As filed with the SEC on April 29, 2016
Registration No. 333-141878
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
|
Pre-Effective Amendment No. |
|
|
Post-Effective Amendment No. 11 |
x |
|
|
|
|
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
|
|
|
|
|
Amendment No. 87 |
x |
FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I
(Exact name of registrant)
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(Name of depositor)
100 Salem Street
Smithfield, Rhode Island 02917
(Address of depositors principal executive offices)
Depositors telephone number: (800) 544-8888
WILLIAM J. JOHNSON, JR.
President
Fidelity Investments Life Insurance Company
100 Salem Street
Smithfield, Rhode Island 02917
(Name and address of agent for service)
Copy to:
MICHAEL BERENSON
MORGAN, LEWIS & BOCKIUS LLP
1111 Pennsylvania Avenue, N.W.
Washington, D.C. 20004
Individual Variable Annuity Contracts Pursuant to Rule 24f-2 under the Investment Company Act of 1940, as amended, the Registrant has registered an indefinite number of securities.
It is proposed that this filing will become effective (check appropriate space): | ||
o |
immediately upon filing pursuant to paragraph (b) of rule 485 |
|
x |
on April 30, 2016, pursuant to paragraph (b) (1) (iii) of rule 485 |
|
o |
60 days after filing pursuant to paragraph (a) (1) of rule 485 |
|
o |
on , pursuant to paragraph (a) (1) of rule 485 |
|
o |
75 days after filing pursuant to paragraph (a) (2) of rule 485 |
Page of |
o |
on , pursuant to paragraph (a) (2) of rule 485 |
Exhibit Index Appears on Page |
Prospectus
Fidelity Growth and Guaranteed Income® Annuity
Introduction
This prospectus describes a single premium deferred variable annuity contract with a guaranteed withdrawal for life benefit (the "Contract") offered by Fidelity Investments Life Insurance Company ("FILI", "we", or "us") through Fidelity Investments Variable Annuity Account I (the "Variable Account"). All guarantees described in the Contract are subject to the claims paying ability of FILI. We are a life insurance company that is one of the group of financial service companies known as Fidelity Investments.
The Contract may be owned by one or two individuals. A Contract may also be owned by a trust that exists for the benefit of one or two individuals. You, the Owner or Owners, may purchase a Contract (1) on a non-qualified basis or (2) on a qualified basis as an Individual Retirement Annuity ("IRA") under Section 408(b) of the Internal Revenue Code of 1986, as amended.
Legal Information
This prospectus provides information that a prospective investor should know before investing. We have filed additional information about the Contract and the Variable Account with the U.S. Securities and Exchange Commission in a Statement of Additional Information dated April 30, 2016. The Statement of Additional Information is incorporated by reference in this prospectus and is available without charge by calling us at 1-800-544-2442 or by accessing the SEC Internet website (at http://www.sec.gov). The table of contents of the Statement of Additional Information appears on page 33.
Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
Please read this prospectus and keep it for future reference. It does not constitute an offering unless accompanied by either the current prospectus for the Government Money Market Investment Option or the current prospectuses for all the Investment Options.
This prospectus does not constitute an offering in any jurisdiction in which such offering may not be lawfully made. No person is authorized to make any representations in connection with this offering other than those contained in this prospectus.
FOR FURTHER INFORMATION CALL US:
Nationally 1-800-544-2442
Date: April 30, 2016
Investment Options
You may currently direct your money to one or both of two available variable subaccounts (the "Investment Options"). The value of the money you invest in any Investment Option will vary with the investment performance of the single mutual fund portfolio (the "Fund") in which the Investment Option invests. We may add additional Investment Options in the future and limit the percent of any allocation to an Investment Option.
One subaccount invests solely in the Fidelity VIP Balanced Portfolio. The other invests solely in the Fidelity VIP FundsManager® 60% Portfolio.
The Fidelity VIP Balanced Portfolio is managed by Fidelity Management & Research Company ("FMR"). The Fidelity VIP FundsManager® 60% Portfolio is managed by FMR Co., Inc. an affiliate of FMR.
GMWB
i
Prospectus Contents
Glossary |
iii |
||||||
Fee Table |
v |
||||||
Summary of the Contract |
1 |
||||||
Facts About FILI, the Variable Account, and the Funds |
|||||||
FILI |
4 |
||||||
The Variable Account |
4 |
||||||
Financial Statements |
5 |
||||||
The Funds |
5 |
||||||
Facts About the Contract |
|||||||
Purchase of a Contract |
5 |
||||||
Application and Purchase Payment |
6 |
||||||
Free Look Privilege |
6 |
||||||
Investment Allocation of Your Purchase Payment |
7 |
||||||
Making Exchanges Among Investment Options |
7 |
||||||
Accumulation Units |
9 |
||||||
Withdrawals |
9 |
||||||
Guaranteed Withdrawal Benefit for Life |
10 |
||||||
Systematic Withdrawal Program |
13 |
||||||
Postponement of Payment |
14 |
||||||
Signature Guarantee or Customer Authentication |
14 |
||||||
Charges |
14 |
||||||
Automatic Transfer to Government Money Market Investment Option Upon Due Proof of Death |
15 |
||||||
Required Distributions On Death of Owner |
15 |
||||||
Annuity Date |
16 |
||||||
Annuity Income |
17 |
||||||
Contracts Owned by Trusts |
18 |
||||||
Abandoned Property |
18 |
||||||
Reports to Owners |
18 |
||||||
Tax Considerations |
19 |
||||||
Other Contract Provisions |
23 |
||||||
Selling the Contracts |
24 |
||||||
Special Provisions for Sales Under Sponsored Arrangements |
24 |
||||||
More About the Investment Options and the Funds |
|||||||
Changes in Investment Options |
25 |
||||||
Total Return for an Investment Option |
25 |
||||||
Voting Rights |
25 |
||||||
Resolving Material Conflicts |
26 |
||||||
Litigation |
26 |
||||||
Appendix A: Guaranteed Withdrawal Benefit for Life Examples |
27 |
||||||
Appendix B: Table of Accumulation Unit Values |
29 |
||||||
Appendix C: Table of Accumulation Unit Values |
31 |
||||||
Table of Contents of the Statement of Additional Information |
33 |
GMWB
ii
Glossary
Accumulation Unit - A unit of interest in an Investment Option.
Accumulation Unit Value - The value of a particular Accumulation Unit at a particular time.
Annuitant or Annuitants - The person(s) designated by the Owner(s) whose age and life determine eligibility for benefits under the Guaranteed Withdrawal Benefit For Life provision and the Annuity Income provisions.
Annuity Date - A date selected by the Owner(s) for annuity income payments to begin. This date can be as late as the first day of the calendar month on or after the Contract Anniversary that falls on or after the oldest Owner's 95th birthday.
Beneficiary or Beneficiaries - The person or persons who receive money from the Contract if all the Owners and Annuitants die before the Annuity Date.
Code - The Internal Revenue Code of 1986, as amended.
Contract - The annuity contract described in this prospectus.
Contract Anniversary - The same month and day as the Contract Date in each later year.
Contract Date - The date your Contract becomes effective. We show this date in your Contract.
Contract Value - The total amount attributable to a Contract at any time before annuity income payments begin.
Contract Year - A year that starts on the Contract Date or a Contract Anniversary and ends at the close of business on the day before the next Contract Anniversary.
Exchanges - Transfers of values among the Investment Options.
Funds - The mutual fund portfolios in which the Investment Options invest.
Gross Withdrawal - The amount by which a withdrawal reduces the Contract Value. Such amount may include a Surrender Charge and taxes.
Guaranteed Withdrawal Benefit Amount ("GWB Amount") - The amount you are eligible to withdraw each Contract Year after the youngest Annuitant reaches age 59 1/2.
Guaranteed Withdrawal Benefit Value ("GWB Value") - The value we use to determine your GWB Amount.
Investment Options - The Subaccounts of the Variable Account to which you may allocate your Contract Value. Each Subaccount invests exclusively in the shares of one Fund.
IRA - Refers generally to both an Individual Retirement Account and an Individual Retirement Annuity as defined in sections 408(a) and (b) respectively, of the Code. When it is used to refer to a Qualified Contract, it means a Contract that qualifies as an Individual Retirement Annuity as defined in section 408(b) of the Code.
Money Market Period - The period of time during the Contract's Free Look Period where your Contract will be invested entirely in the Government Money Market Investment Option if your Contract is a Qualified Contract or if state law requires that we return at least the amount of your Purchase Payment.
Non-qualified Contract - A contract other than a Qualified Contract. This type of Contract may be purchased with money from any source.
Owner(s) - also "You" or "Your" - The one or two persons who have the ownership rights and privileges under the Contract. Two people may purchase a Contract only if they are spouses.
Purchase Payment - The single premium amount you invest in a Contract before any deduction for premium taxes.
Qualified Contract - A Contract that qualifies as an Individual Retirement Annuity under Section 408(b) of the Code.
Subaccounts - The divisions of the Variable Account, each of which invests exclusively in the shares of one Fund.
Total Return - A measure of the investment performance for an Investment Option from one Valuation Period to the next.
Valuation Period - The period of time between one determination of the value of Accumulation Units to the next determination. We make determinations as of the close of business of the New York Stock Exchange (normally 4 p.m. Eastern Time) each day that the Exchange is open for trading.
GMWB
iii
Variable Account - Fidelity Investments Variable Annuity Account I.
Withdrawal Percentage - The percentage we use to determine the GWB Amount for your Contract each Contract Year. The first withdrawal you make after the youngest Annuitant reaches age 59 1/2 will determine the Withdrawal Percentage for the duration of your Contract.
You, you or Your, your - The one or two persons who own a Contract. Once the Contract is issued, the Owner(s) may not be changed. You may not remove an Owner.
GMWB
iv
FEE TABLE
The following table describes the fees and expenses that you will pay when buying, owning or surrendering the Contract, not including Fund fees and expenses.
Contract Owner Transaction Expenses |
|||||||
Surrender Fees (as a percentage of amount surrendered during first 5 Contract Years)1 |
2 |
% |
|||||
Premium Taxes (as a percentage of Contract Value or Purchase Payment)2 |
0 |
% - 3.5% |
The following table describes the fees and expenses that you will pay periodically while you own your Contract, not including Fund fees and expenses.
Separate Account Annual Expenses (as a percentage of average account value) |
Maximum Charge |
||||||
Mortality and Expense Risk ("M&E") Charge |
|||||||
For Contracts with 1 Annuitant |
1.00 |
%3 |
|||||
For Contracts with 2 Annuitants |
1.15 |
%3 |
|||||
Administrative Charge |
0.25 |
% |
|||||
Total Separate Account Annual Fees |
|||||||
For Contracts with 1 Annuitant |
1.25 |
%4 |
|||||
For Contracts with 2 Annuitants |
1.40 |
%4 |
The next table describes the fees and expenses associated with the Funds that you will pay periodically during the time that you own a Contract. The table shows the minimum and maximum fees and expenses charged by any of the Funds. More detail concerning each Fund's fees and expenses is contained in its prospectus.
Total Annual Fund Operating Expenses |
Minimum |
Maximum |
|||||||||
(expenses that are deducted from Fund's assets including management fees, distribution and/or service (12b-1) fees, and other expenses)5 |
0.28 |
% |
0.88 |
% |
1 Surrender Charge will not apply to GWB Amounts or amounts withdrawn pursuant to a systematic withdrawal program to meet minimum required distributions under the Code.
2 Premium tax rate varies by state and the type of Contract you own.
3 For Contracts purchased prior to 1/1/2009, the M&E Charge is 0.85% for Contracts with 1 Annuitant and 1.00% for Contracts for 2 Annuitants.
4 For Contracts purchased prior to 1/1/2009, the Total Separate Account Annual Fees is 1.10% for Contracts with 1 Annuitant and 1.25% for Contracts with 2 Annuitants.
5 The expenses shown do not reflect any fee waivers or expense reimbursements. The advisers and /or other service providers of certain Funds have agreed to reduce their fees and/or reimburse the Funds' expenses in order to keep the Funds' expenses below certain specified limits. The minimum and maximum Total Annual Fund Operating Expenses for all Funds after all fee reductions and expense reimbursement arrangements are taken into consideration are 0.28% and 0.83% respectively. Each fee reduction and/or expense reimbursement arrangement is described in the relevant Fund's prospectus.
The annual operating expenses provided are based on estimated expenses.
GMWB
v
EXAMPLE
This Example is intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts.
The Example assumes that you invest $10,000 in the Contract for the time periods indicated. The Example also assumes your investment has a 5% return each year. The Example reflects the impact of Surrender Fees, Total Separate Account Annual Expenses of 1.40%, and the maximum fees and expenses of any of the Funds. This Example assumes that no premium tax was deducted. Although your actual costs may be higher or lower, based on these assumptions your costs would be as shown immediately below:
(a) If you surrender Your Contract at the end of the applicable time period (during the 1, 3, and 5 years periods, the entire amount surrendered is subject to the 2% surrender fee):
1 year |
3 years |
5 years |
10 years |
||||||||||||
$ |
437 |
$ |
929 |
$ |
1,449 |
$ |
2,615 |
(b) If you annuitize at the end of the applicable period or do not surrender your Contract:
1 year |
3 years |
5 years |
10 years |
||||||||||||
$ |
231 |
$ |
712 |
$ |
1,220 |
$ |
2,615 |
GMWB
vi
Summary of the Contract
Purpose
This variable annuity Contract allows you, the Owner(s), to accumulate money on a tax-deferred basis before the Annuity Date. Money used to fund a Qualified Contract already receives tax-deferral so this contract should not be purchased solely for this reason. For Contracts owned by individuals, all Owners must be age 85 or younger on the Contract Date. For Contracts owned by revocable grantor trusts, the Annuitant(s) must be age 85 or younger on the Contract Date. We designed the Contract to provide assistance in meeting retirement income goals by providing a withdrawal feature that allows for guaranteed withdrawals that begin when the youngest Annuitant reaches age 59 1/2 and last for the life or lives of the Annuitant(s).
You may invest in one or both of the two Investment Options available under the Contract. Each Investment Option invests exclusively in shares of one Fund. Values invested in the Investment Options may increase, decrease or stay the same. You bear the investment risk.
A Non-qualified Contract may be purchased with money from any source. Qualified Contracts should only be purchased with money transferred from an IRA or rolled over from a qualified plan such as a 401(a), or a 401(k) plan, a 403(b) plan, or a governmental 457(b) plan.
The Contract provides for a withdrawal benefit where you may make withdrawals of a guaranteed amount each Contract Year for the life or lives of the Annuitant(s). The amount you can withdraw under this benefit may change each year. The Contract also provides for annuity income payments to the Owner(s) each month beginning on the Annuity Date. You select the Annuity Date and the Annuitant(s) subject to certain conditions. If at any time you elect to receive annuity income payments using the Contract Value and any annuity purchase rates offered by us, the Guaranteed Withdrawal Benefit For Life feature will cease immediately.
YOU SHOULD PURCHASE THIS CONTRACT ONLY IF YOU ARE BUYING IT FOR THE GUARANTEED WITHDRAWAL BENEFIT FOR LIFE FEATURE. WE OFFER, FOR A LOWER CHARGE, A SUBSTANTIALLY SIMILAR VARIABLE ANNUITY WHICH DOES NOT INCLUDE THE GUARANTEED WITHDRAWAL BENEFIT FOR LIFE FEATURE. Please call us at 1-800-544-2442 if you would like a prospectus for that variable annuity.
Before the Annuity Date, you may exchange your Contract for any immediate annuity contract we then offer.
Minimum Purchase Payment Amount
To purchase a Contract, you must generally make a single Purchase Payment of at least $25,000. A smaller Purchase Payment is available under some sponsored arrangements. Additional Purchase Payments are not allowed. If you are purchasing a Contract by exchanging one or more annuity contracts or life insurance policies, or if your Purchase Payment will be paid from different sources (e.g. personal check and proceeds from a brokerage account), we will allow the proceeds to be used as the Purchase Payment for this Contract. In general, the aggregate value of all the proceeds must be at least $25,000.
We currently limit the amount of any Purchase Payment to $3,000,000 without our prior approval. We reserve the right to reject any Purchase Payment. We also reserve the right to reject a Purchase Payment made with cash-like instruments including, but not limited to money orders, cashier's checks, bank drafts, postal money orders and Traveler's Express international money orders.
Withdrawals
You may withdraw part or all of your Contract Value at any time prior to the Annuity Date. See Withdrawals on page 9.
The first withdrawal you make after the youngest Annuitant reaches age 59 1/2 triggers the commencement of the Guaranteed Withdrawal Benefit for Life feature. You may then withdraw a Guaranteed Withdrawal Benefit Amount ("GWB Amount") each Contract Year until there is no longer any living Annuitant. The GWB Amount may change each Contract Year. See Guaranteed Withdrawal Benefit For Life on page 10.
Withdrawals taken during the first five (5) Contract Years will be subject to a Surrender Charge unless (1) the withdrawal is taken under the Guaranteed Withdrawal Benefit For Life feature, (2) the withdrawal is taken to comply with the minimum required distributions for Qualified Contracts under the Code and is taken as part of a Systematic Withdrawal Program offered by us, or (3) as a required distribution following the death of an Owner. If you withdraw all of your Contract Value, the Contract will end unless you are eligible to receive withdrawals under the Guaranteed Withdrawal Benefit For Life feature.
GMWB
1
The Contract Value is before any deductions for any Surrender Charge we may impose and any taxes withheld, so the amount you receive may be less than the amount you withdraw.
Certain withdrawals may be subject to a federal penalty tax as well as federal income tax. See Tax Considerations on page 19.
Guaranteed Withdrawal Benefit For Life
Under this benefit, you are eligible to take one or more withdrawals up to the GWB Amount each Contract Year starting when the youngest Annuitant reaches age 59 1/2. The GWB Amount may change each year. You are eligible to take the GWB Amount each Contract Year until there is no longer any living Annuitant.
On each Contract Anniversary following your first GWB Amount withdrawal, we determine a GWB Amount for the ensuing Contract Year. We do this by multiplying a percentage, called a "Withdrawal Percentage", by a value called the Guaranteed Withdrawal Benefit Value ("GWB Value"). The Withdrawal Percentage will be a percentage between 4.5% and 7%. We will set the Withdrawal Percentage for your Contract the first time you take a withdrawal after the youngest Annuitant reaches age 59 1/2. The Withdrawal Percentage will be based on the age and number of Annuitants. On the Contract Date, the GWB Value equals your Purchase Payment. The GWB Value may increase from one Contract Year to the next. On each Contract Anniversary before the oldest Annuitant turns 85, the GWB Value will be compared to the Contract Value and if the Contract Value is greater than the GWB Value, the GWB Value will be increased to equal the Contract Value. If the New York Stock Exchange is closed on a Contract Anniversary, the Contract Value as determined as of the end of the next day the New York Stock Exchange is open will be used. The GWB Value may also decrease under certain conditions. Withdrawals that exceed the GWB Amount or that are taken before the youngest Annuitant reaches age 59 1/2 may significantly reduce the value of this benefit. See Guaranteed Withdrawal Benefit For Life on page 10 and the examples shown in Appendix A.
For Contracts not owned by a trust, Owner(s) must be Annuitant(s). Because the Code requires certain distributions following the death of an owner, we limit joint ownership to spouses only. If the Contract has a single Owner, that Owner may name a spouse as a joint Annuitant. In the case of a trust owned Contract, the grantor of the trust must be an Annuitant. The grantor's spouse may also be named as a joint Annuitant. See Required Distributions on Death of Owner on page 15.
Annuity Income
For a Contract issued to one Owner, we pay fixed annuity income to the Owner beginning on the Annuity Date if the Owner is still alive on the Annuity Date. For a Contract issued to two Owners, we pay fixed annuity income to the Owners if either (1) both the Owners are alive on the Annuity Date or (2) one Owner is still alive on the Annuity Date and the surviving Owner was the deceased Owner's spouse at the time of death and elected to continue the contract as his or her own.
You may elect to receive annuity income payments under any of our available annuity income options. The Contract offers two annuity income options:
(1) You may receive the greater of (a) or (b) where (a) is your eligible GWB Amount that will be paid to you as annuity income until there is no longer any living Annuitant, and (b) is the amount of annuity income that will be paid to you by applying your Contract Value as of the Annuity Date to annuity purchase rates that will pay you monthly annuity income until there is no longer any living Annuitant. If on the death of the last surviving Annuitant the total of all annuity income provided on or after the Annuity Date is less than the Contract Value at the end of the Annuity Date Valuation Period, we will refund the difference to your Beneficiary, and
(2) You may have the Contract Value applied to annuity purchase rates that will pay you monthly annuity income until there is no longer any living Annuitant or for 120 monthly payments, whichever is longer.
Annuity income option (2) is available on any Annuity Date. If annuity option (2) is selected, benefits under the Guaranteed Withdrawal Benefit For Life feature will terminate.
Annuity income option (1) is only available on the latest possible Annuity Date unless the Contract Value is reduced to an amount below the lesser of $2,500 or the GWB Amount and the Contract is converted to an annuity income option. See Conversion of GWB Amount Payments on page 13.
If your Contract is a Qualified Contract, the Annuity Income options described above may be limited or modified to comply with requirements under the Code. For example, on your Annuity Date, the refund feature under Annuity Income option (1) may be unavailable and any guarantee period under any annuity income option may be limited to the life expectancy of the Annuitant(s) as determined by federal income tax regulations. See Annuity Date on page 16.
GMWB
2
Death Of Owner(s) And Last Surviving Annuitant
If all the Owners die before the Annuity Date, then at the close of the Valuation Period in which we receive due proof of death of the last surviving Owner, we will transfer the Contract Value that is in the other Investment Options to the Government Money Market Investment Option. If the Contract only has one Owner and joint Annuitants, we will transfer any portion of the Contract Value that is in the other Investment Options to the Government Money Market Investment Option when we receive due proof of death of the last surviving Annuitant. See Automatic Transfer to the Government Money Market Investment Option Upon Due Proof Of Death on page 15.
Once we have determined the number of Beneficiaries who will share in the Contract Value, a Beneficiary who has returned all required documentation to us (including tax withholding and other forms) will be able to transfer his or her share of the Contract Value among the Investment Options. If the Contract Value for any one Beneficiary is less than $5,000 when we have received all required documentation, then we will send that Beneficiary their entire portion of the Contract Value. See Required Distributions On Death of Owner on page 15.
Required Distributions on Death of Owner
If any Owner dies before the Annuity Date, the Contract must be distributed according to the requirements of the Code in order for the Contract to qualify as an annuity for tax purposes. If the Contract is owned by a trust, then the death of an Annuitant will be treated as a death of an Owner.
If the Contract has more than one Owner and the surviving Owner is a spouse of the Owner at time of death, the surviving Owner may continue the Contract and all terms and conditions of the Contract will remain in force.
If an Owner dies, we will not make annuity income payments to the Owner(s) even if the Contract Value has not been distributed by the Annuity Date unless (1) the Contract was owned jointly by spouses, and (2) the surviving spouse elected to continue the Contract as his or her own. See Required Distributions On Death of Owner on page 15.
Surviving Owner or Annuitant
If a Contract has two Owners and one Owner dies, the surviving Owner, not the Beneficiary(ies), has the right to the Contract Value. If the Contract is owned by a single Owner, a trust or is a Qualified Contract and there are two Annuitants and one Annuitant dies, the surviving Annuitant, not the Beneficiary(ies) has the right to the Contract Value.
If all the Owners (or Annuitants in the case of Contracts owned by a trust and Qualified Contracts) die before the Annuity Date, then the Beneficiary(ies) have the right to the Contract Value.
A surviving spouse who is a surviving Owner and/or a surviving Annuitant will be able to continue the Contract as his or her own and will be treated as having been the sole Owner from the Contract Date. Such a surviving spouse will be able to change the Annuity Date to a date as late as the first day of the calendar month on or after the Contract Anniversary that falls on or after his or her 95th birthday as long as the Owner dies before the original Annuity Date. Otherwise the Contract Value must be distributed in accordance with the applicable provisions of the Code. See Required Distributions on Death of Owner on page 15.
Charges
You will incur the following charges in connection with the Contracts.
(1) Mortality and Expense Risk Charge. For a Contract with two Annuitants on the Contract Date, we assess a daily charge against each Contract's assets at an annual rate of 1.15%1. For a Contract with one Annuitant on the Contract Date, the annual rate is 1.00%1.
(2) Administrative Charge. We assess a daily charge against each Contract's assets at an annual rate of 0.25%.
(3) Surrender Charge. We assess a 2% Surrender Charge on Withdrawals during the first five Contract Years. A Surrender Charge will not apply to withdrawals (1) under the Guaranteed Withdrawal Benefit For Life feature, (2) taken to comply with the minimum required distributions for Qualified Contracts under the Code and is taken as part of a Systematic Withdrawal Program offered by us, or (3) that are required following the death of an Owner. A Surrender Charge will not be assessed on the Annuity Date.
(4) Premium Taxes. We impose a charge equal to any premium taxes we are required to pay. Generally we impose the charge at the time we are required to pay the tax. In most states the charge is imposed on the Annuity Date. In some states it is imposed when Purchase Payments are made. See Charges on page 14.
(5) Funds' Expenses. The portfolios in the Funds pay monthly management fees and other expenses. See the prospectuses for the Funds for discussions of expenses.
1 For Contracts purchased prior to 1/1/2009, the M&E Charge is 1.00% for Contracts with 2 Annuitants and 0.85% for Contracts with 1 Annuitant.
GMWB
3
(6) Other Taxes. We reserve the right to charge for any other taxes (in addition to premium taxes) that we may have to pay. See FILI's Tax Status on page 22.
For further information about fees and expenses generally, see Charges on page 14.
FILI or its insurance agency affiliate receives annual compensation of up to 0.40% of assets allocated to the underlying mutual funds, for customer service, distribution and recordkeeping services with respect to those assets. This compensation is received from the funds' advisors or their affiliates. These payments are not contract charges, and do not increase the fund or contract charges described in this section or in the fee table.
Free Look Period
You have the right to cancel the purchase of your Contract for at least ten days after you receive it. We assume it will take five days from the day we mail the Contract until you receive it. This is called the "Free Look Period". The time you have to return your Contract may be longer, depending on the state where you purchase the Contract and other factors.
Some states allow us to refund your Contract Value plus any deductions made for premium taxes. Other states require that we return at least your Purchase Payment for at least a portion of the Free Look Period.
If your Contract is a Qualified Contract or if state law requires that we return at least the amount of your Purchase Payment, then your Contract will be invested entirely in the Government Money Market Investment Option for either 15 days or the length of time we are required to return at least the amount of your Purchase Payment, whichever is longer. This is called the Money Market Period. Then at the close of the Valuation Period in which the Money Market Period expires, we will transfer your Contract Value to the other Investment Options in accordance with your most recent allocation instructions. Together with your Contract, we will notify you of the date on which your Free Look Period ends. If you cancel the Contract during the Money Market Period, we will pay you the greater of your Contract Value plus any deductions made for premium taxes or your Purchase Payment. For other cancellations, we will pay you your Contract Value plus any deductions made for premium taxes.
If your Contract is a Non-qualified Contract and state law requires that we return an amount based on your Contract Value, then money you allocate to the Investment Options will be invested in your selected Investment Options beginning on the Contract Date.
See Free Look Privilege on page 6.
Important
The summary above provides only an overview of the more significant aspects of a Contract. You can find more detailed information in the rest of this Prospectus and in your Contract. Your Contract is the entire agreement between us and you, and you should retain your Contract.
Facts About FILI, the Variable Account, and the Funds
FILI
FILI is a stock life insurance company organized in 1981 and existing under the laws of the State of Utah. FILI is part of Fidelity Investments, a group of companies that provides a variety of financial services and products. FILI is a wholly-owned subsidiary of FMR LLC, the parent company of the Fidelity Investments companies. Edward C. Johnson 3d, the Johnson family members, and various key employees of FMR LLC own the voting common stock of FMR LLC. FILI's financial statements appear in the Statement of Additional Information. Our principal executive offices are located at 100 Salem Street, Smithfield, Rhode Island 02917. The address for our Annuity Service Center is P.O. Box 770001, Cincinnati, Ohio 45277-0050.
THE VARIABLE ACCOUNT
Fidelity Investments Variable Annuity Account I is a separate investment account of FILI established on July 22, 1987. It is used to support the variable annuity contract described herein and other forms of variable annuity contracts issued by FILI, and for other purposes permitted by law.
The Variable Account is registered with the Securities and Exchange Commission ("SEC") as a unit investment trust under the Investment Company Act of 1940 ("1940 Act").
GMWB
4
We are the legal owner of the assets in the Variable Account. As required by law, however, the assets of the Variable Account are kept separate from our general account assets and from any other separate accounts we may have, and may not be charged with liabilities from any other business we conduct. The assets in the Variable Account will always be at least equal to the reserves and other liabilities of the Variable Account. If the assets exceed the required reserves and other liabilities, we may transfer the excess to our general account. We are obligated to pay all benefits provided under the Contracts.
FINANCIAL STATEMENTS
Financial statements for FILI may be found in the Statement of Additional Information.
THE FUNDS
There are currently two available Investment Options in the Variable Account. In addition, the Contract also provides for a Government Money Market Investment Option, which your Purchase Payment may be allocated to only during the Free Look Period or following the death of the last surviving Owner or Annuitant. Each Investment Option invests exclusively in a single Fund. Each Fund is part of a trust that is registered with the SEC as an open-end management investment company under the 1940 Act. This registration does not involve supervision of the management or investment practices or policies of the Funds by the SEC. Each Fund's assets are held separate from the assets of the other Funds, and each Fund has investment objectives and policies that are different from those of the other Funds. Thus, each Fund operates as a separate investment fund, and the income and losses of one Fund have no effect on the investment performance of any other Fund.
The following table describes the Funds' investment objective and lists each Fund's investment adviser or principal sub-adviser. This information is just a summary for each underlying Fund. There is, of course, no assurance that any Fund will meet its investment objective. You should read the Fund's prospectus for more information about that particular Fund. Each Investment Option invests in Investor Class shares of each Fund.
The names and investment objectives of the below Funds may be similar to those of other funds available through the same Investment Adviser; however, the performance of such funds may differ significantly.
Fund |
Investment Objective |
Investment Adviser or any Sub-Adviser |
|||||||||
FIDELITY |
|||||||||||
Fidelity VIP Balanced Portfolio |
Seeks income and capital growth consistent with reasonable risk |
Fidelity Management & Research Company |
|||||||||
Fidelity VIP FundsManager® 60% Portfolio* |
Seeks high total return |
FMR Co., Inc. |
|||||||||
Fidelity VIP Government Money Market Portfolio** |
Seeks as high a level of current income as is consistent with the preservation of capital and liquidity |
Fidelity Management & Research Company |
* Prior to October 22, 2015, the portfolio's investment advisor was Strategic Advisers®, Inc.
** Prior to December 1, 2015, the portfolio was known as Fidelity VIP Money Market.
Important: You will find more complete information about the Funds, including the risks associated with each Fund, in their respective prospectuses, and if available, summary prospectuses. You should read them in conjunction with this prospectus. You can obtain a prospectus for any underlying Fund by calling 800-544-2442 or visiting Fidelity.com.
Facts About the Contract
PURCHASE OF A CONTRACT
We offer the Contracts only in states in which we have obtained the necessary approval. You must complete an application to purchase any Contract.
Generally, you may purchase a Qualified Contract only with money transferred from a plan qualified under section 401(a) of the Code, a 403(b) mutual fund account or a 403(b) tax sheltered annuity, a governmental 457(b) plan or an IRA. You may purchase a Non-qualified Contract with money from any source.
GMWB
5
To purchase a Contract, you must generally make a single Purchase Payment of at least $25,000. A smaller Purchase Payment is available under some sponsored arrangements. If you are purchasing a Contract by exchanging one or more annuity contracts or life insurance policies, or if your Purchase Payment will be paid from different sources (e.g. personal check and proceeds from a brokerage account), we will allow the proceeds to be used as the Purchase Payment for this Contract. The total value of all the proceeds must be at least $25,000.
All Annuitant(s) must be age 85 or younger.
APPLICATION AND PURCHASE PAYMENT
Once we receive your completed application in a form acceptable to us, we will apply the Purchase Payment to the purchase of a Contract within two business days after we receive the application and Purchase Payment at our Annuity Service Center. The address of our Annuity Service Center is P.O. Box 770001, Cincinnati, Ohio 45277-0050. An application will not be acceptable to us if there is any missing, inconsistent or undecipherable information that would not allow us to review and process your application and apply your Purchase Payment. The date that we credit your Purchase Payment and your Contract becomes effective is called the Contract Date. Additional Purchase Payments are not allowed. If more than one annuity contract or life insurance policy is being exchanged, or if your Purchase Payment will be paid from different sources (e.g. personal check and proceeds from a brokerage account), we will allow the proceeds to be used as the Purchase Payment for this Contract. When you are purchasing a Contract by exchanging another annuity contract or life insurance policy, or if your Purchase Payment will be paid from different sources, your Contract Date will be the day we first receive proceeds from your existing annuity contract or life insurance policy or from any source.
We reserve the right to revoke the Contract if proceeds from all of the exchanged annuity contracts or life insurance policies or other different sources do not equal $25,000 in aggregate. We also reserve the right to not accept any proceeds received after 90 days of the Contract Date. If the Contract is revoked, we will return the Contract Value without application of any Surrender Charges.
If we receive an incomplete application, or one that is not in an acceptable form, we will request the information needed to complete the application. If your application remains incomplete or otherwise unacceptable for five business days, we will return your Purchase Payment unless we obtain your specific permission to retain it pending completion or revision of your application.
FREE LOOK PRIVILEGE
The law of the state in which your Contract is issued or delivered provides you with the right to cancel the purchase of your Contract for a limited period of time. The period varies by state, but is never less than ten days from the day you receive your Contract. We assume it will take five days from the day we mail the Contract until you receive it.
In some states the length of the Free Look Period may be different depending on the source of funds, the age of the purchaser, or for some other reason. Together with your Contract, we will notify you of the date on which your Free Look Period ends.
If your Contract is a Qualified Contract or if state law requires that we return at least the amount of your Purchase Payment, then your Contract will be invested entirely in the Government Money Market Investment Option for either 15 days or the length of time we are required to return at least the amount of your Purchase Payment, whichever is longer. At the close of the Valuation Period in which the Money Market Period expires, we will transfer your Contract Value to the other Investment Options in accordance with your most recent allocation instructions. If your Contract is a Non-qualified Contract and state law requires that we return an amount based on your Contract Value, then you will be invested in your selected Investment Options beginning on the Contract Date. For administration purposes, we reserve the right to process any investment allocation during the Free Look Period through the Government Money Market Investment Option even if your Contract is Non-qualified and state law requires that we return an amount based on your Contract Value.
If you have exchanged more than one annuity contract or life insurance policy for the Contract or are funding the Purchase Payment for the Contract from different sources, you should expect that the proceeds from the annuity contracts, life insurance policies or other sources will be received by us on different days. We will allocate the first proceeds we receive to the Government Money Market Investment Option if your Contract is either a Qualified Contract or state law requires that we return at least the amount of your Purchase Payment. If your Contract is a Non-qualified Contract and state law requires that we return an amount based on your Contract Value, we will invest the proceeds in your selected Investment Options when we receive them. Your Free Look Period and Money Market Period, if applicable, will commence on the first day we receive proceeds from any of the annuity contracts or life insurance policies you have exchanged from, or from any other source. Any subsequent proceeds that are received after the Contract Date will be invested according to your most recent allocation instructions unless the Money Market Period, if applicable, has not expired. The receipt of subsequent proceeds will not extend or restart the Free Look Period or the Money Market Period, if applicable, under the Contract.
To cancel the purchase of your Contract, return the Contract to our Annuity Service Center before the end of the Free Look Period, together with a written cancellation request. You may not do this by telephone, fax or through the Internet. Depending on applicable
GMWB
6
state and federal law, we will promptly pay you either your Contract Value plus any deductions made for premium taxes, or your Purchase Payment. Where we are required by state or federal law to return at least the amount of your Purchase Payment, we will pay you the greater of your Contract Value plus any deductions made for premium taxes or your Purchase Payment.
INVESTMENT ALLOCATION OF YOUR PURCHASE PAYMENTS
You choose how to allocate your Purchase Payment among the available Investment Options and the percentage to be allocated to each. During the Contract's Free Look Period, we reserve the right to allocate your Purchase Payment to the Government Money Market Investment Option if your Contract is either a Non-qualified Contract issued in a state that requires a return of Purchase Payment or a Qualified Contract. We will allocate the value of your Contract to the Government Money Market Investment Option for a limited time following the death of the last surviving Owner or Annuitant. You may not choose to allocate your Purchase Payment or Contract Value to the Government Money Market Investment Option at any time. See Automatic Transfer To The Government Money Market Investment Option Upon Due Proof Of Death on page 15 and Free Look Privilege on page 6.
You choose the allocation of your Purchase Payment on the application. Depending on the state in which your Contract is delivered, amounts may be invested solely in the Government Money Market Investment Option for a short period of time after the Contract Date. Then we will transfer your Contract Value to the other Investment Options in accordance with your most recent allocation instructions. See Free Look Privilege.
Instructions may be expressed in dollars or in percentages. All instructions must be in whole numbers, not decimals or fractions. If you give us instructions that in our judgment are unclear or incomplete, your Purchase Payment will be allocated to the Government Money Market Investment Option until we receive instructions that are clear and complete. Instructions may be unclear or incomplete if percentage allocations do not total 100% or for some other reason. In the case of incomplete or unclear instructions, we will not be responsible for changes in unit values or for lost market opportunities.
At the time your Purchase Payment is invested in an Investment Option, we credit a number of Accumulation Units to your Contract based on each Investment Option's current Accumulation Unit Value.
You should verify the accuracy of your transaction confirmations and statements immediately after you receive them. If you find a discrepancy with regard to a particular transaction you should notify the Annuity Service Center promptly. We will not be responsible for losses unless you notify us within ten calendar days from the first time we mail a confirmation or statement with details of the transaction.
MAKING EXCHANGES AMONG INVESTMENT OPTIONS
• In General
Before the Annuity Date, you may make transfers of money ("Exchanges") among the available Investment Options by sending us instructions in writing, by calling us, or by using our Internet website. We do not accept instructions by fax or electronic mail. Firms or individuals making telephone exchange requests on behalf of multiple Contract Owners may be required to provide additional information about those requests by other means, including via fax or a website. It is recommended that you allow 90 days to pass before making a subsequent exchange to avoid triggering the restrictions described below in Frequent Trading Monitoring and Restriction Procedures on page 9.
Excessive Exchanges can disrupt the ability of a Fund to achieve its investment objective and increase the Fund's expenses. We reserve the right to limit the number of days on which you can make Exchanges, but you will always be able to make Exchanges on at least four days each calendar year unless you have been blocked from trading into all other available Investment Options as described below in Frequent Trading Monitoring and Restriction Procedures on page 9.
Your request to make an Exchange may be expressed in terms of dollars, such as a request to move $5,000 from one Investment Option to another. You may also request a percentage reallocation among Investment Options. Percentage requests must be made in whole numbers. You cannot move less than $250 from any Investment Option except that if you have less than $250 in an Investment Option you may move the entire amount.
• Making Exchanges by Telephone or Internet
Currently you may make Exchanges by telephone and/or Internet on up to four days in each calendar year. You may make Exchanges on additional days only by a letter to our Annuity Service Center.
We reserve the right to revise or terminate your ability to make Exchanges by telephone or through the Internet. We also reserve the right to limit the amount of any telephone or Internet Exchange or to reject any telephone or Internet Exchange.
GMWB
7
We will not be responsible for any losses resulting from unauthorized telephone or Internet Exchanges if we follow reasonable procedures designed to verify the identity of the caller or Internet user. We may record telephone calls. You should verify the accuracy of your Exchanges by checking the confirmations and statements we send to you as soon as you receive them. Notify the Annuity Service Center immediately if you find any discrepancies. We will not be responsible for losses unless you notify us within ten calendar days from the first time we mail a confirmation or statement containing details of the transaction.
• Effective Date of Exchanges Among Investment Options
Any redemption from an Investment Option that is part of an Exchange among Investment Options will be effected as of the end of the Valuation Period in which we receive the request at our Annuity Service Center, or receive it by telephone or through the Internet. Generally, the purchase of Accumulation Units in other Investment Options with the proceeds of the redemption will occur at the same time. However, if your Exchange involves (1) moving from an Investment Option that invests in an equity Fund that is in an illiquid position due to substantial redemptions or exchanges that require it to sell portfolio securities in order to make funds available, and (2) moving to an Investment Option that invests in a Fund that accrues dividends on a daily basis and requires federal funds before accepting a purchase order, then there may be a delay in crediting the amount that is moving to the new Investment Option. The delay will last until the Investment Option from which the Exchange is being made obtains liquidity, or for seven days, whichever is shorter. During this period, the amount to be transferred from the illiquid Investment Option will be uninvested.
• Market Timing
Some Owners use firms or individuals who engage in market timing. Such firms or individuals usually obtain authorization from Owners to make Exchanges among the Investment Options on the basis of perceived market trends. Large Exchanges resulting from market timing activity may disrupt the management of the Funds and become a detriment to other Owners.
To protect Owners not engaging in market timing, we reserve the right to reject Exchanges communicated to us by anyone acting under a power of attorney on behalf of more than one Owner. We also reserve the right to reject Exchange instructions we receive from anyone that any Owner has authorized to make multiple Exchanges. We will exercise these rights only if we believe that doing so will prevent harm to other Owners.
• Short-Term Trading Risk
Frequent Exchanges among Investment Options by Contract Owners can reduce the long-term returns of the Funds. The reduced returns could adversely affect the owners, annuitants, insureds or beneficiaries of any variable annuity or variable life insurance contract issued by any insurance company with respect to values allocated to the Fund. Frequent Exchanges may reduce a Fund's performance by increasing costs paid by the Fund (such as brokerage commissions); they can disrupt portfolio management strategies; and they can have the effect of diluting the value of the shares of long term shareholders in cases in which fluctuations in markets are not fully priced into the Fund's net asset value.
The Funds are also available in products issued by other insurance companies. There is a significant risk that short-term trading in the Funds may go undetected. The Funds themselves generally cannot detect individual contract owner exchange activity, because they are owned primarily by insurance company separate accounts that aggregate exchange orders from owners of individual contracts. Accordingly, the Funds are dependent in large part on the rights, ability and willingness of all participating insurance companies to detect and deter short-term trading by contract owners. As a result of the adoption of Rule 22c-2 of Investment Company Act of 1940, all Funds have entered into information sharing agreements with FILI that will require FILI, upon request, to (i) provide the Funds with specific information about Contract Owner transfer activity, and, if so requested by a Fund, (ii) prohibit future transfers into such Fund.
As outlined below, FILI has adopted policies regarding frequent trading, but can provide no assurance that other insurance companies using the same mutual funds have adopted comparable procedures. There is also the risk that these policies and procedures concerning short-term trading will prove ineffective in whole or in part to detect or prevent frequent trading. Please review the Funds' prospectuses for specific information about the Funds' short-term trading policies and risks.
• FILI Policies Regarding Frequent Trading
FILI does not authorize market timing. FILI has adopted policies and procedures designed to discourage frequent Exchanges as described below. If requested by a Fund, FILI will consider additional steps to discourage frequent Exchanges in that Fund, not inconsistent with the policies and procedures described below.
Contract Owners who engage in frequent Exchanges may be subjected to temporary or permanent restrictions on future purchases or Exchanges in a Fund. Further, Contract Owners who have engaged in frequent trading in the Funds, or in other mutual funds managed by FMR, may be subjected to temporary or permanent restrictions on purchases or exchanges in those funds. FILI may alter its policies, in any manner not inconsistent with the terms of the Contract, at any time without notice to Owners.
GMWB
8
Although there is no minimum holding period and Contract Owners can make withdrawals or Exchanges out of any Investment Option at any time, Contract Owners may ordinarily comply with FILI's policies regarding frequent trading by allowing 90 days to pass after each purchase or allocation into an Investment Option before they withdraw or make an Exchange out of that Investment Option.
In addition, each Fund reserves the right to reject the Variable Account's entire purchase or exchange transaction at any time, which would make FILI unable to execute Contract Owner purchase, withdrawal or exchange transactions involving that Fund on that trading day. FILI's policies and procedures are separate and independent from any policies and procedures of the Funds, and do not guarantee that the Funds will not reject orders placed by the Variable Account.
• Frequent Trading Monitoring and Restriction Procedures
FILI has adopted policies and procedures related to Exchanges among Investment Options that are set out below. Frequent trading activity is measured by the number of roundtrip transactions by an Owner. A roundtrip transaction occurs when an Owner makes an allocation or Exchange into an Investment Option followed by a withdrawal or Exchange out of the same Investment Option within 30 days. Owners are limited to one roundtrip transaction per Investment Option within any rolling 90 day period, subject to an overall limit of four roundtrip transactions in the Contract over a rolling 12 month period.
Owners with two or more roundtrip transactions in one Investment Option within a rolling 90 day period will be blocked from making additional allocations or exchanges into that Investment Option, through any means, for 85 days.
In addition, Owners who complete a fourth (or higher) roundtrip transaction within any rolling 12 month period, at least two of which are completed on different business days, will have a U.S. Mail-Only Trade Restriction imposed on all contracts/policies they own that are issued by FILI or its affiliates. This rule will apply even if the four or more round trips occur in two or more different Investment Options. This restriction will stay in effect for 12 months. If the Owner makes another round trip in a contract that is currently subject to a U.S. Mail-Only Trade Restriction, then the U.S. Mail-Only Trade Restriction period (12 months) is restarted and all purchase transactions will be permanently blocked in the violated Investment Option across all contracts with common ownership. "U.S. Mail-Only" for purposes of the U.S. Mail-Only Trade Restriction is defined as First-Class Mail delivered via the U.S. Postal Service. Expedited delivery or courier services, including such services performed by the U.S. Postal Service, will not be accepted.
FILI further reserves the right to reject specific transactions or impose restrictions as described above in respect of any Contract owned or controlled commonly with a Contract subject to the above restrictions, or in respect of any Contract owned or controlled commonly by a person who is the subject of a complex-wide block by the mutual funds managed by FMR.
Exceptions. FILI has approved the following exceptions to the frequent trading policy:
(1) Transactions in the Government Money Market Investment Option;
(2) Systematic Withdrawals up to the Guaranteed Withdrawal Benefit Amount and annuity payments will not count toward an Investment Option's roundtrip limits;
(3) FILI may suspend the frequent trading policy and make exceptions to the policy for transactions made during periods of severe market turbulence or national emergency. There is no assurance that FILI will do so or that, if it does so, the underlying mutual funds will make any necessary exceptions to their frequent trading policies.
No other exceptions will be allowed. The frequent trading procedures will be applied consistently to all Owners.
ACCUMULATION UNITS
When your Purchase Payment is invested in an Investment Option we credit a number of Accumulation Units to your Contract. An Accumulation Unit is a unit of measure used to calculate the value of your Contract in the Investment Option. The Accumulation Unit Value for an Investment Option is the value of one Accumulation Unit of that Investment Option at a particular time.
We determine the number of Accumulation Units to credit by dividing the dollar amount allocated to an Investment Option by the value of one Accumulation Unit for that Investment Option as of the end of the Valuation Period in which the Purchase Payment is received at our Annuity Service Center. The value of each Investment Option's Accumulation Units changes with the Total Return of the Investment Option each day that there is trading on the New York Stock Exchange. The Total Return reflects the investment performance of the Investment Option for the Valuation Period and is net of the asset charges to the Investment Option. See Total Return for an Investment Option on page 25.
WITHDRAWALS
Any time before the Annuity Date, you may make a complete or partial withdrawal of your Contract Value.
GMWB
9
We will send you the requested withdrawal amount less any applicable Surrender Charge and taxes withheld. You must send us written instructions from all the Owners to make a complete withdrawal. Your Contract will terminate once a complete withdrawal has been processed if the withdrawal causes the Guaranteed Withdrawal Benefit Value to reduce to zero. See Guaranteed Withdrawal Benefit For Life on page 10.
If you request a partial withdrawal, you may choose the dollar amount or percentage to be withdrawn from each Investment Option. If you do not specify where we should take the money for a partial withdrawal, we will take it proportionately from all the Investment Options.
Partial withdrawals before the youngest Annuitant reaches age 59 1/2 or withdrawals that exceed the Guaranteed Withdrawal Benefit Amount allowed under the Guaranteed Withdrawal Benefit For Life feature may significantly impact the Guaranteed Withdrawal Benefit Amount by proportionally reducing the value upon which the benefit is determined. See Guaranteed Withdrawal Benefit For Life on page 10.
You may request partial withdrawals by sending a letter to the Annuity Service Center or calling us there. Withdrawals by telephone are limited as follows: (1) no withdrawal may be for more than $500,000; (2) total telephone withdrawals in a seven day period cannot total more than $500,000; and (3) if we have recorded an address change for an Owner during the past 10 days, the limits in (1) and (2) become $10,000. We reserve the right to change telephone withdrawal requirements or limitations.
For jointly owned Contracts, all checks will be made payable to both Owners. You may have the money transferred to your Fidelity Investments brokerage or mutual fund account. You may have the money transferred to your bank account if you provide us with the necessary information about the account. Any Contracts and accounts between which money will be transferred must have at least one owner's name in common.
Some withdrawals are subject to a federal penalty tax equal to 10% of the gain withdrawn. See Tax Considerations on page 19.
FILI reserves the right to restrict your Contract from withdrawals and/or exchanges if there is reasonable suspicion of fraud, diminished capacity, or inappropriate activity. FILI also reserves the right to restrict your Contract from withdrawals and/or exchanges if FILI is put on reasonable notice that the ownership of the Contract is in dispute.
We will normally pay you the net amount of any complete or partial withdrawal within seven days after we receive the withdrawal request at the Annuity Service Center. The net amount is the amount of the withdrawal less any applicable Surrender Charge and taxes withheld.
We may defer payment from the Investment Options for longer than seven days under certain limited circumstances. See Postponement of Payment on page 14.
GUARANTEED WITHDRAWAL BENEFIT FOR LIFE
When the youngest Annuitant reaches age 59 1/2, you are eligible to withdraw a specific amount each Contract Year called the Guaranteed Withdrawal Benefit Amount ("GWB Amount"). The GWB Amount, described below, is available for withdrawal each Contract Year during the Annuitant(s)' lifetime regardless of the amount in your Contract Value. You may make partial withdrawals up to the GWB Amount during the Contract Year. You are not required to make any withdrawals. However, unused portions of the GWB Amount are not cumulative and do not carry over into future Contract Years.
The GWB Amount is determined each Contract Year by multiplying the Guaranteed Withdrawal Benefit Value ("GWB Value"), described below, by the Withdrawal Percentage, also described below.
For Contracts not owned by a trust, Owner(s) must be Annuitant(s). Because the Code requires certain distributions following the death of an Owner, we limit joint Ownership to spouses only. If the Contract has a single Owner, that Owner may name a spouse as a joint Annuitant at time of application. In the case of a trust owned Contract, the grantor of the trust must be an Annuitant. The grantor's spouse may also be named as a joint Annuitant at time of application. Federal tax law does not extend the same continuation rights to civil union partners. See Required Distributions on Death of Owner on page 15.
No benefit is payable until the youngest Annuitant reaches age 59 1/2. The Annuitant(s) will be shown on the Contract's Specification Page. The Annuitant(s) may not be changed after the Contract Date.
• GWB Amount
Your first withdrawal after the youngest Annuitant reaches age 59 1/2 will establish a Withdrawal Percentage from the table shown below. The initial GWB Amount is determined by multiplying the applicable Withdrawal Percentage by the GWB Value. Once the GWB
GMWB
10
Amount is determined for a Contract Year, it will not change for the rest of that Contract Year. On each subsequent Contract Anniversary, the GWB Amount may change as described below.
Before the youngest Annuitant reaches the age of 59 1/2, the GWB Amount is zero.
Once the youngest Annuitant reaches age 59 1/2, your first withdrawal will establish a Withdrawal Percentage that will never change.
If the Contract has two Annuitants on the Contract Date and one Annuitant dies before a Withdrawal Percentage is determined, the age of the surviving Annuitant will be used to determine the applicable Withdrawal Percentage from the Two Annuitants Withdrawal Percentages column shown in the table below.
If you delay taking a first withdrawal until the youngest Annuitant reaches one of the older ages shown below, the Withdrawal Percentage shown for that older age will be used to determine the GWB Amount each Contract Year for the duration of the Contract. If you never take a withdrawal before the latest possible Annuity Date, the Withdrawal Percentage shown for ages 80 and older will be used to establish your eligible GWB Amount on the latest possible Annuity Date.
Youngest Annuitant's Age at First Withdrawal |
One Annuitant Withdrawal Percentage |
Two Annuitants Withdrawal Percentage |
|||||||||
59 1/2 - 64 | 5% | 4.5% | |||||||||
65 - 69 | 5% | 5.0% | |||||||||
70 - 79 | 6% | 5.5% | |||||||||
80 and older | 7% | 6.5% |
For example, assume there are two Annuitants. Once the youngest Annuitant reaches age 59 1/2, you are eligible to make a withdrawal of the GWB Amount using a Withdrawal Percentage of 4.5%. If you make a withdrawal while the youngest Annuitant is 62, the withdrawal will be considered the first withdrawal and the Withdrawal Percentage of 4.5% will be used to determine the GWB Amount each Contract Year for the duration of the Contract. However, if you choose to wait until the youngest Annuitant turns age 65 to make the first withdrawal, the Withdrawal Percentage of 5% will be used to determine the GWB Amount each Contract Year for the duration of the Contract.
On each Contract Anniversary, a new GWB Amount will be calculated by multiplying the Withdrawal Percentage established by your first withdrawal after the youngest Annuitant reaches age 59 1/2 by the GWB Value on that same Contract Anniversary.
Generally, your new GWB Amount will be equal to or greater than the first GWB Amount established following the first withdrawal after the youngest Annuitant reached 59 1/2 as long as total withdrawals in any Contract Year do not exceed the GWB Amount for that same Contract Year.
Each time you make a withdrawal, your Contract Value will be reduced by the amount of the withdrawal. In addition, if total withdrawals in any Contract Year exceed the GWB Amount for that same Contract Year, there will be a proportionate reduction in your GWB Value as described below which may result in a lower GWB Amount in future Contract Years.
See Appendix A for examples of how your GWB Amount is calculated.
• GWB Value
The Contract has two related values; a Contract Value and a GWB Value. The Contract Value is determined by the method described in Accumulation Units on page 9. The GWB Value is a value that is used to determine the GWB Amount each Contract Year once you make your first withdrawal after the youngest Annuitant reaches age 59 1/2. Your Contract will also have a GWB Value before the date the youngest Annuitant reaches age 59 1/2, and during that time the GWB Value may increase or decrease as described below.
The GWB Value on the Contract Date is equal to the Purchase Payment. If you make withdrawals before the youngest Annuitant reaches age 59 1/2 the GWB Value will be reduced. See Withdrawals Before Youngest Annuitant Reaches Age 59 1/2 below.
If you make withdrawals after the youngest Annuitant reaches age 59 1/2 and the total withdrawals in a Contract Year are greater than the GWB Amount for that Contract Year, then the GWB Value will be reduced. See Withdrawals in Excess of Annual GWB Amount below.
On each Contract Anniversary prior to the oldest Annuitant turning age 85, the GWB Value is compared to the Contract Value to determine whether the GWB Value should be increased. If the New York Stock Exchange is closed on a Contract Anniversary, the Contract Value as determined as of the end of the next day the New York Stock Exchange is open will be used. If the Contract has joint
GMWB
11
Annuitants and the oldest Annuitant dies before the Contract Anniversary that falls on or after his or her 85th birthday, the surviving Annuitant's age will be used. If the oldest Annuitant dies on or after the Contract Anniversary that falls on or after his or her 85th birthday, the GWB Value is not compared to the Contract Value and will not increase.
If the Contract Value is lower than the GWB Value, the GWB Value will not change.
If the Contract Value is greater than the GWB Value, the GWB Value will be automatically increased to equal the Contract Value. If you make a withdrawal on the Contract Anniversary, the withdrawal will be deducted from the Contract Value after it is compared to the GWB Value.
Any new GWB Value will be used to determine the GWB Amount for the rest of that Contract Year once the youngest Annuitant has reached age 59 1/2 and a Withdrawal Percentage has been established by your first withdrawal of a GWB Amount.
If you make any withdrawals before you are eligible to withdraw a GWB Amount or if you make total withdrawals in a Contract Year that exceed the GWB Amount for that Contract Year, the GWB Value will decrease as described below.
• Withdrawals Before Youngest Annuitant Reaches Age 59 1/2
You are not eligible to withdraw any part of the GWB Amount until the youngest Annuitant reaches age 59 1/2. If you make a withdrawal before the youngest Annuitant reaches age 59 1/2, the GWB Value is reduced by a percentage determined by dividing the Gross Withdrawal amount by the Contract Value at time of the withdrawal. We calculate the new GWB Value as follows.
(1) At the end of the Valuation Period in which you make the Gross Withdrawal, we divide the Gross Withdrawal by what the Contract Value would have been at the end of the Valuation Period had you not taken the withdrawal. The result is the percentage factor used to calculate the reduction in the GWB Value.
(2) Multiply the percentage determined in (1) by the GWB Value immediately before the Gross Withdrawal. The result is the amount by which the old GWB Value is reduced.
For example, assume your Contract has one Annuitant who is age 55 and you made a $25,000 Purchase Payment on the Contract Date. If you make no withdrawals during the first Contract Year your GWB Value would be $25,000 for the whole Contract Year. Now assume that you make one $5,000 Gross Withdrawal ($4,900 of which would be paid to you after deduction of a $100 Surrender Charge) during the first Contract Year. If your Contract Value were $30,000 at time of the withdrawal, your GWB Value would be reduced by 16.67% ($5,000 Gross Withdrawal amount divided by $30,000 Contract Value). The result is a new GWB Value of $20,833 ($25,000 GWB Value minus [$25,000 multiplied by 16.67%]).
• Withdrawals in Excess of Annual GWB Amount
If you withdraw more than the GWB Amount in any Contract Year after the youngest Annuitant reaches age 59 1/2, the GWB Value is reduced by an amount equal to the percentage determined by dividing the portion of a Gross Withdrawal that is in excess of the GWB Amount for that Contract Year ("excess Gross Withdrawal") by the Contract Value at time of the excess Gross Withdrawal, as described below. The new GWB Value following an excess Gross Withdrawal is calculated as follows:
(1) Determine the portion of the most recent Gross Withdrawal in combination with the sum of all Gross Withdrawals taken in the current Contract Year that exceeds the GWB Amount for that Contract Year.
(2) Determine what the Contract Value would have been at the end of the Valuation Period had you not taken the withdrawal less any portion of the most recent Gross Withdrawal that is eligible to be applied to the GWB Amount in that Contract Year.
(3) Determine the percentage reduction in GWB Value by dividing the amount determined in (1) by the amount determined in (2).
(4) Multiply the percentage determined in (3) by the GWB Value prior to the withdrawal.
(5) Take the GWB Value prior to the Gross Withdrawal and reduce it by the amount determined in (4). This will result in a new GWB Value.
For example, assume your Contract is in its sixth Contract Year, has one Annuitant who is age 60, a Contract Value of $30,000 and a GWB Value of $25,000. If you make a first Gross Withdrawal of $5,000 in the sixth Contract Year, you will establish a Withdrawal Percentage of 5% and be eligible to withdraw up to the GWB Amount of $1,250 ($25,000 multiplied by 5%) without causing a reduction in GWB Value. Because your first Gross Withdrawal is $5,000, $1,250 of the withdrawal is eligible to be applied to the GWB Amount for that Contract Year and $3,750 of the withdrawal is an excess Gross Withdrawal. For purposes of determining the impact on the GWB Value, the Contract Value is first reduced by the GWB Amount ($30,000 minus $1,250) resulting in a Contract Value of $28,750. The $3,750 excess Gross Withdrawal proportionally reduces the Contract Value by 13.04% ($3,750 divided by $28,750) which results in a new GWB Value of $21,740 ($25,000 less [25,000 multiplied by 13.04%]). If there are no further withdrawals in that
GMWB
12
Contract Year and the GWB Value is not increased on the next Contract Anniversary, the GWB Amount for the next Contract Year will be $1,087 ($21,740 multiplied by 5%).
If the Contract is a Qualified Contract and you elect to receive your minimum required distributions under the Code through our Systematic Withdrawal Process described in Systematic Withdrawal Program on page 13, the reference to GWB Amount in (1), (2) and (3) above shall mean "the greater of the GWB Amount or any minimum required distribution under the Code determined exclusively by us from the Contract Value." If you take a withdrawal to satisfy your minimum required distribution in a way other than through our Systematic Withdrawal Program and your minimum required distribution is in excess of your GWB Amount, the withdrawal may result in Surrender Charges and a reduction in your GWB Value.
Any Premium Tax amount that we deduct from your Contract Value will not be treated as a Withdrawal in Excess of Annual GWB Amount.
See Appendix A for additional examples of GWB Value increases and decreases.
• Conversion of GWB Amount Payments
We include a provision in the Contracts that allows us to convert smaller Contracts before the Annuity Date if the Contract Value is reduced by a withdrawal to an amount equal to or below the lesser of $2,500 or the GWB Amount. If that happens, the Contract will convert on the first day of the calendar month on or after your next Contract Anniversary to an annuity option that will pay you and any joint Owner an annual amount equal to your GWB Amount, adjusted for any excess withdrawals made prior to the conversion for so long as any Annuitant is still alive. The Annuity Date will be deemed to be the first day of the calendar month on or after your next Contract Anniversary. Once a conversion occurs under this provision, the Contract will no longer have a Contract Value as of the Annuity Date. If you do not want your Contract to automatically convert to an annuity option, you must notify us within 30 days of the conversion and request a full withdrawal of your Contract Value. By doing this, your Contract will terminate and you will give up any future GWB Amounts that may be payable.
If you are receiving GWB Amount payments through our Systematic Withdrawal Program and a Systematic Withdrawal causes this provision to apply, we will continue to pay your GWB Amount as a GWB Amount Annuity Income payment on the same day of the month for the period you selected under the Systematic Withdrawal Program. However, if you have selected a period other than monthly, the GWB Amount annuity income payments must be paid on the Annuity Date which may cause the payment period to fall on different months after the Annuity Date.
Your GWB Amount Annuity Income payment for the next Contract Year will not change unless your total withdrawals during the Contract Year and up through the date of conversion exceed your GWB Amount for that Contract Year. If your total withdrawals exceed your GWB Amount, your GWB Value will be reduced as described in Withdrawals in Excess of Annual GWB Amount on page 12 and a new GWB Amount will be determined. The resulting GWB Amount for future Contract Years will be paid in monthly annuity income payments as long as each monthly annuity income payment is at least $20. We reserve the right to pay the GWB Amount as an annual annuity income payment or in any other payment method that is mutually agreeable to you and us.
SYSTEMATIC WITHDRAWAL PROGRAM
You may use our Systematic Withdrawal Program form to make withdrawals in an amount up to your eligible GWB Amount on a periodic basis.
Systematic Withdrawals must be at least $50 on a monthly, quarterly, semi-annual or annual basis. Withdrawals under the program will be taken from the Investment Options in accordance with FILI's administrative rules, which we may change from time to time. Currently, withdrawals under the program will be taken proportionately from all the Investment Options. If you make an additional withdrawal that is not part of a Systematic Withdrawal Program, we will terminate the program for the remainder of the Contract Year.
Your Systematic Withdrawal Program transactions will take place on the 1st day of the month for the period you selected. If the New York Stock Exchange is not open on the scheduled day in a particular month, the withdrawal will take place on the next day the New York Stock Exchange is open for trading. You should expect to receive your scheduled payment in 3 to 5 days following the 1st day of the month for the period you selected to allow for mailing time.
If your Contract is a Qualified Contract and you are subject to minimum required distributions ("MRD") under the Code, you must agree to receive your MRD through our Systematic Withdrawal Program so that we do not treat that part of your MRD that exceeds the GWB Amount as an excess Gross Withdrawal. See Withdrawals in Excess of Annual GWB Amount on page 12. In order to receive the greater of your eligible GWB Amount or MRD, you must agree to the following conditions.
GMWB
13
(1) You must elect to receive the greater of the GWB Amount and the MRD on a Systematic Withdrawal basis and you authorize us to calculate the MRD for you.
(2) The MRD for a calendar year will be determined by us exclusively from the Contract Value.
(3) No MRD withdrawal may occur until after December 31st of the calendar year in which your Contract was issued (i.e. Contract Date).
(4) If the Contract was purchased prior to your reaching age 70 1/2, your first MRD must be withdrawn in the calendar year in which you reach age 70 1/2 even though the Code allows you to delay your first MRD until April 1st of the calendar year following the year you reach age 70 1/2. We require this so that only one calendar year's MRD will qualify for the exception we allow for withdrawals in excess of the GWB Amount.
(5) If you make a withdrawal other than through this Systematic Withdrawal Program, you will no longer be eligible to receive the greater of the MRD or GWB Amount and any withdrawals in excess of the GWB Amount will be considered excess Gross Withdrawals and could cause a reduction in GWB Value as described in Withdrawals in Excess of Annual GWB Amount on page 12.
We reserve the right to limit or modify this Systematic Withdrawal Program if we determine that the program will cause us to distribute, in any Contract Year, an amount more than the greater of the GWB Amount or the MRD for any calendar year that overlaps with a Contract Year.
Each Systematic Withdrawal is subject to federal income taxes, including any penalty tax that may apply, the same as for any other withdrawal. You may also be subject to a Surrender Charge, if applicable. We reserve the right to modify or discontinue the Systematic Withdrawal Program.
POSTPONEMENT OF PAYMENT
In conformity with the Investment Company Act of 1940, we will generally pay any withdrawal within seven days after we receive the request. We may delay payment if (a) the disposal or valuation of the assets in an Investment Option is not reasonably practicable because the New York Stock Exchange is closed for other than a regular holiday or weekend, trading is restricted by the SEC, or the SEC declares that an emergency exists; or (b) the SEC by order permits the postponement of payment to protect our Owners.
We will generally send: (1) any withdrawal amount on the first business day after the end of the Valuation Period during which we receive the withdrawal request: (2) each annuity income payment on the first business day after the Annuity Date; and (3) any lump sum distributions to Beneficiaries within seven days of the day we receive proper notice.
SIGNATURE GUARANTEE OR CUSTOMER AUTHENTICATION
Certain requests may require a signature guarantee or customer authentication. A signature guarantee or customer authentication is designed to protect you and us from fraud. Your request must be in writing and may require a signature guarantee if any of the following situations apply:
(1) Loss of account ownership;
(2) Any circumstances where we deem it necessary for your protection.
You should be able to obtain a signature guarantee from a bank, broker-dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee. A customer authentication can be obtained only at a Fidelity Investments Investor Center.
CHARGES
The following are all the charges we make under your Contract.
(1) Mortality and Expense Risk Charge. We assess a daily charge against each Contract's assets at an annual rate of 1.15%2. This rate will be 1.00%2 if the Contract only has one Annuitant on the Contract Date. The risks we bear are mortality and expense risks.
We bear the mortality risk under a Contract, which is that the Annuitant(s), upon whose life or lives GWB Amount payments and annuity income payments are based, will live longer than we project.
2 For Contracts purchased prior to 1/1/2009, the M&E Charge is 1.00% for Contracts with 2 Annuitants and 0.85% for Contracts with 1 Annuitant.
GMWB
14
The expense risk we bear is the risk that the costs of issuing and administering the Contracts will be greater than we can collect through the Administrative Charge.
(2) Administrative Charge. We assess a daily charge against each Contract's assets at an annual rate of 0.25%. The administrative charge compensates us for the expenses we incur in administering the Contracts. These expenses include the cost of issuing the Contract, making electronic funds transfers to your bank account or issuing checks, maintaining necessary systems and records, and providing reports. These expenses are covered by a daily administrative charge. We guarantee this charge will never increase.
(3) Surrender Charge. We assess a 2% Surrender Charge on withdrawals during the first five Contract Years. The Surrender Charge is assessed against the withdrawal amount. No Surrender Charge will apply to (1) any eligible GWB Amount withdrawal, (2) withdrawals from a Qualified Contract that are necessary to comply with the minimum required distributions under the Code, and are taken as part of a Systematic Withdrawal Program offered by us, or (3) withdrawals that are required following the death of an Owner. A Surrender Charge will not be assessed on the Annuity Date.
(4) Premium Taxes. We deduct a charge equal to any premium taxes we are required to pay in connection with your Contract. In many states premium taxes are not imposed in connection with the Contracts. In some states a premium tax applies only on the Annuity Date. Currently, only Maine, South Dakota and Wyoming require us to pay a premium tax for Non-qualified Contracts before the Annuity Date. In these states the premium tax applies to the Purchase Payment for a Contract. State premium taxes currently range from 0% to 3.5%.
(5) Funds' Expenses. The expenses and charges incurred by the Funds are described in their respective prospectuses.
(6) Other Taxes. We reserve the right to charge for any other taxes (in addition to premium taxes) that we may have to pay. See FILI's Tax Status on page 22.
FILI or its insurance agency affiliate receives annual compensation of up to 0.40% of assets allocated to the underlying mutual funds, for customer service, distribution and recordkeeping services with respect to those assets. This compensation is received from the funds' advisors or their affiliates. These payments are not contract charges, and do not increase the fund or contract charges described in this section or in the fee table.
AUTOMATIC TRANSFER TO THE GOVERNMENT MONEY MARKET INVESTMENT OPTION UPON DUE PROOF OF DEATH
At the close of the Valuation Period in which we receive due proof of death of the last surviving Owner (or Annuitant in the case of a trust owned contract) of a Non-qualified Contract, or a last surviving Annuitant of a Qualified Contract, we will transfer to the Government Money Market Investment Option any portion of the Contract Value in the other Investment Options. Once we have determined the number of Beneficiaries who will share in the Contract Value, a Beneficiary who has returned all required documentation to us (including tax withholding and other forms) will be able to transfer his or her share of the Contract Value among the Investment Options. If the Contract Value for any one Beneficiary is less than $5,000, then we will send that Beneficiary their entire portion of the Contract Value as soon as we have received all required documentation.
REQUIRED DISTRIBUTIONS ON DEATH OF OWNER
Federal tax law requires that if any Owner dies before the Annuity Date, the entire interest in the Contract must be distributed within five years after the Owner's death. If the Contract is owned by a trust, then the death of an Annuitant will be treated as a death of an Owner. However, this requirement does not apply to a surviving Owner or to Beneficiaries designated by the Owner if (1) the Beneficiary's or surviving Owner's entire interest is payable over the Beneficiary's or surviving Owner's lifetime (or a period not extending beyond the life expectancy of the Beneficiary or surviving Owner) by electing one of the available Annuity Income Options offered through your Contract within 60 days of the date of death with distributions beginning within one year of the date of death, or (2) the Beneficiary or surviving Owner is the surviving spouse of the deceased Owner, in which case the surviving spouse may elect to continue the Contract, or their portion of the Contract, as the Owner. Federal tax law does not extend the same continuation rights to civil union partners. Please note that in the event state escheatment laws require escheatment to the state before five years from the date of death of the Owner, a Beneficiary/surviving Owner may not have a full five year distribution period to withdraw the Contract Value as described in the Contract. See Abandoned Property.
In the event a surviving Owner or a Beneficiary does not elect any of the options described above, a lump sum distribution of the Contract Value may be requested. Before we make a payment to a surviving owner or Beneficiary, we must receive at our Annuity Service Center due proof of death (generally a death certificate) for each Owner and any required tax withholding and other forms.
GMWB
15
If there are multiple Beneficiaries, we will not pay any Beneficiary until we have determined the number of Beneficiaries entitled to receive payment. This is to prevent us from overpaying one Beneficiary before making payment to other Beneficiaries.
Once we have received due proof of death and have determined the number of Beneficiaries to be paid, we will pay any Beneficiary who has provided us with required tax withholding and other forms his or her share of the Contract Value. Such payment will be paid no later than allowed under the Investment Company Act of 1940 and any applicable state law.
ANNUITY DATE
• In General
When your Contract is issued we will set the Annuity Date to be the first day of the calendar month on or after the Contract Anniversary that falls on or after the oldest Owner's 95th birthday. You may change the Annuity Date to an earlier date by sending written notice to the Annuity Service Center. We must receive the notice at least 30 days before the Annuity Date you select. The earliest Annuity Date we will permit is the first day of the calendar month after the end of the Free Look Period. Any Annuity Date you choose must be the first day of a month.
The Contract offers the following Annuity Income options:
(1) You may receive the greater of (a) or (b) where;
(a) is your eligible GWB Amount that will be paid to you as annuity income until there is no longer any living Annuitant, and
(b) is the amount of annuity income that will be paid to you by applying your Contract Value as of the Annuity Date to annuity purchase rates that will pay you monthly annuity income until there is no longer any living Annuitant.
If on the death of the last surviving Annuitant the total of all annuity income provided on or after the Annuity Date is less than the Contract Value at the end of the Annuity Date Valuation Period, we will refund the difference to your Beneficiary.
(2) You may have the Contract Value applied to annuity purchase rates that will pay you monthly annuity income until there is no longer any living Annuitant or for 120 monthly payments, whichever is longer.
Annuity Income option (2) is available on any Annuity Date. If annuity option (2) is selected, benefits under the Guaranteed Withdrawal Benefit For Life feature will terminate.
Annuity Income option (1) is only available on the latest possible Annuity Date unless the Contract Value is reduced to an amount below the lesser of $2,500 or the GWB Amount and the Contract is converted to an annuity income option as described in Conversion of GWB Amount Payments on page 13.
Unless you elect another annuity income option prior to the latest possible Annuity Date, the Contract will default to Annuity Income option (1).
• Qualified Contracts
If your Contract is a Qualified Contract, the Annuity Income options described above may be limited or modified to comply with requirements under the Code. Annuity Income option (1) will be modified as follows:
(1) We will pay Annuity Income according to Annuity Income option 1(b) provided annuity income exceeds your eligible GWB Amount and it qualifies under the Code. In general, the federal income tax regulations allow a Qualified Contract to offer the refund described under Annuity Income option (1)(a) and (b) only if the total future expected payments under the option exceed your Contract Value as of the Annuity Date. The total future expected payments are computed in accordance with federal income tax regulations by taking into account the total annuity income payments expected to be made over the applicable distribution period determined under the Joint and Last Survivor Table in the case of two Annuitants or the Single Life Table in the case of one Annuitant.
(2) If we determine that total future expected payments under Annuity Income option (1)(b) will not exceed your Contract Value as of the Annuity Date, we will pay annuity income until there is no longer any living Annuitant or for the applicable distribution period under the Uniform Lifetime Table, whichever is longer, provided the annuity income amount exceeds your eligible GWB Amount.
(3) If the annuity income amount in (2) does not exceed your eligible GWB Amount, we will pay annuity income under Annuity Income option 1(a), provided the total future expected payments under the option exceed your Contract Value as of the Annuity Date.
