As filed with the SEC on April 29, 2022
Registration No. 333-121017
Registration No. 811-05315
UNITED STATES
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. 17 | ☒ |
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 126 | ☒ |
FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I
(Exact Name of Registrant)
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(Name of Depositor)
900 Salem Street
Smithfield, Rhode Island 02917
(Address of Depositors Principal Executive Offices)
Depositors Telephone Number: 1-800-544-8888
GERALD W. PATTERSON
President
Fidelity Investments Life Insurance Company
900 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
It is proposed that this filing will become effective (check appropriate box):
☐ | immediately upon filing pursuant to paragraph (b) of Rule 485 |
☒ | on April 30, 2022, pursuant to paragraph (b) of Rule 485 |
☐ | 60 days after filing pursuant to paragraph (a)(1) of Rule 485 |
☐ | on (date), pursuant to paragraph (a)(1) of Rule 485 under the Securities Act. |
If appropriate, check the following box:
☐ | this post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
PROSPECTUS
April 30, 2022
Fidelity Freedom Lifetime Income®
Issued by Fidelity Investments Life Insurance Company (FILI)
Introduction:
Fidelity Freedom Lifetime Income® is an individual, single premium, immediate variable income annuity contract (the Contract) issued by Fidelity Investments Life Insurance Company (FILI, the Company, we, or us). The Contract provides you (the Annuitant) with the opportunity to receive annuity income for life at regular intervals (the Annuity Income Dates). Annuity income can be for your lifetime, or for your lifetime and the lifetime of a second person you name (the Joint Annuitant).
Annuity income fluctuates in amount according to the investment results of the Subaccounts of Fidelity Investments Variable Annuity Account I (the Variable Account) that you choose. We do not guarantee the amount of annuity income.
Currently, we do not offer this Contract for sale to new investors.
You purchased your Contract (1) on a qualified basis (Qualified Contract) as an Individual Retirement Annuity (IRA) with a contribution 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, a governmental 457(b) plan, or an IRA, or (2) on a non-qualified basis (Non-qualified Contract).
Important Disclosures:
Neither the 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.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commissions staff and is available at Investor.gov.
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9. Tax Considerations | 24 | |
(a). Introduction | 24 | |
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25 | ||
27 | ||
10. More Information about the Contract | 27 | |
27 | ||
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30 | ||
30 | ||
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11. More Information about the Variable Account and the Funds | 30 | |
(a). Changes in Subaccounts | 30 | |
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32 | ||
Appendix A: Funds Available Under the Contract | 33 | |
Appendix B: Hypothetical Examples Applicable to Contracts with a Withdrawal Period | 35 |
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Annuitant(s) - You are the Annuitant. You may designate a Joint Annuitant on your application. If there is a Joint Annuitant, you and the Joint Annuitant together are the Annuitants. You receive lifetime annuity income. For a Qualified Contract, all annuity income during your lifetime must be received only by you. For a Non-qualified Contract with a Joint Annuitant, we will distribute annuity income to both you and the Joint Annuitant while you both are alive. Either you or the Joint Annuitant generally must be no older than age 85 on the Contract Date. To have a Withdrawal Period, either you or the Joint Annuitant generally must be no more than 72 years old on the Contract Date, and the Contract must be a Qualified Contract. For a Qualified Contract, you must also be the sole Owner.
Annuity Income Dates - The dates on which we determine the amount of annuity income. If the New York Stock Exchange is closed on an Annuity Income Date, we will determine the amount of annuity income on the next day it is open. You choose whether you want Annuity Income Dates to be monthly, quarterly, semiannual, or annual.
Annuity Income Unit (also unit) - A unit of measure used to calculate the amount of annuity income for a Subaccount.
Base Contract Expenses - Expenses that we assess daily at an annual effective rate against the assets of each Subaccount, comprised of a Mortality and Expense Risk Charge and an Administrative Charge.
Benchmark Rate of Return - The 3.5% annualized return that is assumed in the calculation of each amount of annuity income.
Beneficiary(ies) - The person(s) you designate to receive any payments under this Contract only when all Annuitants are no longer living. A Beneficiary who makes a timely election may choose to receive a lump sum instead of any remaining periodic annuity income.
Code - The Internal Revenue Code of 1986, as amended.
Contract - A variable immediate annuity contract designed to provide you and the Joint Annuitant, (if any), with annuity income for your life (or lives) beginning with the first Annuity Income Date.
Contract Date - The date your Contract becomes effective. This will be stated in your Contract.
Death Benefit - A benefit of the Contract that provides protection if an Annuitant dies before the first Annuity Income Date.
Exchange - A transfer from one Subaccount to another.
Funds - The mutual fund portfolios in which the Subaccounts invest.
Guarantee Period - A Contract with a Guarantee Period provides annuity income through a specified date even if no Annuitant lives to the end of the Guarantee Period. If no Annuitant lives to the end of the Guarantee Period, each Beneficiary will continue to receive income for the remainder of the Guarantee Period unless he or she chooses a commuted value as a lump sum benefit instead. A Contract with a Guarantee Period will provide lower annuity income on each Annuity Income Date than an otherwise identical Contract without a Guarantee Period.
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.
Joint Annuitant - For a Qualified Contract, the Joint Annuitant (if any) (1) receives lifetime annuity income when you are no longer living; and (2) may not be an Owner.
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For a Non-qualified Contract, the Joint Annuitant (1) will receive annuity income jointly with you in accordance with the terms of the Contract, and (2) may be an Owner, but does not have to be an Owner.
For both Qualified Contracts and Non-qualified Contracts, either you or the Joint Annuitant generally must be no older than age 85 on the Contract Date.
Net Investment Factor - An index used to measure the investment performance of a Subaccount from one Valuation Period to the next. The Net Investment Factor can be greater or less than one. 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; and (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 the daily charge equivalent to an effective annual rate of 0.60%.
Non-qualified Contract - A Contract other than a Qualified Contract. This type of Contract may be purchased with money from any source, but you should generally not purchase a Non-qualified Contract with money from a qualified plan, IRA, 403(b) plan, or similar arrangement (other than a non-qualified deferred annuity contract).
Owner(s) - You, the Annuitant, are an Owner. For a Qualified Contract, you must be the sole Owner. For a Non-qualified Contract with a Joint Annuitant, the Joint Annuitant may also be an Owner. No other person may be an Owner. Owners have certain rights under the Contract.
Purchase Payment - The single payment you made to us in exchange for which we issued you a Contract.
Qualified Contract - A Contract that qualifies as an Individual Retirement Annuity under section 408(b) of the Code.
Subaccounts - A division of the Variable Account, the assets of which are invested in the shares of the corresponding portfolio of the Funds available in the Contract.
Total Return - The investment performance of a Subaccount after all expenses.
Trading among Subaccounts Transfers of amounts among the Subaccounts.
Valuation Period - The period of time from the time Annuity Income Unit values are calculated to the next time such values are calculated. These calculations are made as of the close of business (normally 4:00 p.m. Eastern Time) each day the New York Stock Exchange is open for trading.
Variable Account - Fidelity Investments Variable Annuity Account I.
Withdrawal Period Period of time money can be withdrawn from a Contract that was purchased with this feature. See 6(d). Contracts purchased with a Withdrawal Period.
Withdrawal Value - The total amount that can be withdrawn from a Contract that was purchased with a Withdrawal Period.
You - You are the Annuitant and an Owner.
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IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT
Fees and Expenses | Location in Prospectus | |||||||||||||
Charges for Early Withdrawals | None | |||||||||||||
Transaction Charges |
None | |||||||||||||
Ongoing Fees and Expenses (annual charges) | The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected. | Fee Tables
8. Current Charges and Other Deductions
Appendix A: Funds Available Under the Contract | ||||||||||||
Annual Fee |
Minimum |
Maximum |
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Base Contract Expenses |
0.60%1 | 0.60%1 | ||||||||||||
Subaccounts (Fund fees and expenses) |
0.25%2 | 0.95%2 | ||||||||||||
1 As a percentage of the Contract allocated to the Variable Account. | ||||||||||||||
2 As a percentage of the net assets of each Subaccount. | ||||||||||||||
Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. | ||||||||||||||
Lowest Annual Cost $356A |
Highest Annual Cost $1,129B |
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Assumes | Assumes | |||||||||||||
Investment of $100,000 5% annual appreciation Least expensive combination of Fund fees and expenses No transfers or withdrawals
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Investment of $100,000 5% annual appreciation Most expensive combination of Fund fees and expenses No transfers or withdrawals
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A Assumes annuity payments based on 85-year old male, Single Life Annuity, no Guarantee Period, and 3.5% Benchmark Rate of Return. | ||||||||||||||
B Assumes annuity payments based on 45-year old couple, Joint and Survivor Annuity with Full Annuity Income to the Survivor, 45-year Guarantee Period, and 3.5% Benchmark Rate of Return. | ||||||||||||||
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Risks | Location in Prospectus | |||||||||||||
Risk of Loss | You can lose money by investing in the Contract. |
1. Principal Risks of Investing in the Contract
2(a). FILI and the Variable Account
2(b). The Funds | ||||||||||||
Not a Short-Term Investment | The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. This is because the benefits of long-term income are more advantageous to investors with a long-term time horizon. Also, investors do not have any or only limited access to the amount invested in the Contract. |
1. Principal Risks of Investing in the Contract | ||||||||||||
Risks Associated with Investment Options | An investment in the Contract is subject to the risk of poor performance of the Subaccounts.
The amount of annuity income will vary based on the performance of the Subaccount(s) that you select.
Each Subaccount will have its own unique risks.
You should review each Funds prospectus carefully before making an investment decision. |
1. Principal Risks of Investing in the Contract
2(a). FILI and the Variable Account
2(b). The Funds
4. Annuity Income | ||||||||||||
Insurance Company Risks | The Contract is issued by and subject to the risks related to Fidelity Investments Life Insurance Company (FILI, we, or us). The obligations, guarantees, and benefits of the Contract are subject to FILIs financial strength and claims-paying ability. FILI has an A+ Financial Strength Rating from AM Best as of February 16, 2022. | 1. Principal Risks of Investing in the Contract
2(a). FILI and the Variable Account | ||||||||||||
Restrictions | Location in Prospectus | |||||||||||||
Investments | Additional Purchase Payments are not allowed.
You may invest in only one Subaccount at any time.
You are limited to making four Exchanges each calendar year.
Contract Owners who engage in frequent Exchanges may be subjected to temporary or permanent restrictions on future purchases or Exchanges.
We have the right to eliminate any Subaccount, to combine Subaccounts, or to substitute a fund for the Fund in which a Subaccount invests. |
3. Purchase Payment
7. Trading Among Subaccounts
11(a). Changes in Subaccounts |
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Taxes |
Location in Prospectus | |||||||||||||
Tax Implications | Consult with a tax professional to determine the tax implications of an investment in and payments received under this Contract.
For a Qualified Contract purchased with a contribution transferred from an IRA or rolled over from a qualified plan, you do not get any additional tax benefit from this Contract.
For a Qualified Contract, the entire amount of annuity income each year will generally be taxable as ordinary income unless your Purchase Payment includes after-tax contributions.
For a Non-qualified Contract, a portion of the annuity income each year will generally be taxable as ordinary income until you have recovered the investment in the Contract, after which the entire amount of annuity income will be taxable.
The taxable portion of a withdrawal is generally taxed as ordinary income. A penalty tax equal to 10% of the amount treated as taxable income may be imposed on amounts received before age 591/2. |
1. Principal Risks of Investing in the Contract
3. Purchase Payment
9. Tax Considerations | ||||||||||||
Conflicts of Interest |
Location in Prospectus | |||||||||||||
Investment Professional Compensation | Your investment professional may receive compensation in the form of commissions for having sold this Contract to you. This financial incentive may have influenced your investment professional to recommend this Contract over another investment. | 2(b). The Funds
2(c). Selling the Contracts | ||||||||||||
Exchanges | Your investment professional may have a financial incentive to offer you a new contract in place of the one you own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract. | Replacement of Contracts under 3. Purchase Payment |
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What is this Contract designed to do and who could it be appropriate for?
This variable annuity contract is designed to provide periodic annuity income for your life (the Annuitant), or, if you purchased a joint life Contract, for your life and the life of the Joint Annuitant you named on the application. The Contract, like many annuities, pools the mortality experience of all Annuitants and Joint Annuitants. In effect, Annuitants and Joint Annuitants who live longer are subsidized by those who do not. This Contract may be appropriate if you desire income guaranteed for life and are comfortable assuming the risk / potential reward of the amount of each annuity income payment decreasing or increasing.
What are the phases of the Contract and how do I receive income payments?
This Contract has only one phase, the Income Phase, during which the Contract makes annuity income payments at regular intervals (the Annuity Income Dates).
When you purchased your Contract, you chose the first Annuity Income Date, which could be up to one year from the date your Contract became effective (the Contract Date), and whether you wanted Annuity Income Dates to be monthly, quarterly, semiannual, or annual. You also chose one out of six annuity income options. Four of these options allowed a Contract to be purchased with or without a Guarantee Period, which if selected provides for a guaranteed minimum number of years of annuity income. The other two options (only available at purchase of a Qualified Contract) include a Withdrawal Period, during which withdrawals can be taken from a Contracts Withdrawal Value. See 5. Annuity Income Options Available at Purchase for more information on each Annuity Income Option.
We guarantee to provide annuity income for each Annuity Income Date for your lifetime and for the lifetime of the Joint Annuitant, if any, unless you chose to have a Withdrawal Period and withdrawals are made from your Contract. We do not guarantee the amount of annuity income. Neither do we guarantee any minimum number of Annuity Income Dates, unless you chose a Guarantee Period.
The amount of a Contracts annuity income payment varies according to the investment results of the Subaccount in which the Contract is invested. You choose to invest your Contract in one of the multiple Subaccounts available under the Contract. Each Subaccount invests exclusively in shares of one Fund. Each Fund has its own investment strategies, investment advisers, subadvisers, expense ratios, and returns. Information about the Funds is provided in Appendix A: Funds Available Under the Contract.
What are the other primary features of the Contract?
| Making Exchanges: You may Exchange from one Subaccount to another up to four times each calendar year. Each Exchange must be with respect to all your annuity income. There are no partial Exchanges. |
| Death Benefit: This is a benefit that provides protection if an Annuitant dies before the first Annuity Income Date. |
| Tax Treatment: You can make Exchanges among the Subaccounts without tax implications. Ordinary income taxes will apply to annuity income payments and withdrawals, and you may have to pay a 10% penalty on amounts received before age 59 1⁄2. |
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The following tables describe the fees and expenses that you will pay while you own the Contract. Please refer to your Contact schedule page for information
about the specific fees you will pay each year based on the options you have elected.
The first table describes the fees and expenses that you will pay at the time that you buy the Contract or transfer Contract Value between Subaccounts. State premium taxes may also be deducted.
Transaction Expenses | None |
The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including Fund fees and expenses).
Annual Contract Expenses |
Maximum Charge | |
Base Contract Expenses1 |
0.60% |
1 | Base Contract Expenses is the total of two separate charges, a Mortality and Expense Risk Charge and an Administrative Charge. You may also see Base Contract Expenses referred to as Total Separate Account Annual Fees. |
The next item shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract. A complete list of Funds available under the Contract, including their annual expenses, may be found at the back of this document.
Annual Portfolio Company Expenses |
Minimum | Maximum | ||||||
(expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses) |
0.25 | % | 0.95 | % | ||||
(expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses after any waivers or expense reimbursements) |
0.25 | % | 0.90 | %2 |
2 | This reflects temporary reductions to Fund expenses. |
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1. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT
Risk of Loss: You can lose money by investing in the Contract. All income under the Contract will increase or decrease from one Annuity Date to the next according to the investment results of the Subaccount in which you are invested. Annuity income will end in the unlikely event that the value of every security held in the Subaccount in which you are invested is reduced to zero. We do not guarantee the investment results of the Subaccounts or the amount of annuity income. You bear the investment risk. You should review each Funds prospectus carefully before making an investment decision.
Not A Short-Term Investment: The Contract is not suitable as a short-term investment and is not appropriate for an investor who needs ready access to cash. This is because the benefits long-term income are more advantageous to investors with a long-term time horizon. Also, investors do not have any or only limited access to the amount invested in the Contract.
Possibility of Adverse Tax Consequences: In certain scenarios, annuity income payments and withdrawals may be subject to a 10% penalty tax. See 9. Tax Considerations. Consult with a tax professional to determine the tax implications of amounts received under this Contract.
Alternatives to the Contract: Other contracts or investments may provide more favorable returns or benefits, as well as lower costs, than the Contract.
Potential Harmful Fund Transfer Activity: Frequent Exchanges among Subaccounts 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 Funds 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 Funds net asset value. FILI has adopted policies designed to discourage frequent trading. See 7. Trading Among Subaccounts.
Insurance Company Risks: The Contract is issued by and subject to the risks related to Fidelity Investments Life Insurance Company. The obligations, guarantees, and benefits of the Contract are subject to FILIs financial strength and claims-paying ability. If FILI experiences financial distress, it may not be able to honor its annuity income obligations under the Contract.
2. FILI, THE VARIABLE ACCOUNT, THE FUNDS, AND THE DISTRIBUTORS
2(a). FILI and the Variable Account
FILI: The Contract is issued by FILI. We are a wholly-owned subsidiary of FMR LLC, the parent company of the Fidelity Investments companies. The Death Benefit and lifetime annuity income payments made under the Contract are subject to our claims-paying ability and financial strength. We issue other annuity contracts and life insurance policies as well, and certain benefits and obligations under these products are also subject to our claims-paying ability and financial strength. We have an A+ Financial Strength Rating from AM Best as of February 16, 2022.1 FILIs principal executive offices are located at 900 Salem Street, Smithfield, Rhode Island 02917. The address of FILIs Annuity Service Center is P.O. Box 770001, Cincinnati, Ohio 45277-0050.
1 | Financial strength ratings are opinions from independent rating agencies of an insurers financial strength and ability to pay its insurance policies and contract obligations. They are not recommendations to purchase, hold or terminate any insurance policy or contract issued by an insurer, nor do they address the suitability of any particular policy or contract for a specific purpose or purchaser. AM Best Ratings range from A++ to F and are subject to change. |
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The Variable Account: Fidelity Investments Variable Annuity Account I is a separate account used to support the Contract and other forms of variable annuity contracts issued by FILI, and for other purposes permitted by law. We are the legal owner of the assets of the Variable Account. However, income, gains, and losses credited to, or charged against, the Variable Account reflect the Variable Accounts own investment experience and not the investment experience of any of our other assets. The assets of the Variable Account may not be used to pay any of our liabilities other than those arising from the Contracts. 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 amounts promised to investors under the Contracts.
Financial Statements: FILIs financial statements and the financial statements of the Variable Account appear in the Statement of Additional Information.
There are currently nine available Subaccounts in the Variable Account. Each Subaccount in the Variable Account 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 Investment Company Act of 1940 (1940 Act). This registration does not involve supervision of the management or investment practices or policies of the Funds by the SEC. Each Funds 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. In addition, the names and investment objectives of the Funds may be similar to those of other funds available through the same investment adviser; however, the performance of such funds may differ significantly.
FILI or its insurance agency affiliate receives annual compensation of up to 0.40% of assets allocated to the 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 Fund or Contract charges.
Investments by the Subaccounts in securities of foreign issuers may result in a foreign investment tax credit which we will claim on our federal income tax filings.
Where to Find More Information on the Funds: Information regarding each Fund including its name, investment objective, investment advisers, subadvisers, current expenses, and performance is available in Appendix A: Funds Available Under the Contract. In addition, each Fund has issued a prospectus that contains more detailed information about the Fund. Investors may obtain paper or electronic copies of a Fund prospectus by calling 1-800-544-2442 or visiting www.fidelity.com/FFLIreports.
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 subsidiaries of FMR LLC, our parent company. Fidelity Distributors Company LLC (FDC) is the distributor of the Fidelity family of funds. The principal business address of FBS and FDC is 900 Salem Street, Smithfield, Rhode Island 02917.
Fidelity Insurance Agency, Inc. receives compensation from FILI of not more than 0.10% of the reserves held to support the Contracts. Amounts paid by FILI to Fidelity Insurance Agency, Inc. will be paid out of the general assets of FILI, which may include proceeds derived from mortality and expense risk charges FILI deducts from the Variable Account.
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Neither the Registrant, the Registrants principal underwriter nor the Depositor is a party to any material pending legal proceedings.
Currently, we do not offer this Contract for sale to new investors. Additional Purchase Payments are not allowed for existing Contracts.
Application and Initial Purchase Payment: You purchased your Contract (1) on a qualified basis (Qualified Contract) as an Individual Retirement Annuity (IRA) under Section 408(b) of the Code, or (2) on a non-qualified basis (Non-qualified Contract). Generally, we issued Qualified Contracts only with a contribution 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, a governmental 457(b) plan, or an IRA.
To purchase a Contract, you were generally required to make a single payment (Purchase Payment) of at least $25,000 and complete an application form.
We applied your Purchase Payment to the purchase of a Contract within two Valuation Periods of receiving your payment and a properly completed application at our Annuity Service Center. The date your Contract became effective is called the Contract Date.
Replacement of Contracts: You can generally exchange a non-qualified annuity contract for another in a tax-free exchange under Section 1035 of the Internal Revenue Code or transfer a qualified annuity contract directly to another life insurance company as a trustee-to-trustee transfer. Before making an exchange or transfer, you should compare both annuities carefully. Remember that if you exchange or transfer one annuity for another annuity, then you may pay a surrender charge on your existing annuity, charges may be higher (or lower), and the benefits may be less (or more) advantageous. You should not exchange or transfer one annuity for another unless you determine, after knowing all the facts, that the exchange or transfer is in your best interest and not just better for the person trying to sell you the new annuity contract (that person will generally be compensated if you buy the contract through an exchange, transfer or otherwise).
All income under the Contract varies from one Annuity Income Date to the next according to the investment experience of the Subaccount in which you are invested.
All references to annuity income and the guaranteed duration of annuity income are subject to the limitation: We do not guarantee the amount of annuity income. Annuity income may increase or decrease. Annuity income will end in the unlikely event that the value of every security held in the Subaccount in which you are invested is reduced to zero.
We calculate the amount of your annuity income on each Annuity Income Date. If the New York Stock Exchange is closed on an Annuity Income Date, we will calculate the amount of annuity income on the next day it is open. You selected the first Annuity Income Date when you purchased the Contract. The first Annuity Income Date was permitted to be either the first or the fifteenth day of a month. All subsequent Annuity Income Dates are on the same day of the month as the first Annuity Income Date. The latest date you were allowed to select as your first Annuity Income Date was one year after the Contract Date. The earliest date you were allowed to select as your first Annuity Income Date was 30 days after the Contract Date.
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On the application, you chose the frequency of your annuity income, as either monthly, quarterly, semiannual, or annual. The more frequent the Annuity Income Dates, the lower the annuity income on each Annuity Income Date. You cannot change the frequency of annuity income you selected.
Annuity income is generally sent at the end of the Valuation Period immediately following the day on which the amount is determined. If you elect to receive your annuity income payment by direct deposit, you will usually receive your income sooner than if we send it to you through the mail.
4(b). Initial Determination of Annuity Income Units
Your Purchase Payment (less any deduction for taxes) initially purchased Annuity Income Units of the Government Money Market Subaccount. The number of units depended on (a) your age and, unless prohibited by applicable state law, sex (and the age and sex of the Joint Annuitant, if any); (b) the annuity income option you chose; (c) the frequency of Annuity Income Dates you chose; (d) the date you selected as your first Annuity Income Date; and (e) the value of the units on the date your Contract became effective, which reflected the investment performance of the Government Money Market Subaccount. On the first business day following the end of your free look period (or an earlier date, depending on state law), your units of the Government Money Market Subaccount were exchanged automatically for Annuity Income Units in the Subaccount you chose on your application (unless you chose on your application the Government Money Market Subaccount). The total dollar value of your units remained the same immediately before and immediately after the exchange.
4(c). How Your Annuity Income Is Calculated:
FILI calculates the amount of your annuity income based on the number of Annuity Income Units you have. At the close of business on each Annuity Income Date the number of Annuity Income Units you have is multiplied by the value of an Annuity Income Unit for the Subaccount your Contract is invested in. The result is the amount of your annuity income for that Annuity Income Date. If the New York Stock Exchange is closed on an Annuity Income Date, we will determine the amount of annuity income on the next day it is open.
Annuity income may decrease upon the death of the Annuitant or Joint Annuitant as described for Options 3 and 4 under 5(b). Annuity Income Options Without a Withdrawal Period.
The value of an Annuity Income Unit is affected by the expenses of the Funds, the mortality and expense risk charge, and the administrative charge. See 8. Current Charges and Other Deductions. We calculate Annuity Income Unit values for each Subaccount at the close of each Valuation Period. These calculations are made as of the close of business (normally 4:00 p.m. Eastern Time) each day the New York Stock Exchange is open for trading.
The Annuity Income Unit value for a Subaccount for any Valuation Period is equal to (a) multiplied by (b) multiplied by (c) where:
(a) is the Net Investment Factor for the Valuation Period for which the Annuity Income Unit Value is being calculated;
(b) is the Annuity Income Unit Value for the preceding Valuation Period; and
(c) is the daily Benchmark Rate of Return factor of 0.99990575, adjusted for the number of days in the Valuation Period.
The Net Investment Factor can be greater or less than one. 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; and (c) is the
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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 the daily charge equivalent to an effective annual rate of 0.60%.
4(d). Benchmark Rate of Return
Annuity income varies from one Annuity Income Date to the next based on your Contracts annualized Total Return over that time period as compared to a return of 3.5% per year (the Benchmark Rate of Return). If you do not make any withdrawals from one Annuity Income Date to the next, then annuity income will (a) increase if the annualized investment return for your Contract is greater than the Benchmark Rate of Return, and (b) decrease if the annualized investment return for your Contract is less than the Benchmark Rate of Return.
5. ANNUITY INCOME OPTIONS AVAILABLE AT PURCHASE
5(a). Your Selection of an Annuity Income Option
On your application you chose your annuity income option from among a number of annuity income options. You also may have chosen to have either a Withdrawal Period or a Guarantee Period, but not both. (A Withdrawal Period was only available to Qualified Contracts). For any income option, you also chose to receive annuity income monthly, quarterly, semi-annually, or annually. None of these choices can be changed. If you purchased a Qualified Contract, federal income tax laws may have limited your annuity income options.
If you purchased a Qualified Contract and chose to have a Guarantee Period or a Withdrawal Period, the number of years may have been limited in order to satisfy certain minimum distribution requirements of the Code. In addition, if you purchased a Qualified Contract and named a Joint Annuitant who is not your spouse, the annuity income options available to you may have been limited, depending on the difference in ages between you and the Joint Annuitant.
The frequency of payments you selected impacted the amount of each annuity income payment. For example, assuming all else is equal, choosing to receive payments on a monthly basis would have resulted in lower annuity income payment amounts than choosing to receive payments on an annual basis. Similarly, an election to receive payments over a longer expected period would have resulted in lower payment amounts than an election to receive payments over a shorter expected period. For example, assuming all else is equal:
| purchasing a Contract with a Guarantee Period would have resulted in lower payment amounts than purchasing the same Contract without a Guarantee Period, and |
| purchasing a Qualified Contract with a Withdrawal Period would have resulted in lower payment amounts than purchasing the same Qualified Contract without a Withdrawal Period. |
5(b). Annuity Income Options without a Withdrawal Period
Option 1. Single Life Annuity: We will provide annuity income for your entire life, no matter how long that may be. Annuity income stops when you are no longer living, unless your Contract contains a Guarantee Period and the Guarantee Period has not ended. It is possible that your total annuity income under this option will be less than your Purchase Payment. It is even possible that you might receive annuity income only once under this option. This would happen if you were to die before the second Annuity Income Date. Because of this risk, this option offers you the highest level of annuity income. The Contract, like many annuities, pools the mortality experience of all Annuitants and Joint Annuitants. In effect, Annuitants and Joint Annuitants who live longer are subsidized by those who do not.
Option 2. Joint and Survivor Annuity With Full Annuity Income to the Survivor: Under this option, we will provide annuity income jointly to you and the Joint Annuitant while you are both living, except that for a
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Qualified Contract during your lifetime we provide the income only to you. After the death of either of you, we will continue to provide the full amount of annuity income to the survivor. Annuity income stops when both you and the Joint Annuitant are no longer living, unless your Contract contains a Guarantee Period and the Guarantee Period has not ended. As in the case of the single life annuity described above, there is the risk that you may receive annuity income only once.
Options 3. Joint and Survivor Annuity With Reduced Annuity Income to the Survivor: This option is like Option 2 above, except that annuity income is higher while both you and the Joint Annuitant are living, and lower when only one of you is still living. Depending on what you selected on your application, annuity income to the survivor is reduced to two-thirds or one-half of the amount that it would have been were you both still alive.
Option 4. Joint and Survivor Annuity With Full Annuity Income to the Annuitant if the Joint Annuitant Dies, but Reduced Annuity Income to the Joint Annuitant if the Annuitant Dies: This option is like Option 3 above, but annuity income is not reduced upon the death of the Joint Annuitant if the Joint Annuitant is the first to die. In the event you are the first to die, depending on what you selected on your application annuity income to the Joint Annuitant is reduced to two-thirds or one-half of the amount that it would have been were you both still alive. While you and the Joint Annuitant are both still alive, this option provides greater annuity income than Option 2 but not as much annuity income as Option 3.
For Options 2, 3 and 4, if either Annuitant dies before the first Annuity Income Date, we will adjust the annuity income so that it equals what would have been paid under a single life annuity issued to the survivor. This will generally result in greater annuity income.
5(c). Annuity Income Options with a Withdrawal Period
Your Contract may have a Withdrawal Period only if it is a Qualified Contract. The withdrawal option feature is not available in Oregon or Washington.
Option 5. Single Life Annuity with Withdrawal Period: We will provide annuity income, beginning with the first Annuity Income Date, for as long as you live unless you surrender your Contract. If you die on or after the first Annuity Income Date and before the end of the Withdrawal Period, we will provide any remaining annuity income or Withdrawal Value to the Beneficiary(ies) according to the terms of the Contract. A Beneficiary who notifies us within 60 days of the date we receive notice of the death of the last surviving Annuitant may choose instead to receive his or her share of the Withdrawal Value. Otherwise, the Beneficiary will receive annuity income for the remainder of the Withdrawal Period.
Option 6. Joint and Survivor with Full Annuity Income to the Survivor with Withdrawal Period: If you do not surrender your Contract or make withdrawals, we will provide full annuity income, beginning with the first Annuity Income Date, while either you or the Joint Annuitant is still living.
If either you or the Joint Annuitant dies before the first Annuity Income Date, we will adjust the annuity income so that it equals what would have been paid under a single life annuity with a Withdrawal Period. We will also adjust the Withdrawal Period, as required by law, so that it is not longer than the life expectancy of the survivor. This may result in a shorter Withdrawal Period and a higher amount of annuity income.
If the last surviving Annuitant dies on or after the first Annuity Income Date and before the end of the Withdrawal Period, we will provide any remaining annuity income or Withdrawal Value to the Beneficiary(ies) according to the terms of the Contract. A Beneficiary who notifies us within 60 days of the date we receive notice of the death of the last surviving Annuitant may choose instead to receive his or her share of the Withdrawal Value. Otherwise, the Beneficiary will receive annuity income for the remainder of the Withdrawal Period.
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6. BENEFITS AVAILABLE UNDER THE CONTRACT
The following table summarizes information about benefits available under the Contract. A detailed description of each benefit follows the table.
Benefits
Name of Benefit | Type of Benefit |
Purpose | Maximum Fee |
Brief Description of Restrictions / Limitations | ||||
Death Benefit | Standard | Provides protection if an Annuitant dies before the first Annuity Income Date. | None | Not applicable when Annuitants death occurs on or after first Annuity Income Date.
| ||||
Guarantee Period | Optional | Provides annuity income through a specified date even if no Annuitant lives to the end of the Guarantee Period. |
None |
Only available at purchase of a Contract.
A Contract with a Guarantee Period cannot also have a Withdrawal Period.
Provides lower annuity income than an otherwise identical Contract without a Guarantee Period.
Length of Guarantee Period may be limited by the Code.
| ||||
Withdrawal Period | Optional | A period of time you can make withdrawals from your Contract. |
None |
Only available at purchase of a Qualified Contract. This feature was not available in Oregon or Washington.
A Contract with a Withdrawal Period cannot also have a Guarantee Period.
Withdrawals reduce the amount of annuity income and may cause the Withdrawal Period to shorten or end.
Partial withdrawals are limited to 2 per calendar year. Any partial withdrawal must be at least $500.
Provides lower annuity income than an otherwise identical Contract without a Withdrawal Period.
|
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If no Annuitant lives to the first Annuity Income Date, the Contract will terminate and we will make a payment equal to your Purchase Payment to your Beneficiary or Beneficiaries.
If your Contract is a joint and survivor annuity and either you or the Joint Annuitant dies before the first Annuity Income Date, we will adjust the annuity income so that it equals what would have been paid under a single life annuity issued to the survivor. We will also adjust any Guarantee Period or Withdrawal Period, as required by law, so that it is not longer than the life expectancy of the survivor. This will usually result in greater annuity income.
6(c). Contracts Purchased with a Guarantee Period
Overview: If you selected annuity income option 1, 2, 3 or 4 on your application, at that time you also had the option to choose to have a Guarantee Period. See 5(b). Annuity Income Options without a Withdrawal Period. A Guarantee Period may not be less than five years, or more than forty-five years, and the maximum Guarantee Period permitted is subject to limits contained in the Code. Upon request we will inform you of the maximum length your Guarantee Period can be. A Contract with a Guarantee Period provides annuity income through a specified date even if no Annuitant lives to the end of the Guarantee Period. If neither you nor the Joint Annuitant lives to the end of the Guarantee Period, any remaining annuity income will go to your Beneficiary or Beneficiaries. A Beneficiary who becomes entitled to annuity income may choose instead to receive a lump sum, but only if he or she notifies us within 60 days of the date we receive notice of the death of the last surviving Annuitant. Otherwise the Beneficiary will receive annuity income for the remainder of the Guarantee Period.
