | 50071 | 0.03 | 0.75 | 1.35 | (7.73) | (7.32) |
| 2023 | 15393 | 5.69 | 6.15 | 94078 | 0.03 | 0.75 | 1.35 |  | 0.65 |
| 2022 | 14287 | 5.69 | 6.11 | 87065 | 0.01 | 0.75 | 1.35 | (7.63) | (7.00) |
| 2021 | 8623 | 6.16 | 6.57 | 56395 |  | 0.75 | 1.35 | 3.53 | 4.12 |
|  Guggenheim VIF Total Return Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 117692 | 7.97 | 9.97 | 1176324 | 4.47 | 0.75 | 1.35 | 2.84 | 3.42 |
| 2024 | 161656 | 7.75 | 9.64 | 1559806 | 0.04 | 0.75 | 1.35 | (1.27) | (0.62) |
| 2023 | 163483 | 7.85 | 9.70 | 1589687 | 0.04 | 0.75 | 1.35 | 2.35 | 2.97 |
| 2022 | 165345 | 7.67 | 9.42 | 1559687 | 0.03 | 0.75 | 1.35 | (19.69) | (19.21) |
| 2021 | 174830 | 9.55 | 11.66 | 2041211 | 0.02 | 0.75 | 1.35 | (4.69) | (4.11) |
|  Invesco V.I. American Value |  |  |  |  |  |  |  |  |  |
| 2025 | 2977 | 15.65 | 15.65 | 46597 | 0.33 | 0.75 | 0.75 | 16.27 | 16.27 |
| 2024 | 137 | 13.46 | 13.46 | 1846 |  | 0.75 | 0.75 | 25.33 | 25.33 |
| 2023 | 13819 | 10.74 | 10.74 | 148399 | 0.00 | 0.75 | 0.75 | 11.07 | 11.07 |
| 2022 | 13497 | 9.67 | 9.67 | 130507 | 0.01 | 0.75 | 0.75 | (6.48) | (6.48) |
| 2021 | 705 | 10.29 | 10.34 | 7288 | 0.05 | 0.75 | 1.35 |  |  |
|  Invesco V.I. Comstock |  |  |  |  |  |  |  |  |  |
| 2025 | 8597 | 20.12 | 24.33 | 208669 | 1.38 | 0.75 | 1.35 | 12.15 | 12.80 |
| 2024 | 9311 | 17.94 | 21.57 | 200342 | 0.01 | 0.75 | 1.35 | 9.93 | 10.67 |
| 2023 | 16388 | 16.32 | 19.49 | 317275 | 0.01 | 0.75 | 1.35 | 7.30 | 7.92 |
| 2022 | 12906 | 15.21 | 18.06 | 232745 | 0.01 | 0.75 | 1.35 | (3.43) | (2.85) |
| 2021 | 14931 | 15.75 | 18.59 | 277225 | 0.02 | 0.75 | 1.35 | 27.43 | 28.21 |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  Invesco V.I. Core Plus Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 10615 | 9.63 | 9.63 | 102125 | 4.81 | 0.75 | 0.75 | 3.10 | 3.10 |
| 2024 | 15451 | 9.34 | 9.34 | 144295 | 0.03 | 0.75 | 0.75 | (1.06) | (1.06) |
| 2023 | 22279 | 9.44 | 9.44 | 210344 | 0.02 | 0.75 | 0.75 | 1.94 | 1.94 |
| 2022 | 23145 | 9.26 | 9.26 | 214371 | 0.01 | 0.75 | 0.75 | (7.40) | (7.40) |
|  Invesco V.I. Discovery Mid Cap Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 10766 | 20.32 | 20.32 | 218748 |  | 0.75 | 0.75 | 0.69 | 0.69 |
| 2024 | 15548 | 20.18 | 20.18 | 313778 |  | 0.75 | 0.75 | 19.34 | 19.34 |
| 2023 | 20682 | 16.91 | 16.91 | 349688 |  | 0.75 | 0.75 | 8.68 | 8.68 |
| 2022 | 20160 | 15.56 | 15.56 | 313552 |  | 0.75 | 0.75 | (33.65) | (33.65) |
| 2021 | 19484 | 23.45 | 23.45 | 456732 |  | 0.75 | 0.75 | 14.45 | 14.45 |
|  Invesco V.I. Equity and Income |  |  |  |  |  |  |  |  |  |
| 2025 | 36025 | 19.39 | 19.39 | 698841 | 1.96 | 0.75 | 0.75 | 8.38 | 8.38 |
| 2024 | 38765 | 14.93 | 17.89 | 693865 | 0.02 | 0.75 | 1.35 | 7.10 | 7.77 |
| 2023 | 44256 | 13.94 | 16.60 | 733868 | 0.02 | 0.75 | 1.35 | 5.53 | 6.21 |
| 2022 | 48442 | 15.63 | 15.63 | 757573 | 0.01 | 0.75 | 0.75 | (11.09) | (11.09) |
| 2021 | 62736 | 14.95 | 17.58 | 1103548 | 0.02 | 0.75 | 1.35 | 13.34 | 14.01 |
|  Invesco V.I. EVQ International Equity Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 14631 | 15.93 | 18.17 | 260993 | 1.10 | 0.75 | 1.35 | 11.24 | 11.95 |
| 2024 | 19571 | 14.32 | 16.23 | 311788 | 0.02 | 0.75 | 1.35 | (3.96) | (3.39) |
| 2023 | 20951 | 14.91 | 16.80 | 346134 |  | 0.75 | 1.35 | 12.87 | 13.51 |
| 2022 | 21387 | 13.21 | 14.80 | 311597 | 0.01 | 0.75 | 1.35 | (21.97) | (21.49) |
| 2021 | 25314 | 16.93 | 18.85 | 471218 | 0.01 | 0.75 | 1.35 | 1.07 | 1.73 |
|  Invesco V.I. Global |  |  |  |  |  |  |  |  |  |
| 2025 | 27079 | 18.83 | 18.83 | 511181 |  | 0.75 | 0.75 | 10.76 | 10.76 |
| 2024 | 34458 | 17.00 | 17.00 | 586886 |  | 0.75 | 0.75 | 11.48 | 11.48 |
| 2023 | 41401 | 15.25 | 15.25 | 632148 |  | 0.75 | 0.75 | 29.57 | 29.57 |
| 2022 | 41351 | 11.77 | 11.77 | 487475 |  | 0.75 | 0.75 | (34.43) | (34.43) |
| 2021 | 41242 | 17.95 | 17.95 | 741389 |  | 0.75 | 0.75 | 10.94 | 10.94 |