(4) If we determine that the total future expected payments under Annuity Income option 1(a) will not exceed your Contract Value as of the Annuity Date, we will pay your eligible GWB Amount as Annuity Income until there is no longer any living Annuitant or, if longer, for
GMWB
16
a period not to exceed the lesser of your Contract Value as of the Annuity Date divided by your eligible GWB Amount and the applicable distribution period under the Uniform Lifetime Table.
If Annuity Income option (2) is selected by you and your Contract is a Qualified Contract, the 120 monthly payments will be limited to the applicable distribution period under the Uniform Lifetime Table.
We reserve the right to limit the maximum period we will pay guaranteed income to a whole number of years or whole number of months.
The Single Life Table, Joint and Last Survivor Table, and Uniform Lifetime Table may be found in federal income tax regulations section 1.401(a)(9)-9. We reserve the right to use any other life expectancy tables allowed by the Code and federal income tax regulations.
We reserve the right to add to, limit or modify these annuity income options to comply with the Code and offer any other annuity income options that are mutually agreeable to you and us.
ANNUITY INCOME
Annuity income payments begin on the Annuity Date if no Owner has died before then and the Contract Value or annual GWB Amount is sufficient to provide you with an initial monthly income payment of at least $20. Annuity income will also begin on the Annuity Date if an Owner dies before the Annuity Date if (1) the Contract was jointly owned by spouses, and (2) the surviving spouse/Annuitant elected to continue the Contract as his or her own. As long as the Owner's death occurs before the Annuity Date, a surviving spouse who elects to continue the Contract as his or her own may change the Annuity Date to be as late as the first day of the calendar month on or after the Contract Anniversary that falls on or after his or her 95th birthday. If the Contract has been inactive and under applicable state law could be considered abandoned property, we will surrender the Contract on the Annuity Date and turn the proceeds over to the state in accordance with applicable state laws.
In all other cases involving the death of an Owner, the Contract must be distributed in accordance with the applicable provisions of the Code described in Required Distributions on Death of Owner on page 15.
Under Annuity Income option (1) we will pay you Annuity Income in monthly installments starting on the Annuity Date for the life or lives of the Annuitant(s) and your Contract will no longer have a Contract Value. If on the death of the last surviving Annuitant the total of all annuity income provided on or after the Annuity Date is less than the Contract Value at the end of the Annuity Date Valuation Period, we will refund the difference to your Beneficiary. To provide annuity income, all Accumulation Units in the Investment Options will be redeemed. The first monthly annuity income payment will be made on the Annuity Date.
If you have been receiving GWB Amounts through our Systematic Withdrawal Program prior to the latest possible Annuity Date, you may continue to receive the greater of your GWB Amount or the amount determined by your Contract Value applied to annuity purchase rates under Annuity Income option (1) as an Annuity Income option on the same periodic basis that you selected under our Systematic Withdrawal Program. However, if you have selected a period other than monthly, the Annuity Income payments must be paid on the Annuity Date which may cause the payment period to fall on different months after the Annuity Date.
You may make a partial withdrawal between the Contract Anniversary following the oldest Owner's 95th birthday and the Annuity Date as long as the Gross Withdrawal is equal to or less than the GWB Amount for that Contract Year. If you do this, we will accelerate your Annuity Date to the date of the withdrawal and pay you your entire GWB Amount for that Contract Year. In future Contract Years, we will pay Annuity Income on an annual basis according to the provisions of Annuity Income option (1) or any other Annuity Income option that enables the Contract to comply with the Code.
If you request a withdrawal in excess of the GWB Amount between the Contract Anniversary following the oldest Owner's 95th birthday and the Annuity Date, you are limited to a complete withdrawal, which will terminate any future GWB Amount payments or annuity income.
Under Annuity Income option (2), we will pay you monthly annuity income until there is no longer any living Annuitant or for 120 monthly payments, whichever is longer. To provide annuity income, all Accumulation Units in the Investment Options will be redeemed and applied to annuity purchase rates that are no less than the guaranteed annuity purchase rates set forth in the Contract and will be based upon the age(s) and, unless prohibited by applicable state law, sex(es) of the Annuitant(s) living on the Annuity Date.
All money used to support annuity income payments will be held in our general account thereafter. The first annuity income payment will be made on the Annuity Date.
GMWB
17
If the Contract Value on the Annuity Date is not enough to provide an initial monthly annuity income payment under Annuity Income Option (2) of at least $20, we reserve the right to pay you the Contract Value in a lump sum instead of providing monthly annuity income.
If the GWB Amount or the amount determined by your Contract Value applied to annuity purchase rates under Annuity Income option (1) on the Annuity Date is not enough to provide an initial monthly annuity income payment of at least $20, we reserve the right to pay you as an annual annuity income payment or in any other payment method that is mutually agreeable to you and us.
The Owner(s) may not change the Annuitant(s) at any time during the Contract.
The Owner's estate, or the Owner for contracts owned by trusts, will be responsible to notify us of the death of the last surviving Annuitant and to repay any Annuity Income payments we have made after that date and before we have been notified of the death of the last surviving Annuitant.
Under Annuity Income option (1), if there is a refund due as a result of the death of the last surviving Annuitant, the refund will be paid to the Beneficiary or the last surviving Owner's estate.
Under Annuity Income option (2), if the surviving Annuitant dies before we have made all Annuity Income payments due under the Contract, any remaining Annuity Income will be paid to the Beneficiary or the last surviving Owner's estate. The Beneficiary or the estate may choose instead to receive the present value of the remaining Annuity Income payments in a lump sum. The lump sum amount will generally be the present value of the remaining guaranteed Annuity Income payments, if any.
CONTRACTS OWNED BY TRUSTS
We will issue Contracts to revocable grantor trusts. There are special provisions that apply to these Contracts. The trust must be the Owner, and a second Owner cannot be added. At issue, the grantor(s) of the trust must be the Annuitant(s). If the trust has only a single grantor, the grantor's spouse may be named as a joint Annuitant. The Annuitant(s) may not be changed. The Annuity Date will be the first day of the first calendar month after the oldest Annuitant's 95th birthday, or an earlier date chosen by the Owner. Also, we will require a representation from the grantor(s) that the trust is for the sole benefit of the grantor(s). This is to ensure that the Contract will be respected as an annuity for purposes of federal income tax law.
ABANDONED PROPERTY
State regulations, which can vary, require abandoned property to be escheated to state municipalities. Unclaimed property could come in the form of an outstanding check, unclaimed death benefit, or a matured Contract where the policyholder cannot be located. Please note that some state municipalities require unclaimed property to be escheated to the state within three to five years of the date of death of the Owner. To avoid escheatment we advise that you promptly respond to requests to contact the insurance company. In the event of the Owner's death we advise Beneficiaries to promptly contact the insurance company and provide whatever paperwork the insurance company requests. Beneficiaries who wait too long after the Owner's death to contact the insurance company run the risk of not having sufficient time to make a distribution election before the company is required to escheat the proceeds to the state municipality. In the event the state escheatment laws require escheatment before five years from date of death, a Beneficiary may not have a full five year distribution period as described in the Contract to withdraw the Contract Value.
REPORTS TO OWNERS
Before the Annuity Date, we will send you a statement showing your Contract Value four times each year. Each quarterly statement will also contain a summary of all transactions in your Contract since the previous statement.
You should immediately verify the accuracy of the information contained in these statements, and in the confirmations you may receive for individual transactions. If you find a discrepancy with respect to any transaction, you should notify us at our Annuity Service Center immediately. We will not be responsible for losses after ten calendar days from the first time we mail any statement or confirmation containing details of the transaction.
Also, twice each year we will send you semiannual reports for the Variable Account containing financial information for the Variable Account and lists of securities held by the Funds, as required by the Investment Company Act of 1940.
Contract owners have access to their contract information online at Fidelity.com.
GMWB
18
TAX CONSIDERATIONS
• Introduction
We do not intend the following discussion to be tax advice. For tax advice you should consult a tax adviser. Although the following discussion is based on our understanding of federal income tax laws as currently interpreted, there is no guarantee that those laws or interpretations will not change.
This discussion does not address federal gift tax, state or local income tax, or other considerations which may be involved in the purchase, operation, or exercise of any rights or options under the Contract. Also, this discussion does not address estate tax issues that might arise due to the death of an Owner or Annuitant. The particular situation of each Owner, Annuitant, and Beneficiary will determine the federal estate taxes and the state and local estate, inheritance and other taxes due. You should seek competent tax advice on such matters pertaining to you.
In addition, we make no guarantee regarding any tax treatment federal, state, or local of any Contract or of any transaction involving a Contract.
• Tax Deferral During Accumulation Period
Under existing provisions of the Code, provided the below conditions are met, any increase in an Owner's Contract Value is generally not taxable to the Owner until received, either in the form of annuity income payments or in some other form of distribution. However, as discussed below, this rule applies only if:
(1) the investments of the Variable Account are "adequately diversified" in accordance with Treasury Department regulations;
(2) the Company, rather than the Owner, is considered the owner of the assets of the Variable Account for federal income tax purposes; and
(3) the Owner is an individual (or an individual is treated as the Owner for tax purposes).
• Diversification Requirements
The Code and Treasury Department regulations prescribe the manner in which the investments of a segregated asset account, such as the Subaccount of the Variable Account, are to be "adequately diversified." If the Variable Account fails to comply with these diversification standards, the Contract will not be treated as an annuity contract for federal income tax purposes and the Owner would generally be taxed currently on the excess of the Contract Value over the Purchase Payment paid for the Contract. The Subaccounts of the Variable Account intend to comply with the diversification requirements. In this regard, we have entered into agreements with the Funds under the Subaccounts that require the Funds to be "adequately diversified" in accordance with the Internal Revenue Code and Treasury Department regulations.
• Ownership Treatment
In certain circumstances, variable annuity contract owners may be considered the owners, for federal income tax purposes of the assets of a segregated asset account, such as the Variable Account, used to support their contracts. In those circumstances, income and gains from the segregated asset account would be includible in the contract owners' gross income. The Internal Revenue Service (the "IRS") has stated in published rulings that a variable contract owner will be considered the owner of the assets of a segregated asset account if the owner possesses incidents of ownership in those assets, such as the ability to exercise investment control over the assets. As of the date of this Prospectus, no comprehensive guidance has been issued by the IRS clarifying the circumstances when such investment control by a variable contract owner would exist. As a result, your right to make Exchanges among the Investment Options may cause you to be considered the owner of the assets of the Variable Account. We therefore reserve the right to modify the Contract as necessary to attempt to prevent Contract Owners from being considered the owners of the assets of the Variable Account. However, there is no assurance such efforts would be successful.
We do not know what limits might be set forth in any guidance that the IRS may issue, or whether any such limits would apply to existing Contracts.
• Nonnatural Owner
As a general rule, Contracts held by "nonnatural persons" such as a corporation, trust or other similar entity, as opposed to a natural person, are not treated as annuity contracts for federal tax purposes. The income on such Contracts (as defined in the tax law) is taxed as ordinary income that is received or accrued by the Owner of the Contract during the taxable year. There are several exceptions to this rule for nonnatural Owners. Under one exception, a Contract will generally be treated as held by a natural person if the nominal owner is a trust or other entity that holds the Contract as an agent for a natural person. We do not intend to offer the Contracts to
GMWB
19
"nonnatural" persons. However, we will offer the Contracts to revocable grantor trusts in cases where the grantor represents that the trust is for the benefit of the grantor annuitant (i.e., the Contract is held by the trust for the benefit of a natural person (an "individual")). The following discussion assumes that a Contract will be owned by an individual.
• Delayed Annuity Commencement Dates
On the Contract Date, the Annuity Date is automatically set to be the first day of the calendar month on or after the Contract Anniversary that falls on or after the oldest Owner's 95th birthday. Federal income tax rules do not expressly identify a particular age by which annuity income payments must begin. However, if the Contract's Annuity Date occurs (or is scheduled to occur) at too advanced an age, it is possible that the Contract would not be treated as an annuity for federal income tax purposes. In that event, the income and gains under the Contract could be currently includible in the Owner's income.
The following discussion assumes that the Contract will be treated as an annuity contract for federal income tax purposes.
In addition, to qualify as an annuity for federal tax purposes, the Contract must satisfy certain requirements for distributions in the event of the death of the Owner of the Contract. The Contract contains such required distribution provisions. For further information on these requirements see the Statement of Additional Information.
• Qualified Contracts
You may use the Contract as an Individual Retirement Annuity. Under Section 408(b) of the Code, eligible individuals may contribute to an Individual Retirement Annuity ("IRA"). The Code permits certain "rollover" contributions to be made to an IRA. In particular, certain qualifying distributions from a 401(a) plan, a tax sheltered annuity, a 403(b) plan, a Governmental 457(b) plan, or an IRA, may be received tax-free if rolled over to an IRA within 60 days of receipt. Because the Contract's minimum initial payment of $25,000 is greater than the maximum annual contribution permitted to an IRA, a Qualified Contract may be purchased only in connection with a "rollover" of the proceeds from a qualified plan, tax sheltered annuity, or IRA.
In order to qualify as an IRA under Section 408(b) of the Code, a Contract must contain certain provisions:
(1) the Owner of the Contract must be the Annuitant and, except for certain transfers incident to a divorce decree, the Owner cannot be changed and the Contract cannot be transferable;
(2) the Owner's interest in the Contract cannot be forfeitable; and
(3) annuity and payments following the death of an Owner must satisfy certain minimum required distributions. Contracts issued on a qualified basis will conform to the requirements for an IRA and will be amended to conform to any future changes in the requirements for an IRA.
• Contract Values and Proceeds
Under current law, you will not be taxed on increases in the value of your Contract until a distribution occurs.
A distribution may occur in the form of a withdrawal, payments following the death of an Owner and payments under an Annuity Income Option.
The assignment or pledge of any portion of the value of a Contract may also be treated as a distribution. In the case of a Qualified Contract, you may not receive or make any such pledge. Any such pledge will result in disqualification of the Contract as an IRA and inclusion of the value of the entire Contract in income.
Additionally, a transfer of a Non-qualified Contract for less than full and adequate consideration will result in a deemed distribution, unless the transfer is to your spouse (or to a former spouse pursuant to a divorce decree).
The taxable portion of a distribution is taxed as ordinary income.
• Taxes on Surrender of the Contract Before Annuity Income Payments Begin
If you fully surrender your Contract before annuity income payments commence, you will be taxed on the portion of the distribution that exceeds your cost basis in your Contract. In addition, amounts received as the result of the death of the Owner or Annuitant that are in excess of your cost basis will also be taxed.
For Non-qualified Contracts, the cost basis is generally the amount of your payments, and the taxable portion of the proceeds is taxed as ordinary income.
For Qualified Contracts, we will report the cost basis as zero, and the entire amount of the surrender payment is taxed as ordinary income. You may want to file an Internal Revenue Service form 8608 if any part of your Purchase Payment has been previously taxed.
GMWB
20
• Taxes on Partial Withdrawals
Withdrawals of the GWB Amount and withdrawals received under the Systematic Withdrawal Program are treated as partial withdrawals.
Partial withdrawals under a Non-qualified Contract are treated for tax purposes as first being taxable withdrawals of investment income, rather than as return of your Purchase Payment, until all investment income has been withdrawn. You will be taxed on the amount withdrawn to the extent that your Contract Value at that time exceeds your payments. In the event your GWB Amount in a Contract Year exceeds your Contract Value, you will be taxed on the amount withdrawn to the extent that your GWB Amount exceeds your Purchase Payment.
Partial withdrawals under a Qualified Contract are prorated between taxable income and non-taxable return of investment. We will report the cost basis of a Qualified Contract as zero, and the partial withdrawal will be fully taxed unless you have filed an Internal Revenue Service form 8608 to identify the part of your Purchase Payment that has been previously taxed.
Partial and complete withdrawals may be subject to a 10% penalty tax (see 10% Penalty Tax on Early Withdrawals). Partial and complete withdrawals also may be subject to federal income tax withholding requirements.
• Aggregation of Contracts
In certain circumstances, the IRS may determine the amount of an annuity income payment or a withdrawal from a Contract that is includible in income by combining some or all of the annuity contracts a person owns. For example, if a person purchases a Contract offered by this Prospectus and also purchases at approximately the same time an immediate annuity issued by us, the IRS might in certain circumstances treat the two contracts as one contract. In addition, if a person purchases two or more deferred annuity contracts from the same insurance company (or its affiliates) during any calendar year, all such contracts will be treated as one contract for purposes of determining the portion of the distribution that is includible in income. The effects of such aggregation are not always clear; however, it could affect the amount of a withdrawal or an annuity income payment that is taxable and the amount which might be subject to the 10% penalty tax described above.
In the case of a Qualified Contract, the tax law requires for all post-1986 contributions and distributions that all individual retirement accounts and annuities be treated as one Contract.
• Taxes on Annuity Income Payments
Although the tax consequences may vary depending on the form of annuity selected under the Contract, the recipient of Annuity Income payments under the Contract generally is taxed on the portion of such income payments that exceed the cost basis in the Contract. In the case of fixed income payments, like the Annuity Income payments provided under the Contract, the exclusion amount is determined by multiplying (1) the Annuity Income payment by (2) the ratio of the investment in the contract, adjusted for any period certain or refund feature, to the total expected amount of Annuity Income payments for the term of the Contract (as determined under Treasury Department regulations). Once the total amount of the investment in the contract is excluded, Annuity Income payments will be fully taxable. If Annuity Income payments cease because of the death of the Annuitant and before the total amount of the investment in the contract is recovered, the unrecovered amount generally will be allowed as a deduction.
For Qualified Contracts, we report the cost basis as zero and each annuity income payment is fully taxed unless you have filed an Internal Revenue Service form 8608 to identify the part of your Purchase Payment that has been previously taxed.
• 3.8% Tax on Net Investment Income
Federal tax law imposes a 3.8% Medicare tax on the lesser of
(1) the taxpayer's "net investment income," (from nonqualified annuities, interest, dividends, etc., offset by specified allowable deductions), or
(2) the taxpayer's modified adjusted gross income in excess of a specified income threshold ($250,000 for married couples filing jointly, $125,000 for married couples filing separately, and $200,000 otherwise).
"Net investment income" in item 1 does not include distributions from tax-qualified plans (i.e., IRAs, Roth IRAs, or arrangements described in Code Sections 401(a), 403(b), or 457(b)) but such income will increase "modified adjusted gross income" in item 2. You should consult your tax advisor regarding the applicability of this tax to income you would receive under this annuity contract.
GMWB
21
• 10% Penalty Tax on Early Withdrawals or Distributions
A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions. The penalty tax applies to early withdrawals or distributions. The penalty tax is not imposed on:
(1) distributions made to persons on or after age 59 1/2;
(2) distributions made after death of the Owner;
(3) distributions to a recipient who has become disabled;
(4) distributions in substantially equal installments made for the life of the taxpayer or the lives of the taxpayer and a designated second person; or
(5) in the case of Qualified Contracts, distributions received from the rollover of the Contract into another qualified contract or IRA.
We believe that systematic withdrawals under the Systematic Withdrawal Program would not satisfy the exception to the 10 percent penalty tax described in (4) above. You should consult your tax advisor before electing to take systematic withdrawals commencing prior to age 59 1/2.
• Other Tax Information
In the case of a Qualified Contract, a 50% excise tax is imposed on the amount by which minimum required annuity or payments following the death of Owner exceed actual distributions.
We will withhold and remit to the U.S. Government a part of the taxable portion of each distribution made under the Contract, unless the Owner or Beneficiary files a written election prior to the distribution stating that he or she chooses not to have any amounts withheld. Such an election will not relieve you of the obligation to pay income taxes on the taxable portion of any distribution.
• Exchanges of Contracts
We may issue the Contract in exchange for all or part of another annuity or life insurance contract that you own. Such an exchange will be tax free if certain requirements are satisfied. If the exchange is tax free, your investment in the contract immediately after the exchange will generally be the same as that of the contract exchanged. Your Contract Value immediately after the exchange may exceed your investment in the contract. That excess may be includable in income should amounts subsequently be withdrawn or distributed from the Contract (e.g. as a partial surrender, full surrender, annuity income payment or death benefit). If you exchange part of an existing contract for a Contract, the IRS might treat the two contracts as one annuity contract in certain circumstances. See Aggregation of Contracts on page 21.
In addition, before the Annuity Date, you may exchange all or a portion of your Contract Value for another annuity contract we then offer. Such an exchange will be tax free if certain requirements are satisfied.
You should consult your tax advisor in connection with an exchange for or of a Contract.
• Transfers of a Contract
A Contract that is transferred by assignment to another person or entity may result in taxable income to the owner in the year the Contract is transferred. You should consult your tax advisor before making such a transfer.
• FILI's Tax Status
FILI is taxed as a life insurance company under the Code. The earnings of the Variable Account are taxed as part of our operations, and thus the Variable Account is not separately taxed as a "regulated investment company" under the Code. Under the existing federal income tax laws, investment income and capital gains of the Variable Account are not taxed to the extent they are applied under a Contract. Therefore, we do not expect to incur federal income taxes on earnings of the Variable Account to the extent the earnings are credited under the Contracts. Based on this, no charge is being made currently to the Variable Account for our federal income taxes. We will periodically review the need for a charge to the Variable Account for company federal income taxes. If FILI is taxed on investment income or capital gains of the Variable Account, then FILI may impose a charge against the Variable Account in order to provide for such taxes.
Under current laws we may incur state and local taxes (in addition to premium taxes) in several states. At present, these taxes are not significant and are not charged against the Contracts or the Variable Account. If the amount of these taxes changes substantially, we may make charges for such taxes against the Variable Account.
GMWB
22
OTHER CONTRACT PROVISIONS
You should be aware of the following important provisions of your Contract.
1. Owner. Owners have rights and privileges as specified in the Contract. Joint Owners must be spouses on the Contract Date. Owners own the Contract in accordance with all of its terms. The following forms of ownership, and others, are inconsistent with the terms of the Contract and will not be accepted: "joint tenants in common", "tenancy by the entirety", "joint tenants with rights of survivorship" and "joint Ownership by husband and wife".
Before the Contract is issued, the Owners have the right on the application to (a) name the Annuitant(s) and Beneficiary(ies); and (b) allocate the Purchase Payment among the Investment Options.
You may not remove an Owner unless the removal is pursuant to a court order.
After the Contract Date, the Owners have the right to (a) cancel the Contract during the Free Look Period; (b) allocate the Purchase Payment among the Investment Options; (c) reallocate the Contract Value among the Investment Options; (d) make withdrawals, if the Contact has a Contract Value; (e) change Beneficiary(ies) (except that a Beneficiary designated as irrevocable may not be changed without the Beneficiary's consent); and (f) instruct us how to vote shares of the Funds attributable to the Contract.
For Contracts with two Owners, after the Contract Date and before annuity income payments begin, withdrawals, changes of the Annuity Date and changes of Beneficiaries can be made only by both Owners acting together. Either Owner may exercise any other right under the Contract.
2. Annuitant(s). You must be the Annuitant(s). If the Contract is owned by a trust, the grantor of the trust must be an Annuitant. You may name a joint Annuitant as long as the joint Annuitant is the spouse of the Annuitant on the Contract Date.
You may not add or remove the Annuitant(s) after the Contract Date unless the removal is pursuant to a court order.
Your eligibility for benefits under the Guaranteed Withdrawal Benefit For Life feature is determined by the age of the Annuitant(s). The GWB Amount that is available once you are eligible under the Guaranteed Withdrawal Benefit For Life feature depends on a number of factors, including the number of Annuitants on the Contract Date and the age of the youngest Annuitant when your first withdrawal is made. If an Annuitant's age has been misstated we will adjust the GWB Amount to reflect the actual age. If we have previously overpaid GWB Amounts and the GWB Amounts have been converted to an annuity income option as described in Conversion of GWB Amount Payments on page 13, we will suspend any future GWB Amounts until we have recovered the amount of the overpayment. If the Contract has terminated, we reserve the right to recover the amount of any overpayment from your estate. If we have previously underpaid GWB Amounts and the GWB Amounts have been converted to an annuity income option as described in Conversion of GWB Amount Payments on page 13, we will make a lump sum payment equal to the amount previously underpaid plus interest at 6% per annum, compounded annually. The previously underpaid GWB Amount will be deducted from the Contract Value.
If you choose to receive Annuity Income using the Contract Value and annuity purchase rates, the amount of monthly annuity income payments depends on a number of factors, including each Annuitant's age and, unless prohibited by applicable state law, sex. If an Annuitant's age or sex has been misstated we will adjust the amount of monthly Annuity Income to reflect the actual age and/or sex. If we have previously overpaid monthly Annuity Income, we will withhold monthly Annuity Income until we have recovered the amount of the overpayment. If Annuity Income payments have ended, we will recover the amount of any overpayment from the estate(s) of the Annuitant(s). If we have previously underpaid monthly Annuity Income, we will make a lump sum payment equal to the amount previously underpaid, plus interest at 6% per annum, compounded annually.
3. Beneficiary(ies). The Owner(s) name(s) a Beneficiary or Beneficiaries in the application, and can change Beneficiaries later. If the Contract has a joint Annuitant, the joint Annuitant will be treated as the primary Beneficiary over any other named Beneficiaries.
If all the Owners die before the Annuity Date, we will pay the Contract Value, less any applicable taxes, to the Beneficiary or Beneficiaries who survive all the Owners. If a Beneficiary survives all the Owners but does not live long enough to receive payment from us, we will pay the Beneficiary's estate.
Owner(s) must indicate in percentages what portion of the Contract each Beneficiary is to receive. If the total does not equal 100%, each Beneficiary's share will be determined by using a fraction, the numerator of which is the stated percentage for that Beneficiary, and the denominator of which is the total of the percentages indicated by the Owner(s).
Beneficiary designations must be in a form acceptable to us. We reserve the right to reject any Beneficiary designation that we deem to be unadministerable or which may include designations that contain contingencies that could delay payment or designations that would require us to refer to external documents or the outcome of legal proceedings.
GMWB
23
After the death of all the Owners and Annuitants, each Beneficiary has the right to withdraw their share of the Contract Value, as detailed below.
Before we make a payment to any Beneficiary, we must receive at our Annuity Service Center due proof of death (generally a death certificate) for each Owner and any required tax withholding and other forms. We may seek to obtain a death certificate directly from the appropriate governmental body if we believe that any Owner may have died.
At the close of the Valuation Period in which we receive the death certificate(s), we will transfer any portion of the Contract Value that is in the Investment Options to the Government Money Market Investment Option. Once we have determined the number of Beneficiaries who will share in the Contract Value, a Beneficiary who has returned all required documentation to us (including tax withholding and other forms) will be able to transfer his or her share of the Contract Value among the Investment Options.
We will not pay any Beneficiary until we have determined the number of Beneficiaries entitled to receive payment. This is to prevent us from overpaying one Beneficiary before making payment to other Beneficiaries.
Once we have received due proof of death and have determined the number of Beneficiaries to be paid, we will pay any Beneficiary who has provided us with required tax withholding and other forms. We will then have no further obligations to that Beneficiary. If a Beneficiary has been designated to receive a specified fraction of the Contract Value, we will pay that fraction as determined on the date of payment. For example, if there are two Beneficiaries and each is designated to receive 50%, the first Beneficiary to receive payment would receive 50% of the Contract Value on the date the payment is made, and the other Beneficiary would later receive the remainder, which might be worth more or less than what was paid to the first Beneficiary.
4. Assignment. A Qualified Contract may not be assigned. A Non-qualified Contract may not be sold, gifted, transferred, or assigned, and any purported gift, transfer or assignment will be void, except as follows: (a) the Contract may be assigned to an insurance company, regulated as such under the insurance laws of one of the United States, solely for the purpose of effecting a tax-free exchange under section 1035 of the Code; (b) a Contract owned by a person may be transferred to a person's spouse; (c) a Contract owned by one or two individual(s) may be transferred to a trust of which the individual(s) is(are) the grantor(s) and (d) a Contract owned by a trust may be transferred to the trust's grantor(s) or a beneficiary of the trust. Assignments under (c) and (d) may result in a taxable distribution to the transferor. You should consult your tax advisor before making such a transfer.
5. Non-Participating Contract. The Contract is "non-participating", meaning there are no dividends. Investment results of the Investment Options are reflected in the Contract Value and the other benefits under the Contract.
6. Notification of Death. If there are two Owners, each is responsible for notifying us of the death of the other Owner and the death of any Annuitant. If all the Owners die, the Beneficiaries are responsible for notifying us of the death(s). If we provide too many GWB Amount payments or annuity income payments because we are not notified of an Annuitant's death, we may take legal action to recover the overpayment.
7. Proof of Survival. If any payment under this Contract depends on an Annuitant or other recipient being alive on a given date, we may require proof of survival before making the payment.
SELLING THE CONTRACTS
Fidelity Brokerage Services LLC ("FBS") and Fidelity Insurance Agency, Inc. ("FIA") distribute the Contracts. FBS is the principal underwriter. Both FBS and FIA are affiliates of us and of FMR LLC, our parent company. Fidelity Distributors Corporation ("FDC") is the distributor of the Fidelity family of funds, including the Funds. The principal business address of FBS is 900 Salem Street, Smithfield, Rhode Island 02917 and FDC is 100 Salem Street, Smithfield, RI 02917.
We pay FIA first year sales compensation of not more than 2% of Purchase Payments received in the first Contract Year. We also pay FIA renewal sales compensation in later years based on Contract Values and the persistency of the Contracts. Our renewal sales compensation payments for a Contract for a year will be approximately equal to 0.10% of the Contract Value at the end of the year.
SPECIAL PROVISIONS FOR SALES UNDER SPONSORED ARRANGEMENTS
• Reductions of the Minimum Purchase Payment
We may reduce the minimum Purchase Payment requirement for Contracts issued under sponsored arrangements. We determine the eligibility of a group for such reduced minimum Purchase Payment, and the minimum Purchase Payment amount for individuals in a particular group, by considering the following factors: (1) the size of the group; (2) the total amount of Purchase Payments we expect group members to make; (3) the nature of the group and the persistency we expect from the group; (4) the purpose for which the Contracts will be purchased; and (5) any other circumstances which we believe to be relevant in determining the level of expected administrative expenses we will incur.
GMWB
24
More About the Investment Options and the Funds
CHANGES IN INVESTMENT OPTIONS
We may make additional Investment Options available to you from time to time. These Investment Options will invest in mutual funds that we find suitable for the Contracts.
We also have the right to eliminate Investment Options, to combine two or more Investment Options, or to substitute a new mutual fund for the mutual fund in which an Investment Option invests.
A substitution may become necessary if, in our judgment, a Fund no longer suits the purposes of the Contracts. This may happen due to a change in laws or regulations, a change in a Fund's investment objectives or restrictions, because the Fund is no longer available for investment, or for some other reason. We would obtain prior approval from the SEC and any other required approvals before making such a substitution.
We also reserve the right to operate the Variable Account as a management investment company under the 1940 Act or any other form permitted by law or to deregister the Variable Account under such Act in the event such registration is no longer required.
TOTAL RETURN FOR AN INVESTMENT OPTION
The Total Return for an Investment Option is a measure of the investment performance for an Investment Option from one Valuation Period to the next.
An Investment Option's Total Return depends on the performance of the Fund in which the Investment Option invests. We determine the Total Return for an Investment Option at the end of each Valuation Period. Such determinations are made as of the close of business each day the New York Stock Exchange is open for business. The Total Return reflects the investment performance for the Investment Option for the Valuation Period and is net of the asset charges to the Investment Option.
The Total Return for an Investment Option can be greater or less than one. Therefore, the value of a unit in an Investment Option may increase or decrease.
The Total Return for an Investment Option for a Valuation Period is determined by adding (a) and (b), subtracting (c) and dividing the result by (a) where:
(a) is the value of the assets of the Investment Option at the end of the preceding Valuation Period;
(b) is the investment income and capital gains, realized or unrealized, credited to the Investment Option during the current Valuation Period;
(c) is the sum of:
(1) the capital losses, realized or unrealized, charged during the current Valuation Period plus any amount charged or set aside for taxes during the current Valuation Period;
PLUS
(2) the deduction from the Investment Option during the current Valuation Period representing a daily charge equivalent to an effective annual rate of the Total Separate Account Fees as shown on page v of the Fee Table.
Shares of the Funds are valued at their net asset values. Any dividends or capital gains distributions from a Fund are reinvested in that Fund.
VOTING RIGHTS
We currently vote shares of the Funds owned by the Variable Account according to your instructions. However, if the Investment Company Act of 1940 or any related regulations or interpretations should change, and we decide that we are permitted to vote the shares of the Funds in our own right, we may decide to do so.
Before the Annuity Date, we calculate the number of shares that you may instruct us to vote by dividing your Contract Value in an Investment Option by the net asset value of one share of the corresponding Fund. Fractional votes are counted. We reserve the right to modify the manner in which we calculate the weight to be given to your voting instructions where such a change is necessary to comply with then current federal regulations or interpretations of those regulations.
GMWB
25
We will determine the number of shares you can instruct us to vote 90 days or less before the applicable Fund shareholder meeting. At least 14 days before the meeting we will send you material by mail for providing us with your voting instructions.
If we do not receive your voting instructions in time, we will vote the shares in the same proportion as the instructions we receive from other Owners. This means that the voting instructions of a small number of Owners could determine the outcome of any proposal for all Owners. We will also vote in the same proportionate manner any shares we hold in the Variable Account that are not attributable to Owners.
Under certain circumstances, we may be required by state regulatory authorities to disregard voting instructions. This may happen if following such instructions would change the sub-classification or investment objectives of a Fund, or result in the approval or disapproval of an investment advisory contract.
Under federal regulations, we may also disregard instructions to vote for Owner-initiated changes in investment policies or the investment advisor if we disapprove of the proposed changes. We would disapprove a proposed change only if it were contrary to state law, prohibited by state regulatory authorities, or if we decided that the change would result in overly speculative or unsound investments. If we ever disregard voting instructions, we will include a summary of our actions in the next semiannual report.
RESOLVING MATERIAL CONFLICTS
The Funds are available to separate accounts of insurance companies offering variable annuity contracts and variable life insurance policies issued by other insurance companies, as well as to our Variable Account and other separate accounts we may establish.
Although we do not anticipate any disadvantages due to these arrangements, there is a possibility that a material conflict could arise between the interest of the Variable Account and one or more of the other separate accounts or qualified plans that hold shares of the Funds. A conflict may occur due to a change in law affecting the operations of variable life and variable annuity separate accounts, differences in the voting instructions of our Owners and those of other insurance companies, or for some other reason. In the event of a conflict, we will take any steps necessary to protect our Owners and their Beneficiaries.
LITIGATION
No litigation is pending that would have a material effect on us or the Variable Account.
GMWB
26
Appendix A: Guaranteed Withdrawal Benefit for Life Examples
Example 1.
Assume your Contract has one Annuitant who is age 65 and you made a $25,000 Purchase Payment on the Contract Date. Assume you make one withdrawal in the first Contract Year equal to your eligible GWB Amount ($1,250 = 5% Withdrawal Percentage multiplied by the $25,000 GWB Value). Your GWB Value would be $25,000 for the entire 1st Contract Year. If your Contract Value is $30,000 at time of the first Contract Anniversary, your GWB Value will be increased to $30,000 and your GWB Amount for the 2nd Contract Year would be increased to $1,500 to reflect the increased GWB Value.
In the same example, if the Contract Value was $20,000 at time of the first Contract Anniversary, the GWB Value would be unchanged on the Contract Anniversary and would remain at $25,000. Similarly, the GWB Amount would also be unchanged and remain $1,250.
Example 2.
Assume your Contract has one Annuitant who is age 67 and you made a $100,000 Purchase Payment on the Contract Date. If you make no withdrawals during the first Contract Year your GWB Value would be $100,000 for the whole Contract Year. Further assume that you make a $3,000 Gross Withdrawal during the first Contract Year. This withdrawal will establish the Withdrawal Percentage as 5% and the GWB Amount as $5,000. Because the withdrawal does not exceed your eligible GWB Amount, there are no Surrender Charges applicable to this withdrawal and there is no reduction to the GWB Value. Your Contract Value will be reduced by $3,000, the amount of the withdrawal.
Further assume that later in that first Contract Year, you make a second Gross Withdrawal, this time for $10,000. At the time of this $10,000 withdrawal, the GWB Amount is $5,000 and the sum of all prior withdrawals in this Contract Year is $3,000. Therefore, $2,000 of the withdrawal is treated as a withdrawal of your GWB Amount and the remainder of the withdrawal ($8,000) is treated as an excess withdrawal. Assume your Contract Value would have been $104,000 at the end of the Valuation Period had you not taken the withdrawal. Your GWB Value will be reduced by 7.84%. The 7.84% reduction is determined by dividing the $8,000 Excess Withdrawal by $102,000 ($104,000 - $2,000 determined above) resulting in a new GWB Value of $92,160 ($100,000 GWB Value minus [$100,000 multiplied by .0784]). Additionally, a $160 Surrender Charge is due on the $10,000 Gross Withdrawal (2% of the $8,000 excess withdrawal).
Further assume that you make a third withdrawal in the first Contract Year, this time for $5,000. At the time of this $5,000 withdrawal, the GWB Amount is $5,000 and the sum of all prior withdrawals in this Contract Year is $13,000. Therefore, all $5,000 of the withdrawal is treated as an excess withdrawal. If your Contract Value would have been $90,000 at the end of the Valuation Period had you not taken the withdrawal, your GWB Value will reduce by 5.56% ($5,000 Excess Withdrawal divided by $90,000) resulting in a new GWB Value of $87,036 ($92,160 GWB Value minus [$92,160 multiplied by .0556]). A $100 Surrender Charge is due on the $5,000 Gross Withdrawal (2% of the $5,000 excess withdrawal).
Example 3.
Assume your Contract has one Annuitant who is currently age 84 and you made a $100,000 Purchase Payment 18 years ago. Assume also that your GWB Value is still $100,000 and your GWB Amount, which you have been withdrawing every year, is $5,000. Assume you take your first withdrawal of $5,000 in the current Contract Year and that your Contract Value would have been $6,000 at the end of the Valuation Period had you not taken the withdrawal. The Contract Value after the withdrawal is $1,000 which is below the amount which will trigger the conversion of your Contract on the first of the month following your next Contract Anniversary. Assuming you make no further withdrawals prior to the conversion date, we will begin GWB Amount payments of $5,000 each year for so long as any Annuitant is alive.
The Following examples are specific to Qualified Contracts and are provided to help illustrate the impact of minimum required distributions (MRD's) and the impact to the contract of taking the MRD's under various circumstances.
Assumptions common to examples 4-6.
Assume your Contract Date is 6 years in the past and your Contract has one Annuitant who is age 75. Also assume that your GWB Value is $100,000, your GWB Amount is $5,000 and your minimum required distribution, as computed exclusively by us, is $5,300 for the current calendar year. Assume further that you have not yet made any withdrawals from your Contract in the current Contract Year, nor have you made any withdrawals in the current calendar year. Also, assume that your next Contract Anniversary will occur in the following calendar year and that your GWB Value did not increase on your Contract Anniversary in the current calendar year.
GMWB
27
Example 4.
To satisfy your MRD, you request a $5,300 withdrawal outside of our Systematic Withdrawal Program. At the time of this $5,300 withdrawal, the GWB Amount is $5,000 and the sum of all prior withdrawals in this Contract Year is $0. Therefore, $5,000 of the withdrawal is treated as a withdrawal of your GWB Amount and the remainder of the withdrawal ($300) is treated as an excess withdrawal. A reduction in your GWB Value will occur because you did not participate in the Systematic Withdrawal Program to receive this withdrawal and you did not meet all of the other criteria as stated on page 13 of this prospectus to receive the greater of your GWB Amount and your MRD. To demonstrate the reduction, assume your Contract Value would have been $103,000 at the end of the Valuation Period had you not taken the withdrawal. After your withdrawal is processed, your Contract Value will be $97,700 and your GWB Value will be reduced by 0.31%. The 0.31% reduction is determined by dividing the $300 excess withdrawal by $98,000 ($103,000 - $5,000 determined above) resulting in a new GWB Value of $99,690 ($100,000 GWB Value minus [$100,000 multiplied by .0031]).
Example 5.
Alternatively, assume that at the beginning of the year, you had been signed up for a monthly systematic withdrawal of your GWB Amount. Each month we will pay an amount so that we will have paid the greater of your GWB Amount or MRD, in this case $5,300, by the end of the calendar year. Since the withdrawal to cover your MRD was taken through our SWP program, your GWB Value will still be $100,000. We have assumed that all of the conditions for receiving the greater of your GWB Amount and your MRD as shown on page 13 of this prospectus have been met.
Example 6.
Assume instead that you sign up for a systematic withdrawal of your GWB Amount in September. In order to meet your MRD requirements, you would need to elect an annual payment frequency from the SWP program so that we are able to pay a full year's worth of payments on a systematic basis prior to the end of the calendar year. Note that any frequency of payment other than annual in this case will not allow you to meet your MRD. After the withdrawal of $5,300, your GWB Value will still be $100,000 since the withdrawal to cover your MRD was taken through our SWP program. We have assumed that all of the conditions for receiving an MRD exception as shown on page 13 of the prospectus have been met.
GMWB
28
Appendix B: Table of Accumulation Unit Values
Accumulation Unit Values below reflect Total Separate Account Annual Fees of 1.10% for one Annuitant and 1.25% for two Annuitants
Fidelity VIP Balanced Investor Class Subaccount
One Annuitant
Accumulation Unit Value at Beginning of Period |
Accumulation Unit Value at End of Period |
Number of Accumulation Units at End of Period |
|||||||||||||||||
2015 |
14.60 |
14.52 |
39,206,110 |
||||||||||||||||
2014 |
13.40 |
14.60 |
42,462,291 |
||||||||||||||||
2013 |
11.33 |
13.40 |
45,957,404 |
||||||||||||||||
2012 |
9.97 |
11.33 |
50,275,303 |
||||||||||||||||
2011 |
10.46 |
9.97 |
53,367,944 |
||||||||||||||||
2010 |
8.97 |
10.46 |
57,313,134 |
||||||||||||||||
2009 |
6.55 |
8.97 |
60,718,552 |
||||||||||||||||
2008 |
10.03 |
6.55 |
62,778,253 |
||||||||||||||||
2007 |
* |
10.00 |
10.03 |
11,857,813 |
Two Annuitants
Accumulation Unit Value at Beginning of Period |
Accumulation Unit Value at End of Period |
Number of Accumulation Units at End of Period |
|||||||||||||||||
2015 |
14.44 |
14.33 |
19,183,521 |
||||||||||||||||
2014 |
13.27 |
14.44 |
20,299,237 |
||||||||||||||||
2013 |
11.24 |
13.27 |
21,967,121 |
||||||||||||||||
2012 |
9.90 |
11.24 |
23,830,330 |
||||||||||||||||
2011 |
10.41 |
9.90 |
24,985,212 |
||||||||||||||||
2010 |
8.94 |
10.41 |
25,987,863 |
||||||||||||||||
2009 |
6.54 |
8.94 |
27,021,200 |
||||||||||||||||
2008 |
10.03 |
6.54 |
26,684,286 |
||||||||||||||||
2007 |
* |
10.00 |
10.03 |
5,513,507 |
* Period from 9/4/2007 to 12/31/2007
Fidelity VIP FundsManager 60% Subaccount
One Annuitant
Accumulation Unit Value at Beginning of Period |
Accumulation Unit Value at End of Period |
Number of Accumulation Units at End of Period |
|||||||||||||||||
2015 |
13.09 |
13.00 |
25,872,535 |
||||||||||||||||
2014 |
12.56 |
13.09 |
28,751,331 |
||||||||||||||||
2013 |
10.70 |
12.56 |
31,804,100 |
||||||||||||||||
2012 |
9.70 |
10.70 |
35,249,766 |
||||||||||||||||
2011 |
10.01 |
9.70 |
37,863,165 |
||||||||||||||||
2010 |
8.91 |
10.01 |
40,826,754 |
||||||||||||||||
2009 |
7.35 |
8.91 |
43,813,193 |
||||||||||||||||
2008 |
10.17 |
7.35 |
44,018,089 |
||||||||||||||||
2007 |
* |
10.00 |
10.17 |
6,332,397 |
GMWB
29
Two Annuitants
Accumulation Unit Value at Beginning of Period |
Accumulation Unit Value at End of Period |
Number of Accumulation Units at End of Period |
|||||||||||||||||
2015 |
12.95 |
12.84 |
15,956,966 |
||||||||||||||||
2014 |
12.44 |
12.95 |
17,300,988 |
||||||||||||||||
2013 |
10.62 |
12.44 |
19,091,295 |
||||||||||||||||
2012 |
9.64 |
10.62 |
20,744,363 |
||||||||||||||||
2011 |
9.96 |
9.64 |
22,338,517 |
||||||||||||||||
2010 |
8.88 |
9.96 |
23,595,730 |
||||||||||||||||
2009 |
7.34 |
8.88 |
25,083,223 |
||||||||||||||||
2008 |
10.16 |
7.34 |
24,357,272 |
||||||||||||||||
2007 |
* |
10.00 |
10.16 |
3,793,634 |
* Period from 9/4/2007 to 12/31/2007
Fidelity VIP Government Money Market Investor Class Subaccount*
One Annuitant
Accumulation Unit Value at Beginning of Period |
Accumulation Unit Value at End of Period |
Number of Accumulation Units at End of Period |
|||||||||||||||||
2015 |
9.76 |
9.66 |
362,400 |
||||||||||||||||
2014 |
9.87 |
9.76 |
101,351 |
||||||||||||||||
2013 |
9.98 |
9.87 |
207,219 |
||||||||||||||||
2012 |
10.08 |
9.98 |
131,587 |
||||||||||||||||
2011 |
10.18 |
10.08 |
261,864 |
||||||||||||||||
2010 |
10.27 |
10.18 |
238,306 |
||||||||||||||||
2009 |
10.31 |
10.27 |
96,604 |
||||||||||||||||
2008 |
10.12 |
10.31 |
1,441,677 |
||||||||||||||||
2007 |
* |
10.00 |
10.12 |
3,058,440 |
* Prior to December 1, 2015, the portfolio was known as Fidelity VIP Money Market.
Two Annuitants
Accumulation Unit Value at Beginning of Period |
Accumulation Unit Value at End of Period |
Number of Accumulation Units at End of Period |
|||||||||||||||||
2015 |
9.65 |
9.53 |
558 |
||||||||||||||||
2014 |
9.78 |
9.65 |
0 |
||||||||||||||||
2013 |
9.90 |
9.78 |
11,628 |
||||||||||||||||
2012 |
10.01 |
9.90 |
11,628 |
||||||||||||||||
2011 |
10.13 |
10.01 |
3,437 |
||||||||||||||||
2010 |
10.23 |
10.13 |
6,878 |
||||||||||||||||
2009 |
10.29 |
10.23 |
7,685 |
||||||||||||||||
2008 |
10.12 |
10.29 |
1,117,901 |
||||||||||||||||
2007 |
* |
10.00 |
10.12 |
1,043,354 |
* Period from 9/4/2007 to 12/31/2007
Any Subaccounts that were not part of the Variable Account in 2015 are not reported in the above table.
Accumulation Unit Values shown above are rounded to two decimal places. Percentage changes in Accumulation Unit Values were calculated using exact Accumulation Unit Values (six decimal places). The percentage changes shown in the financial statements are therefore more precise than the figures that would be obtained using the rounded Accumulation Unit Values shown for the beginning and end of each period.
The financial statements of the Variable Account appear in the Statement of Additional Information.
GMWB
30
Appendix C: Table of Accumulation Unit Values
Accumulation Unit Values below reflect Total Separate Account Annual Fees of 1.25% for one Annuitant and 1.40% for two Annuitants
Fidelity VIP Balanced Investor Class Subaccount
One Annuitant
Accumulation Unit Value at Beginning of Period |
Accumulation Unit Value at End of Period |
Number of Accumulation Units at End of Period |
|||||||||||||||||
2015 |
25.28 |
25.09 |
3,692,475 |
||||||||||||||||
2014 |
23.23 |
25.28 |
3,956,045 |
||||||||||||||||
2013 |
19.68 |
23.23 |
4,280,838 |
||||||||||||||||
2012 |
17.33 |
19.68 |
4,395,124 |
||||||||||||||||
2011 |
18.23 |
17.33 |
4,606,125 |
||||||||||||||||
2010 |
15.64 |
18.23 |
4,687,970 |
||||||||||||||||
2009 |
11.68 |
15.64 |
4,817,291 |
Two Annuitants
Accumulation Unit Value at Beginning of Period |
Accumulation Unit Value at End of Period |
Number of Accumulation Units at End of Period |
|||||||||||||||||
2015 |
25.04 |
24.82 |
3,095,059 |
||||||||||||||||
2014 |
23.05 |
25.04 |
3,271,577 |
||||||||||||||||
2013 |
19.56 |
23.05 |
3,427,506 |
||||||||||||||||
2012 |
17.25 |
19.56 |
3,457,835 |
||||||||||||||||
2011 |
18.17 |
17.25 |
3,535,165 |
||||||||||||||||
2010 |
15.62 |
18.17 |
3,482,470 |
||||||||||||||||
2009 |
11.68 |
15.62 |
3,559,178 |
Fidelity VIP FundsManager 60% Subaccount
One Annuitant
Accumulation Unit Value at Beginning of Period |
Accumulation Unit Value at End of Period |
Number of Accumulation Units at End of Period |
|||||||||||||||||
2015 |
19.52 |
19.36 |
7,601,670 |
||||||||||||||||
2014 |
18.76 |
19.52 |
8,442,133 |
||||||||||||||||
2013 |
16.01 |
18.76 |
9,232,997 |
||||||||||||||||
2012 |
14.53 |
16.01 |
9,746,246 |
||||||||||||||||
2011 |
15.02 |
14.53 |
10,255,723 |
||||||||||||||||
2010 |
13.38 |
15.02 |
10,911,981 |
||||||||||||||||
2009 |
11.20 |
13.38 |
11,485,720 |
GMWB
31
Two Annuitants
Accumulation Unit Value at Beginning of Period |
Accumulation Unit Value at End of Period |
Number of Accumulation Units at End of Period |
|||||||||||||||||
2015 |
19.34 |
19.15 |
6,976,598 |
||||||||||||||||
2014 |
18.61 |
19.34 |
7,421,319 |
||||||||||||||||
2013 |
15.91 |
18.61 |
8,233,921 |
||||||||||||||||
2012 |
14.46 |
15.91 |
8,624,450 |
||||||||||||||||
2011 |
14.97 |
14.46 |
8,937,497 |
||||||||||||||||
2010 |
13.36 |
14.97 |
9,356,968 |
||||||||||||||||
2009 |
11.20 |
13.36 |
9,593,708 |
Fidelity VIP Government Money Market Investor Class Subaccount*
One Annuitant
Accumulation Unit Value at Beginning of Period |
Accumulation Unit Value at End of Period |
Number of Accumulation Units at End of Period |
|||||||||||||||||
2015 |
9.39 |
9.27 |
75,109 |
||||||||||||||||
2014 |
9.51 |
9.39 |
56,729 |
||||||||||||||||
2013 |
9.62 |
9.51 |
37,076 |
||||||||||||||||
2012 |
9.74 |
9.62 |
9,316 |
||||||||||||||||
2011 |
9.85 |
9.74 |
0 |
||||||||||||||||
2010 |
9.95 |
9.85 |
0 |
||||||||||||||||
2009 |
10.01 |
9.95 |
0 |
* Prior to December 1, 2015, the portfolio was known as Fidelity VIP Money Market.
Two Annuitants
Accumulation Unit Value at Beginning of Period |
Accumulation Unit Value at End of Period |
Number of Accumulation Units at End of Period |
|||||||||||||||||
2015 |
9.30 |
9.17 |
0 |
||||||||||||||||
2014 |
9.43 |
9.30 |
0 |
||||||||||||||||
2013 |
9.56 |
9.43 |
34,732 |
||||||||||||||||
2012 |
9.69 |
9.56 |
0 |
||||||||||||||||
2011 |
9.82 |
9.69 |
0 |
||||||||||||||||
2010 |
9.94 |
9.82 |
0 |
||||||||||||||||
2009 |
10.01 |
9.94 |
0 |
Any Subaccounts that were not part of the Variable Account in 2015 are not reported in the above table.
Accumulation Unit Values shown above are rounded to two decimal places. Percentage changes in Accumulation Unit Values were calculated using exact Accumulation Unit Values (six decimal places). The percentage changes shown in the financial statements are therefore more precise than the figures that would be obtained using the rounded Accumulation Unit Values shown for the beginning and end of each period.
The financial statements of the Variable Account appear in the Statement of Additional Information.
GMWB
32
Table of Contents of the Statement of Additional Information
Accumulation Units |
2 |
||||||
Unavailability of Annuity Income Options in Certain Circumstances |
2 |
||||||
IRS Required Distributions |
2 |
||||||
Safekeeping of Variable Account Assets |
2 |
||||||
Distribution of the Contracts |
2 |
||||||
State Regulation |
3 |
||||||
Legal Matters |
3 |
||||||
Registration Statement |
3 |
||||||
Experts |
3 |
||||||
Financial Statements |
3 |
GMWB-PRO-0416
1.850778.110
GMWB
33
THIS PAGE INTENTIONALLY LEFT BLANK
INDIVIDUAL RETIREMENT ACCOUNT
DISCLOSURE STATEMENT
1. This Disclosure Statement addresses the Federal income tax treatment of the modified single premium deferred variable annuity Contract (the "Contract") that is issued by Fidelity Investments Life Insurance Company ("FILI") through Fidelity Investments Variable Annuity Account I (the "Variable Account"). It is important that you read this statement carefully.
This disclosure statement is for your general information and is not intended to be exhaustive or conclusive, to apply to any particular person or situation, or to be used as a substitute for qualified legal of tax advice. Also, the information contained herein is based on current Federal income tax law, income tax regulations, and other guidance provided by the Internal Revenue Service ("IRS") and is therefore subject to change upon an amendment of the law or the issuance of further regulations or other guidance.
Revocation
2. You are allowed to revoke or cancel your Contract within ten (10) days of the later of (1) the date of the application for the Contract; or (2) the date you receive the Contract. Upon revocation, FILI will refund the greater of: (1) your Purchase Payment in full, neither crediting your Contract for earnings, nor charging it with any administrative expenses, or (2) your Purchase Payment plus the investment performance of the Government Money Market Investment Option.
You may revoke your Contract by mailing or delivering a notice of revocation to:
Fidelity Investments Life Insurance Company
Annuity Service Center
P.O. Box 770001
Cincinnati, OH 45277-0050
A notice of revocation shall be deemed mailed on the date of the postmark (or if sent by certified or registered mail, the date of certification or registration) if it is deposited in the mail in the United States in an envelope, or other appropriate wrapper, first class postage prepaid, properly addressed.
Any question regarding this procedure may be directed to a Fidelity Annuity Specialist at 1-800-544-2442.
Contributions
3. You may purchase a Contract as an IRA annuity with proceeds from a (1) non-taxable rollover from a qualified plan, tax sheltered annuity or custodial account under section 403(b) of the Internal Revenue Code ("Code"), Individual Retirement Account ("IRA account"), or another IRA annuity, or (2) a non-taxable transfer from a IRA account or another IRA annuity.
4. Subsequent contributions will not be accepted although the single premium for the Contract may be paid from different sources described in paragraph 3 above and received by us on different dates.
5. No deduction is allowed for a rollover contribution.
Investments
6. Your entire interest in the Contract is nonforfeitable.
7. The Contract is not transferable and is established for the exclusive benefit of you and your designated beneficiary or beneficiaries.
Distributions
8. A distribution from your Contract is includible in your gross income for the year in which the distribution is made and is taxed as ordinary income, except to the extent the distribution is treated as a recovery of non-deductible contributions, if any.
9. If a distribution from the Contract is made before you attain age 59 1/2, your tax for the year in which the amount is received is increased by a penalty tax equal to 10% of the portion of the distribution that is includible in gross income. However, this 10% premature distribution penalty tax generally does not apply if the distribution (1) is rolled over or transferred to another IRA; (2) is made on account of your death or disability; (3) is part of a series of substantially equal periodic payments over your life (of life expectancy) or the joint lives (or joint life expectancy) of you and a second person designated by you; or (4) satisfies some other specified exception to the penalty law.
10. The entire interest in an IRA must be distributed or commence to be distributed no later than April 1 of the calendar year following the calendar year in which the owner attains age 70 1/2. Installment payments may be made in accordance with income tax regulations over the owner's life (of the lives of the owner and his or her designated beneficiary within the meaning of the Code) or over a period not exceeding the owner's life expectance (or the joint life expectancy of the owner and his or her designated
FGGI IRA
Not Part of the Prospectus
1
beneficiary). If the owner dies after required distributions have commenced, any remaining interest must be distributed at least as rapidly as under the method of distribution being used at the time of death. If the owner dies before required distributions have commenced, any remaining interest must be distributed generally (1) within 5 years, or (2) over the life or life expectancy of the designated beneficiary commencing by the end of the year following the year of the owner's death (or by the end of the year in which the owner would have attained age 70 1/2, if later, and the owner' spouse is the sole beneficiary).
In order for annuity income payments under the Contract to comply with these minimum distribution requirements, it might be necessary in certain circumstances to limit (1) the length of any guarantee period or the amount of any refund feature under an annuity income option, and (2) limit the joint and survivor annuity income options from which you may select. Also, if you name a Joint Annuitant, all distributions made while you are alive must be made to you.
If required distributions are not timely made, you will be liable for a 50% penalty tax on the difference between the required minimum distribution for the tax year and the amount actually paid to you. The IRS has the authority to waive this penalty tax under certain circumstances.
11. Special rules apply with respect to rollovers and transfers from IRAs. You should seek competent tax advice to comply with the requirements for rollovers and transfers.
Other Tax Considerations
12. You must file an IRS Form 5329 (Additional Taxes on Qualified Plans (Including IRAs) and other Tax-Favored Accounts) with your income tax return for a year in which there is a penalty tax due because of premature distributions or insufficient distributions.
13. The Contract has not been approved as to form for use as an IRA by the IRS. Such approval is a determination only as to the form of the Contract, and does not represent a determination of the merits of the Contract.
14. Further information concerning IRA and Roth IRAs can be obtained from any district office of the IRS and from IRS Publication 590 (Individual Retirement Arrangements (IRAs)).
Prohibited Transactions
15. The Contract may cease to be an IRA because of a prohibited transaction. Generally, a prohibited transaction is any improper use of the Contract by you, a beneficiary, or any disqualified person. If during a taxable year you borrow any money under your Contract or use the Contract in another prohibited manner (for example, if the Contract is pledged as collateral for a loan), the Contract will cease to be an IRA as of the first day of the taxable year. You must include in your gross income for the year an amount equal to the fair market value of the Contract as of the first day of the taxable year, and you may have to pay a 10% premature distribution penalty tax (discussed above).
Financial Information
16. The value of your investment will depend on how you allocate your Purchase Payment to the available Investment Options and the actual investment performance of the Investment Options you choose. No minimum Contract Value is guaranteed. The Contract provides for a withdrawal benefit (Guaranteed Withdrawal Benefit For Life feature) where you may make withdrawals of a guaranteed amount each Contract Year starting when the youngest Annuitant turns 59 1/2. The amount you can withdraw under this benefit depends on the age and number of Annuitants at the time of first withdrawal following the youngest Annuitant turning 59 1/2. In general, the guaranteed amount will not decrease unless you withdraw more than the allowable guaranteed amount during a Contract Year. See your prospectus for a more detailed description.
17. As further described in the prospectus, the following are all the charges that FILI currently makes:
(a) Administrative Charge
FILI deducts a daily charge from the assets of the Investment Options equivalent to an annual rate of 0.25%.
(b) Mortality and Expense Risk Charge
FILI deducts a daily charge from the assets of the Investment Options equivalent to an annual rate of 1.15%1 if the Contract has two Annuitants on the Contract Date. For a Contract with only one Annuitant on the Contract Date, the annual rate is 1.00%1.
(c) Portfolio Expenses
The Portfolios associated with the Investment Options incur operating expenses and pay monthly management fees. The level of expenses varies by Portfolio.
FGGI IRA
Not Part of the Prospectus
2
(d) Surrender Charge
FILI will assess a 2% Surrender Charge on withdrawals during the first five Contract Years. No Surrender Charge is applied to withdrawals (1) under the Guaranteed Withdrawal Benefit For Life feature; or (2) taken to comply with the minimum required distributions and are taken as part of a Systematic Withdrawal Program offered by FILI; or (3) that are required following the death of an Owner. A Surrender Charge will not be assessed on the Annuity Date.
1 For contracts purchased prior to 1/1/2009 a daily charge equivalent to an annual rate of 1.00% is deducted if the contract has two annuitants and 0.85% if the contract has one annuitant.
FGGI IRA
Not Part of the Prospectus
3
PART B
INFORMATION REQUIRED IN A STATEMENT
OF ADDITIONAL INFORMATION
FIDELITY GROWTH AND GUARANTEED INCOME® ANNUITY
STATEMENT OF ADDITIONAL INFORMATION
April 30, 2016
This Statement of Additional Information supplements the information found in the current Prospectus for the variable annuity contracts ("Contracts") offered by Fidelity Investments Life Insurance Company through Fidelity Investments Variable Annuity Account I (the "Variable Account"). You may obtain a copy of the Prospectus dated April 30, 2016 without charge by calling 1-800-544-2442, or by accessing the SEC Internet website at (http://www.sec.gov).
THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS AND SHOULD BE READ TOGETHER WITH THE PROSPECTUS FOR THE CONTRACT.
Table of Contents |
|||||||
PAGE |
|||||||
Accumulation Units |
2 |
||||||
Unavailability of Annuity Income Options in Certain Circumstances |
2 |
||||||
IRS Required Distributions |
2 |
||||||
Safekeeping of Variable Account Assets |
2 |
||||||
Distribution of the Contracts |
3 |
||||||
State Regulation |
3 |
||||||
Legal Matters |
3 |
||||||
Registration Statement |
3 |
||||||
Experts |
3 |
||||||
Financial Statements |
3 |
||||||
Variable Account (enclosed) |
|||||||
Fidelity Investments Life Insurance Company (enclosed) |
GMWB-PTB-0416
1.850779.110
ACCUMULATION UNITS
We credit your payments allocated to the variable Subaccounts in the form of Accumulation Units. The number of Accumulation Units credited to each Subaccount is determined by dividing the net payment allocated to that Subaccount by the Accumulation Unit Value for that Subaccount for the Valuation Period during which the payment is received. In the case of the initial payment, we credit Accumulation Units as explained in the prospectus. Accumulation Units are adjusted for any exchanges or transfers into or out of a Subaccount.
For each variable Subaccount the Accumulation Unit Value for the first Valuation Period of the Subaccount was set at $10. The Accumulation Unit Value for each subsequent Valuation Period is the Net Investment Factor for that period, multiplied by the Accumulation Unit Value for the immediately preceding Valuation Period. The Accumulation Unit Value may increase or decrease from one Valuation Period to the next.
Each variable Subaccount has a Net Investment Factor (also referred to as the "Total Return"). The Net Investment Factor is an index that measures the investment performance of a Subaccount from one Valuation Period to the next. The Net Investment Factor for each Subaccount for a Valuation Period is determined by adding (a) and (b), subtracting (c) and then dividing the result by (a) where:
(a) Is the value of the assets at the end of the preceding Valuation Period;
(b) Is the investment income and capital gains, realized or unrealized, credited during the current valuation period;
(c) Is the sum of:
(1) The capital losses, realized or unrealized, charged during the current valuation period plus any amount charged or set aside for taxes during the current Valuation Period; plus
(2) The deduction from the Subaccount during the current Valuation Period representing a daily charge equivalent to an effective annual rate of the Total Separate Account Fees as shown on page v in the Fee Table of the Prospectus.
The Net Investment Factor may be greater than or less than one. If it is greater than one, the Accumulation Unit Value will increase; if less than one, the Accumulation Unit Value will decrease.
UNAVAILABILITY OF ANNUITY INCOME OPTIONS IN CERTAIN CIRCUMSTANCES
We do not offer annuity income options to any corporate beneficiary, partnership or trustee; any assignee; or the executors or administrators of the Annuitant's estate.
IRS REQUIRED DISTRIBUTIONS
If the Owner of the Contract dies (or either Joint Owner if the Contract is owned jointly) before the entire interest in the Contract is distributed, the value of the Contract must be distributed to the person entitled to the proceeds as described in this section so that the Contract qualifies as an annuity under the Internal Revenue Code.
If the death occurs on or after the Annuity Date, the remaining portion of the interest in the Contract must be distributed at least as rapidly as under the method of distribution being used as of the date of death. If the death occurs before the Annuity Date, the entire interest in the Contract must be distributed within five years after the date of death, unless the following conditions are met: (1) The Beneficiaries' or second Owner's entire interest is payable over the Beneficiaries or second Owner's lifetime (or a period not extending beyond the life expectancy of the Beneficiaries or second Owner) by electing annuitization within 60 days of the date of death with distributions beginning within one year of the date of death, (2) or the surviving Owner or Beneficiary is the surviving spouse of the deceased Owner, in which case the spouse may elect to continue the Contract, or their portion of the Contract, as the Owner. Federal tax law does not extend the same continuation rights to civil union partners. The Owner's designated beneficiary is the person to whom proceeds of the Contract pass by reason of the death of the Owner. Please note that in the event state escheatment laws require escheatment to the state before five years from the death of the Owner, a Beneficiary/surviving Owner may not have a full five year distribution period to withdraw the Contract Value as described in the Contract.
If the Contract Owner is a trust or other "non-natural person," and the Annuitant dies before the Annuity Date, the required distribution upon death rules will apply.
SAFEKEEPING OF VARIABLE ACCOUNT ASSETS
The assets of the Variable Account are held by Fidelity Investments Life. The assets of the Variable Account are held apart from our general account assets and any other separate accounts we may establish. We maintain records of all purchases and redemptions of the shares of the Funds held by the variable Subaccounts. We maintain fidelity bond coverage for the acts of our officers and employees.
2
DISTRIBUTION OF THE CONTRACTS
As explained in the Prospectus, the Contract is distributed through Fidelity Brokerage Services LLC and Fidelity Insurance Agency, Inc., which are affiliated with FMR LLC and Fidelity Investments Life. The offering of the contract has been discontinued although you may continue to make exchanges among the Subaccounts.
STATE REGULATION
Fidelity Investments Life is subject to regulation by the Department of Insurance of the State of Utah, which periodically examines our financial condition and operations. We are also subject to the insurance laws and regulations of all jurisdictions where we do business. The Contracts described in the Prospectus and Statement of Additional Information have been filed with and, where required, approved by, insurance officials in those jurisdictions where it is sold.
We are required to submit annual statements of our operations, including financial statements, to the insurance departments of the various jurisdictions where we do business to determine solvency and compliance with applicable insurance laws and regulations.
LEGAL MATTERS
The legal validity of the Contracts described in the Prospectus and Statement of Additional Information has been passed on by Lance A. Warrick, General Counsel of Fidelity Investments Life Insurance Company.
REGISTRATION STATEMENT
We have filed a Registration Statement under the Securities Act of 1933 with the SEC relating to the Contract. The Prospectus and Statement of Additional Information do not include all the information in the Registration Statement. We have omitted certain portions pursuant to SEC rules. You may obtain the omitted information from the SEC's main office in Washington, D.C. by paying the SEC's prescribed fees.
EXPERTS
The consolidated financial statements of the Company as of December 31, 2015 and 2014 and for each of the three years in the period ended December 31, 2015, and the financial statements of Fidelity Investments Variable Annuity Account I of the Company as of December 31, 2015 and for each of the periods indicated, included in this Statement of Additional Information constituting part of this Registration Statement, have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The principal business address for PricewaterhouseCoopers LLP is 101 Seaport Boulevard, Boston, Massachusetts 02110.
FINANCIAL STATEMENTS
The consolidated financial statements of Fidelity Investments Life Insurance Company included herein should be distinguished from the financial statements of the Variable Account and should be considered only as bearing upon our ability to meet our obligations under the Contracts. Please note that Fidelity Investments Life Insurance Company is relying on the exemption provided by SEC Rule 12h-7 in its preparation of the financial statements of Fidelity Investments Life Insurance Company provided herein.
3
Fidelity® Investments
Variable Annuity Account I
Annual Report
December 31, 2015
This report and the financial statements contained herein are submitted for the general information of Fidelity Investments Life Insurance Company variable annuity owners. This report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Neither Fidelity Investments Life Insurance Company nor Fidelity Brokerage Services LLC is a bank, and neither the annuities nor mutual fund shares are backed or guaranteed by any bank or insured by the FDIC.
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities
December 31, 2015
(In thousands, except per unit data) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Government Money Market (b) |
VIP Government Money Market Investor Class (b) |
VIP High Income |
VIP High Income Investor Class |
VIP Equity-Income |
VIP Equity-Income Investor Class |
VIP Growth |
VIP Growth Investor Class |
||||||||||||||||||||||||||||
Assets: |
|||||||||||||||||||||||||||||||||||
Investments at market value |
$ |
253,903 |
$ |
934,805 |
$ |
91,343 |
$ |
331,219 |
$ |
385,294 |
$ |
255,795 |
$ |
415,473 |
$ |
225,542 |
|||||||||||||||||||
Receivable from FILI |
0 |
0 |
0 |
0 |
71 |
0 |
48 |
0 |
|||||||||||||||||||||||||||
Total assets |
253,903 |
934,805 |
91,343 |
331,219 |
385,365 |
255,795 |
415,521 |
225,542 |
|||||||||||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||||||||||||||
Payable to FILI |
87 |
3 |
6 |
1 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Total net assets |
$ |
253,816 |
$ |
934,802 |
$ |
91,337 |
$ |
331,218 |
$ |
385,365 |
$ |
255,795 |
$ |
415,521 |
$ |
225,542 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ |
234,107 |
$ |
0 |
$ |
70,612 |
$ |
0 |
$ |
332,894 |
$ |
0 |
$ |
376,355 |
$ |
0 |
|||||||||||||||||||
Fidelity Income Advantage |
19,709 |
0 |
20,725 |
0 |
52,471 |
0 |
39,166 |
0 |
|||||||||||||||||||||||||||
Fidelity Personal Retirement |
0 |
927,389 |
0 |
331,218 |
0 |
255,795 |
0 |
225,542 |
|||||||||||||||||||||||||||
Fidelity Freedom Lifetime Income |
0 |
3,212 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
0 |
4,201 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Total net assets |
$ |
253,816 |
$ |
934,802 |
$ |
91,337 |
$ |
331,218 |
$ |
385,365 |
$ |
255,795 |
$ |
415,521 |
$ |
225,542 |
|||||||||||||||||||
Units Outstanding and Unit Value: |
|||||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
11,178 |
0 |
1,556 |
0 |
3,758 |
0 |
3,340 |
0 |
|||||||||||||||||||||||||||
Unit Value |
$ |
20.94 |
$ |
0 |
$ |
45.42 |
$ |
0 |
$ |
88.60 |
$ |
0 |
$ |
112.69 |
$ |
0 |
|||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
977 |
0 |
471 |
0 |
612 |
0 |
359 |
0 |
|||||||||||||||||||||||||||
Unit Value |
$ |
20.25 |
$ |
0 |
$ |
43.92 |
$ |
0 |
$ |
85.68 |
$ |
0 |
$ |
108.98 |
$ |
0 |
|||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
86,730 |
0 |
21,807 |
0 |
14,516 |
0 |
10,190 |
|||||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
11.34 |
$ |
0 |
$ |
20.29 |
$ |
0 |
$ |
27.20 |
$ |
0 |
$ |
32.74 |
|||||||||||||||||||
Lowest Value |
$ |
0 |
$ |
9.94 |
$ |
0 |
$ |
12.86 |
$ |
0 |
$ |
16.47 |
$ |
0 |
$ |
21.16 |
|||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
294 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
10.93 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
438 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Highest Unit Value |
$ |
0 |
$ |
9.66 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Lowest Unit Value |
$ |
0 |
$ |
9.27 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
1 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Highest Unit Value |
$ |
0 |
$ |
9.53 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Lowest Unit Value |
$ |
0 |
$ |
9.17 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
(b) Fund Name Change. See Note 1.
Annual Report
3
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2015
(In thousands, except per unit data) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
VIP Overseas |
VIP Overseas, Investor Class (b) |
VIP Investment Grade Bond |
VIP Investment Grade Bond Investor Class |
VIP Asset Manager |
VIP Asset Manager Investor Class |
||||||||||||||||||||||
Assets: |
|||||||||||||||||||||||||||
Investments at market value |
$ |
94,894 |
$ |
197,176 |
$ |
210,821 |
$ |
534,974 |
$ |
228,396 |
$ |
168,447 |
|||||||||||||||
Receivable from FILI |
21 |
0 |
10 |
0 |
50 |
0 |
|||||||||||||||||||||
Total assets |
94,915 |
197,176 |
210,831 |
534,974 |
228,446 |
168,447 |
|||||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||||||
Payable to FILI |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total net assets |
$ |
94,915 |
$ |
197,176 |
$ |
210,831 |
$ |
534,974 |
$ |
228,446 |
$ |
168,447 |
|||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ |
85,485 |
$ |
0 |
$ |
161,186 |
$ |
0 |
$ |
191,302 |
$ |
0 |
|||||||||||||||
Fidelity Income Advantage |
9,430 |
0 |
49,645 |
0 |
37,144 |
0 |
|||||||||||||||||||||
Fidelity Personal Retirement |
0 |
197,176 |
0 |
534,974 |
0 |
168,447 |
|||||||||||||||||||||
Fidelity Freedom Lifetime Income |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total net assets |
$ |
94,915 |
$ |
197,176 |
$ |
210,831 |
$ |
534,974 |
$ |
228,446 |
$ |
168,447 |
|||||||||||||||
Units Outstanding and Unit Value: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||
Units Outstanding |
1,913 |
0 |
3,999 |
0 |
3,656 |
0 |
|||||||||||||||||||||
Unit Value |
$ |
44.68 |
$ |
0 |
$ |
40.31 |
$ |
0 |
$ |
52.32 |
$ |
0 |
|||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||
Units Outstanding |
218 |
0 |
1,272 |
0 |
734 |
0 |
|||||||||||||||||||||
Unit Value |
$ |
43.21 |
$ |
0 |
$ |
38.99 |
$ |
0 |
$ |
50.59 |
$ |
0 |
|||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||
Units Outstanding |
0 |
13,130 |
0 |
39,345 |
0 |
10,077 |
|||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
20.18 |
$ |
0 |
$ |
15.08 |
$ |
0 |
$ |
20.86 |
|||||||||||||||
Lowest Value |
$ |
0 |
$ |
14.59 |
$ |
0 |
$ |
11.63 |
$ |
0 |
$ |
14.77 |
|||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
|||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
|||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
(b) Fund Name Change. See Note 1.