The Code limits the maximum length of any Guarantee Period for a Qualified Contract. If you purchased a Qualified Contract and chose to have a Guarantee Period, you could not also have a Withdrawal Period. For Options 3 and 4 above, if you and the Joint Annuitant die at the same time, the annuity income due to any Beneficiary will be the same as if you died before the Joint Annuitant. A Contract with a Guarantee Period provides a lower amount of annuity income on each Annuity Income Date than an otherwise identical Contract without a Guarantee Period.
If you chose Option 2, 3 or 4 with a Guarantee Period and either you or the Joint Annuitant dies before the first Annuity Income Date we will shorten the Guarantee Period, if necessary to comply with the Code, so that it is not longer than the life expectancy of the survivor. This may result in a shorter Guarantee Period and a generally higher amount of annuity income.
6(d). Contracts purchased with a Withdrawal Period
If you purchased a Qualified Contract with a Withdrawal Period, you can make withdrawals from your Contracts Withdrawal Value by writing to our Annuity Service Center. See How to Make Withdrawals below. Note the Withdrawal Period feature was not available in Oregon or Washington.
The amount you can withdraw will depend on when you make the withdrawal and the investment experience of your Contract. See Withdrawal Value below.
The length of time you can make withdrawals is called the Withdrawal Period. See Withdrawal Period below.
Certain withdrawals will have the effect of ending your Contract, i.e. there will be no more annuity income. Other withdrawals may shorten the Withdrawal Period. All withdrawals will reduce the amount of annuity income. See Effect of Withdrawals below.
How to Make Withdrawals: All withdrawal instructions must be in writing and be received at our Annuity Service Center. You may make a partial or full withdrawal of the Withdrawal Value. You may not make more
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than two partial withdrawals each calendar year. Any partial withdrawal must be for at least $500. You may not make any partial withdrawal on or before the fifth anniversary of your Contracts first Annuity Income Date that would reduce your annuity income below $1,200 per year at the time of the withdrawal. You can request in writing that we transfer withdrawals from your Contract directly to your bank account or Fidelity Brokerage or Mutual Fund Account.
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.
Withdrawal Value: The Withdrawal Value changes each Valuation Period. What follows is an overview of how we determine the Withdrawal Value for each Valuation Period. For a complete description of how the Withdrawal Value is calculated, See Withdrawal Value in the Statement of Additional Information.
The Withdrawal Value for a Valuation Period is the sum of two amounts, which we call Part A and Part B. On the day we issued your Contract, the total of Part A and Part B equaled your Purchase Payment less any federal, state or local taxes we deducted from your Purchase Payment. The amount you can withdraw from your Contract decreases over time, eventually becoming zero.
Part A is based on the portion of your Purchase Payment that provides annuity income during the Withdrawal Period. Part B is based on the portion of your Purchase Payment that provides annuity income after the Withdrawal Period.
Part A changes (up or down) each Valuation Period based on the investment experience of your Contract. Also, each withdrawal and each annuity income payment reduces the value of Part A. Part A becomes zero at the end of the Withdrawal Period and remains zero thereafter.
Part B also changes (up or down) each Valuation Period based on the investment experience of your Contract. Withdrawals (but not annuity income payments) also reduce the value of Part B. Beginning one year after your first Annuity Income Date, Part B reflects a percentage which declines each day. The percentage declines at a rate of 25% per year, so five years after your first Annuity Income Date Part B becomes zero and remains zero thereafter.
The reductions in the values of Part A and Part B resulting from a withdrawal are in proportion to their values just before the withdrawal.
Withdrawal Period: The Internal Revenue Service (IRS) has issued regulations under section 401(a)(9) of the Internal Revenue Code that apply to Qualified Contracts. If you take a withdrawal from a Qualified Contract with a Withdrawal Period, it is unclear whether any portion of the money you receive from the Contract during the year can be rolled over tax-free to another IRA or eligible retirement plan. See 9. Tax Considerations.
When you purchased your Contract we set the Withdrawal Period to be equal to the life expectancy of the Annuitant or Annuitants, expressed in whole numbers. The maximum length of any Withdrawal Period is limited by the Code and the regulations under section 401(a)(9) of the Code.
A Contract with a Withdrawal Period will provide slightly less annuity income on each Annuity Income Date than an otherwise identical Contract without a Withdrawal Period. The shorter your Withdrawal Period, the greater the difference in income.
If no withdrawals are made from your Contract, then your Contract will provide annuity income for the entire Withdrawal Period. In this respect, the Withdrawal Period works like a Guarantee Period, i.e. annuity income would be guaranteed to last for the longer of (1) the life or lives of the Annuitant(s) or (2) the Withdrawal Period. However, if you make withdrawals, the Withdrawal Period may shorten or end, as described below.
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Effect of Withdrawals: Withdrawals made during the first five years after the first annuity income date will have different consequences from withdrawals made after the first five years. Full withdrawals will have different consequences from partial withdrawals.
YOU SHOULD THINK MORE CAREFULLY ABOUT MAKING A WITHDRAWAL THE CLOSER YOU ARE TO THE FIFTH ANNIVERSARY OF YOUR FIRST ANNUITY INCOME DATE. IN MANY CIRCUMSTANCES YOU WILL BE BETTER OFF WAITING UNTIL AFTER THAT DATE TO MAKE A WITHDRAWAL. For example, withdrawals made after the end of the fifth year of annuity income would reduce your annuity income but would not cause your annuity income to end. In the same Contract, withdrawing all of the Withdrawal Value on or before the end of the fifth year would result in the loss of all future annuity income and your Contract would end. See the descriptions below to understand how withdrawals made during your first five years of annuity income may have different effects from withdrawals made later.
| Full Withdrawals During First Five Years |
If you withdraw all of the Withdrawal Value on or before the fifth anniversary of your Contracts first Annuity Income Date, your Contract will end and you will not receive any more annuity income.
| Partial Withdrawals During First Five Years |
If you withdraw part of the Withdrawal Value on or before the fifth anniversary of your Contracts first Annuity Income Date, then the amount withdrawn will be subtracted from the Withdrawal Value and all remaining annuity income will be reduced, in the same ratio that the amount withdrawn bears to the Withdrawal Value. A partial withdrawal during the first five years will have no impact on the length of the remainder of the Withdrawal Period. See Appendix B for a hypothetical example.
| Full Withdrawals After First Five Years |
If you withdraw all of the Withdrawal Value after the fifth anniversary of your Contracts first Annuity Income Date, you will no longer have a Withdrawal Value, the Withdrawal Period will end, and all remaining annuity income will be reduced.
| Partial Withdrawals After First Five Years |
If you withdraw part of the Withdrawal Value after the fifth anniversary of your Contracts first Annuity Income Date, the amount withdrawn will be subtracted from the Withdrawal Value, all remaining annuity income will be reduced, and the Withdrawal Period will be shortened. For both full and partial withdrawals made after the first five years, the value of the reduced annuity income plus the amount of the withdrawal will be equivalent to the value of the annuity income just prior to the withdrawal. The value of the reduced annuity income must comply with the IRS required minimum distributions rules, and this may result in further reductions in future annuity income payments than described in this section. The Company will determine equivalence using modified insurance industry mortality tables. See Appendix B for a hypothetical example.
After annuity payments begin you may Exchange from one Subaccount to another up to four times each calendar year. Each Exchange must be with respect to all your annuity income. There are no partial Exchanges. All Exchanges will be effected based on the Annuity Income Unit values of the Subaccounts at the time of the Exchange, and the total dollar value of your units will be the same immediately before and immediately after the Exchange.
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7(b). Making Exchanges by Telephone or Internet
Currently you may make Exchanges by telephone and/or Internet. 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.
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.
7(c). Effective Date of Exchanges Among Subaccounts
Any redemption from a Subaccount that is part of an Exchange among Subaccounts will be effected as of the end of the Valuation Period in which we receive the request at our Annuity Service Center. Generally, the purchase of Annuity Income Units in other Subaccounts with the proceeds of the redemption will occur at the same time. However, if your Exchange involves (1) moving from a Subaccount 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 a Subaccount 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 Subaccount. The delay will last until the Subaccount 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 Subaccount will be uninvested.
7(d). Use of Market Timing Services
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 Subaccounts 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.
Frequent Exchanges among Subaccounts 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 Funds 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 Funds net asset value (NAV).
Some of the Subaccounts are also available for use 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
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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 the 1940 Act, 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 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.
7(f). 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 Fidelity Management & Research Company LLC or one of its affiliates, 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.
Although there is no minimum holding period and Contract Owners can make withdrawals or Exchanges out of any Subaccount at any time, Contract Owners may ordinarily comply with FILIs policies regarding frequent trading by allowing 90 days to pass after each purchase or allocation into a Subaccount before they withdraw or Exchange out of that Subaccount.
In addition, each Fund reserves the right to reject the Variable Accounts 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. FILIs 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.
7(g). Frequent Trading Monitoring and Restriction Procedures
FILI has adopted policies and procedures related to Exchanges among Subaccounts 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 a Subaccount followed by a withdrawal or Exchange out of the same a Subaccount within 30 days. Owners are limited to one roundtrip transaction per Subaccount 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 Subaccount within a rolling 90 day period will be blocked from making additional allocations or exchanges into that Subaccount, 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 Subaccounts. This restriction will stay in effect for 12
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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 Subaccount 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.
Exceptions. FILI has approved the following exceptions to the frequent trading policy:
(1) Transactions in the Government Money Market Subaccount;
(2) Annuity payments will not count toward a Subaccounts 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.
FILI may choose not to monitor transactions below certain dollar value thresholds. No other exceptions will be allowed. The frequent trading procedures will be applied consistently to all Owners.
8. CURRENT CHARGES AND OTHER DEDUCTIONS
The following are all the charges we make under the Contract.
Base Contract Expenses is the total of two separate charges, a Mortality and Expense Risk Charge and an Administrative Charge.
Mortality and Expense Risk Charge: We deduct a daily asset charge for our assumption of mortality and expense risks. Each day we deduct an amount from the assets of each Subaccount at an effective annual rate of 0.50%.
The mortality risk is our obligation to provide annuity income for your life (and the life of the Joint Annuitant, if any) no matter how long that might be. The expense risk is our obligation to cover the cost of issuing and administering the Contracts, no matter how large that cost may be. FILI will realize a gain from the charge for these risks to the extent that it is not needed to provide for benefits and expenses under the Contracts.
Administrative Charge: Each day, a deduction is made from the assets of each Subaccount at an effective annual rate of 0.10%. We guarantee this charge will never increase.
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.
Some states (as well some counties, cities, and towns) charge a premium tax. We generally deduct a charge equal to any premium taxes that we are required to pay in connection with your Contract at the time we are required to
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pay it, which is either upon your Purchase Payment or upon your first Annuity Income Date. Notein many states and municipalities premium taxes are not imposed in connection with the Contracts. If a premium tax applies, the amount of the tax and when it will be deducted from your Contract depends on (i) the state your Contract was issued in, and (ii) whether it is a Non-qualified or Qualified Contract. As of the date of this prospectus, we deduct a charge equal to the premium tax for Contracts issued in the following states California, Colorado, Maine, Nevada, South Dakota, and Wyoming. The current range of state premium taxes is 0% to 3.5%.
Fees and expenses are deducted from and paid out of the assets of the Funds. These expenses may vary in amount from year to year and are described in the prospectuses for the Funds.
We reserve the right to charge for certain taxes (other than premium taxes) that we may have to fund. Currently, no such charges are being made. See 9(d). FILIs Tax Status.
The below discussion is not exhaustive and is not intended as tax advice. The federal income tax consequences associated with the purchase of an immediate annuity, like the Contract, are complex, and the application of the pertinent tax rules to a particular person may vary according to facts specific to that person. A qualified tax advisor should always be consulted regarding the application of law to individual circumstances.
This discussion is based on the Code, Treasury Department regulations, and interpretations existing on the date of this Prospectus. These authorities, however, are subject to change by Congress, the Treasury Department, and judicial decisions.
The below 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 a Contract. Also, this discussion does not address estate tax issues that might arise due to your death or the death of a Joint Annuitant. Your particular situation and the particular situation of the Joint Annuitant, if any, and each 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.
Fidelity Investments Life Insurance Company makes no guarantee regarding any tax treatment, federal, state, or local, of any Contract or of any transaction involving a Contract.
Diversification Requirements: For a Non-qualified Contract to be treated as an annuity contract for Federal income tax purposes, the investments of the Variable Account must be adequately diversified. The Treasury Department has issued regulations which prescribe standards for determining whether the investments of the Variable Account are adequately diversified. If the Variable Account failed to comply with these diversification standards, the Contracts would not be treated as annuity contracts for Federal income tax purposes, and each Owner would be taxable currently on the income and gain from the assets of the Variable Account. Although FILI does not control the investments of the Funds, FILI has entered into agreements with the Funds requiring them to operate in compliance with the Treasury Department regulations so that the Variable Account will be considered adequately diversified.
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Ownership Treatment: In certain circumstances, Owners may be considered the owners, for Federal income tax purposes, of the assets of the Variable Account used to support their contracts. In those circumstances, income and gains from the assets of the Variable Account would be includible in the Owners gross income. We reserve the right to modify the Contracts as necessary to attempt to prevent Contract Owners from being considered the owners of the assets of the Variable Account. The discussion in these Tax Considerations of the tax consequences of owning a Contract assumes that the Contract will be treated as an annuity contract for Federal income tax purposes and that we will be treated as the owner of the assets of the Variable Account.
The Contracts in General: Qualified Contracts are intended to qualify as Individual Retirement Annuities under section 408(b) of the Code. Non-qualified Contracts are intended to qualify as annuities under section 72 of the Code. You should seek competent advice as to the tax consequences associated with the use of a Contract.
Owner and Annuitant: You must be both an Owner and the Annuitant of a Contract, and, except as otherwise provided by applicable federal tax law, you must remain as both Owner and Annuitant. For a Qualified Contract, you must be the sole Owner, and, if you name a Joint Annuitant, all annuity income distributions made while you are alive must be made to you.
Nontransferable and Nonforfeitable: Your interest under a Qualified Contract is nontransferable, and except as provided by law, is nonforfeitable.
No Use of Contract as Loan Collateral: You may not use your Contract as collateral for a loan. Any attempt to do so will be void.
9(c). Tax Consequences to Investors
Distributions from Qualified Contracts: Your Qualified Contract must satisfy certain minimum distribution requirements under the Code and the regulations under the Code. These requirements affect when distributions must begin and the form in which distributions must be paid. For Qualified Contracts, distributions of minimum amounts specified in the tax law must generally begin by your Required Beginning Date (RBD). If you were born after June 30, 1949, your RBD is April 1 of the year following the calendar year in which you reach age 72. If you were born before July 1, 1949, your RBD is April 1 of the year following the calendar year in which you reach age 70 1/2. Subsequent distributions must be made by December 31 of each year. The length of any Guarantee Period or Withdrawal Period may need to be limited in certain circumstances to satisfy the minimum distribution requirements. For Qualified Contracts, failure to comply with these minimum distribution requirements will result generally in the imposition of an excise tax equal to 50% of the amount by which a required minimum distribution exceeds the amount actually distributed. In order to satisfy the minimum distribution requirements, if you name a Joint Annuitant who is not your spouse, the annuity income options from which you may select may be limited, depending on the difference in ages between you and the Joint Annuitant.
Your Qualified Contract might have a Withdrawal Period, during which you may withdraw part or all of the Contracts Withdrawal Value. If you take a withdrawal, it is unclear what portion of the money you receive from your Contract during the year will be considered necessary to meet your required minimum distributions for the year, and thus will be ineligible to be rolled over tax-free within 60 days to another IRA or eligible retirement plan. Due to this uncertainty, we will not process direct transfers to another IRA and will treat all withdrawals of the Withdrawal Value from a Qualified Contract as distributions for tax reporting and withholding purposes. Accordingly, we will report such withdrawals on a 1099R form. Owners should consult a tax advisor before withdrawing an amount from a Qualified Contract with the intention of rolling it over to another arrangement.
In addition, distributions from a Qualified Contract other than required minimum distributions and distributions of any after-tax amounts generally may be rolled over tax-free within 60 days to a qualified plan under section 401(a) of the Code, a qualified annuity under section 403(a) of the Code, a tax-sheltered annuity contract under
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section 403(b) of the Code, a custodial account under section 403(b)(7) of the Code, a governmental plan under section 457(b) of the Code, or an IRA.
After-Tax Contributions: To the IRS we will report all distributions from your Qualified Contract as being fully taxable to you. If your Purchase Payment for a Qualified Contract includes any after-tax amounts (i.e. amounts that were neither deductible when made nor excludable from income), you will need to keep track of these amounts in your Contract and file a Form 8606 with the IRS in order that you may calculate and claim on your income tax return the non-taxable portion of distributions from your Contract.
Distributions from Non-qualified Contracts: For a Non-qualified Contract, the portion of an annuity income distribution that is includible in ordinary income may vary depending on the annuity income option that you choose, but generally is the excess of the distribution over the exclusion amount as defined in the tax law. The exclusion amount is generally the investment in the contract adjusted for any Guarantee Period, divided by the expected number of periodic annuity income distributions (as determined under Treasury Department regulations). After the dollar amount of the investment in the Contract is deemed to be recovered, the entire amount of each annuity income distribution will be fully includible in income.
If annuity income distributions cease before the adjusted investment in the Contract is fully recovered, the person receiving those distributions at the time of their death will be allowed a deduction for the unrecovered amount of the adjusted investment in the Contract.
If your Contract has a Guarantee Period and neither you nor any Joint Annuitant lives to the end of that period, any remaining annuity income distributions made to a Beneficiary are includible in income as follows: (1) if received in a lump sum, they are included in income to the extent that they exceed the unrecovered investment in the Contract at the time; or (2) if distributed as annuity income distributions, they are fully excluded from income until the remaining investment in the Contract is deemed to be recovered, and all annuity income distributions thereafter are fully includible in income.
3.8% Tax on Net Investment Income: Federal tax law imposes a 3.8% Medicare tax on the lesser of (1) the taxpayers net investment income, (from nonqualified annuities, interest, dividends, etc., offset by specified allowable deductions), or (2) the taxpayers 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.
Penalty Tax on Premature Distributions: In general, in the case of a distribution from an IRA, a penalty tax equal to 10% of the portion of the distribution that is includible in gross income will be imposed unless the distribution: (1) is made on or after the Owner attains age 59 1/2, (2) is part of a series of substantially equal periodic payments (not less frequently than annually) for the life (or life expectancy) of the Owner or for the joint lives (or joint life expectancies) of the Owner and his or her designated beneficiary (as defined in the tax law); or (3) satisfies some other exception to the penalty tax.
Annuity income distributions from a Contract typically are not subject to the penalty tax imposed under the Code on premature distributions if the first Annuity Income Date is after you attain age 59 1/2. If you own a Qualified Contract with a Withdrawal Period and the first Annuity Income Date is before you attain age 59 1/2, a withdrawal that is made either before age 59 1/2 or within 5 years of the first Annuity Income Date generally will trigger the application of the penalty tax to the withdrawal and all distributions made prior to the withdrawal.
It is unclear at this time whether annuity income payments under a Non-qualified Contract to a recipient who is not yet age 59 1/2 satisfy an exception to the penalty tax. If you expect that you or any Joint Annuitant will receive annuity income before reaching age 59 1/2, you should consult with a tax advisor.
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Aggregation of Contracts: In certain circumstances where you purchase a Non-qualified Contract together with another non-qualified annuity contract, the IRS may determine the amount of an annuity income payment that is includible in gross income by combining your Non-qualified Contract with the other non-qualified annuity contract. If you purchase a Qualified Contract, Federal tax law requires that for purposes of determining the taxable portion of a distribution from an IRA, you must treat (1) all IRAs owned by you as one contract, (2) all IRA distributions during the taxable year as one distribution, and (3) the value of the contract, the income on the contract, and investment in the contract are computed as of the end of the year.
Federal Income Tax Withholding and Reporting: We will withhold and remit to the federal government a part of the taxable portion of each distribution made under a Contract unless the distributee notifies us at or before the time of the distribution that he or she elects not to have any amounts withheld. In certain circumstances we may be required to withhold tax. The withholding rates applicable to the taxable portion of periodic annuity payments (other than eligible rollover distributions) are the same as the withholding rates generally applicable to payments of wages. In addition, a 10% withholding rate will apply to the taxable portion of any withdrawal if you have not specified another rate. You are liable for payment of federal income on the taxable portion of any distribution from a Contract whether or not federal income tax is withheld. FILI will report all annuity income distributions made while you are alive as being distributed in full to you, even if you name a Joint Annuitant.
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 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 to 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.
10. MORE INFORMATION ABOUT THE CONTRACT
You should also be aware of the following important provisions of your Contract.
Owner(s): Before the Contract was issued, the Owner(s) acting together had the right to (a) choose an annuity income option; (b) choose a Subaccount; (c) name the Beneficiary or Beneficiaries; and (d) select the first Annuity Income Date and the frequency of annuity income distributions. For a Non-qualified Contract with one Owner, the Owner could also name a Joint Annuitant, but there is no requirement to have a Joint Annuitant.
After a Contract is issued, the Owner(s) have the right to: (a) Exchange from one Subaccount to another (b) change any Beneficiary (except that an irrevocable Beneficiary may not be changed without that Beneficiarys consent); (c) cancel the Contract during the free look period; (d) instruct us how to vote shares of the Fund in which your Subaccount invests; and (e) to withdraw from the Contract during the Withdrawal Period, if there is one.
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For a Non-qualified Contract with two Owners, either Owner may make an Exchange or give us voting instructions, but only both Owners acting together can change a Beneficiary.
Annuitant: As Annuitant, you have the right to receive annuity income under the terms of the Contract. You also have rights as an Owner as described above.
Joint Annuitant: For a Qualified Contract, the Joint Annuitant will receive annuity income only after your death, and only in accordance with the terms of the annuity income option you select. The Joint Annuitant may not be an Owner.
For a Non-qualified Contract, the Joint Annuitant will receive annuity income jointly with you in accordance with the terms of the Contract. The Joint Annuitant may be an Owner, but does not have to be an Owner.
If the Joint Annuitant survives you, he or she will have the right to: (a) Exchange from one Subaccount to another; (b) change any Beneficiary (except an irrevocable Beneficiary); (c) instruct us how to vote shares of the Fund in which your Subaccount invests; and (d) to withdraw from the Contract during the Withdrawal Period, if there is one.
Beneficiary(ies)
For All Contracts: You were allowed to name one or more Beneficiaries when you completed your application. You may change Beneficiaries later, unless you have designated an irrevocable Beneficiary, in which case we will require the consent of the irrevocable Beneficiary in writing.
If you (and the Joint Annuitant, if any) do not live to the first Annuity Income Date, we will make a payment equal to your Purchase Payment to the Beneficiary or Beneficiaries. Surviving Beneficiaries will receive equal shares unless you specify otherwise. If (1) no Beneficiary survives you and the Joint Annuitant (if any), and (2) the Withdrawal Period or Guarantee Period (if any) has not ended, we will provide a lump sum to the estate of the last to die of you and the Joint Annuitant.
Each Beneficiary receiving annuity income will have the right to instruct us how to vote Fund shares attributable to that income.
A Beneficiary may be a Primary Beneficiary or a Contingent Beneficiary. No Contingent Beneficiary has the right to proceeds unless all of the Primary Beneficiaries die before proceeds are determined.
For Contracts with a Guarantee Period: Each Beneficiary will receive his or her share of annuity income for the remainder of the Guarantee Period if you (and the Joint Annuitant, if any) die after the first Annuity Income Date. A Beneficiary who becomes entitled to annuity income may choose instead to receive a lump sum, but only if he or she notifies us within 60 days of the date we receive notice of the death of the last surviving Annuitant.
We will pay a lump sum if the Guarantee Period has not ended and one of the following conditions exists: (a) a Beneficiary elects a lump sum on the death of the last surviving Annuitant; (b) a Beneficiary receiving annuity income dies; or (c) the last surviving Annuitant dies and there is no surviving Beneficiary. For (b), we will pay the Beneficiarys estate. For (c), we will pay the estate of the Annuitant who died last.
A lump sum will generally be the present value of the annuity income for the remaining guaranteed Annuity Income Dates, based on interest compounded annually at the Benchmark Rate of Return.
If we believe that the first annuity income amount due to any Beneficiary will be less than $50, we may instead provide a lump sum for the value of all remaining annuity income. The amount of the lump sum will be determined on the same basis as described above for other lump sums.
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For Contracts with a Withdrawal Period: Each Beneficiary will receive his or her share of any remaining annuity income for the remainder of the Withdrawal Period if you and the Joint Annuitant (if any) die on or after the first Annuity Income Date. A Beneficiary who becomes entitled to annuity income may choose instead to receive a lump sum, but only if he or she notifies us within 60 days of the date we receive notice of the death of the last surviving Annuitant. The lump sum amount will be the Withdrawal Value of his or her share of annuity income.
If a Contract with a Withdrawal Period is within its first five years after the first annuity income date, it will typically be more advantageous for the Beneficiary to choose to receive his or her share of the Withdrawal Value. The Beneficiary must notify us within 60 days of the date we receive notice of the relevant death to elect a lump sum.
If a Beneficiary receiving annuity income dies, we will provide to the Beneficiarys estate a lump sum equal to the Withdrawal Value of the Beneficiarys share of annuity income.
We will send you a statement showing the number of Annuity Income Units in your selected Subaccount, and the value of each Annuity Income Unit, at least once each calendar quarter. If your Contract has a Withdrawal Period, we will show your Withdrawal Value at least once each calendar quarter.
You should verify the accuracy of your transaction confirmations and quarterly statements immediately after you receive them and notify the Annuity Service Center promptly of any discrepancies, as we will not be responsible for resulting losses due to unit value changes after 10 calendar days from the mailing of the report.
In addition, shareholder reports for funds available under your Contract will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
Finally, we will furnish such annual calendar year reports concerning the status of your Contract and such information concerning required minimum distributions as is prescribed by the Commissioner of the Internal Revenue Service.
Contract owners have access to their contract information online at Fidelity.com.
10(c). Postponement of Benefits
We will generally transmit each annuity income payment on the first business day after the Annuity Income Date. We will generally send any withdrawal amount on the first business day after the end of the Valuation Period during which we receive the withdrawal request. We will usually send any lump sum distributions to Beneficiaries within seven days of the day we receive proper notice. We will usually send any death benefit within seven days after we receive (1) due proof of your death (for a single life Contract) or the deaths of you and the Joint Annuitant (for a joint life Contract) and (2) any required tax withholding and other information. However, we may delay sending these amounts if (1) the disposal or valuation of the Variable Accounts assets 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 (2) the SEC by order permits postponement for any other reason.
10(d). Signature Guarantee or Customer Authentication
Certain requests may require a signature guarantee or a customer authentication. A signature guarantee or a customer authentication is designed to protect you and Fidelity Investments Life from fraud. Your request must be in writing and may require a signature guarantee if any of the following situations apply:
1. Loss of Contract Ownership.
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2. In 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.
10(e). Misstatement of Date of Birth or Sex
If the date of birth or sex of you or the Joint Annuitant has been misstated, FILI will change the benefits to those which would have been provided had the correct date(s) of birth and sex(es) been stated.
If the misstatement is not discovered until after the first Annuity Income Date, FILI will take the following action: (1) if FILI provided too much annuity income, FILI will add interest at the rate of 6% per year compounded annually and withhold annuity income on later Annuity Income Date(s) until it has recovered the excess; (2) if FILI provided too little annuity income, we will make up the balance plus interest at the rate of 6% per year compounded annually in a lump sum.
Any Beneficiary claiming an interest in the Contract must provide us in writing with due proof of your death and the death of the Joint Annuitant, (if any), at the Annuity Service Center, unless we have already received such proof. We will not be responsible for any annuity income paid to you or the Joint Annuitant, (if any), before we receive due proof of death at the Annuity Service Center.
You and the Joint Annuitant are each responsible for notifying FILI of the death of the other. Each Beneficiary is responsible for notifying FILI of the death of the last surviving Annuitant. Upon the death of the last person with the right to receive annuity income under a Contract, that persons executor is responsible for notifying FILI. If too much annuity income is provided because FILI is not notified of a death, FILI may withhold annuity income on subsequent Annuity Income Dates, or take legal action, until it has recovered any excess amounts.
The Contract may not be sold, assigned, discounted or pledged. Any attempt to do so will be void.
The Contract is non-participating. This means that there are no dividends. Annuity income will vary in amount with the investment results of the Subaccounts to which you allocate your Purchase Payment.
Before making any payment that depends on a person being alive, we may require proof that the person is alive.
To the extent allowed by law, annuity income is not subject to the claims of creditors or to legal process.
11. MORE INFORMATION ABOUT THE VARIABLE ACCOUNT AND THE FUNDS
FILI has the right to eliminate any Subaccount, to combine Subaccounts, or substitute a fund for the Fund in which a Subaccount invests. A substitution may become necessary if, in FILIs judgment, a Fund no longer
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suits the purpose of the Contract. This may happen due to a change in laws or regulations, or a change in a Funds investment objectives or restrictions, or because the Fund is no longer available for investment, or for some other reason. FILI would obtain prior approval from the SEC and any other required approvals before making such a substitution.
FILI also reserves 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. We would obtain any required approval from the SEC before making such changes.
FILI will vote shares of the Funds owned by the Variable Account according to your instructions. However, if the 1940 Act or any related regulations or interpretations should change, and FILI decides that it is permitted to vote the shares of the Funds in its own right, it may decide to do so.
FILI calculates the number of shares that you may instruct it to vote by dividing the reserve maintained in the Subaccount to meet the obligations under the Contract by the net asset value of one share of the corresponding Fund. Fractional votes will be counted. FILI reserves the right to modify the manner in which it calculates the weight to be given to your voting instructions where such a change is necessary to comply with federal regulations or interpretations of those regulations.
FILI will determine the number of shares you can instruct it to vote 90 days or less before the applicable Fund shareholder meeting. At least 14 days before the meeting, we will mail you material for providing your voting instructions.
If your voting instructions are not received in time, FILI will vote the shares in the same proportion as the instructions received with regard to all other contracts issued through the Variable Account. FILI will also vote shares it holds in the Variable Account that are not attributable to contracts in the same proportionate manner. As a result of proportional voting, the votes of a small number of Owners could determine the outcome of a shareholder vote. Under certain circumstances, FILI 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 the Funds, or result in the approval or disapproval of an investment advisory contract.
Under federal regulations, FILI may also disregard instructions to vote for changes in investment policies or the investment adviser if it disapproves of the proposed changes. FILI would disapprove a proposed change only if it were contrary to state law, prohibited by state regulatory authorities, or if it decided that the change would result in overly speculative or unsound investments. If FILI ever disregards voting instructions, it will include a summary of its actions in the next semiannual report.
11(c). Resolving Material Conflicts
The Funds are available to separate accounts offering variable annuity and variable life products of other participating insurance companies, as well as to the Variable Account and other separate accounts FILI establishes. Other Funds may be offered to qualified plans as well.
Although FILI does not anticipate any disadvantages to this, there is a possibility that a material conflict may arise between the interest of the Variable Account and one or more of the other separate accounts participating in a Fund. A conflict may occur due to a change in law affecting the operations of variable life insurance and variable annuity separate accounts, differences in the voting instructions we receive and instructions received by other companies, or some other reason. In the event of a conflict, it is possible that the Variable Account might be required to withdraw its investment in the Funds. In the event of any conflict, we will take any steps necessary to protect Annuitants, Joint Annuitants, and Beneficiaries.
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11(d). Total Return For A Subaccount
The Total Return reflects the investment performance of a Subaccount, less all expenses and charges, for the Valuation Period. FILI determines the Total Return of a Subaccount 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.
Shares of the Funds are valued at net asset value. Any dividends or capital gains distributions of a Fund are reinvested in shares of that Fund.
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APPENDIX A: FUNDS AVAILABLE UNDER THE CONTRACT
The following is a list of Funds under the Contract. More information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at www.fidelity.com/FFLIreports. You can also request this information at no cost by calling 1-800-634-9361 or by sending an email request to filifunddocuments@fidelity.com.
The current expenses and performance information below reflects fee and expenses of the Funds, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Funds past performance is not necessarily an indication of future performance.
Investment Objective |
Fund & Adviser/Subadviser | Current Expenses |
Average Annual Total Returns (as of 12/31/21) |
|||||||||||||||
1 year |
5 year |
10 year |
||||||||||||||||
Seeks high total return with a secondary objective of principal preservation as the fund approaches its ultimate target asset allocation and beyond | Fidelity Variable Insurance Product (VIP) Freedom Lifetime Income I
Adviser: Fidelity Management & Research Company LLC |
0.38 | % | 3.26 | % | 6.07 | % | 5.97 | % | |||||||||
Seeks high total return with a secondary objective of principal preservation as the fund approaches its ultimate target asset allocation and beyond | Fidelity VIP Freedom Lifetime Income II
Adviser: Fidelity Management & Research Company LLC |
0.47 | % | 6.27 | % | 8.55 | % | 7.73 | % | |||||||||
Seeks high total return with a secondary objective of principal preservation as the fund approaches its ultimate target asset allocation and beyond | Fidelity VIP Freedom Lifetime Income III
Adviser: Fidelity Management & Research Company LLC |
0.56 | % | 9.78 | % | 10.73 | % | 9.99 | % | |||||||||
Seeks high current income and, as a secondary objective, capital appreciation | Fidelity VIP FundsManager 20
Adviser: Fidelity Management & Research Company LLC |
0.45 | %* | 3.65 | % | 5.48 | % | 4.55 | % | |||||||||
Seeks high total return | Fidelity VIP FundsManager 50
Adviser: Fidelity Management & Research Company LLC |
0.69 | %* | 10.02 | % | 9.91 | % | 8.33 | % | |||||||||
Seeks high total return | Fidelity VIP FundsManager 60
Adviser: Fidelity Management & Research Company LLC |
0.75 | %* | 12.34 | % | 11.27 | % | 9.61 | % |
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Investment Objective |
Fund & Adviser/Subadviser | Current Expenses |
Average Annual Total Returns (as of 12/31/21) |
|||||||||||||||
1 year |
5 year |
10 year |
||||||||||||||||
Seeks high total return | Fidelity VIP FundsManager 70
Adviser: Fidelity Management & Research Company LLC |
0.82 | %* | 14.52 | % | 12.46 | % | 10.64 | % | |||||||||
Seeks high total return | Fidelity VIP FundsManager 85
Adviser: Fidelity Management & Research Company LLC |
0.90 | %* | 17.83 | % | 14.40 | % | 12.30 | % | |||||||||
Seeks as high a level of current income as is consistent with preservation of capital and liquidity | Fidelity VIP Government Money Market
Adviser: Fidelity Management & Research Company LLC |
0.25 | % | 0.01 | % | 0.92 | % | 0.49 | % |
Each Fidelity Subaccount invests in Investor Class shares of each Fund.