---

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  Invesco V.I. Global Real Estate |  |  |  |  |  |  |  |  |  |
| 2025 | 17869 | 15.55 | 17.85 | 318828 | 1.80 | 0.75 | 1.35 | 3.25 | 3.90 |
| 2024 | 23723 | 15.06 | 17.18 | 407275 | 0.02 | 0.75 | 1.35 | (5.99) | (5.40) |
| 2023 | 26652 | 16.02 | 18.16 | 484103 | 0.01 | 0.75 | 1.35 | 4.36 | 5.03 |
| 2022 | 26157 | 15.35 | 17.29 | 452308 | 0.03 | 0.75 | 1.35 | (28.10) | (27.69) |
| 2021 | 27755 | 21.35 | 23.91 | 663517 | 0.03 | 0.75 | 1.35 | 20.35 | 21.06 |
|  Invesco V.I. Government Money Market |  |  |  |  |  |  |  |  |  |
| 2025 | 144058 | 7.81 | 8.29 | 1194010 | 3.67 | 0.75 | 1.35 | (0.76) |  |
| 2024 | 146785 | 7.87 | 8.29 | 1217071 | 0.04 | 0.75 | 1.35 | 0.25 | 0.85 |
| 2023 | 75825 | 7.85 | 8.22 | 622298 | 0.05 | 0.75 | 1.35 | 0.13 | 0.74 |
| 2022 | 88397 | 7.84 | 8.16 | 719363 | 0.01 | 0.75 | 1.35 | (3.09) | (2.51) |
| 2021 | 110026 | 8.09 | 8.37 | 920685 | 0.00 | 0.75 | 1.35 | (4.26) | (3.68) |
|  Invesco V.I. Government Securities |  |  |  |  |  |  |  |  |  |
| 2025 | 62689 | 6.40 | 7.19 | 451625 | 3.26 | 0.75 | 1.35 | 2.40 | 3.01 |
| 2024 | 83703 | 6.25 | 6.98 | 585010 | 0.02 | 0.75 | 1.35 | (2.80) | (2.24) |
| 2023 | 87328 | 7.14 | 7.14 | 625048 | 0.02 | 0.75 | 0.75 | 0.71 | 0.71 |
| 2022 | 84106 | 7.09 | 7.09 | 598312 | 0.02 | 0.75 | 0.75 | (13.96) | (13.96) |
| 2021 | 96042 | 8.24 | 8.24 | 792898 | 0.02 | 0.75 | 0.75 | (6.04) | (6.04) |
|  Invesco V.I. Health Care |  |  |  |  |  |  |  |  |  |
| 2025 | 6336 | 24.08 | 27.63 | 170177 |  | 0.75 | 1.35 | 10.41 | 11.10 |
| 2024 | 7795 | 21.81 | 24.87 | 190035 |  | 0.75 | 1.35 | (0.27) | 0.32 |
| 2023 | 8078 | 21.87 | 24.79 | 196844 |  | 0.75 | 1.35 | (1.35) | (0.76) |
| 2022 | 9230 | 22.17 | 24.98 | 225603 |  | 0.75 | 1.35 | (17.00) | (16.48) |
| 2021 | 8398 | 26.71 | 29.91 | 247702 | 0.00 | 0.75 | 1.35 | 7.48 | 8.13 |
|  Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> |  |  |  |  |  |  |  |  |  |
| 2025 | 2289 | 23.04 | 26.43 | 60025 | 0.08 | 0.75 | 1.35 | 4.30 | 4.92 |
| 2024 | 3372 | 22.09 | 25.19 | 84444 |  | 0.75 | 1.35 | 11.85 | 12.51 |
| 2023 | 5335 | 19.75 | 22.39 | 119149 | 0.00 | 0.75 | 1.35 | 9.30 | 9.97 |
| 2022 | 4064 | 18.07 | 20.36 | 82731 | 0.00 | 0.75 | 1.35 | (18.09) | (17.60) |
| 2021 | 4523 | 22.06 | 24.71 | 111451 | 0.00 | 0.75 | 1.35 | 17.59 | 18.34 |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  Invesco V.I. Main Street Small Cap Fund<sup>®</sup> |  |  |  |  |  |  |  |  |  |
| 2025 | 3884 | 36.19 | 41.53 | 159722 | 0.20 | 0.75 | 1.35 | 3.79 | 4.45 |
| 2024 | 5305 | 34.87 | 39.76 | 209190 |  | 0.75 | 1.35 | 7.62 | 8.25 |
| 2023 | 5642 | 32.40 | 36.73 | 205598 | 0.01 | 0.75 | 1.35 | 12.81 | 13.50 |
| 2022 | 5281 | 28.72 | 32.36 | 169462 | 0.00 | 0.75 | 1.35 | (19.62) | (19.12) |
| 2021 | 5330 | 35.73 | 40.01 | 211510 | 0.00 | 0.75 | 1.35 | 17.07 | 17.78 |
|  Janus Henderson VIT Enterprise |  |  |  |  |  |  |  |  |  |
| 2025 | 48982 | 31.90 | 31.90 | 1561922 | 0.06 | 0.75 | 0.75 | 3.44 | 3.44 |
| 2024 | 72699 | 27.84 | 30.84 | 2241336 | 0.01 | 0.75 | 1.35 | 10.39 | 11.06 |
| 2023 | 74144 | 27.77 | 27.77 | 2057994 | 0.00 | 0.75 | 0.75 | 13.49 | 13.49 |
| 2022 | 79346 | 24.47 | 24.47 | 1941374 | 0.00 | 0.75 | 0.75 | (19.24) | (19.24) |
| 2021 | 80846 | 27.85 | 30.30 | 2448804 | 0.00 | 0.75 | 1.35 | 11.58 | 12.26 |
|  Janus Henderson VIT Research |  |  |  |  |  |  |  |  |  |
| 2025 | 35806 | 35.82 | 35.82 | 1284039 |  | 0.75 | 0.75 | 13.75 | 13.75 |