Annual Report
4
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2015
(In thousands, except per unit data) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||
VIP Index 500 |
VIP Asset Manager: Growth |
VIP Asset Manager: Growth Investor Class |
VIP Contrafund |
VIP Contrafund Investor Class |
VIP Balanced |
VIP Balanced Investor Class |
|||||||||||||||||||||||||
Assets: |
|||||||||||||||||||||||||||||||
Investments at market value |
$ |
1,692,104 |
$ |
73,406 |
$ |
99,671 |
$ |
896,329 |
$ |
1,103,578 |
$ |
155,221 |
$ |
2,062,772 |
|||||||||||||||||
Receivable from FILI |
61 |
0 |
0 |
98 |
1 |
85 |
1 |
||||||||||||||||||||||||
Total assets |
1,692,165 |
73,406 |
99,671 |
896,427 |
1,103,579 |
155,306 |
2,062,773 |
||||||||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||||||||||
Payable to FILI |
0 |
11 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total net assets |
$ |
1,692,165 |
$ |
73,395 |
$ |
99,671 |
$ |
896,427 |
$ |
1,103,579 |
$ |
155,306 |
$ |
2,062,773 |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ |
398,798 |
$ |
59,070 |
$ |
0 |
$ |
801,496 |
$ |
0 |
$ |
116,614 |
$ |
0 |
|||||||||||||||||
Fidelity Income Advantage |
55,198 |
14,325 |
0 |
94,931 |
0 |
38,692 |
0 |
||||||||||||||||||||||||
Fidelity Personal Retirement |
1,238,169 |
0 |
99,671 |
0 |
1,103,579 |
0 |
1,049,224 |
||||||||||||||||||||||||
Fidelity Freedom Lifetime Income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
0 |
0 |
0 |
0 |
0 |
0 |
1,013,549 |
||||||||||||||||||||||||
Total net assets |
$ |
1,692,165 |
$ |
73,395 |
$ |
99,671 |
$ |
896,427 |
$ |
1,103,579 |
$ |
155,306 |
$ |
2,062,773 |
|||||||||||||||||
Units Outstanding and Unit Value: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||
Units Outstanding |
6,454 |
1,700 |
0 |
10,778 |
0 |
4,179 |
0 |
||||||||||||||||||||||||
Unit Value |
$ |
61.79 |
$ |
34.74 |
$ |
0 |
$ |
74.36 |
$ |
0 |
$ |
27.90 |
$ |
0 |
|||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||
Units Outstanding |
923 |
427 |
0 |
1,319 |
0 |
1,431 |
0 |
||||||||||||||||||||||||
Unit Value |
$ |
59.75 |
$ |
33.59 |
$ |
0 |
$ |
71.91 |
$ |
0 |
$ |
26.98 |
$ |
0 |
|||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||
Units Outstanding |
59,811 |
0 |
5,750 |
0 |
52,662 |
0 |
54,689 |
||||||||||||||||||||||||
Highest Value |
$ |
29.14 |
$ |
0 |
$ |
23.34 |
$ |
0 |
$ |
29.97 |
$ |
0 |
$ |
26.91 |
|||||||||||||||||
Lowest Value |
$ |
20.00 |
$ |
0 |
$ |
16.02 |
$ |
0 |
$ |
19.65 |
$ |
0 |
$ |
16.87 |
|||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
42,899 |
||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
25.09 |
|||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
14.52 |
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
22,279 |
||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
24.82 |
|||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
14.33 |
Annual Report
5
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2015
(In thousands, except per unit data) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Dynamic Capital Appreciation |
VIP Dynamic Capital Appreciation Investor Class |
VIP Growth & Income |
VIP Growth & Income Investor Class |
VIP Growth Opportunities |
VIP Growth Opportunities Investor Class |
VIP Mid Cap |
VIP Mid Cap Investor Class |
||||||||||||||||||||||||||||
Assets: |
|||||||||||||||||||||||||||||||||||
Investments at market value |
$ |
32,737 |
$ |
150,637 |
$ |
116,303 |
$ |
149,283 |
$ |
92,378 |
$ |
249,688 |
$ |
326,029 |
$ |
460,856 |
|||||||||||||||||||
Receivable from FILI |
7 |
0 |
11 |
0 |
0 |
0 |
83 |
0 |
|||||||||||||||||||||||||||
Total assets |
32,744 |
150,637 |
116,314 |
149,283 |
92,378 |
249,688 |
326,112 |
460,856 |
|||||||||||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||||||||||||||
Payable to FILI |
0 |
0 |
0 |
0 |
36 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Total net assets |
$ |
32,744 |
$ |
150,637 |
$ |
116,314 |
$ |
149,283 |
$ |
92,342 |
$ |
249,688 |
$ |
326,112 |
$ |
460,856 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ |
27,433 |
$ |
0 |
$ |
94,377 |
$ |
0 |
$ |
76,817 |
$ |
0 |
$ |
271,884 |
$ |
0 |
|||||||||||||||||||
Fidelity Income Advantage |
5,311 |
0 |
21,937 |
0 |
15,525 |
0 |
54,228 |
0 |
|||||||||||||||||||||||||||
Fidelity Personal Retirement |
0 |
150,637 |
0 |
149,283 |
0 |
249,688 |
0 |
460,856 |
|||||||||||||||||||||||||||
Fidelity Freedom Lifetime Income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Total net assets |
$ |
32,744 |
$ |
150,637 |
$ |
116,314 |
$ |
149,283 |
$ |
92,342 |
$ |
249,688 |
$ |
326,112 |
$ |
460,856 |
|||||||||||||||||||
Units Outstanding and Unit Value: |
|||||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
1,037 |
0 |
3,134 |
0 |
3,051 |
0 |
7,331 |
0 |
|||||||||||||||||||||||||||
Unit Value |
$ |
26.47 |
$ |
0 |
$ |
30.12 |
$ |
0 |
$ |
25.18 |
$ |
0 |
$ |
37.09 |
$ |
0 |
|||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
205 |
0 |
752 |
0 |
638 |
0 |
1,507 |
0 |
|||||||||||||||||||||||||||
Unit Value |
$ |
25.82 |
$ |
0 |
$ |
29.13 |
$ |
0 |
$ |
24.35 |
$ |
0 |
$ |
35.93 |
$ |
0 |
|||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
7,477 |
0 |
10,801 |
0 |
23,068 |
||||||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
27.99 |
$ |
0 |
$ |
40.06 |
$ |
0 |
$ |
30.05 |
|||||||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
19.04 |
$ |
0 |
$ |
21.63 |
$ |
0 |
$ |
16.87 |
|||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
Annual Report
6
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2015
(In thousands, except per unit data) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Value Strategies |
VIP Value Strategies Investor Class |
VIP Utilities |
VIP Utilities Investor Class |
VIP Technology |
VIP Technology Investor Class |
VIP Energy |
VIP Energy Investor Class |
||||||||||||||||||||||||||||
Assets: |
|||||||||||||||||||||||||||||||||||
Investments at market value |
$ |
44,553 |
$ |
95,079 |
$ |
20,336 |
$ |
52,489 |
$ |
62,823 |
$ |
220,710 |
$ |
42,275 |
$ |
89,810 |
|||||||||||||||||||
Receivable from FILI |
0 |
0 |
9 |
0 |
0 |
0 |
12 |
0 |
|||||||||||||||||||||||||||
Total assets |
44,553 |
95,079 |
20,345 |
52,489 |
62,823 |
220,710 |
42,287 |
89,810 |
|||||||||||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||||||||||||||
Payable to FILI |
4 |
0 |
0 |
0 |
5 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Total net assets |
$ |
44,549 |
$ |
95,079 |
$ |
20,345 |
$ |
52,489 |
$ |
62,818 |
$ |
220,710 |
$ |
42,287 |
$ |
89,810 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ |
35,393 |
$ |
0 |
$ |
18,180 |
$ |
0 |
$ |
54,863 |
$ |
0 |
$ |
37,592 |
$ |
0 |
|||||||||||||||||||
Fidelity Income Advantage |
9,156 |
0 |
2,165 |
0 |
7,955 |
0 |
4,695 |
0 |
|||||||||||||||||||||||||||
Fidelity Personal Retirement |
0 |
95,079 |
0 |
52,489 |
0 |
220,710 |
0 |
89,810 |
|||||||||||||||||||||||||||
Fidelity Freedom Lifetime Income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Total net assets |
$ |
44,549 |
$ |
95,079 |
$ |
20,345 |
$ |
52,489 |
$ |
62,818 |
$ |
220,710 |
$ |
42,287 |
$ |
89,810 |
|||||||||||||||||||
Units Outstanding and Unit Value: |
|||||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
1,554 |
0 |
923 |
0 |
2,372 |
0 |
1,801 |
0 |
|||||||||||||||||||||||||||
Unit Value |
$ |
22.78 |
$ |
0 |
$ |
19.70 |
$ |
0 |
$ |
23.12 |
$ |
0 |
$ |
20.87 |
$ |
0 |
|||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
412 |
0 |
113 |
0 |
355 |
0 |
231 |
0 |
|||||||||||||||||||||||||||
Unit Value |
$ |
22.22 |
$ |
0 |
$ |
19.13 |
$ |
0 |
$ |
22.46 |
$ |
0 |
$ |
20.27 |
$ |
0 |
|||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
4,941 |
0 |
2,740 |
0 |
9,341 |
0 |
7,358 |
|||||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
39.02 |
$ |
0 |
$ |
20.73 |
$ |
0 |
$ |
46.06 |
$ |
0 |
$ |
16.71 |
|||||||||||||||||||
Lowest Value |
$ |
0 |
$ |
18.66 |
$ |
0 |
$ |
16.63 |
$ |
0 |
$ |
19.85 |
$ |
0 |
$ |
11.23 |
|||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
Annual Report
7
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2015
(In thousands, except per unit data) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Health Care |
VIP Health Care Investor Class |
VIP Financial Services |
VIP Financial Services Investor Class |
VIP Industrials |
VIP Industrials Investor Class |
VIP Consumer Discretionary |
VIP Consumer Discretionary Investor Class |
||||||||||||||||||||||||||||
Assets: |
|||||||||||||||||||||||||||||||||||
Investments at market value |
$ |
204,036 |
$ |
752,405 |
$ |
18,763 |
$ |
80,741 |
$ |
32,729 |
$ |
95,187 |
$ |
37,038 |
$ |
150,613 |
|||||||||||||||||||
Receivable from FILI |
0 |
0 |
5 |
0 |
11 |
0 |
17 |
0 |
|||||||||||||||||||||||||||
Total assets |
204,036 |
752,405 |
18,768 |
80,741 |
32,740 |
95,187 |
37,055 |
150,613 |
|||||||||||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||||||||||||||
Payable to FILI |
80 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Total net assets |
$ |
203,956 |
$ |
752,405 |
$ |
18,768 |
$ |
80,741 |
$ |
32,740 |
$ |
95,187 |
$ |
37,055 |
$ |
150,613 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ |
180,299 |
$ |
0 |
$ |
16,528 |
$ |
0 |
$ |
27,932 |
$ |
0 |
$ |
31,414 |
$ |
0 |
|||||||||||||||||||
Fidelity Income Advantage |
23,657 |
0 |
2,240 |
0 |
4,808 |
0 |
5,641 |
0 |
|||||||||||||||||||||||||||
Fidelity Personal Retirement |
0 |
752,405 |
0 |
80,741 |
0 |
95,187 |
0 |
150,613 |
|||||||||||||||||||||||||||
Fidelity Freedom Lifetime Income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Total net assets |
$ |
203,956 |
$ |
752,405 |
$ |
18,768 |
$ |
80,741 |
$ |
32,740 |
$ |
95,187 |
$ |
37,055 |
$ |
150,613 |
|||||||||||||||||||
Units Outstanding and Unit Value: |
|||||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
4,527 |
0 |
1,359 |
0 |
788 |
0 |
1,272 |
0 |
|||||||||||||||||||||||||||
Unit Value |
$ |
39.82 |
$ |
0 |
$ |
12.16 |
$ |
0 |
$ |
35.44 |
$ |
0 |
$ |
24.70 |
$ |
0 |
|||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
614 |
0 |
189 |
0 |
139 |
0 |
235 |
0 |
|||||||||||||||||||||||||||
Unit Value |
$ |
38.68 |
$ |
0 |
$ |
11.81 |
$ |
0 |
$ |
34.42 |
$ |
0 |
$ |
23.99 |
$ |
0 |
|||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
20,980 |
0 |
6,101 |
0 |
4,062 |
0 |
6,264 |
|||||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
50.14 |
$ |
0 |
$ |
26.06 |
$ |
0 |
$ |
35.40 |
$ |
0 |
$ |
42.23 |
|||||||||||||||||||
Lowest Value |
$ |
0 |
$ |
34.23 |
$ |
0 |
$ |
10.38 |
$ |
0 |
$ |
20.12 |
$ |
0 |
$ |
23.24 |
|||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
|||||||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
Annual Report
8
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2015
(In thousands, except per unit data) |
Subaccounts Investing In: |
||||||||||||||||||||||
VIP Real Estate |
VIP Real Estate Investor Class |
VIP Strategic Income |
VIP Strategic Income Investor Class |
VIP International Capital Appreciation (a) |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at market value |
$ |
51,217 |
$ |
202,459 |
$ |
73,923 |
$ |
842,611 |
$ |
16,084 |
|||||||||||||
Receivable from FILI |
7 |
0 |
5 |
0 |
2 |
||||||||||||||||||
Total assets |
51,224 |
202,459 |
73,928 |
842,611 |
16,086 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Payable to FILI |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||
Total net assets |
$ |
51,224 |
$ |
202,459 |
$ |
73,928 |
$ |
842,611 |
$ |
16,086 |
|||||||||||||
Net Assets: |
|||||||||||||||||||||||
Fidelity Retirement Reserves |
$ |
44,585 |
$ |
0 |
$ |
62,682 |
$ |
0 |
$ |
13,928 |
|||||||||||||
Fidelity Income Advantage |
6,639 |
0 |
11,246 |
0 |
2,158 |
||||||||||||||||||
Fidelity Personal Retirement |
0 |
202,459 |
0 |
842,611 |
0 |
||||||||||||||||||
Fidelity Freedom Lifetime Income |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||
Fidelity Growth and Guaranteed Income |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||
Total net assets |
$ |
51,224 |
$ |
202,459 |
$ |
73,928 |
$ |
842,611 |
$ |
16,086 |
|||||||||||||
Units Outstanding and Unit Value: |
|||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||
Units Outstanding |
1,351 |
0 |
3,539 |
0 |
869 |
||||||||||||||||||
Unit Value |
$ |
33.00 |
$ |
0 |
$ |
17.71 |
$ |
0 |
$ |
16.03 |
|||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||
Units Outstanding |
206 |
0 |
650 |
0 |
137 |
||||||||||||||||||
Unit Value |
$ |
32.19 |
$ |
0 |
$ |
17.30 |
$ |
0 |
$ |
15.70 |
|||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||
Units Outstanding |
0 |
9,497 |
0 |
56,923 |
0 |
||||||||||||||||||
Highest Value |
$ |
0 |
$ |
46.09 |
$ |
0 |
$ |
17.48 |
$ |
0 |
|||||||||||||
Lowest Value |
$ |
0 |
$ |
18.96 |
$ |
0 |
$ |
12.04 |
$ |
0 |
|||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
|||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
|||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
(a) New Fund. See Note 1.
Annual Report
9
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2015
(In thousands, except per unit data) |
Subaccounts Investing In: |
||||||||||||||||||
VIP International Capital Appreciation, Investor Class (b) |
VIP Value |
VIP Value Investor Class |
VIP Freedom Income |
||||||||||||||||
Assets: |
|||||||||||||||||||
Investments at market value |
$ |
150,792 |
$ |
22,323 |
$ |
113,286 |
$ |
11,003 |
|||||||||||
Receivable from FILI |
0 |
0 |
0 |
2 |
|||||||||||||||
Total assets |
150,792 |
22,323 |
113,286 |
11,005 |
|||||||||||||||
Liabilities: |
|||||||||||||||||||
Payable to FILI |
0 |
13 |
0 |
0 |
|||||||||||||||
Total net assets |
$ |
150,792 |
$ |
22,310 |
$ |
113,286 |
$ |
11,005 |
|||||||||||
Net Assets: |
|||||||||||||||||||
Fidelity Retirement Reserves |
$ |
0 |
$ |
19,130 |
$ |
0 |
$ |
11,005 |
|||||||||||
Fidelity Income Advantage |
0 |
3,180 |
0 |
0 |
|||||||||||||||
Fidelity Personal Retirement |
150,792 |
0 |
113,286 |
0 |
|||||||||||||||
Fidelity Freedom Lifetime Income |
0 |
0 |
0 |
0 |
|||||||||||||||
Fidelity Growth and Guaranteed Income |
0 |
0 |
0 |
0 |
|||||||||||||||
Total net assets |
$ |
150,792 |
$ |
22,310 |
$ |
113,286 |
$ |
11,005 |
|||||||||||
Units Outstanding and Unit Value: |
|||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||
Units Outstanding |
0 |
1,070 |
0 |
785 |
|||||||||||||||
Unit Value |
$ |
0 |
$ |
17.88 |
$ |
0 |
$ |
14.02 |
|||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||
Units Outstanding |
0 |
183 |
0 |
0 |
|||||||||||||||
Unit Value |
$ |
0 |
$ |
17.50 |
$ |
0 |
$ |
0 |
|||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||
Units Outstanding |
9,051 |
0 |
5,841 |
0 |
|||||||||||||||
Highest Value |
$ |
32.00 |
$ |
0 |
$ |
34.98 |
$ |
0 |
|||||||||||
Lowest Value |
$ |
15.88 |
$ |
0 |
$ |
18.07 |
$ |
0 |
|||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
|||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
|||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
|||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
|||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
|||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
(b) Fund Name Change. See Note 1.
Annual Report
10
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2015
(In thousands, except per unit data) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||
VIP Freedom Income Investor Class |
VIP Freedom 2005 |
VIP Freedom 2005 Investor Class |
VIP Freedom 2010 |
VIP Freedom 2010 Investor Class |
VIP Freedom 2015 |
VIP Freedom 2015 Investor Class |
|||||||||||||||||||||||||
Assets: |
|||||||||||||||||||||||||||||||
Investments at market value |
$ |
60,816 |
$ |
6,179 |
$ |
17,584 |
$ |
11,548 |
$ |
53,848 |
$ |
26,304 |
$ |
88,610 |
|||||||||||||||||
Receivable from FILI |
0 |
0 |
0 |
1 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total assets |
60,816 |
6,179 |
17,584 |
11,549 |
53,848 |
26,304 |
88,610 |
||||||||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||||||||||
Payable to FILI |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total net assets |
$ |
60,816 |
$ |
6,179 |
$ |
17,584 |
$ |
11,549 |
$ |
53,848 |
$ |
26,304 |
$ |
88,610 |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ |
0 |
$ |
6,179 |
$ |
0 |
$ |
11,549 |
$ |
0 |
$ |
26,304 |
$ |
0 |
|||||||||||||||||
Fidelity Income Advantage |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Fidelity Personal Retirement |
60,816 |
0 |
17,584 |
0 |
53,848 |
0 |
88,610 |
||||||||||||||||||||||||
Fidelity Freedom Lifetime Income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total net assets |
$ |
60,816 |
$ |
6,179 |
$ |
17,584 |
$ |
11,549 |
$ |
53,848 |
$ |
26,304 |
$ |
88,610 |
|||||||||||||||||
Units Outstanding and Unit Value: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
410 |
0 |
719 |
0 |
1,599 |
0 |
||||||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
15.06 |
$ |
0 |
$ |
16.07 |
$ |
0 |
$ |
16.45 |
$ |
0 |
|||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||
Units Outstanding |
4,343 |
0 |
1,143 |
0 |
3,254 |
0 |
5,267 |
||||||||||||||||||||||||
Highest Value |
$ |
14.98 |
$ |
0 |
$ |
18.31 |
$ |
0 |
$ |
19.88 |
$ |
0 |
$ |
20.41 |
|||||||||||||||||
Lowest Value |
$ |
12.18 |
$ |
0 |
$ |
13.42 |
$ |
0 |
$ |
14.30 |
$ |
0 |
$ |
14.51 |
|||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
Annual Report
11
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2015
(In thousands, except per unit data) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
VIP Freedom 2020 |
VIP Freedom 2020 Investor Class |
VIP Freedom 2025 |
VIP Freedom 2025 Investor Class |
VIP Freedom 2030 |
VIP Freedom 2030 Investor Class |
||||||||||||||||||||||
Assets: |
|||||||||||||||||||||||||||
Investments at market value |
$ |
25,782 |
$ |
167,386 |
$ |
13,803 |
$ |
146,171 |
$ |
17,385 |
$ |
134,531 |
|||||||||||||||
Receivable from FILI |
1 |
0 |
1 |
0 |
0 |
0 |
|||||||||||||||||||||
Total assets |
25,783 |
167,386 |
13,804 |
146,171 |
17,385 |
134,531 |
|||||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||||||
Payable to FILI |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total net assets |
$ |
25,783 |
$ |
167,386 |
$ |
13,804 |
$ |
146,171 |
$ |
17,385 |
$ |
134,531 |
|||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ |
25,783 |
$ |
0 |
$ |
13,804 |
$ |
0 |
$ |
17,385 |
$ |
0 |
|||||||||||||||
Fidelity Income Advantage |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Personal Retirement |
0 |
167,386 |
0 |
146,171 |
0 |
134,531 |
|||||||||||||||||||||
Fidelity Freedom Lifetime Income |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total net assets |
$ |
25,783 |
$ |
167,386 |
$ |
13,804 |
$ |
146,171 |
$ |
17,385 |
$ |
134,531 |
|||||||||||||||
Units Outstanding and Unit Value: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||
Units Outstanding |
1,557 |
0 |
793 |
0 |
1,011 |
0 |
|||||||||||||||||||||
Unit Value |
$ |
16.56 |
$ |
0 |
$ |
17.41 |
$ |
0 |
$ |
17.20 |
$ |
0 |
|||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||
Units Outstanding |
0 |
9,883 |
0 |
8,235 |
0 |
7,618 |
|||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
21.99 |
$ |
0 |
$ |
23.51 |
$ |
0 |
$ |
24.43 |
|||||||||||||||
Lowest Value |
$ |
0 |
$ |
15.03 |
$ |
0 |
$ |
15.88 |
$ |
0 |
$ |
16.21 |
|||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
|||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
|||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
Annual Report
12
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2015
(In thousands, except per unit data) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||
VIP Freedom Lifetime Income I |
VIP Freedom Lifetime Income II |
VIP Freedom Lifetime Income III |
VIP Disciplined Small Cap |
VIP Disciplined Small Cap Investor Class |
VIP FundsManager 20% |
VIP FundsManager 50% |
|||||||||||||||||||||||||
Assets: |
|||||||||||||||||||||||||||||||
Investments at market value |
$ |
11,627 |
$ |
29,639 |
$ |
18,969 |
$ |
28,159 |
$ |
174,353 |
$ |
665,590 |
$ |
1,234,835 |
|||||||||||||||||
Receivable from FILI |
11 |
19 |
6 |
2 |
0 |
12 |
66 |
||||||||||||||||||||||||
Total assets |
11,638 |
29,658 |
18,975 |
28,161 |
174,353 |
665,602 |
1,234,901 |
||||||||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||||||||||
Payable to FILI |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total net assets |
$ |
11,638 |
$ |
29,658 |
$ |
18,975 |
$ |
28,161 |
$ |
174,353 |
$ |
665,602 |
$ |
1,234,901 |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
24,872 |
$ |
0 |
$ |
51,906 |
$ |
83,902 |
|||||||||||||||||
Fidelity Income Advantage |
0 |
0 |
0 |
3,289 |
0 |
13,567 |
51,112 |
||||||||||||||||||||||||
Fidelity Personal Retirement |
0 |
0 |
0 |
0 |
174,353 |
589,959 |
1,006,655 |
||||||||||||||||||||||||
Fidelity Freedom Lifetime Income |
11,638 |
29,658 |
18,975 |
0 |
0 |
10,170 |
93,232 |
||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total net assets |
$ |
11,638 |
$ |
29,658 |
$ |
18,975 |
$ |
28,161 |
$ |
174,353 |
$ |
665,602 |
$ |
1,234,901 |
|||||||||||||||||
Units Outstanding and Unit Value: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
1,590 |
0 |
3,911 |
5,845 |
||||||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
15.65 |
$ |
0 |
$ |
13.27 |
$ |
14.36 |
|||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
214 |
0 |
1,040 |
3,622 |
||||||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
15.34 |
$ |
0 |
$ |
13.01 |
$ |
14.08 |
|||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
9,410 |
43,495 |
65,477 |
||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
30.38 |
$ |
14.51 |
$ |
18.93 |
|||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
16.38 |
$ |
12.26 |
$ |
14.38 |
|||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||
Units Outstanding |
755 |
1,845 |
1,111 |
0 |
0 |
825 |
6,971 |
||||||||||||||||||||||||
Unit Value |
$ |
15.39 |
$ |
16.06 |
$ |
17.08 |
$ |
0 |
$ |
0 |
$ |
12.35 |
$ |
13.37 |
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
Annual Report
13
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2015
(In thousands, except per unit data) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||
VIP FundsManager 60% |
VIP FundsManager 70% |
VIP FundsManager 85% |
VIP Consumer Staples |
VIP Consumer Staples Investor Class |
VIP Materials |
VIP Materials Investor Class |
|||||||||||||||||||||||||
Assets: |
|||||||||||||||||||||||||||||||
Investments at market value |
$ |
1,687,112 |
$ |
1,010,624 |
$ |
364,722 |
$ |
25,613 |
$ |
194,325 |
$ |
10,643 |
$ |
34,904 |
|||||||||||||||||
Receivable from FILI |
73 |
5 |
11 |
10 |
0 |
4 |
0 |
||||||||||||||||||||||||
Total assets |
1,687,185 |
1,010,629 |
364,733 |
25,623 |
194,325 |
10,647 |
34,904 |
||||||||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||||||||||
Payable to FILI |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total net assets |
$ |
1,687,185 |
$ |
1,010,629 |
$ |
364,733 |
$ |
25,623 |
$ |
194,325 |
$ |
10,647 |
$ |
34,904 |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ |
38,497 |
$ |
49,292 |
$ |
29,592 |
$ |
22,324 |
$ |
0 |
$ |
9,788 |
$ |
0 |
|||||||||||||||||
Fidelity Income Advantage |
19,885 |
29,223 |
12,008 |
3,299 |
0 |
859 |
0 |
||||||||||||||||||||||||
Fidelity Personal Retirement |
707,222 |
910,264 |
312,290 |
0 |
194,325 |
0 |
34,904 |
||||||||||||||||||||||||
Fidelity Freedom Lifetime Income |
99,650 |
21,850 |
10,843 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
821,931 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total net assets |
$ |
1,687,185 |
$ |
1,010,629 |
$ |
364,733 |
$ |
25,623 |
$ |
194,325 |
$ |
10,647 |
$ |
34,904 |
|||||||||||||||||
Units Outstanding and Unit Value: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||
Units Outstanding |
2,845 |
3,378 |
2,039 |
1,019 |
0 |
614 |
0 |
||||||||||||||||||||||||
Unit Value |
$ |
13.53 |
$ |
14.59 |
$ |
14.51 |
$ |
21.90 |
$ |
0 |
$ |
15.94 |
$ |
0 |
|||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||
Units Outstanding |
1,489 |
2,042 |
844 |
153 |
0 |
55 |
0 |
||||||||||||||||||||||||
Unit Value |
$ |
13.32 |
$ |
14.31 |
$ |
14.23 |
$ |
21.52 |
$ |
0 |
$ |
15.67 |
$ |
0 |
|||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||
Units Outstanding |
47,530 |
56,824 |
19,267 |
0 |
8,602 |
0 |
2,038 |
||||||||||||||||||||||||
Highest Value |
$ |
20.76 |
$ |
22.07 |
$ |
24.42 |
$ |
0 |
$ |
28.55 |
$ |
0 |
$ |
33.67 |
|||||||||||||||||
Lowest Value |
$ |
14.12 |
$ |
15.39 |
$ |
15.31 |
$ |
0 |
$ |
21.37 |
$ |
0 |
$ |
15.43 |
|||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||
Units Outstanding |
7,251 |
1,605 |
798 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Unit Value |
$ |
13.74 |
$ |
13.62 |
$ |
13.58 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
|||||||||||||||||||||||||||||||
Units Outstanding |
33,474 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Highest Value |
$ |
19.36 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Lowest Value |
$ |
13.00 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
|||||||||||||||||||||||||||||||
Units Outstanding |
22,934 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Highest Value |
$ |
19.15 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Lowest Value |
$ |
12.84 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
Annual Report
14
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2015
(In thousands, except per unit data) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||
VIP Telecommunications |
VIP Telecommunications Investor Class |
VIP Emerging Markets (a) |
VIP Emerging Markets Investor Class (b) |
VIP Floating Rate High Income |
VIP Floating Rate High Income Investor Class |
UIF Emerging Markets Equity |
|||||||||||||||||||||||||
Assets: |
|||||||||||||||||||||||||||||||
Investments at market value |
$ |
4,143 |
$ |
20,431 |
$ |
5,129 |
$ |
25,612 |
$ |
3,555 |
$ |
93,481 |
$ |
58,154 |
|||||||||||||||||
Receivable from FILI |
1 |
0 |
1 |
0 |
1 |
0 |
15 |
||||||||||||||||||||||||
Total assets |
4,144 |
20,431 |
5,130 |
25,612 |
3,556 |
93,481 |
58,169 |
||||||||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||||||||||
Payable to FILI |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total net assets |
$ |
4,144 |
$ |
20,431 |
$ |
5,130 |
$ |
25,612 |
$ |
3,556 |
$ |
93,481 |
$ |
58,169 |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ |
3,767 |
$ |
0 |
$ |
4,868 |
$ |
0 |
$ |
3,202 |
$ |
0 |
$ |
27,620 |
|||||||||||||||||
Fidelity Income Advantage |
377 |
0 |
262 |
0 |
354 |
0 |
3,454 |
||||||||||||||||||||||||
Fidelity Personal Retirement |
0 |
20,431 |
0 |
25,612 |
0 |
93,481 |
27,095 |
||||||||||||||||||||||||
Fidelity Freedom Lifetime Income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total net assets |
$ |
4,144 |
$ |
20,431 |
$ |
5,130 |
$ |
25,612 |
$ |
3,556 |
$ |
93,481 |
$ |
58,169 |
|||||||||||||||||
Units Outstanding and Unit Value: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||
Units Outstanding |
293 |
0 |
655 |
0 |
326 |
0 |
1,198 |
||||||||||||||||||||||||
Unit Value |
$ |
12.85 |
$ |
0 |
$ |
7.43 |
$ |
0 |
$ |
9.81 |
$ |
0 |
$ |
23.06 |
|||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||
Units Outstanding |
30 |
0 |
36 |
0 |
36 |
0 |
154 |
||||||||||||||||||||||||
Unit Value |
$ |
12.63 |
$ |
0 |
$ |
7.32 |
$ |
0 |
$ |
9.78 |
$ |
0 |
$ |
22.30 |
|||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
1,327 |
2,809 |
0 |
0 |
9,434 |
2,536 |
||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
32.49 |
$ |
20.56 |
$ |
0 |
$ |
0 |
$ |
9.92 |
$ |
19.32 |
|||||||||||||||||
Lowest Value |
$ |
0 |
$ |
13.39 |
$ |
7.71 |
$ |
0 |
$ |
0 |
$ |
9.90 |
$ |
9.41 |
|||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
Annual Report
15
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2015
(In thousands, except per unit data) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||
UIF Emerging Markets Debt |
UIF Global Strategist (b) |
Invesco Van Kampen Global Core Equity |
WFAF Advantage VT Discovery |
WFAF Advantage VT Opportunity |
Lazard Retirement Emerging Markets |
PVIT Commodity Real Return |
|||||||||||||||||||||||||
Assets: |
|||||||||||||||||||||||||||||||
Investments at market value |
$ |
130,851 |
$ |
33,141 |
$ |
22,048 |
$ |
26,161 |
$ |
18,596 |
$ |
90,079 |
$ |
11,583 |
|||||||||||||||||
Receivable from FILI |
6 |
5 |
4 |
2 |
7 |
1 |
0 |
||||||||||||||||||||||||
Total assets |
130,857 |
33,146 |
22,052 |
26,163 |
18,603 |
90,080 |
11,583 |
||||||||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||||||||||
Payable to FILI |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total net assets |
$ |
130,857 |
$ |
33,146 |
$ |
22,052 |
$ |
26,163 |
$ |
18,603 |
$ |
90,080 |
$ |
11,583 |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ |
15,519 |
$ |
8,249 |
$ |
8,106 |
$ |
22,538 |
$ |
16,218 |
$ |
12,196 |
$ |
103 |
|||||||||||||||||
Fidelity Income Advantage |
2,131 |
2,861 |
1,815 |
3,625 |
2,385 |
691 |
15 |
||||||||||||||||||||||||
Fidelity Personal Retirement |
113,207 |
22,036 |
12,131 |
0 |
0 |
77,193 |
11,465 |
||||||||||||||||||||||||
Fidelity Freedom Lifetime Income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total net assets |
$ |
130,857 |
$ |
33,146 |
$ |
22,052 |
$ |
26,163 |
$ |
18,603 |
$ |
90,080 |
$ |
11,583 |
|||||||||||||||||
Units Outstanding and Unit Value: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||
Units Outstanding |
519 |
537 |
472 |
646 |
459 |
1,086 |
20 |
||||||||||||||||||||||||
Unit Value |
$ |
29.89 |
$ |
15.36 |
$ |
17.16 |
$ |
34.90 |
$ |
35.31 |
$ |
11.23 |
$ |
5.13 |
|||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||
Units Outstanding |
74 |
192 |
109 |
107 |
70 |
63 |
3 |
||||||||||||||||||||||||
Unit Value |
$ |
28.91 |
$ |
14.85 |
$ |
16.60 |
$ |
33.74 |
$ |
34.15 |
$ |
11.01 |
$ |
5.09 |
|||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||
Units Outstanding |
8,172 |
1,717 |
1,002 |
0 |
0 |
7,256 |
2,183 |
||||||||||||||||||||||||
Highest Value |
$ |
18.27 |
$ |
19.72 |
$ |
17.65 |
$ |
0 |
$ |
0 |
$ |
18.68 |
$ |
5.27 |
|||||||||||||||||
Lowest Value |
$ |
11.54 |
$ |
11.58 |
$ |
11.00 |
$ |
0 |
$ |
0 |
$ |
8.68 |
$ |
5.24 |
|||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
|||||||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
(b) Fund Name Change. See Note 1.
Annual Report
16
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2015
(In thousands, except per unit data) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
PVIT Low Duration |
PVIT Real Return |
PVIT Total Return |
Blackrock Global Allocation V.I. |
FTVIP Templeton Global Bond |
FTVIP Franklin U.S. Gov't Securities |
||||||||||||||||||||||
Assets: |
|||||||||||||||||||||||||||
Investments at market value |
$ |
460,085 |
$ |
198,550 |
$ |
540,415 |
$ |
194,054 |
$ |
129,379 |
$ |
54,663 |
|||||||||||||||
Receivable from FILI |
0 |
0 |
10 |
2 |
1 |
0 |
|||||||||||||||||||||
Total assets |
460,085 |
198,550 |
540,425 |
194,056 |
129,380 |
54,663 |
|||||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||||||
Payable to FILI |
8 |
1 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total net assets |
$ |
460,077 |
$ |
198,549 |
$ |
540,425 |
$ |
194,056 |
$ |
129,380 |
$ |
54,663 |
|||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ |
36,654 |
$ |
13,487 |
$ |
31,323 |
$ |
7,233 |
$ |
6,972 |
$ |
3,002 |
|||||||||||||||
Fidelity Income Advantage |
994 |
1,932 |
1,682 |
836 |
644 |
182 |
|||||||||||||||||||||
Fidelity Personal Retirement |
422,429 |
183,130 |
507,420 |
185,987 |
121,764 |
51,479 |
|||||||||||||||||||||
Fidelity Freedom Lifetime Income |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total net assets |
$ |
460,077 |
$ |
198,549 |
$ |
540,425 |
$ |
194,056 |
$ |
129,380 |
$ |
54,663 |
|||||||||||||||
Units Outstanding and Unit Value: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||
Units Outstanding |
3,332 |
1,152 |
2,577 |
632 |
672 |
300 |
|||||||||||||||||||||
Unit Value |
$ |
11.00 |
$ |
11.71 |
$ |
12.15 |
$ |
11.45 |
$ |
10.38 |
$ |
10.02 |
|||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||
Units Outstanding |
91 |
167 |
140 |
73 |
62 |
18 |
|||||||||||||||||||||
Unit Value |
$ |
10.86 |
$ |
11.56 |
$ |
12.00 |
$ |
11.36 |
$ |
10.30 |
$ |
9.94 |
|||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||
Units Outstanding |
37,880 |
15,730 |
41,473 |
15,880 |
11,459 |
5,024 |
|||||||||||||||||||||
Highest Value |
$ |
11.39 |
$ |
12.13 |
$ |
12.58 |
$ |
11.76 |
$ |
10.66 |
$ |
10.28 |
|||||||||||||||
Lowest Value |
$ |
10.85 |
$ |
11.01 |
$ |
11.59 |
$ |
11.69 |
$ |
10.60 |
$ |
10.23 |
|||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Unit Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
|||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
|||||||||||||||||||||||||||
Units Outstanding |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Highest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
|||||||||||||||
Lowest Value |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
$ |
0 |
Annual Report
17
Fidelity Investments Variable Annuity Account I
Statements of Operations
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
VIP Government Money Market (b) |
VIP Government Money Market Investor Class (b) |
VIP High Income |
VIP High Income Investor Class |
VIP Equity-Income |
VIP Equity-Income Investor Class |
||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
71 |
$ |
95 |
$ |
6,532 |
$ |
24,013 |
$ |
12,983 |
$ |
8,443 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
1,798 |
0 |
610 |
0 |
2,742 |
0 |
|||||||||||||||||||||
Administrative and other charges |
120 |
0 |
41 |
0 |
183 |
0 |
|||||||||||||||||||||
Total expenses |
1,918 |
0 |
651 |
0 |
2,925 |
0 |
|||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
157 |
0 |
176 |
0 |
435 |
0 |
|||||||||||||||||||||
Administrative and other charges |
52 |
0 |
59 |
0 |
145 |
0 |
|||||||||||||||||||||
Total expenses |
209 |
0 |
235 |
0 |
580 |
0 |
|||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
1,244 |
0 |
531 |
0 |
404 |
|||||||||||||||||||||
Administrative and other charges |
0 |
418 |
0 |
192 |
0 |
137 |
|||||||||||||||||||||
Total expenses |
0 |
1,662 |
0 |
723 |
0 |
541 |
|||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
22 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
4 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
26 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
25 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
7 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
32 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
2,127 |
1,720 |
886 |
723 |
3,505 |
541 |
|||||||||||||||||||||
Net investment income (loss) |
(2,056 |
) |
(1,625 |
) |
5,646 |
23,290 |
9,478 |
7,902 |
|||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
0 |
0 |
(7,471 |
) |
326 |
(423 |
) |
2,750 |
|||||||||||||||||||
Realized gain distributions |
0 |
0 |
0 |
0 |
40,337 |
26,028 |
|||||||||||||||||||||
Net realized gain (loss) on investments |
0 |
0 |
(7,471 |
) |
326 |
39,914 |
28,778 |
||||||||||||||||||||
Unrealized appreciation (depreciation) |
0 |
0 |
(2,257 |
) |
(36,724 |
) |
(68,902 |
) |
(48,099 |
) |
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
(2,056 |
) |
$ |
(1,625 |
) |
$ |
(4,082 |
) |
$ |
(13,108 |
) |
$ |
(19,510 |
) |
$ |
(11,419 |
) |
(b) Fund Name Change. See Note 1.
Annual Report
18
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||
VIP Growth |
VIP Growth Investor Class |
VIP Overseas |
VIP Overseas, Class R (c) |
VIP Overseas, Investor Class (b) |
VIP Investment Grade Bond |
VIP Investment Grade Bond Investor Class |
|||||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||||||
Dividends |
$ |
1,081 |
$ |
426 |
$ |
1,338 |
$ |
0 |
$ |
2,606 |
$ |
5,589 |
$ |
13,994 |
|||||||||||||||||
Expenses: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
2,917 |
0 |
611 |
80 |
0 |
1,292 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
194 |
0 |
41 |
5 |
0 |
86 |
0 |
||||||||||||||||||||||||
Total expenses |
3,111 |
0 |
652 |
85 |
0 |
1,378 |
0 |
||||||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
303 |
0 |
65 |
12 |
0 |
397 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
102 |
0 |
21 |
4 |
0 |
132 |
0 |
||||||||||||||||||||||||
Total expenses |
405 |
0 |
86 |
16 |
0 |
529 |
0 |
||||||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
300 |
0 |
0 |
269 |
0 |
779 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
103 |
0 |
0 |
95 |
0 |
267 |
||||||||||||||||||||||||
Total expenses |
0 |
403 |
0 |
0 |
364 |
0 |
1,046 |
||||||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
3,516 |
403 |
738 |
101 |
364 |
1,907 |
1,046 |
||||||||||||||||||||||||
Net investment income (loss) |
(2,435 |
) |
23 |
600 |
(101 |
) |
2,242 |
3,682 |
12,948 |
||||||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
11,348 |
8,851 |
(847 |
) |
(7,045 |
) |
1,957 |
(538 |
) |
130 |
|||||||||||||||||||||
Realized gain distributions |
13,407 |
5,938 |
99 |
0 |
204 |
182 |
410 |
||||||||||||||||||||||||
Net realized gain (loss) on investments |
24,755 |
14,789 |
(748 |
) |
(7,045 |
) |
2,161 |
(356 |
) |
540 |
|||||||||||||||||||||
Unrealized appreciation (depreciation) |
4,114 |
(1,697 |
) |
(334 |
) |
10,405 |
(1,674 |
) |
(6,358 |
) |
(18,780 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
26,434 |
$ |
13,115 |
$ |
(482 |
) |
$ |
3,259 |
$ |
2,729 |
$ |
(3,032 |
) |
$ |
(5,292 |
) |
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
Annual Report
19
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||
VIP Asset Manager |
VIP Asset Manager Investor Class |
VIP Index 500 |
VIP Asset Manager: Growth |
VIP Asset Manager: Growth Investor Class |
VIP Contrafund |
VIP Contrafund Investor Class |
|||||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||||||
Dividends |
$ |
3,770 |
$ |
2,639 |
$ |
33,831 |
$ |
925 |
$ |
1,189 |
$ |
9,607 |
$ |
10,906 |
|||||||||||||||||
Expenses: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
1,547 |
0 |
3,129 |
490 |
0 |
6,390 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
103 |
0 |
209 |
33 |
0 |
426 |
0 |
||||||||||||||||||||||||
Total expenses |
1,650 |
0 |
3,338 |
523 |
0 |
6,816 |
0 |
||||||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
305 |
0 |
439 |
119 |
0 |
756 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
102 |
0 |
146 |
40 |
0 |
252 |
0 |
||||||||||||||||||||||||
Total expenses |
407 |
0 |
585 |
159 |
0 |
1,008 |
0 |
||||||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
269 |
1,618 |
0 |
152 |
0 |
1,656 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
84 |
577 |
0 |
48 |
0 |
541 |
||||||||||||||||||||||||
Total expenses |
0 |
353 |
2,195 |
0 |
200 |
0 |
2,197 |
||||||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
2,057 |
353 |
6,118 |
682 |
200 |
7,824 |
2,197 |
||||||||||||||||||||||||
Net investment income (loss) |
1,713 |
2,286 |
27,713 |
243 |
989 |
1,783 |
8,709 |
||||||||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
183 |
1,695 |
48,157 |
2,235 |
2,232 |
24,744 |
18,421 |
||||||||||||||||||||||||
Realized gain distributions |
17,157 |
11,023 |
1,002 |
46 |
63 |
85,856 |
93,508 |
||||||||||||||||||||||||
Net realized gain (loss) on investments |
17,340 |
12,718 |
49,159 |
2,281 |
2,295 |
110,600 |
111,929 |
||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(20,199 |
) |
(15,687 |
) |
(62,324 |
) |
(2,826 |
) |
(4,311 |
) |
(112,385 |
) |
(116,617 |
) |
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
(1,146 |
) |
$ |
(683 |
) |
$ |
14,548 |
$ |
(302 |
) |
$ |
(1,027 |
) |
$ |
(2 |
) |
$ |
4,021 |
Annual Report
20
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
VIP Balanced |
VIP Balanced Investor Class |
VIP Dynamic Capital Appreciation |
VIP Dynamic Capital Appreciation Investor Class |
VIP Growth & Income |
VIP Growth & Income Investor Class |
||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
2,433 |
$ |
30,890 |
$ |
293 |
$ |
1,226 |
$ |
2,580 |
$ |
3,182 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
906 |
0 |
221 |
0 |
775 |
0 |
|||||||||||||||||||||
Administrative and other charges |
60 |
0 |
15 |
0 |
52 |
0 |
|||||||||||||||||||||
Total expenses |
966 |
0 |
236 |
0 |
827 |
0 |
|||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
312 |
0 |
44 |
0 |
188 |
0 |
|||||||||||||||||||||
Administrative and other charges |
104 |
0 |
15 |
0 |
63 |
0 |
|||||||||||||||||||||
Total expenses |
416 |
0 |
59 |
0 |
251 |
0 |
|||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
1,588 |
0 |
219 |
0 |
254 |
|||||||||||||||||||||
Administrative and other charges |
0 |
481 |
0 |
74 |
0 |
84 |
|||||||||||||||||||||
Total expenses |
0 |
2,069 |
0 |
293 |
0 |
338 |
|||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
9,943 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
2,682 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
12,625 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
1,382 |
14,694 |
295 |
293 |
1,078 |
338 |
|||||||||||||||||||||
Net investment income (loss) |
1,051 |
16,196 |
(2 |
) |
933 |
1,502 |
2,844 |
||||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
1,398 |
21,941 |
2,063 |
4,220 |
3,462 |
7,245 |
|||||||||||||||||||||
Realized gain distributions |
4,824 |
58,536 |
2,012 |
7,354 |
6,532 |
8,208 |
|||||||||||||||||||||
Net realized gain (loss) on investments |
6,222 |
80,477 |
4,075 |
11,574 |
9,994 |
15,453 |
|||||||||||||||||||||
Unrealized appreciation (depreciation) |
(7,641 |
) |
(104,005 |
) |
(3,913 |
) |
(12,415 |
) |
(15,453 |
) |
(23,738 |
) |
|||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
(368 |
) |
$ |
(7,332 |
) |
$ |
160 |
$ |
92 |
$ |
(3,957 |
) |
$ |
(5,441 |
) |
Annual Report
21
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
VIP Growth Opportunities |
VIP Growth Opportunities Investor Class |
VIP Mid Cap |
VIP Mid Cap Investor Class |
VIP Value Strategies |
VIP Value Strategies Investor Class |
||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
168 |
$ |
320 |
$ |
1,728 |
$ |
2,076 |
$ |
547 |
$ |
1,115 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
557 |
0 |
2,241 |
0 |
287 |
0 |
|||||||||||||||||||||
Administrative and other charges |
37 |
0 |
149 |
0 |
19 |
0 |
|||||||||||||||||||||
Total expenses |
594 |
0 |
2,390 |
0 |
306 |
0 |
|||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
112 |
0 |
449 |
0 |
72 |
0 |
|||||||||||||||||||||
Administrative and other charges |
38 |
0 |
149 |
0 |
24 |
0 |
|||||||||||||||||||||
Total expenses |
150 |
0 |
598 |
0 |
96 |
0 |
|||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
293 |
0 |
700 |
0 |
117 |
|||||||||||||||||||||
Administrative and other charges |
0 |
103 |
0 |
239 |
0 |
43 |
|||||||||||||||||||||
Total expenses |
0 |
396 |
0 |
939 |
0 |
160 |
|||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
744 |
396 |
2,988 |
939 |
402 |
160 |
|||||||||||||||||||||
Net investment income (loss) |
(576 |
) |
(76 |
) |
(1,260 |
) |
1,137 |
145 |
955 |
||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
6,028 |
12,677 |
3,783 |
3,310 |
1,008 |
3,513 |
|||||||||||||||||||||
Realized gain distributions |
9,078 |
23,921 |
42,431 |
52,079 |
38 |
66 |
|||||||||||||||||||||
Net realized gain (loss) on investments |
15,106 |
36,598 |
46,214 |
55,389 |
1,046 |
3,579 |
|||||||||||||||||||||
Unrealized appreciation (depreciation) |
(11,437 |
) |
(31,802 |
) |
(51,842 |
) |
(67,082 |
) |
(2,883 |
) |
(8,206 |
) |
|||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
3,093 |
$ |
4,720 |
$ |
(6,888 |
) |
$ |
(10,556 |
) |
$ |
(1,692 |
) |
$ |
(3,672 |
) |
Annual Report
22
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
VIP Utilities |
VIP Utilities Investor Class |
VIP Technology |
VIP Technology Investor Class |
VIP Energy |
VIP Energy Investor Class |
||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
560 |
$ |
1,397 |
$ |
88 |
$ |
181 |
$ |
615 |
$ |
1,220 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
171 |
0 |
407 |
0 |
372 |
0 |
|||||||||||||||||||||
Administrative and other charges |
11 |
0 |
27 |
0 |
25 |
0 |
|||||||||||||||||||||
Total expenses |
182 |
0 |
434 |
0 |
397 |
0 |
|||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
22 |
0 |
56 |
0 |
51 |
0 |
|||||||||||||||||||||
Administrative and other charges |
8 |
0 |
19 |
0 |
16 |
0 |
|||||||||||||||||||||
Total expenses |
30 |
0 |
75 |
0 |
67 |
0 |
|||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
102 |
0 |
263 |
0 |
151 |
|||||||||||||||||||||
Administrative and other charges |
0 |
33 |
0 |
95 |
0 |
52 |
|||||||||||||||||||||
Total expenses |
0 |
135 |
0 |
358 |
0 |
203 |
|||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
212 |
135 |
509 |
358 |
464 |
203 |
|||||||||||||||||||||
Net investment income (loss) |
348 |
1,262 |
(421 |
) |
(177 |
) |
151 |
1,017 |
|||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
987 |
2,352 |
361 |
992 |
(2,681 |
) |
(279 |
) |
|||||||||||||||||||
Realized gain distributions |
916 |
2,438 |
3,224 |
9,432 |
1,839 |
3,015 |
|||||||||||||||||||||
Net realized gain (loss) on investments |
1,903 |
4,790 |
3,585 |
10,424 |
(842 |
) |
2,736 |
||||||||||||||||||||
Unrealized appreciation (depreciation) |
(5,497 |
) |
(14,143 |
) |
(166 |
) |
(1,070 |
) |
(11,527 |
) |
(27,772 |
) |
|||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
(3,246 |
) |
$ |
(8,091 |
) |
$ |
2,998 |
$ |
9,177 |
$ |
(12,218 |
) |
$ |
(24,019 |
) |
Annual Report
23
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
VIP Health Care |
VIP Health Care Investor Class |
VIP Financial Services |
VIP Financial Services Investor Class |
VIP Industrials |
VIP Industrials Investor Class |
||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
0 |
$ |
0 |
$ |
221 |
$ |
838 |
$ |
290 |
$ |
785 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
1,534 |
0 |
135 |
0 |
229 |
0 |
|||||||||||||||||||||
Administrative and other charges |
102 |
0 |
9 |
0 |
15 |
0 |
|||||||||||||||||||||
Total expenses |
1,636 |
0 |
144 |
0 |
244 |
0 |
|||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
203 |
0 |
16 |
0 |
40 |
0 |
|||||||||||||||||||||
Administrative and other charges |
68 |
0 |
6 |
0 |
14 |
0 |
|||||||||||||||||||||
Total expenses |
271 |
0 |
22 |
0 |
54 |
0 |
|||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
1,103 |
0 |
97 |
0 |
143 |
|||||||||||||||||||||
Administrative and other charges |
0 |
382 |
0 |
37 |
0 |
50 |
|||||||||||||||||||||
Total expenses |
0 |
1,485 |
0 |
134 |
0 |
193 |
|||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
1,907 |
1,485 |
166 |
134 |
298 |
193 |
|||||||||||||||||||||
Net investment income (loss) |
(1,907 |
) |
(1,485 |
) |
55 |
704 |
(8 |
) |
592 |
||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
24,359 |
47,139 |
48 |
3,824 |
1,946 |
3,797 |
|||||||||||||||||||||
Realized gain distributions |
27,032 |
84,875 |
0 |
0 |
3,690 |
9,809 |
|||||||||||||||||||||
Net realized gain (loss) on investments |
51,391 |
132,014 |
48 |
3,824 |
5,636 |
13,606 |
|||||||||||||||||||||
Unrealized appreciation (depreciation) |
(39,584 |
) |
(103,181 |
) |
(1,087 |
) |
(7,776 |
) |
(6,560 |
) |
(16,418 |
) |
|||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
9,900 |
$ |
27,348 |
$ |
(984 |
) |
$ |
(3,248 |
) |
$ |
(932 |
) |
$ |
(2,220 |
) |
Annual Report
24
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
VIP Consumer Discretionary |
VIP Consumer Discretionary Investor Class |
VIP Real Estate |
VIP Real Estate Investor Class |
VIP Strategic Income |
VIP Strategic Income Investor Class |
||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
178 |
$ |
622 |
$ |
978 |
$ |
3,683 |
$ |
2,169 |
$ |
24,347 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
152 |
0 |
352 |
0 |
538 |
0 |
|||||||||||||||||||||
Administrative and other charges |
10 |
0 |
24 |
0 |
36 |
0 |
|||||||||||||||||||||
Total expenses |
162 |
0 |
376 |
0 |
574 |
0 |
|||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
29 |
0 |
52 |
0 |
93 |
0 |
|||||||||||||||||||||
Administrative and other charges |
10 |
0 |
17 |
0 |
31 |
0 |
|||||||||||||||||||||
Total expenses |
39 |
0 |
69 |
0 |
124 |
0 |
|||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
150 |
0 |
286 |
0 |
1,332 |
|||||||||||||||||||||
Administrative and other charges |
0 |
54 |
0 |
103 |
0 |
454 |
|||||||||||||||||||||
Total expenses |
0 |
204 |
0 |
389 |
0 |
1,786 |
|||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
201 |
204 |
445 |
389 |
698 |
1,786 |
|||||||||||||||||||||
Net investment income (loss) |
(23 |
) |
418 |
533 |
3,294 |
1,471 |
22,561 |
||||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
459 |
1,280 |
(344 |
) |
6,310 |
2 |
537 |
||||||||||||||||||||
Realized gain distributions |
2,020 |
8,943 |
1,154 |
4,473 |
172 |
1,951 |
|||||||||||||||||||||
Net realized gain (loss) on investments |
2,479 |
10,223 |
810 |
10,783 |
174 |
2,488 |
|||||||||||||||||||||
Unrealized appreciation (depreciation) |
(2,216 |
) |
(7,794 |
) |
(261 |
) |
(9,138 |
) |
(3,474 |
) |
(41,004 |
) |
|||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
240 |
$ |
2,847 |
$ |
1,082 |
$ |
4,939 |
$ |
(1,829 |
) |
$ |
(15,955 |
) |
Annual Report
25
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||
VIP Growth Strategies (c) |
VIP Growth Strategies Investor Class (c) |
VIP Capital Appreciation (a) |
VIP Capital Appreciation, Class R (c) |
VIP Capital Appreciation, Investor Class (b) |
VIP Value Leaders (c) |
VIP Value Leaders Investor Class (c) |
|||||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||||||
Dividends |
$ |
1 |
$ |
0 |
$ |
9 |
$ |
27 |
$ |
1,024 |
$ |
134 |
$ |
345 |
|||||||||||||||||
Expenses: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
18 |
0 |
0 |
36 |
0 |
16 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
1 |
0 |
0 |
2 |
0 |
1 |
0 |
||||||||||||||||||||||||
Total expenses |
19 |
0 |
0 |
38 |
0 |
17 |
0 |
||||||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
5 |
0 |
0 |
6 |
0 |
3 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
1 |
0 |
0 |
2 |
0 |
1 |
0 |
||||||||||||||||||||||||
Total expenses |
6 |
0 |
0 |
8 |
0 |
4 |
0 |
||||||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
14 |
0 |
0 |
186 |
0 |
11 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
5 |
0 |
0 |
68 |
0 |
3 |
||||||||||||||||||||||||
Total expenses |
0 |
19 |
0 |
0 |
254 |
0 |
14 |
||||||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
25 |
19 |
0 |
46 |
254 |
21 |
14 |
||||||||||||||||||||||||
Net investment income (loss) |
(24 |
) |
(19 |
) |
9 |
(19 |
) |
770 |
113 |
331 |
|||||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
731 |
1,538 |
(28 |
) |
142 |
2,570 |
233 |
1,291 |
|||||||||||||||||||||||
Realized gain distributions |
959 |
3,596 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Net realized gain (loss) on investments |
1,690 |
5,134 |
(28 |
) |
142 |
2,570 |
233 |
1,291 |
|||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(1,089 |
) |
(2,868 |
) |
(544 |
) |
782 |
(1,468 |
) |
(22 |
) |
(731 |
) |
||||||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
577 |
$ |
2,247 |
$ |
(563 |
) |
$ |
905 |
$ |
1,872 |
$ |
324 |
$ |
891 |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
Annual Report
26
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
VIP Value |
VIP Value Investor Class |
VIP Growth Stock (c) |
VIP Growth Stock Investor Class (c) |
VIP Freedom Income |
VIP Freedom Income Investor Class |
||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
321 |
$ |
1,484 |
$ |
52 |
$ |
257 |
$ |
199 |
$ |
1,066 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
161 |
0 |
40 |
0 |
92 |
0 |
|||||||||||||||||||||
Administrative and other charges |
11 |
0 |
3 |
0 |
6 |
0 |
|||||||||||||||||||||
Total expenses |
172 |
0 |
43 |
0 |
98 |
0 |
|||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
31 |
0 |
8 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
10 |
0 |
2 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
41 |
0 |
10 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
179 |
0 |
52 |
0 |
104 |
|||||||||||||||||||||
Administrative and other charges |
0 |
60 |
0 |
17 |
0 |
32 |
|||||||||||||||||||||
Total expenses |
0 |
239 |
0 |
69 |
0 |
136 |
|||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
213 |
239 |
53 |
69 |
98 |
136 |
|||||||||||||||||||||
Net investment income (loss) |
108 |
1,245 |
(1 |
) |
188 |
101 |
930 |
||||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
521 |
2,022 |
720 |
2,319 |
72 |
653 |
|||||||||||||||||||||
Realized gain distributions |
3,399 |
16,429 |
2,134 |
11,706 |
15 |
82 |
|||||||||||||||||||||
Net realized gain (loss) on investments |
3,920 |
18,451 |
2,854 |
14,025 |
87 |
735 |
|||||||||||||||||||||
Unrealized appreciation (depreciation) |
(4,666 |
) |
(21,665 |
) |
(1,563 |
) |
(7,103 |
) |
(311 |
) |
(2,073 |
) |
|||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
(638 |
) |
$ |
(1,969 |
) |
$ |
1,290 |
$ |
7,110 |
$ |
(123 |
) |
$ |
(408 |
) |
(c) Fund Closed. See Note 1.
Annual Report
27
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
VIP Freedom 2005 |
VIP Freedom 2005 Investor Class |
VIP Freedom 2010 |
VIP Freedom 2010 Investor Class |
VIP Freedom 2015 |
VIP Freedom 2015 Investor Class |
||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
117 |
$ |
323 |
$ |
215 |
$ |
978 |
$ |
497 |
$ |
1,647 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
54 |
0 |
99 |
0 |
215 |
0 |
|||||||||||||||||||||
Administrative and other charges |
4 |
0 |
7 |
0 |
14 |
0 |
|||||||||||||||||||||
Total expenses |
58 |
0 |
106 |
0 |
229 |
0 |
|||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
32 |
0 |
105 |
0 |
172 |
|||||||||||||||||||||
Administrative and other charges |
0 |
10 |
0 |
28 |
0 |
46 |
|||||||||||||||||||||
Total expenses |
0 |
42 |
0 |
133 |
0 |
218 |
|||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
58 |
42 |
106 |
133 |
229 |
218 |
|||||||||||||||||||||
Net investment income (loss) |
59 |
281 |
109 |
845 |
268 |
1,429 |
|||||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
36 |
122 |
273 |
649 |
493 |
1,618 |
|||||||||||||||||||||
Realized gain distributions |
14 |
40 |
34 |
129 |
143 |
283 |
|||||||||||||||||||||
Net realized gain (loss) on investments |
50 |
162 |
307 |
778 |
636 |
1,901 |
|||||||||||||||||||||
Unrealized appreciation (depreciation) |
(187 |
) |
(535 |
) |
(490 |
) |
(1,944 |
) |
(1,180 |
) |
(3,855 |
) |
|||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
(78 |
) |
$ |
(92 |
) |
$ |
(74 |
) |
$ |
(321 |
) |
$ |
(276 |
) |
$ |
(525 |
) |
Annual Report
28
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
VIP Freedom 2020 |
VIP Freedom 2020 Investor Class |
VIP Freedom 2025 |
VIP Freedom 2025 Investor Class |
VIP Freedom 2030 |
VIP Freedom 2030 Investor Class |
||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
489 |
$ |
3,099 |
$ |
260 |
$ |
2,711 |
$ |
312 |
$ |
2,277 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
207 |
0 |
114 |
0 |
130 |
0 |
|||||||||||||||||||||
Administrative and other charges |
14 |
0 |
8 |
0 |
9 |
0 |
|||||||||||||||||||||
Total expenses |
221 |
0 |
122 |
0 |
139 |
0 |
|||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
313 |
0 |
249 |
0 |
241 |
|||||||||||||||||||||
Administrative and other charges |
0 |
87 |
0 |
72 |
0 |
66 |
|||||||||||||||||||||
Total expenses |
0 |
400 |
0 |
321 |
0 |
307 |
|||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
221 |
400 |
122 |
321 |
139 |
307 |
|||||||||||||||||||||
Net investment income (loss) |
268 |
2,699 |
138 |
2,390 |
173 |
1,970 |
|||||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
510 |
2,767 |
439 |
2,506 |
242 |
2,303 |
|||||||||||||||||||||
Realized gain distributions |
115 |
535 |
79 |
516 |
94 |
591 |
|||||||||||||||||||||
Net realized gain (loss) on investments |
625 |
3,302 |
518 |
3,022 |
336 |
2,894 |
|||||||||||||||||||||
Unrealized appreciation (depreciation) |
(1,186 |
) |
(7,150 |
) |
(758 |
) |
(6,854 |
) |
(629 |
) |
(5,910 |
) |
|||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
(293 |
) |
$ |
(1,149 |
) |
$ |
(102 |
) |
$ |
(1,442 |
) |
$ |
(120 |
) |
$ |
(1,046 |
) |
Annual Report
29
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||
VIP Freedom Lifetime Income I |
VIP Freedom Lifetime Income II |
VIP Freedom Lifetime Income III |
VIP Disciplined Small Cap |
VIP Disciplined Small Cap Investor Class |
VIP FundsManager 20% |
VIP FundsManager 50% |
|||||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||||||
Dividends |
$ |
251 |
$ |
602 |
$ |
388 |
$ |
175 |
$ |
954 |
$ |
7,976 |
$ |
14,159 |
|||||||||||||||||
Expenses: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
203 |
0 |
409 |
682 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
13 |
0 |
27 |
45 |
||||||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
216 |
0 |
436 |
727 |
||||||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
26 |
0 |
104 |
412 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
9 |
0 |
35 |
137 |
||||||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
35 |
0 |
139 |
549 |
||||||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
246 |
978 |
1,719 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
89 |
304 |
506 |
||||||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
335 |
1,282 |
2,225 |
||||||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
62 |
148 |
88 |
0 |
0 |
48 |
422 |
||||||||||||||||||||||||
Administrative and other charges |
12 |
29 |
17 |
0 |
0 |
10 |
84 |
||||||||||||||||||||||||
Total expenses |
74 |
177 |
105 |
0 |
0 |
58 |
506 |
||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
74 |
177 |
105 |
251 |
335 |
1,915 |
4,007 |
||||||||||||||||||||||||
Net investment income (loss) |
177 |
425 |
283 |
(76 |
) |
619 |
6,061 |
10,152 |
|||||||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
75 |
283 |
152 |
1,364 |
3,874 |
4,764 |
19,998 |
||||||||||||||||||||||||
Realized gain distributions |
96 |
66 |
72 |
65 |
350 |
21,382 |
41,212 |
||||||||||||||||||||||||
Net realized gain (loss) on investments |
171 |
349 |
224 |
1,429 |
4,224 |
26,146 |
61,210 |
||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(458 |
) |
(1,029 |
) |
(655 |
) |
(2,155 |
) |
(10,185 |
) |
(34,232 |
) |
(73,840 |
) |
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
(110 |
) |
$ |
(255 |
) |
$ |
(148 |
) |
$ |
(802 |
) |
$ |
(5,342 |
) |
$ |
(2,025 |
) |
$ |
(2,478 |
) |
Annual Report
30
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||
VIP FundsManager 60% |
VIP FundsManager 70% |
VIP FundsManager 85% |
VIP Consumer Staples |
VIP Consumer Staples Investor Class |
VIP Materials |
VIP Materials Investor Class |
|||||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||||||
Dividends |
$ |
18,778 |
$ |
9,587 |
$ |
5,325 |
$ |
365 |
$ |
2,653 |
$ |
162 |
$ |
504 |
|||||||||||||||||
Expenses: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
309 |
384 |
244 |
147 |
0 |
91 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
21 |
26 |
16 |
10 |
0 |
6 |
0 |
||||||||||||||||||||||||
Total expenses |
330 |
410 |
260 |
157 |
0 |
97 |
0 |
||||||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
160 |
238 |
97 |
21 |
0 |
9 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
53 |
79 |
32 |
7 |
0 |
3 |
0 |
||||||||||||||||||||||||
Total expenses |
213 |
317 |
129 |
28 |
0 |
12 |
0 |
||||||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
1,126 |
1,493 |
490 |
0 |
243 |
0 |
61 |
||||||||||||||||||||||||
Administrative and other charges |
344 |
448 |
153 |
0 |
82 |
0 |
21 |
||||||||||||||||||||||||
Total expenses |
1,470 |
1,941 |
643 |
0 |
325 |
0 |
82 |
||||||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
438 |
87 |
54 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
88 |
17 |
11 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
526 |
104 |
65 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
8,507 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
2,210 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
10,717 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
13,256 |
2,772 |
1,097 |
185 |
325 |
109 |
82 |
||||||||||||||||||||||||
Net investment income (loss) |
5,522 |
6,815 |
4,228 |
180 |
2,328 |
53 |
422 |
||||||||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
35,108 |
14,945 |
9,357 |
940 |
4,462 |
211 |
517 |
||||||||||||||||||||||||
Realized gain distributions |
117,988 |
22,475 |
13,186 |
1,476 |
10,224 |
1,345 |
4,146 |
||||||||||||||||||||||||
Net realized gain (loss) on investments |
153,096 |
37,420 |
22,543 |
2,416 |
14,686 |
1,556 |
4,663 |
||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(165,578 |
) |
(44,582 |
) |
(27,077 |
) |
(683 |
) |
(1,996 |
) |
(2,840 |
) |
(8,650 |
) |
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
(6,960 |
) |
$ |
(347 |
) |
$ |
(306 |
) |
$ |
1,913 |
$ |
15,018 |
$ |
(1,231 |
) |
$ |
(3,565 |
) |
Annual Report
31
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||
VIP Telecommunications |
VIP Telecommunications Investor Class |
VIP Emerging Markets (a) |
VIP Emerging Markets, Class R (c) |
VIP Emerging Markets Investor Class (b) |
VIP Floating Rate High Income |
VIP Floating Rate High Income Investor Class |
|||||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||||||
Dividends |
$ |
49 |
$ |
242 |
$ |
0 |
$ |
6 |
$ |
140 |
$ |
162 |
$ |
3,758 |
|||||||||||||||||
Expenses: |
|||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
21 |
0 |
0 |
20 |
0 |
15 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
2 |
0 |
0 |
1 |
0 |
1 |
0 |
||||||||||||||||||||||||
Total expenses |
23 |
0 |
0 |
21 |
0 |
16 |
0 |
||||||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
3 |
0 |
0 |
1 |
0 |
2 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
1 |
0 |
0 |
0 |
0 |
1 |
0 |
||||||||||||||||||||||||
Total expenses |
4 |
0 |
0 |
1 |
0 |
3 |
0 |
||||||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
26 |
0 |
0 |
39 |
0 |
106 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
9 |
0 |
0 |
14 |
0 |
43 |
||||||||||||||||||||||||
Total expenses |
0 |
35 |
0 |
0 |
53 |
0 |
149 |
||||||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Total expenses |
27 |
35 |
0 |
22 |
53 |
19 |
149 |
||||||||||||||||||||||||
Net investment income (loss) |
22 |
207 |
0 |
(16 |
) |
87 |
143 |
3,609 |
|||||||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
30 |
232 |
(248 |
) |
(853 |
) |
(77 |
) |
(38 |
) |
(37 |
) |
|||||||||||||||||||
Realized gain distributions |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||||||
Net realized gain (loss) on investments |
30 |
232 |
(248 |
) |
(853 |
) |
(77 |
) |
(38 |
) |
(37 |
) |
|||||||||||||||||||
Unrealized appreciation (depreciation) |
(29 |
) |
(342 |
) |
(870 |
) |
1,203 |
(3,163 |
) |
(195 |
) |
(4,575 |
) |
||||||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
23 |
$ |
97 |
$ |
(1,118 |
) |
$ |
334 |
$ |
(3,153 |
) |
$ |
(90 |
) |
$ |
(1,003 |
) |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
Annual Report
32
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
UIF Emerging Markets Equity |
UIF Emerging Markets Debt |
UIF Global Strategist (b) |
Invesco Van Kampen Global Core Equity |
WFAF Advantage VT Discovery |
WFAF Advantage VT Opportunity |
||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||
Dividends |
$ |
573 |
$ |
7,853 |
$ |
653 |
$ |
316 |
$ |
0 |
$ |
27 |
|||||||||||||||
Expenses: |
|||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
251 |
130 |
70 |
67 |
190 |
132 |
|||||||||||||||||||||
Administrative and other charges |
17 |
9 |
5 |
5 |
13 |
9 |
|||||||||||||||||||||
Total expenses |
268 |
139 |
75 |
72 |
203 |
141 |
|||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
31 |
19 |
24 |
15 |
31 |
21 |
|||||||||||||||||||||
Administrative and other charges |
10 |
6 |
8 |
5 |
10 |
7 |
|||||||||||||||||||||
Total expenses |
41 |
25 |
32 |
20 |
41 |
28 |
|||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
50 |
172 |
40 |
19 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
16 |
64 |
13 |
6 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
66 |
236 |
53 |
25 |
0 |
0 |
|||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Total expenses |
375 |
400 |
160 |
117 |
244 |
169 |
|||||||||||||||||||||
Net investment income (loss) |
198 |
7,453 |
493 |
199 |
(244 |
) |
(142 |
) |
|||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
(5,604 |
) |
(1,966 |
) |
(889 |
) |
1,034 |
93 |
80 |
||||||||||||||||||
Realized gain distributions |
0 |
0 |
307 |
818 |
4,297 |
2,061 |
|||||||||||||||||||||
Net realized gain (loss) on investments |
(5,604 |
) |
(1,966 |
) |
(582 |
) |
1,852 |
4,390 |
2,141 |
||||||||||||||||||
Unrealized appreciation (depreciation) |
(2,167 |
) |
(7,165 |
) |
(2,526 |
) |
(2,496 |
) |
(4,629 |
) |
(2,731 |
) |
|||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
(7,573 |
) |
$ |
(1,678 |
) |
$ |
(2,615 |
) |
$ |
(445 |
) |
$ |
(483 |
) |
$ |
(732 |
) |
(b) Fund Name Change. See Note 1.