* | This Funds current expenses reflect temporary fee reductions. |
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APPENDIX B: Hypothetical Examples Applicable to Contracts with a Withdrawal Period
The below hypothetical examples illustrate the impact withdrawals can have on a Contracts Withdrawal Value, Annuity Income, and length of Withdrawal Period. These examples are intended to be read in conjunction with 6(d). Contracts purchased with a Withdrawal Period of this Prospectus.
Assumptions
a) | Owners Date of Birth = June 1, 1943 |
b) | Purchase Payment = $100,000 |
c) | Contract Date = June 1, 2000 |
d) | First Annuity Income Date = July 1, 2000 |
e) | Owner is invested in one Subaccount |
I. Partial Withdrawal On or Before the 5th Anniversary of the First Annuity Income Date
If the Owner withdraws part of the Withdrawal Value on or before the 5th anniversary of the Contracts first Annuity Income Date, then
a) | The Withdrawal Value is reduced dollar for dollar by the amount of the partial withdrawal: |
Date | Activity |
Withdrawal Value (after activity) | ||||||
Part A | Part B | Total | ||||||
9/30/2002 |
|
$69,026.48 | $8,776.06 | $77,802.53 | ||||
10/1/2002 | Subaccount Net Investment Factor of 1.003564 | $69,272.49 | $8,807.33 | $78,079.82 | ||||
10/1/2002 | Partial Withdrawal of $10,000 | $8,872.00 | $1,128.00 | $68,079.82 |
b) | All remaining variable annuity income is reduced, in the same ratio that the amount withdrawn bears to the Withdrawal Value before the withdrawal: |
i. | Percentage reduction of Withdrawal Value = 12.807407% |
[$10,000 / $78,079.82 = 12.807407%]
ii. | 10/1/2002 Variable Annuity Payment (before withdrawal) = $433.66 |
iii. | 10/1/2002 Variable Annuity Payment (after withdrawal) = $378.12 |
[$433.66 x 0.12807407 = $55.54 $433.66 - $55.54 = $378.12]
c) | The partial withdrawal has no impact on the length of the Withdrawal Period. |
II. Partial Withdrawal After the 5th Anniversary of the First Annuity Income Date
If the Owner makes a partial withdrawal after the 5th anniversary of the First Annuity Income Date, then
a) | The Withdrawal Value is reduced dollar for dollar by the amount of the partial withdrawal: |
Date | Activity |
Withdrawal Value (after activity) | ||||||
Part A | Part B | Total | ||||||
9/30/2010 | | $44,681.27 | $44,681.27 | |||||
10/1/2010 | Subaccount Net Investment Factor of 1.003564 | $44,840.52 | $44,840.52 | |||||
10/1/2010 | Partial Withdrawal of $10,000 | $34,840.52 | $34,840.52 |
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b) | All remaining variable annuity income is reduced. The value of the reduced variable annuity income plus the amount of the withdrawal will be equivalent to the value of the variable annuity income just prior to the withdrawal. The Company determines equivalence using modified insurance industry mortality tables. |
i. | 10/1/2002 Variable Annuity Payment (before withdrawal) = $585.20 |
ii. | 10/1/2002 Variable Annuity Payment (after withdrawal) = $421.96 |
c) | The Withdrawal Period is reduced. |
i. | Withdrawal Period End Date (before withdrawal) = June 1, 2020 |
ii. | Withdrawal Period End Date (after withdrawal) = July 1, 2018 |
III. Full Withdrawal After the 5th Anniversary of the First Annuity Income Date
If the Owner withdraws all of the Withdrawal Value after the 5th anniversary of the First Annuity Income Date, then
a) | There is no longer a Withdrawal Value. |
Date | Activity |
Withdrawal Value (after activity) | ||||||
Part A | Part B | Total | ||||||
9/30/2010 | | $44,681.27 | $44,681.27 | |||||
10/1/2010 | Subaccount Net Investment Factor of 1.003564 | $44,840.52 | $44,840.52 | |||||
10/1/2010 | Full Withdrawal of $44,840.52 | $0 | $0 |
b) | All remaining variable annuity income is reduced. The value of the reduced variable annuity income plus the amount of the withdrawal will be equivalent to the value of the variable annuity income just prior to the withdrawal. The Company determines equivalence using modified insurance industry mortality tables. |
i. | 10/1/2002 Variable Annuity Payment (before withdrawal) = $585.20 |
ii. | 10/1/2002 Variable Annuity Payment (after withdrawal) = $150.61 |
c) | The Withdrawal Period ends. |
36
We have filed additional information about the Contract and the Variable Account with the Securities and Exchange Commission in a Statement of Additional Information (SAI) dated April 30, 2022. The SAI is incorporated by reference in this prospectus and is available, without charge, upon request. To request the SAI, other information about the Contract, or to make investor inquiries, call us at 1-800-544-2442.
Reports and other information about the Variable Account are available on the Securities and Exchange Commissions website at http://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.
Edgar Contract Identifier C000024031
FFLI-PRO-0422
1.805451.119
37
FIDELITY FREEDOM LIFETIME INCOME
STATEMENT OF ADDITIONAL INFORMATION
April 30, 2022
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 (FILI or the Company) through Fidelity Investments Variable Annuity Account I (the Variable Account). You may obtain a copy of the Prospectus dated April 30, 2022 without charge by calling 1-800-544-2442.
THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS.
Table of Contents | ||||
PAGE | ||||
2 | ||||
2 | ||||
2 | ||||
3 | ||||
4 | ||||
4 | ||||
4 | ||||
4 | ||||
4 | ||||
4 | ||||
Variable Account (enclosed) |
| |||
Fidelity Investments Life Insurance Company (enclosed) |
|
FFLI-PTB-0422
1.805450.119
GENERAL INFORMATION AND HISTORY
Fidelity Investments Life Insurance Company (FILI)
FILI is a stock life insurance company that was established in 1981 and exists in accordance with the laws, rules and regulations of the State of Utah. FILI issues life insurance and annuity products in 49 states (not New York) and the District of Columbia; FILIs wholly-owned subsidiary Empire Fidelity Investments Life Insurance Company (EFILI) issues life insurance and annuity products in New York. 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. Abigail P. Johnson, certain Johnson family members, and various key employees of FMR LLC own the voting common stock of FMR LLC.
Fidelity Investments Variable Annuity Account I (the Variable Account)
The Variable Account is a separate investment account of FILI established on July 22, 1987 and exists in accordance with the laws, rules and regulations of the State of Utah. It is registered with the Securities and Exchange Commission (SEC) as a unit investment trust under the Investment Company Act of 1940 (1940 Act). It is also a separate account as defined under the federal securities laws.
NON-PRINCIPAL RISKS OF INVESTING IN THE CONTRACT
Considerations Regarding Cybersecurity
With the increased use of technologies such as the Internet to conduct business, our business, including our variable insurance business, is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events and may arise from external or internal sources. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through hacking or malicious software coding) for purposes of misappropriating assets or sensitive information; corrupting data, equipment or systems; or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting FILI, the Funds, and any affiliated or unaffiliated vendors or service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our processing of policy transactions (including surrenders, withdrawals, annuity income payments, and insurance proceeds), our ability to calculate Accumulation Unit Values and Annuity Income Unit Values, destruction to equipment and systems, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While FILI has established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, FILI cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect its business. A variable insurance product and its Owners, Annuitants, Insureds, and Beneficiaries could be negatively impacted as a result.
If your Contract has a Withdrawal Period you should be aware of the following: The amount you can withdraw from this Contract at the close of a Valuation Period is called the Withdrawal Value. There are two parts to your Withdrawal Value, Part A and Part B. The sum of Part A and Part B equals your Withdrawal Value.
2
Part A
Part A is based on the portion of your Purchase Payment that provides annuity income during the Withdrawal Period. On the Contract Date, Part A equals this portion of the Purchase Payment less any deductions made from this portion for state, federal or local taxes.
At the end of each subsequent Valuation Period, a new value for Part A is computed, as follows:
(1) Start with Part A at the close of the prior Valuation Period.
(2) Multiply (1) by the Net Investment Factor for the Subaccount in which your Contract is invested. See Net Investment Factor in the Glossary of the Prospectus.
(3) If an Annuity Income Date occurs during the Valuation Period, subtract from (2) an amount equal to the amount of the variable annuity income payment for that Annuity Income Date.
(4) Subtract from (3) an amount attributable to any withdrawals made during the Valuation Period. To determine the amount subtracted, multiply the amount of the withdrawal by a fraction, the numerator of which is the value of Part A at the close of the current Valuation Period and the denominator of which is the sum of Part A and Part B at the close of the current Valuation Period, without regard to the withdrawal during the Valuation Period.
Part A becomes zero at the end of your Withdrawal Period and remains zero thereafter.
Part B
Part B is based on the remainder of your Purchase Payment and reflects the portion of your Purchase Payment that provides annuity income after the Withdrawal Period. On the Contract Date, Part B equals this portion of the Purchase Payment less any deductions made from this portion for state, federal or local taxes.
At the end of each subsequent Valuation Period, a new value for Part B is computed, as follows:
(1) Start with Part B at the close of the prior Valuation Period.
(2) Multiply (1) by the Net Investment Factor for the Subaccount in which your Contract is invested.
(3) Subtract from (2) an amount attributable to any withdrawals made during the Valuation Period. To determine the amount subtracted, multiply the amount of the withdrawal by a fraction, the numerator of which is the value of Part B at the close of the current Valuation Period and the denominator of which is the sum of Part A and Part B at the close of the current Valuation Period, without regard to the withdrawal during the Valuation Period.
(4) Multiply (3) by a fraction, the numerator of which is the percentage factor at the end of the current Valuation Period, and the denominator of which is the percentage factor at the end of the prior Valuation Period.
The percentage factor is 100% until one year after your first Annuity Income Date. The percentage factor then declines daily at a rate of 25% each year, becoming zero on the fifth anniversary of your first Annuity Income Date and remaining at zero thereafter. Thus Part B becomes zero on the fifth anniversary of your first Annuity Income Date and remains zero thereafter.
SAFEKEEPING OF VARIABLE ACCOUNT ASSETS
The assets of the Variable Account are held by FILI. 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 Subaccounts. We maintain fidelity bond coverage for the acts of our officers and employees.
3
As explained in the Prospectus, the Contracts are distributed through Fidelity Brokerage Services LLC (FBS) and Fidelity Insurance Agency, Inc. (FIA). FBS is the principal underwriter. FIA and FILI are wholly-owned, direct subsidiaries of FMR LLC; and FBS is a wholly-owned, indirect subsidiary of FMR LLC. The principal business address of FBS is 900 Salem Street, Smithfield, Rhode Island 02917. The Contracts are no longer sold, but were offered to the public on a continuing basis. You may continue to make exchanges among the Subaccounts.
Year |
Underwriting Commissions Paid to FBS |
Amount of Underwriting Commissions Retained by FBS | ||
2021 |
$18,665,010 | $18,665,010 | ||
2020 |
$11,938,420 | $11,938,420 | ||
2019 |
$13,357,890 | $13,357,890 |
FILI 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 Contract described in the Prospectus and Statement of Additional Information has 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.
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.
The consolidated financial statements of the Company as of December 31, 2021 and 2020 and for each of the three years in the period ended December 31, 2021, and the financial statements of each of the subaccounts of Fidelity Investments Variable Annuity Account I as of December 31, 2021 and for the 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 02210.
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.
4
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, 2021
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Government Money Market |
VIP Government Money Market Investor Class |
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 |
$ | 215,568 | $ | 1,739,235 | $ | 70,396 | $ | 377,065 | $ | 429,701 | $ | 503,315 | $ | 765,436 | $ | 871,205 | ||||||||||||||||
Receivable from FILI |
| | | | 118 | | 136 | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total assets |
215,568 | 1,739,235 | 70,396 | 377,065 | 429,819 | 503,315 | 765,572 | 871,206 | ||||||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to FILI |
13 | 3 | 3 | 1 | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total net assets |
$ | 215,555 | $ | 1,739,232 | $ | 70,393 | $ | 377,064 | $ | 429,819 | $ | 503,315 | $ | 765,572 | $ | 871,206 | ||||||||||||||||
|
|
|
|
|
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|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ | 206,211 | $ | | $ | 55,870 | $ | | $ | 383,768 | $ | | $ | 708,672 | $ | | ||||||||||||||||
Fidelity Income Advantage |
9,344 | | 14,523 | | 46,051 | | 56,900 | | ||||||||||||||||||||||||
Fidelity Personal Retirement |
| 1,729,275 | | 377,064 | | 503,315 | | 871,206 | ||||||||||||||||||||||||
Fidelity Freedom Lifetime Income |
| 31 | | | | | | | ||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
| 9,926 | | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total net assets |
$ | 215,555 | $ | 1,739,232 | $ | 70,393 | $ | 377,064 | $ | 429,819 | $ | 503,315 | $ | 765,572 | $ | 871,206 | ||||||||||||||||
|
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|
|
|
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|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units Outstanding |
9,844 | | 882 | | 2,191 | | 2,038 | | ||||||||||||||||||||||||
|
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|
|
|
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|||||||||||||||||
Unit Value |
$ | 20.95 | $ | | $ | 63.35 | $ | | $ | 175.18 | $ | | $ | 347.74 | $ | | ||||||||||||||||
|
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|
|
|
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|
|||||||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||||||||||
Units Outstanding |
468 | | 240 | | 275 | | 171 | | ||||||||||||||||||||||||
Unit Value |
$ | 20.01 | $ | | $ | 60.52 | $ | | $ | 167.37 | $ | | $ | 332.23 | $ | | ||||||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||||||||||
Units Outstanding |
| 157,954 | | 17,810 | | 13,949 | | 12,313 | ||||||||||||||||||||||||
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|||||||||||||||||
Highest Value |
$ | | $ | 11.71 | $ | | $ | 29.22 | $ | | $ | 55.32 | $ | | $ | 103.96 | ||||||||||||||||
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|||||||||||||||||
Lowest Value |
$ | | $ | 10.27 | $ | | $ | 18.69 | $ | | $ | 33.51 | $ | | $ | 67.18 | ||||||||||||||||
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|
|||||||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units Outstanding |
| 3 | | | | | | | ||||||||||||||||||||||||
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|||||||||||||||||
Unit Value |
$ | | $ | 11.06 | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
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|
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|
|
|
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||||||||||||||||||
Units Outstanding |
| 857 | | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest Unit Value |
$ | | $ | 9.47 | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
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|
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|
|||||||||||||||||
Lowest Unit Value |
$ | | $ | 9.01 | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
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|
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|
|
|
|
|
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||||||||||||||||||
Units Outstanding |
| 205 | | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest Unit Value |
$ | | $ | 9.27 | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest Unit Value |
$ | | $ | 8.84 | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
3 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2021
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP Overseas |
VIP Overseas, Investor Class |
VIP Investment Grade Bond |
VIP Investment Grade Bond Investor Class |
VIP Asset Manager |
VIP Asset Manager Investor Class |
|||||||||||||||||||
Assets: |
||||||||||||||||||||||||
Investments at market value |
$ | 87,481 | $ | 265,667 | $ | 166,266 | $ | 894,402 | $ | 211,776 | $ | 256,967 | ||||||||||||
Receivable from FILI |
| | 66 | | 44 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total assets |
87,481 | 265,667 | 166,332 | 894,402 | 211,820 | 256,967 | ||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||
Payable to FILI |
3 | | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total net assets |
$ | 87,478 | $ | 265,667 | $ | 166,332 | $ | 894,402 | $ | 211,820 | $ | 256,967 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Assets: |
||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ | 80,621 | $ | | $ | 138,541 | $ | | $ | 186,522 | $ | | ||||||||||||
Fidelity Income Advantage |
6,857 | | 27,791 | | 25,298 | | ||||||||||||||||||
Fidelity Personal Retirement |
| 265,667 | | 894,402 | | 256,967 | ||||||||||||||||||
Fidelity Freedom Lifetime Income |
| | | | | | ||||||||||||||||||
Fidelity Growth and Guaranteed Income |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total net assets |
$ | 87,478 | $ | 265,667 | $ | 166,332 | $ | 894,402 | $ | 211,820 | $ | 256,967 | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Units Outstanding |
1,016 | | 2,785 | | 2,251 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
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|
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|
|||||||||||||
Unit Value |
$ | 79.32 | $ | | $ | 49.74 | $ | | $ | 82.85 | $ | | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Units Outstanding |
91 | | 584 | | 319 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Unit Value |
$ | 75.78 | $ | | $ | 47.52 | $ | | $ | 79.16 | $ | | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Units Outstanding |
| 9,733 | | 53,000 | | 9,594 | ||||||||||||||||||
|
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|
|
|
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|
|||||||||||||
Highest Value |
$ | | $ | 36.87 | $ | | $ | 19.21 | $ | | $ | 34.00 | ||||||||||||
|
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|
|||||||||||||
Lowest Value |
$ | | $ | 26.89 | $ | | $ | 14.94 | $ | | $ | 24.29 | ||||||||||||
|
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|
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|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Units Outstanding |
| | | | | | ||||||||||||||||||
|
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|
|
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|
|
|
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|
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|
|||||||||||||
Unit Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
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|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||||||||||
Units Outstanding |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||||||||||
Units Outstanding |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
4 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2021
(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 |
$ | 4,944,610 | $ | 75,338 | $ | 141,408 | $ | 1,300,118 | $ | 2,317,809 | $ | 221,190 | $ | 4,141,613 | ||||||||||||||
Receivable from FILI |
123 | | | 81 | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total assets |
4,944,733 | 75,338 | 141,408 | 1,300,199 | 2,317,809 | 221,190 | 4,141,613 | |||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||
Payable to FILI |
| 1 | | | | 64 | | |||||||||||||||||||||
|
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|
|
|||||||||||||||
Total net assets |
$ | 4,944,733 | $ | 75,337 | $ | 141,408 | $ | 1,300,199 | $ | 2,317,809 | $ | 221,126 | $ | 4,141,613 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ | 657,175 | $ | 63,652 | $ | | $ | 1,188,154 | $ | | $ | 180,775 | $ | | ||||||||||||||
Fidelity Income Advantage |
69,586 | 11,685 | | 112,045 | | 40,351 | | |||||||||||||||||||||
Fidelity Personal Retirement |
4,217,972 | | 141,408 | | 2,317,809 | | 3,126,766 | |||||||||||||||||||||
Fidelity Freedom Lifetime Income |
| | | | | | | |||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
| | | | | | 1,014,847 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total net assets |
$ | 4,944,733 | $ | 75,337 | $ | 141,408 | $ | 1,300,199 | $ | 2,317,809 | $ | 221,126 | $ | 4,141,613 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||||||
Units Outstanding |
4,298 | 1,043 | | 6,195 | | 3,154 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unit Value |
$ | 152.89 | $ | 61.05 | $ | | $ | 191.79 | $ | | $ | 57.31 | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||||||
Units Outstanding |
476 | 200 | | 611 | | 739 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unit Value |
$ | 146.07 | $ | 58.32 | $ | | $ | 183.24 | $ | | $ | 54.75 | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||||||
Units Outstanding |
79,600 | | 4,547 | | 42,408 | | 79,444 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Highest Value |
$ | 74.53 | $ | | $ | 42.21 | $ | | $ | 79.53 | $ | | $ | 56.86 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Lowest Value |
$ | 51.16 | $ | | $ | 29.23 | $ | | $ | 52.60 | $ | | $ | 35.98 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unit Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | 20,341 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | 49.92 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | 29.14 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | 12,242 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | 48.93 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | 28.52 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
5 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2021
(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 |
$ | 27,585 | $ | 186,787 | $ | 133,082 | $ | 269,306 | $ | 247,041 | $ | 1,258,355 | $ | 322,275 | $ | 658,078 | ||||||||||||||||
Receivable from FILI |
| | 24 | | 55 | | 37 | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total assets |
27,585 | 186,787 | 133,106 | 269,306 | 247,096 | 1,258,355 | 322,312 | 658,078 | ||||||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to FILI |
16 | | | | 2 | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total net assets |
$ | 27,569 | $ | 186,787 | $ | 133,106 | $ | 269,306 | $ | 247,094 | $ | 1,258,355 | $ | 322,312 | $ | 658,078 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ | 23,233 | $ | | $ | 114,404 | $ | | $ | 217,006 | $ | | $ | 275,461 | $ | | ||||||||||||||||
Fidelity Income Advantage |
4,336 | | 18,702 | | 30,088 | | 46,851 | | ||||||||||||||||||||||||
Fidelity Personal Retirement |
| 186,787 | | 269,306 | | 1,258,355 | | 658,078 | ||||||||||||||||||||||||
Fidelity Freedom Lifetime Income |
| | | | | | | | ||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
| | | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total net assets |
$ | 27,569 | $ | 186,787 | $ | 133,106 | $ | 269,306 | $ | 247,094 | $ | 1,258,355 | $ | 322,312 | $ | 658,078 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units Outstanding |
351 | | 1,827 | | 2,241 | | 3,670 | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit Value |
$ | 66.22 | $ | | $ | 62.62 | $ | | $ | 96.85 | $ | | $ | 75.05 | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||||||||||
Units Outstanding |
68 | | 312 | | 325 | | 652 | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit Value |
$ | 63.82 | $ | | $ | 59.83 | $ | | $ | 92.53 | $ | | $ | 71.84 | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||||||||||
Units Outstanding |
| 3,241 | | 6,293 | | 13,573 | | 16,577 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest Value |
$ | | $ | 88.25 | $ | | $ | 59.85 | $ | | $ | 158.51 | $ | | $ | 62.57 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest Value |
$ | | $ | 56.08 | $ | | $ | 40.71 | $ | | $ | 85.60 | $ | | $ | 35.44 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
6 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2021
(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 |
$ | 55,152 | $ | 236,505 | $ | 25,751 | $ | 154,428 | $ | 290,331 | $ | 1,554,979 | $ | 27,876 | $ | 148,929 | ||||||||||||||||
Receivable from FILI |
22 | | 14 | | | 1 | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total assets |
55,174 | 236,505 | 25,765 | 154,428 | 290,331 | 1,554,980 | 27,876 | 148,929 | ||||||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to FILI |
| | | | 1 | | 29 | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total net assets |
$ | 55,174 | $ | 236,505 | $ | 25,765 | $ | 154,428 | $ | 290,330 | $ | 1,554,980 | $ | 27,847 | $ | 148,929 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ | 45,240 | $ | | $ | 23,309 | $ | | $ | 261,150 | $ | | $ | 24,914 | $ | | ||||||||||||||||
Fidelity Income Advantage |
9,934 | | 2,456 | | 29,180 | | 2,933 | | ||||||||||||||||||||||||
Fidelity Personal Retirement |
| 236,505 | | 154,428 | | 1,554,980 | | 148,929 | ||||||||||||||||||||||||
Fidelity Freedom Lifetime Income |
| | | | | | | | ||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
| | | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total net assets |
$ | 55,174 | $ | 236,505 | $ | 25,765 | $ | 154,428 | $ | 290,330 | $ | 1,554,980 | $ | 27,847 | $ | 148,929 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units Outstanding |
990 | | 587 | | 2,388 | | 1,107 | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit Value |
$ | 45.69 | $ | | $ | 39.69 | $ | | $ | 109.36 | $ | | $ | 22.51 | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||||||||||
Units Outstanding |
225 | | 64 | | 278 | | 137 | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit Value |
$ | 44.04 | $ | | $ | 38.09 | $ | | $ | 104.95 | $ | | $ | 21.60 | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||||||||||
Units Outstanding |
| 5,968 | | 4,028 | | 14,315 | | 11,233 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest Value |
$ | | $ | 80.54 | $ | | $ | 42.98 | $ | | $ | 224.15 | $ | | $ | 18.53 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest Value |
$ | | $ | 38.51 | $ | | $ | 34.79 | $ | | $ | 97.48 | $ | | $ | 12.57 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
7 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2021
(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 |
$ | 144,158 | $ | 897,989 | $ | 32,384 | $ | 221,585 | $ | 28,592 | $ | 129,664 | $ | 29,422 | $ | 266,806 | ||||||||||||||||
Receivable from FILI |
| | | | 6 | | 19 | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total assets |
144,158 | 897,989 | 32,384 | 221,585 | 28,598 | 129,664 | 29,441 | 266,806 | ||||||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to FILI |
22 | | 7 | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total net assets |
$ | 144,136 | $ | 897,989 | $ | 32,377 | $ | 221,585 | $ | 28,598 | $ | 129,664 | $ | 29,441 | $ | 266,806 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ | 129,034 | $ | | $ | 29,120 | $ | | $ | 24,585 | $ | | $ | 25,549 | $ | | ||||||||||||||||
Fidelity Income Advantage |
15,102 | | 3,257 | | 4,013 | | 3,892 | | ||||||||||||||||||||||||
Fidelity Personal Retirement |
| 897,989 | | 221,585 | | 129,664 | | 266,806 | ||||||||||||||||||||||||
Fidelity Freedom Lifetime Income |
| | | | | | | | ||||||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
| | | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total net assets |
$ | 144,136 | $ | 897,989 | $ | 32,377 | $ | 221,585 | $ | 28,598 | $ | 129,664 | $ | 29,441 | $ | 266,806 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units Outstanding |
1,614 | | 1,149 | | 366 | | 413 | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit Value |
$ | 79.94 | $ | | $ | 25.34 | $ | | $ | 67.24 | $ | | $ | 61.88 | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||||||||||
Units Outstanding |
197 | | 134 | | 62 | | 65 | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit Value |
$ | 76.72 | $ | | $ | 24.32 | $ | | $ | 64.53 | $ | | $ | 59.38 | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||||||||||
Units Outstanding |
| 12,270 | | 7,535 | | 2,968 | | 4,353 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest Value |
$ | | $ | 103.56 | $ | | $ | 55.83 | $ | | $ | 69.11 | $ | | $ | 108.85 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest Value |
$ | | $ | 71.33 | $ | | $ | 22.24 | $ | | $ | 39.64 | $ | | $ | 60.21 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
8 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2021
(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 |
||||||||||||||||
Assets: |
||||||||||||||||||||
Investments at market value |
$ | 34,346 | $ | 221,152 | $ | 56,147 | $ | 919,681 | $ | 22,597 | ||||||||||
Receivable from FILI |
| | 10 | | 10 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets |
34,346 | 221,152 | 56,157 | 919,681 | 22,607 | |||||||||||||||
Liabilities: |
||||||||||||||||||||
Payable to FILI |
| | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total net assets |
$ | 34,346 | $ | 221,152 | $ | 56,157 | $ | 919,681 | $ | 22,607 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Assets: |
||||||||||||||||||||
Fidelity Retirement Reserves |
$ | 30,851 | $ | | $ | 49,283 | $ | | $ | 20,208 | ||||||||||
Fidelity Income Advantage |
3,495 | | 6,874 | | 2,399 | |||||||||||||||
Fidelity Personal Retirement |
| 221,152 | | 919,681 | | |||||||||||||||
Fidelity Freedom Lifetime Income |
| | | | | |||||||||||||||
Fidelity Growth and Guaranteed Income |
| | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total net assets |
$ | 34,346 | $ | 221,152 | $ | 56,157 | $ | 919,681 | $ | 22,607 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||
Units Outstanding |
594 | | 2,076 | | 625 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Unit Value |
$ | 51.94 | $ | | $ | 23.73 | $ | | $ | 32.31 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||
Units Outstanding |
70 | | 300 | | 76 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Unit Value |
$ | 50.06 | $ | | $ | 22.90 | $ | | $ | 31.26 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||
Units Outstanding |
| 6,610 | | 47,126 | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Highest Value |
$ | | $ | 74.64 | $ | | $ | 24.18 | $ | | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Lowest Value |
$ | | $ | 30.99 | $ | | $ | 16.80 | $ | | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||
Units Outstanding |
| | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Unit Value |
$ | | $ | | $ | | $ | | $ | | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||||||
Units Outstanding |
| | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||||||
Units Outstanding |
| | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
9 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2021
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||
VIP International Capital Appreciation, Investor Class |
VIP Value | VIP Value Investor Class |
VIP Freedom Income |
|||||||||||||
Assets: |
||||||||||||||||
Investments at market value |
$ | 386,152 | $ | 26,851 | $ | 218,149 | $ | 11,332 | ||||||||
Receivable from FILI |
| | | 1 | ||||||||||||
Total assets |
386,152 | 26,851 | 218,149 | 11,333 | ||||||||||||
Liabilities: |
||||||||||||||||
Payable to FILI |
| 7 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net assets |
$ | 386,152 | $ | 26,844 | $ | 218,149 | $ | 11,333 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets: |
||||||||||||||||
Fidelity Retirement Reserves |
$ | | $ | 24,526 | $ | | $ | 11,333 | ||||||||
Fidelity Income Advantage |
| 2,318 | | | ||||||||||||
Fidelity Personal Retirement |
386,152 | | 218,149 | | ||||||||||||
Fidelity Freedom Lifetime Income |
| | | | ||||||||||||
Fidelity Growth and Guaranteed Income |
| | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net assets |
$ | 386,152 | $ | 26,844 | $ | 218,149 | $ | 11,333 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Units Outstanding and Unit Value: |
||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||
Units Outstanding |
| 706 | | 597 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Unit Value |
$ | | $ | 34.75 | $ | | $ | 18.98 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fidelity Income Advantage: |
||||||||||||||||
Units Outstanding |
| 69 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Unit Value |
$ | | $ | 33.61 | $ | | $ | | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fidelity Personal Retirement: |
||||||||||||||||
Units Outstanding |
11,161 | | 5,595 | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Highest Value |
$ | 66.34 | $ | | $ | 69.89 | $ | | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Lowest Value |
$ | 32.93 | $ | | $ | 36.11 | $ | | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||
Units Outstanding |
| | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Unit Value |
$ | | $ | | $ | | $ | | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||
Units Outstanding |
| | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Highest Value |
$ | | $ | | $ | | $ | | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Lowest Value |
$ | | $ | | $ | | $ | | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||
Units Outstanding |
| | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Highest Value |
$ | | $ | | $ | | $ | | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Lowest Value |
$ | | $ | | $ | | $ | | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
10 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2021
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||
VIP Investor Freedom Income Investor Class |
VIP Freedom 2005 |
VIP Investor Freedom 2005 Investor Class |
VIP Freedom 2010 |
VIP Investor Freedom 2010 Investor Class |
VIP Freedom 2015 |
VIP Investor Freedom 2015 Investor Class |
||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||
Investments at market value |
$ | 97,092 | $ | 8,759 | $ | 27,935 | $ | 10,491 | $ | 78,980 | $ | 23,672 | $ | 113,650 | ||||||||||||||
Receivable from FILI |
| | | 1 | | 1 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total assets |
97,092 | 8,759 | 27,935 | 10,492 | 78,980 | 23,673 | 113,650 | |||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||
Payable to FILI |
| | | 1 | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total net assets |
$ | 97,092 | $ | 8,759 | $ | 27,935 | $ | 10,491 | $ | 78,980 | $ | 23,673 | $ | 113,650 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ | | $ | 8,759 | $ | | $ | 10,491 | $ | | $ | 23,673 | $ | | ||||||||||||||
Fidelity Income Advantage |
| | | | | | | |||||||||||||||||||||
Fidelity Personal Retirement |
97,092 | | 27,935 | | 78,980 | | 113,650 | |||||||||||||||||||||
Fidelity Freedom Lifetime Income |
| | | | | | | |||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total net assets |
$ | 97,092 | $ | 8,759 | $ | 27,935 | $ | 10,491 | $ | 78,980 | $ | 23,673 | $ | 113,650 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||||||
Units Outstanding |
| 409 | | 433 | | 900 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unit Value |
$ | | $ | 21.40 | $ | | $ | 24.24 | $ | | $ | 26.30 | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unit Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||||||
Units Outstanding |
5,115 | | 1,257 | | 3,142 | | 4,165 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Highest Value |
$ | 20.91 | $ | | $ | 26.82 | $ | | $ | 30.89 | $ | | $ | 33.63 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Lowest Value |
$ | 17.15 | $ | | $ | 19.84 | $ | | $ | 22.42 | $ | | $ | 24.12 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unit Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
11 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2021
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP Freedom 2020 |
VIP Investor Freedom 2020 Investor Class |
VIP Freedom 2025 |
VIP Investor Freedom 2025 Investor Class |
VIP Freedom 2030 |
VIP Investor Freedom 2030 Investor Class |
|||||||||||||||||||
Assets: |
||||||||||||||||||||||||
Investments at market value |
$ | 24,783 | $ | 230,961 | $ | 25,612 | $ | 290,411 | $ | 26,611 | $ | 390,824 | ||||||||||||
Receivable from FILI |