| 2024 | 39997 | 31.49 | 31.49 | 1260898 |  | 0.75 | 0.75 | 29.96 | 29.96 |
| 2023 | 42626 | 24.23 | 24.23 | 1033863 | 0.00 | 0.75 | 0.75 | 37.51 | 37.51 |
| 2022 | 43083 | 17.62 | 17.62 | 759514 |  | 0.75 | 0.75 | (32.59) | (32.59) |
| 2021 | 40328 | 24.52 | 26.14 | 1055169 | 0.00 | 0.75 | 1.35 | 14.96 | 15.61 |
|  Lord Abbett Series Bond-Debenture VC |  |  |  |  |  |  |  |  |  |
| 2025 | 8572 | 10.19 | 10.19 | 87605 | 5.02 | 0.75 | 0.75 | 4.30 | 4.30 |
| 2024 | 11803 | 9.77 | 9.77 | 115526 | 0.05 | 0.75 | 0.75 | 2.84 | 2.84 |
| 2023 | 17901 | 9.50 | 9.50 | 170338 | 0.05 | 0.75 | 0.75 | 2.59 | 2.59 |
| 2022 | 21564 | 9.26 | 9.26 | 199893 | 0.04 | 0.75 | 0.75 | (16.05) | (16.05) |
| 2021 | 25648 | 11.03 | 11.03 | 283032 | 0.03 | 0.75 | 0.75 | (0.54) | (0.54) |
|  Lord Abbett Series Developing Growth VC |  |  |  |  |  |  |  |  |  |
| 2025 | 13110 | 18.36 | 18.36 | 241020 | 0.20 | 0.75 | 0.75 | 10.34 | 10.34 |
| 2024 | 14090 | 16.64 | 16.64 | 234654 |  | 0.75 | 0.75 | 17.68 | 17.68 |
| 2023 | 14769 | 14.14 | 14.14 | 209011 |  | 0.75 | 0.75 | 4.20 | 4.20 |
| 2022 | 13770 | 13.57 | 13.57 | 187037 |  | 0.75 | 0.75 | (38.32) | (38.32) |
| 2021 | 16026 | 22.00 | 22.00 | 352903 |  | 0.75 | 0.75 | (6.30) | (6.30) |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  LVIP American Century Mid Cap Value |  |  |  |  |  |  |  |  |  |
| 2025 | 30210 | 21.01 | 21.01 | 633952 | 1.71 | 0.75 | 0.75 | 4.84 | 4.84 |
| 2024 | 27870 | 20.04 | 20.04 | 557876 | 0.02 | 0.75 | 0.75 | 4.54 | 4.54 |
| 2023 | 30043 | 19.17 | 19.17 | 575388 | 0.02 | 0.75 | 0.75 | 2.13 | 2.13 |
| 2022 | 30761 | 18.77 | 18.77 | 576896 | 0.02 | 0.75 | 0.75 | (5.01) | (5.01) |
| 2021 | 30221 | 19.76 | 19.76 | 596603 | 0.01 | 0.75 | 0.75 | 18.47 | 18.47 |
|  LVIP American Century Ultra |  |  |  |  |  |  |  |  |  |
| 2025 | 69011 | 46.52 | 53.37 | 3660426 |  | 0.75 | 1.35 | 7.86 | 8.52 |
| 2024 | 100357 | 43.13 | 49.18 | 4916563 |  | 0.75 | 1.35 | 23.12 | 23.85 |
| 2023 | 127088 | 35.03 | 39.71 | 5032018 |  | 0.75 | 1.35 | 37.16 | 38.03 |
| 2022 | 130176 | 25.54 | 28.77 | 3735562 |  | 0.75 | 1.35 | (35.31) | (34.94) |
| 2021 | 122986 | 39.48 | 44.22 | 5423905 |  | 0.75 | 1.35 | 17.75 | 18.46 |
|  LVIP American Century Value |  |  |  |  |  |  |  |  |  |
| 2025 | 33850 | 26.79 | 30.73 | 1033186 | 1.30 | 0.75 | 1.35 | 10.93 | 11.58 |
| 2024 | 44166 | 24.15 | 27.54 | 1210505 | 0.03 | 0.75 | 1.35 | 4.64 | 5.28 |
| 2023 | 46685 | 23.08 | 26.16 | 1216119 | 0.02 | 0.75 | 1.35 | 4.34 | 4.98 |
| 2022 | 48585 | 22.12 | 24.92 | 1205728 | 0.02 | 0.75 | 1.35 | (3.95) | (3.37) |
| 2021 | 50208 | 23.03 | 25.79 | 1289872 | 0.02 | 0.75 | 1.35 | 19.02 | 19.73 |
|  LVIP JPMorgan Core Bond Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 11382 | 8.01 | 8.01 | 90718 | 3.12 | 0.75 | 0.75 | 3.22 | 3.22 |
| 2024 | 13728 | 7.76 | 7.76 | 106100 | 0.04 | 0.75 | 0.75 | (2.27) | (2.27) |
| 2023 | 14190 | 7.94 | 7.94 | 112262 | 0.03 | 0.75 | 0.75 | 1.79 | 1.79 |
| 2022 | 13641 | 7.80 | 7.80 | 106051 | 0.02 | 0.75 | 0.75 | (15.95) | (15.95) |
| 2021 | 31785 | 9.28 | 9.28 | 294648 | 0.01 | 0.75 | 0.75 | (5.31) | (5.31) |
|  MFS<sup>®</sup> VIT II Research International |  |  |  |  |  |  |  |  |  |
| 2025 | 11005 | 8.91 | 11.68 | 128655 | 1.61 | 0.75 | 1.35 | 16.62 | 17.27 |
| 2024 | 18235 | 9.96 | 9.96 | 181705 | 0.01 | 0.75 | 0.75 | (0.99) | (0.99) |
| 2023 | 24526 | 7.77 | 10.06 | 246824 | 0.01 | 0.75 | 1.35 | 8.07 | 8.76 |