Annual Report
33
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2015
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
Lazard Retirement Emerging Markets |
PVIT Commodity Real Return |
PVIT Low Duration |
PVIT Real Return |
PVIT Total Return |
Blackrock Global Allocation V.I. |
FTVIP Templeton Global Bond |
FTVIP Franklin U.S. Gov't Securities |
||||||||||||||||||||||||||||
Income: |
|||||||||||||||||||||||||||||||||||
Dividends |
$ |
1,457 |
$ |
576 |
$ |
16,287 |
$ |
8,608 |
$ |
27,549 |
$ |
1,984 |
$ |
11,549 |
$ |
1,075 |
|||||||||||||||||||
Expenses: |
|||||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
|||||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
120 |
2 |
293 |
113 |
245 |
59 |
57 |
18 |
|||||||||||||||||||||||||||
Administrative and other charges |
8 |
0 |
20 |
8 |
16 |
4 |
4 |
1 |
|||||||||||||||||||||||||||
Total expenses |
128 |
2 |
313 |
121 |
261 |
63 |
61 |
19 |
|||||||||||||||||||||||||||
Fidelity Income Advantage: |
|||||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
7 |
0 |
8 |
15 |
13 |
7 |
5 |
2 |
|||||||||||||||||||||||||||
Administrative and other charges |
2 |
0 |
3 |
5 |
4 |
2 |
2 |
1 |
|||||||||||||||||||||||||||
Total expenses |
9 |
0 |
11 |
20 |
17 |
9 |
7 |
3 |
|||||||||||||||||||||||||||
Fidelity Personal Retirement: |
|||||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
139 |
17 |
605 |
287 |
786 |
287 |
182 |
62 |
|||||||||||||||||||||||||||
Administrative and other charges |
48 |
7 |
220 |
103 |
260 |
96 |
68 |
21 |
|||||||||||||||||||||||||||
Total expenses |
187 |
24 |
825 |
390 |
1,046 |
383 |
250 |
83 |
|||||||||||||||||||||||||||
Fidelity Freedom Lifetime Income: |
|||||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income: |
|||||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Administrative and other charges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Total expenses |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||||||||
Total expenses |
324 |
26 |
1,149 |
531 |
1,324 |
455 |
318 |
105 |
|||||||||||||||||||||||||||
Net investment income (loss) |
1,133 |
550 |
15,138 |
8,077 |
26,225 |
1,529 |
11,231 |
970 |
|||||||||||||||||||||||||||
Realized and unrealized gain (loss) on investments: |
|||||||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
(4,145 |
) |
(529 |
) |
333 |
(3,565 |
) |
4 |
360 |
(964 |
) |
74 |
|||||||||||||||||||||||
Realized gain distributions |
301 |
0 |
0 |
0 |
5,801 |
10,465 |
750 |
0 |
|||||||||||||||||||||||||||
Net realized gain (loss) on investments |
(3,844 |
) |
(529 |
) |
333 |
(3,565 |
) |
5,805 |
10,825 |
(214 |
) |
74 |
|||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(20,761 |
) |
(3,949 |
) |
(14,983 |
) |
(10,648 |
) |
(30,857 |
) |
(14,883 |
) |
(17,678 |
) |
(991 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
(23,472 |
) |
$ |
(3,928 |
) |
$ |
488 |
$ |
(6,136 |
) |
$ |
1,173 |
$ |
(2,529 |
) |
$ |
(6,661 |
) |
$ |
53 |
Annual Report
34
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets
For the years ended December 31, 2015 and 2014
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Government Money Market (b) |
VIP Government Money Market Investor Class (b) |
VIP High Income |
VIP High Income Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(2,056 |
) |
$ |
(2,404 |
) |
$ |
(1,625 |
) |
$ |
(1,673 |
) |
$ |
5,646 |
$ |
5,475 |
$ |
23,290 |
$ |
21,561 |
|||||||||||||||
Net realized gain (loss) on investments |
0 |
0 |
0 |
0 |
(7,471 |
) |
(8,823 |
) |
326 |
3,695 |
|||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
0 |
0 |
0 |
0 |
(2,257 |
) |
4,140 |
(36,724 |
) |
(20,654 |
) |
||||||||||||||||||||||||
Net increase (decrease) in net assets from operations |
(2,056 |
) |
(2,404 |
) |
(1,625 |
) |
(1,673 |
) |
(4,082 |
) |
792 |
(13,108 |
) |
4,602 |
|||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
3,226 |
4,440 |
1,222,990 |
1,240,865 |
495 |
983 |
12,000 |
18,425 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
41,798 |
8,982 |
(816,042 |
) |
(1,010,828 |
) |
(7,198 |
) |
(11,722 |
) |
(31,807 |
) |
(40,435 |
) |
|||||||||||||||||||||
Contract benefits |
(5,646 |
) |
(6,564 |
) |
(47,732 |
) |
(62,192 |
) |
(3,463 |
) |
(3,626 |
) |
(202 |
) |
(156 |
) |
|||||||||||||||||||
Contract terminations |
(57,614 |
) |
(55,197 |
) |
(270,317 |
) |
(231,620 |
) |
(4,115 |
) |
(3,608 |
) |
(13,705 |
) |
(14,360 |
) |
|||||||||||||||||||
Contract maintenance charges |
(69 |
) |
(82 |
) |
0 |
0 |
(16 |
) |
(19 |
) |
0 |
0 |
|||||||||||||||||||||||
Other transfers (to) from FILI, net |
(919 |
) |
(357 |
) |
(15 |
) |
1 |
(191 |
) |
(224 |
) |
(2 |
) |
0 |
|||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(19,224 |
) |
(48,778 |
) |
88,884 |
(63,774 |
) |
(14,488 |
) |
(18,216 |
) |
(33,716 |
) |
(36,526 |
) |
||||||||||||||||||||
Total increase (decrease) in net assets |
(21,280 |
) |
(51,182 |
) |
87,259 |
(65,447 |
) |
(18,570 |
) |
(17,424 |
) |
(46,824 |
) |
(31,924 |
) |
||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
275,096 |
326,278 |
847,543 |
912,990 |
109,907 |
127,331 |
378,042 |
409,966 |
|||||||||||||||||||||||||||
End of period |
$ |
253,816 |
$ |
275,096 |
$ |
934,802 |
$ |
847,543 |
$ |
91,337 |
$ |
109,907 |
$ |
331,218 |
$ |
378,042 |
|||||||||||||||||||
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Equity-Income |
VIP Equity-Income Investor Class |
VIP Growth |
VIP Growth Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
9,478 |
$ |
8,930 |
$ |
7,902 |
$ |
7,528 |
$ |
(2,435 |
) |
$ |
(2,790 |
) |
$ |
23 |
$ |
(119 |
) |
||||||||||||||||
Net realized gain (loss) on investments |
39,914 |
8,603 |
28,778 |
10,704 |
24,755 |
7,738 |
14,789 |
11,724 |
|||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(68,902 |
) |
17,093 |
(48,099 |
) |
4,157 |
4,114 |
37,889 |
(1,697 |
) |
5,166 |
||||||||||||||||||||||||
Net increase (decrease) in net assets from operations |
(19,510 |
) |
34,626 |
(11,419 |
) |
22,389 |
26,434 |
42,837 |
13,115 |
16,771 |
|||||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
895 |
1,066 |
3,541 |
7,192 |
1,144 |
1,939 |
5,283 |
4,108 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(19,760 |
) |
(22,655 |
) |
(22,124 |
) |
1,681 |
(18,563 |
) |
(13,357 |
) |
20,804 |
27,091 |
||||||||||||||||||||||
Contract benefits |
(11,459 |
) |
(11,270 |
) |
(290 |
) |
(42 |
) |
(7,795 |
) |
(7,246 |
) |
(2 |
) |
(3 |
) |
|||||||||||||||||||
Contract terminations |
(17,422 |
) |
(18,554 |
) |
(7,221 |
) |
(7,617 |
) |
(19,415 |
) |
(17,391 |
) |
(3,965 |
) |
(4,571 |
) |
|||||||||||||||||||
Contract maintenance charges |
(69 |
) |
(77 |
) |
0 |
0 |
(85 |
) |
(89 |
) |
0 |
0 |
|||||||||||||||||||||||
Other transfers (to) from FILI, net |
(680 |
) |
(147 |
) |
2 |
22 |
(410 |
) |
(266 |
) |
2 |
28 |
|||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(48,495 |
) |
(51,637 |
) |
(26,092 |
) |
1,236 |
(45,124 |
) |
(36,410 |
) |
22,122 |
26,653 |
||||||||||||||||||||||
Total increase (decrease) in net assets |
(68,005 |
) |
(17,011 |
) |
(37,511 |
) |
23,625 |
(18,690 |
) |
6,427 |
35,237 |
43,424 |
|||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
453,370 |
470,381 |
293,306 |
269,681 |
434,211 |
427,784 |
190,305 |
146,881 |
|||||||||||||||||||||||||||
End of period |
$ |
385,365 |
$ |
453,370 |
$ |
255,795 |
$ |
293,306 |
$ |
415,521 |
$ |
434,211 |
$ |
225,542 |
$ |
190,305 |
(b) Fund Name Change. See Note 1.
Annual Report
35
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2015 and 2014
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
VIP Overseas |
VIP Overseas, Class R (c) |
VIP Overseas, Investor Class (b) |
|||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
600 |
$ |
339 |
$ |
(101 |
) |
$ |
180 |
$ |
2,242 |
$ |
1,843 |
||||||||||||||
Net realized gain (loss) on investments |
(748 |
) |
(1,723 |
) |
(7,045 |
) |
(397 |
) |
2,161 |
2,839 |
|||||||||||||||||
Unrealized appreciation (depreciation) |
(334 |
) |
(5,251 |
) |
10,405 |
(3,514 |
) |
(1,674 |
) |
(19,851 |
) |
||||||||||||||||
Net increase (decrease) in net assets from operations |
(482 |
) |
(6,635 |
) |
3,259 |
(3,731 |
) |
2,729 |
(15,169 |
) |
|||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Payments received from contract owners |
180 |
0 |
138 |
623 |
9,210 |
4,596 |
|||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
35,154 |
(4,300 |
) |
(38,739 |
) |
(4,234 |
) |
30,091 |
(3,849 |
) |
|||||||||||||||||
Contract benefits |
(1,449 |
) |
(888 |
) |
(244 |
) |
(715 |
) |
(219 |
) |
(39 |
) |
|||||||||||||||
Contract terminations |
(3,232 |
) |
(2,512 |
) |
(356 |
) |
(1,204 |
) |
(4,485 |
) |
(4,254 |
) |
|||||||||||||||
Contract maintenance charges |
(18 |
) |
(15 |
) |
(2 |
) |
(11 |
) |
(1 |
) |
(3 |
) |
|||||||||||||||
Other transfers (to) from FILI, net |
(14 |
) |
(40 |
) |
(10 |
) |
27 |
4 |
0 |
||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
30,621 |
(7,755 |
) |
(39,213 |
) |
(5,514 |
) |
34,600 |
(3,549 |
) |
|||||||||||||||||
Total increase (decrease) in net assets |
30,139 |
(14,390 |
) |
(35,954 |
) |
(9,245 |
) |
37,329 |
(18,718 |
) |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of period |
64,776 |
79,166 |
35,954 |
45,199 |
159,847 |
178,565 |
|||||||||||||||||||||
End of period |
$ |
94,915 |
$ |
64,776 |
$ |
0 |
$ |
35,954 |
$ |
197,176 |
$ |
159,847 |
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Investment Grade Bond |
VIP Investment Grade Bond Investor Class |
VIP Asset Manager |
VIP Asset Manager Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
3,682 |
$ |
3,079 |
$ |
12,948 |
$ |
10,006 |
$ |
1,713 |
$ |
1,652 |
$ |
2,286 |
$ |
2,010 |
|||||||||||||||||||
Net realized gain (loss) on investments |
(356 |
) |
(425 |
) |
540 |
608 |
17,340 |
14,021 |
12,718 |
8,684 |
|||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(6,358 |
) |
8,963 |
(18,780 |
) |
11,931 |
(20,199 |
) |
(2,693 |
) |
(15,687 |
) |
(3,544 |
) |
|||||||||||||||||||||
Net increase (decrease) in net assets from operations |
(3,032 |
) |
11,617 |
(5,292 |
) |
22,545 |
(1,146 |
) |
12,980 |
(683 |
) |
7,150 |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
686 |
694 |
16,871 |
16,334 |
800 |
950 |
5,497 |
8,292 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(3,060 |
) |
(4,978 |
) |
46,366 |
101,447 |
(6,936 |
) |
(7,927 |
) |
10,932 |
28,459 |
|||||||||||||||||||||||
Contract benefits |
(7,278 |
) |
(7,619 |
) |
(358 |
) |
(111 |
) |
(8,289 |
) |
(8,393 |
) |
0 |
(8 |
) |
||||||||||||||||||||
Contract terminations |
(12,003 |
) |
(9,759 |
) |
(27,256 |
) |
(22,258 |
) |
(10,176 |
) |
(10,786 |
) |
(6,024 |
) |
(6,056 |
) |
|||||||||||||||||||
Contract maintenance charges |
(32 |
) |
(36 |
) |
0 |
0 |
(43 |
) |
(46 |
) |
0 |
0 |
|||||||||||||||||||||||
Other transfers (to) from FILI, net |
(200 |
) |
(617 |
) |
2 |
2 |
(373 |
) |
(401 |
) |
0 |
0 |
|||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(21,887 |
) |
(22,315 |
) |
35,625 |
95,414 |
(25,017 |
) |
(26,603 |
) |
10,405 |
30,687 |
|||||||||||||||||||||||
Total increase (decrease) in net assets |
(24,919 |
) |
(10,698 |
) |
30,333 |
117,959 |
(26,163 |
) |
(13,623 |
) |
9,722 |
37,837 |
|||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
235,750 |
246,448 |
504,641 |
386,682 |
254,609 |
268,232 |
158,725 |
120,888 |
|||||||||||||||||||||||||||
End of period |
$ |
210,831 |
$ |
235,750 |
$ |
534,974 |
$ |
504,641 |
$ |
228,446 |
$ |
254,609 |
$ |
168,447 |
$ |
158,725 |
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
Annual Report
36
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2015 and 2014
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
VIP Index 500 |
VIP Asset Manager: Growth |
VIP Asset Manager: Growth Investor Class |
|||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
27,713 |
$ |
18,404 |
$ |
243 |
$ |
190 |
$ |
989 |
$ |
706 |
|||||||||||||||
Net realized gain (loss) on investments |
49,159 |
36,657 |
2,281 |
1,597 |
2,295 |
2,395 |
|||||||||||||||||||||
Unrealized appreciation (depreciation) |
(62,324 |
) |
109,423 |
(2,826 |
) |
2,463 |
(4,311 |
) |
66 |
||||||||||||||||||
Net increase (decrease) in net assets from operations |
14,548 |
164,484 |
(302 |
) |
4,250 |
(1,027 |
) |
3,167 |
|||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Payments received from contract owners |
46,560 |
42,224 |
133 |
480 |
3,909 |
4,297 |
|||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
152,264 |
183,854 |
(3,406 |
) |
(2,479 |
) |
17,213 |
21,385 |
|||||||||||||||||||
Contract benefits |
(10,313 |
) |
(9,361 |
) |
(2,777 |
) |
(2,188 |
) |
(14 |
) |
0 |
||||||||||||||||
Contract terminations |
(39,906 |
) |
(34,203 |
) |
(4,518 |
) |
(2,451 |
) |
(1,479 |
) |
(1,561 |
) |
|||||||||||||||
Contract maintenance charges |
(81 |
) |
(82 |
) |
(16 |
) |
(17 |
) |
0 |
0 |
|||||||||||||||||
Other transfers (to) from FILI, net |
(457 |
) |
240 |
(48 |
) |
(90 |
) |
0 |
(1 |
) |
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
148,067 |
182,672 |
(10,632 |
) |
(6,745 |
) |
19,629 |
24,120 |
|||||||||||||||||||
Total increase (decrease) in net assets |
162,615 |
347,156 |
(10,934 |
) |
(2,495 |
) |
18,602 |
27,287 |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of period |
1,529,550 |
1,182,394 |
84,329 |
86,824 |
81,069 |
53,782 |
|||||||||||||||||||||
End of period |
$ |
1,692,165 |
$ |
1,529,550 |
$ |
73,395 |
$ |
84,329 |
$ |
99,671 |
$ |
81,069 |
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Contrafund |
VIP Contrafund Investor Class |
VIP Balanced |
VIP Balanced Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
1,783 |
$ |
1,157 |
$ |
8,709 |
$ |
7,000 |
$ |
1,051 |
$ |
1,021 |
$ |
16,196 |
$ |
12,247 |
|||||||||||||||||||
Net realized gain (loss) on investments |
110,600 |
47,359 |
111,929 |
40,102 |
6,222 |
20,150 |
80,477 |
239,310 |
|||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(112,385 |
) |
52,449 |
(116,617 |
) |
59,543 |
(7,641 |
) |
(7,424 |
) |
(104,005 |
) |
(93,404 |
) |
|||||||||||||||||||||
Net increase (decrease) in net assets from operations |
(2 |
) |
100,965 |
4,021 |
106,645 |
(368 |
) |
13,747 |
(7,332 |
) |
158,153 |
||||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
2,617 |
2,769 |
28,968 |
29,101 |
1,631 |
2,126 |
77,737 |
51,086 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(37,173 |
) |
(42,230 |
) |
53,705 |
44,235 |
4,632 |
5,526 |
190,829 |
144,115 |
|||||||||||||||||||||||||
Contract benefits |
(17,606 |
) |
(16,153 |
) |
(352 |
) |
(94 |
) |
(5,039 |
) |
(4,846 |
) |
(2,615 |
) |
(2,005 |
) |
|||||||||||||||||||
Contract terminations |
(33,717 |
) |
(33,215 |
) |
(25,562 |
) |
(25,949 |
) |
(6,540 |
) |
(5,737 |
) |
(103,587 |
) |
(106,620 |
) |
|||||||||||||||||||
Contract maintenance charges |
(182 |
) |
(191 |
) |
0 |
0 |
(22 |
) |
(21 |
) |
0 |
0 |
|||||||||||||||||||||||
Other transfers (to) from FILI, net |
(290 |
) |
287 |
3 |
16 |
(479 |
) |
(192 |
) |
18 |
(9 |
) |
|||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(86,351 |
) |
(88,733 |
) |
56,762 |
47,309 |
(5,817 |
) |
(3,144 |
) |
162,382 |
86,567 |
|||||||||||||||||||||||
Total increase (decrease) in net assets |
(86,353 |
) |
12,232 |
60,783 |
153,954 |
(6,185 |
) |
10,603 |
155,050 |
244,720 |
|||||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
982,780 |
970,548 |
1,042,796 |
888,842 |
161,491 |
150,888 |
1,907,723 |
1,663,003 |
|||||||||||||||||||||||||||
End of period |
$ |
896,427 |
$ |
982,780 |
$ |
1,103,579 |
$ |
1,042,796 |
$ |
155,306 |
$ |
161,491 |
$ |
2,062,773 |
$ |
1,907,723 |
Annual Report
37
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2015 and 2014
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Dynamic Capital Appreciation |
VIP Dynamic Capital Appreciation Investor Class |
VIP Growth & Income |
VIP Growth & Income Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(2 |
) |
$ |
(118 |
) |
$ |
933 |
$ |
254 |
$ |
1,502 |
$ |
1,204 |
$ |
2,844 |
$ |
2,518 |
|||||||||||||||||
Net realized gain (loss) on investments |
4,075 |
3,288 |
11,574 |
10,767 |
9,994 |
3,375 |
15,453 |
5,449 |
|||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(3,913 |
) |
(194 |
) |
(12,415 |
) |
38 |
(15,453 |
) |
7,786 |
(23,738 |
) |
5,922 |
||||||||||||||||||||||
Net increase (decrease) in net assets from operations |
160 |
2,976 |
92 |
11,059 |
(3,957 |
) |
12,365 |
(5,441 |
) |
13,889 |
|||||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
306 |
320 |
6,285 |
7,060 |
327 |
467 |
4,448 |
5,245 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(989 |
) |
2,034 |
18,113 |
16,355 |
(8,442 |
) |
(833 |
) |
(14,648 |
) |
35,137 |
|||||||||||||||||||||||
Contract benefits |
(803 |
) |
(859 |
) |
(32 |
) |
(4 |
) |
(3,798 |
) |
(4,273 |
) |
(12 |
) |
(8 |
) |
|||||||||||||||||||
Contract terminations |
(1,453 |
) |
(906 |
) |
(3,179 |
) |
(2,465 |
) |
(4,248 |
) |
(4,421 |
) |
(4,049 |
) |
(3,981 |
) |
|||||||||||||||||||
Contract maintenance charges |
(7 |
) |
(6 |
) |
0 |
0 |
(25 |
) |
(27 |
) |
0 |
0 |
|||||||||||||||||||||||
Other transfers (to) from FILI, net |
(16 |
) |
(18 |
) |
3 |
1 |
(11 |
) |
21 |
(3 |
) |
2 |
|||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(2,962 |
) |
565 |
21,190 |
20,947 |
(16,197 |
) |
(9,066 |
) |
(14,264 |
) |
36,395 |
|||||||||||||||||||||||
Total increase (decrease) in net assets |
(2,802 |
) |
3,541 |
21,282 |
32,006 |
(20,154 |
) |
3,299 |
(19,705 |
) |
50,284 |
||||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
35,546 |
32,005 |
129,355 |
97,349 |
136,468 |
133,169 |
168,988 |
118,704 |
|||||||||||||||||||||||||||
End of period |
$ |
32,744 |
$ |
35,546 |
$ |
150,637 |
$ |
129,355 |
$ |
116,314 |
$ |
136,468 |
$ |
149,283 |
$ |
168,988 |
|||||||||||||||||||
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Growth Opportunities |
VIP Growth Opportunities Investor Class |
VIP Mid Cap |
VIP Mid Cap Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(576 |
) |
$ |
(502 |
) |
$ |
(76 |
) |
$ |
(57 |
) |
$ |
(1,260 |
) |
$ |
(2,197 |
) |
$ |
1,137 |
$ |
(72 |
) |
||||||||||||
Net realized gain (loss) on investments |
15,106 |
5,510 |
36,598 |
12,712 |
46,214 |
16,913 |
55,389 |
15,869 |
|||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(11,437 |
) |
3,090 |
(31,802 |
) |
201 |
(51,842 |
) |
4,639 |
(67,082 |
) |
9,186 |
|||||||||||||||||||||||
Net increase (decrease) in net assets from operations |
3,093 |
8,098 |
4,720 |
12,856 |
(6,888 |
) |
19,355 |
(10,556 |
) |
24,983 |
|||||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
196 |
353 |
6,157 |
2,949 |
572 |
1,057 |
7,540 |
9,357 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
15,118 |
(9,431 |
) |
117,043 |
1,051 |
(12,082 |
) |
(24,076 |
) |
31,218 |
3,667 |
||||||||||||||||||||||||
Contract benefits |
(1,905 |
) |
(1,767 |
) |
(34 |
) |
(50 |
) |
(8,496 |
) |
(8,496 |
) |
(77 |
) |
(66 |
) |
|||||||||||||||||||
Contract terminations |
(2,613 |
) |
(2,564 |
) |
(5,780 |
) |
(3,231 |
) |
(12,037 |
) |
(11,369 |
) |
(9,873 |
) |
(9,223 |
) |
|||||||||||||||||||
Contract maintenance charges |
(16 |
) |
(17 |
) |
0 |
0 |
(63 |
) |
(66 |
) |
0 |
0 |
|||||||||||||||||||||||
Other transfers (to) from FILI, net |
(14 |
) |
41 |
(1 |
) |
0 |
77 |
124 |
(5 |
) |
0 |
||||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
10,766 |
(13,385 |
) |
117,385 |
719 |
(32,029 |
) |
(42,826 |
) |
28,803 |
3,735 |
||||||||||||||||||||||||
Total increase (decrease) in net assets |
13,859 |
(5,287 |
) |
122,105 |
13,575 |
(38,917 |
) |
(23,471 |
) |
18,247 |
28,718 |
||||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
78,483 |
83,770 |
127,583 |
114,008 |
365,029 |
388,500 |
442,609 |
413,891 |
|||||||||||||||||||||||||||
End of period |
$ |
92,342 |
$ |
78,483 |
$ |
249,688 |
$ |
127,583 |
$ |
326,112 |
$ |
365,029 |
$ |
460,856 |
$ |
442,609 |
Annual Report
38
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2015 and 2014
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Value Strategies |
VIP Value Strategies Investor Class |
VIP Utilities |
VIP Utilities Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
145 |
$ |
58 |
$ |
955 |
$ |
610 |
$ |
348 |
$ |
301 |
$ |
1,262 |
$ |
1,222 |
|||||||||||||||||||
Net realized gain (loss) on investments |
1,046 |
1,193 |
3,579 |
4,518 |
1,903 |
1,940 |
4,790 |
6,054 |
|||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(2,883 |
) |
1,695 |
(8,206 |
) |
(433 |
) |
(5,497 |
) |
2,905 |
(14,143 |
) |
4,576 |
||||||||||||||||||||||
Net increase (decrease) in net assets from operations |
(1,692 |
) |
2,946 |
(3,672 |
) |
4,695 |
(3,246 |
) |
5,146 |
(8,091 |
) |
11,852 |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
199 |
222 |
1,436 |
1,315 |
165 |
324 |
1,705 |
3,925 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(812 |
) |
(10,944 |
) |
19,428 |
(9,753 |
) |
(8,450 |
) |
6,265 |
(26,268 |
) |
27,041 |
||||||||||||||||||||||
Contract benefits |
(1,168 |
) |
(1,652 |
) |
(7 |
) |
(7 |
) |
(589 |
) |
(778 |
) |
(12 |
) |
(10 |
) |
|||||||||||||||||||
Contract terminations |
(1,533 |
) |
(2,078 |
) |
(2,033 |
) |
(3,155 |
) |
(935 |
) |
(1,018 |
) |
(2,598 |
) |
(1,890 |
) |
|||||||||||||||||||
Contract maintenance charges |
(7 |
) |
(8 |
) |
0 |
0 |
(10 |
) |
(14 |
) |
(24 |
) |
(17 |
) |
|||||||||||||||||||||
Other transfers (to) from FILI, net |
(48 |
) |
(24 |
) |
0 |
(1 |
) |
(36 |
) |
(18 |
) |
(1 |
) |
2 |
|||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(3,369 |
) |
(14,484 |
) |
18,824 |
(11,601 |
) |
(9,855 |
) |
4,761 |
(27,198 |
) |
29,051 |
||||||||||||||||||||||
Total increase (decrease) in net assets |
(5,061 |
) |
(11,538 |
) |
15,152 |
(6,906 |
) |
(13,101 |
) |
9,907 |
(35,289 |
) |
40,903 |
||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
49,610 |
61,148 |
79,927 |
86,833 |
33,446 |
23,539 |
87,778 |
46,875 |
|||||||||||||||||||||||||||
End of period |
$ |
44,549 |
$ |
49,610 |
$ |
95,079 |
$ |
79,927 |
$ |
20,345 |
$ |
33,446 |
$ |
52,489 |
$ |
87,778 |
|||||||||||||||||||
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Technology |
VIP Technology Investor Class |
VIP Energy |
VIP Energy Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(421 |
) |
$ |
(428 |
) |
$ |
(177 |
) |
$ |
(204 |
) |
$ |
151 |
$ |
0 |
$ |
1,017 |
$ |
664 |
|||||||||||||||
Net realized gain (loss) on investments |
3,585 |
9,695 |
10,424 |
22,597 |
(842 |
) |
1,659 |
2,736 |
3,032 |
||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(166 |
) |
(3,516 |
) |
(1,070 |
) |
(8,217 |
) |
(11,527 |
) |
(12,545 |
) |
(27,772 |
) |
(19,938 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets from operations |
2,998 |
5,751 |
9,177 |
14,176 |
(12,218 |
) |
(10,886 |
) |
(24,019 |
) |
(16,242 |
) |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
84 |
167 |
7,663 |
6,847 |
200 |
309 |
7,687 |
4,511 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
1,573 |
3,338 |
43,391 |
35,474 |
(7,766 |
) |
(4,542 |
) |
15,642 |
11,189 |
|||||||||||||||||||||||||
Contract benefits |
(1,139 |
) |
(989 |
) |
(11 |
) |
(65 |
) |
(1,479 |
) |
(2,635 |
) |
(46 |
) |
(55 |
) |
|||||||||||||||||||
Contract terminations |
(1,839 |
) |
(1,989 |
) |
(3,451 |
) |
(3,176 |
) |
(1,554 |
) |
(2,665 |
) |
(1,729 |
) |
(3,695 |
) |
|||||||||||||||||||
Contract maintenance charges |
(22 |
) |
(24 |
) |
(29 |
) |
(23 |
) |
(23 |
) |
(30 |
) |
(44 |
) |
(31 |
) |
|||||||||||||||||||
Other transfers (to) from FILI, net |
(25 |
) |
(16 |
) |
(4 |
) |
(3 |
) |
(21 |
) |
(96 |
) |
4 |
(4 |
) |
||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(1,368 |
) |
487 |
47,559 |
39,054 |
(10,643 |
) |
(9,659 |
) |
21,514 |
11,915 |
||||||||||||||||||||||||
Total increase (decrease) in net assets |
1,630 |
6,238 |
56,736 |
53,230 |
(22,861 |
) |
(20,545 |
) |
(2,505 |
) |
(4,327 |
) |
|||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
61,188 |
54,950 |
163,974 |
110,744 |
65,148 |
85,693 |
92,315 |
96,642 |
|||||||||||||||||||||||||||
End of period |
$ |
62,818 |
$ |
61,188 |
$ |
220,710 |
$ |
163,974 |
$ |
42,287 |
$ |
65,148 |
$ |
89,810 |
$ |
92,315 |
Annual Report
39
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2015 and 2014
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Health Care |
VIP Health Care Investor Class |
VIP Financial Services |
VIP Financial Services Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(1,907 |
) |
$ |
(1,472 |
) |
$ |
(1,485 |
) |
$ |
(926 |
) |
$ |
55 |
$ |
56 |
$ |
704 |
$ |
699 |
|||||||||||||||
Net realized gain (loss) on investments |
51,391 |
31,098 |
132,014 |
64,323 |
48 |
796 |
3,824 |
3,622 |
|||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(39,584 |
) |
17,470 |
(103,181 |
) |
61,840 |
(1,087 |
) |
1,057 |
(7,776 |
) |
2,185 |
|||||||||||||||||||||||
Net increase (decrease) in net assets from operations |
9,900 |
47,096 |
27,348 |
125,237 |
(984 |
) |
1,909 |
(3,248 |
) |
6,506 |
|||||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
1,489 |
1,271 |
44,888 |
28,634 |
46 |
62 |
2,425 |
3,664 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(5,882 |
) |
20,895 |
85,717 |
119,736 |
(958 |
) |
(4,648 |
) |
6,926 |
13,088 |
||||||||||||||||||||||||
Contract benefits |
(4,213 |
) |
(3,156 |
) |
(87 |
) |
(142 |
) |
(289 |
) |
(351 |
) |
(26 |
) |
0 |
||||||||||||||||||||
Contract terminations |
(8,348 |
) |
(4,174 |
) |
(15,947 |
) |
(11,165 |
) |
(471 |
) |
(482 |
) |
(1,314 |
) |
(1,400 |
) |
|||||||||||||||||||
Contract maintenance charges |
(115 |
) |
(92 |
) |
(114 |
) |
(130 |
) |
(15 |
) |
(9 |
) |
(10 |
) |
(10 |
) |
|||||||||||||||||||
Other transfers (to) from FILI, net |
(167 |
) |
69 |
27 |
3 |
(2 |
) |
24 |
0 |
(9 |
) |
||||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(17,236 |
) |
14,813 |
114,484 |
136,936 |
(1,689 |
) |
(5,404 |
) |
8,001 |
15,333 |
||||||||||||||||||||||||
Total increase (decrease) in net assets |
(7,336 |
) |
61,909 |
141,832 |
262,173 |
(2,673 |
) |
(3,495 |
) |
4,753 |
21,839 |
||||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
211,292 |
149,383 |
610,573 |
348,400 |
21,441 |
24,936 |
75,988 |
54,149 |
|||||||||||||||||||||||||||
End of period |
$ |
203,956 |
$ |
211,292 |
$ |
752,405 |
$ |
610,573 |
$ |
18,768 |
$ |
21,441 |
$ |
80,741 |
$ |
75,988 |
|||||||||||||||||||
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Industrials |
VIP Industrials Investor Class |
VIP Consumer Discretionary |
VIP Consumer Discretionary Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(8 |
) |
$ |
(32 |
) |
$ |
592 |
$ |
636 |
$ |
(23 |
) |
$ |
(92 |
) |
$ |
418 |
$ |
166 |
|||||||||||||||
Net realized gain (loss) on investments |
5,636 |
5,004 |
13,606 |
11,176 |
2,479 |
4,116 |
10,223 |
13,229 |
|||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(6,560 |
) |
(2,781 |
) |
(16,418 |
) |
(5,856 |
) |
(2,216 |
) |
(2,680 |
) |
(7,794 |
) |
(7,223 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets from operations |
(932 |
) |
2,191 |
(2,220 |
) |
5,956 |
240 |
1,344 |
2,847 |
6,172 |
|||||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
54 |
267 |
2,837 |
3,668 |
53 |
81 |
5,069 |
1,904 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(6,526 |
) |
(8,322 |
) |
(12,706 |
) |
(14,496 |
) |
18,784 |
(10,109 |
) |
65,655 |
(25,456 |
) |
|||||||||||||||||||||
Contract benefits |
(972 |
) |
(847 |
) |
(2 |
) |
(99 |
) |
(686 |
) |
(486 |
) |
(29 |
) |
(57 |
) |
|||||||||||||||||||
Contract terminations |
(1,514 |
) |
(1,149 |
) |
(1,869 |
) |
(2,782 |
) |
(700 |
) |
(529 |
) |
(2,062 |
) |
(2,314 |
) |
|||||||||||||||||||
Contract maintenance charges |
(7 |
) |
(14 |
) |
(23 |
) |
(16 |
) |
(8 |
) |
(8 |
) |
(27 |
) |
(47 |
) |
|||||||||||||||||||
Other transfers (to) from FILI, net |
(1 |
) |
(71 |
) |
5 |
(10 |
) |
49 |
7 |
6 |
(15 |
) |
|||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(8,966 |
) |
(10,136 |
) |
(11,758 |
) |
(13,735 |
) |
17,492 |
(11,044 |
) |
68,612 |
(25,985 |
) |
|||||||||||||||||||||
Total increase (decrease) in net assets |
(9,898 |
) |
(7,945 |
) |
(13,978 |
) |
(7,779 |
) |
17,732 |
(9,700 |
) |
71,459 |
(19,813 |
) |
|||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
42,638 |
50,583 |
109,165 |
116,944 |
19,323 |
29,023 |
79,154 |
98,967 |
|||||||||||||||||||||||||||
End of period |
$ |
32,740 |
$ |
42,638 |
$ |
95,187 |
$ |
109,165 |
$ |
37,055 |
$ |
19,323 |
$ |
150,613 |
$ |
79,154 |
Annual Report
40
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2015 and 2014
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Real Estate |
VIP Real Estate Investor Class |
VIP Strategic Income |
VIP Strategic Income Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
533 |
$ |
518 |
$ |
3,294 |
$ |
2,873 |
$ |
1,471 |
$ |
1,924 |
$ |
22,561 |
$ |
25,579 |
|||||||||||||||||||
Net realized gain (loss) on investments |
810 |
3,529 |
10,783 |
13,256 |
174 |
1,663 |
2,488 |
13,476 |
|||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(261 |
) |
8,257 |
(9,138 |
) |
24,176 |
(3,474 |
) |
(838 |
) |
(41,004 |
) |
(10,528 |
) |
|||||||||||||||||||||
Net increase (decrease) in net assets from operations |
1,082 |
12,304 |
4,939 |
40,305 |
(1,829 |
) |
2,749 |
(15,955 |
) |
28,527 |
|||||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
472 |
370 |
6,965 |
6,012 |
596 |
893 |
27,304 |
37,253 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(3,606 |
) |
4,358 |
(3,592 |
) |
30,552 |
(8,598 |
) |
(8,324 |
) |
(38,173 |
) |
11,219 |
||||||||||||||||||||||
Contract benefits |
(973 |
) |
(849 |
) |
0 |
(29 |
) |
(2,026 |
) |
(1,915 |
) |
(356 |
) |
(420 |
) |
||||||||||||||||||||
Contract terminations |
(1,548 |
) |
(1,692 |
) |
(5,559 |
) |
(4,254 |
) |
(4,039 |
) |
(4,912 |
) |
(42,495 |
) |
(37,127 |
) |
|||||||||||||||||||
Contract maintenance charges |
(12 |
) |
(12 |
) |
0 |
0 |
(13 |
) |
(15 |
) |
0 |
0 |
|||||||||||||||||||||||
Other transfers (to) from FILI, net |
(17 |
) |
41 |
2 |
1 |
(62 |
) |
(47 |
) |
1 |
(5 |
) |
|||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(5,684 |
) |
2,216 |
(2,184 |
) |
32,282 |
(14,142 |
) |
(14,320 |
) |
(53,719 |
) |
10,920 |
||||||||||||||||||||||
Total increase (decrease) in net assets |
(4,602 |
) |
14,520 |
2,755 |
72,587 |
(15,971 |
) |
(11,571 |
) |
(69,674 |
) |
39,447 |
|||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
55,826 |
41,306 |
199,704 |
127,117 |
89,899 |
101,470 |
912,285 |
872,838 |
|||||||||||||||||||||||||||
End of period |
$ |
51,224 |
$ |
55,826 |
$ |
202,459 |
$ |
199,704 |
$ |
73,928 |
$ |
89,899 |
$ |
842,611 |
$ |
912,285 |
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||||||
VIP Growth Strategies (c) |
VIP Growth Strategies Investor Class (c) |
VIP International Capital Appreciation (a) |
VIP International Capital Appreciation, Class R (c) |
VIP International Capital Appreciation, Investor Class (b) |
|||||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
|||||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(24 |
) |
$ |
(48 |
) |
$ |
(19 |
) |
$ |
(14 |
) |
$ |
9 |
$ |
(19 |
) |
$ |
(69 |
) |
$ |
770 |
$ |
171 |
|||||||||||||||
Net realized gain (loss) on investments |
1,690 |
291 |
5,134 |
1,076 |
(28 |
) |
142 |
261 |
2,570 |
2,946 |
|||||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(1,089 |
) |
508 |
(2,868 |
) |
1,185 |
(544 |
) |
782 |
114 |
(1,468 |
) |
(878 |
) |
|||||||||||||||||||||||||
Net increase (decrease) in net assets from operations |
577 |
751 |
2,247 |
2,247 |
(563 |
) |
905 |
306 |
1,872 |
2,239 |
|||||||||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||||||
Payments received from contract owners |
5 |
55 |
400 |
319 |
3 |
160 |
35 |
10,380 |
5,011 |
||||||||||||||||||||||||||||||
Transfers between sub- accounts and the fixed account, net |
(8,061 |
) |
(4 |
) |
(28,657 |
) |
9,784 |
17,247 |
(16,696 |
) |
397 |
38,875 |
16,568 |
||||||||||||||||||||||||||
Contract benefits |
(47 |
) |
(144 |
) |
0 |
(2 |
) |
(189 |
) |
(71 |
) |
(344 |
) |
(19 |
) |
(37 |
) |
||||||||||||||||||||||
Contract terminations |
(36 |
) |
(126 |
) |
(301 |
) |
(1,331 |
) |
(407 |
) |
(494 |
) |
(405 |
) |
(2,479 |
) |
(2,314 |
) |
|||||||||||||||||||||
Contract maintenance charges |
(1 |
) |
(1 |
) |
0 |
0 |
(2 |
) |
(3 |
) |
(3 |
) |
(5 |
) |
(16 |
) |
|||||||||||||||||||||||
Other transfers (to) from FILI, net |
1 |
6 |
3 |
1 |
(3 |
) |
0 |
0 |
5 |
(1 |
) |
||||||||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(8,139 |
) |
(214 |
) |
(28,555 |
) |
8,771 |
16,649 |
(17,104 |
) |
(320 |
) |
46,757 |
19,211 |
|||||||||||||||||||||||||
Total increase (decrease) in net assets |
(7,562 |
) |
537 |
(26,308 |
) |
11,018 |
16,086 |
(16,199 |
) |
(14 |
) |
48,629 |
21,450 |
||||||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||||||
Beginning of period |
7,562 |
7,025 |
26,308 |
15,290 |
0 |
16,199 |
16,213 |
102,163 |
80,713 |
||||||||||||||||||||||||||||||
End of period |
$ |
0 |
$ |
7,562 |
$ |
0 |
$ |
26,308 |
$ |
16,086 |
$ |
0 |
$ |
16,199 |
$ |
150,792 |
$ |
102,163 |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
Annual Report
41
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2015 and 2014
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Value Leaders (c) |
VIP Value Leaders Investor Class (c) |
VIP Value |
VIP Value Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
113 |
$ |
26 |
$ |
331 |
$ |
175 |
$ |
108 |
$ |
120 |
$ |
1,245 |
$ |
1,070 |
|||||||||||||||||||
Net realized gain (loss) on investments |
233 |
164 |
1,291 |
808 |
3,920 |
1,412 |
18,451 |
6,016 |
|||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(22 |
) |
632 |
(731 |
) |
1,179 |
(4,666 |
) |
519 |
(21,665 |
) |
1,699 |
|||||||||||||||||||||||
Net increase (decrease) in net assets from operations |
324 |
822 |
891 |
2,162 |
(638 |
) |
2,051 |
(1,969 |
) |
8,785 |
|||||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
4 |
11 |
26 |
370 |
75 |
216 |
5,404 |
3,319 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(7,820 |
) |
(548 |
) |
(19,933 |
) |
(93 |
) |
2,486 |
2,142 |
14,191 |
23,214 |
|||||||||||||||||||||||
Contract benefits |
(46 |
) |
(210 |
) |
0 |
0 |
(633 |
) |
(452 |
) |
(1 |
) |
(21 |
) |
|||||||||||||||||||||
Contract terminations |
(109 |
) |
(156 |
) |
(631 |
) |
(425 |
) |
(1,040 |
) |
(551 |
) |
(3,004 |
) |
(1,930 |
) |
|||||||||||||||||||
Contract maintenance charges |
0 |
(1 |
) |
0 |
0 |
(5 |
) |
(4 |
) |
0 |
0 |
||||||||||||||||||||||||
Other transfers (to) from FILI, net |
(1 |
) |
(35 |
) |
0 |
0 |
(33 |
) |
6 |
9 |
(1 |
) |
|||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(7,972 |
) |
(939 |
) |
(20,538 |
) |
(148 |
) |
850 |
1,357 |
16,599 |
24,581 |
|||||||||||||||||||||||
Total increase (decrease) in net assets |
(7,648 |
) |
(117 |
) |
(19,647 |
) |
2,014 |
212 |
3,408 |
14,630 |
33,366 |
||||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
7,648 |
7,765 |
19,647 |
17,633 |
22,098 |
18,690 |
98,656 |
65,290 |
|||||||||||||||||||||||||||
End of period |
$ |
0 |
$ |
7,648 |
$ |
0 |
$ |
19,647 |
$ |
22,310 |
$ |
22,098 |
$ |
113,286 |
$ |
98,656 |
|||||||||||||||||||
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Growth Stock (c) |
VIP Growth Stock Investor Class (c) |
VIP Freedom Income |
VIP Freedom Income Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(1 |
) |
$ |
5 |
$ |
188 |
$ |
535 |
$ |
101 |
$ |
92 |
$ |
930 |
$ |
807 |
||||||||||||||||||
Net realized gain (loss) on investments |
2,854 |
2,661 |
14,025 |
13,221 |
87 |
205 |
735 |
1,141 |
|||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(1,563 |
) |
(811 |
) |
(7,103 |
) |
(3,269 |
) |
(311 |
) |
60 |
(2,073 |
) |
102 |
|||||||||||||||||||||
Net increase (decrease) in net assets from operations |
1,290 |
1,855 |
7,110 |
10,487 |
(123 |
) |
357 |
(408 |
) |
2,050 |
|||||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
17 |
59 |
1,497 |
3,957 |
98 |
125 |
2,575 |
1,627 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(20,774 |
) |
2,538 |
(110,815 |
) |
15,191 |
(835 |
) |
1,388 |
1,007 |
4,735 |
||||||||||||||||||||||||
Contract benefits |
(113 |
) |
(231 |
) |
(40 |
) |
0 |
(92 |
) |
(428 |
) |
(607 |
) |
(55 |
) |
||||||||||||||||||||
Contract terminations |
(154 |
) |
(464 |
) |
(647 |
) |
(2,388 |
) |
(753 |
) |
(696 |
) |
(3,805 |
) |
(2,313 |
) |
|||||||||||||||||||
Contract maintenance charges |
(1 |
) |
(3 |
) |
0 |
0 |
(2 |
) |
(2 |
) |
0 |
0 |
|||||||||||||||||||||||
Other transfers (to) from FILI, net |
(1 |
) |
29 |
(8 |
) |
1 |
(5 |
) |
7 |
1 |
(1 |
) |
|||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(21,026 |
) |
1,928 |
(110,013 |
) |
16,761 |
(1,589 |
) |
394 |
(829 |
) |
3,993 |
|||||||||||||||||||||||
Total increase (decrease) in net assets |
(19,736 |
) |
3,783 |
(102,903 |
) |
27,248 |
(1,712 |
) |
751 |
(1,237 |
) |
6,043 |
|||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
19,736 |
15,953 |
102,903 |
75,655 |
12,717 |
11,966 |
62,053 |
56,010 |
|||||||||||||||||||||||||||
End of period |
$ |
0 |
$ |
19,736 |
$ |
0 |
$ |
102,903 |
$ |
11,005 |
$ |
12,717 |
$ |
60,816 |
$ |
62,053 |
(c) Fund Closed. See Note 1.
Annual Report
42
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2015 and 2014
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Freedom 2005 |
VIP Freedom 2005 Investor Class |
VIP Freedom 2010 |
VIP Freedom 2010 Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
59 |
$ |
62 |
$ |
281 |
$ |
282 |
$ |
109 |
$ |
113 |
$ |
845 |
$ |
765 |
|||||||||||||||||||
Net realized gain (loss) on investments |
50 |
90 |
162 |
523 |
307 |
453 |
778 |
2,119 |
|||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(187 |
) |
90 |
(535 |
) |
(88 |
) |
(490 |
) |
(30 |
) |
(1,944 |
) |
(697 |
) |
||||||||||||||||||||
Net increase (decrease) in net assets from operations |
(78 |
) |
242 |
(92 |
) |
717 |
(74 |
) |
536 |
(321 |
) |
2,187 |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
222 |
112 |
47 |
928 |
2 |
11 |
1,068 |
1,399 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(287 |
) |
535 |
(593 |
) |
2,688 |
(1,622 |
) |
213 |
583 |
699 |
||||||||||||||||||||||||
Contract benefits |
(9 |
) |
(2 |
) |
(281 |
) |
(5 |
) |
(25 |
) |
(108 |
) |
(28 |
) |
(17 |
) |
|||||||||||||||||||
Contract terminations |
(975 |
) |
(153 |
) |
(1,346 |
) |
(683 |
) |
(776 |
) |
(1,613 |
) |
(3,438 |
) |
(4,160 |
) |
|||||||||||||||||||
Contract maintenance charges |
(1 |
) |
(1 |
) |
0 |
0 |
(3 |
) |
(3 |
) |
0 |
0 |
|||||||||||||||||||||||
Other transfers (to) from FILI, net |
2 |
(2 |
) |
1 |
(1 |
) |
4 |
2 |
0 |
1 |
|||||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(1,048 |
) |
489 |
(2,172 |
) |
2,927 |
(2,420 |
) |
(1,498 |
) |
(1,815 |
) |
(2,078 |
) |
|||||||||||||||||||||
Total increase (decrease) in net assets |
(1,126 |
) |
731 |
(2,264 |
) |
3,644 |
(2,494 |
) |
(962 |
) |
(2,136 |
) |
109 |
||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
7,305 |
6,574 |
19,848 |
16,204 |
14,043 |
15,005 |
55,984 |
55,875 |
|||||||||||||||||||||||||||
End of period |
$ |
6,179 |
$ |
7,305 |
$ |
17,584 |
$ |
19,848 |
$ |
11,549 |
$ |
14,043 |
$ |
53,848 |
$ |
55,984 |
|||||||||||||||||||
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Freedom 2015 |
VIP Freedom 2015 Investor Class |
VIP Freedom 2020 |
VIP Freedom 2020 Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
268 |
$ |
255 |
$ |
1,429 |
$ |
1,299 |
$ |
268 |
$ |
236 |
$ |
2,699 |
$ |
2,414 |
|||||||||||||||||||
Net realized gain (loss) on investments |
636 |
903 |
1,901 |
3,015 |
625 |
1,222 |
3,302 |
5,137 |
|||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(1,180 |
) |
7 |
(3,855 |
) |
(407 |
) |
(1,186 |
) |
(261 |
) |
(7,150 |
) |
(607 |
) |
||||||||||||||||||||
Net increase (decrease) in net assets from operations |
(276 |
) |
1,165 |
(525 |
) |
3,907 |
(293 |
) |
1,197 |
(1,149 |
) |
6,944 |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
323 |
94 |
1,842 |
3,361 |
150 |
498 |
6,115 |
9,031 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(2,850 |
) |
(194 |
) |
(1,556 |
) |
732 |
(1,582 |
) |
(1,105 |
) |
(1,755 |
) |
18,157 |
|||||||||||||||||||||
Contract benefits |
(11 |
) |
(49 |
) |
(4 |
) |
(187 |
) |
(105 |
) |
(31 |
) |
(64 |
) |
(36 |
) |
|||||||||||||||||||
Contract terminations |
(1,094 |
) |
(1,110 |
) |
(4,330 |
) |
(3,551 |
) |
(1,556 |
) |
(747 |
) |
(7,435 |
) |
(5,056 |
) |
|||||||||||||||||||
Contract maintenance charges |
(6 |
) |
(8 |
) |
0 |
0 |
(5 |
) |
(5 |
) |
0 |
0 |
|||||||||||||||||||||||
Other transfers (to) from FILI, net |
2 |
(39 |
) |
0 |
(1 |
) |
5 |
(26 |
) |
4 |
3 |
||||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(3,636 |
) |
(1,306 |
) |
(4,048 |
) |
354 |
(3,093 |
) |
(1,416 |
) |
(3,135 |
) |
22,099 |
|||||||||||||||||||||
Total increase (decrease) in net assets |
(3,912 |
) |
(141 |
) |
(4,573 |
) |
4,261 |
(3,386 |
) |
(219 |
) |
(4,284 |
) |
29,043 |
|||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
30,216 |
30,357 |
93,183 |
88,922 |
29,169 |
29,388 |
171,670 |
142,627 |
|||||||||||||||||||||||||||
End of period |
$ |
26,304 |
$ |
30,216 |
$ |
88,610 |
$ |
93,183 |
$ |
25,783 |
$ |
29,169 |
$ |
167,386 |
$ |
171,670 |
Annual Report
43
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2015 and 2014
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Freedom 2025 |
VIP Freedom 2025 Investor Class |
VIP Freedom 2030 |
VIP Freedom 2030 Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
138 |
$ |
130 |
$ |
2,390 |
$ |
1,778 |
$ |
173 |
$ |
133 |
$ |
1,970 |
$ |
1,540 |
|||||||||||||||||||
Net realized gain (loss) on investments |
518 |
657 |
3,022 |
4,767 |
336 |
521 |
2,894 |
4,566 |
|||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(758 |
) |
(97 |
) |
(6,854 |
) |
(874 |
) |
(629 |
) |
(3 |
) |
(5,910 |
) |
(893 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets from operations |
(102 |
) |
690 |
(1,442 |
) |
5,671 |
(120 |
) |
651 |
(1,046 |
) |
5,213 |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
234 |
242 |
8,216 |
7,386 |
382 |
496 |
8,372 |
7,799 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(851 |
) |
(684 |
) |
15,266 |
13,911 |
24 |
(290 |
) |
8,060 |
6,856 |
||||||||||||||||||||||||
Contract benefits |
(25 |
) |
(26 |
) |
0 |
(16 |
) |
(6 |
) |
(32 |
) |
(37 |
) |
0 |
|||||||||||||||||||||
Contract terminations |
(1,741 |
) |
(131 |
) |
(5,564 |
) |
(4,013 |
) |
(313 |
) |
(514 |
) |
(2,323 |
) |
(1,260 |
) |
|||||||||||||||||||
Contract maintenance charges |
(5 |
) |
(5 |
) |
0 |
0 |
(4 |
) |
(5 |
) |
0 |
0 |
|||||||||||||||||||||||
Other transfers (to) from FILI, net |
(8 |
) |
1 |
0 |
(4 |
) |
(1 |
) |
1 |
(2 |
) |
0 |
|||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(2,396 |
) |
(603 |
) |
17,918 |
17,264 |
82 |
(344 |
) |
14,070 |
13,395 |
||||||||||||||||||||||||
Total increase (decrease) in net assets |
(2,498 |
) |
87 |
16,476 |
22,935 |
(38 |
) |
307 |
13,024 |
18,608 |
|||||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
16,302 |
16,215 |
129,695 |
106,760 |
17,423 |
17,116 |
121,507 |
102,899 |
|||||||||||||||||||||||||||
End of period |
$ |
13,804 |
$ |
16,302 |
$ |
146,171 |
$ |
129,695 |
$ |
17,385 |
$ |
17,423 |
$ |
134,531 |
$ |
121,507 |
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
VIP Freedom Lifetime Income I |
VIP Freedom Lifetime Income II |
VIP Freedom Lifetime Income III |
|||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
177 |
$ |
147 |
$ |
425 |
$ |
343 |
$ |
283 |
$ |
194 |
|||||||||||||||
Net realized gain (loss) on investments |
171 |
327 |
349 |
329 |
224 |
523 |
|||||||||||||||||||||
Unrealized appreciation (depreciation) |
(458 |
) |
(34 |
) |
(1,029 |
) |
393 |
(655 |
) |
(164 |
) |
||||||||||||||||
Net increase (decrease) in net assets from operations |
(110 |
) |
440 |
(255 |
) |
1,065 |
(148 |
) |
553 |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Payments received from contract owners |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
301 |
2,063 |
3,540 |
6,709 |
4,775 |
4,130 |
|||||||||||||||||||||
Contract benefits |
(945 |
) |
(744 |
) |
(2,024 |
) |
(1,570 |
) |
(1,019 |
) |
(812 |
) |
|||||||||||||||
Contract terminations |
(146 |
) |
(30 |
) |
(407 |
) |
0 |
(49 |
) |
(92 |
) |
||||||||||||||||
Contract maintenance charges |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Other transfers (to) from FILI, net |
98 |
(6 |
) |
49 |
46 |
43 |
35 |
||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(692 |
) |
1,283 |
1,158 |
5,185 |
3,750 |
3,261 |
||||||||||||||||||||
Total increase (decrease) in net assets |
(802 |
) |
1,723 |
903 |
6,250 |
3,602 |
3,814 |
||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of period |
12,440 |
10,717 |
28,755 |
22,505 |
15,373 |
11,559 |
|||||||||||||||||||||
End of period |
$ |
11,638 |
$ |
12,440 |
$ |
29,658 |
$ |
28,755 |
$ |
18,975 |
$ |
15,373 |
Annual Report
44
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2015 and 2014
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Disciplined Small Cap |
VIP Disciplined Small Cap Investor Class |
VIP FundsManager 20% |
VIP FundsManager 50% |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(76 |
) |
$ |
(169 |
) |
$ |
619 |
$ |
228 |
$ |
6,061 |
$ |
6,773 |
$ |
10,152 |
$ |
9,929 |
|||||||||||||||||
Net realized gain (loss) on investments |
1,429 |
5,541 |
4,224 |
21,685 |
26,146 |
14,241 |
61,210 |
30,525 |
|||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(2,155 |
) |
(4,330 |
) |
(10,185 |
) |
(15,210 |
) |
(34,232 |
) |
3,625 |
(73,840 |
) |
12,258 |
|||||||||||||||||||||
Net increase (decrease) in net assets from operations |
(802 |
) |
1,042 |
(5,342 |
) |
6,703 |
(2,025 |
) |
24,639 |
(2,478 |
) |
52,712 |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
308 |
377 |
8,254 |
6,037 |
19,729 |
28,215 |
36,322 |
38,573 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(542 |
) |
(10,087 |
) |
17,162 |
(18,293 |
) |
13,979 |
53,546 |
63,577 |
112,024 |
||||||||||||||||||||||||
Contract benefits |
(619 |
) |
(601 |
) |
(50 |
) |
(34 |
) |
(3,774 |
) |
(3,573 |
) |
(13,187 |
) |
(11,234 |
) |
|||||||||||||||||||
Contract terminations |
(1,998 |
) |
(1,029 |
) |
(4,867 |
) |
(5,013 |
) |
(51,565 |
) |
(39,969 |
) |
(55,204 |
) |
(51,753 |
) |
|||||||||||||||||||
Contract maintenance charges |
(6 |
) |
(7 |
) |
0 |
0 |
(14 |
) |
(15 |
) |
(18 |
) |
(19 |
) |
|||||||||||||||||||||
Other transfers (to) from FILI, net |
3 |
19 |
5 |
19 |
85 |
37 |
266 |
178 |
|||||||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(2,854 |
) |
(11,328 |
) |
20,504 |
(17,284 |
) |
(21,560 |
) |
38,241 |
31,756 |
87,769 |
|||||||||||||||||||||||
Total increase (decrease) in net assets |
(3,656 |
) |
(10,286 |
) |
15,162 |
(10,581 |
) |
(23,585 |
) |
62,880 |
29,278 |
140,481 |
|||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
31,817 |
42,103 |
159,191 |
169,772 |
689,187 |
626,307 |
1,205,623 |
1,065,142 |
|||||||||||||||||||||||||||
End of period |
$ |
28,161 |
$ |
31,817 |
$ |
174,353 |
$ |
159,191 |
$ |
665,602 |
$ |
689,187 |
$ |
1,234,901 |
$ |
1,205,623 |
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
VIP FundsManager 60% |
VIP FundsManager 70% |
VIP FundsManager 85% |
|||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
5,522 |
$ |
7,381 |
$ |
6,815 |
$ |
8,164 |
$ |
4,228 |
$ |
2,352 |
|||||||||||||||
Net realized gain (loss) on investments |
153,096 |
86,140 |
37,420 |
20,925 |
22,543 |
11,197 |
|||||||||||||||||||||
Unrealized appreciation (depreciation) |
(165,578 |
) |
(21,786 |
) |
(44,582 |
) |
11,834 |
(27,077 |
) |
2,302 |
|||||||||||||||||
Net increase (decrease) in net assets from operations |
(6,960 |
) |
71,735 |
(347 |
) |
40,923 |
(306 |
) |
15,851 |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Payments received from contract owners |
34,487 |
37,244 |
40,468 |
46,570 |
17,592 |
13,124 |
|||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
90,191 |
124,836 |
76,321 |
87,894 |
13,208 |
31,013 |
|||||||||||||||||||||
Contract benefits |
(10,071 |
) |
(6,487 |
) |
(4,745 |
) |
(5,133 |
) |
(2,379 |
) |
(2,588 |
) |
|||||||||||||||
Contract terminations |
(100,190 |
) |
(102,397 |
) |
(37,415 |
) |
(22,662 |
) |
(8,586 |
) |
(10,318 |
) |
|||||||||||||||
Contract maintenance charges |
(11 |
) |
(13 |
) |
(15 |
) |
(15 |
) |
(7 |
) |
(7 |
) |
|||||||||||||||
Other transfers (to) from FILI, net |
229 |
(26 |
) |
81 |
12 |
135 |
(40 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
14,635 |
53,157 |
74,695 |
106,666 |
19,963 |
31,184 |
|||||||||||||||||||||
Total increase (decrease) in net assets |
7,675 |
124,892 |
74,348 |
147,589 |
19,657 |
47,035 |
|||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of period |
1,679,510 |
1,554,618 |
936,281 |
788,692 |
345,076 |
298,041 |
|||||||||||||||||||||
End of period |
$ |
1,687,185 |
$ |
1,679,510 |
$ |
1,010,629 |
$ |
936,281 |
$ |
364,733 |
$ |
345,076 |
Annual Report
45
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2015 and 2014
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
VIP Consumer Staples |
VIP Consumer Staples Investor Class |
VIP Materials |
VIP Materials Investor Class |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
180 |
$ |
121 |
$ |
2,328 |
$ |
1,574 |
$ |
53 |
$ |
11 |
$ |
422 |
$ |
344 |
|||||||||||||||||||
Net realized gain (loss) on investments |
2,416 |
1,842 |
14,686 |
10,363 |
1,556 |
1,589 |
4,663 |
3,818 |
|||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(683 |
) |
552 |
(1,996 |
) |
4,919 |
(2,840 |
) |
(1,749 |
) |
(8,650 |
) |
(4,359 |
) |
|||||||||||||||||||||
Net increase (decrease) in net assets from operations |
1,913 |
2,515 |
15,018 |
16,856 |
(1,231 |
) |
(149 |
) |
(3,565 |
) |
(197 |
) |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
127 |
181 |
8,313 |
3,801 |
4 |
25 |
669 |
1,133 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
3,668 |
(4,504 |
) |
29,400 |
2,030 |
(3,500 |
) |
(2,132 |
) |
(9,090 |
) |
756 |
|||||||||||||||||||||||
Contract benefits |
(450 |
) |
(304 |
) |
(4 |
) |
(29 |
) |
(261 |
) |
(563 |
) |
0 |
(49 |
) |
||||||||||||||||||||
Contract terminations |
(843 |
) |
(414 |
) |
(3,533 |
) |
(4,614 |
) |
(541 |
) |
(517 |
) |
(1,416 |
) |
(2,286 |
) |
|||||||||||||||||||
Contract maintenance charges |
(7 |
) |
(6 |
) |
(17 |
) |
(7 |
) |
(7 |
) |
(7 |
) |
(8 |
) |
(4 |
) |
|||||||||||||||||||
Other transfers (to) from FILI, net |
25 |
17 |
(1 |
) |
(8 |
) |
(14 |
) |
(61 |
) |
(1 |
) |
(8 |
) |
|||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
2,520 |
(5,030 |
) |
34,158 |
1,173 |
(4,319 |
) |
(3,255 |
) |
(9,846 |
) |
(458 |
) |
||||||||||||||||||||||
Total increase (decrease) in net assets |
4,433 |
(2,515 |
) |
49,176 |
18,029 |
(5,550 |
) |
(3,404 |
) |
(13,411 |
) |
(655 |
) |
||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
21,190 |
23,705 |
145,149 |
127,120 |
16,197 |
19,601 |
48,315 |
48,970 |
|||||||||||||||||||||||||||
End of period |
$ |
25,623 |
$ |
21,190 |
$ |
194,325 |
$ |
145,149 |
$ |
10,647 |
$ |
16,197 |
$ |
34,904 |
$ |
48,315 |
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||||||
VIP Telecommunications |
VIP Telecommunications Investor Class |
VIP Emerging Markets (a) |
VIP Emerging Markets, Class R (c) |
VIP Emerging Markets Investor Class (b) |
|||||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
|||||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
22 |
$ |
86 |
$ |
207 |
$ |
476 |
$ |
0 |
$ |
(16 |
) |
$ |
(44 |
) |
$ |
87 |
$ |
25 |
|||||||||||||||||||
Net realized gain (loss) on investments |
30 |
109 |
232 |
750 |
(248 |
) |
(853 |
) |
(121 |
) |
(77 |
) |
244 |
||||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(29 |
) |
(128 |
) |
(342 |
) |
(741 |
) |
(870 |
) |
1,203 |
154 |
(3,163 |
) |
(162 |
) |
|||||||||||||||||||||||
Net increase (decrease) in net assets from operations |
23 |
67 |
97 |
485 |
(1,118 |
) |
334 |
(11 |
) |
(3,153 |
) |
107 |
|||||||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||||||
Payments received from contract owners |
23 |
4 |
605 |
571 |
7 |
10 |
87 |
716 |
649 |
||||||||||||||||||||||||||||||
Transfers between sub- accounts and the fixed account, net |
1,106 |
(841 |
) |
6,410 |
(1,661 |
) |
6,404 |
(7,957 |
) |
(1,196 |
) |
1,832 |
666 |
||||||||||||||||||||||||||
Contract benefits |
(78 |
) |
(122 |
) |
0 |
(54 |
) |
(70 |
) |
(38 |
) |
(115 |
) |
(2 |
) |
(54 |
) |
||||||||||||||||||||||
Contract terminations |
(76 |
) |
(105 |
) |
(837 |
) |
(424 |
) |
(93 |
) |
(32 |
) |
(259 |
) |
(1,282 |
) |
(891 |
) |
|||||||||||||||||||||
Contract maintenance charges |
(2 |
) |
(1 |
) |
(3 |
) |
(2 |
) |
(1 |
) |
(1 |
) |
(3 |
) |
0 |
(5 |
) |
||||||||||||||||||||||
Other transfers (to) from FILI, net |
2 |
(16 |
) |
(1 |
) |
(4 |
) |
1 |
1 |
12 |
0 |
(1 |
) |
||||||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
975 |
(1,081 |
) |
6,174 |
(1,574 |
) |
6,248 |
(8,017 |
) |
(1,474 |
) |
1,264 |
364 |
||||||||||||||||||||||||||
Total increase (decrease) in net assets |
998 |
(1,014 |
) |
6,271 |
(1,089 |
) |
5,130 |
(7,683 |
) |
(1,485 |
) |
(1,889 |
) |
471 |
|||||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||||||
Beginning of period |
3,146 |
4,160 |
14,160 |
15,249 |
0 |
7,683 |
9,168 |
27,501 |
27,030 |
||||||||||||||||||||||||||||||
End of period |
$ |
4,144 |
$ |
3,146 |
$ |
20,431 |
$ |
14,160 |
$ |
5,130 |
$ |
0 |
$ |
7,683 |
$ |
25,612 |
$ |
27,501 |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
Annual Report
46
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2015 and 2014
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||||||||||
VIP Floating Rate High Income (a) |
VIP Floating Rate High Income Investor Class (a) |
UIF Emerging Markets Equity |
UIF Emerging Markets Debt |
UIF Global Strategist (b) |
|||||||||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
143 |
$ |
22 |
$ |
3,609 |
$ |
1,284 |
$ |
198 |
$ |
(150 |
) |
$ |
7,453 |
$ |
9,005 |
$ |
493 |
$ |
179 |
||||||||||||||||||||||
Net realized gain (loss) on investments |
(38 |
) |
(10 |
) |
(37 |
) |
(75 |
) |
(5,604 |
) |
(7,228 |
) |
(1,966 |
) |
516 |
(582 |
) |
4,292 |
|||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(195 |
) |
(47 |
) |
(4,575 |
) |
(2,158 |
) |
(2,167 |
) |
3,236 |
(7,165 |
) |
(4,874 |
) |
(2,526 |
) |
(3,787 |
) |
||||||||||||||||||||||||
Net increase (decrease) in net assets from operations |
(90 |
) |
(35 |
) |
(1,003 |
) |
(949 |
) |
(7,573 |
) |
(4,142 |
) |
(1,678 |
) |
4,647 |
(2,615 |
) |
684 |
|||||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||||||||||
Payments received from contract owners |
202 |
144 |
8,164 |
21,415 |
679 |
777 |
1,661 |
3,197 |
698 |
2,047 |
|||||||||||||||||||||||||||||||||
Transfers between sub- accounts and the fixed account, net |
2,114 |
1,556 |
22,842 |
49,438 |
(6,862 |
) |
(11,867 |
) |
(21,849 |
) |
(22,718 |
) |
(6,335 |
) |
2,716 |
||||||||||||||||||||||||||||
Contract benefits |
(27 |
) |
(16 |
) |
0 |
0 |
(816 |
) |
(902 |
) |
(623 |
) |
(429 |
) |
(404 |
) |
(487 |
) |
|||||||||||||||||||||||||
Contract terminations |
(43 |
) |
(228 |
) |
(5,603 |
) |
(821 |
) |
(2,728 |
) |
(3,259 |
) |
(6,478 |
) |
(6,150 |
) |
(1,457 |
) |
(1,081 |
) |
|||||||||||||||||||||||
Contract maintenance charges |
0 |
0 |
0 |
0 |
(9 |
) |
(12 |
) |
(4 |
) |
(5 |
) |
(1 |
) |
(2 |
) |
|||||||||||||||||||||||||||
Other transfers (to) from FILI, net |
4 |
(25 |
) |
0 |
(2 |
) |
(16 |
) |
68 |
5 |
(76 |
) |
2 |
16 |
|||||||||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
2,250 |
1,431 |
25,403 |
70,030 |
(9,752 |
) |
(15,195 |
) |
(27,288 |
) |
(26,181 |
) |
(7,497 |
) |
3,209 |
||||||||||||||||||||||||||||
Total increase (decrease) in net assets |
2,160 |
1,396 |
24,400 |
69,081 |
(17,325 |
) |
(19,337 |
) |
(28,966 |
) |
(21,534 |
) |
(10,112 |
) |
3,893 |
||||||||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||||||||||
Beginning of period |
1,396 |
0 |
69,081 |
0 |
75,494 |
94,831 |
159,823 |
181,357 |
43,258 |
39,365 |
|||||||||||||||||||||||||||||||||
End of period |
$ |
3,556 |
$ |
1,396 |
$ |
93,481 |
$ |
69,081 |
$ |
58,169 |
$ |
75,494 |
$ |
130,857 |
$ |
159,823 |
$ |
33,146 |
$ |
43,258 |
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||
Invesco Van Kampen Global Core Equity |
WFAF Advantage VT Discovery |
WFAF Advantage VT Opportunity |
|||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
199 |
$ |
381 |
$ |
(244 |
) |
$ |
(257 |
) |
$ |
(142 |
) |
$ |
(160 |
) |
|||||||||||
Net realized gain (loss) on investments |
1,852 |
1,223 |
4,390 |
4,173 |
2,141 |
14 |
|||||||||||||||||||||
Unrealized appreciation (depreciation) |
(2,496 |
) |
(1,594 |
) |
(4,629 |
) |
(4,195 |
) |
(2,731 |
) |
2,037 |
||||||||||||||||
Net increase (decrease) in net assets from operations |
(445 |
) |
10 |
(483 |
) |
(279 |
) |
(732 |
) |
1,891 |
|||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Payments received from contract owners |
232 |
326 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(720 |
) |
(1,510 |
) |
(1,303 |
) |
(1,933 |
) |
(631 |
) |
(836 |
) |
|||||||||||||||
Contract benefits |
(241 |
) |
(238 |
) |
(642 |
) |
(536 |
) |
(371 |
) |
(338 |
) |
|||||||||||||||
Contract terminations |
(541 |
) |
(781 |
) |
(1,035 |
) |
(1,379 |
) |
(587 |
) |
(506 |
) |
|||||||||||||||
Contract maintenance charges |
(2 |
) |
(2 |
) |
(7 |
) |
(9 |
) |
(4 |
) |
(4 |
) |
|||||||||||||||
Other transfers (to) from FILI, net |
(12 |
) |
13 |
(26 |
) |
11 |
(18 |
) |
(52 |
) |
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(1,284 |
) |
(2,192 |
) |
(3,013 |
) |
(3,846 |
) |
(1,611 |
) |
(1,736 |
) |
|||||||||||||||
Total increase (decrease) in net assets |
(1,729 |
) |
(2,182 |
) |
(3,496 |
) |
(4,125 |
) |
(2,343 |
) |
155 |
||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of period |
23,781 |
25,963 |
29,659 |
33,784 |
20,946 |
20,791 |
|||||||||||||||||||||
End of period |
$ |
22,052 |
$ |
23,781 |
$ |
26,163 |
$ |
29,659 |
$ |
18,603 |
$ |
20,946 |
(a) New Fund. See Note 1
(b) Fund Name Change. See Note 1.
Annual Report
47
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2015 and 2014
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
Lazard Retirement Emerging Markets |
PVIT Commodity Real Return |
PVIT Low Duration |
PVIT Real Return |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
1,133 |
$ |
2,307 |
$ |
550 |
$ |
31 |
$ |
15,138 |
$ |
4,617 |
$ |
8,077 |
$ |
3,114 |
|||||||||||||||||||
Net realized gain (loss) on investments |
(3,844 |
) |
(1,286 |
) |
(529 |
) |
(247 |
) |
333 |
1,643 |
(3,565 |
) |
(5,009 |
) |
|||||||||||||||||||||
Unrealized appreciation (depreciation) |
(20,761 |
) |
(8,945 |
) |
(3,949 |
) |
(3,255 |
) |
(14,983 |
) |
(2,915 |
) |
(10,648 |
) |
10,491 |
||||||||||||||||||||
Net increase (decrease) in net assets from operations |
(23,472 |
) |
(7,924 |
) |
(3,928 |
) |
(3,471 |
) |
488 |
3,345 |
(6,136 |
) |
8,596 |
||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
1,773 |
2,420 |
1,132 |
672 |
9,428 |
14,006 |
2,296 |
4,184 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(15,756 |
) |
(12,772 |
) |
920 |
(418 |
) |
(13,073 |
) |
(19,658 |
) |
(24,475 |
) |
(55,529 |
) |
||||||||||||||||||||
Contract benefits |
(238 |
) |
(352 |
) |
(4 |
) |
(22 |
) |
(476 |
) |
(520 |
) |
(376 |
) |
(649 |
) |
|||||||||||||||||||
Contract terminations |
(3,154 |
) |
(4,035 |
) |
(626 |
) |
(456 |
) |
(35,739 |
) |
(38,659 |
) |
(10,225 |
) |
(13,658 |
) |
|||||||||||||||||||
Contract maintenance charges |
(4 |
) |
(6 |
) |
0 |
0 |
(5 |
) |
(6 |
) |
(3 |
) |
(4 |
) |
|||||||||||||||||||||
Other transfers (to) from FILI, net |
12 |
17 |
1 |
1 |
16 |
5 |
(6 |
) |
38 |
||||||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(17,367 |
) |
(14,728 |
) |
1,423 |
(223 |
) |
(39,849 |
) |
(44,832 |
) |
(32,789 |
) |
(65,618 |
) |
||||||||||||||||||||
Total increase (decrease) in net assets |
(40,839 |
) |
(22,652 |
) |
(2,505 |
) |
(3,694 |
) |
(39,361 |
) |
(41,487 |
) |
(38,925 |
) |
(57,022 |
) |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
130,919 |
153,571 |
14,088 |
17,782 |
499,438 |
540,925 |
237,474 |
294,496 |
|||||||||||||||||||||||||||
End of period |
$ |
90,080 |
$ |
130,919 |
$ |
11,583 |
$ |
14,088 |
$ |
460,077 |
$ |
499,438 |
$ |
198,549 |
$ |
237,474 |
|||||||||||||||||||
(In thousands) |
Subaccounts Investing In: |
||||||||||||||||||||||||||||||||||
PVIT Total Return |
Blackrock Global Allocation V.I. |
FTVIP Templeton Global Bond (b) |
FTVIP Franklin U.S. Gov't Securities (b) |
||||||||||||||||||||||||||||||||
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
12/31/15 |
12/31/14 |
||||||||||||||||||||||||||||
Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
26,225 |
$ |
11,826 |
$ |
1,529 |
$ |
3,632 |
$ |
11,231 |
$ |
6,552 |
$ |
970 |
$ |
708 |
|||||||||||||||||||
Net realized gain (loss) on investments |
5,805 |
(882 |
) |
10,825 |
17,673 |
(214 |
) |
136 |
74 |
(6 |
) |
||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(30,857 |
) |
13,838 |
(14,883 |
) |
(18,361 |
) |
(17,678 |
) |
(5,049 |
) |
(991 |
) |
230 |
|||||||||||||||||||||
Net increase (decrease) in net assets from operations |
1,173 |
24,782 |
(2,529 |
) |
2,944 |
(6,661 |
) |
1,639 |
53 |
932 |
|||||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Payments received from contract owners |
12,428 |
12,866 |
6,937 |
16,811 |
3,043 |
9,904 |
1,836 |
2,170 |
|||||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(3,467 |
) |
(113,785 |
) |
(83 |
) |
26,198 |
(15,733 |
) |
22,107 |
17,176 |
11,381 |
|||||||||||||||||||||||
Contract benefits |
(492 |
) |
(1,406 |
) |
(151 |
) |
(232 |
) |
(113 |
) |
(133 |
) |
(443 |
) |
(26 |
) |
|||||||||||||||||||
Contract terminations |
(29,403 |
) |
(33,544 |
) |
(5,780 |
) |
(5,433 |
) |
(5,661 |
) |
(3,662 |
) |
(3,602 |
) |
(2,080 |
) |
|||||||||||||||||||
Contract maintenance charges |
(4 |
) |
(6 |
) |
(2 |
) |
(2 |
) |
(1 |
) |
(1 |
) |
0 |
0 |
|||||||||||||||||||||
Other transfers (to) from FILI, net |
(11 |
) |
9 |
16 |
16 |
6 |
9 |
(10 |
) |
1 |
|||||||||||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(20,949 |
) |
(135,866 |
) |
937 |
37,358 |
(18,459 |
) |
28,224 |
14,957 |
11,446 |
||||||||||||||||||||||||
Total increase (decrease) in net assets |
(19,776 |
) |
(111,084 |
) |
(1,592 |
) |
40,302 |
(25,120 |
) |
29,863 |
15,010 |
12,378 |
|||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of period |
560,201 |
671,285 |
195,648 |
155,346 |
154,500 |
124,637 |
39,653 |
27,275 |
|||||||||||||||||||||||||||
End of period |
$ |
540,425 |
$ |
560,201 |
$ |
194,056 |
$ |
195,648 |
$ |
129,380 |
$ |
154,500 |
$ |
54,663 |
$ |
39,653 |
(b) Fund Name Change. See Note 1
Annual Report
48
Notes to Financial Statements
Fidelity Investments Variable Annuity Account I
1. Organization
Fidelity Investments Variable Annuity Account I (the "Account"), a unit investment trust registered under the Investment Company Act of 1940 as amended, was established by Fidelity Investments Life Insurance Company ("FILI"), a wholly-owned subsidiary of FMR LLC, on July 22, 1987 and exists in accordance with the regulations of the State of Utah Insurance Department. The Account is a funding vehicle of individual Fidelity Retirement Reserves, Fidelity Personal Retirement, Fidelity Growth and Guaranteed Income, Fidelity Income Advantage and Fidelity Freedom Lifetime Income variable annuity contracts. Fidelity Retirement Reserves, Fidelity Growth and Guaranteed Income, which offered a guaranteed minimum withdrawal benefit, and Fidelity Income Advantage were closed to new business. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of FILI. The Account cannot be charged with liabilities arising out of any other business of FILI.