1 | | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total assets |
24,784 | 230,961 | 25,612 | 290,411 | 26,611 | 390,824 | ||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||
Payable to FILI |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total net assets |
$ | 24,784 | $ | 230,961 | $ | 25,612 | $ | 290,411 | $ | 26,611 | $ | 390,824 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Assets: |
||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ | 24,784 | $ | | $ | 25,612 | $ | | $ | 26,611 | $ | | ||||||||||||
Fidelity Income Advantage |
| | | | | | ||||||||||||||||||
Fidelity Personal Retirement |
| 230,961 | | 290,411 | | 390,824 | ||||||||||||||||||
Fidelity Freedom Lifetime Income |
| | | | | | ||||||||||||||||||
Fidelity Growth and Guaranteed Income |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total net assets |
$ | 24,784 | $ | 230,961 | $ | 25,612 | $ | 290,411 | $ | 26,611 | $ | 390,824 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Units Outstanding |
891 | | 842 | | 835 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Unit Value |
$ | 27.81 | $ | | $ | 30.41 | $ | | $ | 31.85 | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Units Outstanding |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Unit Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Units Outstanding |
| 8,072 | | 9,299 | | 11,894 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Highest Value |
$ | | $ | 38.08 | $ | | $ | 42.29 | $ | | $ | 46.58 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Lowest Value |
$ | | $ | 26.27 | $ | | $ | 28.82 | $ | | $ | 31.19 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Units Outstanding |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Unit Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||||||||||
Units Outstanding |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||||||||||
Units Outstanding |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
12 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2021
(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% Investor Class |
VIP FundsManager 50% Investor Class |
||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||
Investments at market value |
$ | 10,411 | $ | 32,164 | $ | 33,413 | $ | 26,526 | $ | 326,810 | $ | 909,995 | $ | 1,969,464 | ||||||||||||||
Receivable from FILI |
| 43 | 1 | 1 | 1 | 69 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total assets |
10,411 | 32,207 | 33,414 | 26,527 | 326,811 | 910,064 | 1,969,464 | |||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||
Payable to FILI |
267 | | 23 | 46 | | | 49 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total net assets |
$ | 10,144 | $ | 32,207 | $ | 33,391 | $ | 26,481 | $ | 326,811 | $ | 910,064 | $ | 1,969,415 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ | | $ | | $ | | $ | 23,415 | $ | | $ | 42,400 | $ | 79,341 | ||||||||||||||
Fidelity Income Advantage |
| | | 3,066 | | 8,616 | 40,050 | |||||||||||||||||||||
Fidelity Personal Retirement |
| | | | 326,811 | 847,771 | 1,723,744 | |||||||||||||||||||||
Fidelity Freedom Lifetime Income |
10,144 | 32,207 | 33,391 | | | 11,277 | 126,280 | |||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total net assets |
$ | 10,144 | $ | 32,207 | $ | 33,391 | $ | 26,481 | $ | 326,811 | $ | 910,064 | $ | 1,969,415 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||||||
Units Outstanding |
| | | 778 | | 2,494 | 3,467 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unit Value |
$ | | $ | | $ | | $ | 30.08 | $ | | $ | 17.00 | $ | 22.88 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Income Advantage: Units Outstanding |
| | | 107 | | 520 | 1,801 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unit Value |
$ | | $ | | $ | | $ | 29.15 | $ | | $ | 16.47 | $ | 22.17 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||||||
Units Outstanding |
| | | | 8,731 | 47,657 | 69,119 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | 60.08 | $ | 19.21 | $ | 31.17 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | 32.39 | $ | 16.38 | $ | 23.90 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||||||
Units Outstanding |
497 | 1,301 | 1,141 | | | 704 | 5,867 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unit Value |
$ | 20.94 | $ | 24.73 | $ | 29.30 | $ | | $ | | $ | 16.01 | $ | 21.56 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
13 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2021
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||
VIP Funds Manager 60% Investor Class |
VIP Funds Manager 70% Investor Class |
VIP Funds Manager 85% Investor Class |
VIP Consumer Staples |
VIP Consumer Staples Investor Class |
VIP Materials |
VIP Materials Investor Class |
||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||
Investments at market value |
$ | 2,330,209 | $ | 1,979,682 | $ | 687,105 | $ | 19,391 | $ | 218,322 | $ | 18,346 | $ | 87,337 | ||||||||||||||
Receivable from FILI |
32 | 40 | | | | 8 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total assets |
2,330,241 | 1,979,722 | 687,105 | 19,391 | 218,322 | 18,354 | 87,337 | |||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||
Payable to FILI |
| | 180 | 9 | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total net assets |
$ | 2,330,241 | $ | 1,979,722 | $ | 686,925 | $ | 19,382 | $ | 218,322 | $ | 18,354 | $ | 87,337 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ | 38,875 | $ | 48,655 | $ | 28,529 | $ | 16,974 | $ | | $ | 16,137 | $ | | ||||||||||||||
Fidelity Income Advantage |
16,735 | 25,866 | 12,453 | 2,408 | | 2,217 | | |||||||||||||||||||||
Fidelity Personal Retirement |
1,482,339 | 1,869,011 | 627,641 | | 218,322 | | 87,337 | |||||||||||||||||||||
Fidelity Freedom Lifetime Income |
149,203 | 36,190 | 18,302 | | | | | |||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
643,089 | | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total net assets |
$ | 2,330,241 | $ | 1,979,722 | $ | 686,925 | $ | 19,382 | $ | 218,322 | $ | 18,354 | $ | 87,337 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||||||
Units Outstanding |
1,686 | 1,853 | 996 | 483 | | 535 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unit Value |
$ | 23.04 | $ | 26.25 | $ | 28.63 | $ | 35.17 | $ | | $ | 30.18 | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||||||
Units Outstanding |
745 | 1,014 | 448 | 71 | | 75 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unit Value |
$ | 22.42 | $ | 25.43 | $ | 27.74 | $ | 34.15 | $ | | $ | 29.30 | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||||||
Units Outstanding |
57,202 | 63,316 | 19,078 | | 5,911 | | 2,748 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Highest Value |
$ | 36.55 | $ | 41.05 | $ | 49.81 | $ | | $ | 47.18 | $ | | $ | 65.59 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Lowest Value |
$ | 24.85 | $ | 28.62 | $ | 31.22 | $ | | $ | 35.64 | $ | | $ | 30.33 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||||||
Units Outstanding |
6,299 | 1,461 | 682 | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unit Value |
$ | 23.69 | $ | 24.79 | $ | 27.13 | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||||||||||||||
Units Outstanding |
15,246 | | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Highest Value |
$ | 32.08 | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Lowest Value |
$ | 21.74 | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||||||||||||||
Units Outstanding |
11,327 | | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Highest Value |
$ | 31.45 | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Lowest Value |
$ | 21.27 | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
14 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2021
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP Communication Services |
VIP Communication Services Investor Class |
VIP Emerging Markets |
VIP Emerging Markets Investor Class |
VIP Floating Rate High Income |
VIP Floating Rate High Income Investor Class |
|||||||||||||||||||
Assets: |
||||||||||||||||||||||||
Investments at market value |
$ | 16,127 | $ | 124,109 | $ | 11,895 | $ | 142,609 | $ | 8,226 | $ | 208,166 | ||||||||||||
Receivable from FILI |
| | 4 | | 2 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total assets |
16,127 | 124,109 | 11,899 | 142,609 | 8,228 | 208,166 | ||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||
Payable to FILI |
5 | | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total net assets |
$ | 16,122 | $ | 124,109 | $ | 11,899 | $ | 142,609 | $ | 8,228 | $ | 208,166 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Assets: |
||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ | 13,913 | $ | | $ | 11,054 | $ | | $ | 7,354 | $ | | ||||||||||||
Fidelity Income Advantage |
2,209 | | 845 | | 874 | | ||||||||||||||||||
Fidelity Personal Retirement |
| 124,109 | | 142,609 | | 208,166 | ||||||||||||||||||
Fidelity Freedom Lifetime Income |
| | | | | | ||||||||||||||||||
Fidelity Growth and Guaranteed Income |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total net assets |
$ | 16,122 | $ | 124,109 | $ | 11,899 | $ | 142,609 | $ | 8,228 | $ | 208,166 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Units Outstanding |
459 | | 753 | | 591 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Unit Value |
$ | 30.29 | $ | | $ | 14.68 | $ | | $ | 12.45 | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Units Outstanding |
75 | | 59 | | 71 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Unit Value |
$ | 29.41 | $ | | $ | 14.28 | $ | | $ | 12.26 | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Units Outstanding |
| 3,256 | | 7,768 | | 15,963 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Highest Value |
$ | | $ | 78.76 | $ | | $ | 41.80 | $ | | $ | 13.10 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Lowest Value |
$ | | $ | 32.47 | $ | | $ | 15.67 | $ | | $ | 12.95 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Units Outstanding |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Unit Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||||||||||
Units Outstanding |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||||||||||
Units Outstanding |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
15 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2021
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||
VIP Bond Index |
VIP Total Market Index |
VIP Extended Market Index |
VIP International Index |
VIF Emerging Markets Equity |
||||||||||||||||
Assets: |
||||||||||||||||||||
Investments at market value |
$ | 416,864 | $ | 488,617 | $ | 140,718 | $ | 240,813 | $ | 60,643 | ||||||||||
Receivable from FILI |
4 | 3 | 2 | 1 | 12 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets |
416,868 | 486,620 | 140,720 | 240,814 | 60,655 | |||||||||||||||
Liabilities: |
||||||||||||||||||||
Payable to FILI |
| | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total net assets |
$ | 416,868 | $ | 488,620 | $ | 140,720 | $ | 240,814 | $ | 60,655 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Assets: |
||||||||||||||||||||
Fidelity Retirement Reserves |
$ | 18,005 | $ | 24,894 | $ | 4,283 | $ | 9,379 | $ | 21,310 | ||||||||||
Fidelity Income Advantage |
1,041 | 1,082 | 878 | 496 | 2,255 | |||||||||||||||
Fidelity Personal Retirement |
397,822 | 462,644 | 135,559 | 230,939 | 37,090 | |||||||||||||||
Fidelity Freedom Lifetime Income |
| | | | | |||||||||||||||
Fidelity Growth and Guaranteed Income |
| | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total net assets |
$ | 416,868 | $ | 488,620 | $ | 140,720 | $ | 240,814 | $ | 60,655 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||
Units Outstanding |
1,590 | 1,438 | 294 | 770 | 578 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Unit Value |
$ | 11.33 | $ | 17.32 | $ | 14.59 | $ | 12.18 | $ | 36.85 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||
Units Outstanding |
92 | 63 | 61 | 41 | 64 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Unit Value |
$ | 11.25 | $ | 17.19 | $ | 14.48 | $ | 12.09 | $ | 35.21 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||
Units Outstanding |
34,340 | 26,116 | 9,082 | 18,537 | 2,159 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Highest Value |
$ | 11.61 | $ | 17.76 | $ | 14.96 | $ | 12.49 | $ | 31.91 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Lowest Value |
$ | 11.55 | $ | 17.66 | $ | 14.88 | $ | 12.42 | $ | 15.68 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||
Units Outstanding |
| | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Unit Value |
$ | | $ | | $ | | $ | | $ | | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||||||
Units Outstanding |
| | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Highest Value |
$ | | $ | | $ | | $ | $ | | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||||||
Units Outstanding |
| | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
16 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2021
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||
VIF Emerging Markets Debt |
VIF Global Strategist Class II |
Invesco V.I. Global Core Equity |
Allspring VT Discovery |
Allspring VT Opportunity |
Lazard Retirement Emerging Markets |
PVIT Commodity Real Return |
||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||
Investments at market value |
$ | 94,356 | $ | 28,012 | $ | 26,959 | $ | 38,687 | $ | 25,793 | $ | 70,886 | $ | 39,781 | ||||||||||||||
Receivable from FILI |
4 | | 7 | 18 | 9 | 2 | 1 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total assets |
94,360 | 28,012 | 26,966 | 38,705 | 25,802 | 70,888 | 39,782 | |||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||
Payable to FILI |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total net assets |
$ | 94,360 | $ | 28,012 | $ | 26,966 | $ | 38,705 | $ | 25,802 | $ | 70,888 | $ | 39,782 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ | 10,154 | $ | 6,633 | $ | 8,489 | $ | 34,488 | $ | 23,286 | $ | 8,255 | $ | 80 | ||||||||||||||
Fidelity Income Advantage |
1,146 | 1,978 | 1,564 | 4,217 | 2,516 | 449 | 619 | |||||||||||||||||||||
Fidelity Personal Retirement |
83,060 | 19,401 | 16,913 | | | 62,184 | 39,083 | |||||||||||||||||||||
Fidelity Freedom Lifetime Income |
| | | | | | | |||||||||||||||||||||
Fidelity Growth and Guaranteed Income |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total net assets |
$ | 94,360 | $ | 28,012 | $ | 26,966 | $ | 38,705 | $ | 25,802 | $ | 70,888 | $ | 39,782 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||||||
Units Outstanding |
267 | 279 | 284 | 374 | 278 | 491 | 11 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unit Value |
$ | 37.98 | $ | 23.75 | $ | 29.89 | $ | 92.24 | $ | 83.83 | $ | 16.81 | $ | 7.43 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||||||
Units Outstanding |
31 | 87 | 55 | 48 | 31 | 27 | 85 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unit Value |
$ | 36.29 | $ | 22.69 | $ | 28.56 | $ | 88.12 | $ | 80.09 | $ | 16.29 | $ | 7.29 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||||||
Units Outstanding |
4,728 | 932 | 761 | | | 3,983 | 4,941 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Highest Value |
$ | 23.99 | $ | 31.51 | $ | 31.77 | $ | | $ | | $ | 28.90 | $ | 7.96 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Lowest Value |
$ | 15.29 | $ | 18.51 | $ | 19.81 | $ | | $ | | $ | 13.56 | $ | 7.85 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Unit Value |
$ | | $ | | $ | | $ | | $ | $ | | $ | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||||||||||||||
Units Outstanding |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
17 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Assets and Liabilities - continued
December 31, 2021
(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. Govt Securities |
|||||||||||||||||||
Assets: |
||||||||||||||||||||||||
Investments at market value |
$ | 371,021 | $ | 243,173 | $ | 515,200 | $ | 192,030 | $ | 54,713 | $ | 80,276 | ||||||||||||
Receivable from FILI |
4 | 4 | | 3 | 1 | 2 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total assets |
371,025 | 243,177 | 515,200 | 192,033 | 54,714 | 80,278 | ||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||
Payable to FILI |
| | 4 | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total net assets |
$ | 371,025 | $ | 243,177 | $ | 515,196 | $ | 192,033 | $ | 54,714 | $ | 80,278 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Assets: |
||||||||||||||||||||||||
Fidelity Retirement Reserves |
$ | 31,205 | $ | 11,996 | $ | 26,520 | $ | 4,866 | $ | 1,801 | $ | 5,839 | ||||||||||||
Fidelity Income Advantage |
540 | 1,088 | 914 | 642 | 260 | 305 | ||||||||||||||||||
Fidelity Personal Retirement |
339,280 | 230,093 | 487,762 | 186,525 | 52,653 | 74,134 | ||||||||||||||||||
Fidelity Freedom Lifetime Income |
| | | | | | ||||||||||||||||||
Fidelity Growth and Guaranteed Income |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total net assets |
$ | 371,025 | $ | 243,177 | $ | 515,196 | $ | 192,033 | $ | 54,714 | $ | 80,278 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Units Outstanding |
2,719 | 788 | 1,839 | 269 | 185 | 557 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Unit Value |
$ | 11.48 | $ | 15.22 | $ | 14.42 | $ | 18.09 | $ | 9.71 | $ | 10.48 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Units Outstanding |
48 | 73 | 65 | 36 | 27 | 29 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Unit Value |
$ | 11.19 | $ | 14.85 | $ | 14.07 | $ | 17.74 | $ | 9.52 | $ | 10.28 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Units Outstanding |
28,160 | 14,825 | 32,690 | 9,701 | 5,097 | 6,658 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Highest Value |
$ | 12.28 | $ | 16.29 | $ | 15.44 | $ | 19.38 | $ | 10.40 | $ | 11.22 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Lowest Value |
$ | 11.80 | $ | 14.93 | $ | 14.34 | $ | 19.10 | $ | 10.25 | $ | 11.06 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Units Outstanding |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Unit Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income (Single Annuitant): |
||||||||||||||||||||||||
Units Outstanding |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income (Joint Annuitant): |
||||||||||||||||||||||||
Units Outstanding |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Highest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Lowest Value |
$ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
18 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP | ||||||||||||||||||||||||
VIP | Government | |||||||||||||||||||||||
Government | Money Market | VIP | VIP | |||||||||||||||||||||
Money | Investor | VIP | High Income | VIP | Equity-Income | |||||||||||||||||||
Market | Class | High Income | Investor Class | Equity-Income | Investor Class | |||||||||||||||||||
Income: |
||||||||||||||||||||||||
Dividends |
$ | 23 | $ | 172 | $ | 3,759 | $ | 20,133 | $ | 7,749 | $ | 8,545 | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Mortality and expense risk charges |
1,667 | | 424 | | 2,741 | | ||||||||||||||||||
Administrative and other charges |
111 | | 28 | | 183 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
1,778 | | 452 | | 2,924 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Mortality and expense risk charges |
75 | | 112 | | 341 | | ||||||||||||||||||
Administrative and other charges |
25 | | 37 | | 113 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
100 | | 149 | | 454 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| 2,183 | | 461 | | 570 | ||||||||||||||||||
Administrative and other charges |
| 856 | | 190 | | 226 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| 3,039 | | 651 | | 796 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| 98 | | | | | ||||||||||||||||||
Administrative and other charges |
| 27 | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| 125 | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
1,878 | 3,164 | 601 | 651 | 3,378 | 796 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income (loss) |
(1,855 | ) | (2,992 | ) | 3,158 | 19,482 | 4,371 | 7,749 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
| | (1,641 | ) | 504 | 2,520 | 7,465 | |||||||||||||||||
Realized gain distributions |
| | | | 45,224 | 51,309 | ||||||||||||||||||
Net realized gain (loss) on investments |
| | (1,641 | ) | 504 | 47,744 | 58,774 | |||||||||||||||||
Unrealized appreciation (depreciation) |
| | 955 | (3,787 | ) | 33,750 | 28,184 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
$ | (1,855 | ) | $ | (2,992 | ) | $ | 2,472 | $ | 16,199 | $ | 85,865 | $ | 94,707 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
19 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP | VIP | |||||||||||||||||||||||
Overseas, | VIP | Investment | ||||||||||||||||||||||
VIP Growth | VIP | Investor | Investment | Grade Bond | ||||||||||||||||||||
VIP Growth | Investor Class | Overseas | Class | Grade Bond | Investor Class | |||||||||||||||||||
Income: |
||||||||||||||||||||||||
Dividends |
$ | | $ | | $ | 439 | $ | 1,190 | $ | 3,499 | $ | 18,469 | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Mortality and expense risk charges |
5,068 | | 584 | | 1,103 | | ||||||||||||||||||
Administrative and other charges |
338 | | 39 | | 74 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
5,406 | | 623 | | 1,177 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Mortality and expense risk charges |
416 | | 51 | | 222 | | ||||||||||||||||||
Administrative and other charges |
139 | | 17 | | 74 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
555 | | 68 | | 296 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| 935 | | 312 | | 1,193 | ||||||||||||||||||
Administrative and other charges |
| 386 | | 124 | | 461 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| 1,321 | | 436 | | 1,654 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
5,961 | 1,321 | 691 | 436 | 1,473 | 1,654 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income (loss) |
(5,961 | ) | (1,321 | ) | (252 | ) | 754 | 2,026 | 16,815 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
34,291 | 37,977 | 1,242 | 9,272 | 854 | 8,455 | ||||||||||||||||||
Realized gain distributions |
150,752 | 161,126 | 6,268 | 18,586 | 4,732 | 25,174 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net realized gain (loss) on investments |
185,043 | 199,103 | 7,510 | 27,858 | 5,586 | 33,629 | ||||||||||||||||||
Unrealized appreciation (depreciation) |
(34,368 | ) | (42,298 | ) | 7,142 | 14,461 | (10,411 | ) | (59,452 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
$ | 144,714 | $ | 155,484 | $ | 14,400 | $ | 43,073 | $ | (2,799 | ) | $ | (9,008 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
20 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||
VIP | ||||||||||||||||||||||||||||
VIP | Asset | |||||||||||||||||||||||||||
VIP | Asset | Manager: | VIP | |||||||||||||||||||||||||
VIP | Asset Manager | VIP | Manager: | Growth | VIP | Contrafund | ||||||||||||||||||||||
Asset Manager | Investor Class | Index 500 | Growth | Investor Class | Contrafund | Investor Class | ||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||
Dividends |
$ | 3,379 | $ | 3,928 | $ | 55,369 | $ | 1,037 | $ | 1,861 | $ | 744 | $ | 1,033 | ||||||||||||||
Expenses: |
||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||||||
Mortality and expense risk charges |
1,408 | | 4,488 | 471 | | 8,196 | | |||||||||||||||||||||
Administrative and other charges |
94 | | 299 | 31 | | 546 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
1,502 | | 4,787 | 502 | | 8,742 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||||||
Mortality and expense risk charges |
197 | | 490 | 88 | | 794 | | |||||||||||||||||||||
Administrative and other charges |
65 | | 163 | 30 | | 264 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
262 | | 653 | 118 | | 1,058 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||||||
Mortality and expense risk charges |
| 354 | 4,318 | | 198 | | 2,642 | |||||||||||||||||||||
Administrative and other charges |
| 124 | 1,812 | | 65 | | 1,029 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
| 478 | 6,130 | | 263 | | 3,671 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | | |||||||||||||||||||||
Administrative and other charges |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | | |||||||||||||||||||||
Administrative and other charges |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
1,764 | 478 | 11,570 | 620 | 263 | 9,800 | 3,671 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net investment income (loss) |
1,615 | 3,450 | 43,799 | 417 | 1,598 | (9,056 | ) | (2,638 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
1,781 | 3,314 | 208,768 | 1,826 | 4,129 | 43,960 | 84,410 | |||||||||||||||||||||
Realized gain distributions |
1,155 | 1,411 | 29,924 | 1,043 | 1,891 | 149,613 | 261,977 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net realized gain (loss) on investments |
2,936 | 4,725 | 238,692 | 2,869 | 6,020 | 193,573 | 346,387 | |||||||||||||||||||||
Unrealized appreciation (depreciation) |
13,828 | 14,322 | 772,808 | 5,724 | 8,968 | 98,482 | 154,771 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net increase (decrease) in net assets from operations |
$ | 18,379 | $ | 22,497 | $ | 1,055,299 | $ | 9,010 | $ | 16,586 | $ | 282,999 | $ | 498,520 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
21 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP | ||||||||||||||||||||||||
VIP | Dynamic | VIP | ||||||||||||||||||||||
VIP | Dynamic | Capital | VIP | Growth & | ||||||||||||||||||||
VIP | Balanced | Capital | Appreciation | Growth & | Income | |||||||||||||||||||
Balanced | Investor Class | Appreciation | Investor Class | Income | Investor Class | |||||||||||||||||||
Income: |
||||||||||||||||||||||||
Dividends |
$ | 1,947 | $ | 33,831 | $ | 108 | $ | 567 | $ | 3,050 | $ | 5,846 | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Mortality and expense risk charges |
1,268 | | 166 | | 815 | | ||||||||||||||||||
Administrative and other charges |
85 | | 11 | | 54 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
1,353 | | 177 | | 869 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Mortality and expense risk charges |
298 | | 31 | | 142 | | ||||||||||||||||||
Administrative and other charges |
99 | | 11 | | 47 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
397 | | 42 | | 189 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| 4,114 | | 202 | | 305 | ||||||||||||||||||
Administrative and other charges |
| 1,420 | | 84 | | 118 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| 5,534 | | 286 | | 423 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| 9,270 | | | | | ||||||||||||||||||
Administrative and other charges |
| 2,486 | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| 11,756 | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
1,750 | 17,290 | 219 | 286 | 1,058 | 423 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income (loss) |
197 | 16,541 | (111 | ) | 281 | 1,992 | 5,423 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
6,000 | 92,992 | 1,229 | 7,960 | 4,079 | 6,136 | ||||||||||||||||||
Realized gain distributions |
15,013 | 275,169 | 2,331 | 14,811 | 5,705 | 10,558 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net realized gain (loss) on investments |
21,013 | 368,161 | 3,560 | 22,771 | 9,784 | 16,694 | ||||||||||||||||||
Unrealized appreciation (depreciation) |
11,637 | 228,876 | 2,073 | 12,921 | 15,726 | 28,155 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
$ | 32,847 | $ | 613,578 | $ | 5,522 | $ | 35,973 | $ | 27,502 | $ | 50,272 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
22 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP | ||||||||||||||||||||||||
VIP | Growth | VIP | VIP Value | |||||||||||||||||||||
Growth | Opportunities | VIP | Mid Cap | VIP Value | Strategies | |||||||||||||||||||
Opportunities | Investor Class | Mid Cap | Investor Class | Strategies | Investor Class | |||||||||||||||||||
Income: |
||||||||||||||||||||||||
Dividends |
$ | | $ | | $ | 1,864 | $ | 3,348 | $ | 795 | $ | 3,222 | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Mortality and expense risk charges |
1,807 | | 1,982 | | 325 | | ||||||||||||||||||
Administrative and other charges |
120 | | 132 | | 22 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
1,927 | | 2,114 | | 347 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Mortality and expense risk charges |
252 | | 346 | | 72 | | ||||||||||||||||||
Administrative and other charges |
84 | | 116 | | 24 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
336 | | 462 | | 96 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| 1,485 | | 751 | | 247 | ||||||||||||||||||
Administrative and other charges |
| 640 | | 307 | | 105 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| 2,125 | | 1,058 | | 352 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
2,263 | 2,125 | 2,576 | 1,058 | 443 | 352 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income (loss) |
(2,263 | ) | (2,125 | ) | (712 | ) | 2,290 | 352 | 2,870 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
36,974 | 137,100 | 8,382 | 16,215 | 3,197 | 15,879 | ||||||||||||||||||
Realized gain distributions |
24,495 | 114,832 | 48,326 | 99,101 | 4,359 | 18,968 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net realized gain (loss) on investments |
61,469 | 251,932 | 56,708 | 115,316 | 7,556 | 34,847 | ||||||||||||||||||
Unrealized appreciation (depreciation) |
(31,572 | ) | (121,213 | ) | 10,543 | 16,173 | 5,087 | 10,086 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
$ | 27,634 | $ | 128,594 | $ | 66,539 | $ | 133,779 | $ | 12,995 | $ | 47,803 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
23 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP | ||||||||||||||||||||||||
VIP Utilities | VIP | Technology | VIP Energy | |||||||||||||||||||||
VIP Utilities | Investor Class | Technology | Investor Class | VIP Energy | Investor Class | |||||||||||||||||||
Income: |
||||||||||||||||||||||||
Dividends |
$ | 443 | $ | 2,571 | $ | | $ | | $ | 900 | $ | 3,238 | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Mortality and expense risk charges |
161 | | 1,685 | | 187 | | ||||||||||||||||||
Administrative and other charges |
11 | | 112 | | 12 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
172 | | 1,797 | | 199 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Mortality and expense risk charges |
18 | | 194 | | 20 | | ||||||||||||||||||
Administrative and other charges |
6 | | 64 | | 6 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
24 | | 258 | | 26 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| 182 | | 1,521 | | 148 | ||||||||||||||||||
Administrative and other charges |
| 71 | | 663 | | 61 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| 253 | | 2,184 | | 209 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
196 | 253 | 2,055 | 2,184 | 225 | 209 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income (loss) |
247 | 2,318 | (2,055 | ) | (2,184 | ) | 675 | 3,029 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
345 | 2,794 | 26,597 | 123,425 | 438 | 10,704 | ||||||||||||||||||
Realized gain distributions |
| | 26,733 | 143,622 | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net realized gain (loss) on investments |
345 | 2,794 | 53,330 | 267,047 | 438 | 10,704 | ||||||||||||||||||
Unrealized appreciation (depreciation) |
3,115 | 17,474 | 7,649 | 58,291 | 6,905 | 25,021 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
$ | 3,707 | $ | 22,586 | $ | 58,924 | $ | 323,154 | $ | 8,018 | $ | 38,754 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
24 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP | ||||||||||||||||||||||||
VIP | VIP | Financial | VIP | |||||||||||||||||||||
VIP | Health Care | Financial | Services | VIP | Industrials | |||||||||||||||||||
Health Care | Investor Class | Services | Investor Class | Industrials | Investor Class | |||||||||||||||||||
Income: |
||||||||||||||||||||||||
Dividends |
$ | 131 | $ | 664 | $ | 509 | $ | 3,421 | $ | | $ | | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Mortality and expense risk charges |
982 | | 187 | | 176 | | ||||||||||||||||||
Administrative and other charges |
65 | | 12 | | 12 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
1,047 | | 199 | | 188 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Mortality and expense risk charges |
121 | | 24 | | 29 | | ||||||||||||||||||
Administrative and other charges |
40 | | 8 | | 10 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
161 | | 32 | | 39 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| 1,070 | | 217 | | 143 | ||||||||||||||||||
Administrative and other charges |
| 442 | | 97 | | 62 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| 1,512 | | 314 | | 205 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
1,208 | 1,512 | 231 | 314 | 227 | 205 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income (loss) |
(1,077 | ) | (848 | ) | 278 | 3,107 | (227 | ) | (205 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
6,975 | 35,047 | 1,123 | 10,981 | 450 | 3,236 | ||||||||||||||||||
Realized gain distributions |
10,094 | 59,418 | 522 | 3,485 | 3,929 | 17,703 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net realized gain (loss) on investments |
17,069 | 94,465 | 1,645 | 14,466 | 4,379 | 20,939 | ||||||||||||||||||
Unrealized appreciation (depreciation) |
(973 | ) | 651 | 4,066 | 24,715 | (66 | ) | (1,239 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
$ | 15,019 | $ | 94,268 | $ | 5,989 | $ | 42,288 | $ | 4,086 | $ | 19,495 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
25 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP | VIP | |||||||||||||||||||||||
VIP | Consumer | VIP | VIP | Strategic | ||||||||||||||||||||
Consumer | Discretionary | VIP | Real Estate | Strategic | Income | |||||||||||||||||||
Discretionary | Investor Class | Real Estate | Investor Class | Income | Investor Class | |||||||||||||||||||
Income: |
||||||||||||||||||||||||
Dividends |
$ | | $ | | $ | 341 | $ | 2,060 | $ | 1,462 | $ | 23,849 | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Mortality and expense risk charges |
186 | | 199 | | 368 | | ||||||||||||||||||
Administrative and other charges |
12 | | 13 | | 24 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
198 | | 212 | | 392 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Mortality and expense risk charges |
29 | | 22 | | 54 | | ||||||||||||||||||
Administrative and other charges |
10 | | 8 | | 18 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
39 | | 30 | | 72 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| 291 | | 221 | | 1,137 | ||||||||||||||||||
Administrative and other charges |
| 126 | | 89 | | 451 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| 417 | | 310 | | 1,588 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
237 | 417 | 242 | 310 | 464 | 1,588 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income (loss) |
(237 | ) | (417 | ) | 99 | 1,750 | 998 | 22,261 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
3,396 | 22,002 | (109 | ) | 2,919 | 194 | 2,963 | |||||||||||||||||
Realized gain distributions |
1,222 | 10,023 | 178 | 1,148 | 870 | 14,334 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net realized gain (loss) on investments |
4,618 | 32,025 | 69 | 4,067 | 1,064 | 17,297 | ||||||||||||||||||
Unrealized appreciation (depreciation) |
302 | 9,857 | 9,180 | 51,028 | (481 | ) | (8,410 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
$ | 4,683 | $ | 41,465 | $ | 9,348 | $ | 56,845 | $ | 1,581 | $ | 31,148 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
26 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP International Capital Appreciation |
VIP International Capital Appreciation, Investor Class |
VIP Value | VIP Value Investor Class |
VIP Freedom Income |
VIP Investor Freedom Income Investor Class |
|||||||||||||||||||
Income: |
||||||||||||||||||||||||
Dividends |
$ | | $ | | $ | 419 | $ | 3,196 | $ | 116 | $ | 963 | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Mortality and expense risk charges |
160 | | 169 | | 88 | | ||||||||||||||||||
Administrative and other charges |
11 | | 11 | | 6 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
171 | | 180 | | 94 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Mortality and expense risk charges |
19 | | 16 | | | | ||||||||||||||||||
Administrative and other charges |
6 | | 6 | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
25 | | 22 | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| 425 | | 230 | | 134 | ||||||||||||||||||
Administrative and other charges |
| 185 | | 96 | | 48 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| 610 | | 326 | | 182 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
196 | 610 | 202 | 326 | 94 | 182 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income (loss) |
(196 | ) | (610 | ) | 217 | 2,870 | 22 | 781 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
2,159 | 20,532 | 1,118 | 9,377 | 283 | 1,710 | ||||||||||||||||||
Realized gain distributions |
1,404 | 21,946 | 2,769 | 22,535 | 248 | 2,524 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net realized gain (loss) on investments |
3,563 | 42,478 | 3,887 | 31,912 | 531 | 4,234 | ||||||||||||||||||
Unrealized appreciation (depreciation) |
(863 | ) | (215 | ) | 1,597 | 8,678 | (269 | ) | (2,121 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