| 2022 | 25874 | 9.25 | 9.25 | 239594 | 0.02 | 0.75 | 0.75 | (20.87) | (20.87) |
| 2021 | 25745 | 9.14 | 11.69 | 301069 | 0.01 | 0.75 | 1.35 | 6.53 | 7.15 |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  MFS<sup>®</sup> VIT Total Return |  |  |  |  |  |  |  |  |  |
| 2025 | 42308 | 13.29 | 15.92 | 675164 | 2.73 | 0.75 | 1.35 | 6.15 | 6.77 |
| 2024 | 49813 | 12.52 | 14.91 | 743423 | 0.02 | 0.75 | 1.35 | 2.88 | 3.54 |
| 2023 | 54139 | 14.40 | 14.40 | 781139 | 0.02 | 0.75 | 0.75 | 6.12 | 6.12 |
| 2022 | 60419 | 11.53 | 13.57 | 820972 | 0.01 | 0.75 | 1.35 | (13.70) | (13.12) |
| 2021 | 64220 | 13.36 | 15.62 | 1003892 | 0.02 | 0.75 | 1.35 | 8.97 | 9.69 |
|  MFS<sup>®</sup> VIT Utilities |  |  |  |  |  |  |  |  |  |
| 2025 | 24763 | 15.85 | 24.28 | 593617 | 2.72 | 0.75 | 1.35 | 9.92 | 10.56 |
| 2024 | 26516 | 14.42 | 21.96 | 563060 | 0.02 | 0.75 | 1.35 | 6.58 | 7.23 |
| 2023 | 28848 | 13.53 | 20.48 | 574166 | 0.03 | 0.75 | 1.35 | (6.50) | (5.93) |
| 2022 | 31490 | 14.47 | 21.77 | 667987 | 0.02 | 0.75 | 1.35 | (3.79) | (3.20) |
| 2021 | 33914 | 15.04 | 22.49 | 743597 | 0.01 | 0.75 | 1.35 | 8.91 | 9.60 |
|  Morgan Stanley VIF Emerging Markets Equity |  |  |  |  |  |  |  |  |  |
| 2025 | 31892 | 7.71 | 9.36 | 298256 | 0.35 | 0.75 | 1.35 | 27.23 | 28.04 |
| 2024 | 39175 | 6.06 | 7.31 | 285473 | 0.02 | 0.75 | 1.35 | 3.06 | 3.69 |
| 2023 | 37305 | 5.88 | 7.05 | 262790 | 0.02 | 0.75 | 1.35 | 7.30 | 7.80 |
| 2022 | 45741 | 5.48 | 6.54 | 298805 | 0.00 | 0.75 | 1.35 | (28.37) | (27.81) |
| 2021 | 45629 | 7.65 | 9.06 | 413319 | 0.01 | 0.75 | 1.35 | (1.42) | (0.88) |
|  Morningstar Aggressive Growth ETF Asset Allocation Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 10866 | 17.14 | 17.14 | 186223 | 0.93 | 0.75 | 0.75 | 15.58 | 15.58 |
| 2024 | 15816 | 14.83 | 14.83 | 234552 | 0.01 | 0.75 | 0.75 | 10.34 | 10.34 |
| 2023 | 16535 | 13.44 | 13.44 | 222224 | 0.02 | 0.75 | 0.75 | 12.56 | 12.56 |
| 2022 | 16052 | 11.94 | 11.94 | 191621 | 0.01 | 0.75 | 0.75 | (16.39) | (16.39) |
| 2021 | 15609 | 14.28 | 14.28 | 222752 | 0.01 | 0.75 | 0.75 | 13.97 | 13.97 |
|  Morningstar Balanced ETF Asset Allocation Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 27223 | 12.98 | 12.98 | 353218 | 1.83 | 0.75 | 0.75 | 10.56 | 10.56 |
| 2024 | 29704 | 11.74 | 11.74 | 348535 | 0.02 | 0.75 | 0.75 | 6.15 | 6.15 |
| 2023 | 29117 | 11.06 | 11.06 | 321994 | 0.02 | 0.75 | 0.75 | 8.64 | 8.64 |
| 2022 | 33435 | 10.18 | 10.18 | 340270 | 0.02 | 0.75 | 0.75 | (16.08) | (16.08) |
| 2021 | 32184 | 12.13 | 12.13 | 390328 | 0.01 | 0.75 | 0.75 | 6.68 | 6.68 |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets<br>($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  Morningstar Conservative ETF Asset Allocation Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 2668 | 9.06 | 9.06 | 24085 | 2.62 | 0.75 | 0.75 | 4.86 | 4.86 |
| 2024 | 2777 | 8.64 | 8.64 | 23930 | 0.02 | 0.75 | 0.75 | 1.41 | 1.41 |
| 2023 | 2950 | 8.52 | 8.52 | 25068 | 0.01 | 0.75 | 0.75 | 3.90 | 3.90 |
| 2022 | 13487 | 8.20 | 8.20 | 110612 | 0.01 | 0.75 | 0.75 | (15.11) | (15.11) |
| 2021 | 13415 | 9.66 | 9.66 | 129519 | 0.01 | 0.75 | 0.75 | (1.53) | (1.53) |
|  Morningstar Growth ETF Asset Allocation Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 11026 | 15.32 | 15.32 | 168996 | 1.30 | 0.75 | 0.75 | 13.57 | 13.57 |
| 2024 | 14047 | 13.49 | 13.49 | 189582 | 0.01 | 0.75 | 0.75 | 8.44 | 8.44 |
| 2023 | 17298 | 12.44 | 12.44 | 215142 | 0.02 | 0.75 | 0.75 | 11.07 | 11.07 |