Each subaccount invests exclusively in one of the Funds ("Underlying Funds") that are part of the following fund groups:
Fund Groups
Fidelity Variable Insurance Product Funds ("VIP")
Fidelity Variable Insurance Product Funds ("Investor Class") ("VIP - Investor Class")
The Universal Institutional Funds ("UIF")
Wells Fargo Advantage Variable Trust Funds ("WFAF")
Lazard Retirement Series, Inc. ("Lazard")
PIMCO Variable Insurance Trust Funds ("PVIT")
Invesco Advisers, Inc. ("Invesco")
Franklin Templeton Variable Insurance Products Trust Funds ("FTVIP")
Blackrock Variable Series Funds ("Blackrock")
During 2014 the following underlying funds were added and commenced operations effective April 30, 2014:
VIP - Floating Rate High Income
VIP - Floating Rate High Income Investor Class
During 2015, the following underlying funds were renamed:
Old Name
VIP - Money Market
VIP - Money Market Investor Class
UIF - Global Tactical Asset Allocation
New Name
VIP - Government Money Market
VIP - Government Money Market Investor Class
UIF - Global Strategist
During 2014, the following underlying funds were renamed:
Old Name
FTVIP Global Bond Securities
FTVIP U.S. Government
New Name
Templeton Global Bond VIP Fund
Franklin U.S. Government Securities VIP Fund
Effective April 24, 2015, the VIP Growth Stock, VIP Growth Stock Investor Class, VIP Growth Strategies, VIP Growth Strategies Investor Class, VIP Value Leaders, and VIP Value Leaders Investor Class were merged into the VIP Growth Opportunities, VIP Growth Opportunities Investor Class, VIP Mid Cap, VIP Mid Cap Investor Class, VIP Value, and VIP Value Investor Class funds respectively. Any policyholders with remaining shares in the funds were transferred to the successor funds.
Effective April 30, 2015, the VIP Emerging Markets Class R, VIP International Capital Appreciation Class R, and VIP Overseas Class R funds eliminated the redemption fee. Any policyholders with remaining shares in the funds were transferred to the VIP Emerging Markets, VIP International Capital Appreciation, and VIP Overseas funds respectively.
Effective April 30, 2015, the VIP Emerging Markets Class R Investor Class, VIP International Capital Appreciation Class R Investor Class, and VIP Overseas Class R Investor Class funds eliminated the redemption fee.
Effective December 1, 2015, VIP Money Market and VIP Money Market Investor Class transitioned to a government money market fund and changed their names to the VIP Government Money Market and VIP Government Money Market Investor Class respectively.
As of December 31, 2015, the net assets and units of Fidelity Retirement Reserve contracts that have annuitized were $94,182,000 and 2,870,000 respectively.
Annual Report
49
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed consistently by the Account in preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Financial Accounting Standards Board ("FASB") established the FASB Accounting Standards Codification ("the Codification") as the source of authoritative GAAP. All guidance contained in the Codification carries an equal level of authority.
Investments
Investments are made by the subaccounts in their corresponding mutual fund portfolios and are valued at the reported net asset values of such portfolios. Investment transactions are recorded on the trade date. Income from dividends is recorded on the ex-dividend date. Realized gains and losses include gains and losses on the sales of investments (computed on the basis of the identified cost of the investment sold) and capital gain distributions from the mutual funds.
Receivable from/Payable to FILI
Receivable from/payable to FILI represents adjustments for contract guarantees which are the responsibility of FILI.
Federal Income Taxes
The operations of the Account are included in the federal income tax return of FILI, which is taxed as a life insurance company under the provisions of the Internal Revenue Code ("the Code").
Under the current provisions of the Code, FILI does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the contracts. FILI incurs federal income taxes on the difference between the financial statement carrying value of reserves for contracts in the income stage and those reserves held for federal income tax purposes. The tax effect of this temporary difference is expected to be recovered by FILI when the difference reverses. As such, no charge is being made currently to the Account for federal income taxes. FILI will review periodically the status of such decision based on changes in the tax law. Such a charge may be made in future years for any federal income taxes that would be attributable to the contracts.
Under the provisions of Section 817(h) of the Code, a variable annuity contract will not be treated as an annuity contract for federal income tax purposes for any period for which the investments of the segregated asset account on which the contract is based are not adequately diversified. The Code provides that the "adequately diversified" requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of the Treasury. The Internal Revenue Service has issued regulations under Section 817(h) of the Code. FILI believes that the Separate Account satisfies the current requirements of the regulations, and it intends that it will continue to meet such requirements.
Estimates
The preparation of the Financial Statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the related amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Fair Value Measurements
The Financial Accounting Standards Board issued guidance on fair value measurements that establishes a framework for measuring fair value under U.S. GAAP and disclosures about fair value measurements. The new definition of fair value focuses on the price that would be received to sell the asset or paid to transfer the liability regardless of whether an observable market price existed (an exit price). In addition, the guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels ("Level 1, 2, and 3").
The Account carries investments which are made by the subaccounts in their corresponding mutual funds at fair value in the financial statements. The mutual funds are valued at the reported net asset values of such portfolios. The Account categorized the financial assets carried at fair value in the Statement of Assets and Liabilities based upon the guidance's three-level valuation hierarchy. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable valuation inputs (Level 3). If the inputs used to measure a financial asset or liability cross different levels of the hierarchy, categorization is based on the lowest level input that is significant to the fair value measurement. The assessment of the significance of a particular input to the overall fair value measurement of a financial asset or liability requires judgment, and considers factors specific to the asset or liability. The three levels are described below:
• Level 1 Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets and liabilities in an active market (e.g., active exchange-traded equities).
• Level 2 Financial assets and liabilities whose values are based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
• Level 3 Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall fair value measurement. These inputs reflect judgments about the assumptions that a market participant would use in pricing the asset or liability, and are based on the best available information, some of which is internally developed.
Annual Report
50
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
2. Significant Accounting Policies - continued
All subaccounts are invested in mutual funds whose value is based on the underlying net asset value of those funds. Open ended mutual funds in the subaccounts produce a daily NAV that is validated with a sufficient level of observable activity to support classification of the fair value measurement as Level 1. There were no transfers between Level 1 and Level 2 during 2015 or 2014. The Account had no Level 3 activity during 2015 and 2014.
3. Expenses and Related Party Transactions
FILI deducts a daily charge, through a reduction in unit values, from the net assets of the Account for the assumption of mortality and expense risks and for administrative charges. FILI also deducts an annual maintenance charge, through a redemption of units, for the Fidelity Retirement Reserves. The maintenance charge, which is waived on certain contracts, is recorded as a contract transaction in the accompanying Statement of Changes in Net Assets.
FILI previously offered Fidelity Retirement Reserves contract holders the opportunity to elect a death benefit rider. The rider allowed the contract holder to lock in their death benefit at the highest contract value at any contract anniversary date before the annuitant reached age 80. Effective January 1, 2003, the rider was no longer available to new contracts. For those contract holders who had elected the rider, FILI continues to deduct a quarterly charge, through a redemption of units. There will be no charges made once the annuitants reach their 85th birthday. The death benefit rider is recorded as a contract transaction in the accompanying Statement of Changes in Net Assets.
Effective September 7, 2010, the annual mortality and expense and administrative charge for certain contract holders in Fidelity Personal Retirement is .20% and .05%, respectively. In addition, certain Fidelity Personal Retirement contract holders are eligible for a lower annual mortality and expense and administrative charge of .05% and .05%, respectively, with an initial purchase or contract value of $1 million or greater.
Effective January 1, 2009 through September 6, 2010, the annual mortality and expense and administrative charges for new contract holders in Fidelity Personal Retirement was .25% and .10%, respectively. The annual mortality and expense and administrative charge for contract holders in Fidelity Personal Retirement prior to January 1, 2009 was .20% and .05%, respectively.
Effective January 1, 2009, the annual mortality and expense and administrative charges for new contract holders in Fidelity Growth and Guaranteed Income is 1.00% and .25%, respectively for single annuitants and 1.15% and .25%, respectively for joint annuitants. The annual mortality and expense and administrative charge for contract holders in Fidelity Growth and Guaranteed Income prior to January 1, 2009 is .85% and .25%, respectively for single annuitants and 1.00% and .25%, respectively for joint annuitants.
The annual rates of mortality and expense risk fees, administrative expense fees, death benefit fees, and the maximum dollar amount of the contract fee for the year ended are displayed in the table below.
Fidelity Retirement Reserves |
Fidelity Income Advantage |
Fidelity Personal Retirement |
Fidelity Freedom Lifetime Income |
Fidelity Growth and Guaranteed Income |
|||||||||||||||||||
Variable Account Deductions: |
|||||||||||||||||||||||
Mortality and Expense Risk (Annual Rate) |
0.75 |
% |
0.75 |
% |
0.05 |
%-0.20% |
0.50 |
% |
0.85 |
%-1.15% |
|||||||||||||
Administrative Expense (Annual Rate) |
0.05 |
% |
0.25 |
% |
0.05 |
% |
0.10 |
% |
0.25 |
% |
|||||||||||||
Contract Deductions: |
|||||||||||||||||||||||
Death Benefit Fees (Annual Rate) |
0.20 |
% |
|
|
|
|
|||||||||||||||||
Annual Maintenance Charge (Maximum) |
$ |
30 |
|
|
|
|
The following Underlying Funds impose a 1.0% redemption fee for interests held for less than 60 days:
VIP - Industrials
VIP - Industrials Investor Class
VIP - Utilities
VIP - Utilities Investor Class
VIP - Technology
VIP - Technology Investor Class
VIP - Energy
VIP - Energy Investor Class
VIP - Health Care
VIP - Health Care Investor Class
VIP - Consumer Discretionary
VIP - Consumer Discretionary Investor Class
VIP - Consumer Staples
VIP - Consumer Staples Investor Class
VIP - Materials
VIP - Materials Investor Class
VIP - Telecommunications
VIP - Telecommunications Investor Class
VIP - Financial Services
VIP - Financial Services Investor Class
Annual Report
51
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
3. Expenses and Related Party Transactions - continued
FILI collects these fees on behalf of these VIP portfolios through a redemption of units, but the fees are retained by the portfolios, not by FILI, and are part of the portfolios' assets. The redemption fee is recorded as a contract transaction in the accompanying Statement of Changes in Net Assets.
FILI charges an amount equal to the state premium taxes it pays, ranging from 0-3.5%, pursuant to provisions in the contracts it issues.
The disclosures above include charges currently assessed to the contract holder. There are certain other additional charges, such as exchange charges and other taxes, which may be assessed in accordance with the terms of the contract in future periods.
The contracts are distributed through Fidelity Brokerage Services LLC ("FBS"), Fidelity Insurance Agency, Inc. ("FIA"), and Fidelity Investments Institutional Services Company, Inc. ("FIIS"), all of which are affiliated with FMR LLC. FBS, FIA, and FIIS are the distributors and FBS is the principal underwriter of the contracts. Fidelity Investments Institutional Operations Company, Inc. ("FIIOC"), an affiliate of FMR LLC, is the transfer and shareholder servicing agent for the VIP portfolios.
Management fees are paid by certain funds to Fidelity Management & Research Company, an affiliate of FMR LLC, in its capacity as advisor to the VIP mutual fund portfolios. The total management fees, as a percentage of a fund's average net assets, for the year ended December 31, 2015 were 0.045% to 0.80% depending on the fund.
4. Investments
Purchases and Sales
The following table shows aggregate cost of shares purchased and proceeds from sales of each portfolio for the year ended December 31, 2015:
Purchases (000s) |
Sales (000s) |
||||||||||
VIP - Government Money Market (b) |
$ |
74,651 |
$ |
95,926 |
|||||||
VIP - Government Money Market Investor Class (b) |
632,189 |
544,933 |
|||||||||
VIP - High Income |
10,474 |
19,329 |
|||||||||
VIP - High Income Investor Class |
100,084 |
110,510 |
|||||||||
VIP - Equity-Income |
55,020 |
53,811 |
|||||||||
VIP - Equity-Income Investor Class |
51,182 |
43,344 |
|||||||||
VIP - Growth |
16,937 |
51,148 |
|||||||||
VIP - Growth Investor Class |
52,916 |
24,833 |
|||||||||
VIP - Overseas |
44,803 |
13,506 |
|||||||||
VIP - Overseas, Class R (c) |
1,852 |
41,170 |
|||||||||
VIP - Overseas, Investor Class (b) |
60,227 |
23,181 |
|||||||||
VIP - Investment Grade Bond |
15,398 |
33,459 |
|||||||||
VIP - Investment Grade Bond Investor Class |
118,714 |
69,731 |
|||||||||
VIP - Asset Manager |
22,431 |
28,619 |
|||||||||
VIP - Asset Manager Investor Class |
43,301 |
19,587 |
|||||||||
VIP - Index 500 |
329,539 |
152,826 |
|||||||||
VIP - Asset Manager: Growth |
2,039 |
12,396 |
|||||||||
VIP - Asset Manager: Growth Investor Class |
30,349 |
9,667 |
|||||||||
VIP - Contrafund |
100,130 |
98,979 |
|||||||||
VIP - Contrafund Investor Class |
224,993 |
66,013 |
|||||||||
VIP - Balanced |
21,248 |
21,295 |
|||||||||
VIP - Balanced Investor Class |
378,107 |
140,994 |
|||||||||
VIP - Dynamic Capital Appreciation |
7,925 |
8,883 |
|||||||||
VIP - Dynamic Capital Appreciation Investor Class |
58,031 |
28,554 |
|||||||||
VIP - Growth & Income |
11,196 |
19,380 |
|||||||||
VIP - Growth & Income Investor Class |
42,653 |
45,864 |
|||||||||
VIP - Growth Opportunities |
35,887 |
16,593 |
|||||||||
VIP - Growth Opportunities Investor Class |
182,366 |
41,136 |
|||||||||
VIP - Mid Cap |
58,372 |
49,303 |
|||||||||
VIP - Mid Cap Investor Class |
141,994 |
59,975 |
|||||||||
VIP - Value Strategies |
5,515 |
8,707 |
|||||||||
VIP - Value Strategies Investor Class |
36,954 |
17,109 |
|||||||||
VIP - Utilities |
4,544 |
13,143 |
|||||||||
VIP - Utilities Investor Class |
16,524 |
40,022 |
|||||||||
VIP - Technology |
12,955 |
11,513 |
|||||||||
VIP - Technology Investor Class |
80,054 |
23,239 |
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
Annual Report
52
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
4. Investments - continued
Purchases and Sales - continued
Purchases (000s) |
Sales (000s) |
||||||||||
VIP - Energy |
$ |
7,972 |
$ |
16,642 |
|||||||
VIP - Energy Investor Class |
50,314 |
24,769 |
|||||||||
VIP - Health Care |
66,696 |
58,749 |
|||||||||
VIP - Health Care Investor Class |
318,970 |
121,096 |
|||||||||
VIP - Financial Services |
6,018 |
7,656 |
|||||||||
VIP - Financial Services Investor Class |
33,930 |
25,225 |
|||||||||
VIP - Industrials |
6,353 |
11,646 |
|||||||||
VIP - Industrials Investor Class |
27,451 |
28,807 |
|||||||||
VIP - Consumer Discretionary |
23,745 |
4,271 |
|||||||||
VIP - Consumer Discretionary Investor Class |
92,791 |
14,819 |
|||||||||
VIP - Real Estate |
13,909 |
17,917 |
|||||||||
VIP - Real Estate Investor Class |
60,542 |
54,960 |
|||||||||
VIP - Strategic Income |
4,527 |
17,036 |
|||||||||
VIP - Strategic Income Investor Class |
90,521 |
119,728 |
|||||||||
VIP - Growth Strategies (c) |
5,098 |
12,302 |
|||||||||
VIP - Growth Strategies Investor Class (c) |
20,439 |
45,416 |
|||||||||
VIP - International Capital Appreciation (a) |
19,413 |
2,757 |
|||||||||
VIP - International Capital Appreciation, Class R (c) |
1,895 |
19,018 |
|||||||||
VIP - International Capital Appreciation, Investor Class (b) |
61,540 |
14,013 |
|||||||||
VIP - Value Leaders (c) |
590 |
8,448 |
|||||||||
VIP - Value Leaders Investor Class (c) |
2,682 |
22,890 |
|||||||||
VIP - Value |
14,069 |
9,700 |
|||||||||
VIP - Value Investor Class |
66,019 |
31,745 |
|||||||||
VIP - Growth Stock (c) |
3,576 |
22,468 |
|||||||||
VIP - Growth Stock Investor Class (c) |
22,950 |
121,070 |
|||||||||
VIP - Freedom Income |
1,652 |
3,128 |
|||||||||
VIP - Freedom Income Investor Class |
18,027 |
17,843 |
|||||||||
VIP - Freedom 2005 |
827 |
1,804 |
|||||||||
VIP - Freedom 2005 Investor Class |
3,858 |
5,711 |
|||||||||
VIP - Freedom 2010 |
1,409 |
3,686 |
|||||||||
VIP - Freedom 2010 Investor Class |
6,842 |
7,684 |
|||||||||
VIP - Freedom 2015 |
2,124 |
5,350 |
|||||||||
VIP - Freedom 2015 Investor Class |
12,380 |
14,716 |
|||||||||
VIP - Freedom 2020 |
2,808 |
5,520 |
|||||||||
VIP - Freedom 2020 Investor Class |
21,429 |
21,330 |
|||||||||
VIP - Freedom 2025 |
1,880 |
4,060 |
|||||||||
VIP - Freedom 2025 Investor Class |
36,797 |
15,973 |
|||||||||
VIP - Freedom 2030 |
3,266 |
2,916 |
|||||||||
VIP - Freedom 2030 Investor Class |
29,023 |
12,392 |
|||||||||
VIP - Freedom Lifetime Income I |
909 |
1,341 |
|||||||||
VIP - Freedom Lifetime Income II |
4,159 |
2,530 |
|||||||||
VIP - Freedom Lifetime Income III |
5,513 |
1,414 |
|||||||||
VIP - Disciplined Small Cap |
6,323 |
9,189 |
|||||||||
VIP - Disciplined Small Cap Investor Class |
49,568 |
28,096 |
|||||||||
VIP - FundsManager 20% |
98,334 |
92,464 |
|||||||||
VIP - FundsManager 50% |
192,675 |
109,633 |
|||||||||
VIP - FundsManager 60% |
303,719 |
165,878 |
|||||||||
VIP - FundsManager 70% |
176,198 |
72,318 |
|||||||||
VIP - FundsManager 85% |
83,905 |
46,532 |
|||||||||
VIP - Consumer Staples |
9,317 |
5,150 |
|||||||||
VIP - Consumer Staples Investor Class |
69,089 |
22,378 |
|||||||||
VIP - Materials |
2,954 |
5,878 |
|||||||||
VIP - Materials Investor Class |
12,721 |
17,999 |
|||||||||
VIP - Telecommunications |
2,296 |
1,300 |
|||||||||
VIP - Telecommunications Investor Class |
13,383 |
7,002 |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
Annual Report
53
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
4. Investments - continued
Purchases and Sales - continued
Purchases (000s) |
Sales (000s) |
||||||||||
VIP - Emerging Markets (a) |
$ |
8,873 |
$ |
2,626 |
|||||||
VIP - Emerging Markets, Class R |
745 |
8,778 |
|||||||||
VIP - Emerging Markets Investor Class (b) |
8,658 |
7,306 |
|||||||||
VIP - Floating Rate High Income |
4,370 |
1,978 |
|||||||||
VIP - Floating Rate High Income Investor Class |
63,843 |
34,831 |
|||||||||
UIF - Emerging Markets Equity |
6,450 |
16,019 |
|||||||||
UIF - Emerging Markets Debt |
13,720 |
33,562 |
|||||||||
UIF - Global Strategist (b) |
3,704 |
10,416 |
|||||||||
Invesco - Van Kampen Global Core Equity |
6,115 |
6,387 |
|||||||||
WFAF - Advantage VT Discovery |
4,330 |
3,295 |
|||||||||
WFAF - Advantage VT Opportunity |
2,110 |
1,814 |
|||||||||
Lazard - Retirement Emerging Markets |
12,380 |
28,315 |
|||||||||
PVIT - Commodity Real Return |
6,418 |
4,446 |
|||||||||
PVIT - Low Duration |
78,176 |
102,881 |
|||||||||
PVIT - Real Return |
20,188 |
44,898 |
|||||||||
PVIT - Total Return |
84,938 |
73,871 |
|||||||||
Blackrock - Global Allocation V.I. |
39,726 |
26,797 |
|||||||||
FTVIP - Templeton Global Bond |
28,333 |
34,813 |
|||||||||
FTVIP - Franklin U.S. Gov't Securities |
34,930 |
19,004 |
Shares, Aggregate Cost and Net Asset Value
The following table shows the number of shares owned, aggregate cost and net asset value per share of each portfolio at December 31, 2015:
Number of Shares (000s) |
Aggregate Cost (000s) |
Net Asset Value Per Share |
|||||||||||||
VIP - Government Money Market (b) |
253,903 |
$ |
253,903 |
$ |
1.00 |
||||||||||
VIP - Government Money Market Investor Class (b) |
934,805 |
934,805 |
1.00 |
||||||||||||
VIP - High Income |
18,453 |
218,783 |
4.95 |
||||||||||||
VIP - High Income Investor Class |
67,184 |
404,332 |
4.93 |
||||||||||||
VIP - Equity-Income |
18,832 |
471,470 |
20.46 |
||||||||||||
VIP - Equity-Income Investor Class |
12,551 |
305,654 |
20.38 |
||||||||||||
VIP - Growth |
6,319 |
330,466 |
65.75 |
||||||||||||
VIP - Growth Investor Class |
3,441 |
188,464 |
65.55 |
||||||||||||
VIP - Overseas |
4,973 |
118,364 |
19.08 |
||||||||||||
VIP - Overseas, Investor Class (b) |
10,367 |
221,779 |
19.02 |
||||||||||||
VIP - Investment Grade Bond |
17,043 |
228,931 |
12.37 |
||||||||||||
VIP - Investment Grade Bond Investor Class |
43,423 |
568,382 |
12.32 |
||||||||||||
VIP - Asset Manager |
14,492 |
244,289 |
15.76 |
||||||||||||
VIP - Asset Manager Investor Class |
10,743 |
175,681 |
15.68 |
||||||||||||
VIP - Index 500 |
8,197 |
1,456,225 |
206.43 |
||||||||||||
VIP - Asset Manager: Growth |
3,882 |
65,156 |
18.91 |
||||||||||||
VIP - Asset Manager: Growth Investor Class |
5,296 |
96,569 |
18.82 |
||||||||||||
VIP - Contrafund |
26,425 |
789,693 |
33.92 |
||||||||||||
VIP - Contrafund Investor Class |
32,679 |
1,033,611 |
33.77 |
||||||||||||
VIP - Balanced |
9,540 |
155,168 |
16.27 |
||||||||||||
VIP - Balanced Investor Class |
127,647 |
2,015,128 |
16.16 |
||||||||||||
VIP - Dynamic Capital Appreciation |
2,548 |
31,922 |
12.85 |
||||||||||||
VIP - Dynamic Capital Appreciation Investor Class |
11,741 |
150,120 |
12.83 |
||||||||||||
VIP - Growth & Income |
6,160 |
105,975 |
18.88 |
||||||||||||
VIP - Growth & Income Investor Class |
7,932 |
151,662 |
18.82 |
||||||||||||
VIP - Growth Opportunities |
2,910 |
80,761 |
31.75 |
||||||||||||
VIP - Growth Opportunities Investor Class |
7,902 |
256,948 |
31.60 |
||||||||||||
VIP - Mid Cap |
9,985 |
333,333 |
32.65 |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
Annual Report
54
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
4. Investments - continued
Shares, Aggregate Cost and Net Asset Value - continued
Number of Shares (000s) |
Aggregate Cost (000s) |
Net Asset Value Per Share |
|||||||||||||
VIP - Mid Cap Investor Class |
14,180 |
$ |
493,344 |
$ |
32.50 |
||||||||||
VIP - Value Strategies |
3,064 |
42,996 |
14.54 |
||||||||||||
VIP - Value Strategies Investor Class |
6,571 |
94,482 |
14.47 |
||||||||||||
VIP - Utilities |
1,543 |
22,798 |
13.18 |
||||||||||||
VIP - Utilities Investor Class |
4,004 |
60,778 |
13.11 |
||||||||||||
VIP - Technology |
5,275 |
62,938 |
11.91 |
||||||||||||
VIP - Technology Investor Class |
18,720 |
221,441 |
11.79 |
||||||||||||
VIP - Energy |
2,715 |
73,787 |
15.57 |
||||||||||||
VIP - Energy Investor Class |
5,776 |
142,306 |
15.55 |
||||||||||||
VIP - Health Care |
7,872 |
188,640 |
25.92 |
||||||||||||
VIP - Health Care Investor Class |
29,242 |
717,580 |
25.73 |
||||||||||||
VIP - Financial Services |
1,926 |
25,469 |
9.74 |
||||||||||||
VIP - Financial Services Investor Class |
8,315 |
85,216 |
9.71 |
||||||||||||
VIP - Industrials |
1,616 |
33,116 |
20.25 |
||||||||||||
VIP - Industrials Investor Class |
4,724 |
99,834 |
20.15 |
||||||||||||
VIP - Consumer Discretionary |
2,071 |
37,562 |
17.88 |
||||||||||||
VIP - Consumer Discretionary Investor Class |
8,442 |
152,199 |
17.84 |
||||||||||||
VIP - Real Estate |
2,612 |
61,441 |
19.61 |
||||||||||||
VIP - Real Estate Investor Class |
10,372 |
207,735 |
19.52 |
||||||||||||
VIP - Strategic Income |
6,974 |
81,214 |
10.60 |
||||||||||||
VIP - Strategic Income Investor Class |
79,717 |
928,138 |
10.57 |
||||||||||||
VIP - International Capital Appreciation (a) |
1,208 |
16,627 |
13.32 |
||||||||||||
VIP - International Capital Appreciation, Investor Class (b) |
11,406 |
147,942 |
13.22 |
||||||||||||
VIP - Value |
1,671 |
25,780 |
13.36 |
||||||||||||
VIP - Value Investor Class |
8,486 |
129,753 |
13.35 |
||||||||||||
VIP - Freedom Income |
1,021 |
11,342 |
10.78 |
||||||||||||
VIP - Freedom Income Investor Class |
5,600 |
62,094 |
10.86 |
||||||||||||
VIP - Freedom 2005 |
547 |
6,517 |
11.29 |
||||||||||||
VIP - Freedom 2005 Investor Class |
1,630 |
18,321 |
10.79 |
||||||||||||
VIP - Freedom 2010 |
950 |
11,647 |
12.15 |
||||||||||||
VIP - Freedom 2010 Investor Class |
4,687 |
54,291 |
11.49 |
||||||||||||
VIP - Freedom 2015 |
2,149 |
26,602 |
12.24 |
||||||||||||
VIP - Freedom 2015 Investor Class |
7,814 |
88,880 |
11.34 |
||||||||||||
VIP - Freedom 2020 |
2,072 |
26,136 |
12.44 |
||||||||||||
VIP - Freedom 2020 Investor Class |
14,761 |
167,661 |
11.34 |
||||||||||||
VIP - Freedom 2025 |
1,077 |
13,960 |
12.82 |
||||||||||||
VIP - Freedom 2025 Investor Class |
12,140 |
143,271 |
12.04 |
||||||||||||
VIP - Freedom 2030 |
1,371 |
18,056 |
12.68 |
||||||||||||
VIP - Freedom 2030 Investor Class |
11,518 |
132,536 |
11.68 |
||||||||||||
VIP - Freedom Lifetime Income I |
1,092 |
11,925 |
10.65 |
||||||||||||
VIP - Freedom Lifetime Income II |
2,584 |
29,775 |
11.47 |
||||||||||||
VIP - Freedom Lifetime Income III |
1,637 |
19,276 |
11.59 |
||||||||||||
VIP - Disciplined Small Cap |
1,939 |
28,942 |
14.52 |
||||||||||||
VIP - Disciplined Small Cap Investor Class |
12,041 |
178,452 |
14.48 |
||||||||||||
VIP - FundsManager 20% |
60,453 |
674,987 |
11.01 |
||||||||||||
VIP - FundsManager 50% |
104,205 |
1,172,179 |
11.85 |
||||||||||||
VIP - FundsManager 60% |
152,542 |
1,578,614 |
11.06 |
||||||||||||
VIP - FundsManager 70% |
83,869 |
950,886 |
12.05 |
||||||||||||
VIP - FundsManager 85% |
30,726 |
355,776 |
11.87 |
||||||||||||
VIP - Consumer Staples |
1,403 |
23,398 |
18.25 |
||||||||||||
VIP - Consumer Staples Investor Class |
10,683 |
176,850 |
18.19 |
||||||||||||
VIP - Materials |
874 |
12,532 |
12.18 |
||||||||||||
VIP - Materials Investor Class |
2,866 |
41,801 |
12.18 |
||||||||||||
VIP - Telecommunications |
382 |
4,253 |
10.85 |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
Annual Report
55
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
4. Investments - continued
Shares, Aggregate Cost and Net Asset Value - continued
Number of Shares (000s) |
Aggregate Cost (000s) |
Net Asset Value Per Share |
|||||||||||||
VIP - Telecommunications Investor Class |
1,894 |
$ |
20,911 |
$ |
10.79 |
||||||||||
VIP - Emerging Markets (a) |
630 |
5,999 |
8.14 |
||||||||||||
VIP - Emerging Markets Investor Class (b) |
3,158 |
31,139 |
8.11 |
||||||||||||
VIP - Floating Rate High Income |
381 |
3,797 |
9.34 |
||||||||||||
VIP - Floating Rate High Income Investor Class |
10,009 |
100,214 |
9.34 |
||||||||||||
UIF - Emerging Markets Equity |
4,694 |
104,370 |
12.39 |
||||||||||||
UIF - Emerging Markets Debt |
17,564 |
160,431 |
7.45 |
||||||||||||
UIF - Global Strategist (b) |
3,529 |
47,086 |
9.39 |
||||||||||||
Invesco - Van Kampen Global Core Equity |
2,640 |
22,167 |
8.35 |
||||||||||||
WFAF - Advantage VT Discovery |
1,007 |
31,839 |
25.99 |
||||||||||||
WFAF - Advantage VT Opportunity |
742 |
20,663 |
25.05 |
||||||||||||
Lazard - Retirement Emerging Markets |
5,808 |
145,119 |
15.51 |
||||||||||||
PVIT - Commodity Real Return |
1,676 |
22,984 |
6.91 |
||||||||||||
PVIT - Low Duration |
44,886 |
477,868 |
10.25 |
||||||||||||
PVIT - Real Return |
16,643 |
240,589 |
11.93 |
||||||||||||
PVIT - Total Return |
51,079 |
586,501 |
10.58 |
||||||||||||
Blackrock - Global Allocation V.I. |
12,903 |
220,552 |
15.04 |
||||||||||||
FTVIP - Templeton Global Bond |
8,189 |
156,493 |
15.80 |
||||||||||||
FTVIP - Franklin U.S. Gov't Securities |
4,384 |
57,167 |
12.47 |
(a) New Fund. See Note 1
(b) Fund Name Change. See Note 1
5. Changes in Units Outstanding
The changes in units outstanding for the years ended December 31, 2015 and 2014 were as follows:
Fidelity Retirement Reserves |
Fidelity Income Advantage |
||||||||||||||||||
(in thousands) |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||
VIP - Government Money Market (b) |
|||||||||||||||||||
Units Issued |
7,478 |
8,277 |
334 |
354 |
|||||||||||||||
Units Redeemed |
(8,217 |
) |
(10,489 |
) |
(513 |
) |
(441 |
) |
|||||||||||
Net Increase (Decrease) |
(739 |
) |
(2,212 |
) |
(179 |
) |
(87 |
) |
|||||||||||
VIP - High Income |
|||||||||||||||||||
Units Issued |
105 |
224 |
34 |
53 |
|||||||||||||||
Units Redeemed |
(344 |
) |
(512 |
) |
(98 |
) |
(142 |
) |
|||||||||||
Net Increase (Decrease) |
(239 |
) |
(288 |
) |
(64 |
) |
(89 |
) |
|||||||||||
VIP - Equity-Income |
|||||||||||||||||||
Units Issued |
63 |
100 |
8 |
7 |
|||||||||||||||
Units Redeemed |
(502 |
) |
(581 |
) |
(97 |
) |
(106 |
) |
|||||||||||
Net Increase (Decrease) |
(439 |
) |
(481 |
) |
(89 |
) |
(99 |
) |
|||||||||||
VIP - Growth |
|||||||||||||||||||
Units Issued |
87 |
142 |
9 |
19 |
|||||||||||||||
Units Redeemed |
(448 |
) |
(459 |
) |
(58 |
) |
(61 |
) |
|||||||||||
Net Increase (Decrease) |
(361 |
) |
(317 |
) |
(49 |
) |
(42 |
) |
|||||||||||
VIP - Overseas |
|||||||||||||||||||
Units Issued |
837 |
2 |
138 |
0 |
|||||||||||||||
Units Redeemed |
(297 |
) |
(158 |
) |
(41 |
) |
(15 |
) |
|||||||||||
Net Increase (Decrease) |
540 |
(156 |
) |
97 |
(15 |
) |
(b) Fund Name Change. See Note 1.
Annual Report
56
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity Retirement Reserves |
Fidelity Income Advantage |
||||||||||||||||||
(in thousands) |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||
VIP - Overseas, Class R (c) |
|||||||||||||||||||
Units Issued |
117 |
290 |
49 |
22 |
|||||||||||||||
Units Redeemed |
(2,038 |
) |
(564 |
) |
(336 |
) |
(69 |
) |
|||||||||||
Net Increase (Decrease) |
(1,921 |
) |
(274 |
) |
(287 |
) |
(47 |
) |
|||||||||||
VIP - Investment Grade Bond |
|||||||||||||||||||
Units Issued |
407 |
450 |
55 |
40 |
|||||||||||||||
Units Redeemed |
(808 |
) |
(847 |
) |
(194 |
) |
(205 |
) |
|||||||||||
Net Increase (Decrease) |
(401 |
) |
(397 |
) |
(139 |
) |
(165 |
) |
|||||||||||
VIP - Asset Manager |
|||||||||||||||||||
Units Issued |
78 |
102 |
7 |
6 |
|||||||||||||||
Units Redeemed |
(447 |
) |
(512 |
) |
(108 |
) |
(110 |
) |
|||||||||||
Net Increase (Decrease) |
(369 |
) |
(410 |
) |
(101 |
) |
(104 |
) |
|||||||||||
VIP - Index 500 |
|||||||||||||||||||
Units Issued |
565 |
805 |
40 |
59 |
|||||||||||||||
Units Redeemed |
(1,096 |
) |
(1,078 |
) |
(143 |
) |
(147 |
) |
|||||||||||
Net Increase (Decrease) |
(531 |
) |
(273 |
) |
(103 |
) |
(88 |
) |
|||||||||||
VIP - Asset Manager: Growth |
|||||||||||||||||||
Units Issued |
37 |
99 |
11 |
6 |
|||||||||||||||
Units Redeemed |
(283 |
) |
(241 |
) |
(64 |
) |
(59 |
) |
|||||||||||
Net Increase (Decrease) |
(246 |
) |
(142 |
) |
(53 |
) |
(53 |
) |
|||||||||||
VIP - Contrafund |
|||||||||||||||||||
Units Issued |
344 |
436 |
42 |
34 |
|||||||||||||||
Units Redeemed |
(1,359 |
) |
(1,547 |
) |
(174 |
) |
(198 |
) |
|||||||||||
Net Increase (Decrease) |
(1,015 |
) |
(1,111 |
) |
(132 |
) |
(164 |
) |
|||||||||||
VIP - Balanced |
|||||||||||||||||||
Units Issued |
760 |
708 |
72 |
94 |
|||||||||||||||
Units Redeemed |
(803 |
) |
(732 |
) |
(245 |
) |
(196 |
) |
|||||||||||
Net Increase (Decrease) |
(43 |
) |
(24 |
) |
(173 |
) |
(102 |
) |
|||||||||||
VIP - Dynamic Capital Appreciation |
|||||||||||||||||||
Units Issued |
287 |
493 |
32 |
50 |
|||||||||||||||
Units Redeemed |
(365 |
) |
(461 |
) |
(67 |
) |
(69 |
) |
|||||||||||
Net Increase (Decrease) |
(78 |
) |
32 |
(35 |
) |
(19 |
) |
||||||||||||
VIP - Growth & Income |
|||||||||||||||||||
Units Issued |
151 |
369 |
13 |
69 |
|||||||||||||||
Units Redeemed |
(521 |
) |
(605 |
) |
(178 |
) |
(136 |
) |
|||||||||||
Net Increase (Decrease) |
(370 |
) |
(236 |
) |
(165 |
) |
(67 |
) |
|||||||||||
VIP - Growth Opportunities |
|||||||||||||||||||
Units Issued |
1,043 |
349 |
188 |
57 |
|||||||||||||||
Units Redeemed |
(691 |
) |
(867 |
) |
(135 |
) |
(153 |
) |
|||||||||||
Net Increase (Decrease) |
352 |
(518 |
) |
53 |
(96 |
) |
|||||||||||||
VIP - Mid Cap |
|||||||||||||||||||
Units Issued |
487 |
303 |
100 |
36 |
|||||||||||||||
Units Redeemed |
(1,184 |
) |
(1,294 |
) |
(241 |
) |
(222 |
) |
|||||||||||
Net Increase (Decrease) |
(697 |
) |
(991 |
) |
(141 |
) |
(186 |
) |
|||||||||||
VIP - Value Strategies |
|||||||||||||||||||
Units Issued |
210 |
109 |
45 |
8 |
|||||||||||||||
Units Redeemed |
(330 |
) |
(598 |
) |
(65 |
) |
(162 |
) |
|||||||||||
Net Increase (Decrease) |
(120 |
) |
(489 |
) |
(20 |
) |
(154 |
) |
(c) Fund Closed.
Annual Report
57
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity Retirement Reserves |
Fidelity Income Advantage |
||||||||||||||||||
(in thousands) |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||
VIP - Utilities |
|||||||||||||||||||
Units Issued |
204 |
665 |
36 |
114 |
|||||||||||||||
Units Redeemed |
(609 |
) |
(484 |
) |
(104 |
) |
(68 |
) |
|||||||||||
Net Increase (Decrease) |
(405 |
) |
181 |
(68 |
) |
46 |
|||||||||||||
VIP - Technology |
|||||||||||||||||||
Units Issued |
555 |
771 |
100 |
163 |
|||||||||||||||
Units Redeemed |
(623 |
) |
(778 |
) |
(104 |
) |
(146 |
) |
|||||||||||
Net Increase (Decrease) |
(68 |
) |
(7 |
) |
(4 |
) |
17 |
||||||||||||
VIP - Energy |
|||||||||||||||||||
Units Issued |
367 |
704 |
70 |
80 |
|||||||||||||||
Units Redeemed |
(732 |
) |
(1,022 |
) |
(142 |
) |
(107 |
) |
|||||||||||
Net Increase (Decrease) |
(365 |
) |
(318 |
) |
(72 |
) |
(27 |
) |
|||||||||||
VIP - Health Care |
|||||||||||||||||||
Units Issued |
1,583 |
2,182 |
157 |
250 |
|||||||||||||||
Units Redeemed |
(1,984 |
) |
(1,861 |
) |
(233 |
) |
(183 |
) |
|||||||||||
Net Increase (Decrease) |
(401 |
) |
321 |
(76 |
) |
67 |
|||||||||||||
VIP - Financial Services |
|||||||||||||||||||
Units Issued |
560 |
462 |
71 |
59 |
|||||||||||||||
Units Redeemed |
(705 |
) |
(820 |
) |
(68 |
) |
(174 |
) |
|||||||||||
Net Increase (Decrease) |
(145 |
) |
(358 |
) |
3 |
(115 |
) |
||||||||||||
VIP - Industrials |
|||||||||||||||||||
Units Issued |
86 |
245 |
15 |
21 |
|||||||||||||||
Units Redeemed |
(298 |
) |
(484 |
) |
(52 |
) |
(75 |
) |
|||||||||||
Net Increase (Decrease) |
(212 |
) |
(239 |
) |
(37 |
) |
(54 |
) |
|||||||||||
VIP - Consumer Discretionary |
|||||||||||||||||||
Units Issued |
830 |
241 |
151 |
16 |
|||||||||||||||
Units Redeemed |
(248 |
) |
(656 |
) |
(43 |
) |
(118 |
) |
|||||||||||
Net Increase (Decrease) |
582 |
(415 |
) |
108 |
(102 |
) |
|||||||||||||
VIP - Real Estate |
|||||||||||||||||||
Units Issued |
456 |
498 |
104 |
110 |
|||||||||||||||
Units Redeemed |
(626 |
) |
(452 |
) |
(123 |
) |
(77 |
) |
|||||||||||
Net Increase (Decrease) |
(170 |
) |
46 |
(19 |
) |
33 |
|||||||||||||
VIP - Strategic Income |
|||||||||||||||||||
Units Issued |
231 |
610 |
30 |
16 |
|||||||||||||||
Units Redeemed |
(916 |
) |
(1,262 |
) |
(126 |
) |
(157 |
) |
|||||||||||
Net Increase (Decrease) |
(685 |
) |
(652 |
) |
(96 |
) |
(141 |
) |
|||||||||||
VIP - Growth Strategies (c) |
|||||||||||||||||||
Units Issued |
164 |
118 |
63 |
12 |
|||||||||||||||
Units Redeemed |
(508 |
) |
(130 |
) |
(134 |
) |
(20 |
) |
|||||||||||
Net Increase (Decrease) |
(344 |
) |
(12 |
) |
(71 |
) |
(8 |
) |
|||||||||||
VIP - International Capital Appreciation (a) |
|||||||||||||||||||
Units Issued |
869 |
0 |
137 |
0 |
|||||||||||||||
Units Redeemed |
0 |
0 |
0 |
0 |
|||||||||||||||
Net Increase (Decrease) |
869 |
0 |
137 |
0 |
|||||||||||||||
VIP - International Capital Appreciation, Class R (c) |
|||||||||||||||||||
Units Issued |
0 |
281 |
0 |
18 |
|||||||||||||||
Units Redeemed |
(891 |
) |
(276 |
) |
(146 |
) |
(47 |
) |
|||||||||||
Net Increase (Decrease) |
(891 |
) |
5 |
(146 |
) |
(29 |
) |
(a) New Fund. See Note 1.
(c) Fund Closed. See Note 1.
Annual Report
58
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity Retirement Reserves |
Fidelity Income Advantage |
||||||||||||||||||
(in thousands) |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||
VIP - Value Leaders (c) |
|||||||||||||||||||
Units Issued |
20 |
113 |
15 |
20 |
|||||||||||||||
Units Redeemed |
(453 |
) |
(158 |
) |
(88 |
) |
(45 |
) |
|||||||||||
Net Increase (Decrease) |
(433 |
) |
(45 |
) |
(73 |
) |
(25 |
) |
|||||||||||
VIP - Value |
|||||||||||||||||||
Units Issued |
551 |
439 |
81 |
50 |
|||||||||||||||
Units Redeemed |
(496 |
) |
(342 |
) |
(104 |
) |
(68 |
) |
|||||||||||
Net Increase (Decrease) |
55 |
97 |
(23 |
) |
(18 |
) |
|||||||||||||
VIP - Growth Stock (c) |
|||||||||||||||||||
Units Issued |
80 |
309 |
6 |
61 |
|||||||||||||||
Units Redeemed |
(861 |
) |
(255 |
) |
(155 |
) |
(24 |
) |
|||||||||||
Net Increase (Decrease) |
(781 |
) |
54 |
(149 |
) |
37 |
|||||||||||||
VIP - Freedom Income |
|||||||||||||||||||
Units Issued |
122 |
268 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(234 |
) |
(240 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(112 |
) |
28 |
0 |
0 |
||||||||||||||
VIP - Freedom 2005 |
|||||||||||||||||||
Units Issued |
47 |
74 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(117 |
) |
(41 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(70 |
) |
33 |
0 |
0 |
||||||||||||||
VIP - Freedom 2010 |
|||||||||||||||||||
Units Issued |
88 |
106 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(233 |
) |
(200 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(145 |
) |
(94 |
) |
0 |
0 |
|||||||||||||
VIP - Freedom 2015 |
|||||||||||||||||||
Units Issued |
122 |
196 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(339 |
) |
(275 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(217 |
) |
(79 |
) |
0 |
0 |
|||||||||||||
VIP - Freedom 2020 |
|||||||||||||||||||
Units Issued |
163 |
341 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(349 |
) |
(424 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(186 |
) |
(83 |
) |
0 |
0 |
|||||||||||||
VIP - Freedom 2025 |
|||||||||||||||||||
Units Issued |
110 |
142 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(244 |
) |
(176 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(134 |
) |
(34 |
) |
0 |
0 |
|||||||||||||
VIP - Freedom 2030 |
|||||||||||||||||||
Units Issued |
189 |
174 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(181 |
) |
(196 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
8 |
(22 |
) |
0 |
0 |
||||||||||||||
VIP - Disciplined Small Cap |
|||||||||||||||||||
Units Issued |
460 |
561 |
75 |
73 |
|||||||||||||||
Units Redeemed |
(614 |
) |
(1,159 |
) |
(98 |
) |
(232 |
) |
|||||||||||
Net Increase (Decrease) |
(154 |
) |
(598 |
) |
(23 |
) |
(159 |
) |
|||||||||||
VIP - Funds Manager 20% |
|||||||||||||||||||
Units Issued |
462 |
507 |
147 |
11 |
|||||||||||||||
Units Redeemed |
(720 |
) |
(857 |
) |
(132 |
) |
(146 |
) |
|||||||||||
Net Increase (Decrease) |
(258 |
) |
(350 |
) |
15 |
(135 |
) |
(c) Fund Closed. See Note 1.
Annual Report
59
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity Retirement Reserves |
Fidelity Income Advantage |
||||||||||||||||||
(in thousands) |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||
VIP - Funds Manager 50% |
|||||||||||||||||||
Units Issued |
421 |
700 |
131 |
123 |
|||||||||||||||
Units Redeemed |
(1,096 |
) |
(1,188 |
) |
(523 |
) |
(549 |
) |
|||||||||||
Net Increase (Decrease) |
(675 |
) |
(488 |
) |
(392 |
) |
(426 |
) |
|||||||||||
VIP - Funds Manager 60% |
|||||||||||||||||||
Units Issued |
211 |
708 |
29 |
111 |
|||||||||||||||
Units Redeemed |
(573 |
) |
(706 |
) |
(217 |
) |
(203 |
) |
|||||||||||
Net Increase (Decrease) |
(362 |
) |
2 |
(188 |
) |
(92 |
) |
||||||||||||
VIP - Funds Manager 70% |
|||||||||||||||||||
Units Issued |
339 |
606 |
71 |
74 |
|||||||||||||||
Units Redeemed |
(611 |
) |
(960 |
) |
(314 |
) |
(274 |
) |
|||||||||||
Net Increase (Decrease) |
(272 |
) |
(354 |
) |
(243 |
) |
(200 |
) |
|||||||||||
VIP - Funds Manager 85% |
|||||||||||||||||||
Units Issued |
117 |
245 |
26 |
58 |
|||||||||||||||
Units Redeemed |
(483 |
) |
(516 |
) |
(132 |
) |
(137 |
) |
|||||||||||
Net Increase (Decrease) |
(366 |
) |
(271 |
) |
(106 |
) |
(79 |
) |
|||||||||||
VIP - Consumer Staples |
|||||||||||||||||||
Units Issued |
381 |
195 |
71 |
32 |
|||||||||||||||
Units Redeemed |
(280 |
) |
(451 |
) |
(53 |
) |
(73 |
) |
|||||||||||
Net Increase (Decrease) |
101 |
(256 |
) |
18 |
(41 |
) |
|||||||||||||
VIP - Materials |
|||||||||||||||||||
Units Issued |
97 |
164 |
21 |
30 |
|||||||||||||||
Units Redeemed |
(323 |
) |
(329 |
) |
(44 |
) |
(53 |
) |
|||||||||||
Net Increase (Decrease) |
(226 |
) |
(165 |
) |
(23 |
) |
(23 |
) |
|||||||||||
VIP - Telecommunications |
|||||||||||||||||||
Units Issued |
158 |
98 |
27 |
13 |
|||||||||||||||
Units Redeemed |
(87 |
) |
(176 |
) |
(24 |
) |
(24 |
) |
|||||||||||
Net Increase (Decrease) |
71 |
(78 |
) |
3 |
(11 |
) |
|||||||||||||
VIP - Emerging Markets (a) |
|||||||||||||||||||
Units Issued |
655 |
0 |
36 |
0 |
|||||||||||||||
Units Redeemed |
0 |
0 |
0 |
0 |
|||||||||||||||
Net Increase (Decrease) |
655 |
0 |
36 |
0 |
|||||||||||||||
VIP - Emerging Markets, Class R (c) |
|||||||||||||||||||
Units Issued |
0 |
376 |
0 |
18 |
|||||||||||||||
Units Redeemed |
(873 |
) |
(552 |
) |
(51 |
) |
(26 |
) |
|||||||||||
Net Increase (Decrease) |
(873 |
) |
(176 |
) |
(51 |
) |
(8 |
) |
|||||||||||
VIP - Floating Rate High Income (a) |
|||||||||||||||||||
Units Issued |
406 |
267 |
36 |
73 |
|||||||||||||||
Units Redeemed |
(195 |
) |
(152 |
) |
(26 |
) |
(47 |
) |
|||||||||||
Net Increase (Decrease) |
211 |
115 |
10 |
26 |
|||||||||||||||
UIF - Emerging Markets Equity |
|||||||||||||||||||
Units Issued |
36 |
55 |
9 |
7 |
|||||||||||||||
Units Redeemed |
(260 |
) |
(380 |
) |
(32 |
) |
(33 |
) |
|||||||||||
Net Increase (Decrease) |
(224 |
) |
(325 |
) |
(23 |
) |
(26 |
) |
|||||||||||
UIF - Emerging Markets Debt |
|||||||||||||||||||
Units Issued |
19 |
123 |
1 |
5 |
|||||||||||||||
Units Redeemed |
(114 |
) |
(237 |
) |
(16 |
) |
(26 |
) |
|||||||||||
Net Increase (Decrease) |
(95 |
) |
(114 |
) |
(15 |
) |
(21 |
) |
(a) New Fund. See Note 1.
(c) Fund Closed. See Note 1.
Annual Report
60
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity Retirement Reserves |
Fidelity Income Advantage |
||||||||||||||||||
(in thousands) |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||
UIF - Global Strategist (b) |
|||||||||||||||||||
Units Issued |
10 |
29 |
1 |
2 |
|||||||||||||||
Units Redeemed |
(107 |
) |
(118 |
) |
(26 |
) |
(31 |
) |
|||||||||||
Net Increase (Decrease) |
(97 |
) |
(89 |
) |
(25 |
) |
(29 |
) |
|||||||||||
Invesco - Van Kampen Global Core Equity |
|||||||||||||||||||
Units Issued |
46 |
33 |
4 |
2 |
|||||||||||||||
Units Redeemed |
(104 |
) |
(99 |
) |
(18 |
) |
(20 |
) |
|||||||||||
Net Increase (Decrease) |
(58 |
) |
(66 |
) |
(14 |
) |
(18 |
) |
|||||||||||
WFAF - Advantage VT Discovery |
|||||||||||||||||||
Units Issued |
1 |
0 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(68 |
) |
(97 |
) |
(15 |
) |
(14 |
) |
|||||||||||
Net Increase (Decrease) |
(67 |
) |
(97 |
) |
(15 |
) |
(14 |
) |
|||||||||||
WFAF - Advantage VT Opportunity |
|||||||||||||||||||
Units Issued |
0 |
1 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(35 |
) |
(40 |
) |
(9 |
) |
(10 |
) |
|||||||||||
Net Increase (Decrease) |
(35 |
) |
(39 |
) |
(9 |
) |
(10 |
) |
|||||||||||
Lazard - Retirement Emerging Markets |
|||||||||||||||||||
Units Issued |
73 |
272 |
4 |
28 |
|||||||||||||||
Units Redeemed |
(346 |
) |
(630 |
) |
(38 |
) |
(49 |
) |
|||||||||||
Net Increase (Decrease) |
(273 |
) |
(358 |
) |
(34 |
) |
(21 |
) |
|||||||||||
PVIT - Commodity Real Return |
|||||||||||||||||||
Units Issued |
0 |
0 |
2 |
13 |
|||||||||||||||
Units Redeemed |
(14 |
) |
(18 |
) |
(9 |
) |
(10 |
) |
|||||||||||
Net Increase (Decrease) |
(14 |
) |
(18 |
) |
(7 |
) |
3 |
||||||||||||
PVIT - Low Duration |
|||||||||||||||||||
Units Issued |
623 |
1,199 |
5 |
40 |
|||||||||||||||
Units Redeemed |
(949 |
) |
(1,380 |
) |
(29 |
) |
(55 |
) |
|||||||||||
Net Increase (Decrease) |
(326 |
) |
(181 |
) |
(24 |
) |
(15 |
) |
|||||||||||
PVIT - Real Return |
|||||||||||||||||||
Units Issued |
114 |
183 |
12 |
14 |
|||||||||||||||
Units Redeemed |
(296 |
) |
(694 |
) |
(25 |
) |
(47 |
) |
|||||||||||
Net Increase (Decrease) |
(182 |
) |
(511 |
) |
(13 |
) |
(33 |
) |
|||||||||||
PVIT - Total Return |
|||||||||||||||||||
Units Issued |
288 |
324 |
31 |
9 |
|||||||||||||||
Units Redeemed |
(528 |
) |
(1,043 |
) |
(26 |
) |
(75 |
) |
|||||||||||
Net Increase (Decrease) |
(240 |
) |
(719 |
) |
5 |
(66 |
) |
||||||||||||
Blackrock - Global Allocation V.I. |
|||||||||||||||||||
Units Issued |
119 |
223 |
4 |
32 |
|||||||||||||||
Units Redeemed |
(153 |
) |
(158 |
) |
(19 |
) |
(89 |
) |
|||||||||||
Net Increase (Decrease) |
(34 |
) |
65 |
(15 |
) |
(57 |
) |
||||||||||||
FTVIP - Templeton Global Bond (b) |
|||||||||||||||||||
Units Issued |
205 |
286 |
6 |
27 |
|||||||||||||||
Units Redeemed |
(288 |
) |
(184 |
) |
(11 |
) |
(6 |
) |
|||||||||||
Net Increase (Decrease) |
(83 |
) |
102 |
(5 |
) |
21 |
|||||||||||||
FTVIP - Franklin U.S. Gov't Securities (b) |
|||||||||||||||||||
Units Issued |
303 |
234 |
36 |
12 |
|||||||||||||||
Units Redeemed |
(248 |
) |
(118 |
) |
(34 |
) |
(6 |
) |
|||||||||||
Net Increase (Decrease) |
55 |
116 |
2 |
6 |
(b) Fund Name Change. See Note 1.
Annual Report
61
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity Personal Retirement |
Fidelity Freedom Lifetime Income |
||||||||||||||||||
(in thousands) |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||
VIP - Government Money Market Investor Class (b) |
|||||||||||||||||||
Units Issued |
206,638 |
203,696 |
8,223 |
10,873 |
|||||||||||||||
Units Redeemed |
(198,175 |
) |
(209,859 |
) |
(8,290 |
) |
(10,672 |
) |
|||||||||||
Net Increase (Decrease) |
8,463 |
(6,163 |
) |
(67 |
) |
201 |
|||||||||||||
VIP - High Income Investor Class |
|||||||||||||||||||
Units Issued |
6,975 |
11,152 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(8,982 |
) |
(13,347 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(2,007 |
) |
(2,195 |
) |
0 |
0 |
|||||||||||||
VIP - Equity Income Investor Class |
|||||||||||||||||||
Units Issued |
1,962 |
3,959 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(3,377 |
) |
(3,906 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(1,415 |
) |
53 |
0 |
0 |
||||||||||||||
VIP - Growth Investor Class |
|||||||||||||||||||
Units Issued |
2,948 |
4,141 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(1,926 |
) |
(2,822 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
1,022 |
1,319 |
0 |
0 |
|||||||||||||||
VIP - Overseas, Investor Class (b) |
|||||||||||||||||||
Units Issued |
5,098 |
2,899 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(2,932 |
) |
(3,128 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
2,166 |
(229 |
) |
0 |
0 |
||||||||||||||
VIP - Investment Grade Bond Investor Class |
|||||||||||||||||||
Units Issued |
12,518 |
15,712 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(9,834 |
) |
(8,257 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
2,684 |
7,455 |
0 |
0 |
|||||||||||||||
VIP - Asset Manager Investor Class |
|||||||||||||||||||
Units Issued |
2,058 |
3,322 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(1,425 |
) |
(1,381 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
633 |
1,941 |
0 |
0 |
|||||||||||||||
VIP - Index 500 |
|||||||||||||||||||
Units Issued |
21,801 |
23,172 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(12,614 |
) |
(12,521 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
9,187 |
10,651 |
0 |
0 |
|||||||||||||||
VIP - Asset Manager: Growth Investor Class |
|||||||||||||||||||
Units Issued |
1,819 |
2,209 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(708 |
) |
(798 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
1,111 |
1,411 |
0 |
0 |
|||||||||||||||
VIP - Contrafund Investor Class |
|||||||||||||||||||
Units Issued |
10,438 |
11,205 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(7,547 |
) |
(8,609 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
2,891 |
2,596 |
0 |
0 |
|||||||||||||||
VIP - Balanced Investor Class |
|||||||||||||||||||
Units Issued |
20,537 |
15,300 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(8,210 |
) |
(5,778 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
12,327 |
9,522 |
0 |
0 |
|||||||||||||||
VIP - Dynamic Capital Appreciation Investor Class |
|||||||||||||||||||
Units Issued |
2,912 |
3,369 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(2,026 |
) |
(2,391 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
886 |
978 |
0 |
0 |
(b) Fund Name Change. See Note 1.
Annual Report
62
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity Personal Retirement |
Fidelity Freedom Lifetime Income |
||||||||||||||||||
(in thousands) |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||
VIP - Growth & Income Investor Class |
|||||||||||||||||||
Units Issued |
2,539 |
3,975 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(3,293 |
) |
(2,076 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(754 |
) |
1,899 |
0 |
0 |
||||||||||||||
VIP - Growth Opportunities Investor Class |
|||||||||||||||||||
Units Issued |
7,944 |
2,722 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(2,910 |
) |
(2,722 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
5,034 |
0 |
0 |
0 |
|||||||||||||||
VIP - Mid Cap Investor Class |
|||||||||||||||||||
Units Issued |
6,030 |
5,074 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(4,566 |
) |
(4,627 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
1,464 |
447 |
0 |
0 |
|||||||||||||||
VIP - Value Strategies Investor Class |
|||||||||||||||||||
Units Issued |
2,070 |
1,008 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(1,120 |
) |
(1,626 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
950 |
(618 |
) |
0 |
0 |
||||||||||||||
VIP - Utilities Investor Class |
|||||||||||||||||||
Units Issued |
1,170 |
3,134 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(2,566 |
) |
(1,642 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(1,396 |
) |
1,492 |
0 |
0 |
||||||||||||||
VIP - Technology Investor Class |
|||||||||||||||||||
Units Issued |
4,268 |
4,125 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(2,174 |
) |
(2,251 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
2,094 |
1,874 |
0 |
0 |
|||||||||||||||
VIP - Energy Investor Class |
|||||||||||||||||||
Units Issued |
4,498 |
4,279 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(3,075 |
) |
(3,746 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
1,423 |
533 |
0 |
0 |
|||||||||||||||
VIP - Health Care Investor Class |
|||||||||||||||||||
Units Issued |
9,747 |
9,961 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(6,718 |
) |
(5,519 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
3,029 |
4,442 |
0 |
0 |
|||||||||||||||
VIP - Financial Services Investor Class |
|||||||||||||||||||
Units Issued |
3,136 |
3,395 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(2,527 |
) |
(2,378 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
609 |
1,017 |
0 |
0 |
|||||||||||||||
VIP - Industrials Investor Class |
|||||||||||||||||||
Units Issued |
1,027 |
1,831 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(1,468 |
) |
(2,419 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(441 |
) |
(588 |
) |
0 |
0 |
|||||||||||||
VIP - Consumer Discretionary Investor Class |
|||||||||||||||||||
Units Issued |
4,067 |
1,686 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(1,217 |
) |
(2,882 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
2,850 |
(1,196 |
) |
0 |
0 |
||||||||||||||
VIP - Real Estate Investor Class |
|||||||||||||||||||
Units Issued |
4,075 |
4,199 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(4,198 |
) |
(2,397 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(123 |
) |
1,802 |
0 |
0 |
Annual Report
63
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity Personal Retirement |
Fidelity Freedom Lifetime Income |
||||||||||||||||||
(in thousands) |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||
VIP - Strategic Income Investor Class |
|||||||||||||||||||
Units Issued |
8,753 |
14,699 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(11,961 |
) |
(13,459 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(3,208 |
) |
1,240 |
0 |
0 |
||||||||||||||
VIP - Growth Strategies Investor Class (c) |
|||||||||||||||||||
Units Issued |
975 |
867 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(2,363 |
) |
(384 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(1,388 |
) |
483 |
0 |
0 |
||||||||||||||
VIP - International Capital Appreciation, Investor Class (b) |
|||||||||||||||||||
Units Issued |
4,521 |
2,922 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(1,752 |
) |
(1,703 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
2,769 |
1,219 |
0 |
0 |
|||||||||||||||
VIP - Value Leaders Investor Class (c) |
|||||||||||||||||||
Units Issued |
178 |
492 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(1,378 |
) |
(500 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(1,200 |
) |
(8 |
) |
0 |
0 |
|||||||||||||
VIP - Value Investor Class |
|||||||||||||||||||
Units Issued |
3,082 |
2,841 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(2,287 |
) |
(1,476 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
795 |
1,365 |
0 |
0 |
|||||||||||||||
VIP - Growth Stock Investor Class (c) |
|||||||||||||||||||
Units Issued |
706 |
2,098 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(5,336 |
) |
(1,261 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(4,630 |
) |
837 |
0 |
0 |
||||||||||||||
VIP - Freedom Income Investor Class |
|||||||||||||||||||
Units Issued |
1,363 |
1,541 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(1,461 |
) |
(1,220 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(98 |
) |
321 |
0 |
0 |
||||||||||||||
VIP - Freedom 2005 Investor Class |
|||||||||||||||||||
Units Issued |
245 |
556 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(381 |
) |
(351 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(136 |
) |
205 |
0 |
0 |
||||||||||||||
VIP - Freedom 2010 Investor Class |
|||||||||||||||||||
Units Issued |
410 |
736 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(515 |
) |
(894 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(105 |
) |
(158 |
) |
0 |
0 |
|||||||||||||
VIP - Freedom 2015 Investor Class |
|||||||||||||||||||
Units Issued |
778 |
1,168 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(999 |
) |
(1,143 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(221 |
) |
25 |
0 |
0 |
||||||||||||||
VIP - Freedom 2020 Investor Class |
|||||||||||||||||||
Units Issued |
1,444 |
2,931 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(1,618 |
) |
(1,515 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(174 |
) |
1,416 |
0 |
0 |
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
Annual Report
64
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity Personal Retirement |
Fidelity Freedom Lifetime Income |
||||||||||||||||||
(in thousands) |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||
VIP - Freedom 2025 Investor Class |
|||||||||||||||||||
Units Issued |
2,177 |
2,144 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(1,184 |
) |
(1,096 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
993 |
1,048 |
0 |
0 |
|||||||||||||||
VIP - Freedom 2030 Investor Class |
|||||||||||||||||||
Units Issued |
1,770 |
1,795 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(963 |
) |
(979 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
807 |
816 |
0 |
0 |
|||||||||||||||
VIP - Freedom Lifetime Income I |
|||||||||||||||||||
Units Issued |
0 |
0 |
29 |
151 |
|||||||||||||||
Units Redeemed |
0 |
0 |
(75 |
) |
(68 |
) |
|||||||||||||
Net Increase (Decrease) |
0 |
0 |
(46 |
) |
83 |
||||||||||||||
VIP - Freedom Lifetime Income II |
|||||||||||||||||||
Units Issued |
0 |
0 |
222 |
484 |
|||||||||||||||
Units Redeemed |
0 |
0 |
(152 |
) |
(159 |
) |
|||||||||||||
Net Increase (Decrease) |
0 |
0 |
70 |
325 |
|||||||||||||||
VIP - Freedom Lifetime Income III |
|||||||||||||||||||
Units Issued |
0 |
0 |
296 |
347 |
|||||||||||||||
Units Redeemed |
0 |
0 |
(77 |
) |
(157 |
) |
|||||||||||||
Net Increase (Decrease) |
0 |
0 |
219 |
190 |
|||||||||||||||
VIP - Disciplined Small Cap Investor Class |
|||||||||||||||||||
Units Issued |
3,711 |
3,534 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(2,659 |
) |
(4,542 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
1,052 |
(1,008 |
) |
0 |
0 |
||||||||||||||
VIP - FundsManager 20% |
|||||||||||||||||||
Units Issued |
7,635 |
12,009 |
181 |
297 |
|||||||||||||||
Units Redeemed |
(9,139 |
) |
(8,654 |
) |
(58 |
) |
(94 |
) |
|||||||||||
Net Increase (Decrease) |
(1,504 |
) |
3,355 |
123 |
203 |
||||||||||||||
VIP - FundsManager 50% |
|||||||||||||||||||
Units Issued |
10,886 |
15,030 |
2,108 |
3,012 |
|||||||||||||||
Units Redeemed |
(9,110 |
) |
(10,526 |
) |
(429 |
) |
(262 |
) |
|||||||||||
Net Increase (Decrease) |
1,776 |
4,504 |
1,679 |
2,750 |
|||||||||||||||
VIP - FundsManager 60% |
|||||||||||||||||||
Units Issued |
12,018 |
13,524 |
2,655 |
3,094 |
|||||||||||||||
Units Redeemed |
(7,038 |
) |
(5,667 |
) |
(367 |
) |
(303 |
) |
|||||||||||
Net Increase (Decrease) |
4,980 |
7,857 |
2,288 |
2,791 |
|||||||||||||||
VIP - FundsManager 70% |
|||||||||||||||||||
Units Issued |
11,673 |
13,710 |
779 |
670 |
|||||||||||||||
Units Redeemed |
(7,076 |
) |
(6,675 |
) |
(112 |
) |
(27 |
) |
|||||||||||
Net Increase (Decrease) |
4,597 |
7,035 |
667 |
643 |
|||||||||||||||
VIP - FundsManager 85% |
|||||||||||||||||||
Units Issued |
4,626 |
5,001 |
155 |
456 |
|||||||||||||||
Units Redeemed |
(2,923 |
) |
(2,916 |
) |
(60 |
) |
(87 |
) |
|||||||||||
Net Increase (Decrease) |
1,703 |
2,085 |
95 |
369 |
Annual Report
65
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity Personal Retirement |
Fidelity Freedom Lifetime Income |
||||||||||||||||||
(in thousands) |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||
VIP - Consumer Staples Investor Class |
|||||||||||||||||||
Units Issued |
3,766 |
2,219 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(2,167 |
) |
(2,247 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
1,599 |
(28 |
) |
0 |
0 |
||||||||||||||
VIP - Materials Investor Class |
|||||||||||||||||||
Units Issued |
637 |
1,018 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(1,143 |
) |
(1,039 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(506 |
) |
(21 |
) |
0 |
0 |
|||||||||||||
VIP - Telecommunications Investor Class |
|||||||||||||||||||
Units Issued |
901 |
596 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(539 |
) |
(688 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
362 |
(92 |
) |
0 |
0 |
||||||||||||||
VIP - Emerging Markets Investor Class (b) |
|||||||||||||||||||
Units Issued |
1,065 |
1,111 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(949 |
) |
(1,076 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
116 |
35 |
0 |
0 |
|||||||||||||||
VIP - Floating Rate High Income Investor Class (a) |
|||||||||||||||||||
Units Issued |
7,230 |
9,740 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(4,749 |
) |
(2,787 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
2,481 |
6,953 |
0 |
0 |
|||||||||||||||
UIF - Emerging Markets Equity |
|||||||||||||||||||
Units Issued |
547 |
622 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(815 |
) |
(1,038 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(268 |
) |
(416 |
) |
0 |
0 |
|||||||||||||
UIF - Emerging Markets Debt |
|||||||||||||||||||
Units Issued |
681 |
1,633 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(2,330 |
) |
(3,108 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(1,649 |
) |
(1,475 |
) |
0 |
0 |
|||||||||||||
UIF - Global Strategist (b) |
|||||||||||||||||||
Units Issued |
227 |
1,127 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(634 |
) |
(739 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(407 |
) |
388 |
0 |
0 |
||||||||||||||
Invesco - Van Kampen Global Core Equity |
|||||||||||||||||||
Units Issued |
424 |
403 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(431 |
) |
(464 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(7 |
) |
(61 |
) |
0 |
0 |
|||||||||||||
Lazard - Retirement Emerging Markets |
|||||||||||||||||||
Units Issued |
1,266 |
2,334 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(2,187 |
) |
(2,967 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(921 |
) |
(633 |
) |
0 |
0 |
|||||||||||||
PVIT - Commodity Real Return |
|||||||||||||||||||
Units Issued |
1,027 |
1,317 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(791 |
) |
(1,356 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
236 |
(39 |
) |
0 |
0 |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
Annual Report
66
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity Personal Retirement |
Fidelity Freedom Lifetime Income |
||||||||||||||||||
(in thousands) |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||
PVIT - Low Duration |
|||||||||||||||||||
Units Issued |
8,611 |
11,978 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(11,800 |
) |
(15,761 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(3,189 |
) |
(3,783 |
) |
0 |
0 |
|||||||||||||
PVIT - Real Return |
|||||||||||||||||||
Units Issued |
1,597 |
2,211 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(4,114 |
) |
(7,064 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(2,517 |
) |
(4,853 |
) |
0 |
0 |
|||||||||||||
PVIT - Total Return |
|||||||||||||||||||
Units Issued |
7,606 |
7,011 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(9,047 |
) |
(17,601 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(1,441 |
) |
(10,590 |
) |
0 |
0 |
|||||||||||||
Blackrock - Global Allocation V.I. |
|||||||||||||||||||
Units Issued |
2,961 |
6,559 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(2,868 |
) |
(3,389 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
93 |
3,170 |
0 |
0 |
|||||||||||||||
FTVIP - Templeton Global Bond (b) |
|||||||||||||||||||
Units Issued |
2,115 |
5,654 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(3,737 |
) |
(3,271 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
(1,622 |
) |
2,383 |
0 |
0 |
||||||||||||||
FTVIP - Franklin U.S. Gov't Securities (b) |
|||||||||||||||||||
Units Issued |
3,510 |
2,322 |
0 |
0 |
|||||||||||||||
Units Redeemed |
(2,109 |
) |
(1,316 |
) |
0 |
0 |
|||||||||||||
Net Increase (Decrease) |
1,401 |
1,006 |
0 |
0 |
Fidelity Growth and Guaranteed Income |
|||||||||||
(in thousands) |
2015 |
2014 |
|||||||||
VIP - Government Money Market Investor Class (b) |
|||||||||||
Units Issued |
1,744 |
867 |
|||||||||
Units Redeemed |
(1,463 |
) |
(999 |
) |
|||||||
Net Increase (Decrease) |
281 |
(132 |
) |
||||||||
VIP - Balanced Investor Class |
|||||||||||
Units Issued |
493 |
772 |
|||||||||
Units Redeemed |
(5,304 |
) |
(6,416 |
) |
|||||||
Net Increase (Decrease) |
(4,811 |
) |
(5,644 |
) |
|||||||
VIP - Funds Manager 60% |
|||||||||||
Units Issued |
77 |
204 |
|||||||||
Units Redeemed |
(5,584 |
) |
(6,651 |
) |
|||||||
Net Increase (Decrease) |
(5,507 |
) |
(6,447 |
) |
(b) Fund Name Change. See Note 1.