$ | 2,504 | $ | 41,653 | $ | 5,701 | $ | 43,460 | $ | 284 | $ | 2,894 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
27 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP Investor | VIP Investor | VIP Investor | ||||||||||||||||||||||
VIP | Freedom 2005 | VIP | Freedom 2010 | VIP | Freedom 2015 | |||||||||||||||||||
Freedom 2005 | Investor Class | Freedom 2010 | Investor Class | Freedom 2015 | Investor Class | |||||||||||||||||||
Income: |
||||||||||||||||||||||||
Dividends |
$ | 95 | $ | 298 | $ | 110 | $ | 794 | $ | 258 | $ | 1,171 | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Mortality and expense risk charges |
67 | | 79 | | 178 | | ||||||||||||||||||
Administrative and other charges |
4 | | 5 | | 12 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
71 | | 84 | | 190 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| 50 | | 133 | | 192 | ||||||||||||||||||
Administrative and other charges |
| 16 | | 38 | | 56 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| 66 | | 171 | | 248 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
71 | 66 | 84 | 171 | 190 | 248 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income (loss) |
24 | 232 | 26 | 623 | 68 | 923 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
86 | 1,209 | 183 | 1,367 | 368 | 2,740 | ||||||||||||||||||
Realized gain distributions |
230 | 961 | 369 | 2,332 | 974 | 4,577 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net realized gain (loss) on investments |
316 | 2,170 | 552 | 3,699 | 1,342 | 7,317 | ||||||||||||||||||
Unrealized appreciation (depreciation) |
(53 | ) | (1,129 | ) | (67 | ) | (287 | ) | 151 | (336 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
$ | 287 | $ | 1,273 | $ | 511 | $ | 4,035 | $ | 1,561 | $ | 7,904 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
28 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP Freedom 2020 |
VIP Investor Freedom 2020 Investor Class |
VIP Freedom 2025 |
VIP Investor Freedom 2025 Investor Class |
VIP Freedom 2030 |
VIP Investor Freedom 2030 Investor Class |
|||||||||||||||||||
Income: |
||||||||||||||||||||||||
Dividends |
$ | 268 | $ | 2,390 | $ | 269 | $ | 3,069 | $ | 281 | $ | 3,961 | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Mortality and expense risk charges |
201 | | 187 | | 190 | | ||||||||||||||||||
Administrative and other charges |
13 | | 12 | | 13 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
214 | | 199 | | 203 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| 355 | | 453 | | 576 | ||||||||||||||||||
Administrative and other charges |
| 111 | | 143 | | 177 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| 466 | | 596 | | 753 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
214 | 466 | 199 | 596 | 203 | 753 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income (loss) |
54 | 1,924 | 70 | 2,473 | 78 | 3,208 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
998 | 6,021 | 467 | 10,678 | 586 | 9,682 | ||||||||||||||||||
Realized gain distributions |
1,406 | 10,320 | 856 | 11,427 | 1,048 | 14,170 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net realized gain (loss) on investments |
2,404 | 16,341 | 1,323 | 22,105 | 1,634 | 23,852 | ||||||||||||||||||
Unrealized appreciation (depreciation) |
(208 | ) | 1,370 | 910 | 3,557 | 987 | 12,208 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
$ | 2,250 | $ | 19,635 | $ | 2,303 | $ | 28,135 | $ | 2,699 | $ | 39,268 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
29 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||
VIP | VIP | VIP | VIP | VIP | VIP | |||||||||||||||||||||||
Freedom | Freedom | Freedom | VIP | Disciplined | FundsManager | FundsManager | ||||||||||||||||||||||
Lifetime | Lifetime | Lifetime | Disciplined | Small Cap | 20% | 50% | ||||||||||||||||||||||
Income I | Income II | Income III | Small Cap | Investor Class | Investor Class | Investor Class | ||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||
Dividends |
$ | 107 | $ | 335 | $ | 351 | $ | 106 | $ | 1,021 | $ | 9,232 | $ | 21,579 | ||||||||||||||
Expenses: |
||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||||||
Mortality and expense risk charges |
| | | 187 | | 322 | 584 | |||||||||||||||||||||
Administrative and other charges |
| | | 13 | | 21 | 39 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
| | | 200 | | 343 | 623 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||||||
Mortality and expense risk charges |
| | | 26 | | 68 | 306 | |||||||||||||||||||||
Administrative and other charges |
| | | 9 | | 22 | 102 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
| | | 35 | | 90 | 408 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | 376 | 1,240 | 2,513 | |||||||||||||||||||||
Administrative and other charges |
| | | | 158 | 407 | 813 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
| | | | 534 | 1,647 | 3,326 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||||||
Mortality and expense risk charges |
53 | 163 | 168 | | | 58 | 634 | |||||||||||||||||||||
Administrative and other charges |
11 | 33 | 33 | | | 11 | 127 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
64 | 196 | 201 | | | 69 | 761 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | | |||||||||||||||||||||
Administrative and other charges |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
64 | 196 | 201 | 235 | 534 | 2,149 | 5,118 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net investment income (loss) |
43 | 139 | 150 | (129 | ) | 487 | 7,083 | 16,461 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
102 | 536 | 633 | 2,265 | 15,775 | 7,335 | 30,288 | |||||||||||||||||||||
Realized gain distributions |
321 | 1,325 | 1,475 | 461 | 5,637 | 2,031 | 30,518 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net realized gain (loss) on investments |
423 | 1,861 | 2,108 | 2,726 | 21,412 | 9,366 | 60,806 | |||||||||||||||||||||
Unrealized appreciation (depreciation) |
(189 | ) | (209 | ) | 644 | 1,692 | 27,422 | 12,753 | 94,755 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net increase (decrease) in net assets from operations |
$ | 277 | $ | 1,791 | $ | 2,902 | $ | 4,289 | $ | 49,321 | $ | 29,202 | $ | 172,022 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
30 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||
VIP | VIP | VIP | VIP | |||||||||||||||||||||||||
FundsManager | FundsManager | FundsManager | VIP | Consumer | VIP | |||||||||||||||||||||||
60% | 70% | 85% | Consumer | Staples | VIP | Materials | ||||||||||||||||||||||
Investor Class | Investor Class | Investor Class | Staples | Investor Class | Materials | Investor Class | ||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||
Dividends |
$ | 25,045 | $ | 19,324 | $ | 6,210 | $ | 351 | $ | 3,796 | $ | 124 | $ | 512 | ||||||||||||||
Expenses: |
||||||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||||||
Mortality and expense risk charges |
277 | 353 | 209 | 121 | | 107 | | |||||||||||||||||||||
Administrative and other charges |
18 | 24 | 14 | 8 | | 7 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
295 | 377 | 223 | 129 | | 114 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||||||
Mortality and expense risk charges |
127 | 195 | 92 | 18 | | 13 | | |||||||||||||||||||||
Administrative and other charges |
42 | 65 | 31 | 6 | | 4 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
169 | 260 | 123 | 24 | | 17 | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||||||
Mortality and expense risk charges |
2,102 | 2,587 | 859 | | 271 | | 99 | |||||||||||||||||||||
Administrative and other charges |
694 | 859 | 286 | | 105 | | 41 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
2,796 | 3,446 | 1,145 | | 376 | | 140 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||||||
Mortality and expense risk charges |
739 | 176 | 89 | | | | | |||||||||||||||||||||
Administrative and other charges |
148 | 35 | 18 | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
887 | 211 | 107 | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||||||
Mortality and expense risk charges |
6,242 | | | | | | | |||||||||||||||||||||
Administrative and other charges |
1,618 | | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
7,860 | | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses |
12,007 | 4,294 | 1,598 | 153 | 376 | 131 | 140 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net investment income (loss) |
13,038 | 15,030 | 4,612 | 198 | 3,420 | (7 | ) | 372 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
40,320 | 30,278 | 14,031 | 304 | 5,093 | 1,010 | 7,054 | |||||||||||||||||||||
Realized gain distributions |
36,156 | 23,846 | 15,209 | 856 | 9,625 | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net realized gain (loss) on investments |
76,476 | 54,124 | 29,240 | 1,160 | 14,718 | 1,010 | 7,054 | |||||||||||||||||||||
Unrealized appreciation (depreciation) |
155,598 | 169,716 | 65,442 | 949 | 9,253 | 2,428 | 9,618 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net increase (decrease) in net assets from operations |
$ | 245,112 | $ | 238,870 | $ | 99,294 | $ | 2,307 | $ | 27,391 | $ | 3,431 | $ | 17,044 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
31 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP Communication Services |
VIP Communication Services Investor Class |
VIP Emerging Markets |
VIP Emerging Markets Investor Class |
VIP Floating Rate High Income |
VIP Floating Rate High Income Investor Class |
|||||||||||||||||||
Income: |
||||||||||||||||||||||||
Dividends |
$ | | $ | | $ | 280 | $ | 3,091 | $ | 195 | $ | 5,006 | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Mortality and expense risk charges |
100 | | 110 | | 49 | | ||||||||||||||||||
Administrative and other charges |
7 | | 7 | | 3 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
107 | | 117 | | 52 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Mortality and expense risk charges |
19 | | 8 | | 7 | | ||||||||||||||||||
Administrative and other charges |
6 | | 2 | | 2 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
25 | | 10 | | 9 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| 154 | | 191 | | 192 | ||||||||||||||||||
Administrative and other charges |
| 65 | | 78 | | 88 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| 219 | | 269 | | 280 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
132 | 219 | 127 | 269 | 61 | 280 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income (loss) |
(132 | ) | (219 | ) | 153 | 2,822 | 134 | 4,726 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
1,497 | 14,786 | 1,244 | 7,727 | 4 | 515 | ||||||||||||||||||
Realized gain distributions |
634 | 4,883 | 1,568 | 16,591 | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net realized gain (loss) on investments |
2,131 | 19,669 | 2,812 | 24,318 | 4 | 515 | ||||||||||||||||||
Unrealized appreciation (depreciation) |
(322 | ) | (5,063 | ) | (3,416 | ) | (33,149 | ) | 171 | 2,757 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
$ | 1,677 | $ | 14,387 | $ | (451 | ) | $ | (6,009 | ) | $ | 309 | $ | 7,998 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
32 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP | ||||||||||||||||||||||||
VIP | VIP | Extended | VIP | VIF | VIF | |||||||||||||||||||
Bond | Total Market | Market | International | Emerging | Emerging | |||||||||||||||||||
Index | Index | Index | Index | Markets Equity | Markets Debt | |||||||||||||||||||
Income: |
||||||||||||||||||||||||
Dividends |
$ | 4,043 | $ | 4,478 | $ | 1,664 | $ | 5,915 | $ | 567 | $ | 5,046 | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Mortality and expense risk charges |
153 | 149 | 35 | 68 | 176 | 82 | ||||||||||||||||||
Administrative and other charges |
10 | 10 | 2 | 5 | 12 | 5 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
163 | 159 | 37 | 73 | 188 | 87 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Mortality and expense risk charges |
8 | 8 | 7 | 4 | 19 | 9 | ||||||||||||||||||
Administrative and other charges |
3 | 3 | 2 | 1 | 6 | 3 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
11 | 11 | 9 | 5 | 25 | 12 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Mortality and expense risk charges |
484 | 421 | 133 | 236 | 49 | 103 | ||||||||||||||||||
Administrative and other charges |
200 | 180 | 60 | 99 | 21 | 44 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
684 | 601 | 193 | 335 | 70 | 147 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
858 | 771 | 239 | 413 | 283 | 246 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income (loss) |
3,185 | 3,707 | 1,425 | 5,502 | 284 | 4,800 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
4,349 | 20,178 | 11,176 | 4,842 | 7 | (702 | ) | |||||||||||||||||
Realized gain distributions |
| 2,722 | 7,196 | 675 | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net realized gain (loss) on investments |
4,349 | 22,900 | 18,372 | 5,517 | 7 | (702 | ) | |||||||||||||||||
Unrealized appreciation (depreciation) |
(17,433 | ) | 56,026 | (1,499 | ) | 1,247 | 1,456 | (6,425 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
$ | (9,899 | ) | $ | 82,633 | $ | 18,298 | $ | 12,266 | $ | 1,747 | $ | (2,327 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
33 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIF | Lazard | |||||||||||||||||||||||
Global | Invesco V.I. | Retirement | PVIT | |||||||||||||||||||||
Strategist | Global | Allspring | Allspring | Emerging | Commodity | |||||||||||||||||||
Class II | Core Equity | VT Discovery | VT Opportunity | Markets | Real Return | |||||||||||||||||||
Income: |
||||||||||||||||||||||||
Dividends |
$ | 534 | $ | 252 | $ | | $ | 10 | $ | 1,603 | $ | 1,374 | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Mortality and expense risk charges |
53 | 63 | 285 | 165 | 66 | 1 | ||||||||||||||||||
Administrative and other charges |
3 | 4 | 19 | 11 | 4 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
56 | 67 | 304 | 176 | 70 | 1 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Mortality and expense risk charges |
16 | 12 | 36 | 18 | 4 | 3 | ||||||||||||||||||
Administrative and other charges |
5 | 4 | 12 | 6 | 1 | 1 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
21 | 16 | 48 | 24 | 5 | 4 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Mortality and expense risk charges |
25 | 21 | | | 79 | 35 | ||||||||||||||||||
Administrative and other charges |
10 | 7 | | | 33 | 15 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
35 | 28 | | | 112 | 50 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
112 | 111 | 352 | 200 | 187 | 55 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income (loss) |
422 | 141 | (352 | ) | (190 | ) | 1,416 | 1,319 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
141 | 1,097 | 1,213 | 512 | (917 | ) | 2,230 | |||||||||||||||||
Realized gain distributions |
975 | 4,211 | 3,139 | 1,221 | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net realized gain (loss) on investments |
1,116 | 5,308 | 4,352 | 1,733 | (917 | ) | 2,230 | |||||||||||||||||
Unrealized appreciation (depreciation) |
631 | (1,887 | ) | (6,481 | ) | 3,603 | 3,555 | 2,642 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
$ | 2,169 | $ | 3,562 | $ | (2,481 | ) | $ | 5,146 | $ | 4,054 | $ | 6,191 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
34 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Operations - continued
For the year ended December 31, 2021
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
FTVIP | ||||||||||||||||||||||||
Blackrock | FTVIP | Franklin | ||||||||||||||||||||||
PVIT | PVIT | PVIT | Global | Templeton | U.S. Govt | |||||||||||||||||||
Low Duration | Real Return | Total Return | Allocation V.I. | Global Bond | Securities | |||||||||||||||||||
Income: |
||||||||||||||||||||||||
Dividends |
$ | 2,145 | $ | 10,854 | $ | 9,773 | $ | 1,502 | $ | | $ | 2,145 | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Fidelity Retirement Reserves: |
||||||||||||||||||||||||
Mortality and expense risk charges |
263 | 76 | 207 | 38 | 16 | 52 | ||||||||||||||||||
Administrative and other charges |
18 | 5 | 14 | 2 | 1 | 4 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
281 | 81 | 221 | 40 | 17 | 56 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Income Advantage: |
||||||||||||||||||||||||
Mortality and expense risk charges |
4 | 8 | 7 | 5 | 2 | 2 | ||||||||||||||||||
Administrative and other charges |
2 | 3 | 3 | 2 | 1 | 1 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
6 | 11 | 10 | 7 | 3 | 3 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Personal Retirement: |
||||||||||||||||||||||||
Mortality and expense risk charges |
478 | 249 | 683 | 250 | 70 | 108 | ||||||||||||||||||
Administrative and other charges |
190 | 104 | 254 | 95 | 28 | 42 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
668 | 353 | 937 | 345 | 98 | 150 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Freedom Lifetime Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Fidelity Growth and Guaranteed Income: |
||||||||||||||||||||||||
Mortality and expense risk charges |
| | | | | | ||||||||||||||||||
Administrative and other charges |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
955 | 445 | 1,168 | 392 | 118 | 209 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income (loss) |
1,190 | 10,409 | 8,605 | 1,110 | (118 | ) | 1,936 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
(278 | ) | 447 | (86 | ) | 3,915 | (2,568 | ) | (398 | ) | ||||||||||||||
Realized gain distributions |
| | 22,709 | 26,748 | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net realized gain (loss) on investments |
(278 | ) | 447 | 22,623 | 30,663 | (2,568 | ) | (398 | ) | |||||||||||||||
Unrealized appreciation (depreciation) |
(5,495 | ) | 421 | (39,806 | ) | (19,865 | ) | (466 | ) | (3,466 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
$ | (4,583 | ) | $ | 11,277 | $ | (8,578 | ) | $ | 11,908 | $ | (3,152 | ) | $ | (1,928 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
35 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets
For the years ended December 31, 2021 and 2020
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Government | ||||||||||||||||||||||||||||||||
VIP Government | Money Market | VIP High Income | ||||||||||||||||||||||||||||||
Money Market | Investor Class | VIP High Income | Investor Class | |||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | (1,855 | ) | $ | (1,463 | ) | $ | (2,992 | ) | $ | 1,864 | $ | 3,158 | $ | 2,928 | $ | 19,482 | $ | 17,503 | |||||||||||||
Net realized gain (loss) on investments |
| | | | (1,641 | ) | (8,055 | ) | 504 | (3,350 | ) | |||||||||||||||||||||
Unrealized appreciation (depreciation) |
| | | | 955 | 5,900 | (3,787 | ) | (7,208 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
(1,855 | ) | (1,463 | ) | (2,992 | ) | 1,864 | 2,472 | 773 | 16,199 | 6,945 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
2,688 | 6,654 | 1,577,819 | 942,558 | 147 | 158 | 6,215 | 3,423 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(9,721 | ) | 76,867 | (1,264,050 | ) | (198,978 | ) | (4 | ) | (5,375 | ) | (8,164 | ) | (29,999 | ) | |||||||||||||||||
Contract benefits |
(5,558 | ) | (6,653 | ) | (127,468 | ) | (133,377 | ) | (2,278 | ) | (2,183 | ) | (241 | ) | (107 | ) | ||||||||||||||||
Contract terminations |
(35,496 | ) | (43,392 | ) | (257,336 | ) | (493,707 | ) | (1,738 | ) | (1,763 | ) | (7,605 | ) | (9,324 | ) | ||||||||||||||||
Contract maintenance charges |
(51 | ) | (62 | ) | | | (8 | ) | (9 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
37 | (99 | ) | | 2 | (84 | ) | (346 | ) | (3 | ) | (1 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(48,101 | ) | 33,315 | (71,035 | ) | 116,498 | (3,965 | ) | (9,518 | ) | (9,798 | ) | (36,008 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
(49,956 | ) | 31,852 | (74,027 | ) | 118,362 | (1,493 | ) | (8,745 | ) | 6,401 | (29,063 | ) | |||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
265,511 | 233,659 | 1,813,259 | 1,694,897 | 71,886 | 80,631 | 370,663 | 399,726 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 215,555 | $ | 265,511 | $ | 1,739,232 | $ | 1,813,259 | $ | 70,393 | $ | 71,886 | $ | 377,064 | $ | 370,663 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Equity- Income |
VIP Growth | |||||||||||||||||||||||||||||||
VIP Equity-Income | Investor Class | VIP Growth | Investor Class | |||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 4,371 | $ | 3,282 | $ | 7,749 | $ | 5,066 | $ | (5,961 | ) | $ | (4,234 | ) | $ | (1,321 | ) | $ | (646 | ) | ||||||||||||
Net realized gain (loss) on investments |
47,744 | 11,097 | 58,774 | 12,266 | 185,043 | 74,912 | 199,103 | 71,595 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
33,750 | 2,784 | 28,184 | 824 | (34,368 | ) | 137,222 | (42,298 | ) | 129,990 | ||||||||||||||||||||||
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
85,865 | 17,163 | 94,707 | 18,156 | 144,714 | 207,900 | 155,484 | 200,939 | ||||||||||||||||||||||||
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|
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|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
347 | 313 | 7,447 | 3,255 | 1,079 | 992 | 13,818 | 8,101 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(3,457 | ) | (15,513 | ) | 47,365 | (7,351 | ) | (21,601 | ) | (22,355 | ) | 42,026 | 21,226 | |||||||||||||||||||
Contract benefits |
(9,747 | ) | (8,928 | ) | (242 | ) | (223 | ) | (14,964 | ) | (9,888 | ) | (139 | ) | (124 | ) | ||||||||||||||||
Contract terminations |
(11,464 | ) | (11,699 | ) | (8,012 | ) | (7,563 | ) | (22,740 | ) | (14,535 | ) | (14,244 | ) | (12,577 | ) | ||||||||||||||||
Contract maintenance charges |
(48 | ) | (46 | ) | | | (89 | ) | (82 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
(889 | ) | (1,964 | ) | (4 | ) | 7 | (688 | ) | (1,334 | ) | 4 | (18 | ) | ||||||||||||||||||
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|
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|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(25,258 | ) | (37,837 | ) | 46,554 | (11,875 | ) | (59,003 | ) | (47,202 | ) | 41,465 | 16,608 | |||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
60,607 | (20,674 | ) | 141,261 | 6,281 | 85,711 | 160,698 | 196,949 | 217,547 | |||||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
369,212 | 389,886 | 362,054 | 355,773 | 679,861 | 519,163 | 674,257 | 456,710 | ||||||||||||||||||||||||
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|||||||||||||||||
End of period |
$ | 429,819 | $ | 369,212 | $ | 503,315 | $ | 362,054 | $ | 765,572 | $ | 679,861 | $ | 871,206 | $ | 674,257 | ||||||||||||||||
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See accompanying notes which are an integral part of the financial statements.
36 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2021 and 2020
(In thousands) | Subaccounts Investing In: | |||||||||||||||
VIP Overseas, | ||||||||||||||||
VIP Overseas | Investor Class | |||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | (252 | ) | $ | (279 | ) | $ | 754 | $ | 349 | ||||||
Net realized gain (loss) on investments |
7,510 | (306 | ) | 27,858 | 1,474 | |||||||||||
Unrealized appreciation (depreciation) |
7,142 | 10,592 | 14,461 | 25,430 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets from operations |
14,400 | 10,007 | 43,073 | 27,253 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Contract Transactions: |
||||||||||||||||
Payments received from contract owners |
153 | 97 | 3,565 | 1,286 | ||||||||||||
Transfers between sub-accounts and the fixed account, net |
(2,908 | ) | (4,411 | ) | (2,151 | ) | (18,213 | ) | ||||||||
Contract benefits |
(1,650 | ) | (1,395 | ) | (252 | ) | (12 | ) | ||||||||
Contract terminations |
(2,924 | ) | (2,075 | ) | (4,223 | ) | (4,452 | ) | ||||||||
Contract maintenance charges |
(11 | ) | (11 | ) | | | ||||||||||
Other transfers (to) from FILI, net |
(40 | ) | (307 | ) | (3 | ) | (4 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets from contract transactions |
(7,380 | ) | (8,102 | ) | (3,064 | ) | (21,395 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total increase (decrease) in net assets |
7,020 | 1,905 | 40,009 | 5,858 | ||||||||||||
Net Assets: |
||||||||||||||||
Beginning of period |
80,458 | 78,553 | 225,658 | 219,800 | ||||||||||||
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|||||||||
End of period |
$ | 87,478 | $ | 80,458 | $ | 265,667 | $ | 225,658 | ||||||||
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(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP | ||||||||||||||||||||||||||||||||
VIP | Investment Grade Bond | VIP Asset Manager | ||||||||||||||||||||||||||||||
Investment Grade Bond | Investor Class | VIP Asset Manager | Investor Class | |||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 2,026 | $ | 2,547 | $ | 16,815 | $ | 18,890 | $ | 1,615 | $ | 1,278 | $ | 3,450 | $ | 2,568 | ||||||||||||||||
Net realized gain (loss) on investments |
5,586 | 687 | 33,629 | 6,534 | 2,936 | 1,302 | 4,725 | 3,008 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(10,411 | ) | 11,214 | (59,452 | ) | 47,753 | 13,828 | 22,985 | 14,322 | 22,140 | ||||||||||||||||||||||
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|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
(2,799 | ) | 14,448 | (9,008 | ) | 73,177 | 18,379 | 25,565 | 22,497 | 27,716 | ||||||||||||||||||||||
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|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
487 | 383 | 14,018 | 30,360 | 541 | 453 | 6,296 | 2,718 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(8,792 | ) | 20,101 | (59,102 | ) | 149,141 | (576 | ) | (3,964 | ) | 6,990 | 77 | ||||||||||||||||||||
Contract benefits |
(5,312 | ) | (6,070 | ) | (1,018 | ) | (613 | ) | (6,732 | ) | (5,628 | ) | (47 | ) | (88 | ) | ||||||||||||||||
Contract terminations |
(8,117 | ) | (6,516 | ) | (35,778 | ) | (34,492 | ) | (8,708 | ) | (6,682 | ) | (5,023 | ) | (6,498 | ) | ||||||||||||||||
Contract maintenance charges |
(21 | ) | (23 | ) | | | (27 | ) | (28 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
(292 | ) | (631 | ) | (1 | ) | 3 | (550 | ) | (671 | ) | (3 | ) | 1 | ||||||||||||||||||
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|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(22,047 | ) | 7,244 | (81,881 | ) | 144,399 | (16,052 | ) | (16,520 | ) | 8,213 | (3,790 | ) | |||||||||||||||||||
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|||||||||||||||||
Total increase (decrease) in net assets |
(24,846 | ) | 21,692 | (90,889 | ) | 217,576 | 2,327 | 9,045 | 30,710 | 23,926 | ||||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
191,178 | 169,486 | 985,291 | 767,715 | 209,493 | 200,448 | 226,257 | 202,331 | ||||||||||||||||||||||||
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|||||||||||||||||
End of period |
$ | 166,332 | $ | 191,178 | $ | 894,402 | $ | 985,291 | $ | 211,820 | $ | 209,493 | $ | 256,967 | $ | 226,257 | ||||||||||||||||
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See accompanying notes which are an integral part of the financial statements.
37 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2021 and 2020
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP | ||||||||||||||||||||||||
VIP | Asset Manager: Growth | |||||||||||||||||||||||
VIP Index 500 | Asset Manager: Growth | Investor Class | ||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||
Operations: |
||||||||||||||||||||||||
Net investment income (loss) |
$ | 43,799 | $ | 46,741 | $ | 417 | $ | 173 | $ | 1,598 | $ | 912 | ||||||||||||
Net realized gain (loss) on investments |
238,692 | 218,758 | 2,869 | 1,847 | 6,020 | 2,118 | ||||||||||||||||||
Unrealized appreciation (depreciation) |
772,808 | 267,442 | 5,724 | 7,809 | 8,968 | 13,826 | ||||||||||||||||||
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|
|||||||||||||
Net increase (decrease) in net assets from operations |
1,055,299 | 532,941 | 9,010 | 9,829 | 16,586 | 16,856 | ||||||||||||||||||
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|||||||||||||
Contract Transactions: |
||||||||||||||||||||||||
Payments received from contract owners |
88,441 | 37,287 | 159 | 222 | 2,960 | 876 | ||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
285,503 | (139,095 | ) | (1,101 | ) | (1,714 | ) | 4,178 | (5,432 | ) | ||||||||||||||
Contract benefits |
(16,181 | ) | (12,912 | ) | (2,300 | ) | (1,483 | ) | | | ||||||||||||||
Contract terminations |
(99,127 | ) | (93,237 | ) | (1,299 | ) | (2,723 | ) | (3,783 | ) | (2,360 | ) | ||||||||||||
Contract maintenance charges |
(81 | ) | (77 | ) | (11 | ) | (11 | ) | | | ||||||||||||||
Other transfers (to) from FILI, net |
216 | (711 | ) | (21 | ) | (308 | ) | 1 | | |||||||||||||||
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|
|||||||||||||
Net increase (decrease) in net assets from contract transactions |
258,771 | (208,745 | ) | (4,573 | ) | (6,017 | ) | 3,356 | (6,916 | ) | ||||||||||||||
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|
|||||||||||||
Total increase (decrease) in net assets |
1,314,070 | 324,196 | 4,437 | 3,812 | 19,942 | 9,940 | ||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||
Beginning of period |
3,630,663 | 3,306,467 | 70,900 | 67,088 | 121,466 | 111,526 | ||||||||||||||||||
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|||||||||||||
End of period |
$ | 4,944,733 | $ | 3,630,663 | $ | 75,337 | $ | 70,900 | $ | 141,408 | $ | 121,466 | ||||||||||||
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(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Contrafund | VIP Balanced | |||||||||||||||||||||||||||||||
VIP Contrafund | Investor Class | VIP Balanced | Investor Class | |||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | (9,056 | ) | $ | (5,614 | ) | $ | (2,638 | ) | $ | (197 | ) | $ | 197 | $ | 1,016 | $ | 16,541 | $ | 26,721 | ||||||||||||
Net realized gain (loss) on investments |
193,573 | 37,834 | 346,387 | 64,517 | 21,013 | 6,198 | 368,161 | 103,213 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
98,482 | 224,387 | 154,771 | 368,361 | 11,637 | 26,232 | 228,876 | 466,314 | ||||||||||||||||||||||||
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|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
282,999 | 256,607 | 498,520 | 432,681 | 32,847 | 33,446 | 613,578 | 596,248 | ||||||||||||||||||||||||
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|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
1,751 | 1,630 | 22,551 | 16,658 | 979 | 800 | 87,595 | 52,509 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(19,700 | ) | (50,991 | ) | (13,139 | ) | (69,290 | ) | 7,497 | (890 | ) | 155,654 | (25,549 | ) | ||||||||||||||||||
Contract benefits |
(22,419 | ) | (21,136 | ) | (1,733 | ) | (258 | ) | (6,142 | ) | (5,983 | ) | (4,567 | ) | (2,856 | ) | ||||||||||||||||
Contract terminations |
(37,284 | ) | (28,067 | ) | (39,470 | ) | (32,194 | ) | (5,876 | ) | (4,559 | ) | (130,232 | ) | (121,258 | ) | ||||||||||||||||
Contract maintenance charges |
(149 | ) | (147 | ) | | | (19 | ) | (18 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
(1,429 | ) | (754 | ) | 3 | (10 | ) | (287 | ) | (566 | ) | 11 | (48 | ) | ||||||||||||||||||
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|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(79,230 | ) | (99,465 | ) | (31,788 | ) | (85,094 | ) | (3,848 | ) | (11,216 | ) | 108,461 | (97,202 | ) | |||||||||||||||||
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|
|||||||||||||||||
Total increase (decrease) in net assets |
203,769 | 157,142 | 466,732 | 347,587 | 28,999 | 22,230 | 722,039 | 499,046 | ||||||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
1,096,430 | 939,288 | 1,851,077 | 1,503,490 | 192,127 | 169,897 | 3,419,574 | 2,920,528 | ||||||||||||||||||||||||
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End of period |
$ | 1,300,199 | $ | 1,096,430 | $ | 2,317,809 | $ | 1,851,077 | $ | 221,126 | $ | 192,127 | $ | 4,141,613 | $ | 3,419,574 | ||||||||||||||||
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|
See accompanying notes which are an integral part of the financial statements.
38 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2021 and 2020
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Dynamic Capital | ||||||||||||||||||||||||||||||||
VIP Dynamic Capital | Appreciation | VIP Growth & Income | ||||||||||||||||||||||||||||||
Appreciation | Investor Class | VIP Growth & Income | Investor Class | |||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | (111 | ) | $ | (126 | ) | $ | 281 | $ | (19 | ) | $ | 1,992 | $ | 1,301 | $ | 5,423 | $ | 3,193 | |||||||||||||
Net realized gain (loss) on investments |
3,560 | 379 | 22,771 | 3,416 | 9,784 | 7,382 | 16,694 | 8,819 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
2,073 | 5,443 | 12,921 | 31,573 | 15,726 | (2,554 | ) | 28,155 | (2,150 | ) | ||||||||||||||||||||||
Net increase (decrease) in net assets from operations |
5,522 | 5,696 | 35,973 | 34,970 | 27,502 | 6,129 | 50,272 | 9,862 | ||||||||||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
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Payments received from contract owners |
67 | 93 | 2,208 | 1,151 | 189 | 106 | 4,222 | 1,396 | ||||||||||||||||||||||||
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|
|||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(303 | ) | (1,573 | ) | 4,680 | (2,488 | ) | (656 | ) | (5,391 | ) | 29,760 | (20,173 | ) | ||||||||||||||||||
Contract benefits |
(1,058 | ) | (567 | ) | (13 | ) | | (4,134 | ) | (3,141 | ) | (122 | ) | (11 | ) | |||||||||||||||||
Contract terminations |
(604 | ) | (412 | ) | (2,548 | ) | (2,257 | ) | (2,841 | ) | (2,957 | ) | (5,292 | ) | (4,247 | ) | ||||||||||||||||
Contract maintenance charges |
(3 | ) | (2 | ) | | | (19 | ) | (19 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
20 | (49 | ) | (1 | ) | (2 | ) | (700 | ) | (291 | ) | (5 | ) | (5 | ) | |||||||||||||||||
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|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(1,881 | ) | (2,510 | ) | 4,326 | (3,596 | ) | (8,161 | ) | (11,693 | ) | 28,563 | (23,040 | ) | ||||||||||||||||||
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|
|||||||||||||||||
Total increase (decrease) in net assets |
3,641 | 3,186 | 40,299 | 31,374 | 19,341 | (5,564 | ) | 78,835 | (13,178 | ) | ||||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
23,928 | 20,742 | 146,488 | 115,114 | 113,765 | 119,329 | 190,471 | 203,649 | ||||||||||||||||||||||||
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|||||||||||||||||
End of period |
$ | 27,569 | $ | 23,928 | $ | 186,787 | $ | 146,488 | $ | 133,106 | $ | 113,765 | $ | 269,306 | $ | 190,471 | ||||||||||||||||
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(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP | ||||||||||||||||||||||||||||||||
VIP | Growth Opportunities | VIP Mid Cap | ||||||||||||||||||||||||||||||
Growth Opportunities | Investor Class | VIP Mid Cap | Investor Class | |||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
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Net investment income (loss) |
$ | (2,263 | ) | $ | (1,560 | ) | $ | (2,125 | ) | $ | (1,315 | ) | $ | (712 | ) | $ | (439 | ) | $ | 2,290 | $ | 1,749 | ||||||||||
Net realized gain (loss) on investments |
61,469 | 32,305 | 251,932 | 105,482 | 56,708 | (3,138 | ) | 115,316 | (8,063 | ) | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(31,572 | ) | 71,969 | (121,213 | ) | 324,099 | 10,543 | 41,036 | 16,173 | 79,123 | ||||||||||||||||||||||
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Net increase (decrease) in net assets from operations |
27,634 | 102,714 | 128,594 | 428,266 | 66,539 | 37,459 | 133,779 | 72,809 | ||||||||||||||||||||||||
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Contract Transactions: |
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Payments received from contract owners |
1,505 | 676 | 34,051 | 23,111 | 567 | 324 | 6,527 | 2,539 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(32,555 | ) | 3,735 | (40,294 | ) | 121,916 | (7,696 | ) | (20,405 | ) | 2,362 | (55,249 | ) | |||||||||||||||||||
Contract benefits |
(6,220 | ) | (5,579 | ) | (184 | ) | (96 | ) | (8,409 | ) | (6,670 | ) | (711 | ) | (256 | ) | ||||||||||||||||
Contract terminations |
(5,424 | ) | (4,577 | ) | (18,093 | ) | (18,530 | ) | (8,895 | ) | (8,000 | ) | (10,370 | ) | (8,399 | ) | ||||||||||||||||
Contract maintenance charges |
(34 | ) | (27 | ) | | | (38 | ) | (35 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
23 | (492 | ) | 7 | (23 | ) | (476 | ) | (476 | ) | | | ||||||||||||||||||||
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Net increase (decrease) in net assets from contract transactions |
(42,705 | ) | (6,264 | ) | (24,513 | ) | 126,378 | (24,947 | ) | (35,262 | ) | (2,192 | ) | (61,365 | ) | |||||||||||||||||
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Total increase (decrease) in net assets |
(15,071 | ) | 96,450 | 104,081 | 554,644 | 41,592 | 2,197 | 131,587 | 11,444 | |||||||||||||||||||||||
Net Assets: |
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Beginning of period |
262,165 | 165,715 | 1,154,274 | 599,630 | 280,720 | 278,523 | 526,491 | 515,047 | ||||||||||||||||||||||||
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End of period |
$ | 247,094 | $ | 262,165 | $ | 1,258,355 | $ | 1,154,274 | $ | 322,312 | $ | 280,720 | $ | 658,078 | $ | 526,491 | ||||||||||||||||
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See accompanying notes which are an integral part of the financial statements.