| 2022 | 18757 | 11.20 | 11.20 | 210096 | 0.02 | 0.75 | 0.75 | (16.42) | (16.42) |
| 2021 | 17447 | 13.40 | 13.40 | 233855 | 0.01 | 0.75 | 0.75 | 10.65 | 10.65 |
|  Morningstar Income and Growth ETF Asset Allocation Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 7476 | 10.94 | 10.94 | 81670 | 1.79 | 0.75 | 0.75 | 7.68 | 7.68 |
| 2024 | 11616 | 10.16 | 10.16 | 118002 | 0.02 | 0.75 | 0.75 | 3.89 | 3.89 |
| 2023 | 12003 | 9.78 | 9.78 | 117266 | 0.02 | 0.75 | 0.75 | 6.54 | 6.54 |
| 2022 | 11708 | 9.18 | 9.18 | 107375 | 0.01 | 0.75 | 0.75 | (15.70) | (15.70) |
| 2021 | 16633 | 10.89 | 10.89 | 181133 | 0.01 | 0.75 | 0.75 | 2.54 | 2.54 |
|  NAA All Cap Value Series |  |  |  |  |  |  |  |  |  |
| 2025 | 5724 | 20.84 | 26.92 | 154088 | 1.39 | 0.75 | 1.35 | 8.04 | 8.68 |
| 2024 | 6463 | 19.29 | 24.77 | 159487 | 0.02 | 0.75 | 1.35 | 5.58 | 6.22 |
| 2023 | 12219 | 23.32 | 23.32 | 284983 | 0.01 | 0.75 | 0.75 | 4.53 | 4.53 |
| 2022 | 11304 | 17.59 | 22.31 | 252163 | 0.01 | 0.75 | 1.35 | (5.33) | (4.82) |
| 2021 | 13574 | 18.58 | 23.44 | 315746 | 0.02 | 0.75 | 1.35 | 21.52 | 22.27 |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  NAA Large Cap Value Series |  |  |  |  |  |  |  |  |  |
| 2025 | 27278 | 22.20 | 22.33 | 608396 | 1.62 | 0.75 | 1.35 | 9.31 | 9.95 |
| 2024 | 30082 | 20.31 | 20.31 | 610316 | 0.02 | 0.75 | 1.35 | 8.61 | 9.31 |
| 2023 | 35305 | 18.58 | 18.70 | 655522 | 0.02 | 0.75 | 1.35 | 4.64 | 5.21 |
| 2022 | 36943 | 17.66 | 17.87 | 651801 | 0.01 | 0.75 | 1.35 | (5.55) | (4.90) |
| 2021 | 40262 | 18.57 | 18.92 | 747458 | 0.02 | 0.75 | 1.35 | 21.67 | 22.33 |
|  NAA Large Core Series |  |  |  |  |  |  |  |  |  |
| 2025 | 31549 | 19.59 | 23.52 | 633634 | 2.70 | 0.75 | 1.35 | 11.47 | 12.14 |
| 2024 | 36780 | 17.47 | 21.10 | 656999 | 0.03 | 0.75 | 1.35 | 20.50 | 21.24 |
| 2023 | 39308 | 14.41 | 17.51 | 578704 | 0.02 | 0.75 | 1.35 | 21.51 | 22.22 |
| 2022 | 39686 | 11.79 | 14.41 | 477451 | 0.01 | 0.75 | 1.35 | (24.04) | (23.54) |
| 2021 | 40059 | 15.42 | 18.97 | 633084 | 0.01 | 0.75 | 1.35 | 23.02 | 23.76 |
|  NAA Large Growth Series |  |  |  |  |  |  |  |  |  |
| 2025 | 8044 | 25.73 | 30.52 | 207396 | 2.03 | 0.75 | 1.35 | 12.00 | 12.70 |
| 2024 | 11497 | 22.83 | 27.25 | 262863 | 0.03 | 0.75 | 1.35 | 26.51 | 27.33 |
| 2023 | 10640 | 17.93 | 21.54 | 191214 | 0.02 | 0.75 | 1.35 | 33.96 | 34.71 |
| 2022 | 17230 | 13.31 | 16.08 | 229480 | 0.00 | 0.75 | 1.35 | (33.61) | (33.22) |
| 2021 | 19246 | 19.93 | 24.22 | 385304 | 0.01 | 0.75 | 1.35 | 22.32 | 23.10 |
|  NAA Mid Growth Series |  |  |  |  |  |  |  |  |  |
| 2025 | 79768 | 20.08 | 20.97 | 1601235 | 2.35 | 0.75 | 1.35 | (2.19) | (1.62) |
| 2024 | 105209 | 20.41 | 21.44 | 2147971 | 0.03 | 0.75 | 1.35 | 12.37 | 13.07 |
| 2023 | 147591 | 18.05 | 19.08 | 2665245 | 0.01 | 0.75 | 1.35 | 20.99 | 21.71 |
| 2022 | 154319 | 14.83 | 15.77 | 2288731 | 0.00 | 0.75 | 1.35 | (30.83) | (30.41) |
| 2021 | 145435 | 21.31 | 22.80 | 3100760 | 0.01 | 0.75 | 1.35 | 8.83 | 9.51 |
|  NAA Small Cap Value Series |  |  |  |  |  |  |  |  |  |
| 2025 | 5852 | 42.40 | 42.40 | 248182 | 0.99 | 0.75 | 0.75 | (0.52) | (0.52) |
| 2024 | 8485 | 42.62 | 42.62 | 361691 | 0.01 | 0.75 | 0.75 | 4.51 | 4.51 |
| 2023 | 9719 | 26.88 | 40.78 | 396377 | 0.01 | 0.75 | 1.35 | 5.58 | 6.25 |
| 2022 | 9943 | 25.46 | 38.38 | 375823 | 0.01 | 0.75 | 1.35 | (7.82) | (7.27) |
| 2021 | 9584 | 27.62 | 41.39 | 394141 | 0.01 | 0.75 | 1.35 | 20.82 | 21.52 |