Annual Report
67
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values
A summary of unit values, units outstanding, income and expense ratios, investment income, and total return for each sub account, for each of the five years in the period ended December 31:
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Government Money Market (b) |
|||||||||||||||||||||||||||||||||||||||
2015 |
12,155 |
$ |
20.94 |
$ |
20.25 |
$ |
253,816 |
0.80 |
% |
1.00 |
% |
0.01 |
% |
(0.77 |
%) |
(0.97 |
%) |
||||||||||||||||||||||
2014 |
13,073 |
$ |
21.11 |
$ |
20.45 |
$ |
275,096 |
0.80 |
% |
1.00 |
% |
0.01 |
% |
(0.79 |
%) |
(0.99 |
%) |
||||||||||||||||||||||
2013 |
15,372 |
$ |
21.27 |
$ |
20.66 |
$ |
326,278 |
0.80 |
% |
1.00 |
% |
0.03 |
% |
(0.77 |
%) |
(0.97 |
%) |
||||||||||||||||||||||
2012 |
17,322 |
$ |
21.44 |
$ |
20.86 |
$ |
370,288 |
0.80 |
% |
1.00 |
% |
0.14 |
% |
(0.67 |
%) |
(0.87 |
%) |
||||||||||||||||||||||
2011 |
22,023 |
$ |
21.58 |
$ |
21.04 |
$ |
474,198 |
0.80 |
% |
1.00 |
% |
0.11 |
% |
(0.69 |
%) |
(0.89 |
%) |
||||||||||||||||||||||
VIP - Government Money Market Investor Class (b) |
|||||||||||||||||||||||||||||||||||||||
2015 |
87,463 |
$ |
9.98 |
$ |
9.17 |
$ |
934,802 |
0.10 |
% |
1.40 |
% |
0.01 |
% |
(0.09 |
%) |
(1.24 |
%) |
||||||||||||||||||||||
2014 |
78,786 |
$ |
9.99 |
$ |
9.30 |
$ |
847,543 |
0.10 |
% |
1.40 |
% |
0.01 |
% |
(0.09 |
%) |
(1.39 |
%) |
||||||||||||||||||||||
2013 |
84,881 |
$ |
10.00 |
$ |
9.43 |
$ |
912,990 |
0.10 |
% |
1.40 |
% |
0.02 |
% |
(0.08 |
%) |
(1.38 |
%) |
||||||||||||||||||||||
2012 |
68,806 |
$ |
10.01 |
$ |
9.56 |
$ |
747,063 |
0.10 |
% |
1.40 |
% |
0.11 |
% |
0.01 |
% |
(1.29 |
%) |
||||||||||||||||||||||
2011 |
73,170 |
$ |
10.01 |
$ |
9.69 |
$ |
797,469 |
0.10 |
% |
1.40 |
% |
0.09 |
% |
(0.01 |
%) |
(1.31 |
%) |
||||||||||||||||||||||
VIP - High Income |
|||||||||||||||||||||||||||||||||||||||
2015 |
2,027 |
$ |
45.42 |
$ |
43.92 |
$ |
91,337 |
0.80 |
% |
1.00 |
% |
6.25 |
% |
(4.40 |
%) |
(4.59 |
%) |
||||||||||||||||||||||
2014 |
2,330 |
$ |
47.51 |
$ |
46.04 |
$ |
109,907 |
0.80 |
% |
1.00 |
% |
5.25 |
% |
0.35 |
% |
0.14 |
% |
||||||||||||||||||||||
2013 |
2,707 |
$ |
47.34 |
$ |
45.97 |
$ |
127,331 |
0.80 |
% |
1.00 |
% |
5.40 |
% |
5.10 |
% |
4.89 |
% |
||||||||||||||||||||||
2012 |
3,329 |
$ |
45.05 |
$ |
43.83 |
$ |
148,951 |
0.80 |
% |
1.00 |
% |
5.97 |
% |
13.31 |
% |
13.08 |
% |
||||||||||||||||||||||
2011 |
3,385 |
$ |
39.76 |
$ |
38.76 |
$ |
133,678 |
0.80 |
% |
1.00 |
% |
6.46 |
% |
3.20 |
% |
2.99 |
% |
||||||||||||||||||||||
VIP - High Income Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
21,807 |
$ |
12.86 |
$ |
20.29 |
$ |
331,218 |
0.10 |
% |
0.25 |
% |
5.84 |
% |
(3.77 |
%) |
(3.92 |
%) |
||||||||||||||||||||||
2014 |
23,814 |
$ |
13.37 |
$ |
21.12 |
$ |
378,042 |
0.10 |
% |
0.25 |
% |
5.12 |
% |
1.02 |
% |
0.87 |
% |
||||||||||||||||||||||
2013 |
26,009 |
$ |
13.23 |
$ |
20.93 |
$ |
409,966 |
0.10 |
% |
0.25 |
% |
6.13 |
% |
5.84 |
% |
5.69 |
% |
||||||||||||||||||||||
2012 |
24,198 |
$ |
12.50 |
$ |
19.81 |
$ |
365,487 |
0.10 |
% |
0.25 |
% |
6.62 |
% |
14.15 |
% |
13.98 |
% |
||||||||||||||||||||||
2011 |
17,762 |
$ |
10.95 |
$ |
17.38 |
$ |
237,550 |
0.10 |
% |
0.25 |
% |
6.86 |
% |
3.72 |
% |
3.56 |
% |
||||||||||||||||||||||
VIP - Equity-Income |
|||||||||||||||||||||||||||||||||||||||
2015 |
4,370 |
$ |
88.60 |
$ |
85.68 |
$ |
385,365 |
0.80 |
% |
1.00 |
% |
3.03 |
% |
(4.73 |
%) |
(4.92 |
%) |
||||||||||||||||||||||
2014 |
4,898 |
$ |
93.00 |
$ |
90.11 |
$ |
453,370 |
0.80 |
% |
1.00 |
% |
2.77 |
% |
7.85 |
% |
7.63 |
% |
||||||||||||||||||||||
2013 |
5,477 |
$ |
86.23 |
$ |
83.72 |
$ |
470,381 |
0.80 |
% |
1.00 |
% |
2.46 |
% |
27.12 |
% |
26.87 |
% |
||||||||||||||||||||||
2012 |
6,074 |
$ |
67.83 |
$ |
65.99 |
$ |
410,401 |
0.80 |
% |
1.00 |
% |
3.06 |
% |
16.36 |
% |
16.13 |
% |
||||||||||||||||||||||
2011 |
6,944 |
$ |
58.29 |
$ |
56.83 |
$ |
403,287 |
0.80 |
% |
1.00 |
% |
2.41 |
% |
0.17 |
% |
(0.04 |
%) |
||||||||||||||||||||||
VIP - Equity-Income Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
14,516 |
$ |
18.37 |
$ |
27.20 |
$ |
255,795 |
0.10 |
% |
0.25 |
% |
2.95 |
% |
(4.11 |
%) |
(4.26 |
%) |
||||||||||||||||||||||
2014 |
15,931 |
$ |
19.16 |
$ |
28.41 |
$ |
293,306 |
0.10 |
% |
0.25 |
% |
2.89 |
% |
8.52 |
% |
8.36 |
% |
||||||||||||||||||||||
2013 |
15,878 |
$ |
17.66 |
$ |
26.22 |
$ |
269,681 |
0.10 |
% |
0.25 |
% |
2.79 |
% |
27.86 |
% |
27.67 |
% |
||||||||||||||||||||||
2012 |
12,632 |
$ |
12.44 |
$ |
20.53 |
$ |
167,797 |
0.10 |
% |
0.25 |
% |
3.24 |
% |
16.97 |
% |
16.97 |
% |
||||||||||||||||||||||
2011 |
11,968 |
$ |
11.79 |
$ |
17.56 |
$ |
135,566 |
0.10 |
% |
0.25 |
% |
2.54 |
% |
0.79 |
% |
0.64 |
% |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
68
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Growth |
|||||||||||||||||||||||||||||||||||||||
2015 |
3,699 |
$ |
112.69 |
$ |
108.98 |
$ |
415,521 |
0.80 |
% |
1.00 |
% |
0.19 |
% |
6.32 |
% |
6.10 |
% |
||||||||||||||||||||||
2014 |
4,109 |
$ |
105.99 |
$ |
102.71 |
$ |
434,211 |
0.80 |
% |
1.00 |
% |
0.18 |
% |
10.41 |
% |
10.18 |
% |
||||||||||||||||||||||
2013 |
4,468 |
$ |
96.00 |
$ |
93.21 |
$ |
427,784 |
0.80 |
% |
1.00 |
% |
0.29 |
% |
35.25 |
% |
34.97 |
% |
||||||||||||||||||||||
2012 |
4,921 |
$ |
70.98 |
$ |
69.06 |
$ |
348,382 |
0.80 |
% |
1.00 |
% |
0.58 |
% |
13.77 |
% |
13.54 |
% |
||||||||||||||||||||||
2011 |
5,626 |
$ |
62.39 |
$ |
60.83 |
$ |
350,138 |
0.80 |
% |
1.00 |
% |
0.35 |
% |
(0.60 |
%) |
(0.80 |
%) |
||||||||||||||||||||||
VIP - Growth Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
10,190 |
$ |
22.65 |
$ |
32.74 |
$ |
225,542 |
0.10 |
% |
0.25 |
% |
0.11 |
% |
6.98 |
% |
6.82 |
% |
||||||||||||||||||||||
2014 |
9,168 |
$ |
21.17 |
$ |
30.65 |
$ |
190,305 |
0.10 |
% |
0.25 |
% |
0.13 |
% |
11.09 |
% |
10.93 |
% |
||||||||||||||||||||||
2013 |
7,849 |
$ |
19.06 |
$ |
27.63 |
$ |
146,881 |
0.10 |
% |
0.25 |
% |
0.24 |
% |
36.08 |
% |
35.88 |
% |
||||||||||||||||||||||
2012 |
7,312 |
$ |
14.00 |
$ |
20.34 |
$ |
100,821 |
0.10 |
% |
0.25 |
% |
0.54 |
% |
14.46 |
% |
14.29 |
% |
||||||||||||||||||||||
2011 |
7,373 |
$ |
12.23 |
$ |
17.79 |
$ |
89,083 |
0.10 |
% |
0.25 |
% |
0.29 |
% |
0.04 |
% |
(0.11 |
%) |
||||||||||||||||||||||
VIP - Overseas |
|||||||||||||||||||||||||||||||||||||||
2015 |
2,131 |
$ |
44.68 |
$ |
43.21 |
$ |
94,915 |
0.80 |
% |
1.00 |
% |
1.04 |
% |
0.00 |
% |
0.00 |
% |
||||||||||||||||||||||
2014 |
1,494 |
$ |
43.46 |
$ |
42.12 |
$ |
64,776 |
0.80 |
% |
1.00 |
% |
1.29 |
% |
(8.81 |
%) |
(9.00 |
%) |
||||||||||||||||||||||
2013 |
1,665 |
$ |
47.66 |
$ |
46.28 |
$ |
79,166 |
0.80 |
% |
1.00 |
% |
1.34 |
% |
29.39 |
% |
29.13 |
% |
||||||||||||||||||||||
2012 |
1,912 |
$ |
36.84 |
$ |
35.84 |
$ |
70,288 |
0.80 |
% |
1.00 |
% |
1.90 |
% |
19.77 |
% |
19.53 |
% |
||||||||||||||||||||||
2011 |
2,229 |
$ |
30.76 |
$ |
29.98 |
$ |
68,423 |
0.80 |
% |
1.00 |
% |
1.33 |
% |
(17.83 |
%) |
(17.99 |
%) |
||||||||||||||||||||||
VIP - Overseas, Class R (c) |
|||||||||||||||||||||||||||||||||||||||
2015 |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|||||||||||||||||||||||||||
2014 |
2,208 |
$ |
16.33 |
$ |
15.98 |
$ |
35,954 |
0.80 |
% |
1.00 |
% |
1.27 |
% |
(8.83 |
%) |
(9.02 |
%) |
||||||||||||||||||||||
2013 |
2,529 |
$ |
17.91 |
$ |
17.57 |
$ |
45,199 |
0.80 |
% |
1.00 |
% |
1.41 |
% |
29.41 |
% |
29.15 |
% |
||||||||||||||||||||||
2012 |
2,734 |
$ |
13.84 |
$ |
13.60 |
$ |
37,773 |
0.80 |
% |
1.00 |
% |
1.88 |
% |
19.74 |
% |
19.50 |
% |
||||||||||||||||||||||
2011 |
3,316 |
$ |
11.56 |
$ |
11.38 |
$ |
38,254 |
0.80 |
% |
1.00 |
% |
1.30 |
% |
(17.81 |
%) |
(17.97 |
%) |
||||||||||||||||||||||
VIP - Overseas, Investor Class (b) |
|||||||||||||||||||||||||||||||||||||||
2015 |
13,130 |
$ |
14.59 |
$ |
20.18 |
$ |
197,176 |
0.10 |
% |
0.25 |
% |
1.15 |
% |
3.45 |
% |
3.29 |
% |
||||||||||||||||||||||
2014 |
10,964 |
$ |
14.10 |
$ |
19.54 |
$ |
159,847 |
0.10 |
% |
0.25 |
% |
1.25 |
% |
(8.26 |
%) |
(8.40 |
%) |
||||||||||||||||||||||
2013 |
11,193 |
$ |
15.37 |
$ |
21.33 |
$ |
178,565 |
0.10 |
% |
0.25 |
% |
1.55 |
% |
30.27 |
% |
30.07 |
% |
||||||||||||||||||||||
2012 |
8,895 |
$ |
11.80 |
$ |
16.40 |
$ |
109,745 |
0.10 |
% |
0.25 |
% |
1.86 |
% |
20.51 |
% |
20.33 |
% |
||||||||||||||||||||||
2011 |
9,748 |
$ |
7.79 |
$ |
13.63 |
$ |
100,387 |
0.10 |
% |
0.25 |
% |
1.32 |
% |
(17.37 |
%) |
(17.49 |
%) |
||||||||||||||||||||||
VIP - Investment Grade Bond |
|||||||||||||||||||||||||||||||||||||||
2015 |
5,271 |
$ |
40.31 |
$ |
38.99 |
$ |
210,831 |
0.80 |
% |
1.00 |
% |
2.29 |
% |
(1.39 |
%) |
(1.59 |
%) |
||||||||||||||||||||||
2014 |
5,811 |
$ |
40.88 |
$ |
39.62 |
$ |
235,750 |
0.80 |
% |
1.00 |
% |
2.14 |
% |
4.98 |
% |
4.77 |
% |
||||||||||||||||||||||
2013 |
6,373 |
$ |
38.94 |
$ |
37.81 |
$ |
246,448 |
0.80 |
% |
1.00 |
% |
2.16 |
% |
(2.56 |
%) |
(2.76 |
%) |
||||||||||||||||||||||
2012 |
8,206 |
$ |
39.97 |
$ |
38.88 |
$ |
326,015 |
0.80 |
% |
1.00 |
% |
2.28 |
% |
5.05 |
% |
4.83 |
% |
||||||||||||||||||||||
2011 |
9,202 |
$ |
38.05 |
$ |
37.09 |
$ |
348,146 |
0.80 |
% |
1.00 |
% |
3.26 |
% |
6.48 |
% |
6.26 |
% |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
69
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Investment Grade Bond Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
39,345 |
$ |
11.63 |
$ |
14.93 |
$ |
534,974 |
0.10 |
% |
0.25 |
% |
2.03 |
% |
(0.81 |
%) |
(0.96 |
%) |
||||||||||||||||||||||
2014 |
36,661 |
$ |
11.72 |
$ |
15.07 |
$ |
504,641 |
0.10 |
% |
0.25 |
% |
2.57 |
% |
5.72 |
% |
5.57 |
% |
||||||||||||||||||||||
2013 |
29,206 |
$ |
11.09 |
$ |
14.28 |
$ |
386,682 |
0.10 |
% |
0.25 |
% |
2.05 |
% |
(1.84 |
%) |
(1.99 |
%) |
||||||||||||||||||||||
2012 |
39,706 |
$ |
11.30 |
$ |
14.72 |
$ |
537,782 |
0.10 |
% |
0.25 |
% |
2.46 |
% |
5.70 |
% |
5.54 |
% |
||||||||||||||||||||||
2011 |
34,292 |
$ |
10.69 |
$ |
13.80 |
$ |
444,312 |
0.10 |
% |
0.25 |
% |
3.64 |
% |
7.14 |
% |
6.98 |
% |
||||||||||||||||||||||
VIP - Asset Manager |
|||||||||||||||||||||||||||||||||||||||
2015 |
4,390 |
$ |
52.32 |
$ |
50.59 |
$ |
228,446 |
0.80 |
% |
1.00 |
% |
1.57 |
% |
(0.66 |
%) |
(0.86 |
%) |
||||||||||||||||||||||
2014 |
4,860 |
$ |
52.66 |
$ |
51.03 |
$ |
254,609 |
0.80 |
% |
1.00 |
% |
1.46 |
% |
4.99 |
% |
4.77 |
% |
||||||||||||||||||||||
2013 |
5,374 |
$ |
50.16 |
$ |
48.70 |
$ |
268,232 |
0.80 |
% |
1.00 |
% |
1.55 |
% |
14.78 |
% |
14.55 |
% |
||||||||||||||||||||||
2012 |
5,966 |
$ |
43.70 |
$ |
42.52 |
$ |
259,473 |
0.80 |
% |
1.00 |
% |
1.50 |
% |
11.58 |
% |
11.35 |
% |
||||||||||||||||||||||
2011 |
6,766 |
$ |
39.17 |
$ |
38.18 |
$ |
263,731 |
0.80 |
% |
1.00 |
% |
1.89 |
% |
(3.34 |
%) |
(3.53 |
%) |
||||||||||||||||||||||
VIP - Asset Manager Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
10,077 |
$ |
14.77 |
$ |
20.86 |
$ |
168,447 |
0.10 |
% |
0.25 |
% |
1.37 |
% |
(0.03 |
%) |
(0.18 |
%) |
||||||||||||||||||||||
2014 |
9,444 |
$ |
14.78 |
$ |
20.90 |
$ |
158,725 |
0.10 |
% |
0.25 |
% |
1.61 |
% |
5.63 |
% |
5.47 |
% |
||||||||||||||||||||||
2013 |
7,503 |
$ |
13.99 |
$ |
19.82 |
$ |
120,888 |
0.10 |
% |
0.25 |
% |
1.57 |
% |
15.51 |
% |
15.33 |
% |
||||||||||||||||||||||
2012 |
7,075 |
$ |
12.11 |
$ |
17.18 |
$ |
99,436 |
0.10 |
% |
0.25 |
% |
1.45 |
% |
12.33 |
% |
12.16 |
% |
||||||||||||||||||||||
2011 |
7,202 |
$ |
10.78 |
$ |
15.32 |
$ |
90,737 |
0.10 |
% |
0.25 |
% |
1.99 |
% |
7.14 |
% |
(2.97 |
%) |
||||||||||||||||||||||
VIP - Index 500 |
|||||||||||||||||||||||||||||||||||||||
2015 |
67,188 |
$ |
20.75 |
$ |
59.75 |
$ |
1,692,165 |
0.10 |
% |
1.00 |
% |
1.47 |
% |
1.23 |
% |
0.32 |
% |
||||||||||||||||||||||
2014 |
58,635 |
$ |
20.50 |
$ |
59.56 |
$ |
1,529,550 |
0.10 |
% |
1.00 |
% |
1.82 |
% |
13.46 |
% |
12.43 |
% |
||||||||||||||||||||||
2013 |
48,345 |
$ |
18.07 |
$ |
52.97 |
$ |
1,182,394 |
0.10 |
% |
1.00 |
% |
2.10 |
% |
32.11 |
% |
30.92 |
% |
||||||||||||||||||||||
2012 |
36,115 |
$ |
13.14 |
$ |
40.46 |
$ |
741,824 |
0.10 |
% |
1.00 |
% |
2.16 |
% |
15.80 |
% |
14.75 |
% |
||||||||||||||||||||||
2011 |
33,267 |
$ |
11.81 |
$ |
35.26 |
$ |
631,447 |
0.10 |
% |
1.00 |
% |
1.94 |
% |
1.94 |
% |
1.02 |
% |
||||||||||||||||||||||
VIP - Asset Manager: Growth |
|||||||||||||||||||||||||||||||||||||||
2015 |
2,127 |
$ |
34.74 |
$ |
33.59 |
$ |
73,395 |
0.80 |
% |
1.00 |
% |
1.14 |
% |
(0.72 |
%) |
(0.92 |
%) |
||||||||||||||||||||||
2014 |
2,426 |
$ |
34.99 |
$ |
33.91 |
$ |
84,329 |
0.80 |
% |
1.00 |
% |
1.06 |
% |
5.03 |
% |
4.82 |
% |
||||||||||||||||||||||
2013 |
2,621 |
$ |
33.32 |
$ |
32.35 |
$ |
86,824 |
0.80 |
% |
1.00 |
% |
1.00 |
% |
21.43 |
% |
21.19 |
% |
||||||||||||||||||||||
2012 |
2,936 |
$ |
27.44 |
$ |
26.69 |
$ |
80,108 |
0.80 |
% |
1.00 |
% |
1.40 |
% |
14.52 |
% |
14.29 |
% |
||||||||||||||||||||||
2011 |
3,298 |
$ |
23.96 |
$ |
23.35 |
$ |
78,604 |
0.80 |
% |
1.00 |
% |
1.56 |
% |
(6.92 |
%) |
(7.11 |
%) |
||||||||||||||||||||||
VIP - Asset Manager: Growth Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
5,750 |
$ |
16.02 |
$ |
23.34 |
$ |
99,671 |
0.10 |
% |
0.25 |
% |
0.89 |
% |
(0.09 |
%) |
(0.24 |
%) |
||||||||||||||||||||||
2014 |
4,639 |
$ |
16.04 |
$ |
23.40 |
$ |
81,069 |
0.10 |
% |
0.25 |
% |
1.24 |
% |
5.68 |
% |
5.53 |
% |
||||||||||||||||||||||
2013 |
3,228 |
$ |
15.17 |
$ |
22.17 |
$ |
53,782 |
0.10 |
% |
0.25 |
% |
1.13 |
% |
22.18 |
% |
22.00 |
% |
||||||||||||||||||||||
2012 |
2,464 |
$ |
12.42 |
$ |
18.17 |
$ |
33,901 |
0.10 |
% |
0.25 |
% |
1.30 |
% |
15.31 |
% |
15.13 |
% |
||||||||||||||||||||||
2011 |
2,688 |
$ |
10.77 |
$ |
15.79 |
$ |
32,345 |
0.10 |
% |
0.25 |
% |
1.65 |
% |
(6.37 |
%) |
(6.51 |
%) |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
70
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Contrafund |
|||||||||||||||||||||||||||||||||||||||
2015 |
12,097 |
$ |
74.36 |
$ |
71.91 |
$ |
896,427 |
0.80 |
% |
1.00 |
% |
0.96 |
% |
(0.13 |
%) |
(0.34 |
%) |
||||||||||||||||||||||
2014 |
13,244 |
$ |
74.46 |
$ |
72.16 |
$ |
982,780 |
0.80 |
% |
1.00 |
% |
0.94 |
% |
11.05 |
% |
10.82 |
% |
||||||||||||||||||||||
2013 |
14,519 |
$ |
67.06 |
$ |
65.11 |
$ |
970,548 |
0.80 |
% |
1.00 |
% |
1.06 |
% |
30.24 |
% |
29.97 |
% |
||||||||||||||||||||||
2012 |
16,248 |
$ |
51.49 |
$ |
50.09 |
$ |
834,104 |
0.80 |
% |
1.00 |
% |
1.32 |
% |
15.48 |
% |
15.25 |
% |
||||||||||||||||||||||
2011 |
18,231 |
$ |
44.59 |
$ |
43.47 |
$ |
810,642 |
0.80 |
% |
1.00 |
% |
0.97 |
% |
(3.30 |
%) |
(3.50 |
%) |
||||||||||||||||||||||
VIP - Contrafund Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
52,662 |
$ |
19.65 |
$ |
29.97 |
$ |
1,103,579 |
0.10 |
% |
0.25 |
% |
0.83 |
% |
0.49 |
% |
0.34 |
% |
||||||||||||||||||||||
2014 |
49,771 |
$ |
19.55 |
$ |
29.87 |
$ |
1,042,796 |
0.10 |
% |
0.25 |
% |
0.94 |
% |
11.74 |
% |
11.57 |
% |
||||||||||||||||||||||
2013 |
47,175 |
$ |
17.49 |
$ |
26.77 |
$ |
888,842 |
0.10 |
% |
0.25 |
% |
1.09 |
% |
31.02 |
% |
30.83 |
% |
||||||||||||||||||||||
2012 |
41,581 |
$ |
13.35 |
$ |
20.46 |
$ |
601,894 |
0.10 |
% |
0.25 |
% |
1.32 |
% |
16.22 |
% |
16.05 |
% |
||||||||||||||||||||||
2011 |
39,873 |
$ |
11.49 |
$ |
17.63 |
$ |
500,602 |
0.10 |
% |
0.25 |
% |
0.96 |
% |
(2.71 |
%) |
(2.86 |
%) |
||||||||||||||||||||||
VIP - Balanced |
|||||||||||||||||||||||||||||||||||||||
2015 |
5,610 |
$ |
27.90 |
$ |
26.98 |
$ |
155,306 |
0.80 |
% |
1.00 |
% |
1.45 |
% |
(0.21 |
%) |
(0.42 |
%) |
||||||||||||||||||||||
2014 |
5,826 |
$ |
27.96 |
$ |
27.09 |
$ |
161,491 |
0.80 |
% |
1.00 |
% |
1.52 |
% |
9.38 |
% |
9.16 |
% |
||||||||||||||||||||||
2013 |
5,952 |
$ |
25.56 |
$ |
24.82 |
$ |
150,888 |
0.80 |
% |
1.00 |
% |
1.57 |
% |
18.70 |
% |
18.46 |
% |
||||||||||||||||||||||
2012 |
6,034 |
$ |
21.54 |
$ |
20.95 |
$ |
128,923 |
0.80 |
% |
1.00 |
% |
1.68 |
% |
14.14 |
% |
13.91 |
% |
||||||||||||||||||||||
2011 |
6,610 |
$ |
18.87 |
$ |
18.39 |
$ |
123,829 |
0.80 |
% |
1.00 |
% |
1.55 |
% |
(4.38 |
%) |
(4.58 |
%) |
||||||||||||||||||||||
VIP - Balanced Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
119,867 |
$ |
16.87 |
$ |
24.82 |
$ |
2,062,773 |
0.10 |
% |
1.40 |
% |
1.31 |
% |
0.42 |
% |
(0.74 |
%) |
||||||||||||||||||||||
2014 |
112,351 |
$ |
16.80 |
$ |
25.04 |
$ |
1,907,723 |
0.10 |
% |
1.40 |
% |
1.50 |
% |
10.07 |
% |
8.64 |
% |
||||||||||||||||||||||
2013 |
108,473 |
$ |
15.26 |
$ |
23.05 |
$ |
1,663,003 |
0.10 |
% |
1.40 |
% |
1.56 |
% |
19.42 |
% |
17.87 |
% |
||||||||||||||||||||||
2012 |
104,248 |
$ |
12.78 |
$ |
20.47 |
$ |
1,324,469 |
0.10 |
% |
1.40 |
% |
1.66 |
% |
14.87 |
% |
14.70 |
% |
||||||||||||||||||||||
2011 |
106,462 |
$ |
11.13 |
$ |
17.25 |
$ |
1,182,160 |
0.10 |
% |
1.40 |
% |
1.58 |
% |
(3.81 |
%) |
(5.06 |
%) |
||||||||||||||||||||||
VIP - Dynamic Capital Appreciation |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,242 |
$ |
26.47 |
$ |
25.82 |
$ |
32,744 |
0.80 |
% |
1.00 |
% |
0.43 |
% |
0.49 |
% |
0.28 |
% |
||||||||||||||||||||||
2014 |
1,355 |
$ |
26.34 |
$ |
25.75 |
$ |
35,546 |
0.80 |
% |
1.00 |
% |
0.47 |
% |
10.04 |
% |
9.82 |
% |
||||||||||||||||||||||
2013 |
1,342 |
$ |
23.94 |
$ |
23.44 |
$ |
32,005 |
0.80 |
% |
1.00 |
% |
0.40 |
% |
37.43 |
% |
37.15 |
% |
||||||||||||||||||||||
2012 |
1,111 |
$ |
17.42 |
$ |
17.09 |
$ |
19,288 |
0.80 |
% |
1.00 |
% |
0.75 |
% |
21.74 |
% |
21.49 |
% |
||||||||||||||||||||||
2011 |
899 |
$ |
14.31 |
$ |
14.07 |
$ |
12,831 |
0.80 |
% |
1.00 |
% |
0.23 |
% |
(3.46 |
%) |
(3.66 |
%) |
||||||||||||||||||||||
VIP - Dynamic Capital Appreciation Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
6,605 |
$ |
21.59 |
$ |
34.29 |
$ |
150,637 |
0.10 |
% |
0.25 |
% |
0.32 |
% |
1.12 |
% |
0.96 |
% |
||||||||||||||||||||||
2014 |
5,719 |
$ |
21.36 |
$ |
33.96 |
$ |
129,355 |
0.10 |
% |
0.25 |
% |
0.42 |
% |
10.68 |
% |
10.51 |
% |
||||||||||||||||||||||
2013 |
4,741 |
$ |
19.29 |
$ |
30.73 |
$ |
97,349 |
0.10 |
% |
0.25 |
% |
0.40 |
% |
38.38 |
% |
38.17 |
% |
||||||||||||||||||||||
2012 |
2,276 |
$ |
13.94 |
$ |
22.24 |
$ |
34,253 |
0.10 |
% |
0.25 |
% |
0.66 |
% |
22.39 |
% |
22.21 |
% |
||||||||||||||||||||||
2011 |
1,702 |
$ |
11.39 |
$ |
18.20 |
$ |
21,200 |
0.10 |
% |
0.25 |
% |
0.19 |
% |
(2.74 |
%) |
(2.89 |
%) |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
71
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Growth & Income |
|||||||||||||||||||||||||||||||||||||||
2015 |
3,886 |
$ |
30.12 |
$ |
29.13 |
$ |
116,314 |
0.80 |
% |
1.00 |
% |
1.84 |
% |
(3.05 |
%) |
(3.25 |
%) |
||||||||||||||||||||||
2014 |
4,421 |
$ |
31.07 |
$ |
30.11 |
$ |
136,468 |
0.80 |
% |
1.00 |
% |
1.73 |
% |
9.59 |
% |
9.37 |
% |
||||||||||||||||||||||
2013 |
4,724 |
$ |
28.35 |
$ |
27.53 |
$ |
133,169 |
0.80 |
% |
1.00 |
% |
1.88 |
% |
32.50 |
% |
32.23 |
% |
||||||||||||||||||||||
2012 |
5,052 |
$ |
21.40 |
$ |
20.82 |
$ |
107,512 |
0.80 |
% |
1.00 |
% |
2.25 |
% |
17.61 |
% |
17.37 |
% |
||||||||||||||||||||||
2011 |
5,404 |
$ |
18.19 |
$ |
17.74 |
$ |
97,795 |
0.80 |
% |
1.00 |
% |
1.73 |
% |
0.80 |
% |
0.59 |
% |
||||||||||||||||||||||
VIP - Growth & Income Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
7,477 |
$ |
20.40 |
$ |
27.99 |
$ |
149,283 |
0.10 |
% |
0.25 |
% |
1.67 |
% |
(2.42 |
%) |
(2.57 |
%) |
||||||||||||||||||||||
2014 |
8,231 |
$ |
20.91 |
$ |
28.72 |
$ |
168,988 |
0.10 |
% |
0.25 |
% |
1.97 |
% |
10.22 |
% |
10.06 |
% |
||||||||||||||||||||||
2013 |
6,332 |
$ |
18.97 |
$ |
26.10 |
$ |
118,704 |
0.10 |
% |
0.25 |
% |
2.21 |
% |
33.38 |
% |
33.18 |
% |
||||||||||||||||||||||
2012 |
3,549 |
$ |
14.22 |
$ |
19.60 |
$ |
49,888 |
0.10 |
% |
0.25 |
% |
2.51 |
% |
18.34 |
% |
18.16 |
% |
||||||||||||||||||||||
2011 |
2,617 |
$ |
12.02 |
$ |
16.58 |
$ |
31,198 |
0.10 |
% |
0.25 |
% |
1.80 |
% |
1.43 |
% |
1.28 |
% |
||||||||||||||||||||||
VIP - Growth Opportunities |
|||||||||||||||||||||||||||||||||||||||
2015 |
3,689 |
$ |
25.18 |
$ |
24.35 |
$ |
92,342 |
0.80 |
% |
1.00 |
% |
0.19 |
% |
4.76 |
% |
4.55 |
% |
||||||||||||||||||||||
2014 |
3,284 |
$ |
24.04 |
$ |
23.29 |
$ |
78,483 |
0.80 |
% |
1.00 |
% |
0.21 |
% |
11.30 |
% |
11.08 |
% |
||||||||||||||||||||||
2013 |
3,898 |
$ |
21.60 |
$ |
20.97 |
$ |
83,770 |
0.80 |
% |
1.00 |
% |
0.31 |
% |
36.80 |
% |
36.52 |
% |
||||||||||||||||||||||
2012 |
4,327 |
$ |
15.79 |
$ |
15.36 |
$ |
68,001 |
0.80 |
% |
1.00 |
% |
0.39 |
% |
18.65 |
% |
18.41 |
% |
||||||||||||||||||||||
2011 |
4,592 |
$ |
13.31 |
$ |
12.97 |
$ |
60,853 |
0.80 |
% |
1.00 |
% |
0.17 |
% |
1.48 |
% |
1.28 |
% |
||||||||||||||||||||||
VIP - Growth Opportunities Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
10,801 |
$ |
24.16 |
$ |
40.06 |
$ |
249,688 |
0.10 |
% |
0.25 |
% |
0.09 |
% |
5.44 |
% |
5.28 |
% |
||||||||||||||||||||||
2014 |
5,767 |
$ |
22.92 |
$ |
38.05 |
$ |
127,583 |
0.10 |
% |
0.25 |
% |
0.15 |
% |
11.98 |
% |
11.81 |
% |
||||||||||||||||||||||
2013 |
5,767 |
$ |
20.46 |
$ |
34.03 |
$ |
114,008 |
0.10 |
% |
0.25 |
% |
0.28 |
% |
37.63 |
% |
37.43 |
% |
||||||||||||||||||||||
2012 |
4,978 |
$ |
14.87 |
$ |
24.76 |
$ |
71,790 |
0.10 |
% |
0.25 |
% |
0.33 |
% |
19.42 |
% |
19.24 |
% |
||||||||||||||||||||||
2011 |
4,161 |
$ |
12.45 |
$ |
20.77 |
$ |
50,498 |
0.10 |
% |
0.25 |
% |
0.12 |
% |
2.08 |
% |
1.93 |
% |
||||||||||||||||||||||
VIP - Mid Cap |
|||||||||||||||||||||||||||||||||||||||
2015 |
8,838 |
$ |
37.09 |
$ |
35.93 |
$ |
326,112 |
0.80 |
% |
1.00 |
% |
0.26 |
% |
(2.18 |
%) |
(2.38 |
%) |
||||||||||||||||||||||
2014 |
9,676 |
$ |
37.91 |
$ |
36.81 |
$ |
365,029 |
0.80 |
% |
1.00 |
% |
0.25 |
% |
5.44 |
% |
5.22 |
% |
||||||||||||||||||||||
2013 |
10,853 |
$ |
35.96 |
$ |
34.98 |
$ |
388,500 |
0.80 |
% |
1.00 |
% |
0.51 |
% |
35.14 |
% |
34.87 |
% |
||||||||||||||||||||||
2012 |
12,113 |
$ |
26.61 |
$ |
25.94 |
$ |
320,946 |
0.80 |
% |
1.00 |
% |
0.59 |
% |
13.91 |
% |
13.68 |
% |
||||||||||||||||||||||
2011 |
14,739 |
$ |
23.36 |
$ |
22.82 |
$ |
343,027 |
0.80 |
% |
1.00 |
% |
0.24 |
% |
(11.33 |
%) |
(11.51 |
%) |
||||||||||||||||||||||
VIP - Mid Cap Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
23,068 |
$ |
16.87 |
$ |
30.05 |
$ |
460,856 |
0.10 |
% |
0.25 |
% |
0.17 |
% |
(1.57 |
%) |
(1.72 |
%) |
||||||||||||||||||||||
2014 |
21,604 |
$ |
17.13 |
$ |
30.58 |
$ |
442,609 |
0.10 |
% |
0.25 |
% |
0.18 |
% |
6.10 |
% |
5.94 |
% |
||||||||||||||||||||||
2013 |
21,157 |
$ |
16.15 |
$ |
28.86 |
$ |
413,891 |
0.10 |
% |
0.25 |
% |
0.48 |
% |
35.94 |
% |
35.74 |
% |
||||||||||||||||||||||
2012 |
18,688 |
$ |
11.88 |
$ |
21.26 |
$ |
274,541 |
0.10 |
% |
0.25 |
% |
0.53 |
% |
14.63 |
% |
14.45 |
% |
||||||||||||||||||||||
2011 |
20,885 |
$ |
10.36 |
$ |
18.58 |
$ |
270,193 |
0.10 |
% |
0.25 |
% |
0.17 |
% |
(10.78 |
%) |
(10.92 |
%) |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
72
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Value Strategies |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,966 |
$ |
22.78 |
$ |
22.22 |
$ |
44,549 |
0.80 |
% |
1.00 |
% |
1.07 |
% |
(3.76 |
%) |
(3.96 |
%) |
||||||||||||||||||||||
2014 |
2,106 |
$ |
23.67 |
$ |
23.14 |
$ |
49,610 |
0.80 |
% |
1.00 |
% |
0.95 |
% |
5.94 |
% |
5.73 |
% |
||||||||||||||||||||||
2013 |
2,749 |
$ |
22.34 |
$ |
21.89 |
$ |
61,148 |
0.80 |
% |
1.00 |
% |
0.89 |
% |
29.45 |
% |
29.19 |
% |
||||||||||||||||||||||
2012 |
3,094 |
$ |
17.26 |
$ |
16.94 |
$ |
53,219 |
0.80 |
% |
1.00 |
% |
0.63 |
% |
26.26 |
% |
26.00 |
% |
||||||||||||||||||||||
2011 |
3,181 |
$ |
13.67 |
$ |
13.45 |
$ |
43,338 |
0.80 |
% |
1.00 |
% |
0.96 |
% |
(9.54 |
%) |
(9.72 |
%) |
||||||||||||||||||||||
VIP - Value Strategies Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
4,941 |
$ |
18.86 |
$ |
39.02 |
$ |
95,079 |
0.10 |
% |
0.25 |
% |
0.88 |
% |
(3.17 |
%) |
(3.31 |
%) |
||||||||||||||||||||||
2014 |
3,991 |
$ |
19.47 |
$ |
40.36 |
$ |
79,927 |
0.10 |
% |
0.25 |
% |
0.95 |
% |
6.56 |
% |
6.40 |
% |
||||||||||||||||||||||
2013 |
4,609 |
$ |
18.28 |
$ |
37.93 |
$ |
86,833 |
0.10 |
% |
0.25 |
% |
0.88 |
% |
30.32 |
% |
30.12 |
% |
||||||||||||||||||||||
2012 |
4,026 |
$ |
14.02 |
$ |
29.15 |
$ |
58,912 |
0.10 |
% |
0.25 |
% |
0.59 |
% |
27.08 |
% |
26.89 |
% |
||||||||||||||||||||||
2011 |
3,595 |
$ |
11.04 |
$ |
22.97 |
$ |
41,124 |
0.10 |
% |
0.25 |
% |
0.95 |
% |
(9.01 |
%) |
(9.15 |
%) |
||||||||||||||||||||||
VIP - Utilities |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,036 |
$ |
19.70 |
$ |
19.13 |
$ |
20,345 |
0.80 |
% |
1.00 |
% |
2.13 |
% |
(11.43 |
%) |
(11.61 |
%) |
||||||||||||||||||||||
2014 |
1,509 |
$ |
22.24 |
$ |
21.65 |
$ |
33,446 |
0.80 |
% |
1.00 |
% |
1.84 |
% |
20.80 |
% |
20.56 |
% |
||||||||||||||||||||||
2013 |
1,282 |
$ |
18.41 |
$ |
17.96 |
$ |
23,539 |
0.80 |
% |
1.00 |
% |
2.37 |
% |
20.05 |
% |
19.81 |
% |
||||||||||||||||||||||
2012 |
1,538 |
$ |
15.34 |
$ |
14.99 |
$ |
23,523 |
0.80 |
% |
1.00 |
% |
2.45 |
% |
6.54 |
% |
6.32 |
% |
||||||||||||||||||||||
2011 |
1,859 |
$ |
14.39 |
$ |
14.09 |
$ |
26,682 |
0.80 |
% |
1.00 |
% |
2.29 |
% |
12.30 |
% |
12.07 |
% |
||||||||||||||||||||||
VIP - Utilities Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
2,740 |
$ |
16.63 |
$ |
20.73 |
$ |
52,489 |
0.10 |
% |
0.25 |
% |
2.08 |
% |
(10.89 |
%) |
(11.02 |
%) |
||||||||||||||||||||||
2014 |
4,136 |
$ |
18.66 |
$ |
23.30 |
$ |
87,778 |
0.10 |
% |
0.25 |
% |
1.95 |
% |
21.52 |
% |
21.34 |
% |
||||||||||||||||||||||
2013 |
2,644 |
$ |
15.36 |
$ |
19.20 |
$ |
46,875 |
0.10 |
% |
0.25 |
% |
2.37 |
% |
20.80 |
% |
20.62 |
% |
||||||||||||||||||||||
2012 |
2,633 |
$ |
12.71 |
$ |
15.92 |
$ |
38,809 |
0.10 |
% |
0.25 |
% |
2.63 |
% |
7.25 |
% |
7.09 |
% |
||||||||||||||||||||||
2011 |
3,112 |
$ |
11.85 |
$ |
14.86 |
$ |
42,820 |
0.10 |
% |
0.25 |
% |
2.93 |
% |
13.00 |
% |
12.83 |
% |
||||||||||||||||||||||
VIP - Technology |
|||||||||||||||||||||||||||||||||||||||
2015 |
2,727 |
$ |
23.12 |
$ |
22.46 |
$ |
62,818 |
0.80 |
% |
1.00 |
% |
0.10 |
% |
5.42 |
% |
5.20 |
% |
||||||||||||||||||||||
2014 |
2,799 |
$ |
21.94 |
$ |
21.35 |
$ |
61,188 |
0.80 |
% |
1.00 |
% |
0.10 |
% |
11.01 |
% |
10.79 |
% |
||||||||||||||||||||||
2013 |
2,789 |
$ |
19.76 |
$ |
19.27 |
$ |
54,950 |
0.80 |
% |
1.00 |
% |
0.15 |
% |
26.79 |
% |
26.53 |
% |
||||||||||||||||||||||
2012 |
3,484 |
$ |
15.59 |
$ |
15.23 |
$ |
54,149 |
0.80 |
% |
1.00 |
% |
|
16.57 |
% |
16.34 |
% |
|||||||||||||||||||||||
2011 |
4,803 |
$ |
13.37 |
$ |
13.09 |
$ |
64,087 |
0.80 |
% |
1.00 |
% |
|
(10.50 |
%) |
(10.68 |
%) |
|||||||||||||||||||||||
VIP - Technology Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
9,341 |
$ |
19.85 |
$ |
46.06 |
$ |
220,710 |
0.10 |
% |
0.25 |
% |
0.04 |
% |
5.98 |
% |
5.82 |
% |
||||||||||||||||||||||
2014 |
7,247 |
$ |
18.73 |
$ |
43.53 |
$ |
163,974 |
0.10 |
% |
0.25 |
% |
0.05 |
% |
11.75 |
% |
11.58 |
% |
||||||||||||||||||||||
2013 |
5,373 |
$ |
16.76 |
$ |
39.01 |
$ |
110,744 |
0.10 |
% |
0.25 |
% |
0.10 |
% |
27.60 |
% |
27.41 |
% |
||||||||||||||||||||||
2012 |
5,183 |
$ |
13.14 |
$ |
30.62 |
$ |
84,371 |
0.10 |
% |
0.25 |
% |
|
17.40 |
% |
17.22 |
% |
|||||||||||||||||||||||
2011 |
5,008 |
$ |
11.19 |
$ |
26.12 |
$ |
70,785 |
0.10 |
% |
0.25 |
% |
|
(10.01 |
%) |
(10.15 |
%) |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
73
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Energy |
|||||||||||||||||||||||||||||||||||||||
2015 |
2,032 |
$ |
20.87 |
$ |
20.27 |
$ |
42,287 |
0.80 |
% |
1.00 |
% |
1.27 |
% |
(21.18 |
%) |
(21.34 |
%) |
||||||||||||||||||||||
2014 |
2,469 |
$ |
26.47 |
$ |
25.77 |
$ |
65,148 |
0.80 |
% |
1.00 |
% |
0.83 |
% |
(13.30 |
%) |
(13.47 |
%) |
||||||||||||||||||||||
2013 |
2,814 |
$ |
30.53 |
$ |
29.78 |
$ |
85,693 |
0.80 |
% |
1.00 |
% |
0.87 |
% |
23.49 |
% |
23.24 |
% |
||||||||||||||||||||||
2012 |
3,600 |
$ |
24.73 |
$ |
24.16 |
$ |
88,786 |
0.80 |
% |
1.00 |
% |
0.95 |
% |
4.15 |
% |
3.94 |
% |
||||||||||||||||||||||
2011 |
4,927 |
$ |
23.74 |
$ |
23.25 |
$ |
116,665 |
0.80 |
% |
1.00 |
% |
0.98 |
% |
(5.75 |
%) |
(5.94 |
%) |
||||||||||||||||||||||
VIP - Energy Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
7,358 |
$ |
11.23 |
$ |
16.71 |
$ |
89,810 |
0.10 |
% |
0.25 |
% |
0.86 |
% |
(20.66 |
%) |
(20.78 |
%) |
||||||||||||||||||||||
2014 |
5,935 |
$ |
14.16 |
$ |
21.09 |
$ |
92,315 |
0.10 |
% |
0.25 |
% |
0.80 |
% |
(12.73 |
%) |
(12.86 |
%) |
||||||||||||||||||||||
2013 |
5,402 |
$ |
16.22 |
$ |
24.21 |
$ |
96,642 |
0.10 |
% |
0.25 |
% |
0.88 |
% |
24.26 |
% |
24.07 |
% |
||||||||||||||||||||||
2012 |
5,665 |
$ |
13.06 |
$ |
19.51 |
$ |
82,204 |
0.10 |
% |
0.25 |
% |
0.88 |
% |
4.81 |
% |
4.65 |
% |
||||||||||||||||||||||
2011 |
6,916 |
$ |
12.46 |
$ |
18.64 |
$ |
96,552 |
0.10 |
% |
0.25 |
% |
0.96 |
% |
(5.19 |
%) |
(5.33 |
%) |
||||||||||||||||||||||
VIP - Health Care |
|||||||||||||||||||||||||||||||||||||||
2015 |
5,141 |
$ |
39.82 |
$ |
38.68 |
$ |
203,956 |
0.80 |
% |
1.00 |
% |
|
5.52 |
% |
5.30 |
% |
|||||||||||||||||||||||
2014 |
5,618 |
$ |
37.74 |
$ |
36.73 |
$ |
211,292 |
0.80 |
% |
1.00 |
% |
|
31.77 |
% |
31.50 |
% |
|||||||||||||||||||||||
2013 |
5,230 |
$ |
28.64 |
$ |
27.93 |
$ |
149,383 |
0.80 |
% |
1.00 |
% |
|
54.88 |
% |
54.57 |
% |
|||||||||||||||||||||||
2012 |
3,275 |
$ |
18.49 |
$ |
18.07 |
$ |
60,385 |
0.80 |
% |
1.00 |
% |
0.43 |
% |
19.84 |
% |
19.59 |
% |
||||||||||||||||||||||
2011 |
3,043 |
$ |
15.43 |
$ |
15.11 |
$ |
46,834 |
0.80 |
% |
1.00 |
% |
|
7.44 |
% |
7.23 |
% |
|||||||||||||||||||||||
VIP - Health Care Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
20,980 |
$ |
34.23 |
$ |
50.14 |
$ |
752,405 |
0.10 |
% |
0.25 |
% |
|
6.18 |
% |
6.02 |
% |
|||||||||||||||||||||||
2014 |
17,951 |
$ |
32.24 |
$ |
47.29 |
$ |
610,573 |
0.10 |
% |
0.25 |
% |
|
32.59 |
% |
32.39 |
% |
|||||||||||||||||||||||
2013 |
13,509 |
$ |
24.31 |
$ |
35.72 |
$ |
348,400 |
0.10 |
% |
0.25 |
% |
|
55.85 |
% |
55.62 |
% |
|||||||||||||||||||||||
2012 |
6,296 |
$ |
15.60 |
$ |
22.95 |
$ |
105,308 |
0.10 |
% |
0.25 |
% |
0.39 |
% |
20.55 |
% |
20.37 |
% |
||||||||||||||||||||||
2011 |
4,588 |
$ |
12.94 |
$ |
19.07 |
$ |
63,726 |
0.10 |
% |
0.25 |
% |
|
8.15 |
% |
7.99 |
% |
|||||||||||||||||||||||
VIP - Financial Services |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,548 |
$ |
12.16 |
$ |
11.81 |
$ |
18,768 |
0.80 |
% |
1.00 |
% |
1.19 |
% |
(4.46 |
%) |
(4.66 |
%) |
||||||||||||||||||||||
2014 |
1,690 |
$ |
12.73 |
$ |
12.39 |
$ |
21,441 |
0.80 |
% |
1.00 |
% |
1.08 |
% |
9.99 |
% |
9.77 |
% |
||||||||||||||||||||||
2013 |
2,162 |
$ |
11.57 |
$ |
11.28 |
$ |
24,936 |
0.80 |
% |
1.00 |
% |
1.23 |
% |
32.79 |
% |
32.52 |
% |
||||||||||||||||||||||
2012 |
1,833 |
$ |
8.71 |
$ |
8.52 |
$ |
15,938 |
0.80 |
% |
1.00 |
% |
1.24 |
% |
27.51 |
% |
27.25 |
% |
||||||||||||||||||||||
2011 |
1,594 |
$ |
6.83 |
$ |
6.69 |
$ |
10,884 |
0.80 |
% |
1.00 |
% |
0.40 |
% |
(21.10 |
%) |
(21.26 |
%) |
||||||||||||||||||||||
VIP - Financial Services Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
6,101 |
$ |
16.62 |
$ |
26.06 |
$ |
80,741 |
0.10 |
% |
0.25 |
% |
1.12 |
% |
(3.78 |
%) |
(3.92 |
%) |
||||||||||||||||||||||
2014 |
5,492 |
$ |
17.27 |
$ |
27.12 |
$ |
75,988 |
0.10 |
% |
0.25 |
% |
1.28 |
% |
10.64 |
% |
10.48 |
% |
||||||||||||||||||||||
2013 |
4,475 |
$ |
15.61 |
$ |
24.55 |
$ |
54,149 |
0.10 |
% |
0.25 |
% |
1.28 |
% |
33.60 |
% |
33.40 |
% |
||||||||||||||||||||||
2012 |
3,068 |
$ |
11.68 |
$ |
18.40 |
$ |
27,690 |
0.10 |
% |
0.25 |
% |
1.34 |
% |
28.23 |
% |
28.04 |
% |
||||||||||||||||||||||
2011 |
1,781 |
$ |
9.11 |
$ |
14.37 |
$ |
12,218 |
0.10 |
% |
0.25 |
% |
0.29 |
% |
(20.55 |
%) |
(20.66 |
%) |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
74
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Industrials |
|||||||||||||||||||||||||||||||||||||||
2015 |
927 |
$ |
35.44 |
$ |
34.42 |
$ |
32,740 |
0.80 |
% |
1.00 |
% |
1.03 |
% |
(2.67 |
%) |
(2.87 |
%) |
||||||||||||||||||||||
2014 |
1,176 |
$ |
36.41 |
$ |
35.43 |
$ |
42,638 |
0.80 |
% |
1.00 |
% |
0.77 |
% |
5.36 |
% |
5.14 |
% |
||||||||||||||||||||||
2013 |
1,469 |
$ |
34.56 |
$ |
33.70 |
$ |
50,583 |
0.80 |
% |
1.00 |
% |
0.88 |
% |
38.68 |
% |
38.40 |
% |
||||||||||||||||||||||
2012 |
1,153 |
$ |
24.92 |
$ |
24.35 |
$ |
28,615 |
0.80 |
% |
1.00 |
% |
1.30 |
% |
18.86 |
% |
18.62 |
% |
||||||||||||||||||||||
2011 |
1,512 |
$ |
20.96 |
$ |
20.53 |
$ |
31,582 |
0.80 |
% |
1.00 |
% |
0.87 |
% |
(5.41 |
%) |
(5.60 |
%) |
||||||||||||||||||||||
VIP - Industrials Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
4,062 |
$ |
20.12 |
$ |
35.40 |
$ |
95,187 |
0.10 |
% |
0.25 |
% |
0.86 |
% |
(2.07 |
%) |
(2.21 |
%) |
||||||||||||||||||||||
2014 |
4,503 |
$ |
20.55 |
$ |
36.20 |
$ |
109,165 |
0.10 |
% |
0.25 |
% |
0.75 |
% |
6.05 |
% |
5.89 |
% |
||||||||||||||||||||||
2013 |
5,091 |
$ |
19.37 |
$ |
34.19 |
$ |
116,944 |
0.10 |
% |
0.25 |
% |
1.04 |
% |
39.58 |
% |
39.37 |
% |
||||||||||||||||||||||
2012 |
2,477 |
$ |
13.88 |
$ |
24.53 |
$ |
41,830 |
0.10 |
% |
0.25 |
% |
1.24 |
% |
19.53 |
% |
19.35 |
% |
||||||||||||||||||||||
2011 |
2,836 |
$ |
11.61 |
$ |
20.55 |
$ |
40,592 |
0.10 |
% |
0.25 |
% |
0.81 |
% |
(4.79 |
%) |
(4.94 |
%) |
||||||||||||||||||||||
VIP - Consumer Discretionary |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,507 |
$ |
24.70 |
$ |
23.99 |
$ |
37,055 |
0.80 |
% |
1.00 |
% |
0.39 |
% |
3.87 |
% |
3.66 |
% |
||||||||||||||||||||||
2014 |
817 |
$ |
23.77 |
$ |
23.14 |
$ |
19,323 |
0.80 |
% |
1.00 |
% |
0.42 |
% |
8.76 |
% |
8.54 |
% |
||||||||||||||||||||||
2013 |
1,334 |
$ |
21.86 |
$ |
21.32 |
$ |
29,023 |
0.80 |
% |
1.00 |
% |
0.15 |
% |
39.97 |
% |
39.69 |
% |
||||||||||||||||||||||
2012 |
708 |
$ |
15.62 |
$ |
15.26 |
$ |
11,006 |
0.80 |
% |
1.00 |
% |
0.38 |
% |
20.69 |
% |
20.44 |
% |
||||||||||||||||||||||
2011 |
531 |
$ |
12.94 |
$ |
12.67 |
$ |
6,865 |
0.80 |
% |
1.00 |
% |
0.50 |
% |
(2.53 |
%) |
(2.73 |
%) |
||||||||||||||||||||||
VIP - Consumer Discretionary Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
6,264 |
$ |
23.24 |
$ |
42.23 |
$ |
150,613 |
0.10 |
% |
0.25 |
% |
0.31 |
% |
4.56 |
% |
4.40 |
% |
||||||||||||||||||||||
2014 |
3,414 |
$ |
22.23 |
$ |
40.45 |
$ |
79,154 |
0.10 |
% |
0.25 |
% |
0.40 |
% |
9.47 |
% |
9.31 |
% |
||||||||||||||||||||||
2013 |
4,609 |
$ |
20.30 |
$ |
37.01 |
$ |
98,967 |
0.10 |
% |
0.25 |
% |
0.11 |
% |
40.91 |
% |
40.70 |
% |
||||||||||||||||||||||
2012 |
1,640 |
$ |
14.41 |
$ |
26.30 |
$ |
24,949 |
0.10 |
% |
0.25 |
% |
0.34 |
% |
21.33 |
% |
21.14 |
% |
||||||||||||||||||||||
2011 |
1,069 |
$ |
11.88 |
$ |
21.71 |
$ |
13,369 |
0.10 |
% |
0.25 |
% |
0.42 |
% |
(1.86 |
%) |
(2.00 |
%) |
||||||||||||||||||||||
VIP - Real Estate |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,557 |
$ |
33.00 |
$ |
32.19 |
$ |
51,224 |
0.80 |
% |
1.00 |
% |
1.73 |
% |
2.88 |
% |
2.67 |
% |
||||||||||||||||||||||
2014 |
1,746 |
$ |
32.07 |
$ |
31.35 |
$ |
55,826 |
0.80 |
% |
1.00 |
% |
1.87 |
% |
29.14 |
% |
28.88 |
% |
||||||||||||||||||||||
2013 |
1,667 |
$ |
24.84 |
$ |
24.33 |
$ |
41,306 |
0.80 |
% |
1.00 |
% |
1.46 |
% |
1.01 |
% |
0.81 |
% |
||||||||||||||||||||||
2012 |
2,372 |
$ |
24.59 |
$ |
24.13 |
$ |
58,188 |
0.80 |
% |
1.00 |
% |
1.50 |
% |
17.62 |
% |
17.38 |
% |
||||||||||||||||||||||
2011 |
2,243 |
$ |
20.91 |
$ |
20.56 |
$ |
46,797 |
0.80 |
% |
1.00 |
% |
1.05 |
% |
7.22 |
% |
7.01 |
% |
||||||||||||||||||||||
VIP - Real Estate Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
9,497 |
$ |
18.96 |
$ |
46.09 |
$ |
202,459 |
0.10 |
% |
0.25 |
% |
1.55 |
% |
3.54 |
% |
3.38 |
% |
||||||||||||||||||||||
2014 |
9,620 |
$ |
18.31 |
$ |
44.58 |
$ |
199,704 |
0.10 |
% |
0.25 |
% |
1.98 |
% |
29.89 |
% |
29.70 |
% |
||||||||||||||||||||||
2013 |
7,818 |
$ |
14.10 |
$ |
34.37 |
$ |
127,117 |
0.10 |
% |
0.25 |
% |
1.59 |
% |
1.71 |
% |
1.55 |
% |
||||||||||||||||||||||
2012 |
7,330 |
$ |
13.86 |
$ |
33.85 |
$ |
120,529 |
0.10 |
% |
0.25 |
% |
1.59 |
% |
18.31 |
% |
18.13 |
% |
||||||||||||||||||||||
2011 |
5,319 |
$ |
11.72 |
$ |
28.65 |
$ |
74,345 |
0.10 |
% |
0.25 |
% |
1.10 |
% |
7.93 |
% |
7.76 |
% |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
75
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Strategic Income |
|||||||||||||||||||||||||||||||||||||||
2015 |
4,189 |
$ |
17.71 |
$ |
17.30 |
$ |
73,928 |
0.80 |
% |
1.00 |
% |
3.26 |
% |
(2.41 |
%) |
(2.61 |
%) |
||||||||||||||||||||||
2014 |
4,970 |
$ |
18.15 |
$ |
17.76 |
$ |
89,899 |
0.80 |
% |
1.00 |
% |
2.83 |
% |
2.77 |
% |
2.57 |
% |
||||||||||||||||||||||
2013 |
5,762 |
$ |
17.66 |
$ |
17.32 |
$ |
101,470 |
0.80 |
% |
1.00 |
% |
3.60 |
% |
(0.51 |
%) |
(0.71 |
%) |
||||||||||||||||||||||
2012 |
7,947 |
$ |
17.75 |
$ |
17.44 |
$ |
140,715 |
0.80 |
% |
1.00 |
% |
3.56 |
% |
9.61 |
% |
9.39 |
% |
||||||||||||||||||||||
2011 |
8,650 |
$ |
16.19 |
$ |
15.94 |
$ |
139,754 |
0.80 |
% |
1.00 |
% |
4.15 |
% |
3.83 |
% |
3.62 |
% |
||||||||||||||||||||||
VIP - Strategic Income Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
56,923 |
$ |
12.04 |
$ |
17.48 |
$ |
842,611 |
0.10 |
% |
0.25 |
% |
3.02 |
% |
(1.76 |
%) |
(1.90 |
%) |
||||||||||||||||||||||
2014 |
60,131 |
$ |
12.25 |
$ |
17.82 |
$ |
912,285 |
0.10 |
% |
0.25 |
% |
3.04 |
% |
3.48 |
% |
3.33 |
% |
||||||||||||||||||||||
2013 |
58,891 |
$ |
11.84 |
$ |
17.25 |
$ |
872,838 |
0.10 |
% |
0.25 |
% |
3.81 |
% |
0.16 |
% |
0.01 |
% |
||||||||||||||||||||||
2012 |
66,834 |
$ |
11.82 |
$ |
17.24 |
$ |
1,001,583 |
0.10 |
% |
0.25 |
% |
3.87 |
% |
10.39 |
% |
10.23 |
% |
||||||||||||||||||||||
2011 |
54,717 |
$ |
10.71 |
$ |
15.64 |
$ |
754,252 |
0.10 |
% |
0.25 |
% |
4.54 |
% |
4.45 |
% |
4.29 |
% |
||||||||||||||||||||||
VIP - Growth Strategies (c) |
|||||||||||||||||||||||||||||||||||||||
2015 |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|||||||||||||||||||||||||||
2014 |
415 |
$ |
18.28 |
$ |
17.93 |
$ |
7,562 |
0.80 |
% |
1.00 |
% |
0.11 |
% |
12.67 |
% |
12.44 |
% |
||||||||||||||||||||||
2013 |
435 |
$ |
16.22 |
$ |
15.95 |
$ |
7,025 |
0.80 |
% |
1.00 |
% |
0.02 |
% |
36.16 |
% |
35.88 |
% |
||||||||||||||||||||||
2012 |
357 |
$ |
11.92 |
$ |
11.74 |
$ |
4,251 |
0.80 |
% |
1.00 |
% |
|
10.81 |
% |
10.58 |
% |
|||||||||||||||||||||||
2011 |
422 |
$ |
10.75 |
$ |
10.61 |
$ |
4,524 |
0.80 |
% |
1.00 |
% |
|
(9.72 |
%) |
(9.90 |
%) |
|||||||||||||||||||||||
VIP - Growth Strategies Investor Class (c) |
|||||||||||||||||||||||||||||||||||||||
2015 |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|||||||||||||||||||||||||||
2014 |
1,388 |
$ |
19.11 |
$ |
31.82 |
$ |
26,308 |
0.10 |
% |
0.25 |
% |
0.11 |
% |
13.48 |
% |
13.31 |
% |
||||||||||||||||||||||
2013 |
905 |
$ |
16.84 |
$ |
28.08 |
$ |
15,290 |
0.10 |
% |
0.25 |
% |
0.01 |
% |
36.86 |
% |
36.65 |
% |
||||||||||||||||||||||
2012 |
523 |
$ |
12.31 |
$ |
20.55 |
$ |
6,514 |
0.10 |
% |
0.25 |
% |
|
11.56 |
% |
11.39 |
% |
|||||||||||||||||||||||
2011 |
589 |
$ |
11.03 |
$ |
18.45 |
$ |
6,664 |
0.10 |
% |
0.25 |
% |
|
(9.14 |
%) |
(9.28 |
%) |
|||||||||||||||||||||||
VIP - International Capital Appreciation (a) |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,006 |
$ |
16.03 |
$ |
15.70 |
$ |
16,086 |
0.80 |
% |
1.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
||||||||||||||||||||||
VIP - International Capital Appreciation, Class R (c) |
|||||||||||||||||||||||||||||||||||||||
2015 |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|||||||||||||||||||||||||||
2014 |
1,037 |
$ |
15.66 |
$ |
15.36 |
$ |
16,199 |
0.80 |
% |
1.00 |
% |
0.40 |
% |
2.20 |
% |
1.99 |
% |
||||||||||||||||||||||
2013 |
1,061 |
$ |
15.32 |
$ |
15.06 |
$ |
16,213 |
0.80 |
% |
1.00 |
% |
0.68 |
% |
20.68 |
% |
20.43 |
% |
||||||||||||||||||||||
2012 |
1,388 |
$ |
12.70 |
$ |
12.51 |
$ |
17,594 |
0.80 |
% |
1.00 |
% |
1.01 |
% |
24.89 |
% |
24.64 |
% |
||||||||||||||||||||||
2011 |
948 |
$ |
10.17 |
$ |
10.03 |
$ |
9,625 |
0.80 |
% |
1.00 |
% |
0.84 |
% |
(13.27 |
%) |
(13.44 |
%) |
||||||||||||||||||||||
VIP - International Capital Appreciation Investor Class (b) |
|||||||||||||||||||||||||||||||||||||||
2015 |
9,051 |
$ |
16.76 |
$ |
32.00 |
$ |
150,792 |
0.10 |
% |
0.25 |
% |
0.26 |
% |
3.05 |
% |
2.90 |
% |
||||||||||||||||||||||
2014 |
6,282 |
$ |
16.26 |
$ |
31.09 |
$ |
102,163 |
0.10 |
% |
0.25 |
% |
0.38 |
% |
2.80 |
% |
2.65 |
% |
||||||||||||||||||||||
2013 |
5,063 |
$ |
15.82 |
$ |
30.29 |
$ |
80,713 |
0.10 |
% |
0.25 |
% |
0.74 |
% |
21.38 |
% |
21.20 |
% |
||||||||||||||||||||||
2012 |
2,789 |
$ |
13.03 |
$ |
24.99 |
$ |
36,801 |
0.10 |
% |
0.25 |
% |
1.15 |
% |
25.68 |
% |
25.49 |
% |
||||||||||||||||||||||
2011 |
2,160 |
$ |
10.37 |
$ |
19.92 |
$ |
22,731 |
0.10 |
% |
0.25 |
% |
0.90 |
% |
(12.72 |
%) |
(12.85 |
%) |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
76
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Value Leaders (c) |
|||||||||||||||||||||||||||||||||||||||
2015 |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|||||||||||||||||||||||||||
2014 |
506 |
$ |
15.16 |
$ |
14.87 |
$ |
7,648 |
0.80 |
% |
1.00 |
% |
1.18 |
% |
12.15 |
% |
11.93 |
% |
||||||||||||||||||||||
2013 |
576 |
$ |
13.52 |
$ |
13.29 |
$ |
7,765 |
0.80 |
% |
1.00 |
% |
0.58 |
% |
34.09 |
% |
33.82 |
% |
||||||||||||||||||||||
2012 |
480 |
$ |
10.08 |
$ |
9.93 |
$ |
4,820 |
0.80 |
% |
1.00 |
% |
2.14 |
% |
13.08 |
% |
12.85 |
% |
||||||||||||||||||||||
2011 |
656 |
$ |
8.92 |
$ |
8.80 |
$ |
5,837 |
0.80 |
% |
1.00 |
% |
1.24 |
% |
(8.73 |
%) |
(8.91 |
%) |
||||||||||||||||||||||
VIP - Value Leaders Investor Class (c) |
|||||||||||||||||||||||||||||||||||||||
2015 |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|||||||||||||||||||||||||||
2014 |
1,200 |
$ |
18.15 |
$ |
26.23 |
$ |
19,647 |
0.10 |
% |
0.25 |
% |
1.21 |
% |
12.83 |
% |
12.66 |
% |
||||||||||||||||||||||
2013 |
1,208 |
$ |
16.09 |
$ |
23.28 |
$ |
17,633 |
0.10 |
% |
0.25 |
% |
0.60 |
% |
34.95 |
% |
34.75 |
% |
||||||||||||||||||||||
2012 |
844 |
$ |
10.02 |
$ |
17.28 |
$ |
9,074 |
0.10 |
% |
0.25 |
% |
2.09 |
% |
13.81 |
% |
13.63 |
% |
||||||||||||||||||||||
2011 |
1,237 |
$ |
10.48 |
$ |
15.20 |
$ |
11,967 |
0.10 |
% |
0.25 |
% |
1.37 |
% |
(8.19 |
%) |
(8.33 |
%) |
||||||||||||||||||||||
VIP - Value |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,253 |
$ |
17.88 |
$ |
17.50 |
$ |
22,310 |
0.80 |
% |
1.00 |
% |
1.16 |
% |
(1.54 |
%) |
(1.74 |
%) |
||||||||||||||||||||||
2014 |
1,221 |
$ |
18.16 |
$ |
17.81 |
$ |
22,098 |
0.80 |
% |
1.00 |
% |
1.42 |
% |
10.52 |
% |
10.30 |
% |
||||||||||||||||||||||
2013 |
1,142 |
$ |
16.43 |
$ |
16.15 |
$ |
18,690 |
0.80 |
% |
1.00 |
% |
1.19 |
% |
31.40 |
% |
31.13 |
% |
||||||||||||||||||||||
2012 |
947 |
$ |
12.50 |
$ |
12.32 |
$ |
11,810 |
0.80 |
% |
1.00 |
% |
1.67 |
% |
19.93 |
% |
19.69 |
% |
||||||||||||||||||||||
2011 |
1,260 |
$ |
10.43 |
$ |
10.29 |
$ |
13,110 |
0.80 |
% |
1.00 |
% |
0.92 |
% |
(3.28 |
%) |
(3.48 |
%) |
||||||||||||||||||||||
VIP - Value Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
5,841 |
$ |
19.99 |
$ |
34.98 |
$ |
113,286 |
0.10 |
% |
0.25 |
% |
1.03 |
% |
(0.86 |
%) |
(1.00 |
%) |
||||||||||||||||||||||
2014 |
5,046 |
$ |
20.16 |
$ |
35.33 |
$ |
98,656 |
0.10 |
% |
0.25 |
% |
1.47 |
% |
11.17 |
% |
11.00 |
% |
||||||||||||||||||||||
2013 |
3,681 |
$ |
18.14 |
$ |
31.83 |
$ |
65,290 |
0.10 |
% |
0.25 |
% |
1.32 |
% |
32.28 |
% |
32.09 |
% |
||||||||||||||||||||||
2012 |
2,318 |
$ |
13.71 |
$ |
24.10 |
$ |
31,410 |
0.10 |
% |
0.25 |
% |
1.66 |
% |
20.71 |
% |
20.53 |
% |
||||||||||||||||||||||
2011 |
2,506 |
$ |
11.36 |
$ |
19.99 |
$ |
28,158 |
0.10 |
% |
0.25 |
% |
0.90 |
% |
(2.69 |
%) |
(2.84 |
%) |
||||||||||||||||||||||
VIP - Growth Stock (c) |
|||||||||||||||||||||||||||||||||||||||
2015 |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|||||||||||||||||||||||||||
2014 |
930 |
$ |
21.29 |
$ |
20.88 |
$ |
19,736 |
0.80 |
% |
1.00 |
% |
0.86 |
% |
11.69 |
% |
11.46 |
% |
||||||||||||||||||||||
2013 |
839 |
$ |
19.06 |
$ |
18.74 |
$ |
15,953 |
0.80 |
% |
1.00 |
% |
0.59 |
% |
33.80 |
% |
33.53 |
% |
||||||||||||||||||||||
2012 |
777 |
$ |
14.25 |
$ |
14.03 |
$ |
11,043 |
0.80 |
% |
1.00 |
% |
0.85 |
% |
17.43 |
% |
17.20 |
% |
||||||||||||||||||||||
2011 |
700 |
$ |
12.13 |
$ |
11.97 |
$ |
8,485 |
0.80 |
% |
1.00 |
% |
|
0.01 |
% |
(0.19 |
%) |
|||||||||||||||||||||||
VIP - Growth Stock Investor Class (c) |
|||||||||||||||||||||||||||||||||||||||
2015 |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|||||||||||||||||||||||||||
2014 |
4,630 |
$ |
21.55 |
$ |
35.00 |
$ |
102,903 |
0.10 |
% |
0.25 |
% |
0.81 |
% |
12.41 |
% |
12.24 |
% |
||||||||||||||||||||||
2013 |
3,793 |
$ |
19.17 |
$ |
31.18 |
$ |
75,655 |
0.10 |
% |
0.25 |
% |
0.58 |
% |
34.60 |
% |
34.40 |
% |
||||||||||||||||||||||
2012 |
2,920 |
$ |
14.24 |
$ |
23.20 |
$ |
43,267 |
0.10 |
% |
0.25 |
% |
0.93 |
% |
18.27 |
% |
18.09 |
% |
||||||||||||||||||||||
2011 |
1,742 |
$ |
12.04 |
$ |
19.65 |
$ |
22,177 |
0.10 |
% |
0.25 |
% |
|
0.57 |
% |
0.42 |
% |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
77
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Freedom Income |
|||||||||||||||||||||||||||||||||||||||
2015 |
785 |
$ |
14.02 |
$ |
14.02 |
$ |
11,005 |
0.80 |
% |
0.80 |
% |
1.58 |
% |
(1.14 |
%) |
(1.14 |
%) |
||||||||||||||||||||||
2014 |
897 |
$ |
14.18 |
$ |
14.18 |
$ |
12,717 |
0.80 |
% |
0.80 |
% |
1.53 |
% |
2.95 |
% |
2.95 |
% |
||||||||||||||||||||||
2013 |
868 |
$ |
13.78 |
$ |
13.78 |
$ |
11,966 |
0.80 |
% |
0.80 |
% |
1.59 |
% |
4.70 |
% |
4.70 |
% |
||||||||||||||||||||||
2012 |
887 |
$ |
13.16 |
$ |
13.16 |
$ |
11,668 |
0.80 |
% |
0.80 |
% |
1.57 |
% |
5.67 |
% |
5.67 |
% |
||||||||||||||||||||||
2011 |
770 |
$ |
12.45 |
$ |
12.45 |
$ |
9,591 |
0.80 |
% |
0.80 |
% |
1.75 |
% |
0.82 |
% |
0.82 |
% |
||||||||||||||||||||||
VIP - Freedom Income Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
4,343 |
$ |
12.18 |
$ |
14.98 |
$ |
60,816 |
0.10 |
% |
0.25 |
% |
1.48 |
% |
(0.47 |
%) |
(0.62 |
%) |
||||||||||||||||||||||
2014 |
4,441 |
$ |
12.24 |
$ |
15.07 |
$ |
62,053 |
0.10 |
% |
0.25 |
% |
1.58 |
% |
3.70 |
% |
3.54 |
% |
||||||||||||||||||||||
2013 |
4,120 |
$ |
11.80 |
$ |
14.56 |
$ |
56,010 |
0.10 |
% |
0.25 |
% |
1.80 |
% |
5.32 |
% |
5.16 |
% |
||||||||||||||||||||||
2012 |
2,650 |
$ |
11.20 |
$ |
13.84 |
$ |
35,059 |
0.10 |
% |
0.25 |
% |
1.61 |
% |
6.44 |
% |
6.27 |
% |
||||||||||||||||||||||
2011 |
2,276 |
$ |
10.53 |
$ |
13.03 |
$ |
28,303 |
0.10 |
% |
0.25 |
% |
1.75 |
% |
1.44 |
% |
1.29 |
% |
||||||||||||||||||||||
VIP - Freedom 2005 |
|||||||||||||||||||||||||||||||||||||||
2015 |
410 |
$ |
15.06 |
$ |
15.06 |
$ |
6,179 |
0.80 |
% |
0.80 |
% |
1.64 |
% |
(1.05 |
%) |
(1.05 |
%) |
||||||||||||||||||||||
2014 |
480 |
$ |
15.22 |
$ |
15.22 |
$ |
7,305 |
0.80 |
% |
0.80 |
% |
1.69 |
% |
3.46 |
% |
3.46 |
% |
||||||||||||||||||||||
2013 |
447 |
$ |
14.71 |
$ |
14.71 |
$ |
6,574 |
0.80 |
% |
0.80 |
% |
1.69 |
% |
8.86 |
% |
8.86 |
% |
||||||||||||||||||||||
2012 |
424 |
$ |
13.51 |
$ |
13.51 |
$ |
5,723 |
0.80 |
% |
0.80 |
% |
1.70 |
% |
8.68 |
% |
8.68 |
% |
||||||||||||||||||||||
2011 |
397 |
$ |
12.43 |
$ |
12.43 |
$ |
4,940 |
0.80 |
% |
0.80 |
% |
1.85 |
% |
(0.62 |
%) |
(0.62 |
%) |
||||||||||||||||||||||
VIP - Freedom 2005 Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,143 |
$ |
13.42 |
$ |
18.31 |
$ |
17,584 |
0.10 |
% |
0.25 |
% |
1.69 |
% |
(0.41 |
%) |
(0.56 |
%) |
||||||||||||||||||||||
2014 |
1,279 |
$ |
13.48 |
$ |
18.42 |
$ |
19,848 |
0.10 |
% |
0.25 |
% |
1.74 |
% |
4.14 |
% |
3.99 |
% |
||||||||||||||||||||||
2013 |
1,074 |
$ |
12.94 |
$ |
17.71 |
$ |
16,204 |
0.10 |
% |
0.25 |
% |
1.68 |
% |
9.62 |
% |
9.46 |
% |
||||||||||||||||||||||
2012 |
900 |
$ |
11.81 |
$ |
16.18 |
$ |
12,341 |
0.10 |
% |
0.25 |
% |
1.86 |
% |
9.50 |
% |
9.33 |
% |
||||||||||||||||||||||
2011 |
673 |
$ |
10.78 |
$ |
14.80 |
$ |
8,618 |
0.10 |
% |
0.25 |
% |
1.76 |
% |
(0.08 |
%) |
(0.23 |
%) |
||||||||||||||||||||||
VIP - Freedom 2010 |
|||||||||||||||||||||||||||||||||||||||
2015 |
719 |
$ |
16.07 |
$ |
16.07 |
$ |
11,549 |
0.80 |
% |
0.80 |
% |
1.73 |
% |
(1.09 |
%) |
(1.09 |
%) |
||||||||||||||||||||||
2014 |
864 |
$ |
16.25 |
$ |
16.25 |
$ |
14,043 |
0.80 |
% |
0.80 |
% |
1.59 |
% |
3.69 |
% |
3.69 |
% |
||||||||||||||||||||||
2013 |
958 |
$ |
15.67 |
$ |
15.67 |
$ |
15,005 |
0.80 |
% |
0.80 |
% |
1.69 |
% |
12.58 |
% |
12.58 |
% |
||||||||||||||||||||||
2012 |
1,036 |
$ |
13.92 |
$ |
13.92 |
$ |
14,411 |
0.80 |
% |
0.80 |
% |
1.86 |
% |
10.88 |
% |
10.88 |
% |
||||||||||||||||||||||
2011 |
1,196 |
$ |
12.55 |
$ |
12.55 |
$ |
15,014 |
0.80 |
% |
0.80 |
% |
1.95 |
% |
(0.99 |
%) |
(0.99 |
%) |
||||||||||||||||||||||
VIP - Freedom 2010 Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
3,254 |
$ |
14.30 |
$ |
19.88 |
$ |
53,848 |
0.10 |
% |
0.25 |
% |
1.62 |
% |
(0.44 |
%) |
(0.59 |
%) |
||||||||||||||||||||||
2014 |
3,359 |
$ |
14.36 |
$ |
20.00 |
$ |
55,984 |
0.10 |
% |
0.25 |
% |
1.67 |
% |
4.46 |
% |
4.30 |
% |
||||||||||||||||||||||
2013 |
3,517 |
$ |
13.75 |
$ |
19.17 |
$ |
55,875 |
0.10 |
% |
0.25 |
% |
1.77 |
% |
13.29 |
% |
13.12 |
% |
||||||||||||||||||||||
2012 |
3,482 |
$ |
12.14 |
$ |
16.95 |
$ |
49,023 |
0.10 |
% |
0.25 |
% |
1.87 |
% |
11.70 |
% |
11.54 |
% |
||||||||||||||||||||||
2011 |
3,649 |
$ |
10.87 |
$ |
15.19 |
$ |
46,201 |
0.10 |
% |
0.25 |
% |
2.02 |
% |
(0.45 |
%) |
(0.60 |
%) |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
78
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Freedom 2015 |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,599 |
$ |
16.45 |
$ |
16.45 |
$ |
26,304 |
0.80 |
% |
0.80 |
% |
1.76 |
% |
(1.13 |
%) |
(1.13 |
%) |
||||||||||||||||||||||
2014 |
1,816 |
$ |
16.64 |
$ |
16.64 |
$ |
30,216 |
0.80 |
% |
0.80 |
% |
1.63 |
% |
3.86 |
% |
3.86 |
% |
||||||||||||||||||||||
2013 |
1,895 |
$ |
16.02 |
$ |
16.02 |
$ |
30,357 |
0.80 |
% |
0.80 |
% |
1.75 |
% |
13.50 |
% |
13.50 |
% |
||||||||||||||||||||||
2012 |
2,006 |
$ |
14.11 |
$ |
14.11 |
$ |
28,314 |
0.80 |
% |
0.80 |
% |
2.05 |
% |
11.33 |
% |
11.33 |
% |
||||||||||||||||||||||
2011 |
2,255 |
$ |
12.68 |
$ |
12.68 |
$ |
28,585 |
0.80 |
% |
0.80 |
% |
1.99 |
% |
(1.15 |
%) |
(1.15 |
%) |
||||||||||||||||||||||
VIP - Freedom 2015 Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
5,267 |