39 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2021 and 2020
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP | ||||||||||||||||||||||||||||||||
VIP | Value Strategies | VIP Utilities | ||||||||||||||||||||||||||||||
Value Strategies | Investor Class | VIP Utilities | Investor Class | |||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
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Net investment income (loss) |
$ | 352 | $ | 147 | $ | 2,870 | $ | 870 | $ | 247 | $ | 447 | $ | 2,318 | $ | 3,337 | ||||||||||||||||
Net realized gain (loss) on investments |
7,556 | 888 | 34,847 | 1,416 | 345 | 419 | 2,794 | 4,826 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
5,087 | 830 | 10,086 | 2,951 | 3,115 | (2,840 | ) | 17,474 | (16,953 | ) | ||||||||||||||||||||||
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Net increase (decrease) in net assets from operations |
12,995 | 1,865 | 47,803 | 5,237 | 3,707 | (1,974 | ) | 22,586 | (8,790 | ) | ||||||||||||||||||||||
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Contract Transactions: |
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Payments received from contract owners |
60 | 64 | 4,148 | 411 | 76 | 70 | 1,470 | 3,288 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
8,082 | 3,461 | 71,057 | 34,639 | (1,875 | ) | (8,800 | ) | (5,034 | ) | (49,447 | ) | ||||||||||||||||||||
Contract benefits |
(1,463 | ) | (908 | ) | (148 | ) | (8 | ) | (613 | ) | (744 | ) | (34 | ) | (138 | ) | ||||||||||||||||
Contract terminations |
(1,365 | ) | (809 | ) | (2,611 | ) | (993 | ) | (314 | ) | (960 | ) | (3,104 | ) | (4,381 | ) | ||||||||||||||||
Contract maintenance charges |
(7 | ) | (4 | ) | | | (3 | ) | (4 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
(55 | ) | (122 | ) | (3 | ) | 4 | 16 | (75 | ) | 1 | (4 | ) | |||||||||||||||||||
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Net increase (decrease) in net assets from contract transactions |
5,252 | 1,682 | 72,443 | 34,053 | (2,713 | ) | (10,513 | ) | (6,701 | ) | (50,682 | ) | ||||||||||||||||||||
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Total increase (decrease) in net assets |
18,247 | 3,547 | 120,246 | 39,290 | 994 | (12,487 | ) | 15,885 | (59,472 | ) | ||||||||||||||||||||||
Net Assets: |
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Beginning of period |
36,927 | 33,380 | 116,259 | 76,969 | 24,771 | 37,258 | 138,543 | 198,015 | ||||||||||||||||||||||||
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End of period |
$ | 55,174 | $ | 36,927 | $ | 236,505 | $ | 116,259 | $ | 25,765 | $ | 24,771 | $ | 154,428 | $ | 138,543 | ||||||||||||||||
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(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Technology | VIP Energy | |||||||||||||||||||||||||||||||
VIP Technology | Investor Class | VIP Energy | Investor Class | |||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
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Net investment income (loss) |
$ | (2,055 | ) | $ | (1,421 | ) | $ | (2,184 | ) | $ | (994 | ) | $ | 675 | $ | 285 | $ | 3,029 | $ | 1,484 | ||||||||||||
Net realized gain (loss) on investments |
53,330 | 25,134 | 267,047 | 108,374 | 438 | (4,446 | ) | 10,704 | 151 | |||||||||||||||||||||||
Unrealized appreciation (depreciation) |
7,649 | 72,895 | 58,291 | 373,245 | 6,905 | (4,435 | ) | 25,021 | (23,105 | ) | ||||||||||||||||||||||
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Net increase (decrease) in net assets from operations |
58,924 | 96,608 | 323,154 | 480,625 | 8,018 | (8,596 | ) | 38,754 | (21,470 | ) | ||||||||||||||||||||||
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Contract Transactions: |
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Payments received from contract owners |
881 | 752 | 21,793 | 18,589 | 89 | 28 | 2,273 | 688 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(6,693 | ) | 7,519 | (23,326 | ) | 107,172 | 6,235 | (486 | ) | 44,728 | 15,444 | |||||||||||||||||||||
Contract benefits |
(4,571 | ) | (3,297 | ) | (412 | ) | (1,106 | ) | (543 | ) | (1,263 | ) | (78 | ) | (54 | ) | ||||||||||||||||
Contract terminations |
(6,281 | ) | (5,378 | ) | (20,339 | ) | (23,022 | ) | (727 | ) | (673 | ) | (3,012 | ) | (1,070 | ) | ||||||||||||||||
Contract maintenance charges |
(35 | ) | (29 | ) | | | (7 | ) | (6 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
(405 | ) | 49 | 15 | (2 | ) | (47 | ) | (48 | ) | 6 | (6 | ) | |||||||||||||||||||
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Net increase (decrease) in net assets from contract transactions |
(17,104 | ) | (384 | ) | (22,269 | ) | 101,631 | 5,000 | (2,448 | ) | 43,917 | 15,002 | ||||||||||||||||||||
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Total increase (decrease) in net assets |
41,820 | 96,224 | 300,885 | 582,256 | 13,018 | (11,044 | ) | 82,671 | (6,468 | ) | ||||||||||||||||||||||
Net Assets: |
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Beginning of period |
248,510 | 152,286 | 1,254,095 | 671,839 | 14,829 | 25,873 | 66,258 | 72,726 | ||||||||||||||||||||||||
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End of period |
$ | 290,330 | $ | 248,510 | $ | 1,554,980 | $ | 1,254,095 | $ | 27,847 | $ | 14,829 | $ | 148,929 | $ | 66,258 | ||||||||||||||||
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See accompanying notes which are an integral part of the financial statements.
40 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2021 and 2020
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Health Care | VIP Health Care Investor Class |
VIP Financial Services |
VIP Financial Services Investor Class |
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12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
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Net investment income (loss) |
$ | (1,077 | ) | $ | (369 | ) | $ | (848 | ) | $ | 2,361 | $ | 278 | $ | 237 | $ | 3,107 | $ | 1,982 | |||||||||||||
Net realized gain (loss) on investments |
17,069 | 11,259 | 94,465 | 57,712 | 1,645 | 460 | 14,466 | 5,750 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(973 | ) | 14,003 | 651 | 83,697 | 4,066 | (1,638 | ) | 24,715 | (12,045 | ) | |||||||||||||||||||||
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Net increase (decrease) in net assets from operations |
15,019 | 24,893 | 94,268 | 143,770 | 5,989 | (941 | ) | 42,288 | (4,313 | ) | ||||||||||||||||||||||
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Contract Transactions: |
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Payments received from contract owners |
427 | 261 | 10,499 | 10,460 | 76 | 18 | 3,053 | 921 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(7,505 | ) | (2,507 | ) | (37,793 | ) | 23,312 | 9,554 | (2,572 | ) | 70,417 | (9,912 | ) | |||||||||||||||||||
Contract benefits |
(4,867 | ) | (3,353 | ) | (116 | ) | (168 | ) | (628 | ) | (369 | ) | (13 | ) | | |||||||||||||||||
Contract terminations |
(4,633 | ) | (3,187 | ) | (13,157 | ) | (13,746 | ) | (343 | ) | (580 | ) | (2,570 | ) | (2,412 | ) | ||||||||||||||||
Contract maintenance charges |
(20 | ) | (21 | ) | | | (6 | ) | (3 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
(20 | ) | (453 | ) | 6 | (2 | ) | 5 | (37 | ) | 1 | (4 | ) | |||||||||||||||||||
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Net increase (decrease) in net assets from contract transactions |
(16,618 | ) | (9,260 | ) | (40,561 | ) | 19,856 | 8,658 | (3,543 | ) | 70,888 | (11,407 | ) | |||||||||||||||||||
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Total increase (decrease) in net assets |
(1,599 | ) | 15,633 | 53,707 | 163,626 | 14,647 | (4,484 | ) | 113,176 | (15,720 | ) | |||||||||||||||||||||
Net Assets: |
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Beginning of period |
145,735 | 130,102 | 844,282 | 680,656 | 17,730 | 22,214 | 108,409 | 124,129 | ||||||||||||||||||||||||
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End of period |
$ | 144,136 | $ | 145,735 | $ | 897,989 | $ | 844,282 | $ | 32,377 | $ | 17,730 | $ | 221,585 | $ | 108,409 | ||||||||||||||||
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(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Industrials | VIP Industrials Investor Class |
VIP Consumer Discretionary |
VIP Consumer Investor Class |
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12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
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Net investment income (loss) |
$ | (227 | ) | $ | (68 | ) | $ | (205 | ) | $ | 333 | $ | (237 | ) | $ | (158 | ) | $ | (417 | ) | $ | (133 | ) | |||||||||
Net realized gain (loss) on investments |
4,379 | 776 | 20,939 | 2,234 | 4,618 | 1,624 | 32,025 | 9,326 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(66 | ) | 1,267 | (1,239 | ) | 5,773 | 302 | 5,019 | 9,857 | 39,979 | ||||||||||||||||||||||
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Net increase (decrease) in net assets from operations |
4,086 | 1,975 | 19,495 | 8,340 | 4,683 | 6,485 | 41,465 | 49,172 | ||||||||||||||||||||||||
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Contract Transactions: |
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Payments received from contract owners |
79 | 14 | 1,190 | 462 | 97 | 32 | 3,866 | 1,162 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(1,247 | ) | (3,510 | ) | (10,510 | ) | (9,729 | ) | 1,086 | (2,471 | ) | 11,180 | 8,279 | |||||||||||||||||||
Contract benefits |
(894 | ) | (521 | ) | (23 | ) | (10 | ) | (1,111 | ) | (905 | ) | (6 | ) | (2 | ) | ||||||||||||||||
Contract terminations |
(886 | ) | (988 | ) | (1,535 | ) | (1,854 | ) | (868 | ) | (612 | ) | (4,239 | ) | (4,445 | ) | ||||||||||||||||
Contract maintenance charges |
(3 | ) | (3 | ) | | | (4 | ) | (3 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
(82 | ) | (22 | ) | | 1 | (74 | ) | 44 | 2 | (4 | ) | ||||||||||||||||||||
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Net increase (decrease) in net assets from contract transactions |
(3,033 | ) | (5,030 | ) | (10,878 | ) | (11,130 | ) | (874 | ) | (3,915 | ) | 10,803 | 4,990 | ||||||||||||||||||
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Total increase (decrease) in net assets |
1,053 | (3,055 | ) | 8,617 | (2,790 | ) | 3,809 | 2,570 | 52,268 | 54,162 | ||||||||||||||||||||||
Net Assets: |
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Beginning of period |
27,545 | 30,600 | 121,047 | 123,837 | 25,632 | 23,062 | 214,538 | 160,376 | ||||||||||||||||||||||||
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End of period |
$ | 28,598 | $ | 27,545 | $ | 129,664 | $ | 121,047 | $ | 29,441 | $ | 25,632 | $ | 266,806 | $ | 214,538 | ||||||||||||||||
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See accompanying notes which are an integral part of the financial statements.
41 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2021 and 2020
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Real Estate | VIP Real Estate Investor Class |
VIP Strategic Income |
VIP Strategic Income Investor Class |
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12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
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Net investment income (loss) |
$ | 99 | $ | 331 | $ | 1,750 | $ | 2,560 | $ | 998 | $ | 1,291 | $ | 22,261 | $ | 25,795 | ||||||||||||||||
Net realized gain (loss) on investments |
69 | (741 | ) | 4,067 | 1,168 | 1,064 | 262 | 17,297 | 5,402 | |||||||||||||||||||||||
Unrealized appreciation (depreciation) |
9,180 | (2,476 | ) | 51,028 | (18,016 | ) | (481 | ) | 1,708 | (8,410 | ) | 25,123 | ||||||||||||||||||||
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Net increase (decrease) in net assets from operations |
9,348 | (2,886 | ) | 56,845 | (14,288 | ) | 1,581 | 3,261 | 31,148 | 56,320 | ||||||||||||||||||||||
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Contract Transactions: |
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Payments received from contract owners |
108 | 33 | 2,658 | 1,201 | 160 | 77 | 16,164 | 7,207 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
2,101 | (3,967 | ) | 28,592 | (23,169 | ) | 2,083 | (3,788 | ) | 11,962 | (56,127 | ) | ||||||||||||||||||||
Contract benefits |
(886 | ) | (678 | ) | (251 | ) | (85 | ) | (1,469 | ) | (1,654 | ) | (755 | ) | (228 | ) | ||||||||||||||||
Contract terminations |
(1,309 | ) | (648 | ) | (2,826 | ) | (2,921 | ) | (2,213 | ) | (3,105 | ) | (18,249 | ) | (23,893 | ) | ||||||||||||||||
Contract maintenance charges |
(6 | ) | (6 | ) | | | (6 | ) | (6 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
(41 | ) | (148 | ) | (1 | ) | (2 | ) | (25 | ) | (251 | ) | (2 | ) | 6 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(33 | ) | (5,414 | ) | 28,172 | (24,976 | ) | (1,470 | ) | (8,727 | ) | 9,120 | (73,035 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
9,315 | (8,300 | ) | 85,017 | (39,264 | ) | 111 | (5,466 | ) | 40,268 | (16,715 | ) | ||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
25,031 | 33,331 | 136,135 | 175,399 | 56,046 | 61,512 | 879,413 | 896,128 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 34,346 | $ | 25,031 | $ | 221,152 | $ | 136,135 | $ | 56,157 | $ | 56,046 | $ | 919,681 | $ | 879,413 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) | Subaccounts Investing In: | |||||||||||||||
VIP International Capital |
VIP International Capital Appreciation, Investor Class |
|||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | (196 | ) | $ | (105 | ) | $ | (610 | ) | $ | 261 | |||||
Net realized gain (loss) on investments |
3,563 | 1,808 | 42,478 | 22,184 | ||||||||||||
Unrealized appreciation (depreciation) |
(863 | ) | 2,055 | (215 | ) | 34,042 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets from operations |
2,504 | 3,758 | 41,653 | 56,487 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Contract Transactions: |
||||||||||||||||
Payments received from contract owners |
38 | 34 | 5,929 | 3,702 | ||||||||||||
Transfers between sub-accounts and the fixed account, net |
(3,886 | ) | 586 | 1,538 | 498 | |||||||||||
Contract benefits |
(420 | ) | (305 | ) | (591 | ) | (26 | ) | ||||||||
Contract terminations |
(359 | ) | (593 | ) | (4,988 | ) | (7,906 | ) | ||||||||
Contract maintenance charges |
(2 | ) | (2 | ) | | | ||||||||||
Other transfers (to) from FILI, net |
(4 | ) | 17 | (1 | ) | 2 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets from contract transactions |
(4,633 | ) | (263 | ) | 1,887 | (3,730 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total increase (decrease) in net assets |
(2,129 | ) | 3,495 | 43,540 | 52,757 | |||||||||||
Net Assets: |
||||||||||||||||
Beginning of period |
24,736 | 21,241 | 342,612 | 289,855 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 22,607 | $ | 24,736 | $ | 386,152 | $ | 342,612 | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
42 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2021 and 2020
(In thousands) | Subaccounts Investing In: | |||||||||||||||
VIP Value | VIP Value Investor Class |
|||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | 217 | $ | 96 | $ | 2,870 | $ | 1,340 | ||||||||
Net realized gain (loss) on investments |
3,887 | 385 | 31,912 | 477 | ||||||||||||
Unrealized appreciation (depreciation) |
1,597 | 155 | 8,678 | 944 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets from operations |
5,701 | 636 | 43,460 | 2,761 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Contract Transactions: |
||||||||||||||||
Payments received from contract owners |
27 | 14 | 5,152 | 994 | ||||||||||||
Transfers between sub-accounts and the fixed account, net |
5,729 | (841 | ) | 42,048 | (12,014 | ) | ||||||||||
Contract benefits |
(441 | ) | (568 | ) | (18 | ) | (5 | ) | ||||||||
Contract terminations |
(1,036 | ) | (303 | ) | (3,504 | ) | (1,968 | ) | ||||||||
Contract maintenance charges |
(3 | ) | (2 | ) | | | ||||||||||
Other transfers (to) from FILI, net |
(73 | ) | (108 | ) | | (1 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets from contract transactions |
4,203 | (1,808 | ) | 43,678 | (12,994 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total increase (decrease) in net assets |
9,904 | (1,172 | ) | 87,138 | (10,233 | ) | ||||||||||
Net Assets: |
||||||||||||||||
Beginning of period |
16,940 | 18,112 | 131,011 | 141,244 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 26,844 | $ | 16,940 | $ | 218,149 | $ | 131,011 | ||||||||
|
|
|
|
|
|
|
|
(In thousands) | Subaccounts Investing In: | |||||||||||||||
VIP Freedom Income |
VIP Investor Freedom Income Investor Class |
|||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | 22 | $ | 62 | $ | 781 | $ | 989 | ||||||||
Net realized gain (loss) on investments |
531 | 367 | 4,234 | 3,348 | ||||||||||||
Unrealized appreciation (depreciation) |
(269 | ) | 661 | (2,121 | ) | 3,951 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets from operations |
284 | 1,090 | 2,894 | 8,288 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Contract Transactions: |
||||||||||||||||
Payments received from contract owners |
24 | 24 | 2,170 | 885 | ||||||||||||
Transfers between sub-accounts and the fixed account, net |
(887 | ) | 1,346 | 3,114 | 6,261 | |||||||||||
Contract benefits |
(174 | ) | (117 | ) | (664 | ) | (29 | ) | ||||||||
Contract terminations |
(361 | ) | (806 | ) | (3,273 | ) | (3,617 | ) | ||||||||
Contract maintenance charges |
(1 | ) | (2 | ) | | | ||||||||||
Other transfers (to) from FILI, net |
8 | (3 | ) | (2 | ) | 60 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets from contract transactions |
(1,391 | ) | 442 | 1,345 | 3,560 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total increase (decrease) in net assets |
(1,107 | ) | 1,532 | 4,239 | 11,848 | |||||||||||
Net Assets: |
||||||||||||||||
Beginning of period |
12,440 | 10,908 | 92,853 | 81,005 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 11,333 | $ | 12,440 | $ | 97,092 | $ | 92,853 | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
43 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2021 and 2020
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Freedom 2005 | VIP Investor Freedom 2005 Investor Class |
VIP Freedom 2010 | VIP Investor Freedom 2010 Investor Class |
|||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 24 | $ | 42 | $ | 232 | $ | 361 | $ | 26 | $ | 51 | $ | 623 | $ | 694 | ||||||||||||||||
Net realized gain (loss) on investments |
316 | 349 | 2,170 | 1,461 | 552 | 495 | 3,699 | 3,129 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(53 | ) | 472 | (1,129 | ) | 1,322 | (67 | ) | 491 | (287 | ) | 3,492 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
287 | 863 | 1,273 | 3,144 | 511 | 1,037 | 4,035 | 7,315 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
| | 786 | 521 | 31 | 1 | 3,128 | 1,104 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(166 | ) | 853 | (6,940 | ) | 1,764 | (58 | ) | 322 | 3,348 | 2,355 | |||||||||||||||||||||
Contract benefits |
(77 | ) | (116 | ) | | (38 | ) | (29 | ) | (52 | ) | | | |||||||||||||||||||
Contract terminations |
(284 | ) | (941 | ) | (826 | ) | (1,357 | ) | (446 | ) | (682 | ) | (1,985 | ) | (1,772 | ) | ||||||||||||||||
Contract maintenance charges |
(1 | ) | (1 | ) | | | (2 | ) | (2 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
| | | 1 | (2 | ) | 6 | 1 | (3 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(528 | ) | (205 | ) | (6,980 | ) | 891 | (506 | ) | (407 | ) | 4,492 | 1,684 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
(241 | ) | 658 | (5,707 | ) | 4,035 | 5 | 630 | 8,527 | 8,999 | ||||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
9,000 | 8,342 | 33,642 | 29,607 | 10,486 | 9,856 | 70,453 | 61,454 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 8,759 | $ | 9,000 | $ | 27,935 | $ | 33,642 | $ | 10,491 | $ | 10,486 | $ | 78,980 | $ | 70,453 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Freedom 2015 | VIP Investor Freedom 2015 Investor Class |
VIP Freedom 2020 | VIP Investor Freedom 2020 Investor Class |
|||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 68 | $ | 104 | $ | 923 | $ | 1,029 | $ | 54 | $ | 124 | $ | 1,924 | $ | 2,054 | ||||||||||||||||
Net realized gain (loss) on investments |
1,342 | 1,215 | 7,317 | 6,060 | 2,404 | 1,720 | 16,341 | 14,053 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
151 | 1,286 | (336 | ) | 5,126 | (208 | ) | 1,361 | 1,370 | 10,276 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
1,561 | 2,605 | 7,904 | 12,215 | 2,250 | 3,205 | 19,635 | 26,383 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
27 | 10 | 2,287 | 954 | 89 | 38 | 5,223 | 4,782 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(379 | ) | (666 | ) | 1,816 | (1,950 | ) | (2,689 | ) | (866 | ) | (845 | ) | (12,424 | ) | |||||||||||||||||
Contract benefits |
(68 | ) | (297 | ) | (327 | ) | (356 | ) | (45 | ) | (62 | ) | (42 | ) | (133 | ) | ||||||||||||||||
Contract terminations |
(946 | ) | (1,439 | ) | (2,914 | ) | (5,115 | ) | (1,672 | ) | (1,209 | ) | (6,374 | ) | (9,192 | ) | ||||||||||||||||
Contract maintenance charges |
(2 | ) | (3 | ) | | | (4 | ) | (4 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
7 | 7 | | | 5 | (25 | ) | 1 | (1 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(1,361 | ) | (2,388 | ) | 862 | (6,467 | ) | (4,316 | ) | (2,128 | ) | (2,037 | ) | (16,968 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
200 | 217 | 8,766 | 5,748 | (2,066 | ) | 1,077 | 17,598 | 9,415 | |||||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
23,473 | 23,256 | 104,884 | 99,136 | 26,850 | 25,773 | 213,363 | 203,948 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 23,673 | $ | 23,473 | $ | 113,650 | $ | 104,884 | $ | 24,784 | $ | 26,850 | $ | 230,961 | $ | 213,363 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
44 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2021 and 2020
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Freedom 2025 | VIP Investor Freedom 2025 Investor Class |
VIP Freedom 2030 | VIP Investor Freedom 2030 Investor Class |
|||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 70 | $ | 77 | $ | 2,473 | $ | 2,449 | $ | 78 | $ | 91 | $ | 3,208 | $ | 2,706 | ||||||||||||||||
Net realized gain (loss) on investments |
1,323 | 1,022 | 22,105 | 15,014 | 1,634 | 1,081 | 23,852 | 17,922 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
910 | 1,460 | 3,557 | 17,521 | 987 | 1,722 | 12,208 | 21,386 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
2,303 | 2,559 | 28,135 | 34,984 | 2,699 | 2,894 | 39,268 | 42,014 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
25 | 57 | 6,936 | 6,123 | 875 | 147 | 15,182 | 11,013 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
3,165 | 708 | 1,438 | (1,290 | ) | 880 | 33 | 36,824 | (520 | ) | ||||||||||||||||||||||
Contract benefits |
(88 | ) | (75 | ) | (544 | ) | | (156 | ) | (12 | ) | (786 | ) | (74 | ) | |||||||||||||||||
Contract terminations |
(234 | ) | (558 | ) | (9,446 | ) | (6,153 | ) | (667 | ) | (631 | ) | (5,132 | ) | (6,708 | ) | ||||||||||||||||
Contract maintenance charges |
(5 | ) | (4 | ) | | | (7 | ) | (6 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
4 | 2 | (1 | ) | | 4 | 1 | (1 | ) | 2 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
2,867 | 130 | (1,617 | ) | (1,320 | ) | 929 | (468 | ) | 46,087 | 3,713 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
5,170 | 2,689 | 26,518 | 33,664 | 3,628 | 2,426 | 85,355 | 45,727 | ||||||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
20,442 | 17,753 | 263,893 | 230,229 | 22,983 | 20,557 | 305,469 | 259,742 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 25,612 | $ | 20,442 | $ | 290,411 | $ | 263,893 | $ | 26,611 | $ | 22,983 | $ | 390,824 | $ | 305,469 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP Freedom Lifetime Income I |
VIP Freedom Lifetime Income II |
VIP Freedom Lifetime Income III |
||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||
Operations: |
||||||||||||||||||||||||
Net investment income (loss) |
$ | 43 | $ | 76 | $ | 139 | $ | 220 | $ | 150 | $ | 195 | ||||||||||||
Net realized gain (loss) on investments |
423 | 453 | 1,861 | 1,809 | 2,108 | 1,750 | ||||||||||||||||||
Unrealized appreciation (depreciation) |
(189 | ) | 474 | (209 | ) | 1,584 | 644 | 2,259 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
277 | 1,003 | 1,791 | 3,613 | 2,902 | 4,204 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Contract Transactions: |
||||||||||||||||||||||||
Payments received from contract owners |
| | | | | | ||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
| 100 | (422 | ) | 157 | (2 | ) | (231 | ) | |||||||||||||||
Contract benefits |
(878 | ) | (836 | ) | (2,386 | ) | (2,464 | ) | (2,190 | ) | (1,875 | ) | ||||||||||||
Contract terminations |
(37 | ) | | (19 | ) | (194 | ) | (33 | ) | (93 | ) | |||||||||||||
Contract maintenance charges |
| | | | | | ||||||||||||||||||
Other transfers (to) from FILI, net |
(186 | ) | (318 | ) | 93 | (533 | ) | 55 | 81 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from contract transactions |
(1,101 | ) | (1,054 | ) | (2,734 | ) | (3,034 | ) | (2,170 | ) | (2,118 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total increase (decrease) in net assets |
(824 | ) | (51 | ) | (943 | ) | 579 | 732 | 2,086 | |||||||||||||||
Net Assets: |
||||||||||||||||||||||||
Beginning of period |
10,968 | 11,019 | 33,150 | 32,571 | 32,659 | 30,573 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 10,144 | $ | 10,968 | $ | 32,207 | $ | 33,150 | $ | 33,391 | $ | 32,659 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
45 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2021 and 2020
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Disciplined Small Cap |
VIP Disciplined Small Cap Investor Class |
VIP FundsManager 20% Investor Class |
VIP FundsManager 50% Investor Class |
|||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | (129 | ) | $ | (6 | ) | $ | 487 | $ | 984 | $ | 7,083 | $ | 7,176 | $ | 16,461 | $ | 13,807 | ||||||||||||||
Net realized gain (loss) on investments |
2,726 | (877 | ) | 21,412 | (6,031 | ) | 9,366 | 7,964 | 60,806 | 49,797 | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
1,692 | 3,203 | 27,422 | 33,658 | 12,753 | 46,208 | 94,755 | 140,959 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
4,289 | 2,320 | 49,321 | 28,611 | 29,202 | 61,348 | 172,022 | 204,563 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
98 | 20 | 8,374 | 1,213 | 28,764 | 17,325 | 36,202 | 25,485 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
3,200 | (2,142 | ) | 41,149 | (4,324 | ) | 22,829 | 74,500 | 84,971 | (7,274 | ) | |||||||||||||||||||||
Contract benefits |
(614 | ) | (318 | ) | (208 | ) | (41 | ) | (4,507 | ) | (3,495 | ) | (17,681 | ) | (13,976 | ) | ||||||||||||||||
Contract terminations |
(692 | ) | (549 | ) | (5,680 | ) | (3,728 | ) | (24,490 | ) | (35,786 | ) | (53,309 | ) | (54,688 | ) | ||||||||||||||||
Contract maintenance charges |
(4 | ) | (2 | ) | | | (7 | ) | (7 | ) | (10 | ) | (11 | ) | ||||||||||||||||||
Other transfers (to) from FILI, net |
(119 | ) | (29 | ) | 1 | | 68 | 220 | (976 | ) | (309 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
1,869 | (3,020 | ) | 43,636 | (6,880 | ) | 22,657 | 52,757 | 49,197 | (50,773 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
6,158 | (700 | ) | 92,957 | 21,731 | 51,859 | 114,105 | 221,219 | 153,790 | |||||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
20,323 | 21,023 | 233,854 | 212,123 | 858,205 | 744,100 | 1,748,196 | 1,594,406 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 26,481 | $ | 20,323 | $ | 326,811 | $ | 233,854 | $ | 910,064 | $ | 858,205 | $ | 1,969,415 | $ | 1,748,196 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||
VIP FundsManager 60% |
VIP FundsManager 70% |
VIP FundsManager 85% |
||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||
Operations: |
||||||||||||||||||||||||
Net investment income (loss) |
$ | 13,038 | $ | 9,365 | $ | 15,030 | $ | 10,187 | $ | 4,612 | $ | 2,828 | ||||||||||||
Net realized gain (loss) on investments |
76,476 | 65,372 | 54,124 | 53,488 | 29,240 | 20,886 | ||||||||||||||||||
Unrealized appreciation (depreciation) |
155,598 | 184,037 | 169,716 | 155,540 | 65,442 | 56,331 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from operations |
245,112 | 258,774 | 238,870 | 219,215 | 99,294 | 80,045 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Contract Transactions: |
||||||||||||||||||||||||
Payments received from contract owners |
35,941 | 21,177 | 42,738 | 28,134 | 15,480 | 9,134 | ||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
68,310 | (10,004 | ) | 105,513 | (44,468 | ) | 33,714 | (14,654 | ) | |||||||||||||||
Contract benefits |
(13,309 | ) | (11,960 | ) | (6,278 | ) | (4,922 | ) | (3,908 | ) | (3,803 | ) | ||||||||||||
Contract terminations |
(94,956 | ) | (87,592 | ) | (43,733 | ) | (47,609 | ) | (13,192 | ) | (16,073 | ) | ||||||||||||
Contract maintenance charges |
(10 | ) | (9 | ) | (9 | ) | (8 | ) | (5 | ) | (5 | ) | ||||||||||||
Other transfers (to) from FILI, net |
(146 | ) | 156 | (109 | ) | (347 | ) | 126 | 8 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from contract transactions |
(4,170 | ) | (88,232 | ) | 98,122 | (69,220 | ) | 32,215 | (25,393 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total increase (decrease) in net assets |
240,942 | 170,542 | 336,992 | 149,995 | 131,509 | 54,652 | ||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||
Beginning of period |
2,089,299 | 1,918,757 | 1,642,730 | 1,492,735 | 555,416 | 500,764 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 2,330,241 | $ | 2,089,299 | $ | 1,979,722 | $ | 1,642,730 | $ | 686,925 | $ | 555,416 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
46 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2021 and 2020
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Consumer Staples |
VIP Consumer Staples Investor Class |
VIP Materials | VIP Materials Investor Class |
|||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 198 | $ | 187 | $ | 3,420 | $ | 3,102 | $ | (7 | ) | $ | (5 | ) | $ | 372 | $ | 158 | ||||||||||||||
Net realized gain (loss) on investments |
1,160 | 649 | 14,718 | 7,488 | 1,010 | (433 | ) | 7,054 | (1,606 | ) | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
949 | 929 | 9,253 | 8,908 | 2,428 | 1,829 | 9,618 | 7,889 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
2,307 | 1,765 | 27,391 | 19,498 | 3,431 | 1,391 | 17,044 | 6,441 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
51 | 76 | 2,321 | 2,752 | 57 | 4 | 2,662 | 215 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(616 | ) | (2,226 | ) | (12,863 | ) | (19,885 | ) | 6,329 | 65 | 25,712 | 6,073 | ||||||||||||||||||||
Contract benefits |
(452 | ) | (429 | ) | (16 | ) | (37 | ) | (327 | ) | (179 | ) | (4 | ) | (60 | ) | ||||||||||||||||
Contract terminations |
(628 | ) | (283 | ) | (4,825 | ) | (4,513 | ) | (441 | ) | (212 | ) | (2,309 | ) | (593 | ) | ||||||||||||||||
Contract maintenance charges |
(3 | ) | (3 | ) | | | (5 | ) | (3 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
(28 | ) | (52 | ) | (1 | ) | 6 | (11 | ) | 5 | 2 | 1 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(1,676 | ) | (2,917 | ) | (15,384 | ) | (21,677 | ) | 5,602 | (320 | ) | 26,063 | 5,636 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
631 | (1,152 | ) | 12,007 | (2,179 | ) | 9,033 | 1,071 | 43,107 | 12,077 | ||||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
18,751 | 19,903 | 206,315 | 208,494 | 9,321 | 8,250 | 44,230 | 32,153 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 19,382 | $ | 18,751 | $ | 218,322 | $ | 206,315 | $ | 18,354 | $ | 9,321 | $ | 87,337 | $ | 44,230 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Communication |
VIP Communication Services Investor Class |
VIP Emerging Markets |
VIP Emerging Markets Investor Class |
|||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | (132 | ) | $ | (77 | ) | $ | (219 | ) | $ | (123 | ) | $ | 153 | $ | 7 | $ | 2,822 | $ | 586 | ||||||||||||
Net realized gain (loss) on investments |
2,131 | 451 | 19,669 | 2,858 | 2,812 | 1,285 | 24,318 | 10,216 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(322 | ) | 2,449 | (5,063 | ) | 18,345 | (3,416 | ) | 1,734 | (33,149 | ) | 15,008 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
1,677 | 2,823 | 14,387 | 21,080 | (451 | ) | 3,026 | (6,009 | ) | 25,810 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
89 | 45 | 3,494 | 1,949 | 105 | 10 | 4,806 | 1,098 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
3,484 | 595 | 15,321 | 6,163 | (2,739 | ) | 2,873 | 18,217 | 14,827 | |||||||||||||||||||||||
Contract benefits |
(554 | ) | (234 | ) | (12 | ) | | (143 | ) | (95 | ) | (289 | ) | (55 | ) | |||||||||||||||||
Contract terminations |
(420 | ) | (155 | ) | (2,264 | ) | (1,773 | ) | (316 | ) | (701 | ) | (1,927 | ) | (1,949 | ) | ||||||||||||||||
Contract maintenance charges |
(3 | ) | (2 | ) | | | (2 | ) | (2 | ) | | | ||||||||||||||||||||
Other transfers (to) from FILI, net |
(76 | ) | 46 | 1 | (2 | ) | 22 | 8 | 1 | 5 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
2,520 | 295 | 16,540 | 6,337 | (3,073 | ) | 2,093 | 20,808 | 13,926 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
4,197 | 3,118 | 30,927 | 27,417 | (3,524 | ) | 5,119 | 14,799 | 39,736 | |||||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
11,925 | 8,807 | 93,182 | 65,765 | 15,423 | 10,304 | 127,810 | 88,074 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 16,122 | $ | 11,925 | $ | 124,109 | $ | 93,182 | $ | 11,899 | $ | 15,423 | $ | 142,609 | $ | 127,810 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