---

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  NAA Small Growth Series |  |  |  |  |  |  |  |  |  |
| 2025 | 54133 | 12.74 | 12.74 | 689972 | 2.28 | 0.75 | 0.75 | 2.58 | 2.58 |
| 2024 | 92128 | 12.42 | 12.42 | 1144661 | 0.03 | 0.75 | 0.75 | 8.57 | 8.57 |
| 2023 | 92653 | 11.44 | 19.60 | 1059957 | 0.01 | 0.75 | 1.35 | 15.84 | 16.62 |
| 2022 | 95014 | 9.81 | 16.92 | 932472 | 0.00 | 0.75 | 1.35 | (29.71) | (29.32) |
| 2021 | 92991 | 13.88 | 13.88 | 1290852 | 0.00 | 0.75 | 0.75 | 2.66 | 2.66 |
|  NAA Smid-Cap Value Series |  |  |  |  |  |  |  |  |  |
| 2025 | 19960 | 32.01 | 48.11 | 951065 | 1.15 | 0.75 | 1.35 | 2.76 | 3.40 |
| 2024 | 24739 | 31.15 | 46.53 | 1142293 | 0.01 | 0.75 | 1.35 | 4.39 | 5.03 |
| 2023 | 27861 | 29.84 | 44.30 | 1226092 | 0.01 | 0.75 | 1.35 | 5.07 | 5.70 |
| 2022 | 26893 | 28.40 | 41.91 | 1119342 | 0.01 | 0.75 | 1.35 | (6.02) | (5.46) |
| 2021 | 28345 | 30.22 | 44.33 | 1248305 | 0.02 | 0.75 | 1.35 | 18.46 | 19.20 |
|  NAA World Equity Income Series |  |  |  |  |  |  |  |  |  |
| 2025 | 31834 | 16.46 | 18.17 | 524733 | 1.85 | 0.75 | 1.35 | 17.53 | 18.25 |
| 2024 | 43055 | 13.92 | 15.46 | 600454 | 0.03 | 0.75 | 1.35 | 7.74 | 8.41 |
| 2023 | 48983 | 12.84 | 14.35 | 629419 | 0.03 | 0.75 | 1.35 | 7.49 | 8.17 |
| 2022 | 50167 | 11.87 | 13.35 | 596001 | 0.02 | 0.75 | 1.35 | (12.97) | (12.46) |
| 2021 | 55015 | 13.56 | 15.34 | 749106 | 0.01 | 0.75 | 1.35 | 16.57 | 17.30 |
|  Neuberger Berman AMT Quality Equity Portfolio (a) |  |  |  |  |  |  |  |  |  |
| 2025 | 12496 | 39.46 | 44.46 | 555519 |  | 0.75 | 1.35 | 8.59 | 9.27 |
| 2024 | 16031 | 36.34 | 40.69 | 654555 |  | 0.75 | 1.35 | 20.17 | 20.89 |
| 2023 | 17185 | 30.24 | 33.66 | 580616 | 0.00 | 0.75 | 1.35 | 21.20 | 21.91 |
| 2022 | 20069 | 24.95 | 27.61 | 555808 | 0.00 | 0.75 | 1.35 | (22.10) | (21.63) |
| 2021 | 23989 | 32.03 | 35.23 | 846913 | 0.00 | 0.75 | 1.35 | 17.89 | 18.62 |

---

(a) Name change. See Note 1.