$ |
14.51 |
$ |
20.41 |
$ |
88,610 |
0.10 |
% |
0.25 |
% |
1.65 |
% |
(0.44 |
%) |
(0.59 |
%) |
||||||||||||||||||||||
2014 |
5,488 |
$ |
14.57 |
$ |
20.54 |
$ |
93,183 |
0.10 |
% |
0.25 |
% |
1.66 |
% |
4.54 |
% |
4.38 |
% |
||||||||||||||||||||||
2013 |
5,463 |
$ |
13.94 |
$ |
19.67 |
$ |
88,922 |
0.10 |
% |
0.25 |
% |
1.87 |
% |
14.24 |
% |
14.07 |
% |
||||||||||||||||||||||
2012 |
4,984 |
$ |
12.20 |
$ |
17.25 |
$ |
71,657 |
0.10 |
% |
0.25 |
% |
2.01 |
% |
11.98 |
% |
11.82 |
% |
||||||||||||||||||||||
2011 |
4,778 |
$ |
10.90 |
$ |
15.42 |
$ |
61,744 |
0.10 |
% |
0.25 |
% |
2.08 |
% |
(0.43 |
%) |
(0.58 |
%) |
||||||||||||||||||||||
VIP - Freedom 2020 |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,557 |
$ |
16.56 |
$ |
16.56 |
$ |
25,783 |
0.80 |
% |
0.80 |
% |
1.75 |
% |
(1.07 |
%) |
(1.07 |
%) |
||||||||||||||||||||||
2014 |
1,743 |
$ |
16.74 |
$ |
16.74 |
$ |
29,169 |
0.80 |
% |
0.80 |
% |
1.58 |
% |
3.99 |
% |
3.99 |
% |
||||||||||||||||||||||
2013 |
1,826 |
$ |
16.09 |
$ |
16.09 |
$ |
29,388 |
0.80 |
% |
0.80 |
% |
1.76 |
% |
15.09 |
% |
15.09 |
% |
||||||||||||||||||||||
2012 |
1,852 |
$ |
13.98 |
$ |
13.98 |
$ |
25,900 |
0.80 |
% |
0.80 |
% |
2.03 |
% |
12.47 |
% |
12.47 |
% |
||||||||||||||||||||||
2011 |
1,869 |
$ |
12.43 |
$ |
12.43 |
$ |
23,240 |
0.80 |
% |
0.80 |
% |
2.08 |
% |
(1.82 |
%) |
(1.82 |
%) |
||||||||||||||||||||||
VIP - Freedom 2020 Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
9,883 |
$ |
15.03 |
$ |
21.99 |
$ |
167,386 |
0.10 |
% |
0.25 |
% |
1.61 |
% |
(0.45 |
%) |
(0.60 |
%) |
||||||||||||||||||||||
2014 |
10,057 |
$ |
15.10 |
$ |
22.12 |
$ |
171,670 |
0.10 |
% |
0.25 |
% |
1.74 |
% |
4.65 |
% |
4.49 |
% |
||||||||||||||||||||||
2013 |
8,641 |
$ |
14.43 |
$ |
21.17 |
$ |
142,627 |
0.10 |
% |
0.25 |
% |
1.88 |
% |
15.85 |
% |
15.67 |
% |
||||||||||||||||||||||
2012 |
7,766 |
$ |
12.46 |
$ |
18.30 |
$ |
111,109 |
0.10 |
% |
0.25 |
% |
2.11 |
% |
13.19 |
% |
13.01 |
% |
||||||||||||||||||||||
2011 |
7,320 |
$ |
11.01 |
$ |
16.19 |
$ |
92,725 |
0.10 |
% |
0.25 |
% |
2.21 |
% |
(1.21 |
%) |
(1.36 |
%) |
||||||||||||||||||||||
VIP - Freedom 2025 |
|||||||||||||||||||||||||||||||||||||||
2015 |
793 |
$ |
17.41 |
$ |
17.41 |
$ |
13,804 |
0.80 |
% |
0.80 |
% |
1.74 |
% |
(0.98 |
%) |
(0.98 |
%) |
||||||||||||||||||||||
2014 |
927 |
$ |
17.58 |
$ |
17.58 |
$ |
16,302 |
0.80 |
% |
0.80 |
% |
1.58 |
% |
4.22 |
% |
4.22 |
% |
||||||||||||||||||||||
2013 |
961 |
$ |
16.87 |
$ |
16.87 |
$ |
16,215 |
0.80 |
% |
0.80 |
% |
1.96 |
% |
18.99 |
% |
18.99 |
% |
||||||||||||||||||||||
2012 |
857 |
$ |
14.18 |
$ |
14.18 |
$ |
12,151 |
0.80 |
% |
0.80 |
% |
1.84 |
% |
14.18 |
% |
14.18 |
% |
||||||||||||||||||||||
2011 |
909 |
$ |
12.42 |
$ |
12.42 |
$ |
11,282 |
0.80 |
% |
0.80 |
% |
1.91 |
% |
(2.89 |
%) |
(2.89 |
%) |
||||||||||||||||||||||
VIP - Freedom 2025 Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
8,235 |
$ |
15.88 |
$ |
23.51 |
$ |
146,171 |
0.10 |
% |
0.25 |
% |
1.43 |
% |
(0.42 |
%) |
(0.57 |
%) |
||||||||||||||||||||||
2014 |
7,242 |
$ |
15.95 |
$ |
23.65 |
$ |
129,695 |
0.10 |
% |
0.25 |
% |
1.70 |
% |
4.94 |
% |
4.78 |
% |
||||||||||||||||||||||
2013 |
6,194 |
$ |
15.20 |
$ |
22.57 |
$ |
106,760 |
0.10 |
% |
0.25 |
% |
2.11 |
% |
19.83 |
% |
19.65 |
% |
||||||||||||||||||||||
2012 |
4,607 |
$ |
12.68 |
$ |
18.86 |
$ |
67,147 |
0.10 |
% |
0.25 |
% |
2.30 |
% |
14.94 |
% |
14.77 |
% |
||||||||||||||||||||||
2011 |
3,774 |
$ |
11.03 |
$ |
16.44 |
$ |
48,490 |
0.10 |
% |
0.25 |
% |
2.24 |
% |
(2.38 |
%) |
(2.53 |
%) |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
79
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Freedom 2030 |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,011 |
$ |
17.20 |
$ |
17.20 |
$ |
17,385 |
0.80 |
% |
0.80 |
% |
1.55 |
% |
(1.03 |
%) |
(1.03 |
%) |
||||||||||||||||||||||
2014 |
1,003 |
$ |
17.38 |
$ |
17.38 |
$ |
17,423 |
0.80 |
% |
0.80 |
% |
1.58 |
% |
4.12 |
% |
4.12 |
% |
||||||||||||||||||||||
2013 |
1,025 |
$ |
16.69 |
$ |
16.69 |
$ |
17,116 |
0.80 |
% |
0.80 |
% |
1.76 |
% |
20.69 |
% |
20.69 |
% |
||||||||||||||||||||||
2012 |
1,072 |
$ |
13.83 |
$ |
13.83 |
$ |
14,829 |
0.80 |
% |
0.80 |
% |
2.12 |
% |
14.65 |
% |
14.65 |
% |
||||||||||||||||||||||
2011 |
1,070 |
$ |
12.06 |
$ |
12.06 |
$ |
12,903 |
0.80 |
% |
0.80 |
% |
2.05 |
% |
(3.37 |
%) |
(3.37 |
%) |
||||||||||||||||||||||
VIP - Freedom 2030 Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
7,618 |
$ |
16.21 |
$ |
24.43 |
$ |
134,531 |
0.10 |
% |
0.25 |
% |
1.38 |
% |
(0.42 |
%) |
(0.57 |
%) |
||||||||||||||||||||||
2014 |
6,811 |
$ |
16.28 |
$ |
24.56 |
$ |
121,507 |
0.10 |
% |
0.25 |
% |
1.57 |
% |
4.72 |
% |
4.57 |
% |
||||||||||||||||||||||
2013 |
5,995 |
$ |
15.55 |
$ |
23.49 |
$ |
102,899 |
0.10 |
% |
0.25 |
% |
1.98 |
% |
21.60 |
% |
21.41 |
% |
||||||||||||||||||||||
2012 |
4,355 |
$ |
12.78 |
$ |
19.35 |
$ |
62,374 |
0.10 |
% |
0.25 |
% |
2.26 |
% |
15.38 |
% |
15.21 |
% |
||||||||||||||||||||||
2011 |
3,797 |
$ |
11.08 |
$ |
16.79 |
$ |
47,581 |
0.10 |
% |
0.25 |
% |
2.17 |
% |
(2.87 |
%) |
(3.02 |
%) |
||||||||||||||||||||||
VIP - Freedom Lifetime Income I |
|||||||||||||||||||||||||||||||||||||||
2015 |
755 |
$ |
15.39 |
$ |
15.39 |
$ |
11,638 |
0.60 |
% |
0.60 |
% |
1.77 |
% |
(0.95 |
%) |
(0.95 |
%) |
||||||||||||||||||||||
2014 |
801 |
$ |
15.54 |
$ |
15.54 |
$ |
12,440 |
0.60 |
% |
0.60 |
% |
1.91 |
% |
4.05 |
% |
4.05 |
% |
||||||||||||||||||||||
2013 |
718 |
$ |
14.93 |
$ |
14.93 |
$ |
10,717 |
0.60 |
% |
0.60 |
% |
1.83 |
% |
9.31 |
% |
9.31 |
% |
||||||||||||||||||||||
2012 |
719 |
$ |
13.66 |
$ |
13.66 |
$ |
9,829 |
0.60 |
% |
0.60 |
% |
1.98 |
% |
9.76 |
% |
9.76 |
% |
||||||||||||||||||||||
2011 |
692 |
$ |
12.45 |
$ |
12.45 |
$ |
8,620 |
0.60 |
% |
0.60 |
% |
2.31 |
% |
(0.12 |
%) |
(0.12 |
%) |
||||||||||||||||||||||
VIP - Freedom Lifetime Income II |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,845 |
$ |
16.06 |
$ |
16.06 |
$ |
29,658 |
0.60 |
% |
0.60 |
% |
1.69 |
% |
(0.83 |
%) |
(0.83 |
%) |
||||||||||||||||||||||
2014 |
1,775 |
$ |
16.20 |
$ |
16.20 |
$ |
28,755 |
0.60 |
% |
0.60 |
% |
1.97 |
% |
4.43 |
% |
4.43 |
% |
||||||||||||||||||||||
2013 |
1,450 |
$ |
15.51 |
$ |
15.51 |
$ |
22,505 |
0.60 |
% |
0.60 |
% |
1.88 |
% |
12.08 |
% |
12.08 |
% |
||||||||||||||||||||||
2012 |
1,385 |
$ |
13.84 |
$ |
13.84 |
$ |
19,164 |
0.60 |
% |
0.60 |
% |
2.05 |
% |
10.93 |
% |
10.93 |
% |
||||||||||||||||||||||
2011 |
1,287 |
$ |
12.48 |
$ |
12.48 |
$ |
16,061 |
0.60 |
% |
0.60 |
% |
2.34 |
% |
(0.35 |
%) |
(0.35 |
%) |
||||||||||||||||||||||
VIP - Freedom Lifetime Income III |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,111 |
$ |
17.08 |
$ |
17.08 |
$ |
18,975 |
0.60 |
% |
0.60 |
% |
1.58 |
% |
(0.87 |
%) |
(0.87 |
%) |
||||||||||||||||||||||
2014 |
892 |
$ |
17.23 |
$ |
17.23 |
$ |
15,373 |
0.60 |
% |
0.60 |
% |
2.03 |
% |
4.67 |
% |
4.67 |
% |
||||||||||||||||||||||
2013 |
702 |
$ |
16.46 |
$ |
16.46 |
$ |
11,559 |
0.60 |
% |
0.60 |
% |
1.91 |
% |
19.70 |
% |
19.70 |
% |
||||||||||||||||||||||
2012 |
605 |
$ |
13.75 |
$ |
13.75 |
$ |
8,306 |
0.60 |
% |
0.60 |
% |
2.32 |
% |
14.50 |
% |
14.50 |
% |
||||||||||||||||||||||
2011 |
568 |
$ |
12.01 |
$ |
12.01 |
$ |
6,821 |
0.60 |
% |
0.60 |
% |
2.14 |
% |
(2.95 |
%) |
(2.95 |
%) |
||||||||||||||||||||||
VIP - Disciplined Small Cap |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,804 |
$ |
15.65 |
$ |
15.34 |
$ |
28,161 |
0.80 |
% |
1.00 |
% |
0.43 |
% |
(2.77 |
%) |
(2.97 |
%) |
||||||||||||||||||||||
2014 |
1,981 |
$ |
16.09 |
$ |
15.81 |
$ |
31,817 |
0.80 |
% |
1.00 |
% |
0.36 |
% |
4.44 |
% |
4.23 |
% |
||||||||||||||||||||||
2013 |
2,738 |
$ |
15.41 |
$ |
15.17 |
$ |
42,103 |
0.80 |
% |
1.00 |
% |
0.56 |
% |
37.25 |
% |
36.97 |
% |
||||||||||||||||||||||
2012 |
1,679 |
$ |
11.23 |
$ |
11.08 |
$ |
18,804 |
0.80 |
% |
1.00 |
% |
1.94 |
% |
18.05 |
% |
17.81 |
% |
||||||||||||||||||||||
2011 |
1,923 |
$ |
9.51 |
$ |
9.40 |
$ |
18,262 |
0.80 |
% |
1.00 |
% |
0.48 |
% |
(2.15 |
%) |
(2.35 |
%) |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
80
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Disciplined Small Cap Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
9,410 |
$ |
20.59 |
$ |
30.38 |
$ |
174,353 |
0.10 |
% |
0.25 |
% |
0.31 |
% |
(2.10 |
%) |
(2.25 |
%) |
||||||||||||||||||||||
2014 |
8,358 |
$ |
21.03 |
$ |
31.08 |
$ |
159,191 |
0.10 |
% |
0.25 |
% |
0.33 |
% |
5.05 |
% |
4.89 |
% |
||||||||||||||||||||||
2013 |
9,367 |
$ |
20.02 |
$ |
29.63 |
$ |
169,772 |
0.10 |
% |
0.25 |
% |
0.56 |
% |
38.04 |
% |
37.84 |
% |
||||||||||||||||||||||
2012 |
4,469 |
$ |
14.51 |
$ |
21.50 |
$ |
59,020 |
0.10 |
% |
0.25 |
% |
1.91 |
% |
18.84 |
% |
18.66 |
% |
||||||||||||||||||||||
2011 |
4,347 |
$ |
12.21 |
$ |
18.12 |
$ |
49,155 |
0.10 |
% |
0.25 |
% |
0.43 |
% |
(1.45 |
%) |
(1.59 |
%) |
||||||||||||||||||||||
VIP - FundsManager 20% |
|||||||||||||||||||||||||||||||||||||||
2015 |
49,271 |
$ |
12.26 |
$ |
13.01 |
$ |
665,602 |
0.10 |
% |
1.00 |
% |
1.26 |
% |
(0.13 |
%) |
(1.03 |
%) |
||||||||||||||||||||||
2014 |
50,895 |
$ |
12.27 |
$ |
13.15 |
$ |
689,187 |
0.10 |
% |
1.00 |
% |
1.31 |
% |
4.02 |
% |
3.08 |
% |
||||||||||||||||||||||
2013 |
47,822 |
$ |
11.80 |
$ |
12.76 |
$ |
626,307 |
0.10 |
% |
1.00 |
% |
1.24 |
% |
5.52 |
% |
4.57 |
% |
||||||||||||||||||||||
2012 |
46,646 |
$ |
11.18 |
$ |
12.20 |
$ |
582,542 |
0.10 |
% |
1.00 |
% |
1.51 |
% |
5.48 |
% |
4.52 |
% |
||||||||||||||||||||||
2011 |
39,623 |
$ |
10.60 |
$ |
11.67 |
$ |
472,645 |
0.10 |
% |
1.00 |
% |
1.85 |
% |
2.20 |
% |
1.29 |
% |
||||||||||||||||||||||
VIP - FundsManager 50% |
|||||||||||||||||||||||||||||||||||||||
2015 |
81,915 |
$ |
14.38 |
$ |
14.08 |
$ |
1,234,901 |
0.10 |
% |
1.00 |
% |
1.10 |
% |
0.04 |
% |
(0.86 |
%) |
||||||||||||||||||||||
2014 |
79,527 |
$ |
14.38 |
$ |
14.21 |
$ |
1,205,623 |
0.10 |
% |
1.00 |
% |
1.20 |
% |
4.99 |
% |
4.05 |
% |
||||||||||||||||||||||
2013 |
73,187 |
$ |
13.69 |
$ |
13.65 |
$ |
1,065,142 |
0.10 |
% |
1.00 |
% |
1.09 |
% |
14.78 |
% |
13.75 |
% |
||||||||||||||||||||||
2012 |
62,040 |
$ |
11.93 |
$ |
12.00 |
$ |
792,965 |
0.10 |
% |
1.00 |
% |
1.31 |
% |
10.02 |
% |
9.03 |
% |
||||||||||||||||||||||
2011 |
57,896 |
$ |
10.84 |
$ |
11.01 |
$ |
677,175 |
0.10 |
% |
1.00 |
% |
1.82 |
% |
(0.52 |
%) |
(1.41 |
%) |
||||||||||||||||||||||
VIP - FundsManager 60% |
|||||||||||||||||||||||||||||||||||||||
2015 |
115,523 |
$ |
15.17 |
$ |
19.15 |
$ |
1,687,185 |
0.10 |
% |
1.40 |
% |
1.22 |
% |
0.31 |
% |
(0.84 |
%) |
||||||||||||||||||||||
2014 |
114,312 |
$ |
15.12 |
$ |
19.34 |
$ |
1,679,510 |
0.10 |
% |
1.40 |
% |
1.29 |
% |
5.30 |
% |
3.93 |
% |
||||||||||||||||||||||
2013 |
110,201 |
$ |
14.36 |
$ |
18.61 |
$ |
1,554,618 |
0.10 |
% |
1.40 |
% |
1.20 |
% |
18.50 |
% |
16.96 |
% |
||||||||||||||||||||||
2012 |
107,021 |
$ |
12.12 |
$ |
19.56 |
$ |
1,285,160 |
0.10 |
% |
1.40 |
% |
1.44 |
% |
11.49 |
% |
10.03 |
% |
||||||||||||||||||||||
2011 |
108,577 |
$ |
10.87 |
$ |
14.46 |
$ |
1,179,249 |
0.10 |
% |
1.40 |
% |
1.40 |
% |
(2.12 |
%) |
(3.39 |
%) |
||||||||||||||||||||||
VIP - FundsManager 70% |
|||||||||||||||||||||||||||||||||||||||
2015 |
63,849 |
$ |
15.88 |
$ |
14.31 |
$ |
1,010,629 |
0.10 |
% |
1.00 |
% |
1.07 |
% |
0.39 |
% |
(0.52 |
%) |
||||||||||||||||||||||
2014 |
59,100 |
$ |
15.82 |
$ |
14.38 |
$ |
936,281 |
0.10 |
% |
1.00 |
% |
1.23 |
% |
5.05 |
% |
4.10 |
% |
||||||||||||||||||||||
2013 |
51,975 |
$ |
15.05 |
$ |
13.82 |
$ |
788,692 |
0.10 |
% |
1.00 |
% |
1.20 |
% |
21.63 |
% |
20.54 |
% |
||||||||||||||||||||||
2012 |
44,350 |
$ |
12.38 |
$ |
11.46 |
$ |
557,749 |
0.10 |
% |
1.00 |
% |
1.57 |
% |
13.11 |
% |
12.08 |
% |
||||||||||||||||||||||
2011 |
44,286 |
$ |
10.94 |
$ |
10.23 |
$ |
494,536 |
0.10 |
% |
1.00 |
% |
1.61 |
% |
(3.00 |
%) |
(3.87 |
%) |
||||||||||||||||||||||
VIP - FundsManager 85% |
|||||||||||||||||||||||||||||||||||||||
2015 |
22,948 |
$ |
16.75 |
$ |
14.23 |
$ |
364,733 |
0.10 |
% |
1.00 |
% |
0.94 |
% |
0.29 |
% |
(0.61 |
%) |
||||||||||||||||||||||
2014 |
21,622 |
$ |
16.70 |
$ |
14.32 |
$ |
345,076 |
0.10 |
% |
1.00 |
% |
1.03 |
% |
5.19 |
% |
4.24 |
% |
||||||||||||||||||||||
2013 |
19,518 |
$ |
15.88 |
$ |
13.73 |
$ |
298,041 |
0.10 |
% |
1.00 |
% |
1.01 |
% |
27.60 |
% |
26.45 |
% |
||||||||||||||||||||||
2012 |
17,254 |
$ |
12.44 |
$ |
10.86 |
$ |
206,109 |
0.10 |
% |
1.00 |
% |
1.25 |
% |
14.00 |
% |
12.97 |
% |
||||||||||||||||||||||
2011 |
20,014 |
$ |
10.92 |
$ |
9.61 |
$ |
209,791 |
0.10 |
% |
1.00 |
% |
1.23 |
% |
(5.39 |
%) |
(6.24 |
%) |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
81
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Consumer Staples |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,172 |
$ |
21.90 |
$ |
21.52 |
$ |
25,623 |
0.80 |
% |
1.00 |
% |
1.26 |
% |
8.58 |
% |
8.36 |
% |
||||||||||||||||||||||
2014 |
1,053 |
$ |
20.17 |
$ |
19.86 |
$ |
21,190 |
0.80 |
% |
1.00 |
% |
1.44 |
% |
14.74 |
% |
14.51 |
% |
||||||||||||||||||||||
2013 |
1,350 |
$ |
17.58 |
$ |
17.34 |
$ |
23,705 |
0.80 |
% |
1.00 |
% |
1.64 |
% |
20.83 |
% |
20.58 |
% |
||||||||||||||||||||||
2012 |
1,512 |
$ |
14.55 |
$ |
14.38 |
$ |
21,939 |
0.80 |
% |
1.00 |
% |
1.73 |
% |
14.47 |
% |
14.24 |
% |
||||||||||||||||||||||
2011 |
989 |
$ |
12.71 |
$ |
12.59 |
$ |
12,555 |
0.80 |
% |
1.00 |
% |
1.46 |
% |
7.32 |
% |
7.10 |
% |
||||||||||||||||||||||
VIP - Consumer Staples Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
8,602 |
$ |
21.37 |
$ |
28.55 |
$ |
194,325 |
0.10 |
% |
0.25 |
% |
1.10 |
% |
9.30 |
% |
9.13 |
% |
||||||||||||||||||||||
2014 |
7,003 |
$ |
19.55 |
$ |
26.16 |
$ |
145,149 |
0.10 |
% |
0.25 |
% |
1.51 |
% |
15.40 |
% |
15.23 |
% |
||||||||||||||||||||||
2013 |
7,031 |
$ |
16.94 |
$ |
22.71 |
$ |
127,120 |
0.10 |
% |
0.25 |
% |
1.91 |
% |
21.67 |
% |
21.48 |
% |
||||||||||||||||||||||
2012 |
5,448 |
$ |
13.93 |
$ |
18.69 |
$ |
81,526 |
0.10 |
% |
0.25 |
% |
1.93 |
% |
15.19 |
% |
15.01 |
% |
||||||||||||||||||||||
2011 |
3,126 |
$ |
12.09 |
$ |
16.25 |
$ |
40,835 |
0.10 |
% |
0.25 |
% |
1.77 |
% |
7.97 |
% |
7.80 |
% |
||||||||||||||||||||||
VIP - Materials |
|||||||||||||||||||||||||||||||||||||||
2015 |
669 |
$ |
15.94 |
$ |
15.67 |
$ |
10,647 |
0.80 |
% |
1.00 |
% |
1.18 |
% |
(9.74 |
%) |
(9.92 |
%) |
||||||||||||||||||||||
2014 |
918 |
$ |
17.66 |
$ |
17.39 |
$ |
16,197 |
0.80 |
% |
1.00 |
% |
0.89 |
% |
(0.43 |
%) |
(0.63 |
%) |
||||||||||||||||||||||
2013 |
1,106 |
$ |
17.74 |
$ |
17.50 |
$ |
19,601 |
0.80 |
% |
1.00 |
% |
0.99 |
% |
21.18 |
% |
20.93 |
% |
||||||||||||||||||||||
2012 |
1,562 |
$ |
14.64 |
$ |
14.47 |
$ |
22,840 |
0.80 |
% |
1.00 |
% |
0.83 |
% |
19.18 |
% |
18.94 |
% |
||||||||||||||||||||||
2011 |
2,063 |
$ |
12.28 |
$ |
12.17 |
$ |
25,309 |
0.80 |
% |
1.00 |
% |
1.29 |
% |
(8.94 |
%) |
(9.12 |
%) |
||||||||||||||||||||||
VIP - Materials Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
2,038 |
$ |
15.43 |
$ |
33.67 |
$ |
34,904 |
0.10 |
% |
0.25 |
% |
1.05 |
% |
(9.18 |
%) |
(9.32 |
%) |
||||||||||||||||||||||
2014 |
2,544 |
$ |
16.99 |
$ |
37.13 |
$ |
48,315 |
0.10 |
% |
0.25 |
% |
0.91 |
% |
0.21 |
% |
0.06 |
% |
||||||||||||||||||||||
2013 |
2,565 |
$ |
16.96 |
$ |
37.11 |
$ |
48,970 |
0.10 |
% |
0.25 |
% |
1.01 |
% |
21.95 |
% |
21.77 |
% |
||||||||||||||||||||||
2012 |
2,883 |
$ |
13.90 |
$ |
30.47 |
$ |
45,616 |
0.10 |
% |
0.25 |
% |
0.84 |
% |
19.95 |
% |
19.77 |
% |
||||||||||||||||||||||
2011 |
3,475 |
$ |
11.59 |
$ |
25.44 |
$ |
45,823 |
0.10 |
% |
0.25 |
% |
1.29 |
% |
(8.39 |
%) |
(8.53 |
%) |
||||||||||||||||||||||
VIP - Telecommunications |
|||||||||||||||||||||||||||||||||||||||
2015 |
323 |
$ |
12.85 |
$ |
12.63 |
$ |
4,144 |
0.80 |
% |
1.00 |
% |
3.30 |
% |
1.62 |
% |
1.41 |
% |
||||||||||||||||||||||
2014 |
249 |
$ |
12.65 |
$ |
12.45 |
$ |
3,146 |
0.80 |
% |
1.00 |
% |
3.28 |
% |
2.67 |
% |
2.46 |
% |
||||||||||||||||||||||
2013 |
338 |
$ |
12.32 |
$ |
12.15 |
$ |
4,160 |
0.80 |
% |
1.00 |
% |
1.49 |
% |
20.31 |
% |
20.07 |
% |
||||||||||||||||||||||
2012 |
426 |
$ |
10.24 |
$ |
10.12 |
$ |
4,358 |
0.80 |
% |
1.00 |
% |
1.63 |
% |
19.27 |
% |
19.03 |
% |
||||||||||||||||||||||
2011 |
322 |
$ |
8.58 |
$ |
8.50 |
$ |
2,767 |
0.80 |
% |
1.00 |
% |
1.18 |
% |
(2.78 |
%) |
(2.98 |
%) |
||||||||||||||||||||||
VIP - Telecommunications Investor Class |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,327 |
$ |
17.18 |
$ |
32.49 |
$ |
20,431 |
0.10 |
% |
0.25 |
% |
2.88 |
% |
2.28 |
% |
2.13 |
% |
||||||||||||||||||||||
2014 |
965 |
$ |
16.80 |
$ |
31.82 |
$ |
14,160 |
0.10 |
% |
0.25 |
% |
3.41 |
% |
3.37 |
% |
3.25 |
% |
||||||||||||||||||||||
2013 |
1,057 |
$ |
16.25 |
$ |
30.82 |
$ |
15,249 |
0.10 |
% |
0.25 |
% |
1.88 |
% |
21.15 |
% |
20.97 |
% |
||||||||||||||||||||||
2012 |
881 |
$ |
13.41 |
$ |
25.48 |
$ |
10,711 |
0.10 |
% |
0.25 |
% |
1.80 |
% |
19.87 |
% |
19.69 |
% |
||||||||||||||||||||||
2011 |
554 |
$ |
11.19 |
$ |
21.27 |
$ |
5,543 |
0.10 |
% |
0.25 |
% |
1.48 |
% |
(2.13 |
%) |
(2.28 |
%) |
||||||||||||||||||||||
VIP - Emerging Markets (a) |
|||||||||||||||||||||||||||||||||||||||
2015 |
691 |
$ |
7.43 |
$ |
7.32 |
$ |
5,130 |
0.80 |
% |
1.00 |
% |
0.00 |
% |
(14.46 |
%) |
(14.57 |
%) |
||||||||||||||||||||||
VIP - Emerging Markets, Class R (c) |
|||||||||||||||||||||||||||||||||||||||
2015 |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|||||||||||||||||||||||||||
2014 |
924 |
$ |
8.33 |
$ |
8.22 |
$ |
7,683 |
0.80 |
% |
1.00 |
% |
0.31 |
% |
0.54 |
% |
0.34 |
% |
||||||||||||||||||||||
2013 |
1,108 |
$ |
8.28 |
$ |
8.19 |
$ |
9,168 |
0.80 |
% |
1.00 |
% |
0.70 |
% |
3.12 |
% |
2.91 |
% |
||||||||||||||||||||||
2012 |
1,272 |
$ |
8.03 |
$ |
7.96 |
$ |
10,208 |
0.80 |
% |
1.00 |
% |
0.89 |
% |
13.45 |
% |
13.22 |
% |
||||||||||||||||||||||
2011 |
1,950 |
$ |
7.08 |
$ |
7.03 |
$ |
13,797 |
0.80 |
% |
1.00 |
% |
0.81 |
% |
(21.72 |
%) |
(21.88 |
%) |
||||||||||||||||||||||
VIP - Emerging Markets Investor Class (b) |
|||||||||||||||||||||||||||||||||||||||
2015 |
2,809 |
$ |
9.87 |
$ |
20.56 |
$ |
25,612 |
0.10 |
% |
0.25 |
% |
0.29 |
% |
(10.17 |
%) |
(10.31 |
%) |
||||||||||||||||||||||
2014 |
2,693 |
$ |
10.99 |
$ |
22.92 |
$ |
27,501 |
0.10 |
% |
0.25 |
% |
0.29 |
% |
1.20 |
% |
1.05 |
% |
||||||||||||||||||||||
2013 |
2,658 |
$ |
10.86 |
$ |
22.68 |
$ |
27,030 |
0.10 |
% |
0.25 |
% |
0.67 |
% |
3.79 |
% |
3.64 |
% |
||||||||||||||||||||||
2012 |
2,703 |
$ |
10.46 |
$ |
21.89 |
$ |
27,371 |
0.10 |
% |
0.25 |
% |
1.06 |
% |
14.03 |
% |
13.83 |
% |
||||||||||||||||||||||
2011 |
3,130 |
$ |
9.18 |
$ |
19.22 |
$ |
27,571 |
0.10 |
% |
0.25 |
% |
0.90 |
% |
(21.13 |
%) |
(21.25 |
%) |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
82
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
VIP - Floating Rate High Income (a) |
|||||||||||||||||||||||||||||||||||||||
2015 |
362 |
$ |
9.81 |
$ |
9.78 |
$ |
3,556 |
0.80 |
% |
1.00 |
% |
1.40 |
% |
(0.89 |
%) |
(1.09 |
%) |
||||||||||||||||||||||
2014 |
141 |
$ |
9.90 |
$ |
9.88 |
$ |
1,396 |
0.80 |
% |
1.00 |
% |
2.04 |
% |
(1.03 |
%) |
(1.16 |
%) |
||||||||||||||||||||||
VIP - Floating Rate High Income Investor Class (a) |
|||||||||||||||||||||||||||||||||||||||
2015 |
9,434 |
$ |
9.92 |
$ |
9.90 |
$ |
93,481 |
0.10 |
% |
0.25 |
% |
1.55 |
% |
(0.19 |
%) |
(0.34 |
%) |
||||||||||||||||||||||
2014 |
6,953 |
$ |
9.94 |
$ |
9.93 |
$ |
69,081 |
0.10 |
% |
0.25 |
% |
2.54 |
% |
(0.60 |
%) |
(0.70 |
%) |
||||||||||||||||||||||
UIF - Emerging Markets Equity |
|||||||||||||||||||||||||||||||||||||||
2015 |
3,888 |
$ |
9.41 |
$ |
22.30 |
$ |
58,169 |
0.10 |
% |
1.00 |
% |
0.46 |
% |
(10.78 |
%) |
(11.59 |
%) |
||||||||||||||||||||||
2014 |
4,403 |
$ |
10.54 |
$ |
25.22 |
$ |
75,494 |
0.10 |
% |
1.00 |
% |
0.38 |
% |
(4.58 |
%) |
(5.44 |
%) |
||||||||||||||||||||||
2013 |
5,170 |
$ |
11.05 |
$ |
26.68 |
$ |
94,831 |
0.10 |
% |
1.00 |
% |
1.18 |
% |
(1.12 |
%) |
(2.01 |
%) |
||||||||||||||||||||||
2012 |
6,117 |
$ |
11.18 |
$ |
27.22 |
$ |
118,887 |
0.10 |
% |
1.00 |
% |
|
19.83 |
% |
18.75 |
% |
|||||||||||||||||||||||
2011 |
7,360 |
$ |
9.33 |
$ |
22.93 |
$ |
122,690 |
0.10 |
% |
1.00 |
% |
0.41 |
% |
(18.30 |
%) |
(19.03 |
%) |
||||||||||||||||||||||
UIF - Emerging Markets Debt |
|||||||||||||||||||||||||||||||||||||||
2015 |
8,765 |
$ |
11.54 |
$ |
28.91 |
$ |
130,857 |
0.10 |
% |
1.00 |
% |
6.40 |
% |
(1.21 |
%) |
(2.10 |
%) |
||||||||||||||||||||||
2014 |
10,524 |
$ |
11.68 |
$ |
29.53 |
$ |
159,823 |
0.10 |
% |
1.00 |
% |
5.47 |
% |
2.82 |
% |
1.90 |
% |
||||||||||||||||||||||
2013 |
12,134 |
$ |
11.36 |
$ |
28.98 |
$ |
181,357 |
0.10 |
% |
1.00 |
% |
3.95 |
% |
(8.84 |
%) |
(9.66 |
%) |
||||||||||||||||||||||
2012 |
17,186 |
$ |
12.46 |
$ |
32.08 |
$ |
290,698 |
0.10 |
% |
1.00 |
% |
2.76 |
% |
17.84 |
% |
16.78 |
% |
||||||||||||||||||||||
2011 |
11,029 |
$ |
10.57 |
$ |
27.47 |
$ |
166,236 |
0.10 |
% |
1.00 |
% |
3.56 |
% |
6.93 |
% |
5.97 |
% |
||||||||||||||||||||||
UIF - Global Strategist (b) |
|||||||||||||||||||||||||||||||||||||||
2015 |
2,446 |
$ |
13.65 |
$ |
14.85 |
$ |
33,146 |
0.10 |
% |
1.00 |
% |
0.94 |
% |
(6.49 |
%) |
(7.33 |
%) |
||||||||||||||||||||||
2014 |
2,975 |
$ |
14.60 |
$ |
16.03 |
$ |
43,258 |
0.10 |
% |
1.00 |
% |
0.84 |
% |
2.05 |
% |
1.13 |
% |
||||||||||||||||||||||
2013 |
2,705 |
$ |
14.31 |
$ |
15.85 |
$ |
39,365 |
0.10 |
% |
1.00 |
% |
0.11 |
% |
15.83 |
% |
14.79 |
% |
||||||||||||||||||||||
2012 |
2,623 |
$ |
12.35 |
$ |
13.81 |
$ |
33,323 |
0.10 |
% |
1.00 |
% |
2.07 |
% |
13.73 |
% |
12.70 |
% |
||||||||||||||||||||||
2011 |
3,069 |
$ |
10.86 |
$ |
12.25 |
$ |
34,614 |
0.10 |
% |
1.00 |
% |
1.30 |
% |
(3.77 |
%) |
(4.64 |
%) |
||||||||||||||||||||||
Invesco - Van Kampen Global Core Equity |
|||||||||||||||||||||||||||||||||||||||
2015 |
1,583 |
$ |
13.86 |
$ |
16.60 |
$ |
22,052 |
0.10 |
% |
1.00 |
% |
2.13 |
% |
(1.52 |
%) |
(2.41 |
%) |
||||||||||||||||||||||
2014 |
1,662 |
$ |
14.08 |
$ |
17.01 |
$ |
23,781 |
0.10 |
% |
1.00 |
% |
2.03 |
% |
0.59 |
% |
(0.32 |
%) |
||||||||||||||||||||||
2013 |
1,807 |
$ |
13.99 |
$ |
17.06 |
$ |
25,963 |
0.10 |
% |
1.00 |
% |
2.02 |
% |
22.38 |
% |
21.28 |
% |
||||||||||||||||||||||
2012 |
1,584 |
$ |
11.44 |
$ |
14.07 |
$ |
19,490 |
0.10 |
% |
1.00 |
% |
2.46 |
% |
13.63 |
% |
12.61 |
% |
||||||||||||||||||||||
2011 |
1,938 |
$ |
10.06 |
$ |
12.49 |
$ |
20,941 |
0.10 |
% |
1.00 |
% |
3.37 |
% |
(10.97 |
%) |
(11.78 |
%) |
||||||||||||||||||||||
WFAF - Advantage VT Discovery |
|||||||||||||||||||||||||||||||||||||||
2015 |
753 |
$ |
34.90 |
$ |
33.74 |
$ |
26,163 |
0.80 |
% |
1.00 |
% |
|
(2.25 |
%) |
(2.45 |
%) |
|||||||||||||||||||||||
2014 |
835 |
$ |
35.70 |
$ |
34.59 |
$ |
29,659 |
0.80 |
% |
1.00 |
% |
|
(0.45 |
%) |
(0.65 |
%) |
|||||||||||||||||||||||
2013 |
946 |
$ |
35.86 |
$ |
34.82 |
$ |
33,784 |
0.80 |
% |
1.00 |
% |
0.01 |
% |
42.65 |
% |
42.36 |
% |
||||||||||||||||||||||
2012 |
1,058 |
$ |
25.14 |
$ |
24.46 |
$ |
26,490 |
0.80 |
% |
1.00 |
% |
|
16.79 |
% |
16.55 |
% |
|||||||||||||||||||||||
2011 |
1,185 |
$ |
21.52 |
$ |
20.98 |
$ |
25,412 |
0.80 |
% |
1.00 |
% |
|
(0.38 |
%) |
(0.58 |
%) |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
83
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
WFAF - Advantage VT Opportunity |
|||||||||||||||||||||||||||||||||||||||
2015 |
529 |
$ |
35.31 |
$ |
34.15 |
$ |
18,603 |
0.80 |
% |
1.00 |
% |
0.06 |
% |
(3.86 |
%) |
(4.05 |
%) |
||||||||||||||||||||||
2014 |
573 |
$ |
36.73 |
$ |
35.59 |
$ |
20,946 |
0.80 |
% |
1.00 |
% |
0.06 |
% |
9.54 |
% |
9.32 |
% |
||||||||||||||||||||||
2013 |
622 |
$ |
33.53 |
$ |
32.56 |
$ |
20,791 |
0.80 |
% |
1.00 |
% |
0.20 |
% |
29.63 |
% |
29.37 |
% |
||||||||||||||||||||||
2012 |
690 |
$ |
25.87 |
$ |
25.17 |
$ |
17,787 |
0.80 |
% |
1.00 |
% |
0.10 |
% |
14.59 |
% |
14.36 |
% |
||||||||||||||||||||||
2011 |
780 |
$ |
22.57 |
$ |
22.01 |
$ |
17,523 |
0.80 |
% |
1.00 |
% |
0.14 |
% |
(6.27 |
%) |
(6.46 |
%) |
||||||||||||||||||||||
Lazard - Retirement Emerging Markets |
|||||||||||||||||||||||||||||||||||||||
2015 |
8,405 |
$ |
8.68 |
$ |
11.01 |
$ |
90,080 |
0.10 |
% |
1.00 |
% |
2.42 |
% |
(19.98 |
%) |
(20.70 |
%) |
||||||||||||||||||||||
2014 |
9,633 |
$ |
10.85 |
$ |
13.89 |
$ |
130,919 |
0.10 |
% |
1.00 |
% |
1.89 |
% |
(4.48 |
%) |
(5.34 |
%) |
||||||||||||||||||||||
2013 |
10,645 |
$ |
11.36 |
$ |
14.67 |
$ |
153,571 |
0.10 |
% |
1.00 |
% |
1.55 |
% |
(1.11 |
%) |
(2.00 |
%) |
||||||||||||||||||||||
2012 |
11,474 |
$ |
11.49 |
$ |
14.97 |
$ |
171,550 |
0.10 |
% |
1.00 |
% |
1.81 |
% |
22.22 |
% |
21.11 |
% |
||||||||||||||||||||||
2011 |
12,133 |
$ |
9.40 |
$ |
12.36 |
$ |
151,788 |
0.10 |
% |
1.00 |
% |
2.26 |
% |
(17.87 |
%) |
(18.61 |
%) |
||||||||||||||||||||||
PVIT - Commodity Real Return |
|||||||||||||||||||||||||||||||||||||||
2015 |
2,206 |
$ |
5.27 |
$ |
5.09 |
$ |
11,583 |
0.10 |
% |
1.00 |
% |
0.52 |
% |
(25.78 |
%) |
(26.45 |
%) |
||||||||||||||||||||||
2014 |
1,991 |
$ |
7.09 |
$ |
6.92 |
$ |
14,088 |
0.10 |
% |
1.00 |
% |
0.35 |
% |
(18.51 |
%) |
(19.24 |
%) |
||||||||||||||||||||||
2013 |
2,045 |
$ |
8.71 |
$ |
8.57 |
$ |
17,782 |
0.10 |
% |
1.00 |
% |
1.87 |
% |
(14.79 |
%) |
(15.55 |
%) |
||||||||||||||||||||||
2012 |
1,683 |
$ |
10.22 |
$ |
10.15 |
$ |
17,177 |
0.10 |
% |
1.00 |
% |
2.29 |
% |
2.06 |
% |
1.37 |
% (c) |
||||||||||||||||||||||
PVIT - Low Duration |
|||||||||||||||||||||||||||||||||||||||
2015 |
41,303 |
$ |
10.85 |
$ |
10.86 |
$ |
460,077 |
0.10 |
% |
1.00 |
% |
1.23 |
% |
0.21 |
% |
(0.69 |
%) |
||||||||||||||||||||||
2014 |
44,842 |
$ |
10.82 |
$ |
10.94 |
$ |
499,438 |
0.10 |
% |
1.00 |
% |
1.13 |
% |
0.75 |
% |
(0.16 |
%) |
||||||||||||||||||||||
2013 |
48,821 |
$ |
10.74 |
$ |
10.96 |
$ |
540,925 |
0.10 |
% |
1.00 |
% |
1.46 |
% |
(0.24 |
%) |
(1.13 |
%) |
||||||||||||||||||||||
2012 |
51,537 |
$ |
10.77 |
$ |
11.08 |
$ |
574,142 |
0.10 |
% |
1.00 |
% |
1.90 |
% |
5.75 |
% |
4.79 |
% |
||||||||||||||||||||||
2011 |
46,534 |
$ |
10.18 |
$ |
10.57 |
$ |
491,312 |
0.10 |
% |
1.00 |
% |
1.67 |
% |
1.01 |
% |
0.10 |
% |
||||||||||||||||||||||
PVIT - Real Return |
|||||||||||||||||||||||||||||||||||||||
2015 |
17,049 |
$ |
11.01 |
$ |
11.56 |
$ |
198,549 |
0.10 |
% |
1.00 |
% |
1.69 |
% |
(2.80 |
%) |
(3.68 |
%) |
||||||||||||||||||||||
2014 |
19,761 |
$ |
11.33 |
$ |
12.00 |
$ |
237,474 |
0.10 |
% |
1.00 |
% |
1.41 |
% |
2.99 |
% |
2.06 |
% |
||||||||||||||||||||||
2013 |
25,157 |
$ |
11.00 |
$ |
11.76 |
$ |
294,496 |
0.10 |
% |
1.00 |
% |
1.28 |
% |
(9.31 |
%) |
(10.13 |
%) |
||||||||||||||||||||||
2012 |
43,972 |
$ |
12.13 |
$ |
13.09 |
$ |
569,998 |
0.10 |
% |
1.00 |
% |
1.04 |
% |
8.65 |
% |
7.66 |
% |
||||||||||||||||||||||
2011 |
33,712 |
$ |
11.17 |
$ |
12.16 |
$ |
403,892 |
0.10 |
% |
1.00 |
% |
4.87 |
% |
11.55 |
% |
10.55 |
% |
||||||||||||||||||||||
PVIT - Total Return |
|||||||||||||||||||||||||||||||||||||||
2015 |
44,190 |
$ |
11.59 |
$ |
12.00 |
$ |
540,425 |
0.10 |
% |
1.00 |
% |
2.41 |
% |
0.35 |
% |
(0.56 |
%) |
||||||||||||||||||||||
2014 |
45,866 |
$ |
11.55 |
$ |
12.07 |
$ |
560,201 |
0.10 |
% |
1.00 |
% |
2.15 |
% |
4.17 |
% |
3.24 |
% |
||||||||||||||||||||||
2013 |
57,241 |
$ |
11.08 |
$ |
11.69 |
$ |
671,285 |
0.10 |
% |
1.00 |
% |
2.18 |
% |
(2.06 |
%) |
(2.94 |
%) |
||||||||||||||||||||||
2012 |
73,122 |
$ |
11.32 |
$ |
12.04 |
$ |
877,470 |
0.10 |
% |
1.00 |
% |
2.56 |
% |
9.48 |
% |
8.49 |
% |
||||||||||||||||||||||
2011 |
55,249 |
$ |
10.34 |
$ |
11.10 |
$ |
607,713 |
0.10 |
% |
1.00 |
% |
1.06 |
% |
3.50 |
% |
2.57 |
% |
||||||||||||||||||||||
Blackrock - Global Allocation V.I. |
|||||||||||||||||||||||||||||||||||||||
2015 |
16,585 |
$ |
11.76 |
$ |
11.36 |
$ |
194,056 |
0.10 |
% |
1.00 |
% |
2.03 |
% |
(0.97 |
%) |
(1.86 |
%) |
||||||||||||||||||||||
2014 |
16,541 |
$ |
11.87 |
$ |
11.58 |
$ |
195,648 |
0.10 |
% |
1.00 |
% |
2.19 |
% |
1.86 |
% |
0.95 |
% |
||||||||||||||||||||||
2013 |
13,363 |
$ |
11.65 |
$ |
11.47 |
$ |
155,346 |
0.10 |
% |
1.00 |
% |
1.53 |
% |
14.44 |
% |
13.41 |
% |
||||||||||||||||||||||
2012 |
4,498 |
$ |
10.18 |
$ |
10.11 |
$ |
45,762 |
0.10 |
% |
1.00 |
% |
2.55 |
% |
2.86 |
% |
2.26 |
% (c) |
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
Annual Report
84
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
Unit value (4) |
Expense ratio (1)(4) |
Total Return (3)(4) |
|||||||||||||||||||||||||||||||||||||
Units (000s) |
Highest |
Lowest |
Net assets (000s) |
Lowest |
Highest |
Investment income ratio (2) |
Highest |
Lowest |
|||||||||||||||||||||||||||||||
FTVIP - Templeton Global Bond (b) |
|||||||||||||||||||||||||||||||||||||||
2015 |
12,193 |
$ |
10.66 |
$ |
10.30 |
$ |
129,380 |
0.10 |
% |
1.00 |
% |
4.77 |
% |
(4.40 |
%) |
(5.26 |
%) |
||||||||||||||||||||||
2014 |
13,903 |
$ |
11.15 |
$ |
10.88 |
$ |
154,500 |
0.10 |
% |
1.00 |
% |
4.96 |
% |
1.73 |
% |
0.81 |
% |
||||||||||||||||||||||
2013 |
11,397 |
$ |
10.96 |
$ |
10.79 |
$ |
124,637 |
0.10 |
% |
1.00 |
% |
5.00 |
% |
1.53 |
% |
0.61 |
% |
||||||||||||||||||||||
2012 |
5,305 |
$ |
10.80 |
$ |
10.72 |
$ |
57,214 |
0.10 |
% |
1.00 |
% |
2.54 |
% |
7.96 |
% |
7.22 |
% (c) |
||||||||||||||||||||||
FTVIP - Franklin U.S. Gov't Securities (b) |
|||||||||||||||||||||||||||||||||||||||
2015 |
5,342 |
$ |
10.28 |
$ |
9.94 |
$ |
54,663 |
0.10 |
% |
1.00 |
% |
1.73 |
% |
0.37 |
% |
(0.53 |
%) |
||||||||||||||||||||||
2014 |
3,884 |
$ |
10.25 |
$ |
9.99 |
$ |
39,653 |
0.10 |
% |
1.00 |
% |
2.49 |
% |
3.28 |
% |
2.35 |
% |
||||||||||||||||||||||
2013 |
2,756 |
$ |
9.92 |
$ |
9.76 |
$ |
27,275 |
0.10 |
% |
1.00 |
% |
3.10 |
% |
(2.34 |
%) |
(3.22 |
%) |
||||||||||||||||||||||
2012 |
4,715 |
$ |
10.16 |
$ |
10.09 |
$ |
47,837 |
0.10 |
% |
1.00 |
% |
1.61 |
% |
1.08 |
% |
0.49 |
% (c) |
(1) These amounts represent annualized contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.
(2) These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.
(3) These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, which includes expenses assessed through the reduction of unit values. The ratio does not include expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for the period indicated or from the effective date through the end of the reporting period.
(4) The unit value and total return columns labeled "Highest" correspond with the product with the lowest expense ratio. The unit value and total return columns labeled "Lowest" correspond with the product with the highest expense ratio. Please see Footnote 3 for additional information regarding total return.
(a) New Fund. See Note 1.
(b) Fund Name Change. See Note 1.
(c) Fund Closed. See Note 1.
(d) These portfolios commenced operations on April 30, 2012.
7. Subsequent Events
The Account has evaluated subsequent events from the balance sheet date through the date of this report and no events have occurred that would require disclosure.
Annual Report
85
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Fidelity Investments Life Insurance Company and the Contractholders of Fidelity Investments Variable Annuity Account I of Fidelity Investments Life Insurance Company:
In our opinion, the accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets present fairly, in all material respects, the financial position of each of the subaccounts constituting the Fidelity Investments Variable Annuity Account I of Fidelity Investments Life Insurance Company at December 31, 2015 the results of each of their operations and the changes in each of their net assets for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Boston, Massachusetts
April 20, 2016
Annual Report
86
Fidelity Retirement Reserves, Fidelity Income Advantage, Fidelity Personal Retirement, Fidelity Freedom Lifetime Income and Fidelity Growth and Guaranteed Income are issued by Fidelity Investments Life Insurance Company.
Fidelity Brokerage Services LLC, member NYSE, SIPC, Fidelity Insurance Agency, Inc., and Fidelity Investments Institutional Services Company, Inc. are the distributors.
900 Salem Street, Smithfield, RI 02917
N.NRR/FIA-ANN-0216
1.xxxxxx.xxx
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
CONSOLIDATED FINANCIAL STATEMENTS
for the years ended December 31, 2015, 2014 and 2013
TABLE OF CONTENTS |
|
PAGE(S) |
|
|
|
Independent Auditors Report |
|
1-2 |
|
|
|
Consolidated Balance Sheets |
|
3 |
|
|
|
Consolidated Statements of Comprehensive Income |
|
4 |
|
|
|
Consolidated Statements of Stockholders Equity |
|
5 |
|
|
|
Consolidated Statements of Cash Flows |
|
6 |
|
|
|
Notes to Consolidated Financial Statements |
|
7 - 27 |
Independent Auditors Report
To the Board of Directors of
Fidelity Investments Life Insurance Company:
We have audited the accompanying consolidated financial statements of Fidelity Investments Life Insurance Company and its subsidiaries (the Company), which comprise the consolidated balance sheets as of December 31, 2015 and 2014, the related consolidated statement of comprehensive income, the consolidated statement of stockholders equity, and the consolidated statement of cash flows for the years then ended.
Managements Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on the consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Companys preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Fidelity Investments Life Insurance Company and its subsidiaries as of December 31, 2015 and 2014, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
/s/PricewaterhouseCoopers LLP
Boston, Massachusetts
April 20, 2016
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
|
|
December 31, |
| ||||
|
|
2015 |
|
2014 |
| ||
ASSETS |
|
|
|
|
| ||
Investments: |
|
|
|
|
| ||
Debt securities, available-for-sale, at fair value |
|
$ |
873,312 |
|
$ |
812,449 |
|
Other investment |
|
1,665 |
|
1,877 |
| ||
Policy loans |
|
1,632 |
|
1,244 |
| ||
|
|
|
|
|
| ||
Total investments |
|
876,609 |
|
815,570 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents |
|
109,168 |
|
95,824 |
| ||
Accrued investment income |
|
3,139 |
|
4,115 |
| ||
Deferred policy acquisition costs |
|
69,665 |
|
68,243 |
| ||
Reinsurance deposit and receivables |
|
1,207,525 |
|
1,277,938 |
| ||
Other assets |
|
19,534 |
|
17,643 |
| ||
Net deferred tax asset |
|
81,165 |
|
72,656 |
| ||
Income taxes receivable |
|
|
|
7,304 |
| ||
Separate account assets |
|
26,175,983 |
|
25,914,707 |
| ||
|
|
|
|
|
| ||
Total assets |
|
28,542,788 |
|
28,274,000 |
| ||
|
|
|
|
|
| ||
LIABILITIES |
|
|
|
|
| ||
Future contract and policy benefits |
|
772,375 |
|
805,217 |
| ||
Contract holder deposit funds |
|
708,370 |
|
734,105 |
| ||
Other liabilities and accrued expenses |
|
32,778 |
|
33,375 |
| ||
Income taxes payable |
|
5,715 |
|
|
| ||
Payable to parent and affiliates, net |
|
11,096 |
|
10,294 |
| ||
Separate account liabilities |
|
26,175,983 |
|
25,914,707 |
| ||
|
|
|
|
|
| ||
Total liabilities |
|
27,706,317 |
|
27,497,698 |
| ||
|
|
|
|
|
| ||
Commitments and contingencies (Note 12) |
|
|
|
|
| ||
|
|
|
|
|
| ||
STOCKHOLDERS EQUITY |
|
|
|
|
| ||
|
|
|
|
|
| ||
Common stock, par value $10 per share - 1,000,000 shares authorized; 300,000 shares issued and outstanding |
|
3,000 |
|
3,000 |
| ||
Additional paid-in capital |
|
71,378 |
|
71,378 |
| ||
Accumulated other comprehensive income |
|
(4,683 |
) |
3,948 |
| ||
Retained earnings |
|
766,616 |
|
697,795 |
| ||
Total Fidelity Investments Life Insurance Company Stockholders Equity |
|
836,311 |
|
776,121 |
| ||
Noncontrolling interest |
|
160 |
|
181 |
| ||
|
|
|
|
|
| ||
Total stockholders equity |
|
836,471 |
|
776,302 |
| ||
|
|
|
|
|
| ||
Total liabilities and stockholders equity |
|
$ |
28,542,788 |
|
$ |
28,274,000 |
|
The accompanying notes are an integral part of the consolidated financial statements
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
|
|
For the years ended December 31, |
| |||||||
|
|
2015 |
|
2014 |
|
2013 |
| |||
|
|
|
|
|
|
|
| |||
Revenues: |
|
|
|
|
|
|
| |||
Fees charged to contract holders |
|
$ |
116,704 |
|
$ |
116,191 |
|
$ |
108,801 |
|
Net investment income |
|
20,620 |
|
18,561 |
|
16,786 |
| |||
Interest on reinsurance deposit |
|
30,458 |
|
32,394 |
|
34,722 |
| |||
Fund administration fees (1) |
|
58,116 |
|
52,828 |
|
45,129 |
| |||
Premiums, net |
|
10,104 |
|
9,394 |
|
8,589 |
| |||
Net realized investment gains (losses): |
|
|
|
|
|
|
| |||
Other than temporary losses on debt securities |
|
(223 |
) |
|
|
(39 |
) | |||
Net realized investment gains on sales |
|
899 |
|
5,406 |
|
2,412 |
| |||
Total net realized investment gains |
|
676 |
|
5,406 |
|
2,373 |
| |||
|
|
|
|
|
|
|
| |||
Total revenues |
|
236,678 |
|
234,774 |
|
216,400 |
| |||
|
|
|
|
|
|
|
| |||
Benefits and expenses: |
|
|
|
|
|
|
| |||
Underwriting, acquisition and insurance expenses (1) |
|
71,270 |
|
69,383 |
|
69,226 |
| |||
Contract and policy benefits and expenses |
|
52,370 |
|
53,524 |
|
58,570 |
| |||
Other expenses |
|
24,067 |
|
20,502 |
|
|
| |||
|
|
|
|
|
|
|
| |||
Total benefits and expenses |
|
147,707 |
|
143,409 |
|
127,796 |
| |||
|
|
|
|
|
|
|
| |||
Income before income taxes |
|
88,971 |
|
91,365 |
|
88,604 |
| |||
|
|
|
|
|
|
|
| |||
Income tax expense |
|
20,641 |
|
22,534 |
|
21,842 |
| |||
|
|
|
|
|
|
|
| |||
Net income |
|
68,330 |
|
68,831 |
|
66,762 |
| |||
Less: Net loss attributable to noncontrolling interest |
|
(491 |
) |
(333 |
) |
|
| |||
Net income attributable to Fidelity Investments Life Insurance Company |
|
68,821 |
|
69,164 |
|
66,762 |
| |||
|
|
|
|
|
|
|
| |||
Other comprehensive income (loss), before tax: |
|
|
|
|
|
|
| |||
Unrealized gains (losses) on securities: |
|
|
|
|
|
|
| |||
Net unrealized holding gains (losses) during the period |
|
(12,636 |
) |
6,675 |
|
(15,626 |
) | |||
Reclassification adjustment for net realized gains included in net income |
|
(676 |
) |
(5,406 |
) |
(2,373 |
) | |||
(Provision) benefit for income taxes related to items of other comprehensive income (loss) |
|
4,681 |
|
(450 |
) |
6,388 |
| |||
|
|
|
|
|
|
|
| |||
Other comprehensive income (loss), net of tax |
|
(8,631 |
) |
819 |
|
(11,611 |
) | |||
Comprehensive income |
|
59,699 |
|
69,650 |
|
55,151 |
| |||
Less: Comprehensive loss attributable to noncontrolling interest |
|
(491 |
) |
(333 |
) |
|
| |||
Comprehensive income attributable to Fidelity Investments Life Insurance Company |
|
$ |
60,190 |
|
$ |
69,983 |
|
$ |
55,151 |
|
(1) Includes affiliated company transactions (Note 9)
The accompanying notes are an integral part of the consolidated financial statements
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY
(in thousands)
For the years ended December 31, 2015, 2014 and 2013
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
| ||||||
|
|
|
|
Additional |
|
Other |
|
|
|
|
|
Total |
| ||||||
|
|
Common |
|
Paid-In |
|
Comprehensive |
|
Retained |
|
Noncontrolling |
|
Stockholders |
| ||||||
|
|
Stock |
|
Capital |
|
Income |
|
Earnings |
|
Interest |
|
Equity |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at December 31, 2012 |
|
$ |
3,000 |
|
$ |
69,582 |
|
$ |
14,740 |
|
$ |
561,870 |
|
$ |
|
|
$ |
649,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income |
|
|
|
|
|
|
|
66,762 |
|
|
|
66,762 |
| ||||||
Other comprehensive loss |
|
|
|
|
|
(11,611 |
) |
|
|
|
|
(11,611 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at December 31, 2013 |
|
$ |
3,000 |
|
$ |
69,582 |
|
$ |
3,129 |
|
$ |
628,631 |
|
$ |
|
|
$ |
704,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Capital contribution |
|
|
|
1,796 |
|
|
|
|
|
197 |
|
1,993 |
| ||||||
Other contributions |
|
|
|
|
|
|
|
|
|
317 |
|
317 |
| ||||||
Net Income (loss) |
|
|
|
|
|
|
|
69,164 |
|
(333 |
) |
68,831 |
| ||||||
Other comprehensive income |
|
|
|
|
|
819 |
|
|
|
|
|
819 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at December 31, 2014 |
|
$ |
3,000 |
|
$ |
71,378 |
|
$ |
3,948 |
|
$ |
697,795 |
|
$ |
181 |
|
$ |
776,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Other contributions |
|
|
|
|
|
|
|
|
|
470 |
|
470 |
| ||||||
Net Income (loss) |
|
|
|
|
|
|
|
68,821 |
|
(491 |
) |
68,330 |
| ||||||
Other comprehensive income |
|
|
|
|
|
(8,631 |
) |
|
|
|
|
(8,631 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at December 31, 2015 |
|
$ |
3,000 |
|
$ |
71,378 |
|
$ |
(4,683 |
) |
$ |
766,616 |
|
$ |
160 |
|
$ |
836,471 |
|
The accompanying notes are an integral part of the consolidated financial statements
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
|
|
For the years ended December 31, |
| |||||||
|
|
2015 |
|
2014 |
|
2013 |
| |||
Cash flows provided by (used for) operating activities: |
|
|
|
|
|
|
| |||
Net income |
|
$ |
68,330 |
|
$ |
68,831 |
|
$ |
66,762 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
| |||
Amortization and depreciation |
|
2,364 |
|
1,998 |
|
2,821 |
| |||
Net realized investment gains |
|
(676 |
) |
(5,406 |
) |
(2,373 |
) | |||
Benefit for deferred taxes |
|
(3,827 |
) |
(2,979 |
) |
(103 |
) | |||
Equity loss from investee company |
|
4,913 |
|
3,327 |
|
|
| |||
Changes in assets and liabilities: |
|
|
|
|
|
|
| |||
Accrued investment income |
|
976 |
|
553 |
|
197 |
| |||
Change in deferred policy acquisition costs, net of amortization |
|
(1,074 |
) |
(1,774 |
) |
(4,313 |
) | |||
Future contract and policy benefits, net |
|
84,207 |
|
82,489 |
|
92,642 |
| |||
Reinsurance deposit and receivables |
|
70,413 |
|
77,104 |
|
74,822 |
| |||
Payable to parent and affiliates, net |
|
802 |
|
1,560 |
|
(1,753 |
) | |||
Income taxes |
|
13,019 |
|
1,713 |
|
2,160 |
| |||
Other assets and other liabilities, net |
|
479 |
|
(8,393 |
) |
411 |
| |||
|
|
|
|
|
|
|
| |||
Net cash provided by operating activities |
|
239,926 |
|
219,023 |
|
231,273 |
| |||
|
|
|
|
|
|
|
| |||
Cash flows provided by (used for) investing activities: |
|
|
|
|
|
|
| |||
Purchase of debt securities |
|
(517,643 |
) |
(625,686 |
) |
(794,056 |
) | |||
Proceeds from sales of equity securities |
|
|
|
55 |
|
|
| |||
Proceeds from sales of debt securities |
|
429,360 |
|
535,569 |
|
695,171 |
| |||
Proceeds from maturities and calls of debt securities |
|
12,077 |
|
17,495 |
|
24,331 |
| |||
Investment in investee company |
|
(4,231 |
) |
(2,851 |
) |
|
| |||
Investment trades payable (receivable) |
|
(2,947 |
) |
115 |
|
123 |
| |||
Purchase of fixed assets |
|
(26 |
) |
|
|
|
| |||
Change in policy loans |
|
(389 |
) |
(119 |
) |
(475 |
) | |||
|
|
|
|
|
|
|
| |||
Net cash (used for) provided by investing activities |
|
(83,799 |
) |
(75,422 |
) |
(74,906 |
) | |||
|
|
|
|
|
|
|
| |||
Cash flows provided by (used for) financing activities: |
|
|
|
|
|
|
| |||
Deposits credited to fixed annuity contracts |
|
2,007,444 |
|
2,049,348 |
|
2,087,955 |
| |||
Net transfers from separate accounts |
|
(385,113 |
) |
(528,858 |
) |
(580,327 |
) | |||
Withdrawals from variable annuity contracts |
|
(1,678,377 |
) |
(1,561,544 |
) |
(1,533,599 |
) | |||
Withdrawals from fixed annuity contracts |
|
(86,737 |
) |
(92,629 |
) |
(104,069 |
) | |||
|
|
|
|
|
|
|
| |||
Net cash used for financing activities |
|
(142,783 |
) |
(133,683 |
) |
(130,040 |
) | |||
|
|
|
|
|
|
|
| |||
Net increase in cash and cash equivalents |
|
13,344 |
|
9,918 |
|
26,327 |
| |||
|
|
|
|
|
|
|
| |||
Cash and cash equivalents: |
|
|
|
|
|
|
| |||
Beginning of year |
|
95,824 |
|
85,906 |
|
59,579 |
| |||
End of year |
|
$ |
109,168 |
|
$ |
95,824 |
|
$ |
85,906 |
|
|
|
|
|
|
|
|
| |||
Supplemental disclosure of cash flow information for non-cash transactions |
|
|
|
|
|
|
| |||
Charitable donation of debt securities |
|
$ |
(19,164 |
) |
$ |
(17,195 |
) |
$ |
|
|
Capital contribution from parent |
|
$ |
|
|
$ |
1,796 |
|
$ |
|
|
The accompanying notes are an integral part of the consolidated financial statements
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
1. ORGANIZATION AND NATURE OF OPERATIONS:
The consolidated financial statements include the accounts of Fidelity Investments Life Insurance Company (FILI), a Utah domiciled insurance company, and Empire Fidelity Investments Life Insurance Company (EFILI), FILIs wholly-owned insurance company subsidiary operating exclusively in the State of New York (collectively, the Company). In addition, the accounts also include Feedstock Investments VII, LLC (Feedstock), a special purpose entity (SPE) that makes tax advantaged investments in certain refined coal transactions under Section 45 of the Internal Revenue Code (IRC 45). FILI is a wholly-owned subsidiary of FMR LLC.
The Company issues variable deferred and immediate annuity contracts and variable life policies and is licensed in all states in the United States of America and the District of Columbia. Amounts invested in the fixed option of the contracts are allocated to the general account of the Company. Amounts invested in the variable option of the contracts are allocated to the Variable Annuity Accounts, which are separate accounts of the Company. Amounts invested in the variable life policies are allocated to the Variable Life Accounts, which are also separate accounts of the Company. The assets of the Variable Annuity Accounts are invested in certain portfolios of the Fidelity Variable Insurance Products funds, the Fidelity Variable Insurance Product funds (Investor Class), the Universal Institutional funds, the Wells Fargo Advantage Variable Trust funds, the Lazard Retirement Series, Inc., Invesco Advisers Inc., the PIMCO Variable Insurance Trust Funds, the Franklin Templeton Variable Insurance Products Trust Funds and the Blackrock Variable Series Funds. Separate account assets are reported at the net asset value of such portfolios. The assets of the Variable Life Accounts are invested in certain portfolios of the Fidelity Variable Insurance Product funds, the Universal Institutional funds, Invesco Advisers Inc., and the Lazard Retirement Series, Inc.
The Company offers a term life insurance product with level premium paying periods of ten, fifteen and twenty years.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Basis of Presentation
The accompanying consolidated financial statements of the Company have been prepared on the basis of accounting principles generally accepted in the United States of America (GAAP).
The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the related amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Investments
Investments in debt securities are classified as available-for-sale and are reported at fair value. Fair values for debt and equity securities are obtained from independent pricing sources. For debt securities that experience declines in fair value that are determined to be other than temporary, the impairment is separated into two components if there are credit related losses associated with the impaired debt security for which the Company asserts that it does not have the intent to sell the security or it is more likely than not that it will not be required to sell the security before recovery of its cost basis. The amount of other than temporary impairments (OTTI) related to a credit loss is recognized in earnings, and the amount of OTTI related to other factors is recorded as a component of other comprehensive income. In instances where no credit loss exists but it is more likely than not that the Company will have to sell the debt security prior to the anticipated recovery, the decline in fair value below amortized cost is recognized as an OTTI in earnings.
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
Factors considered in evaluating whether a decline in fair value is other than temporary are whether the decline is substantial, the duration in which the fair value has been less than cost, and the Companys ability and intent to retain the investment for a period of time sufficient to allow for the anticipated recovery in value, and the financial condition and near-term prospects of the issuer. Unrealized gains or losses on securities are reported as a component of other comprehensive income, net of income taxes. The discount or premium on debt securities, excluding loan-backed bonds and structured securities, is amortized using the effective interest method. Such amortization is included in investment income. Prepayment assumptions for loan-backed and structured securities are obtained from broker-dealer survey values. Amortization of loan-backed bonds and structured securities includes anticipated prepayments over the estimated economic life of the security. When actual prepayments differ significantly from anticipated prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments and any resulting adjustment is included in investment income.
Investment income is recognized on the accrual basis. Debt securities that are delinquent are placed on a non-accrual status, and thereafter interest income is recognized only when cash payments are received. Realized gains or losses on investments sold are determined by the specific identification method.
Cash and Cash Equivalents
The Company considers highly liquid instruments purchased with an original maturity date of three months or less to be cash equivalents. Cash and cash equivalents are comprised of amounts in demand deposit accounts and money market mutual funds, and are reported at cost which approximates fair value. The Company reclassifies cash overdrafts to other liabilities and accrued expenses. Cash overdrafts were $10,847 and $11,311 at December 31, 2015 and 2014, respectively. Money market mutual funds used to hold cash prior to reinvestment and to meet operating cash requirements were $103,134 and $90,202 at December 31, 2015 and 2014, respectively.
Other Investment
Other investment includes an investment in which the Company has the ability to influence (but not control) the financial or operating policies of the investee entity and is accounted for using the equity method of accounting. In applying the equity method, the Company uses financial information provided by the investee. The Company reports its share of the equity method investees earnings and losses in other expenses in the Consolidated Statements of Comprehensive Income.