47 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2021 and 2020
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Floating Rate High Income |
VIP Floating Rate High Income Investor Class |
VIP Bond Index |
VIP Total Market Index |
|||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 134 | $ | 284 | $ | 4,726 | $ | 6,838 | $ | 3,185 | $ | 3,292 | $ | 3,707 | $ | 2,498 | ||||||||||||||||
Net realized gain (loss) on investments |
4 | (517 | ) | 515 | (9,175 | ) | 4,349 | 9,873 | 22,900 | 5,850 | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
171 | (52 | ) | 2,757 | (1,384 | ) | (17,433 | ) | 6,677 | 56,026 | 29,358 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
309 | (285 | ) | 7,998 | (3,721 | ) | (9,899 | ) | 19,842 | 82,633 | 37,706 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
| | 8,983 | 2,161 | 11,271 | 19,300 | 19,085 | 6,739 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
1,956 | (3,855 | ) | 52,886 | (69,498 | ) | (18,479 | ) | 209,955 | 158,365 | 40,136 | |||||||||||||||||||||
Contract benefits |
(97 | ) | (96 | ) | (33 | ) | (66 | ) | (684 | ) | (1,335 | ) | (904 | ) | (66 | ) | ||||||||||||||||
Contract terminations |
(719 | ) | (470 | ) | (6,064 | ) | (6,225 | ) | (15,250 | ) | (14,770 | ) | (7,288 | ) | (4,920 | ) | ||||||||||||||||
Contract maintenance charges |
(1 | ) | (1 | ) | | | (3 | ) | (4 | ) | (2 | ) | (1 | ) | ||||||||||||||||||
Other transfers (to) from FILI, net |
12 | (22 | ) | | 1 | 2 | (5 | ) | (2 | ) | 11 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
1,151 | (4,444 | ) | 55,772 | (73,627 | ) | (23,143 | ) | 213,141 | 169,254 | 41,899 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
1,460 | (4,729 | ) | 63,770 | (77,348 | ) | (33,042 | ) | 232,983 | 251,887 | 79,605 | |||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
6,768 | 11,497 | 144,396 | 221,744 | 449,910 | 216,927 | 236,733 | 157,128 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 8,228 | $ | 6,768 | $ | 208,166 | $ | 144,396 | $ | 416,868 | $ | 449,910 | $ | 488,620 | $ | 236,733 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP Extended Market Index |
VIP International Index |
VIF Emerging Markets Equity |
VIF Emerging Markets Debt |
|||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 1,425 | $ | 650 | $ | 5,502 | $ | 1,788 | $ | 284 | $ | 504 | $ | 4,800 | $ | 4,305 | ||||||||||||||||
Net realized gain (loss) on investments |
18,372 | 898 | 5,517 | 2,004 | 7 | (1,222 | ) | (702 | ) | (3,203 | ) | |||||||||||||||||||||
Unrealized appreciation (depreciation) |
(1,499 | ) | 6,529 | 1,247 | 11,944 | 1,456 | 7,809 | (6,425 | ) | 2,556 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
18,298 | 8,077 | 12,266 | 15,736 | 1,747 | 7,091 | (2,327 | ) | 3,658 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
5,299 | 2,722 | 7,962 | 3,542 | 333 | 233 | 605 | 342 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
47,137 | (300 | ) | 75,440 | 30,637 | (3,608 | ) | (4,328 | ) | (5,857 | ) | (15,219 | ) | |||||||||||||||||||
Contract benefits |
(260 | ) | (137 | ) | (271 | ) | (486 | ) | (692 | ) | (883 | ) | (363 | ) | (312 | ) | ||||||||||||||||
Contract terminations |
(2,425 | ) | (981 | ) | (4,331 | ) | (1,897 | ) | (2,352 | ) | (1,116 | ) | (1,665 | ) | (2,849 | ) | ||||||||||||||||
Contract maintenance charges |
(1 | ) | | (1 | ) | | (4 | ) | (4 | ) | (2 | ) | (2 | ) | ||||||||||||||||||
Other transfers (to) from FILI, net |
38 | | 6 | 16 | (9 | ) | (120 | ) | (35 | ) | (39 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
49,788 | 1,304 | 78,805 | 31,812 | (6,332 | ) | (6,218 | ) | (7,317 | ) | (18,079 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
68,086 | 9,381 | 91,071 | 47,548 | (4,585 | ) | 873 | (9,644 | ) | (14,421 | ) | |||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
72,634 | 63,253 | 149,743 | 102,195 | 65,240 | 64,367 | 104,004 | 118,425 | ||||||||||||||||||||||||
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|||||||||||||||||
End of period |
$ | 140,720 | $ | 72,634 | $ | 240,814 | $ | 149,743 | $ | 60,655 | $ | 65,240 | $ | 94,360 | $ | 104,004 | ||||||||||||||||
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|
|
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|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
48 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2021 and 2020
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIF Global Strategist Class II |
Invesco V.I. Global Core Equity |
Allspring VT Discovery |
Allspring VT Opportunity |
|||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 422 | $ | 262 | $ | 141 | $ | 181 | $ | (352 | ) | $ | (278 | ) | $ | (190 | ) | $ | (76 | ) | ||||||||||||
Net realized gain (loss) on investments |
1,116 | 1,429 | 5,308 | 2627 | 4,352 | 3,278 | 1,733 | 1,496 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
631 | 703 | (1,887 | ) | 1,808 | (6,481 | ) | 14,266 | 3,603 | 2,276 | ||||||||||||||||||||||
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|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
2,169 | 2,394 | 3,562 | 2,251 | (2,481 | ) | 17,266 | 5,146 | 3,696 | |||||||||||||||||||||||
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|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
212 | 52 | 496 | 45 | | | | | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(937 | ) | (1,102 | ) | 1,074 | (2,213 | ) | (995 | ) | (1,281 | ) | (1,026 | ) | (1,081 | ) | |||||||||||||||||
Contract benefits |
(304 | ) | (325 | ) | (262 | ) | (178 | ) | (1,227 | ) | (610 | ) | (383 | ) | (371 | ) | ||||||||||||||||
Contract terminations |
(363 | ) | (515 | ) | (224 | ) | (584 | ) | (1,117 | ) | (1,247 | ) | (692 | ) | (375 | ) | ||||||||||||||||
Contract maintenance charges |
(1 | ) | (1 | ) | (1 | ) | (1 | ) | (7 | ) | (7 | ) | (2 | ) | (2 | ) | ||||||||||||||||
Other transfers (to) from FILI, net |
(48 | ) | (131 | ) | 25 | (1 | ) | (36 | ) | (217 | ) | (18 | ) | (26 | ) | |||||||||||||||||
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|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(1,441 | ) | (2,022 | ) | 1,108 | (2,932 | ) | (3,382 | ) | (3,362 | ) | (2,121 | ) | (1,855 | ) | |||||||||||||||||
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|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
728 | 372 | 4,670 | (681 | ) | (5,863 | ) | 13,904 | 3,025 | 1,841 | ||||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
27,284 | 26,912 | 22,296 | 22,977 | 44,568 | 30,664 | 22,777 | 20,936 | ||||||||||||||||||||||||
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End of period |
$ | 28,012 | $ | 27,284 | $ | 26,966 | $ | 22,296 | $ | 38,705 | $ | 44,568 | $ | 25,802 | $ | 22,777 | ||||||||||||||||
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|
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
Lazard Retirement Emerging Markets |
PVIT Commodity Real Return |
PVIT Low Duration |
PVIT Real Return |
|||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 1,416 | $ | 1,832 | $ | 1,319 | $ | 660 | $ | 1,190 | $ | 3,774 | $ | 10,409 | $ | 2,229 | ||||||||||||||||
Net realized gain (loss) on investments |
(917 | ) | (5,670 | ) | 2,230 | 47 | (278 | ) | 158 | 447 | (372 | ) | ||||||||||||||||||||
Unrealized appreciation (depreciation) |
3,555 | (770 | ) | 2,642 | (502 | ) | (5,495 | ) | 6,709 | 421 | 17,647 | |||||||||||||||||||||
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|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
4,054 | (4,608 | ) | 6,191 | 205 | (4,583 | ) | 10,641 | 11,277 | 19,504 | ||||||||||||||||||||||
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|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
182 | 263 | 2,309 | 77 | 5,931 | 8,085 | 5,625 | 2,510 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(5,612 | ) | (14,915 | ) | 18,757 | 804 | (51,649 | ) | 72,977 | 33,937 | 24,479 | |||||||||||||||||||||
Contract benefits |
(102 | ) | (107 | ) | (68 | ) | (2 | ) | (691 | ) | (963 | ) | (230 | ) | (181 | ) | ||||||||||||||||
Contract terminations |
(1,326 | ) | (2,133 | ) | (398 | ) | (262 | ) | (20,940 | ) | (22,769 | ) | (16,419 | ) | (5,577 | ) | ||||||||||||||||
Contract maintenance charges |
(1 | ) | (1 | ) | | | (3 | ) | (4 | ) | (2 | ) | (2 | ) | ||||||||||||||||||
Other transfers (to) from FILI, net |
9 | 6 | 13 | (1 | ) | 14 | (25 | ) | 20 | (61 | ) | |||||||||||||||||||||
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|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(6,850 | ) | (16,887 | ) | 20,613 | 616 | (67,338 | ) | 57,301 | 22,931 | 21,168 | |||||||||||||||||||||
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|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
(2,796 | ) | (21,495 | ) | 26,804 | 821 | (71,921 | ) | 67,942 | 34,208 | 40,672 | |||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
73,684 | 95,179 | 12,978 | 12,157 | 442,946 | 375,004 | 208,969 | 168,297 | ||||||||||||||||||||||||
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End of period |
$ | 70,888 | $ | 73,684 | $ | 39,782 | $ | 12,978 | $ | 371,025 | $ | 442,946 | $ | 243,177 | $ | 208,969 | ||||||||||||||||
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|
See accompanying notes which are an integral part of the financial statements.
49 | Annual Report |
Fidelity Investments Variable Annuity Account I
Statements of Changes in Net Assets - continued
For the years ended December 31, 2021 and 2020
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
PVIT Total Return |
Blackrock Global Allocation V.I. |
FTVIP Templeton Global Bond |
FTVIP Franklin U.S. Govt Securities |
|||||||||||||||||||||||||||||
12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | 12/31/21 | 12/31/20 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 8,605 | $ | 10,727 | $ | 1,110 | $ | 1,563 | $ | (118 | ) | $ | 5,876 | $ | 1,936 | $ | 3,107 | |||||||||||||||
Net realized gain (loss) on investments |
22,623 | 7,633 | 30,663 | 8,379 | (2,568 | ) | (2,070 | ) | (398 | ) | 218 | |||||||||||||||||||||
Unrealized appreciation (depreciation) |
(39,806 | ) | 26,256 | (19,865 | ) | 20,368 | (466 | ) | (8,153 | ) | (3,466 | ) | (916 | ) | ||||||||||||||||||
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|||||||||||||||||
Net increase (decrease) in net assets from operations |
(8,578 | ) | 44,616 | 11,908 | 30,310 | (3,152 | ) | (4,347 | ) | (1,928 | ) | 2,409 | ||||||||||||||||||||
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|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
4,500 | 8,344 | 2,042 | 832 | 542 | 294 | 2,965 | 3,192 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(35,015 | ) | (148 | ) | (4,139 | ) | (12,867 | ) | (5,380 | ) | (13,301 | ) | (23,216 | ) | 50,335 | |||||||||||||||||
Contract benefits |
(868 | ) | (1,014 | ) | (180 | ) | (132 | ) | (124 | ) | (174 | ) | (115 | ) | (809 | ) | ||||||||||||||||
Contract terminations |
(17,534 | ) | (24,684 | ) | (4,467 | ) | (4,070 | ) | (1,353 | ) | (1,815 | ) | (2,674 | ) | (5,318 | ) | ||||||||||||||||
Contract maintenance charges |
(3 | ) | (3 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (2 | ) | (1 | ) | ||||||||||||||||
Other transfers (to) from FILI, net |
(5 | ) | (9 | ) | 23 | 17 | 4 | (11 | ) | 11 | 25 | |||||||||||||||||||||
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|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(48,925 | ) | (17,514 | ) | (6,722 | ) | (16,221 | ) | (6,312 | ) | (15,008 | ) | (23,031 | ) | 47,424 | |||||||||||||||||
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|
|||||||||||||||||
Total increase (decrease) in net assets |
(57,503 | ) | 27,102 | 5,186 | 14,089 | (9,464 | ) | (19,355 | ) | (24,959 | ) | 49,833 | ||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
572,699 | 545,597 | 186,847 | 172,758 | 64,178 | 83,533 | 105,237 | 55,404 | ||||||||||||||||||||||||
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End of period |
$ | 515,196 | $ | 572,699 | $ | 192,033 | $ | 186,847 | $ | 54,714 | $ | 64,178 | $ | 80,278 | $ | 105,237 | ||||||||||||||||
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|
See accompanying notes which are an integral part of the financial statements.
50 | Annual Report |
Notes to Financial Statements
Fidelity Investments Variable Annuity Account I
1. Organization
Fidelity Investments Variable Annuity Account I 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) on July 22, 1987 and exists in accordance with the regulations of the State of Utah Insurance Department. FILI is a wholly-owned subsidiary of FMR LLC. The Account is a funding vehicle of individual Fidelity Retirement Reserves, Fidelity Personal Retirement Annuity, 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, Fidelity Income Advantage, and Fidelity Freedom Lifetime Income 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 (Initial Class) (VIP)
Fidelity Variable Insurance Product Funds (Investor Class) (VIP - Investor Class)
Morgan Stanley Variable Insurance Funds, Inc. (Class I) (VIF)
Morgan Stanley Variable Insurance Funds, Inc. (Class II) (VIF) (VIF - Class II)
Allspring Variable Trust Funds (Class 2) (Allspring)
Lazard Retirement Series, Inc. (Investor Class) (Lazard)
PIMCO Variable Insurance Trust Funds (Administrative Class) (PVIT)
Invesco Advisers, Inc. (Series I) (Invesco)
Franklin Templeton Variable Insurance Products Trust Funds (Class 2) (FTVIP)
Blackrock Variable Series Funds (Class I) (Blackrock)
During 2021, the following underlying funds were renamed:
Old Name | New Name | |
Wells Fargo VT Discovery Fund | Allspring VT Discovery Fund | |
Wells Fargo VT Opportunity Fund | Allspring VT Opportunity Fund |
As of December 31, 2021, the net assets and units of Fidelity Retirement Reserve contracts that have annuitized were $86,219,000 and 1,313,000 respectively.
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 and realized capital gain distributions are 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, and accruals for daily charges deducted from the net assets of the Account.
Contract Transactions
Other transfers (to) from FILI, net, as reported in the Statement of Changes in Net Assets, represents miscellaneous contract transfers.
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).
51 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
2. Significant Accounting Policies - continued
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 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 guidances 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. |
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 2021 or 2020. The Account had no Level 3 activity during 2021 or 2020.
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.
52 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
3. Expenses and Related Party Transactions - continued
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.
The annual mortality and expense and administrative charge for certain contract holders in Fidelity Personal Retirement Annuity is .20% and .05%, respectively. In addition, certain Fidelity Personal Retirement Annuity 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, 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 December 31, 2021 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 disclosures above include charges currently assessed to the policyholder. 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.
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 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 subsidiaries of 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), a subsidiary of FMR LLC, is the transfer and shareholder servicing agent for the VIP and VIP Investor Class portfolios.
Management fees are paid by certain funds to Fidelity Management & Research Company, a subsidiary of FMR LLC, in its capacity as advisor to the VIP and VIP Investor Class mutual fund portfolios. The total management fees, as a percentage of a funds average net assets, for the year ended December 31, 2021 were .045% to .780% 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, 2021:
Purchases (000s) |
Sales (000s) |
|||||||
VIP - Government Money Market |
$ | 64,286 | $ | 114,253 | ||||
VIP - Government Money Market Investor Class |
613,101 | 687,129 | ||||||
VIP - High Income |
7,036 | 7,890 | ||||||
VIP - High Income Investor Class |
83,793 | 74,110 | ||||||
VIP - Equity Income |
58,554 | 34,178 | ||||||
VIP - Equity Income Investor Class |
156,517 | 50,905 | ||||||
VIP - Growth |
155,237 | 69,761 | ||||||
VIP - Growth Investor Class |
303,662 | 102,392 | ||||||
VIP - Overseas |
7,847 | 9,284 | ||||||
VIP - Overseas, Investor Class |
55,401 | 39,124 | ||||||
VIP - Investment Grade Bond |
15,792 | 31,029 | ||||||
VIP - Investment Grade Bond Investor Class |
131,274 | 171,166 |
53 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
4. Investments - continued
Purchases and Sales - continued
Purchases | Sales | |||||||
(000s) | (000s) | |||||||
VIP - Asset Manager |
$ | 9,059 | $ | 22,250 | ||||
VIP - Asset Manager Investor Class |
36,496 | 23,422 | ||||||
VIP - Index 500 |
708,454 | 376,091 | ||||||
VIP - Asset Manager Growth |
3,084 | 6,163 | ||||||
VIP - Asset Manager Growth Investor Class |
26,468 | 19,623 | ||||||
VIP - Contrafund |
159,373 | 97,847 | ||||||
VIP - Contrafund Investor Class |
444,646 | 217,096 | ||||||
VIP - Balanced |
29,658 | 18,149 | ||||||
VIP - Balanced Investor Class |
679,074 | 278,903 | ||||||
VIP - Dynamic Capital Appreciation |
4,515 | 4,163 | ||||||
VIP - Dynamic Cap App Investor Class |
47,403 | 27,985 | ||||||
VIP - Growth & Income |
12,789 | 13,223 | ||||||
VIP - Growth & Income Investor Class |
76,550 | 32,006 | ||||||
VIP - Growth Opportunities |
50,343 | 70,833 | ||||||
VIP - Growth Opportunities Investor Class |
362,232 | 274,038 | ||||||
VIP - Mid Cap |
55,088 | 32,429 | ||||||
VIP - Mid Cap Investor Class |
172,352 | 73,153 | ||||||
VIP - Value Strategies |
28,210 | 18,349 | ||||||
VIP - Value Strategies Investor Class |
172,887 | 78,605 | ||||||
VIP - Utilities |
2,797 | 5,314 | ||||||
VIP - Utilities Investor Class |
26,455 | 30,839 | ||||||
VIP - Technology |
64,606 | 57,098 | ||||||
VIP - Technology Investor Class |
372,630 | 253,461 | ||||||
VIP - Energy |
32,694 | 26,996 | ||||||
VIP - Energy Investor Class |
115,621 | 68,676 | ||||||
VIP - Health Care |
16,041 | 23,642 | ||||||
VIP - Heath Care Investor Class |
138,836 | 120,826 | ||||||
VIP - Financial Services |
21,515 | 12,060 | ||||||
VIP - Financial Services Investor Class |
146,943 | 69,463 | ||||||
VIP - Industrials |
6,315 | 5,651 | ||||||
VIP - Industrials Investor Class |
50,543 | 43,923 | ||||||
VIP - Consumer Discretionary |
8,403 | 8,298 | ||||||
VIP - Consumer Discretionary Investor Class |
76,437 | 56,027 | ||||||
VIP - Real Estate |
6,939 | 6,710 | ||||||
VIP - Real Estate Investor Class |
58,979 | 27,908 | ||||||
VIP - Strategic Income |
6,795 | 6,457 | ||||||
VIP - Strategic Income Investor Class |
122,480 | 76,766 | ||||||
VIP - International Capital Appreciation |
3,052 | 6,480 | ||||||
VIP - International Capital Appreciation Investor Class |
76,243 | 53,021 | ||||||
VIP - Value |
13,283 | 6,079 | ||||||
VIP - Value Investor Class |
117,800 | 48,717 | ||||||
VIP - Freedom Income |
1,205 | 2,326 | ||||||
VIP - Freedom Income Investor Class |
20,989 | 16,339 | ||||||
VIP - Freedom 2005 |
367 | 641 | ||||||
VIP - Freedom 2005 Investor Class |
6,762 | 12,548 | ||||||
VIP - Freedom 2010 |
1,239 | 1,350 | ||||||
VIP - Freedom 2010 Investor Class |
16,967 | 9,520 | ||||||
VIP - Freedom 2015 |
2,295 | 2,613 | ||||||
VIP - Freedom 2015 Investor Class |
23,867 | 17,504 | ||||||
VIP - Freedom 2020 |
3,169 | 6,025 | ||||||
VIP - Freedom 2020 Investor Class |
41,995 | 31,789 | ||||||
VIP - Freedom 2025 |
5,762 | 1,970 | ||||||
VIP - Freedom 2025 Investor Class |
55,786 | 43,503 | ||||||
VIP - Freedom 2030 |
4,588 | 2,534 | ||||||
VIP - Freedom 2030 Investor Class |
99,007 | 35,542 | ||||||
VIP - Freedom Lifetime Income I |
545 | 995 | ||||||
VIP - Freedom Lifetime Income II |
1,846 | 3,145 |
54 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
4. Investments - continued
Purchases and Sales - continued
Purchases | Sales | |||||||
(000s) | (000s) | |||||||
VIP - Freedom Lifetime Income III |
$ | 2,289 | $ | 2,787 | ||||
VIP - Disciplined Small Cap |
13,955 | 11,704 | ||||||
VIP - Disciplined Small Cap Investor Class |
117,326 | 67,566 | ||||||
VIP - Funds Manager 20% |
124,920 | 93,152 | ||||||
VIP - Funds Manager 50% |
247,432 | 151,189 | ||||||
VIP - Funds Manager 60% |
252,082 | 207,044 | ||||||
VIP - Funds Manager 70% |
262,651 | 125,592 | ||||||
VIP - Funds Manager 85% |
113,218 | 60,954 | ||||||
VIP - Consumer Staples |
3,028 | 3,650 | ||||||
VIP - Consumer Staples Investor Class |
43,093 | 45,433 | ||||||
VIP - Materials |
14,450 | 8,858 | ||||||
VIP - Materials Investor Class |
86,104 | 59,669 | ||||||
VIP - Telecommunications |
7,444 | 4,402 | ||||||
VIP - Telecommunications Investor Class |
61,904 | 40,700 | ||||||
VIP- Emerging Markets |
6,361 | 7,714 | ||||||
VIP- Emerging Markets Investor Class |
82,839 | 42,618 | ||||||
VIP - Floating Rate High Income |
5,229 | 3,944 | ||||||
VIP - Floating Rate High Income Investor Class |
88,544 | 28,046 | ||||||
VIP - Bond Index |
117,181 | 137,168 | ||||||
VIP - Total Market Index |
233,250 | 57,567 | ||||||
VIP - Extended Market Index |
100,403 | 41,996 | ||||||
VIP - International Index |
107,348 | 22,366 | ||||||
VIF - Emerging Market Equity |
8,408 | 14,493 | ||||||
VIF - Emerging Market Debt |
11,251 | 13,763 | ||||||
VIF - Global Strategist - Class II |
5,923 | 6,013 | ||||||
Invesco - V.I. Global Core Equity |
9,824 | 4,367 | ||||||
Allspring - VT Discovery |
3,208 | 3,854 | ||||||
Allspring - VT Opportunity |
1,306 | 2,397 | ||||||
Lazard - Retirement Emerging Markets |
8,900 | 14,333 | ||||||
PVIT - Commodity Real Return |
46,676 | 24,744 | ||||||
PVIT - Low Duration |
63,554 | 129,702 | ||||||
PVIT - Real Return |
95,793 | 62,454 | ||||||
PVIT - Total Return |
69,496 | 87,098 | ||||||
BlackRock - Global Allocation |
46,625 | 25,490 | ||||||
FTVIP - Templeton Global Bond |
6,724 | 13,154 | ||||||
FTVIP - Franklin U.S. Govt Securitiess |
17,744 | 38,840 |
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, 2021:
Number of Shares (000s) |
Aggregate Cost (000s) |
Net Asset Value Per Share |
||||||||||
VIP - Government Money Market |
215,568 | $ | 215,568 | $ | 1.00 | |||||||
VIP - Government Money Market Investor Class |
1,739,235 | 1,739,235 | 1.00 | |||||||||
VIP - High Income |
13,409 | 165,106 | 5.25 | |||||||||
VIP - High Income Investor Class |
72,235 | 430,370 | 5.22 | |||||||||
VIP - Equity Income |
16,432 | 417,298 | 26.15 | |||||||||
VIP - Equity Income Investor Class |
19,388 | 485,114 | 25.96 | |||||||||
VIP - Growth |
7,473 | 520,734 | 102.43 | |||||||||
VIP - Growth Investor Class |
8,570 | 718,917 | 101.66 | |||||||||
VIP - Overseas |
2,988 | 77,518 | 29.28 | |||||||||
VIP - Overseas, Class R Investor Class |
9,111 | 222,815 | 29.16 | |||||||||
VIP - Investment Grade Bond |
12,454 | 169,872 | 13.35 | |||||||||
VIP - Investment Grade Bond Investor Class |
67,299 | 906,648 | 13.29 | |||||||||
VIP - Asset Manager |
11,553 | 196,374 | 18.33 | |||||||||
VIP - Asset Manager Investor Class |
14,127 | 234,141 | 18.19 |
55 | Annual Report |
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 - Index 500 |
10,559 | $ | 2,908,430 | $ | 468.27 | |||||||
VIP - Asset Manager Growth |
3,090 | 55,648 | 24.38 | |||||||||
VIP - Asset Manager Growth Investor Class |
5,841 | 118,527 | 24.21 | |||||||||
VIP - Contrafund |
23,921 | 836,956 | 54.35 | |||||||||
VIP - Contrafund Investor Class |
42,986 | 1,665,756 | 53.92 | |||||||||
VIP - Balanced |
8,746 | 161,640 | 25.29 | |||||||||
VIP - Balanced Investor Class |
165,400 | 3,077,801 | 25.04 | |||||||||
VIP - Dynamic Capital Appreciation |
1,406 | 20,352 | 19.62 | |||||||||
VIP - Dynamic Capital Appreciation Investor Class |
9,549 | 144,511 | 19.56 | |||||||||
VIP - Growth & Income |
5,076 | 101,530 | 26.22 | |||||||||
VIP - Growth & Income Investor Class |
10,330 | 229,755 | 26.07 | |||||||||
VIP - Growth Opportunities |
3,117 | 172,455 | 79.25 | |||||||||
VIP - Growth Opportunities Investor Class |
16,014 | 948,232 | 78.58 | |||||||||
VIP - Mid Cap |
7,828 | 280,085 | 41.17 | |||||||||
VIP - Mid Cap Investor Class |
16,118 | 603,052 | 40.83 | |||||||||
VIP - Value Strategies |
3,363 | 51,583 | 16.40 | |||||||||
VIP - Value Strategies Investor Class |
14,554 | 232,362 | 16.25 | |||||||||
VIP - Utilities |
1,238 | 22,860 | 20.80 | |||||||||
VIP - Utilities Investor Class |
7,482 | 136,311 | 20.64 | |||||||||
VIP - Technology |
8,144 | 189,695 | 35.65 | |||||||||
VIP - Technology Investor Class |
44,390 | 1,040,474 | 35.03 | |||||||||
VIP - Energy |
1,768 | 44,954 | 15.77 | |||||||||
VIP - Energy Investor Class |
9,468 | 190,919 | 15.73 | |||||||||
VIP - Health Care |
3,599 | 112,312 | 40.05 | |||||||||
VIP - Heath Care Investor Class |
22,654 | 718,216 | 39.64 | |||||||||
VIP - Financial Services |
2,047 | 30,556 | 15.82 | |||||||||
VIP - Financial Services Investor Class |
14,087 | 205,109 | 15.73 | |||||||||
VIP - Industrials |
1,220 | 27,098 | 23.44 | |||||||||
VIP - Industrials Investor Class |
5,584 | 126,346 | 23.22 | |||||||||
VIP - Consumer Discretionary |
748 | 21,114 | 39.33 | |||||||||
VIP - Consumer Discretionary Investor Class |
6,811 | 198,993 | 39.17 | |||||||||
VIP - Real Estate |
1,442 | 35,488 | 23.81 | |||||||||
VIP - Real Estate Investor Class |
9,347 | 200,045 | 23.66 | |||||||||
VIP - Strategic Income |
4,783 | 56,683 | 11.74 | |||||||||
VIP - Strategic Income Investor Class |
78,605 | 927,991 | 11.70 | |||||||||
VIP - International Capital Appreciation, Class R |
927 | 17,770 | 24.37 | |||||||||
VIP - International Capital Appreciation Investor Class |
15,990 | 300,756 | 24.15 | |||||||||
VIP - Value |
1,469 | 25,267 | 18.28 | |||||||||
VIP - Value Investor Class |
11,966 | 208,456 | 18.23 | |||||||||
VIP - Freedom Income |
888 | 10,452 | 12.76 | |||||||||
VIP - Freedom Income Investor Class |
7,694 | 92,102 | 12.62 | |||||||||
VIP - Freedom 2005 |
641 | 7,952 | 13.67 | |||||||||
VIP - Freedom 2005 Investor Class |
2,156 | 26,535 | 12.96 | |||||||||
VIP - Freedom 2010 |
726 | 9,498 | 14.45 | |||||||||
VIP - Freedom 2010 Investor Class |
5,670 | 72,321 | 13.93 | |||||||||
VIP - Freedom 2015 |
1,642 | 21,361 | 14.42 | |||||||||
VIP - Freedom 2015 Investor Class |
8,106 | 102,269 | 14.02 | |||||||||
VIP - Freedom 2020 |
1,607 | 22,128 | 15.42 | |||||||||
VIP - Freedom 2020 Investor Class |
15,574 | 202,374 | 14.83 | |||||||||
VIP - Freedom 2025 |
1,437 | 21,735 | 17.82 | |||||||||
VIP - Freedom 2025 Investor Class |
17,547 | 245,506 | 16.55 | |||||||||
VIP - Freedom 2030 |
1,484 | 22,020 | 17.93 | |||||||||
VIP - Freedom 2030 Investor Class |
23,361 | 327,968 | 16.73 | |||||||||
VIP - Freedom Lifetime Income I |
867 | 9,710 | 12.01 | |||||||||
VIP - Freedom Lifetime Income II |
2,304 | 28,015 | 13.96 | |||||||||
VIP - Freedom Lifetime Income III |
2,185 | 27,170 | 15.29 | |||||||||
VIP - Disciplined Small Cap |
1,302 | 23,790 | 20.38 |
56 | Annual Report |
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 - Disciplined Small Cap Investor Class |
16,115 | $ | 282,060 | $ | 20.28 | |||||||
VIP - Funds Manager 20% |
74,774 | 858,868 | 12.17 | |||||||||
VIP - Funds Manager 50% |
135,825 | 1,692,425 | 14.50 | |||||||||
VIP - Funds Manager 60% |
187,920 | 2,113,511 | 12.40 | |||||||||
VIP - Funds Manager 70% |
127,393 | 1,621,624 | 15.54 | |||||||||
VIP - Funds Manager 85% |
43,570 | 569,473 | 15.77 | |||||||||
VIP - Consumer Staples |
918 | 17,606 | 21.13 | |||||||||
VIP - Consumer Staples Investor Class |
10,386 | 197,462 | 21.02 | |||||||||
VIP - Materials |
978 | 16,555 | 18.76 | |||||||||
VIP - Materials Investor Class |
4,656 | 80,259 | 18.76 | |||||||||
VIP - Telecommunications |
838 | 13,907 | 19.25 | |||||||||
VIP - Telecommunications Investor Class |
6,505 | 108,979 | 19.08 | |||||||||
VIP - Emerging Markets |
946 | 13,271 | 12.58 | |||||||||
VIP - Emerging Markets Investor Class |
11,390 | 157,389 | 12.52 | |||||||||
VIP - Floating Rate High Income |
831 | 8,360 | 9.90 | |||||||||
VIP - Floating Rate High Income Investor Class |
21,048 | 211,583 | 9.89 | |||||||||
VIP - Bond Index |
37,828 | 424,705 | 11.02 | |||||||||
VIP - Total Market Index |
28,081 | 388,079 | 17.40 | |||||||||
VIP - Extended Market Index |
9,917 | 133,075 | 14.19 | |||||||||
VIP - International Index |
21,032 | 222,601 | 11.45 | |||||||||
VIF - Emerging Market Equity |
3,349 | 74,823 | 18.11 | |||||||||
VIF - Emerging Market Debt |
13,105 | 120,642 | 7.20 | |||||||||
VIF - Global Strategist - Class II |
2,479 | 33,461 | 11.30 | |||||||||
Invesco - V.I. Global Core Equity |
2,422 | 25,379 | 11.13 | |||||||||
Allspring - VT Discovery |
905 | 30,211 | 42.74 | |||||||||
Allspring - VT Opportunity |
734 | 20,684 | 35.14 | |||||||||
Lazard - Retirement Emerging Markets |
3,276 | 83,422 | 21.64 | |||||||||
PVIT - Commodity Real Return |
5,140 | 50,004 | 7.74 | |||||||||
PVIT - Low Duration |
36,268 | 386,779 | 10.23 | |||||||||
PVIT - Real Return |
17,382 | 251,161 | 13.99 | |||||||||
PVIT - Total Return |
47,881 | 552,120 | 10.76 | |||||||||
BlackRock - Global Allocation V.I. |
10,843 | 195,648 | 17.71 | |||||||||
FTVIP - Templeton Global Bond |
4,167 | 81,620 | 13.13 | |||||||||
FTVIP - Franklin U.S. Govt Securities |
6,938 | 88,784 | 11.57 |
5. Changes in Units Outstanding
The changes in units outstanding for the years ended December 31, 2021 and 2020 were as follows:
Fidelity | Fidelity | |||||||||||||||
Retirement Reserves | Income Advantage | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
VIP - Government Money Market |
||||||||||||||||
Units Issued |
6,338 | 14,197 | 78 | 392 | ||||||||||||
Units Redeemed |
(8,509 | ) | (12,636 | ) | (196 | ) | (387 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(2,171 | ) | 1,561 | (118 | ) | 5 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - High Income |
||||||||||||||||
Units Issued |
50 | 87 | 19 | 5 | ||||||||||||
Units Redeemed |
(102 | ) | (218 | ) | (32 | ) | (43 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(52 | ) | (131 | ) | (13 | ) | (38 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Equity-Income |
||||||||||||||||
Units Issued |
82 | 71 | 4 | 5 | ||||||||||||
Units Redeemed |
(198 | ) | (323 | ) | (46 | ) | (63 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(116 | ) | (252 | ) | (42 | ) | (58 | ) | ||||||||
|
|
|
|
|
|
|
|
57 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity | Fidelity | |||||||||||||||
Retirement Reserves | Income Advantage | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
VIP - Growth |
||||||||||||||||
Units Issued |
49 | 82 | 3 | 5 | ||||||||||||
Units Redeemed |
(213 | ) | (268 | ) | (28 | ) | (33 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(164 | ) | (186 | ) | (25 | ) | (28 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Overseas |
||||||||||||||||
Units Issued |
36 | 26 | 2 | | ||||||||||||
Units Redeemed |
(126 | ) | (149 | ) | (14 | ) | (20 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(90 | ) | (123 | ) | (12 | ) | (20 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Investment Grade Bond |
||||||||||||||||
Units Issued |
271 | 866 | 8 | 45 | ||||||||||||
Units Redeemed |
(621 | ) | (648 | ) | (106 | ) | (122 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(350 | ) | 218 | (98 | ) | (77 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Asset Manager |
||||||||||||||||
Units Issued |
85 | 71 | | 3 | ||||||||||||
Units Redeemed |
(234 | ) | (261 | ) | (53 | ) | (64 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(149 | ) | (190 | ) | (53 | ) | (61 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Index 500 |
||||||||||||||||
Units Issued |
351 | 544 | 6 | 20 | ||||||||||||
Units Redeemed |
(557 | ) | (1,166 | ) | (69 | ) | (114 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(206 | ) | (622 | ) | (63 | ) | (94 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Asset Manager: Growth |
||||||||||||||||
Units Issued |
21 | 21 | | | ||||||||||||
Units Redeemed |
(74 | ) | (118 | ) | (27 | ) | (37 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(53 | ) | (97 | ) | (27 | ) | (37 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Contrafund |
||||||||||||||||
Units Issued |
158 | 231 | 8 | 17 | ||||||||||||
Units Redeemed |
(541 | ) | (928 | ) | (97 | ) | (119 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(383 | ) | (697 | ) | (89 | ) | (102 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Balanced |
||||||||||||||||
Units Issued |
328 | 347 | 12 | 12 | ||||||||||||
Units Redeemed |
(319 | ) | (527 | ) | (95 | ) | (124 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
9 | (180 | ) | (83 | ) | (112 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Dynamic Capital Appreciation |
||||||||||||||||
Units Issued |
41 | 41 | 3 | 7 | ||||||||||||
Units Redeemed |
(60 | ) | (98 | ) | (14 | ) | (16 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(19 | ) | (57 | ) | (11 | ) | (9 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Growth & Income |
||||||||||||||||
Units Issued |
96 | 93 | 8 | 2 | ||||||||||||
Units Redeemed |
(186 | ) | (302 | ) | (65 | ) | (74 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(90 | ) | (209 | ) | (57 | ) | (72 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Growth Opportunities |
||||||||||||||||
Units Issued |
448 | 1,068 | 37 | 49 | ||||||||||||
Units Redeemed |
(819 | ) | (1,189 | ) | (124 | ) | (102 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(371 | ) | (121 | ) | (87 | ) | (53 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Mid Cap |
||||||||||||||||
Units Issued |
133 | 108 | 4 | 15 | ||||||||||||
Units Redeemed |