------

##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  Nomura VIP Asset Strategy Series (a) |  |  |  |  |  |  |  |  |  |
| 2025 | 6366 | 12.31 | 12.31 | 78436 | 1.28 | 0.75 | 0.75 | 12.32 | 12.32 |
| 2024 | 6455 | 10.96 | 10.96 | 70787 | 0.02 | 0.75 | 0.75 | 8.30 | 8.30 |
| 2023 | 7570 | 10.12 | 10.12 | 76650 | 0.02 | 0.75 | 0.75 | 9.76 | 9.76 |
| 2022 | 9621 | 9.22 | 9.22 | 88762 | 0.01 | 0.75 | 0.75 | (17.90) | (17.90) |
| 2021 | 11311 | 11.23 | 11.23 | 127054 | 0.02 | 0.75 | 0.75 | 6.34 | 6.34 |
|  PIMCO VIT All Asset |  |  |  |  |  |  |  |  |  |
| 2025 | 6110 | 13.25 | 15.20 | 88105 | 4.65 | 0.75 | 1.35 | 9.32 | 9.99 |
| 2024 | 6302 | 12.12 | 13.82 | 82771 | 0.06 | 0.75 | 1.35 | (0.66) | (0.07) |
| 2023 | 7605 | 12.20 | 13.83 | 101054 | 0.03 | 0.75 | 1.35 | 3.48 | 4.14 |
| 2022 | 7563 | 11.79 | 13.28 | 96643 | 0.07 | 0.75 | 1.35 | (15.60) | (15.09) |
| 2021 | 7622 | 13.97 | 15.64 | 114415 | 0.11 | 0.75 | 1.35 | 11.31 | 11.95 |
|  PIMCO VIT CommodityRealReturn Strategy |  |  |  |  |  |  |  |  |  |
| 2025 | 29342 | 4.96 | 5.78 | 168070 | 2.86 | 0.75 | 1.35 | 13.76 | 14.46 |
| 2024 | 35051 | 4.36 | 5.05 | 174768 | 0.02 | 0.75 | 1.35 | (0.23) | 0.40 |
| 2023 | 36557 | 4.37 | 5.03 | 181873 | 0.16 | 0.75 | 1.35 | (11.90) | (11.29) |
| 2022 | 37504 | 4.96 | 5.67 | 209640 | 0.23 | 0.75 | 1.35 | 3.98 | 4.61 |
| 2021 | 41071 | 4.77 | 5.42 | 219245 | 0.04 | 0.75 | 1.35 | 27.88 | 28.44 |
|  PIMCO VIT Emerging Markets Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 1942 | 11.05 | 11.84 | 23004 | 6.03 | 0.75 | 1.35 | 9.95 | 10.65 |
| 2024 | 2827 | 10.05 | 10.70 | 30257 | 0.07 | 0.75 | 1.35 | 2.87 | 3.48 |
| 2023 | 2803 | 9.77 | 10.34 | 28995 | 0.06 | 0.75 | 1.35 | 6.20 | 6.93 |
| 2022 | 2790 | 9.20 | 9.67 | 26990 | 0.04 | 0.75 | 1.35 | (19.37) | (18.94) |
| 2021 | 4698 | 11.41 | 11.93 | 55975 | 0.05 | 0.75 | 1.35 | (6.78) | (6.21) |

---

(a) Name change. See Note 1.

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##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) |  |  |  |  |  |  |  |  |  |
| 2025 | 16912 | 9.90 | 10.91 | 184133 | 3.52 | 0.75 | 1.35 | (0.50) | 0.18 |
| 2024 | 17940 | 9.95 | 10.89 | 195007 | 0.03 | 0.75 | 1.35 | 1.02 | 1.49 |
| 2023 | 29949 | 9.85 | 10.73 | 319725 | 0.02 | 0.75 | 1.35 | 4.34 | 4.99 |
| 2022 | 26836 | 9.44 | 10.22 | 273764 | 0.01 | 0.75 | 1.35 | (14.03) | (13.46) |
| 2021 | 33214 | 10.98 | 11.81 | 391686 | 0.02 | 0.75 | 1.35 | (6.07) | (5.52) |
|  PIMCO VIT Low Duration |  |  |  |  |  |  |  |  |  |
| 2025 | 23912 | 6.61 | 7.58 | 179755 | 3.79 | 0.75 | 1.35 | 1.07 | 1.61 |
| 2024 | 30975 | 6.54 | 7.46 | 229619 | 0.04 | 0.75 | 1.35 |  | 0.67 |
| 2023 | 37977 | 6.54 | 7.41 | 279960 | 0.04 | 0.75 | 1.35 | 0.46 | 1.09 |
| 2022 | 53567 | 6.51 | 7.33 | 391797 | 0.02 | 0.75 | 1.35 | (9.71) | (9.28) |
| 2021 | 58945 | 7.21 | 8.08 | 475070 | 0.01 | 0.75 | 1.35 | (5.13) | (4.49) |
|  PIMCO VIT Real Return |  |  |  |  |  |  |  |  |  |
| 2025 | 81396 | 8.87 | 10.18 | 829064 | 3.29 | 0.75 | 1.35 | 3.26 | 3.88 |
| 2024 | 93882 | 8.59 | 9.80 | 919653 | 0.03 | 0.75 | 1.35 | (2.28) | (1.61) |
| 2023 | 100372 | 8.79 | 9.96 | 1000165 | 0.03 | 0.75 | 1.35 | (0.79) | (0.20) |
| 2022 | 99577 | 8.86 | 9.98 | 993139 | 0.07 | 0.75 | 1.35 | (15.62) | (15.14) |
| 2021 | 111507 | 10.50 | 11.76 | 1310338 | 0.05 | 0.75 | 1.35 | 1.06 | 1.73 |
|  PIMCO VIT Total Return |  |  |  |  |  |  |  |  |  |
| 2025 | 37127 | 8.28 | 8.28 | 307272 | 4.02 | 0.75 | 0.75 | 4.81 | 4.81 |
| 2024 | 42724 | 7.90 | 7.90 | 337502 | 0.04 | 0.75 | 0.75 | (1.37) | (1.37) |
| 2023 | 50653 | 8.01 | 8.01 | 405561 | 0.04 | 0.75 | 0.75 | 1.91 | 1.91 |
| 2022 | 59603 | 7.86 | 7.86 | 468213 | 0.02 | 0.75 | 0.75 | (17.52) | (17.52) |
| 2021 | 66010 | 9.53 | 9.53 | 628822 | 0.02 | 0.75 | 0.75 | (4.99) | (4.99) |
|  Putnam VT Small Cap Value |  |  |  |  |  |  |  |  |  |
| 2025 | 1470 | 15.40 | 15.40 | 22640 | 0.65 | 0.75 | 0.75 | 1.38 | 1.38 |
| 2024 | 1445 | 15.19 | 15.19 | 21943 | 0.01 | 0.75 | 0.75 | 2.29 | 2.29 |
| 2023 | 1403 | 14.85 | 14.85 | 20835 | 0.00 | 0.75 | 0.75 | 19.28 | 19.28 |
| 2022 | 1359 | 12.45 | 12.45 | 16929 | 0.00 | 0.75 | 0.75 | (16.22) | (16.22) |
| 2021 | 1305 | 14.86 | 14.86 | 19400 | 0.01 | 0.75 | 0.75 | 34.85 | 34.85 |