Separate Accounts
Separate account assets represent funds held for the exclusive benefit of variable annuity and variable life insurance contract holders and are reported at fair value based on the net asset value (NAV) of such underlying mutual fund portfolios. Since the contract holders receive the full benefit and bear the full risk of the separate account investments, which are comprised of mutual funds, the income and realized and unrealized gains and losses from such investments are offset by an increase or decrease in the amount of liabilities related to the separate account.
Revenue Recognition
Fees charged to contract holders include mortality and expense risk, administrative charges for variable annuity and life contract holders and the cost of providing insurance protection for variable life contract holders. Fund administration fees represent administrative fees charged to investment managers and recordkeeping fees earned by the Company for administering a third party insurance product. Fees charged to contract holders and fund administration fees are recognized ratably throughout the year as a percentage of the related separate account assets. Premiums for term life insurance products are recognized as revenues over the premium-paying period. Interest accretion on the reinsurance deposit related to the fixed income annuity product and the fixed portion of the variable income annuity product is recognized over the remaining term of the underlying contracts.
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
Future Contract and Policy Benefits
Future contract and policy benefits include the guaranteed minimum death benefit (GMDB) and the guaranteed minimum withdrawal benefit features (GMWB) (see Note 3 Guaranteed Benefits) on certain variable annuity products, the majority of the 100% life contingent fixed income annuity product and life products. Such liabilities are established in amounts sufficient to meet the estimated future obligations of policies in force, taking into consideration the future premiums and assessments.
Contract Holder Deposit Funds
Contract holder deposit funds consist of annuity deposits received from customers for the liabilities for the fixed portion of the variable deferred annuity products, fixed income annuity product with no life contingencies and for policies issued in 2003 and prior, and for the fixed portion of the variable income annuity products with insignificant amounts of life contingent benefits. Liabilities are established in amounts sufficient to meet the estimated future obligations of policies in force.
Reinsurance Deposit and Receivables
The Company reinsures a substantial portion of its life insurance and annuity product risk with other companies. As a result, when the Company records liabilities that are subject to reinsurance, reinsurance deposits and receivables are recorded. The Company remains contingently liable for claims reinsured in the event the reinsurer is unable to meet its obligations. The Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk arising from similar activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies.
Deferred Policy Acquisition Costs
Costs that vary with and are primarily associated with acquiring new and renewal business have been deferred. The costs consist principally of first-year commissions paid to Fidelity Insurance Agency, Inc. in accordance with contractual agreements as described in Note 9 Affiliated Company Transactions, and certain expenses for traditional life policy issuance and underwriting. These deferred policy acquisition costs (DAC) are being amortized over the lifetime of the policy generally estimated as the level term period for the term insurance product and a 30-year period for the variable deferred and immediate annuity products in proportion to gross profits.
The amortization process requires the use of various assumptions, estimates and judgments about the future. The primary assumptions are expenses, investment performance, mortality, and contract cancellations (i.e. lapses, withdrawals, internal replacements and surrenders). These assumptions are reviewed on a regular basis and are generally based on the Companys past experience, industry studies, and judgments about the future. Finally, analyses are performed periodically to assess whether there are sufficient gross profits to amortize the remaining DAC balances. See Note 10 Underwriting, Acquisition and Insurance Expenses for additional information regarding amortization of deferred policy acquisition costs.
A significant assumption for the projection of estimated gross profits is the investment return on separate account fund balances. The Company assumes a long term return of 7.5% before fund expenses and other charges. The Company also applies a Reversion to the Mean assumption in setting the projected return for the next seven years. The projected return over the next seven years is developed such that the combination of actual and projected returns equals the long term return, and the long term return is projected for the eighth year and beyond. The Company limits the projected return to no greater than 11.5% (before fund expenses and other charges) and no less than approximately 5% (before fund expenses and other charges).
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
GAAP provides guidance on accounting by insurance enterprises for DAC on internal replacements of insurance and investment contracts. An internal replacement is a modification in product benefits, features, rights or coverages that occurs by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. Modifications that result in a permanent contract that is substantially changed from the replaced contract should be accounted for as an extinguishment of the replaced contract. Unamortized DAC, unearned revenue liabilities and deferred sales inducements from the replaced contract must be written-off. Modifications that result in a contract that is substantially unchanged from the replaced contract should be accounted for as a continuation of the replaced contract.
The Company defines an internal replacement as a modification in product benefits, features, rights or coverages that occurs by the exchange of a contract, by amendment, endorsement or rider to the contract. Contract modifications resulting in a replacement contract that is substantially changed from the replaced contract is accounted for as an extinguishment of the replaced contract and any unamortized deferred acquisition costs are written off. There were no changes to the Companys definition of internal replacements or changes in product benefits, features, rights or coverage during 2015, 2014 or 2013. During 2015 and 2014, the Company trued-up for actual lapse and internal replacement activity.
DAC for certain products is adjusted for the impact of unrealized gains and losses on investments as if the gains and losses have been realized with a corresponding credit or charge to accumulated other comprehensive income, net of income taxes.
Property and Equipment
Property, equipment, leasehold improvements and computer software are stated at cost less accumulated depreciation or amortization. Depreciation or amortization is provided using the straight-line method over the estimated useful lives of the assets ranging from three years to ten years.
Software includes certain costs incurred for purchasing and developing software for internal use and is amortized over estimated useful lives, generally three years.
Income Taxes
The Company files a consolidated federal income tax return with its subsidiary, EFILI. Under a tax sharing agreement, each company is charged or credited its share of taxes as determined on a separate company basis. Tax benefits are credited with respect to taxable losses to the extent such losses are utilized by the consolidated group. Intercompany tax balances are settled within 30 days of the actual tax payment.
The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the current enacted tax rates.
The Company recognizes the benefit of uncertain tax positions only when the position is more likely than not to be sustained by the tax authorities.
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
Adoption of New Accounting Pronouncements
In April 2014, the FASB issued new guidance that clarified the scope of what should be reported as discontinued operations and provided for new disclosure requirements. The Company adopted this guidance effective January 1, 2015. The adoption of this guidance did not have an impact on the consolidated financial statements.
In February 2013, the Financial Accounting Standards Board (FASB) issued new guidance that requires companies to present information about the reclassification adjustments from accumulated comprehensive income in a single note or on the face of the financial statements. The Company adopted this guidance effective January 1, 2013. The information required by this guidance was previously included in the consolidated statements of comprehensive income and therefore, the adoption of this guidance did not have a material impact on the consolidated financial statements.
On January 1, 2013, the Company adopted new guidance issued by the FASB, requiring companies to disclose both gross and net information about certain financial instruments including derivatives, resale and repurchase agreements, and securities lending transactions to the extent that they are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement. This guidance was effective for the Company beginning January 1, 2013 with retrospective application required. The Companys adoption of this guidance did not have an impact on the consolidated financial statements.
Future Adoption of New Accounting Pronouncements
In January 2016, the FASB issued new guidance on the recognition and measurement of financial assets and financial liabilities. The guidance amends existing GAAP related to the classification and measurement of equity investments and improves the presentation of changes in fair value for financial liabilities accounted for pursuant to the fair value option. The guidance also improves existing disclosure requirements associated with the fair value of financial instruments. The guidance will be effective for the Company beginning January 1, 2018. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements.
In February 2015, the FASB issued new guidance that eliminates the deferral of the previous consolidation guidance for certain investment funds, and makes changes to both the variable interest model and the voting model. The guidance is effective beginning January 1, 2016, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements.
In May 2014, the FASB issued new guidance on revenue recognition, which establishes a principles-based model that provides a single framework for recognizing revenue from contracts with customers. The guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from cost incurred to obtain or fulfill a contract. Revenue recognition for insurance contracts is explicitly scoped out of the guidance. In August 2015, the FASB issued an update to defer the original effective date of this guidance for annual periods beginning after December 15, 2017. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements.
Reclassifications
Certain prior year balances have been reclassified to conform to the current year presentation.
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
3. GUARANTEED BENEFITS
The Company establishes a liability for variable annuity contracts that contain death or other insurance benefit guarantees. Certain of the variable annuity contracts issued by the Company offer guaranteed minimum death or guaranteed minimum withdrawal benefits that settle only upon an insurable event, such as death, or are life contingent.
Guaranteed Minimum Death Benefits
The Company has certain variable annuity contracts with a GMDB feature. The GMDB feature provides annuity contract holders with a default guarantee that the benefit received at death will be no less than a prescribed minimum amount. Upon death of the annuitant prior to age 85, the death benefit is the greater of the contract value and total premiums, adjusted for withdrawals. For an additional charge, the death benefit is the greater of the default guaranteed death benefit and the highest contract value as of any prior anniversary, prior to age 80, adjusted for any additional payments or withdrawals. The optional rider is no longer offered to new customers, effective January 1, 2003. If the GMDB is higher than the current account value at the time of death, the Company incurs a cost equal to the difference. The Companys current variable annuity contract does not offer a GMDB feature.
The following summarizes the liability for GMDB contracts reflected in the general account:
|
|
Years Ended December 31, |
| ||||
|
|
2015 |
|
2014 |
| ||
|
|
|
|
|
| ||
Beginning Balance |
|
$ |
6,657 |
|
$ |
8,723 |
|
Unlocking of benefit ratio |
|
(1,022 |
) |
(3,297 |
) | ||
Interest on reserve |
|
401 |
|
385 |
| ||
Claims paid |
|
(1,814 |
) |
(1,304 |
) | ||
Accrual of benefit ratio |
|
2,025 |
|
2,150 |
| ||
Ending Balance |
|
$ |
6,247 |
|
$ |
6,657 |
|
The reinsurance recoverables associated with the GMDB were $6,208 and $6,587 at December 31, 2015 and 2014, respectively.
The following information relates to the reserving methodology and assumptions for developing the GMDB policy benefit liability.
· The projection model uses 100 pairs of stochastically generated market return scenarios for equity and bond returns.
· The mean investment performance assumptions, prior to the consideration of mortality and expense fees, vary from 3.8% to 11.5% depending on the underlying fund type.
· The projection model employs a mean reversion adjustment that is based on historical performance from 1997 to the present and the long-term rate assumption.
· The volatility assumption is 20% for equity funds; 9% for bond funds; and 0% for money market funds.
· The mortality assumption is 65% of the 1994 Variable Annuity MGDB Mortality Table.
· The base lapse rate assumption varies from 5.5% to 7.5%, depending on policy duration. The partial withdrawal assumption is 2% for all policy durations.
· The annual lapse rate for anticipated internal replacements is 3.2%.
· The discount rate is 6.83%.
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
3. GUARANTEED BENEFITS (CONTINUED):
The table below represents the account value, net amount at risk and average attained age of underlying contract holders for guarantees in the event of death as of December 31, 2015 and 2014. The net amount at risk is the death benefit coverage in force or the amount that the Company would have to pay if all contract holders had died as of the specified date, and represents the excess of the guaranteed benefit over the fair value of the underlying investments.
|
|
Years Ended December 31, |
| ||||
(in thousands, except for contract holder data) |
|
2015 |
|
2014 |
| ||
|
|
|
|
|
| ||
Net deposits paid |
|
|
|
|
| ||
Account value |
|
$ |
4,549,493 |
|
$ |
5,049,021 |
|
Net amount at risk |
|
$ |
135,276 |
|
$ |
140,063 |
|
Average attained age of contract holders |
|
66 |
|
65 |
| ||
Ratchet (highest historical account value at specified anniversary dates) |
|
|
|
|
| ||
Account value |
|
$ |
245,063 |
|
$ |
279,086 |
|
Net amount at risk |
|
$ |
28,375 |
|
$ |
26,641 |
|
Average attained age of contract holders |
|
70 |
|
70 |
|
Guaranteed Minimum Withdrawal Benefits
The Company issued a variable annuity contract with a guaranteed minimum withdrawal benefit feature. The GMWB feature provides annuity contract holders with income payments that are guaranteed for life. The withdrawal feature allows for guaranteed withdrawals beginning with age 59 ½ for the life of the contract holder based on a preset withdrawal percentage as defined in the contract. The contract holder is eligible to take the withdrawal benefit each year until there is no longer any living annuitant. In addition, the contract has a ratchet feature where the withdrawal value is increased to the greater of the contract value or withdrawal value on each anniversary. If the contract value is below the withdrawal value, the withdrawal value will not change.
The following summarizes the liability for GMWB contracts reflected in the general account:
|
|
Years Ended December 31, |
| ||||
|
|
2015 |
|
2014 |
| ||
|
|
|
|
|
| ||
Beginning Balance |
|
$ |
2,869 |
|
$ |
2,447 |
|
Unlocking of benefit ratio |
|
(510 |
) |
(102 |
) | ||
Interest on reserve |
|
119 |
|
119 |
| ||
Accrual of benefit ratio |
|
316 |
|
405 |
| ||
Ending Balance |
|
$ |
2,794 |
|
$ |
2,869 |
|
For contracts issued prior to January 1, 2009, the Company has reinsurance coverage for 100% of its GMWB provisions. Effective January 1, 2009, the Company entered into a reinsurance agreement with a reinsurer to reinsure 90% of GMWB product sales during calendar year 2009. Effective March 31, 2009, the GMWB product closed to new business. Consequently, the aforementioned reinsurance agreement terminated for new business effective March 31, 2009.
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
3. GUARANTEED BENEFITS (CONTINUED):
The reinsurance recoverables associated with the GMWB were $2,702 and $2,780 at December 31, 2015 and 2014, respectively.
The following information relates to the reserve methodology and assumptions for developing the GMWB policy benefit liability:
· The projection model uses 100 pairs of stochastically generated market return scenarios for equity and bond returns.
· The mean investment return assumptions for the stochastic scenarios, before fund expenses and other charges, vary from 3.8% to 11.5% depending on the underlying fund type.
· The projection model employs a mean reversion additive adjustment that is based on historical performance from 1997 to the present and the long-term rate assumption.
· The volatility assumption is 20% for equity funds; 9% for bond funds; and 0% for money market funds.
· Separate benefit ratios were calculated for single life and joint life policies.
· For contract holders not yet taking withdrawals, the GMWB withdrawal waiting period is defined as the later of 9 ½ years from issue and age 59 ½.
· The mortality assumption is the Annuity 2000 Mortality Table.
· The lapse rate assumption is 5%, with dynamic lapse reduction for contracts in the money.
· The discount rate is 6.425%, adjusted for maintenance and expense charges.
The table below displays the account value and guaranteed withdrawal values at December 31, 2015 and 2014:
|
|
Years Ended December 31, |
| ||||
|
|
2015 |
|
2014 |
| ||
|
|
|
|
|
| ||
Account value |
|
$ |
1,992,988 |
|
$ |
2,174,997 |
|
GMWB value |
|
$ |
2,136,733 |
|
$ |
2,177,129 |
|
Average attained age of contract holders |
|
73 |
|
72 |
|
4. INVESTMENTS:
The components of net investment income were as follows:
|
|
Years Ended December 31, |
| |||||||
|
|
2015 |
|
2014 |
|
2013 |
| |||
|
|
|
|
|
|
|
| |||
Debt securities |
|
$ |
22,961 |
|
$ |
21,003 |
|
$ |
18,857 |
|
Cash and cash equivalents |
|
23 |
|
15 |
|
40 |
| |||
Other income |
|
79 |
|
69 |
|
60 |
| |||
Total investment income |
|
23,063 |
|
21,087 |
|
18,957 |
| |||
Less: investment expenses |
|
2,443 |
|
2,526 |
|
2,171 |
| |||
Net investment income |
|
$ |
20,620 |
|
$ |
18,561 |
|
$ |
16,786 |
|
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
4. INVESTMENTS (CONTINUED):
Gross realized gains and losses from sales of debt securities were as follows:
|
|
Years Ended December 31, |
| |||||||
|
|
2015 |
|
2014 |
|
2013 |
| |||
|
|
|
|
|
|
|
| |||
Debt securities: |
|
|
|
|
|
|
| |||
Gross realized gains |
|
$ |
3,944 |
|
$ |
7,090 |
|
$ |
6,760 |
|
Gross realized losses |
|
(3,045 |
) |
(1,689 |
) |
(4,348 |
) | |||
Equity securities: |
|
|
|
|
|
|
| |||
Gross realized gains |
|
|
|
5 |
|
|
| |||
Total realized investment gains |
|
$ |
899 |
|
$ |
5,406 |
|
$ |
2,412 |
|
Realized investment losses as a result of other-than-temporary impairments in the value of investments were $223, $0, and $39 in 2015, 2014, and 2013, respectively. The Company had no debt securities that were non-income producing for 2015 and 2014, respectively. There was no interest foregone by non-income producing securities for 2015, 2014 and 2013, respectively.
Net unrealized investment gains on debt and equity securities carried at fair value and the related impact on DAC and deferred income taxes as of December 31 were as follows:
|
|
Years Ended December 31, |
| ||||
|
|
2015 |
|
2014 |
| ||
|
|
|
|
|
| ||
Debt securities |
|
$ |
(7,407 |
) |
$ |
6,253 |
|
Equity securities |
|
|
|
|
| ||
DAC |
|
169 |
|
(174 |
) | ||
Deferred income tax expense (benefit) |
|
2,555 |
|
(2,131 |
) | ||
|
|
$ |
(4,683 |
) |
$ |
3,948 |
|
Debt securities that have been in a continuous unrealized loss position as of December 31, 2015 were as follows:
|
|
Gross |
|
Estimated Fair |
|
Number of |
| |||
Investment grade debt securities: |
|
|
|
|
|
|
| |||
0-12 months |
|
$ |
(5,720 |
) |
$ |
431,252 |
|
$ |
284 |
|
Greater than 12 months |
|
(2,710 |
) |
44,094 |
|
65 |
| |||
|
|
$ |
(8,430 |
) |
$ |
475,346 |
|
$ |
349 |
|
Below investment grade debt securities: |
|
|
|
|
|
|
| |||
0-12 months |
|
$ |
(2,493 |
) |
$ |
42,614 |
|
$ |
141 |
|
Greater than 12 months |
|
(1,330 |
) |
12,985 |
|
36 |
| |||
|
|
$ |
(3,823 |
) |
$ |
55,599 |
|
$ |
177 |
|
|
|
|
|
|
|
|
| |||
Total |
|
$ |
(12,253 |
) |
$ |
530,945 |
|
$ |
526 |
|
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
4. INVESTMENTS (CONTINUED):
Debt securities that have been in a continuous unrealized loss position as of December 31, 2014 were as follows:
|
|
Gross |
|
Estimated Fair |
|
Number of |
| |||
Investment grade debt securities: |
|
|
|
|
|
|
| |||
0-12 months |
|
$ |
(1,198 |
) |
$ |
168,834 |
|
$ |
140 |
|
Greater than 12 months |
|
(1,536 |
) |
83,980 |
|
86 |
| |||
|
|
$ |
(2,734 |
) |
$ |
252,814 |
|
$ |
226 |
|
Below investment grade debt securities: |
|
|
|
|
|
|
| |||
0-12 months |
|
$ |
(979 |
) |
$ |
28,046 |
|
$ |
109 |
|
Greater than 12 months |
|
(63 |
) |
1,642 |
|
12 |
| |||
|
|
$ |
(1,042 |
) |
$ |
29,688 |
|
$ |
121 |
|
|
|
|
|
|
|
|
| |||
Total |
|
$ |
(3,776 |
) |
$ |
282,502 |
|
$ |
347 |
|
The Company evaluates declines in fair values below cost for its investments. Based on the Companys review of the issuers continued compliance with the securities obligations in accordance with their contractual terms, managements intent was not to sell these securities, and it was not more likely than not the Company would be required to sell before recovery, as well as the evaluation of the fundamentals of the issuers financial condition and other objective evidence, the Company believes that declines in the fair value of the securities above were temporary as of December 31, 2015 and 2014. The majority of the securities are investment grade fixed maturities with fair values at or greater than 98% of amortized cost at December 31, 2015. The decline in fair value was primarily the result of an increase in interest rates from the securities purchase date. Investments in below investment grade securities comprised approximately 7% of the total portfolio as of December 31, 2015. Unrealized losses on below investment grade securities were driven principally by changes in market yields.
The amortized cost and fair value of debt and equity securities by type of issuer as of December 31, 2015 were as follows:
|
|
December 31, 2015 |
| |||||||||||||
|
|
Amortized |
|
Gross |
|
Gross |
|
Gross |
|
Estimated Fair |
| |||||
Debt securities: |
|
|
|
|
|
|
|
|
|
|
| |||||
U.S. Treasury and U.S. Government agency securities |
|
$ |
129,201 |
|
$ |
27 |
|
$ |
(782 |
) |
$ |
|
|
$ |
128,446 |
|
Corporate and other debt securities |
|
717,049 |
|
4,816 |
|
(10,550 |
) |
|
|
711,315 |
| |||||
Mortgage and asset backed securities |
|
34,469 |
|
3 |
|
(921 |
) |
|
|
33,551 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total debt securities |
|
$ |
880,719 |
|
$ |
4,846 |
|
$ |
(12,253 |
) |
$ |
|
|
$ |
873,312 |
|
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
4. INVESTMENTS (CONTINUED):
The amortized cost and fair value of debt and equity securities by type of issuer as of December 31, 2014 were as follows:
|
|
December 31, 2014 |
| |||||||||||||
|
|
Amortized |
|
Gross |
|
Gross |
|
Gross |
|
Estimated Fair |
| |||||
Debt securities: |
|
|
|
|
|
|
|
|
|
|
| |||||
U.S. Treasury and U.S. Government agency securities |
|
$ |
56,555 |
|
$ |
223 |
|
$ |
(1 |
) |
$ |
|
|
$ |
56,777 |
|
Corporate and other debt securities |
|
713,361 |
|
9,782 |
|
(3,183 |
) |
|
|
719,960 |
| |||||
Mortgage and asset backed securities |
|
36,280 |
|
24 |
|
(592 |
) |
|
|
35,712 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total debt securities |
|
$ |
806,196 |
|
$ |
10,029 |
|
$ |
(3,776 |
) |
$ |
|
|
$ |
812,449 |
|
During 2015 and 2014, the Company recorded no OTTI for the portion of noncredit related losses in other comprehensive income.
The amortized cost and fair value of debt securities at December 31, 2015 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|
|
Amortized Cost |
|
Estimated Fair |
| ||
|
|
|
|
|
| ||
Due in 1 year or less |
|
$ |
25,885 |
|
$ |
25,785 |
|
Due after 1 year through 5 years |
|
513,447 |
|
511,672 |
| ||
Due after 5 years through 10 years |
|
292,050 |
|
287,457 |
| ||
Due after 10 years |
|
14,868 |
|
14,847 |
| ||
Mortgage and asset backed securities |
|
34,469 |
|
33,551 |
| ||
|
|
|
|
|
| ||
|
|
$ |
880,719 |
|
$ |
873,312 |
|
At December 31, 2015 and 2014, there were no contractual investment commitments. There were no significant concentrations of debt securities by issuer or by industry, other than U.S. Treasury securities.
At December 31, 2015, the amortized cost and fair value of securities on deposit with various state and governmental authorities was $2,643 and $2,666 respectively. At December 31, 2014, the amortized cost and fair value of securities on deposit with various state and governmental authorities was $2,628 and $2,647 respectively.
During 2015 and 2014, the Company donated certain appreciated debt securities to an affiliated qualified charitable organization at a fair value of $19,164 and $17,195 respectively. This is recorded as other expenses in the Consolidated Statements of Comprehensive Income. There were no donations in 2013.
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
5. VARIABLE INTEREST ENTITIES
Effective April 1, 2014, FMR LLC contributed a 100% wholly owned subsidiary, Feedstock, to the Company at its carrying value of $1,796. Feedstock makes tax advantaged investments in certain refined coal transactions under Section 45 of the Internal Revenue Code. IRC 45 provides a tax credit for the production of certain refined energy resources at a qualified facility during a ten year period beginning on the date the facility was originally placed in service and the refined energy is sold to an unrelated party.
Feedstock entered into certain operating agreements to provide operational funding of a qualified energy facility through 2021. Feedstock is required to provide 90% of these operational fundings to LRC Holdings LLC (LRCH) through a membership interest agreement. LRCH ultimately funds the qualified facility through a 60% membership interest agreement. These funding obligations are tied to the production of the qualified energy resource and eligibility to receive the expected tax credit pursuant to the operating agreements. The Company is expected to make funding payments on behalf of Feedstock and receive the benefits of the tax credits generated. The Company incurred funding payments of $4,231 and $2,851, respectively for the year ended December 31, 2015 and the nine month period ended December 31, 2014.
FMR LLC provides certain guarantees of Feedstock to third parties which are contingent upon Feedstocks eligibility to receive the expected tax credits. FMR LLC will continue to provide such guarantees subsequent to its contribution of Feedstock to the Company.
Feedstock and LRCH are deemed to be variable interest entities (VIEs). A VIE is an entity that either (1) has equity investors that lack controlling financial interest or (2) does not have sufficient equity to finance its own activities without financial support provided by another entity. If the Company determines that it is the VIEs primary beneficiary it consolidates the VIE. The primary beneficiary has the power to direct the activities of a VIE that impact its economic performance and either the obligation to absorb the losses of the entity or the right to receive the benefits from the VIE that could be potentially significant to the VIE.
The Company determined that its interest in Feedstock and in turn Feedstocks 90% membership interest in LRCH qualifies as a variable interest, and that Feedstock and LRCH are both VIEs. The Company has determined that it is the primary beneficiary as it has both the power to direct the activities of the VIE that most significantly impact the entitys economic performance and the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE as a result of the operational funding provided and the return in the form of income tax credits. Accordingly, the Company consolidates Feedstock and LRCH.
The following is the incremental impact of consolidating LRCH in the Companys consolidated financial statements at December 31, 2015 and 2014 and for the year ended December 31, 2015 and the nine month period ended December 31, 2014.
|
|
12/31/2015 |
|
12/31/2014 |
| ||
|
|
|
|
|
| ||
Total Assets |
|
$ |
440 |
|
$ |
229 |
|
Total Liabilities |
|
280 |
|
48 |
| ||
Non controlling equity interest |
|
$ |
160 |
|
$ |
181 |
|
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
5. VARIABLE INTEREST ENTITIES (CONTINUED):
|
|
12/31/2015 |
|
12/31/2014 |
| ||
|
|
|
|
|
| ||
Total Revenues |
|
$ |
|
|
$ |
|
|
Total Expenses |
|
(491 |
) |
(333 |
) | ||
Net Loss |
|
(491 |
) |
(333 |
) | ||
Income tax expense |
|
|
|
|
| ||
Net Loss |
|
(491 |
) |
(333 |
) | ||
Less: net loss attributable to non controlling interest |
|
(491 |
) |
(333 |
) | ||
Net income attributable to Fidelity Investments Life Insurance Company |
|
$ |
|
|
$ |
|
|
Non controlling interest represents ownership interests in LRCH that is not attributable to the Company.
6. FAIR VALUE MEASUREMENTS:
The Company categorizes the financial assets and liabilities carried at fair value in its consolidated balance sheets based upon a three-level valuation hierarchy. The Company carries the following financial instruments at fair value in the Companys financial statements: fixed maturities, equity securities, short-term investments such as money market funds, and separate account assets. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable valuation inputs (Level 3). If the inputs used to measure a financial asset or liability cross different levels of the hierarchy, categorization is based on the lowest level input that is significant to the fair value measurement. Managements assessment of the significance of a particular input to the overall fair value measurement of a financial asset or liability requires judgment, and considers factors specific to the asset or liability.
The three levels are described below:
· Level 1 Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets and liabilities in an active market.
· Level 2 Financial assets and liabilities whose values are based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
· Level 3 Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall fair value measurement. These inputs reflect managements judgment about the assumptions that a market participant would use in pricing the asset or liability and are based on the best available information, some of which is internally developed.
The available-for-sale debt securities use Level 2 inputs for the determination of fair value. These fair values are obtained primarily from industry-standard pricing methodologies based on market observable information. While the Company obtains values for the debt securities it holds from independent pricing services, it is ultimately managements responsibility to determine whether the value obtained and recorded to the financial statements are representative of fair value.
Cash equivalents are reported at fair value on a recurring basis and include money market instruments. Fair values of these cash equivalents may be determined using public quotations which are reflected in Level 1.
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
6. FAIR VALUE MEASUREMENTS (CONTINUED):
Separate account assets are invested in mutual funds whose value is based on the underlying net asset value of these funds. Open ended mutual funds in the Separate Account produce a daily NAV that is validated with a sufficient level of observable activity to support classification of the fair value measurement as Level 1.
The following fair value hierarchy table presents information about the Companys assets measured at fair value on a recurring basis as of:
|
|
December 31, 2015 |
| ||||||||||
|
|
Quoted Market |
|
Pricing Methods with |
|
Pricing Methods |
|
Total Estimated |
| ||||
Assets: |
|
|
|
|
|
|
|
|
| ||||
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
| ||||
U.S. Treasury and U.S Government Agency securities |
|
$ |
|
|
$ |
128,446 |
|
$ |
|
|
$ |
128,446 |
|
Corporate and other debt securities |
|
|
|
711,315 |
|
|
|
711,315 |
| ||||
Mortgage and asset backed securities |
|
|
|
33,551 |
|
|
|
33,551 |
| ||||
Total available-for-sale debt securities |
|
|
|
873,312 |
|
|
|
873,312 |
| ||||
Cash equivalents |
|
103,134 |
|
|
|
|
|
103,134 |
| ||||
Subtotal excluding separate account assets |
|
103,134 |
|
873,312 |
|
|
|
976,446 |
| ||||
Separate account assets |
|
26,175,983 |
|
|
|
|
|
26,175,983 |
| ||||
Total |
|
$ |
26,279,117 |
|
$ |
873,312 |
|
$ |
|
|
$ |
27,152,429 |
|
|
|
December 31, 2014 |
| ||||||||||
|
|
Quoted Market |
|
Pricing Methods with |
|
Pricing Methods |
|
Total Estimated |
| ||||
Assets: |
|
|
|
|
|
|
|
|
| ||||
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
| ||||
U.S. Treasury and U.S Government Agency securities |
|
$ |
|
|
$ |
56,777 |
|
$ |
|
|
56,777 |
| |
Corporate and other debt securities |
|
|
|
719,960 |
|
|
|
719,960 |
| ||||
Mortgage and asset backed securities |
|
|
|
35,712 |
|
|
|
35,712 |
| ||||
Total available-for-sale debt securities |
|
|
|
812,449 |
|
|
|
812,449 |
| ||||
Cash equivalents |
|
90,202 |
|
|
|
|
|
90,202 |
| ||||
Subtotal excluding separate account assets |
|
90,202 |
|
812,449 |
|
|
|
902,651 |
| ||||
Separate account assets |
|
25,914,707 |
|
|
|
|
|
25,914,707 |
| ||||
Total |
|
$ |
26,004,909 |
|
$ |
812,449 |
|
$ |
|
|
$ |
26,817,358 |
|
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
6. FAIR VALUE MEASUREMENTS (CONTINUED):
There were no transfers between Level 1 and Level 2 during 2015 or 2014. The Company held no Level 3 assets during 2015 or 2014. There were no transfers into or out of Level 3 during 2015 or 2014.
Financial Instruments Not Carried at Fair Value
Certain financial instruments are not measured at fair value in the financial statements but are disclosed if it is practicable to estimate such values. The following include disclosures for other financial instruments not carried at fair value and not included in the above discussion:
|
|
December 31, 2015 |
|
December 31, 2014 |
| ||||||||
|
|
Carrying Amount |
|
Estimated Fair |
|
Carrying Amount |
|
Estimated Fair |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Financial Assets: |
|
|
|
|
|
|
|
|
| ||||
Other investment |
|
$ |
1,665 |
|
$ |
1,665 |
|
$ |
1,877 |
|
$ |
1,877 |
|
Policy loans |
|
1,632 |
|
1,632 |
|
1,244 |
|
1,244 |
| ||||
Reinsurance deposit and receivables |
|
1,207,525 |
|
1,302,370 |
|
1,277,938 |
|
1,380,644 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
|
$ |
1,210,822 |
|
$ |
1,305,667 |
|
$ |
1,281,059 |
|
$ |
1,383,765 |
|
|
|
|
|
|
|
|
|
|
| ||||
Financial Liabilities: |
|
|
|
|
|
|
|
|
| ||||
Contract holder deposit funds |
|
$ |
708,370 |
|
$ |
802,937 |
|
$ |
734,105 |
|
$ |
837,315 |
|
The following methods and assumptions were used to estimate the fair value of each class of financial instruments:
Other Investment
Fair value for the other investment is based on the Companys share of the investee based on the underlying financial statements of the investee.
Policy Loans
Policy loans are carried at outstanding principal balances, not in excess of policy cash surrender value. These loans are an integral part of the insurance products and have no maturity dates. Consequently, the outstanding principal balance is considered to be a reasonable estimate of the fair value of policy loans.
Reinsurance Deposit and Receivables
Fair values for certain of the Companys reinsurance deposits for the fixed portion of the variable annuities contracts in payout and the fixed immediate annuity contracts are estimated using discounted cash flow calculations based on expected current offering interest rates versus contract rates.
Contract Holder Deposit Funds
Fair value for the Companys contract holder deposit fund liabilities for the fixed portion of the variable annuity contracts in payout and the fixed immediate annuity contracts are estimated using discounted cash flow calculations based on expected current offering interest rates versus contract rates.
The fixed portion of variable deferred annuity products is carried at account value and can be withdrawn without prior notice pursuant to the terms of the annuity contract. The fixed portion of variable deferred annuity products is an integral part of the contract and consequently, the account value is considered to be a reasonable estimate of the fair value of the contract.
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
7. INCOME TAXES:
The components of the provision for income taxes attributable to operations were as follows:
|
|
Years Ended December 31, |
| |||||||
|
|
2015 |
|
2014 |
|
2013 |
| |||
Current: |
|
|
|
|
|
|
| |||
Federal |
|
$ |
23,980 |
|
$ |
25,097 |
|
$ |
21,557 |
|
State |
|
489 |
|
416 |
|
388 |
| |||
|
|
$ |
24,469 |
|
$ |
25,513 |
|
$ |
21,945 |
|
Deferred: |
|
|
|
|
|
|
| |||
Federal |
|
$ |
(3,765 |
) |
$ |
(2,820 |
) |
$ |
106 |
|
State |
|
(63 |
) |
(159 |
) |
(209 |
) | |||
|
|
$ |
(3,828 |
) |
$ |
(2,979 |
) |
$ |
(103 |
) |
|
|
|
|
|
|
|
| |||
Provision for income taxes |
|
$ |
20,641 |
|
$ |
22,534 |
|
$ |
21,842 |
|
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Life insurance corporations in New York remain subject to a franchise tax. However, for tax years beginning on or after January 1, 2003, in no event may the franchise tax on life insurance corporations, computed prior to the application of tax credits, be less than 1.5% of premiums or more than 2.0% of premiums. Accordingly, state deferred taxes are no longer recorded for EFILI, as EFILI believes that the reversal of temporary differences will have no impact on the state income tax that EFILI will pay in the future. State deferred taxes are recorded for FILI for the impact of its reversing temporary differences on its future state income tax liability.
Significant components of the Companys net deferred tax asset were as follows:
|
|
Years Ended December 31, |
| ||||
|
|
2015 |
|
2014 |
| ||
Deferred income tax assets (liabilities): |
|
|
|
|
| ||
Deferred policy acquisition costs |
|
$ |
35,289 |
|
$ |
33,966 |
|
Contract holder reserves |
|
25,596 |
|
28,387 |
| ||
Deferred revenue |
|
8,856 |
|
7,450 |
| ||
Unrealized gains on available-for-sale securities |
|
2,766 |
|
(2,205 |
) | ||
Deferred compensation and retirement benefit plans |
|
2,793 |
|
1,711 |
| ||
Other, net |
|
5,865 |
|
3,347 |
| ||
Net deferred tax asset |
|
$ |
81,165 |
|
$ |
72,656 |
|
Management believes that the Companys future income will be sufficient to realize the net deferred tax asset as of December 31, 2015 and 2014, respectively.
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
7. INCOME TAXES (CONTINUED):
A reconciliation of the tax provision at the U.S. Federal statutory rate to the provision for income taxes is as follows:
|
|
Years Ended December 31, |
| |||||||
|
|
2015 |
|
2014 |
|
2013 |
| |||
|
|
|
|
|
|
|
| |||
Tax provision at U.S. Federal statutory rate |
|
$ |
31,140 |
|
$ |
32,095 |
|
$ |
31,011 |
|
Dividends received deduction |
|
(6,684 |
) |
(6,132 |
) |
(9,258 |
) | |||
IRC 45 tax credit |
|
(4,265 |
) |
(2,861 |
) |
|
| |||
Charitable contribution |
|
(539 |
) |
(686 |
) |
|
| |||
Other, net |
|
989 |
|
118 |
|
89 |
| |||
|
|
$ |
20,641 |
|
$ |
22,534 |
|
$ |
21,842 |
|
FILI paid net federal and state income taxes of $11,450, $23,800, and $19,785 in 2015, 2014, and 2013, respectively.
The Company recognizes uncertain tax provisions that have a greater than 50% likelihood of being sustained upon examination by the taxing authorities. As a result, the Company applies a more-likely-than-not recognition threshold for all tax uncertainties. The Companys management believes that adequate provision has been made in the financial statements for any potential tax uncertainties.
Currently, the Company only files income tax returns in the United States. The Company is not currently under examination and is no longer subject to U.S. federal or state tax for years before 2013. The Company is not currently under examination for the income tax filings in any other jurisdictions. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustment that will result in a material adverse effect on the Companys financial condition, results of operations, or cash flows. Therefore, no reserves for uncertain tax positions have been recorded.
In its Revenue Ruling 2007-61 issued on September 25, 2007, the Internal Revenue Service (IRS) announced its intention to issue regulations with respect to certain computational aspects of the dividends received deduction (DRD) on separate account assets held in connection with variable annuity contracts. Revenue Ruling 2007-61 suspended a revenue ruling issued in August 2007 that proposes to change accepted industry and IRS interpretations of the status governing these computational questions. Any regulations that the IRS ultimately proposes for issuance in this area will be subject to public notice and comment, at which time insurance companies and other members of the public will have the opportunity to raise legal and practical questions about the content, scope and application of such regulations. As a result, the ultimate timing and substance of any regulations are unknown, but they could result in the elimination of some or all of the separate account DRD tax benefit that the Company receives. Management believes that it is highly likely that any such regulations would apply prospectively only. The Company has recorded benefits of $6,684, $6,132, and $9,258 during 2015, 2014 and 2013, respectively, related to the separate account DRD.
The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months.
8. STOCKHOLDERS EQUITY AND DIVIDEND RESTRICTIONS:
Generally, the net assets of the Company available for payment as dividends to FMR LLC are limited to the excess of FILIs net assets, as determined in accordance with statutory accounting practices, over minimum statutory capital requirements; however, payments of such amounts as dividends may be subject to approval by regulatory authorities. Under the Insurance Code of the State of Utah, dividends to shareholders are limited to the lesser of the Companys net gain from operations for the year ended on the preceding December 31, or 10% of the Companys surplus held for policyholders as of the preceding December 31. The Company did not pay any dividends in 2015, 2014 or 2013.
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
8. STOCKHOLDERS EQUITY AND DIVIDEND RESTRICTIONS (CONTINUED):
The Company prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the applicable state insurance department which vary with GAAP in certain respects. Prescribed statutory accounting practices include publications of the National Association of Insurance Commissioners, as well as state laws, regulations and general administrative rules. The principal differences with GAAP are that statutory financial statements do not reflect DAC; recognition of deferred income tax assets are limited; bonds are generally carried at amortized cost; insurance liabilities are presented net of reinsurance assets; a wholly-owned insurance subsidiary is reported at statutory equity and future policy benefit liabilities are estimated using different actuarial assumptions. The Company does not rely on the use of any permitted statutory accounting practices.
Net income and capital and surplus as determined in accordance with statutory accounting practices were as follows:
|
|
Years Ended December 31, |
| |||||||
|
|
2015 |
|
2014 |
|
2013 |
| |||
FILI |
|
|
|
|
|
|
| |||
Statutory net income |
|
$ |
62,269 |
|
$ |
65,973 |
|
$ |
56,140 |
|
Statutory surplus |
|
$ |
750,892 |
|
$ |
685,814 |
|
$ |
614,722 |
|
|
|
|
|
|
|
|
| |||
EFILI |
|
|
|
|
|
|
| |||
Statutory net income |
|
$ |
4,421 |
|
$ |
5,025 |
|
$ |
2,338 |
|
Statutory surplus |
|
$ |
76,851 |
|
$ |
72,498 |
|
$ |
67,422 |
|
9. AFFILIATED COMPANY TRANSACTIONS:
The Company has a services agreement with Fidelity Investments Institutional Operations Company, Inc. and Fidelity Distributors Corporation, both wholly-owned subsidiaries of FMR LLC, under which the Company provides certain shareholder account services (recordkeeping and customer reporting, customer support, and preparing/distributing marketing materials) with respect to Investor Class shares of the Fidelity variable insurance product funds. The Company earned fees of $37,987, $33,770 and $27,129 in 2015, 2014 and 2013, respectively, under these agreements. These fees are included in fund administration fees in the Consolidated Statements of Comprehensive Income.
The Companys insurance contracts are distributed through Fidelity Brokerage Services LLC, Fidelity Insurance Agency, Inc. (FIA), and Fidelity Investments Institutional Services Company, Inc., all of which are wholly-owned subsidiaries of FMR LLC. FILI and EFILI have agreements with FIA under which FILI pays FIA renewal sales compensation of 0.10% of the annuity contract value each year. EFILI pays FIA sales compensation of 3% of annuity payments received for its variable deferred and immediate annuity contracts. The Company pays FIA 37.5% of term life insurance first-year premiums. The Company compensated FIA in the amount of $30,092, $28,928, and $27,348 in 2015, 2014 and 2013, respectively.
The Company has an administrative services agreement with FIA whereby the Company provides certain administrative and accounting functions. The Company earned $20,128, $21,941, and $20,835 in 2015, 2014 and 2013, respectively, for such services. The reimbursements are accounted for as a direct reduction of the Companys expenses. The Company entered into agreements with Fidelity Institutional Asset Management Trust Company (FIAM), formerly Pyramis Global Advisors Trust Company to provide investment and managerial advice. The Company incurred charges of $1,543, $1,328, and $1,094 in 2015, 2014 and 2013, respectively, for such services.
The Company has an administrative services agreement with FMR LLC and its subsidiaries whereby certain administrative and other services are provided for the Company. The Company incurred charges from FMR LLC and its subsidiaries of $31,036, $30,856, and $31,783 in 2015, 2014 and 2013, respectively, for such services. Intercompany balances with FMR LLC and its subsidiaries are settled within 30 days.
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
9. AFFILIATED COMPANY TRANSACTIONS (CONTINUED):
FMR LLC sponsors a trusteed Profit-Sharing Plan covering substantially all eligible Company employees. Payments are made to the trustee by FMR LLC annually for the Profit-Sharing Plan. FMR LLCs policy is to fund all costs accrued and to charge each subsidiary for its share of the cost. The costs charged to the Company were $1,517, $1,535, and $1,561 in 2015, 2014 and 2013, respectively.
The Company participates in various share-based compensatory plans sponsored by FMR LLC and is allocated a compensation charge from FMR LLC that is amortized over the period in which it is earned. These share-based compensation arrangements generally provide holders with participation in changes in FMR LLCs Net Asset Value per share (as defined) over their respective terms. All plans are settled in cash or promissory notes at the end of their defined term or when plan participants are no longer employees. The aggregate expenses related to these plans charged to the Company were $5,089, $5,274, and $5,322 in 2015, 2014 and 2013, respectively.
The Company participates in FMR LLCs Retiree Health Reimbursement Plan (RHRP), a defined benefit health reimbursement arrangement covering eligible employees. In 2015, 2014 and 2013, FMR LLC accrued a benefit under the RHRP based on an award of three thousand dollars for each eligible full-time employee and one thousand five hundred dollars for each eligible part-time employee, subject to ten year cliff vesting with consideration given for prior service. Future awards under the RHRP are at the discretion of FMR LLC. The Company is allocated expense from FMR LLC associated with the actuarially-derived annual cost of providing these benefits to the Companys employees. For the years ended December 31, 2015, 2014 and 2013, compensation expense related to the RHRP was $301, $278 and $297, respectively.
10. UNDERWRITING, ACQUISITION AND INSURANCE EXPENSES:
Underwriting, acquisition and insurance expenses were as follows:
|
|
Years Ended December 31, |
| |||||||
|
|
2015 |
|
2014 |
|
2013 |
| |||
Underwriting, acquisition and insurance expenses: |
|
|
|
|
|
|
| |||
Commissions, gross |
|
$ |
30,092 |
|
$ |
28,928 |
|
$ |
27,348 |
|
Compensation and benefits |
|
15,342 |
|
15,886 |
|
17,427 |
| |||
Capitalization of deferred policy acquisition costs |
|
(5,394 |
) |
(5,705 |
) |
(6,805 |
) | |||
Amortization of deferred policy acquisition costs |
|
4,320 |
|
3,931 |
|
2,492 |
| |||
Rent expenses |
|
1,432 |
|
1,333 |
|
954 |
| |||
Taxes, licenses and fees |
|
1,704 |
|
2,541 |
|
3,525 |
| |||
General insurance expenses |
|
23,774 |
|
22,469 |
|
24,285 |
| |||
|
|
|
|
|
|
|
| |||
Total underwriting, acquisition and insurance expenses |
|
$ |
71,270 |
|
$ |
69,383 |
|
$ |
69,226 |
|
Amortization of deferred policy acquisition costs is adjusted periodically as estimates of future gross profits are revised to reflect actual experience. In 2015, 2014 and 2013, the Company decreased amortization by $1,630, $1,844, and $2,862 respectively, to reflect actual experience for investment performance, persistency (including internal replacements), administrative expenses and inflation assumptions. This adjustment has been reflected in amortization expense.
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
11. REINSURANCE:
The Company retains a maximum coverage per individual life of $25 plus 30% of the excess over $25 with a maximum initial retention not to exceed $100 for its life insurance business issued before March 1, 2008. The Company retains a flat $100 per individual life for its life business issued on and after March 1, 2008. The Company reinsures certain guarantee provisions and mortality on its annuity contracts and portions of annuity income that are fixed. The Company reinsures substantially all of its GMDB provisions for business issued prior to July 1, 2001. The Company reinsures 100% of its GMWB provisions issued prior to January 1, 2009 and 90% for business issued on or after January 1, 2009. The GMWB product and associated reinsurance contract were discontinued for new business effective March 31, 2009.
The Company has entered into 100% coinsurance agreements for its fixed guaranteed income annuity product and for the fixed portion of the variable income annuity product with two reinsurers. Sales of these two products were discontinued in May 2008. The Company is subject to concentration of risk with respect to these reinsurance agreements. The receivable from each reinsurer is accounted for as a deposit asset and is recorded in reinsurance deposit and receivables, while the liability related to the underlying annuity contracts with no life contingencies is accounted for as a deposit liability and is recorded in contract holder deposit funds. Under these reinsurance agreements, the Company receives a front end ceding expense allowance ranging from 2.5% to 3.5% of premiums and an annual allowance of a percentage of assets ranging from 0.12% to 0.60%. Revenue from the reinsurance agreements and benefit expense from the underlying annuity contracts is recognized over the lives of the underlying contracts.
The Company reinsures substantially all of the fixed income annuities which arise through the annuitization of deferred annuity products if annuitization is prior to June 1, 2009. The Company retains 100% of the risk for annuitizations of deferred annuity products where annuitization occurs on or after June 1, 2009.
Financial information related to the two coinsurance agreements for the years ended December 31 were as follows:
|
|
Years Ended December 31, |
| ||||
|
|
2015 |
|
2014 |
| ||
Reinsurance deposits and receivables: |
|
|
|
|
| ||
Genworth Life Insurance Company and Genworth Life Insurance Company of New York |
|
$ |
644,161 |
|
$ |
699,041 |
|
Principal Life Insurance Company |
|
502,378 |
|
523,280 |
| ||
|
|
|
|
|
| ||
Reinsurance deposits and receivables |
|
$ |
1,146,539 |
|
$ |
1,222,321 |
|
|
|
|
|
|
| ||
Contract holder deposit funds and future contract and policy benefits |
|
$ |
1,161,964 |
|
$ |
1,233,007 |
|
|
|
|
|
|
| ||
Interest on reinsurance deposit |
|
$ |
30,103 |
|
$ |
32,264 |
|
|
|
|
|
|
| ||
Contract and policy benefits and expenses |
|
$ |
25,545 |
|
$ |
27,280 |
|
The Companys deposit assets under the reinsurance agreements with Principal Life Insurance Company are partially secured by investments held in a collateral account and those with Genworth Life Insurance Company are partially secured by investments held in trust which offers the Company additional protection and reduces the risk of loss to the Company that could result from failure of these reinsurers.
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
11. REINSURANCE (CONTINUED):
Additional information on direct business written and reinsurance ceded for the years ended December 31, was as follows:
|
|
Years Ended December 31, |
| |||||||
|
|
2015 |
|
2014 |
|
2013 |
| |||
|
|
|
|
|
|
|
| |||
Direct life premiums |
|
$ |
14,804 |
|
$ |
15,038 |
|
$ |
15,257 |
|
Reinsurance ceded, net of ceding expense allowance |
|
(4,700 |
) |
(5,644 |
) |
(6,668 |
) | |||
Net premiums |
|
$ |
10,104 |
|
$ |
9,394 |
|
$ |
8,589 |
|
|
|
|
|
|
|
|
| |||
Direct contract and policy benefits |
|
$ |
126,942 |
|
$ |
129,826 |
|
$ |
125,458 |
|
Reinsurance ceded, net of reinsurance premiums |
|
(74,572 |
) |
(76,302 |
) |
(66,888 |
) | |||
Net contract and policy benefits |
|
$ |
52,370 |
|
$ |
53,524 |
|
$ |
58,570 |
|
12. COMMITMENTS AND CONTINGENCIES:
The Company is, from time to time, involved in various legal actions concerning policy benefits and certain other matters. Those actions are considered by the Company in estimating policy reserves and other liabilities. The Company believes that the resolution of those actions should not have a material adverse effect on stockholders equity or net income.
Regulatory Matters
Under existing guaranty fund laws in all states, insurers licensed to do business in those states can be assessed for certain obligations of insolvent insurance companies to policyholders and claimants. The actual amount of such assessments will depend upon the final outcome of rehabilitation proceedings and will be paid over several years.
13. SUBSEQUENT EVENTS:
On February 19, 2016, the Company gave notice to Genworth Life Insurance Company of New York (GLICNY) of its decision to exercise a recapture option contained in their October 1, 2001 Reinsurance Agreement (the Agreement). This means that within approximately 60 days either (i) the Company would recapture all reinsurance ceded under the Agreement, or (ii) GLICNY would, subject to the prior approval of the Company, transfer such reinsurance to another mutually-acceptable reinsurer.
The Company has evaluated subsequent events from the balance sheet date through April 20, 2016 and did not identify any other events that would require adjustments to, or disclosure in, the financial statements.
PART C
OTHER INFORMATION
Item 24 Financial Statements and Exhibits
a) Financial Statements included in Part B
The following financial statements of Fidelity Investments Variable Annuity Account I and of Fidelity Investments Life Insurance Company are filed in Part B.
(1) Statements of Assets and Liabilities and Statements of Operations for Fidelity Investments Variable Annuity Account I as of December 31, 2015.
(2) Statements of Changes in Net Assets for Fidelity Investments Variable Annuity Account I for Years Ended December 31, 2015 and 2014.
(3) Report of PricewaterhouseCoopers LLP on the Financial Statements of Fidelity Investments Variable Annuity Account I.
(4) Balance Sheets of Fidelity Investments Life Insurance Company as of December 31, 2015 and 2014.
(5) Consolidated Statements of Income and Comprehensive Income for Fidelity Investments Life Insurance Company for the Years Ended December 31, 2015, 2014 and 2013.
(6) Consolidated Statements of Stockholders Equity for Fidelity Investments Life Insurance Company for the Years Ended December 31, 2015, 2014 and 2013.
(7) Consolidated Statements of Cash Flows for Fidelity Investments Life Insurance Company for the Years Ended December 31, 2015, 2014 and 2013.
(8) Report of PricewaterhouseCoopers LLP on Financial Statements of Fidelity Investments Life Insurance Company.
(9) There are no financial statements included in Part A, other than Accumulation Unit Values.
b) Exhibits
(1) Resolution of Board of Directors of Fidelity Investments Life Insurance Company (Fidelity Investments Life) establishing the Fidelity Investments Variable Annuity Account I. (Note 1)
(2) Custody Agreement - Not Applicable
(3) Distribution Agreement between Fidelity Investments Life, Fidelity Insurance Agency and Fidelity Brokerage Services LLC. (Note 1)
(4) Variable Annuity Policy (Note 2)
(5) Form of Application for Deferred Variable Annuity (Note 2)
(6) Certification of Incorporation and By-laws
(a) Articles of Domestication of Fidelity Investments Life. (Note 1)
(b) Amended Bylaws of Fidelity Investments Life. (Note 1)
(7) Form of Reinsurance Agreement (Note 2)
(8) Not Applicable
(9) Legal opinion and consent of Lance A. Warrick filed herein as Exhibit 9.
(10) Written consent of PricewaterhouseCoopers LLP filed herein as Exhibit 10
(11) Not Applicable
(12) Not Applicable
(13) (a) Form of Participation Agreement between Fidelity Investments Life and Variable Insurance Products Fund IV and Fidelity Distributors Corporation. (Note 1)
(14) Powers of Attorney
(a) Power of Attorney for William J. Johnson, Jr. is filed herewithin
(b) Power of Attorney for Norman L. Ashkenas is filed herewithin
(c) Power of Attorney for Kathleen M. Graveline is filed herewithin
(d) Power of Attorney for Peter G. Johannsen is filed herewithin
(e) Power of Attorney for Malcolm MacKay is filed herewithin
(f) Power of Attorney for Kathleen A. Murphy is filed herewithin
(g) Power of Attorney for Rodney R. Rohda is filed herewithin
(h) Power of Attorney for Roger T. Servison is filed herewithin
(i) Power of Attorney for Floyd L. Smith is filed herewithin
(j) Power of Attorney for Derek L. Young is filed herewithin
(k) Power of Attorney for Sriram Subramaniam is filed herewithin
(l) Power of Attorney for Miles Mei is filed herewithin
(Note 1) Incorporated by reference from Post-Effective Amendment No. 10 to Registration Statement, Reg. No 33-24400, filed on April 26, 1996.
(Note 2) Incorporated by reference from the Initial Registration Statement on Form N-4 (No. 811-05315), filed electronically on April 4, 2007
Item 25 Directors and Officers of the Depositor
The directors and officers of Fidelity Investments Life are as follows:
Directors of Fidelity Investments Life
WILLIAM J. JOHNSON, JR., Director and President
NORMAN L. ASHKENAS, Director
KATHLEEN M. GRAVELINE, Director
PETER G. JOHANNSEN, Director
MALCOLM MACKAY, Director
KATHLEEN A. MURPHY, Director
RODNEY R. ROHDA, Director
ROGER T. SERVISON, Director
FLOYD L. SMITH, Director
DEREK L. YOUNG, Director
SRIRAM SUBRAMANIAM, Director
Executive Officers Who Are Not Directors of Fidelity Investments Life
Robert J. Cummings |
Senior Vice President, Client Services |
Lance A. Warrick |
Vice President, General Counsel, and Secretary |
David A. Golino |
Senior Vice President and Chief Financial Officer |
Miles Mei |
Treasurer |
Felicia F. Tierney |
Vice President, Human Resources |
Deborah Walsh |
Senior Vice President, Systems and Technology |
Robert K. Leach |
Appointed Actuary |
Maryann P. Crews |
Illustration Actuary |
Brian N. Leary |
Consumer Services Officer and Chief Compliance Officer |
Barbara Maietta |
Vice President, Marketing |
Robert Brown |
Senior Vice President, Channel Development |
The address for each of the persons named in Item 25 is 100 Salem Street, Smithfield, RI 02917
Item 26 Persons Controlled By or Under Common Control with the Depositor or Registrant.
See Exhibit 26 of the original registration statement on Form N-4 filed August 17, 1991, Reg. No. 33-42376, on behalf of Empire Fidelity Investments Variable Annuity Account A, which is incorporated herein by reference.
Item 27 Number of Contract Owners.
On March 31, 2016 there were 6,721 Qualified Contracts and 995 Non-Qualified Contracts.
Item 28 Indemnification
FMR LLC and its subsidiaries own a directors and officers liability reimbursement contract (the Policies), issued by National Union Fire Insurance Company, that provides coverage for Loss (as defined in the Policies) arising from any claim or claims by reason of any breach of duty, neglect, error, misstatement, misleading statement, omission or other act done or wrongfully attempted by a person while he or she is acting in his or her capacity as a director or officer. The coverage is provided to these insureds, including Fidelity Investments Life, to the extent required or permitted by applicable law, common or statutory, or under their respective charters or by-laws, to indemnify directors or officers for Loss arising from the above-described matters. Coverage is also provided to the individual directors or officers for such Loss, for which they shall not be indemnified, subject to relevant contract exclusions. Loss is essentially the legal liability on claims against a director or officer, including damages, judgements, settlements, costs, charges and expenses (excluding salaries of officers or employees) incurred in the defense of actions, suits or proceedings and appeals therefrom.
There are a number of exclusions from coverage. Among the matters excluded are Losses arising as the result of (1) fines or penalties imposed by law or other matters that may be deemed uninsurable under the law pursuant to which the Policy is construed, (2) claims brought about or contributed to by the fraudulent, dishonest, or criminal acts of a director or officer, (3) any claim made against the directors or officers for violation of any of the responsibilities, obligations, or duties imposed
upon fiduciaries by the Employee Retirement Income Security Act of 1974 or amendments thereto, (4) professional errors or omissions, and (5) claims for an accounting of profits in fact made from the purchase or sale by a director or officer of any securities of the insured corporations within the meaning of Section 16(b) of the Securities Exchange Act of 1934 and amendments thereto or similar provisions of any state statutory law.
A $100 million limit (policy aggregate limit) and a $500,000 deductible apply to Loss for which the directors and officers are indemnified by Fidelity Investments Life Insurance Company. A $10 million limit (policy aggregate) and a $0 deductible apply to Loss for which the directors and officers are not indemnified by Fidelity Investments Life Insurance Company.
Utah law (Revised Business Corporation Act §16-10a-901 et seq.) provides, in substance, that a corporation may indemnify a director, officer, employee or agent against liability if he acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interest of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.
The Text of Article XIV of Fidelitys By-Laws, which relates to indemnification of the directors and officers, is as follows:
INDEMNIFICATION OF DIRECTORS, OFFICERS AND PERSONS
ADMINISTERING EMPLOYEE BENEFIT PLANS
Each officer or Director or former officer or Director of the Corporation, and each person who shall, at the Corporations request, have served as an officer or director of another corporation or as trustee, partner or officer of a trust, partnership or association, and each person who shall, at the Corporations request, have served in any capacity with respect to any employee benefit plan, whether or not then in office then serving with respect to such employee benefit plan, and the heirs, executors, administrators, successors and assigns of each of them, shall be indemnified by the Corporation against all satisfaction of judgements, in compromise and or as fines or penalties and fees and disbursement of counsel, imposed upon or reasonably incurred by him or them in connection with or arising out of any action, suit or proceeding, by reason of his being or having been such officer, trustee, partner or director, or by reason of any alleged act or omission by him in such capacity or in serving with respect to an employee benefit plan, including the cost of reasonable settlements (other than amounts paid to the Corporation itself) made with a view to curtailment of costs of litigation.
The Corporation shall not, however, indemnify any such person, or his heirs, executors, administrators, successors, or assigns, with respect to any matter as to which his conduct shall be finally adjudged in any such action, suit, or proceedings to constitute willful misconduct or recklessness or to the extent that such matter relates to service with respect to any employee benefit plan, to not be in the best interest of the participants or beneficiaries of such employee benefit plan.
Such indemnification may include payment by the Corporation of expenses incurred in defending any such action, suit, or proceeding in advance of the final disposition thereof, upon receipt of an undertaking by or on behalf of the person indemnified to repay such payment if it shall ultimately be determined that he is not entitled to be indemnified by the Corporation. Such undertaking may be accepted by the corporation without reference to the financial ability of such person to make repayment.
The foregoing rights of indemnification shall not be exclusive of other rights to which any such director, officer, trustee, partner or person serving with respect to an employee benefit plan may be entitled as a matter of law. These indemnity provisions shall be separable, and if any portion thereof shall be finally adjudged to be invalid, such invalidity shall not affect any other portion which can be given effect.
The Board of Directors may purchase and maintain insurance on behalf of any persons who is or was a Director, officer, trustee, partner, employee or other agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, trustee, partner, employee or other agent of another corporation, association, trust or partnership, against any liability incurred by him in any such, whether or not the Corporation would have the power to indemnify him against such liability.
Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director or officer, or controlling persons of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by its is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
Item 29. Principal Underwriters.
a) Fidelity Brokerage Services LLC acts as distributor for other variable life and variable annuity contracts registered by separate accounts of Fidelity Investments Life, and Empire Fidelity Investments Life Insurance Company.
(b) |
Sriram Subramaniam |
Director, Chief Executive Officer and President |
|
Michael Durbin |
Director |
|
Scott G. Hutzler |
Director |
|
Kathleen Murphy |
Director |
|
Richard Lyons |
Chief Financial Officer and Senior Vice President |
|
Tami R. Rash |
Treasurer |
|
David Forman |
Secretary and Chief Legal Officer |
|
Norman Ashkenas |
Chief Compliance Officer |
|
Peter D. Stahl |
Assistant Secretary |
|
Donald St. Peter |
Vice President, Real Estate |
The address for each person named in Item 29 is 900 Salem Street, Smithfield, RI 02917.
(c) $0.00
Item 30 Location of Accounts and Records
The records regarding the Account required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and Rules 31a-1 to 31a-3 promulgated thereunder, are maintained at Fidelity Investments Life Insurance Company at 100 Salem Street, Smithfield, RI 02917.
Item 31 Management Services - Not applicable
Item 32 Undertakings
(a) Registrant undertakes to file a post-effective amendment to this Registration Statement as frequently as is necessary to ensure that the audited financial statements in the Registration Statement are never more than 16 months old for so long as payments under the variable annuity contracts may be accepted.
(b) Registrant undertakes to include either (1) as part of any application to purchase a contract offered by the prospectus, a space that an applicant can check to request a Statement of Additional Information (SAI), or (2) a postcard or similar written communication affixed to or included in the prospectus that the applicant can remove to send for a SAI.
(c) Registrant undertakes to deliver any SAI and any financial statements required to be made available under this Form promptly upon written or oral request.
(d) Registrant represents that it meets the definition of a separate account under the federal securities laws.
(e) Fidelity Investments Life Insurance Company hereby represents that the aggregate charges under the variable annuity policy (the contract) offered by Fidelity Investments Life Insurance Company are reasonable in relation to services rendered, the expenses expected to be incurred, and the risks assumed by Fidelity Investments Life Insurance Company.
POWER OF ATTORNEY
I, William J. Johnson, Jr., the President of Fidelity Investments Life Insurance Company (Fidelity), as of January 1, 2016, hereby constitute and appoint (i) Lance A. Warrick and Miles Mei, or (ii) either one individually, as my true and lawful Attorney-in-Fact, with full power of substitution, to sign for me and in my name in the appropriate capacities but only so long as I remain President, with respect to:
(i) Post-Effective Amendment Number 11 to Registration Statement (File No. 333-141878) of Fidelity, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof; and
(ii) All initial Registration Statements of the Fidelity, all Pre-Effective Amendments to any Registration Statements, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof.
|
|
|
/s/William J. Johnson, Jr. |
|
William J. Johnson, Jr. |
POWER OF ATTORNEY
I, William J. Johnson, Jr., the undersigned Director of Fidelity Investments Life Insurance Company (Fidelity), as of January 1, 2016, hereby constitute and appoint (i) Lance A. Warrick and Miles Mei, or (ii) either one individually, as my true and lawful Attorney-in-Fact, with full power of substitution, to sign for me and in my name in the appropriate capacities but only so long as I remain a Director, with respect to:
(i) Post-Effective Amendment Number 11 to Registration Statement (File No. 333-141878) of Fidelity, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof; and
(ii) All initial Registration Statements of the Fidelity, all Pre-Effective Amendments to any Registration Statements, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof.
|
|
|
/s/William J. Johnson, Jr. |
|
William J. Johnson, Jr. |
POWER OF ATTORNEY
I, Norman L. Ashkenas, the undersigned Director of Fidelity Investments Life Insurance Company (Fidelity), as of January 1, 2016, hereby constitute and appoint (i) Lance A. Warrick and Miles Mei, or (ii) either one individually, as my true and lawful Attorney-in-Fact, with full power of substitution, to sign for me and in my name in the appropriate capacities but only so long as I remain a Director, with respect to:
(i) Post-Effective Amendment Number 11 to Registration Statement (File No. 333-141878) of Fidelity, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof; and
(ii) All initial Registration Statements of the Fidelity, all Pre-Effective Amendments to any Registration Statements, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof.
|
|
|
/s/Norman L. Ashkenas |
|
Norman L. Ashkenas |
POWER OF ATTORNEY
I, Kathleen M. Graveline, the undersigned Director of Fidelity Investments Life Insurance Company (Fidelity), as of January 1, 2016, hereby constitute and appoint (i) Lance A. Warrick and Miles Mei, or (ii) either one individually, as my true and lawful Attorney-in-Fact, with full power of substitution, to sign for me and in my name in the appropriate capacities but only so long as I remain a Director, with respect to:
(i) Post-Effective Amendment Number 11 to Registration Statement (File No. 333-141878) of Fidelity, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof; and
(ii) All initial Registration Statements of the Fidelity, all Pre-Effective Amendments to any Registration Statements, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof.
|
|
|
/s/Kathleen M. Graveline |
|
Kathleen M. Graveline |
POWER OF ATTORNEY
I, Peter G. Johannsen, the undersigned Director of Fidelity Investments Life Insurance Company (Fidelity), as of January 1, 2016, hereby constitute and appoint (i) Lance A. Warrick and Miles Mei, or (ii) either one individually, as my true and lawful Attorney-in-Fact, with full power of substitution, to sign for me and in my name in the appropriate capacities but only so long as I remain a Director, with respect to:
(i) Post-Effective Amendment Number 11 to Registration Statement (File No. 333-141878) of Fidelity, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof; and
(ii) All initial Registration Statements of the Fidelity, all Pre-Effective Amendments to any Registration Statements, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof.
|
|
|
/s/Peter G. Johannsen |
|
Peter G. Johannsen |
POWER OF ATTORNEY
I, Malcolm MacKay, the undersigned Director of Fidelity Investments Life Insurance Company (Fidelity), as of January 1, 2016, hereby constitute and appoint (i) Lance A. Warrick and Miles Mei, or (ii) either one individually, as my true and lawful Attorney-in-Fact, with full power of substitution, to sign for me and in my name in the appropriate capacities but only so long as I remain a Director, with respect to:
(i) Post-Effective Amendment Number 11 to Registration Statement (File No. 333-141878) of Fidelity, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof; and
(ii) All initial Registration Statements of the Fidelity, all Pre-Effective Amendments to any Registration Statements, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof.
|
|
|
/s/Malcolm MacKay |
|
Malcolm MacKay |
POWER OF ATTORNEY
I, Kathleen A. Murphy, the undersigned Director of Fidelity Investments Life Insurance Company (Fidelity), as of January 1, 2016, hereby constitute and appoint (i) Lance A. Warrick and Miles Mei, or (ii) either one individually, as my true and lawful Attorney-in-Fact, with full power of substitution, to sign for me and in my name in the appropriate capacities but only so long as I remain a Director, with respect to:
(i) Post-Effective Amendment Number 11 to Registration Statement (File No. 333-141878) of Fidelity, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof; and
(ii) All initial Registration Statements of the Fidelity, all Pre-Effective Amendments to any Registration Statements, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof.
|
|
|
/s/Kathleen A. Murphy |
|
Kathleen A. Murphy |
POWER OF ATTORNEY
I, Rodney R. Rohda, the undersigned Director of Fidelity Investments Life Insurance Company (Fidelity), as of January 1, 2016, hereby constitute and appoint (i) Lance A. Warrick and Miles Mei, or (ii) either one individually, as my true and lawful Attorney-in-Fact, with full power of substitution, to sign for me and in my name in the appropriate capacities but only so long as I remain a Director, with respect to:
(i) Post-Effective Amendment Number 11 to Registration Statement (File No. 333-141878) of Fidelity, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof; and
(ii) All initial Registration Statements of the Fidelity, all Pre-Effective Amendments to any Registration Statements, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof.
|
|
|
/s/Rodney R. Rohda |
|
Rodney R. Rohda |
POWER OF ATTORNEY
I, Roger T. Servison, the undersigned Director of Fidelity Investments Life Insurance Company (Fidelity), as of January 1, 2016, hereby constitute and appoint (i) Lance A. Warrick and Miles Mei, or (ii) either one individually, as my true and lawful Attorney-in-Fact, with full power of substitution, to sign for me and in my name in the appropriate capacities but only so long as I remain a Director, with respect to:
(i) Post-Effective Amendment Number 11 to Registration Statement (File No. 333-141878) of Fidelity, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof; and
(ii) All initial Registration Statements of the Fidelity, all Pre-Effective Amendments to any Registration Statements, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof.
|
|
|
/s/Roger T. Servison |
|
Roger T. Servison |
POWER OF ATTORNEY
I, Floyd T. Smith, the undersigned Director of Fidelity Investments Life Insurance Company (Fidelity), as of January 1, 2016, hereby constitute and appoint (i) Lance A. Warrick and Miles Mei, or (ii) either one individually, as my true and lawful Attorney-in-Fact, with full power of substitution, to sign for me and in my name in the appropriate capacities but only so long as I remain a Director, with respect to:
(i) Post-Effective Amendment Number 11 to Registration Statement (File No. 333-141878) of Fidelity, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof; and
(ii) All initial Registration Statements of the Fidelity, all Pre-Effective Amendments to any Registration Statements, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof.
|
|
|
/s/Floyd T. Smith |
|
Floyd T. Smith |
POWER OF ATTORNEY
I, Derek L. Young, the undersigned Director of Fidelity Investments Life Insurance Company (Fidelity), as of January 1, 2016, hereby constitute and appoint (i) Lance A. Warrick and Miles Mei, or (ii) either one individually, as my true and lawful Attorney-in-Fact, with full power of substitution, to sign for me and in my name in the appropriate capacities but only so long as I remain a Director, with respect to:
(i) Post-Effective Amendment Number 11 to Registration Statement (File No. 333-141878) of Fidelity, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof; and
(ii) All initial Registration Statements of the Fidelity, all Pre-Effective Amendments to any Registration Statements, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof.
|
|
|
/s/Derek L. Young |
|
Derek L. Young |
POWER OF ATTORNEY
I, Sriram Subramaniam, the undersigned Director of Fidelity Investments Life Insurance Company (Fidelity), as of January 1, 2016, hereby constitute and appoint (i) Lance A. Warrick and Miles Mei, or (ii) either one individually, as my true and lawful Attorney-in-Fact, with full power of substitution, to sign for me and in my name in the appropriate capacities but only so long as I remain a Director, with respect to:
(i) Post-Effective Amendment Number 11 to Registration Statement (File No. 333-141878) of Fidelity, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof; and
(ii) All initial Registration Statements of the Fidelity, all Pre-Effective Amendments to any Registration Statements, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof.
|
|
|
/s/Sriram Subramaniam |
|
Sriram Subramaniam |
POWER OF ATTORNEY
I, Miles Mei, the undersigned Treasurer of Fidelity Investments Life Insurance Company (Fidelity), as of January 1, 2016, hereby constitute and appoint Lance A. Warrick as my true and lawful Attorney-in-Fact, with full power of substitution, to sign for me and in my name in the appropriate capacities but only so long as I remain Treasurer, with respect to:
(i) Post-Effective Amendment Number 11 to Registration Statement (File No. 333-141878) of Fidelity, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof; and
(ii) All initial Registration Statements of the Fidelity, all Pre-Effective Amendments to any Registration Statements, any and all subsequent Post-Effective Amendments to said Registration Statements, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said Attorney-in-Fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission, hereby ratifying and confirming all that said Attorney-in-Fact or his substitutes may do or cause to be done by virtue hereof.
|
|
|
/s/Miles Mei |
|
Miles Mei |
SIGNATURES
As required by the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant, Fidelity Investments Variable Annuity Account I, certifies that it meets the requirements of the Securities Act Rule 485(b) for effectiveness of this Registration Statement and has caused this Post-Effective Amendment No. 11 to the Registration Statement to be signed on its behalf in the town of Smithfield and the state of Rhode Island, on this 29th day of April, 2016.
FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I
(Registrant)
By: FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(Depositor)
By: |
/s/ * |
|
Attest: |
/s/Lance A. Warrick |
|
William J. Johnson, Jr. |
|
|
Lance A. Warrick, |
|
President |
|
|
Secretary |
As required by the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated on this 29th day of April, 2016.
Signature |
|
Title |
|
|
|
|
|
|
|
|
|
/s/ * |
|
|
|
) |
|
William J. Johnson, Jr. |
|
President and Director |
|
) |
|
|
|
|
|
) |
|
/s/ * |
|
|
|
) |
|
Norman L. Ashkenas |
|
Director |
|
) |
|
|
|
|
|
) |
|
/s/ * |
|
|
|
) |
|
Miles Mei |
|
Treasurer |
|
) |
|
|
|
|
|
) |
|
/s/ * |
|
|
|
) |
|
Kathleen A. Murphy |
|
Director |
|
) By: |
/s/ Lance A. Warrick |
|
|
|
|
) |
Lance A. Warrick |
/s/ * |
|
|
|
) |
(Attorney-in-Fact)* |
Rodney R. Rhoda |
|
Director |
|
) |
|
|
|
|
|
) |
|
/s/ * |
|
|
|
) |
|
Roger T. Servison |
|
Director |
|
) |
|
|
|
|
|
) |
|
/s/ * |
|
|
|
) |
|
Kathleen M. Graveline |
|
Director |
|
) |
|
|
|
|
|
) |
|
/s/ * |
|
|
|
) |
|
Malcolm MacKay |
|
Director |
|
) |
|
|
|
|
|
) |
|
/s/ * |
|
|
|
)By: |
/s/ Lance A. Warrick |
Floyd L. Smith |
|
Director |
|
) |
Lance A. Warrick |
|
|
|
|
) |
(Attorney-in-Fact)* |
/s/ * |
|
|
|
) |
|
Peter G. Johannsen |
|
Director |
|
) |
|
|
|
|
|
) |
|
/s/ * |
|
|
|
) |
|
Derek L. Young |
|
Director |
|
) |
|
|
|
|
|
) |
|
/s/ * |
|
|
|
) |
|
Sriram Subramaniam |
|
Director |
|
) |
|
|
|
|
|
) |
|