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##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Investment<br>Income<br>Ratios<br>(1)** | **Expense<br>Ratios<br>Lowest<br>(%) (2)** | **Expense<br>Ratios<br>Highest<br>(%) (2)** | **Total<br>Returns<br>Lowest<br>(%) (3)(4)** | **Total<br>Returns<br>Highest<br>(%) (3)(4)** |
|  Royce Micro-Cap |  |  |  |  |  |  |  |  |  |
| 2025 | 7845 | 16.20 | 16.20 | 126574 |  | 0.75 | 0.75 | 9.68 | 9.68 |
| 2024 | 11358 | 14.77 | 14.77 | 167285 |  | 0.75 | 0.75 | 9.49 | 9.49 |
| 2023 | 12576 | 10.99 | 13.49 | 169206 |  | 0.75 | 1.35 | 13.77 | 14.42 |
| 2022 | 12437 | 11.79 | 11.79 | 146246 |  | 0.75 | 0.75 | (25.24) | (25.24) |
| 2021 | 14090 | 13.01 | 15.77 | 221819 |  | 0.75 | 1.35 | 24.50 | 25.16 |
| T. Rowe Price Health Sciences |  |  |  |  |  |  |  |  |  |
| 2025 | 49749 | 21.23 | 21.23 | 1057082 |  | 0.75 | 0.75 | 13.47 | 13.47 |
| 2024 | 74571 | 18.71 | 18.71 | 1395964 |  | 0.75 | 0.75 | (2.30) | (2.30) |
| 2023 | 77322 | 19.15 | 19.15 | 1481854 |  | 0.75 | 0.75 | (1.14) | (1.14) |
| 2022 | 79807 | 19.37 | 19.37 | 1546409 |  | 0.75 | 0.75 | (15.86) | (15.86) |
| 2021 | 80329 | 23.02 | 23.02 | 1850308 |  | 0.75 | 0.75 | 8.64 | 8.64 |
|  Templeton Developing Markets VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 10579 | 13.14 | 13.14 | 139018 | 0.57 | 0.75 | 0.75 | 40.84 | 40.84 |
| 2024 | 12978 | 9.33 | 9.33 | 121060 | 0.03 | 0.75 | 0.75 | 3.78 | 3.78 |
| 2023 | 18688 | 8.99 | 8.99 | 168117 | 0.02 | 0.75 | 0.75 | 8.44 | 8.44 |
| 2022 | 18634 | 8.29 | 8.29 | 154519 | 0.03 | 0.75 | 0.75 | (24.84) | (24.84) |
| 2021 | 16710 | 11.03 | 11.03 | 184388 | 0.01 | 0.75 | 0.75 | (9.22) | (9.22) |
|  Templeton Global Bond VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 156080 | 6.13 | 6.13 | 957312 |  | 0.75 | 0.75 | 11.45 | 11.45 |
| 2024 | 228534 | 5.50 | 5.50 | 1257718 |  | 0.75 | 0.75 | (14.73) | (14.73) |
| 2023 | 294954 | 6.45 | 6.45 | 1901403 |  | 0.75 | 0.75 | (0.92) | (0.92) |
| 2022 | 280114 | 6.51 | 6.51 | 1822345 |  | 0.75 | 0.75 | (8.44) | (8.44) |
| 2021 | 313166 | 7.11 | 7.11 | 2225419 |  | 0.75 | 0.75 | (8.49) | (8.49) |
|  Western Asset Variable Global High Yield Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 1296 | 10.88 | 11.29 | 14637 | 4.61 | 0.75 | 1.35 | 5.32 | 5.91 |
| 2024 | 2323 | 10.33 | 10.66 | 24422 | 0.06 | 0.75 | 1.35 | 2.08 | 2.70 |
| 2023 | 2250 | 10.12 | 10.38 | 23075 | 0.05 | 0.75 | 1.35 | 5.31 | 5.92 |
| 2022 | 2195 | 9.61 | 9.80 | 21315 | 0.06 | 0.75 | 1.35 | (17.51) | (17.02) |
| 2021 | 2421 | 11.65 | 11.81 | 28400 | 0.04 | 0.75 | 1.35 | (3.32) | (2.64) |

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##### [**Table of Contents**](#toc)
Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

(1) These amounts 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. Average net assets is a simple average of net assets and will not reflect offsetting changes in net assets occurring within a
year. 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 subaccount invests.

(2) These ratios represent the annualized contract expenses of the Account, consisting primarily of administrative
and mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to the unit values. Charges made directly to contract owner accounts through the redemption of units and expenses
of the underlying fund are excluded. The additional fees for the mortality and expense risk charges applied to policies whose contract values are less than $100,000 are excluded from these ratios because they result in reductions of contract owner
units, rather than direct reductions to the unit values. See Note 2.

(3) These amounts represent the total return for the periods 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. The total return is calculated for the period indicated or from the inception date through the end of the reporting period.

(4) Unit value information is calculated on a daily basis regardless of whether or not the subaccount has
contractholders.

**5. Subsequent Events** 

The Account has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no items require recognition or disclosure.