(401 | ) | (751 | ) | (104 | ) | (136 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(268 | ) | (643 | ) | (100 | ) | (121 | ) | ||||||||
|
|
|
|
|
|
|
|
58 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity | Fidelity | |||||||||||||||
Retirement Reserves | Income Advantage | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
VIP - Value Strategies |
||||||||||||||||
Units Issued |
638 | 205 | 50 | 27 | ||||||||||||
Units Redeemed |
(495 | ) | (164 | ) | (59 | ) | (34 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
143 | 41 | (9 | ) | (7 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Utilities |
||||||||||||||||
Units Issued |
96 | 145 | 1 | 16 | ||||||||||||
Units Redeemed |
(153 | ) | (449 | ) | (24 | ) | (68 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(57 | ) | (304 | ) | (23 | ) | (52 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Technology |
||||||||||||||||
Units Issued |
562 | 1,571 | 35 | 78 | ||||||||||||
Units Redeemed |
(760 | ) | (1,569 | ) | (74 | ) | (87 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(198 | ) | 2 | (39 | ) | (9 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Energy |
||||||||||||||||
Units Issued |
1,551 | 366 | 143 | 28 | ||||||||||||
Units Redeemed |
(1,375 | ) | (494 | ) | (95 | ) | (67 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
176 | (128 | ) | 48 | (39 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Health Care |
||||||||||||||||
Units Issued |
170 | 359 | 3 | 49 | ||||||||||||
Units Redeemed |
(339 | ) | (490 | ) | (53 | ) | (72 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(169 | ) | (131 | ) | (50 | ) | (23 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Financial Services |
||||||||||||||||
Units Issued |
880 | 359 | 144 | 20 | ||||||||||||
Units Redeemed |
(553 | ) | (542 | ) | (119 | ) | (72 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
327 | (183 | ) | 25 | (52 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Industrials |
||||||||||||||||
Units Issued |
54 | 49 | 3 | 8 | ||||||||||||
Units Redeemed |
(96 | ) | (139 | ) | (12 | ) | (31 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(42 | ) | (90 | ) | (9 | ) | (23 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Consumer Discretionary |
||||||||||||||||
Units Issued |
162 | 77 | 8 | 11 | ||||||||||||
Units Redeemed |
(163 | ) | (168 | ) | (22 | ) | (26 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(1 | ) | (91 | ) | (14 | ) | (15 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Real Estate |
||||||||||||||||
Units Issued |
126 | 54 | 43 | 3 | ||||||||||||
Units Redeemed |
(131 | ) | (191 | ) | (42 | ) | (22 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(5 | ) | (137 | ) | 1 | (19 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Strategic Income |
||||||||||||||||
Units Issued |
247 | 238 | 4 | 4 | ||||||||||||
Units Redeemed |
(274 | ) | (589 | ) | (46 | ) | (65 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(27 | ) | (351 | ) | (42 | ) | (61 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - International Capital Appreciation |
||||||||||||||||
Units Issued |
64 | 212 | 3 | 27 | ||||||||||||
Units Redeemed |
(203 | ) | (251 | ) | (17 | ) | (23 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(139 | ) | (39 | ) | (14 | ) | 4 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Value |
||||||||||||||||
Units Issued |
345 | 123 | 26 | 6 | ||||||||||||
Units Redeemed |
(201 | ) | (181 | ) | (27 | ) | (29 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
144 | (58 | ) | (1 | ) | (23 | ) | |||||||||
|
|
|
|
|
|
|
|
59 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity | Fidelity | |||||||||||||||
Retirement Reserves | Income Advantage | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
VIP - Freedom Income |
||||||||||||||||
Units Issued |
52 | 150 | | | ||||||||||||
Units Redeemed |
(126 | ) | (123 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(74 | ) | 27 | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Freedom 2005 |
||||||||||||||||
Units Issued |
2 | 67 | | | ||||||||||||
Units Redeemed |
(28 | ) | (77 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(26 | ) | (10 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Freedom 2010 |
||||||||||||||||
Units Issued |
38 | 47 | | | ||||||||||||
Units Redeemed |
(61 | ) | (70 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(23 | ) | (23 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Freedom 2015 |
||||||||||||||||
Units Issued |
58 | 49 | | | ||||||||||||
Units Redeemed |
(112 | ) | (163 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(54 | ) | (114 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Freedom 2020 |
||||||||||||||||
Units Issued |
63 | 192 | | | ||||||||||||
Units Redeemed |
(221 | ) | (293 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(158 | ) | (101 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Freedom 2025 |
||||||||||||||||
Units Issued |
171 | 110 | | | ||||||||||||
Units Redeemed |
(68 | ) | (109 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
103 | 1 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Freedom 2030 |
||||||||||||||||
Units Issued |
120 | 109 | | | ||||||||||||
Units Redeemed |
(89 | ) | (139 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
31 | (30 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Disciplined Small Cap |
||||||||||||||||
Units Issued |
514 | 160 | 50 | 17 | ||||||||||||
Units Redeemed |
(432 | ) | (311 | ) | (58 | ) | (40 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
82 | (151 | ) | (8 | ) | (23 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - FundsManager 20% Investor Class |
||||||||||||||||
Units Issued |
232 | 463 | 1 | 48 | ||||||||||||
Units Redeemed |
(369 | ) | (692 | ) | (81 | ) | (81 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(137 | ) | (229 | ) | (80 | ) | (33 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - FundsManager 50% Investor Class |
||||||||||||||||
Units Issued |
195 | 376 | 46 | 22 | ||||||||||||
Units Redeemed |
(339 | ) | (861 | ) | (299 | ) | (264 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(144 | ) | (485 | ) | (253 | ) | (242 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - FundsManager 60% Investor Class |
||||||||||||||||
Units Issued |
202 | 134 | 4 | 15 | ||||||||||||
Units Redeemed |
(180 | ) | (240 | ) | (106 | ) | (153 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
22 | (106 | ) | (102 | ) | (138 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - FundsManager 70% Investor Class |
||||||||||||||||
Units Issued |
144 | 133 | 8 | 8 | ||||||||||||
Units Redeemed |
(192 | ) | (453 | ) | (133 | ) | (175 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(48 | ) | (320 | ) | (125 | ) | (167 | ) | ||||||||
|
|
|
|
|
|
|
|
60 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity | Fidelity | |||||||||||||||
Retirement Reserves | Income Advantage | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
VIP - FundsManager 85% Investor Class |
||||||||||||||||
Units Issued |
30 | 51 | 3 | | ||||||||||||
Units Redeemed |
(111 | ) | (211 | ) | (53 | ) | (94 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(81 | ) | (160 | ) | (50 | ) | (94 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Consumer Staples |
||||||||||||||||
Units Issued |
61 | 73 | 6 | 16 | ||||||||||||
Units Redeemed |
(105 | ) | (170 | ) | (15 | ) | (26 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(44 | ) | (97 | ) | (9 | ) | (10 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Materials |
||||||||||||||||
Units Issued |
466 | 127 | 116 | 17 | ||||||||||||
Units Redeemed |
(311 | ) | (150 | ) | (69 | ) | (22 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
155 | (23 | ) | 47 | (5 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Communication Services |
||||||||||||||||
Units Issued |
224 | 202 | 33 | 42 | ||||||||||||
Units Redeemed |
(136 | ) | (182 | ) | (39 | ) | (59 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
88 | 20 | (6 | ) | (17 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Emerging Markets |
||||||||||||||||
Units Issued |
305 | 552 | 45 | 40 | ||||||||||||
Units Redeemed |
(506 | ) | (433 | ) | (53 | ) | (27 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(201 | ) | 119 | (8 | ) | 13 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Floating Rate High Income |
||||||||||||||||
Units Issued |
407 | 218 | 62 | 3 | ||||||||||||
Units Redeemed |
(340 | ) | (611 | ) | (35 | ) | (26 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
67 | (393 | ) | 27 | (23 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Bond Index |
||||||||||||||||
Units Issued |
537 | 2,565 | 3 | 177 | ||||||||||||
Units Redeemed |
(1,099 | ) | (1,385 | ) | (24 | ) | (163 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(562 | ) | 1,180 | (21 | ) | 14 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Total Market Index |
||||||||||||||||
Units Issued |
761 | 410 | 11 | 22 | ||||||||||||
Units Redeemed |
(301 | ) | (294 | ) | (16 | ) | (20 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
460 | 116 | (5 | ) | 2 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIF - Extended Market Index |
||||||||||||||||
Units Issued |
480 | 230 | 65 | 7 | ||||||||||||
Units Redeemed |
(401 | ) | (316 | ) | (28 | ) | (85 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
79 | (86 | ) | 37 | (78 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIF - International Index |
||||||||||||||||
Units Issued |
334 | 344 | 3 | 9 | ||||||||||||
Units Redeemed |
(116 | ) | (104 | ) | (7 | ) | (6 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
218 | 240 | (4 | ) | 3 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIF - Emerging Markets Equity |
||||||||||||||||
Units Issued |
15 | 53 | 1 | | ||||||||||||
Units Redeemed |
(95 | ) | (130 | ) | (10 | ) | (13 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(80 | ) | (77 | ) | (9 | ) | (13 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
VIF - Emerging Markets Debt |
||||||||||||||||
Units Issued |
7 | 19 | | | ||||||||||||
Units Redeemed |
(38 | ) | (51 | ) | (5 | ) | (9 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(31 | ) | (32 | ) | (5 | ) | (9 | ) | ||||||||
|
|
|
|
|
|
|
|
61 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity | Fidelity | |||||||||||||||
Retirement Reserves | Income Advantage | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
VIF - Global Strategist - Class II |
||||||||||||||||
Units Issued |
25 | 3 | 1 | | ||||||||||||
Units Redeemed |
(53 | ) | (34 | ) | (13 | ) | (19 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(28 | ) | (31 | ) | (12 | ) | (19 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Invesco - V.I. Global Core Equity |
||||||||||||||||
Units Issued |
13 | 7 | 4 | | ||||||||||||
Units Redeemed |
(24 | ) | (30 | ) | (12 | ) | (8 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(11 | ) | (23 | ) | (8 | ) | (8 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Allspring - VT Discovery |
||||||||||||||||
Units Issued |
5 | 3 | | | ||||||||||||
Units Redeemed |
(34 | ) | (42 | ) | (7 | ) | (11 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(29 | ) | (39 | ) | (7 | ) | (11 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Allspring - VT Opportunity |
||||||||||||||||
Units Issued |
| 2 | | | ||||||||||||
Units Redeemed |
(24 | ) | (31 | ) | (5 | ) | (5 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(24 | ) | (29 | ) | (5 | ) | (5 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Lazard - Retirement Emerging Markets |
||||||||||||||||
Units Issued |
23 | 20 | 3 | | ||||||||||||
Units Redeemed |
(58 | ) | (168 | ) | (7 | ) | (5 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(35 | ) | (148 | ) | (4 | ) | (5 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
PVIT - Commodity Real Return |
||||||||||||||||
Units Issued |
| | 129 | 1 | ||||||||||||
Units Redeemed |
(1 | ) | | (50 | ) | (1 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(1 | ) | | 79 | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
PVIT - Low Duration |
||||||||||||||||
Units Issued |
372 | 1,690 | 4 | 27 | ||||||||||||
Units Redeemed |
(896 | ) | (1,178 | ) | (18 | ) | (34 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(524 | ) | 512 | (14 | ) | (7 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
PVIT - Real Return |
||||||||||||||||
Units Issued |
439 | 216 | 8 | 16 | ||||||||||||
Units Redeemed |
(265 | ) | (159 | ) | (21 | ) | (20 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
174 | 57 | (13 | ) | (4 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
PVIT - Total Return |
||||||||||||||||
Units Issued |
82 | 364 | | 16 | ||||||||||||
Units Redeemed |
(269 | ) | (340 | ) | (20 | ) | (26 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(187 | ) | 24 | (20 | ) | (10 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Blackrock - Global Allocation V.I. |
||||||||||||||||
Units Issued |
47 | 24 | 1 | 4 | ||||||||||||
Units Redeemed |
(76 | ) | (71 | ) | (4 | ) | (7 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(29 | ) | (47 | ) | (3 | ) | (3 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
FTVIP - Templeton Global Bond |
||||||||||||||||
Units Issued |
16 | 75 | 3 | 2 | ||||||||||||
Units Redeemed |
(83 | ) | (219 | ) | (4 | ) | (29 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(67 | ) | (144 | ) | (1 | ) | (27 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
FTVIP - Franklin U.S. Govt Securities |
||||||||||||||||
Units Issued |
134 | 966 | 13 | 44 | ||||||||||||
Units Redeemed |
(430 | ) | (459 | ) | (10 | ) | (35 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(296 | ) | 507 | 3 | 9 | |||||||||||
|
|
|
|
|
|
|
|
62 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity | Fidelity Freedom | |||||||||||||||
Personal Retirement | Lifetime Income | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
VIP - Government Money Market Investor Class |
||||||||||||||||
Units Issued |
279,285 | 316,763 | | 24 | ||||||||||||
Units Redeemed |
(285,232 | ) | (306,285 | ) | (2 | ) | (29 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(5,947 | ) | 10,478 | (2 | ) | (5 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - High Income Investor Class |
||||||||||||||||
Units Issued |
4,382 | 6,604 | | | ||||||||||||
Units Redeemed |
(4,700 | ) | (8,360 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(318 | ) | (1,756 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Equity Income Investor Class |
||||||||||||||||
Units Issued |
4,239 | 2,668 | | | ||||||||||||
Units Redeemed |
(2,867 | ) | (3,230 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
1,372 | (562 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Growth Investor Class |
||||||||||||||||
Units Issued |
3,398 | 4,037 | | | ||||||||||||
Units Redeemed |
(2,821 | ) | (3,746 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
577 | 291 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Overseas, Investor Class |
||||||||||||||||
Units Issued |
2,082 | 1,435 | | | ||||||||||||
Units Redeemed |
(2,207 | ) | (2,623 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(125 | ) | (1,188 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Investment Grade Bond Investor Class |
||||||||||||||||
Units Issued |
11,574 | 27,924 | | | ||||||||||||
Units Redeemed |
(16,072 | ) | (18,863 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(4,498 | ) | 9,061 | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Asset Manager Investor Class |
||||||||||||||||
Units Issued |
1,556 | 1,728 | | | ||||||||||||
Units Redeemed |
(1,156 | ) | (1,911 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
400 | (183 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Index 500 |
||||||||||||||||
Units Issued |
21,423 | 20,213 | | | ||||||||||||
Units Redeemed |
(15,229 | ) | (24,600 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
6,194 | (4,387 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Asset Manager: Growth Investor Class |
||||||||||||||||
Units Issued |
882 | 581 | | | ||||||||||||
Units Redeemed |
(752 | ) | (906 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
130 | (325 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Contrafund Investor Class |
||||||||||||||||
Units Issued |
6,593 | 8,193 | | | ||||||||||||
Units Redeemed |
(7,158 | ) | (10,438 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(565 | ) | (2,245 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Balanced Investor Class |
||||||||||||||||
Units Issued |
16,284 | 15,115 | | | ||||||||||||
Units Redeemed |
(10,303 | ) | (15,763 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
5,981 | (648 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
63 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity | Fidelity Freedom | |||||||||||||||
Personal Retirement | Lifetime Income | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
VIP - Dynamic Capital Appreciation Investor Class |
||||||||||||||||
Units Issued |
760 | 692 | | | ||||||||||||
Units Redeemed |
(657 | ) | (828 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
103 | (136 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Growth & Income Investor Class |
||||||||||||||||
Units Issued |
1,965 | 1,174 | | | ||||||||||||
Units Redeemed |
(1,276 | ) | (2,023 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
689 | (849 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Growth Opportunities Investor Class |
||||||||||||||||
Units Issued |
5,333 | 8,680 | | | ||||||||||||
Units Redeemed |
(5,686 | ) | (6,997 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(353 | ) | 1,683 | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Mid Cap Investor Class |
||||||||||||||||
Units Issued |
3,252 | 2,792 | | | ||||||||||||
Units Redeemed |
(3,034 | ) | (5,127 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
218 | (2,335 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Value Strategies Investor Class |
||||||||||||||||
Units Issued |
5,616 | 2,331 | | | ||||||||||||
Units Redeemed |
(3,552 | ) | (1,217 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
2,064 | 1,114 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Utilities Investor Class |
||||||||||||||||
Units Issued |
1,174 | 1,877 | | | ||||||||||||
Units Redeemed |
(1,347 | ) | (3,589 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(173 | ) | (1,712 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Technology Investor Class |
||||||||||||||||
Units Issued |
4,564 | 9,778 | | | ||||||||||||
Units Redeemed |
(4,765 | ) | (7,815 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(201 | ) | 1,963 | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Energy Investor Class |
||||||||||||||||
Units Issued |
13,451 | 6,178 | | | ||||||||||||
Units Redeemed |
(9,941 | ) | (4,095 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
3,510 | 2,083 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Health Care Investor Class |
||||||||||||||||
Units Issued |
2,318 | 4,396 | | | ||||||||||||
Units Redeemed |
(2,858 | ) | (4,057 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(540 | ) | 339 | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Financial Services Investor Class |
||||||||||||||||
Units Issued |
7,135 | 2,561 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Units Redeemed |
(4,552 | ) | (3,364 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
2,583 | (803 | ) | | | |||||||||||
VIP - Industrials Investor Class |
||||||||||||||||
Units Issued |
1,220 | 1,165 | | | ||||||||||||
Units Redeemed |
(1,438 | ) | (1,576 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(218 | ) | (411 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Consumer Discretionary Investor Class |
||||||||||||||||
Units Issued |
1,780 | 1,954 | | | ||||||||||||
Units Redeemed |
(1,596 | ) | (1,992 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
184 | (38 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
64 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity | Fidelity Freedom | |||||||||||||||
Personal Retirement | Lifetime Income | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
VIP - Real Estate Investor Class |
||||||||||||||||
Units Issued |
2,754 | 1,160 | | | ||||||||||||
Units Redeemed |
(1,710 | ) | (2,255 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
1,044 | (1,095 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Strategic Income Investor Class |
||||||||||||||||
Units Issued |
7,448 | 6,030 | | | ||||||||||||
Units Redeemed |
(6,260 | ) | (9,886 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
1,188 | (3,856 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - International Capital Appreciation, Investor Class |
||||||||||||||||
Units Issued |
2,696 | 2,998 | | | ||||||||||||
Units Redeemed |
(2,643 | ) | (3,327 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
53 | (329 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Value Investor Class |
||||||||||||||||
Units Issued |
3,365 | 1,346 | | | ||||||||||||
Units Redeemed |
(2,149 | ) | (1,980 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
1,216 | (634 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Investor Freedom Income Investor Class |
||||||||||||||||
Units Issued |
1,107 | 2,002 | | | ||||||||||||
Units Redeemed |
(1,025 | ) | (1,760 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
82 | 242 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Investor Freedom 2005 Investor Class |
||||||||||||||||
Units Issued |
275 | 596 | | | ||||||||||||
Units Redeemed |
(621 | ) | (542 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(346 | ) | 54 | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Investor Freedom 2010 Investor Class |
||||||||||||||||
Units Issued |
614 | 676 | | | ||||||||||||
Units Redeemed |
(413 | ) | (585 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
201 | 91 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Investor Freedom 2015 Investor Class |
||||||||||||||||
Units Issued |
794 | 561 | | | ||||||||||||
Units Redeemed |
(717 | ) | (851 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
77 | (290 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Investor Freedom 2020 Investor Class |
||||||||||||||||
Units Issued |
1,351 | 1,285 | | | ||||||||||||
Units Redeemed |
(1,390 | ) | (2,002 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(39 | ) | (717 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Investor Freedom 2025 Investor Class |
||||||||||||||||
Units Issued |
1,766 | 1,893 | | | ||||||||||||
Units Redeemed |
(1,759 | ) | (1,935 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
7 | (42 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Investor Freedom 2030 Investor Class |
||||||||||||||||
Units Issued |
3,125 | 2,087 | | | ||||||||||||
Units Redeemed |
(1,571 | ) | (1,954 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
1,554 | 133 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Freedom Lifetime Income I |
||||||||||||||||
Units Issued |
| | 5 | 9 | ||||||||||||
Units Redeemed |
| | (43 | ) | (65 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
| | (38 | ) | (56 | ) | ||||||||||
|
|
|
|
|
|
|
|
65 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity | Fidelity Freedom | |||||||||||||||
Personal Retirement | Lifetime Income | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
VIP - Freedom Lifetime Income II |
||||||||||||||||
Units Issued |
| | 3 | 14 | ||||||||||||
Units Redeemed |
| | (116 | ) | (157 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
| | (113 | ) | (143 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Freedom Lifetime Income III |
||||||||||||||||
Units Issued |
| | 16 | 9 | ||||||||||||
Units Redeemed |
| | (90 | ) | (97 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
| | (74 | ) | (88 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Disciplined Small Cap Investor Class |
||||||||||||||||
Units Issued |
4,722 | 1,879 | | | ||||||||||||
Units Redeemed |
(3,575 | ) | (2,461 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
1,147 | (582 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - FundsManager 20% Investor Class |
||||||||||||||||
Units Issued |
9,517 | 12,816 | 6 | 39 | ||||||||||||
Units Redeemed |
(7,798 | ) | (9,118 | ) | (51 | ) | (92 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
1,719 | 3,698 | (45 | ) | (53 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - FundsManager 50% Investor Class |
||||||||||||||||
Units Issued |
11,354 | 10,649 | | 25 | ||||||||||||
Units Redeemed |
(8,150 | ) | (12,168 | ) | (631 | ) | (500 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
3,204 | (1,519 | ) | (631 | ) | (475 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - FundsManager 60% Investor Class |
||||||||||||||||
Units Issued |
10,417 | 8,688 | | 32 | ||||||||||||
Units Redeemed |
(7,611 | ) | (9,401 | ) | (487 | ) | (489 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
2,806 | (713 | ) | (487 | ) | (457 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - FundsManager 70% Investor Class |
||||||||||||||||
Units Issued |
10,496 | 8,300 | 148 | 19 | ||||||||||||
Units Redeemed |
(6,859 | ) | (10,977 | ) | (111 | ) | (154 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
3,637 | (2,677 | ) | 37 | (135 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - FundsManager 85% Investor Class |
||||||||||||||||
Units Issued |
3,662 | 2,773 | 28 | 38 | ||||||||||||
Units Redeemed |
(2,496 | ) | (3,632 | ) | (65 | ) | (70 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
1,166 | (859 | ) | (37 | ) | (32 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Consumer Staples Investor Class |
||||||||||||||||
Units Issued |
1,353 | 1,711 | | | ||||||||||||
Units Redeemed |
(1,789 | ) | (2,491 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(436 | ) | (780 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Materials Investor Class |
||||||||||||||||
Units Issued |
3,926 | 1,103 | | | ||||||||||||
Units Redeemed |
(3,015 | ) | (859 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
911 | 244 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Communication Services Investor Class |
||||||||||||||||
Units Issued |
2,132 | 1,827 | | | ||||||||||||
Units Redeemed |
(1,719 | ) | (1,710 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
413 | 117 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Emerging Markets Investor Class |
||||||||||||||||
Units Issued |
4,952 | 3,335 | | | ||||||||||||
Units Redeemed |
(4,047 | ) | (2,670 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
905 | 665 | | | ||||||||||||
|
|
|
|
|
|
|
|
66 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity | Fidelity Freedom | |||||||||||||||
Personal Retirement | Lifetime Income | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
VIP - Floating Rate High Income Investor Class |
||||||||||||||||
Units Issued |
8,347 | 2,941 | | | ||||||||||||
Units Redeemed |
(4,004 | ) | (9,637 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
4,343 | (6,696 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Bond Index |
||||||||||||||||
Units Issued |
15,957 | 35,158 | | | ||||||||||||
Units Redeemed |
(17,405 | ) | (17,987 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(1,448 | ) | 17,171 | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Total Market Index |
||||||||||||||||
Units Issued |
17,381 | 10,696 | | | ||||||||||||
Units Redeemed |
(7,011 | ) | (7,402 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
10,370 | 3,294 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - Extended Market Index |
||||||||||||||||
Units Issued |
7,957 | 3,918 | | | ||||||||||||
Units Redeemed |
(4,532 | ) | (3,829 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
3,425 | 89 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIP - International Index |
||||||||||||||||
Units Issued |
9,925 | 6,464 | | | ||||||||||||
Units Redeemed |
(3,729 | ) | (3,525 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
6,196 | 2,939 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIF - Emerging Markets Equity |
||||||||||||||||
Units Issued |
561 | 542 | | | ||||||||||||
Units Redeemed |
(738 | ) | (810 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(177 | ) | (268 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIF - Emerging Markets Debt |
||||||||||||||||
Units Issued |
429 | 424 | | | ||||||||||||
Units Redeemed |
(728 | ) | (1,450 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(299 | ) | (1,026 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
VIF - Global Strategist - Class II |
||||||||||||||||
Units Issued |
215 | 116 | | | ||||||||||||
Units Redeemed |
(249 | ) | (192 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(34 | ) | (76 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Invesco - V.I. Global Core Equity |
||||||||||||||||
Units Issued |
258 | 85 | | | ||||||||||||
Units Redeemed |
(182 | ) | (232 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
76 | (147 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Lazard - Retirement Emerging Markets |
||||||||||||||||
Units Issued |
578 | 570 | | | ||||||||||||
Units Redeemed |
(922 | ) | (1,738 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(344 | ) | (1,168 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
PVIT - Commodity Real Return |
||||||||||||||||
Units Issued |
7,068 | 1,302 | | | ||||||||||||
Units Redeemed |
(4,298 | ) | (1,187 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
2,770 | 115 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
PVIT - Low Duration |
||||||||||||||||
Units Issued |
8,137 | 15,250 | | | ||||||||||||
Units Redeemed |
(13,211 | ) | (10,933 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(5,074 | ) | 4,317 | | | |||||||||||
|
|
|
|
|
|
|
|
67 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
5. Changes in Units Outstanding - continued
Fidelity | Fidelity Freedom | |||||||||||||||
Personal Retirement | Lifetime Income | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
PVIT - Real Return |
||||||||||||||||
Units Issued |
6,539 | 4,959 | | | ||||||||||||
Units Redeemed |
(5,189 | ) | (3,513 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
1,350 | 1,446 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
PVIT - Total Return |
||||||||||||||||
Units Issued |
4,236 | 7,651 | | | ||||||||||||
Units Redeemed |
(7,224 | ) | (8,864 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(2,988 | ) | (1,213 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Blackrock - Global Allocation V.I. |
||||||||||||||||
Units Issued |
1,191 | 1,208 | | | ||||||||||||
Units Redeemed |
(1,509 | ) | (2,349 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(318 | ) | (1,141 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
FTVIP - Templeton Global Bond |
||||||||||||||||
Units Issued |
756 | 590 | | | ||||||||||||
Units Redeemed |
(1,289 | ) | (1,787 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(533 | ) | (1,197 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
FTVIP - Franklin U.S. Govt Securities |
||||||||||||||||
Units Issued |
1,976 | 9,699 | | | ||||||||||||
Units Redeemed |
(3,749 | ) | (5,979 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) |
(1,773 | ) | 3,720 | | | |||||||||||
|
|
|
|
|
|
|
|
Fidelity Growth and Guaranteed Income | ||||||||
(in thousands) | 2021 | 2020 | ||||||
VIP - Government Money Market Investor Class |
||||||||
Units Issued |
4,425 | 3,321 | ||||||
Units Redeemed |
(4,352 | ) | (2,859 | ) | ||||
|
|
|
|
|||||
Net Increase (Decrease) |
73 | 462 | ||||||
|
|
|
|
|||||
VIP - Balanced Investor Class |
||||||||
Units Issued |
78 | 94 | ||||||
Units Redeemed |
(3,016 | ) | (3,754 | ) | ||||
|
|
|
|
|||||
Net Increase (Decrease) |
(2,938 | ) | (3,660 | ) | ||||
|
|
|
|
|||||
VIP - FundsManager 60% Investor Class |
||||||||
Units Issued |
49 | 28 | ||||||
Units Redeemed |
(2,576 | ) | (3,380 | ) | ||||
|
|
|
|
|||||
Net Increase (Decrease) |
(2,527 | ) | (3,352 | ) | ||||
|
|
|
|
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 | Net assets | Investment | ||||||||||||||||||||||||||||||||||
(000s) | Highest | Lowest | (000s) | Lowest | Highest | income ratio (2) | Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Government Money Market |
||||||||||||||||||||||||||||||||||||
2021 |
10,312 | $ | 20.95 | $ | 20.01 | $ | 215,555 | 0.80 | % | 1.00 | % | 0.01 | % | (0.79 | %) | (1.00 | %) | |||||||||||||||||||
2020 |
12,602 | $ | 21.11 | $ | 20.21 | $ | 265,511 | 0.80 | % | 1.00 | % | 0.29 | % | (0.49 | %) | (0.69 | %) | |||||||||||||||||||
2019 |
11,036 | $ | 21.22 | $ | 20.35 | $ | 233,659 | 0.80 | % | 1.00 | % | 1.99 | % | 1.20 | % | 1.00 | % | |||||||||||||||||||
2018 |
11,748 | $ | 20.97 | $ | 20.15 | $ | 245,586 | 0.80 | % | 1.00 | % | 1.65 | % | 0.83 | % | 0.63 | % | |||||||||||||||||||
2017 |
9,879 | $ | 20.79 | $ | 20.03 | $ | 204,884 | 0.80 | % | 1.00 | % | 0.67 | % | (0.13 | %) | (0.33 | %) |
68 | Annual Report |
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 | Net assets | Investment | ||||||||||||||||||||||||||||||||||
(000s) | Highest | Lowest | (000s) | Lowest | Highest | income ratio (2) | Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Government Money Market Investor Class |
||||||||||||||||||||||||||||||||||||
2021 |
159,019 | $ | 10.40 | $ | 9.01 | $ | 1,739,232 | 0.10 | % | 1.40 | % | 0.01 | % | (0.09 | %) | (1.24 | %) | |||||||||||||||||||
2020 |
164,894 | $ | 10.41 | $ | 9.13 | $ | 1,813,259 | 0.10 | % | 1.40 | % | 0.28 | % | 0.21 | % | (0.95 | %) | |||||||||||||||||||
2019 |
153,959 | $ | 10.39 | $ | 9.22 | $ | 1,694,897 | 0.10 | % | 1.40 | % | 1.96 | % | 1.89 | % | 0.72 | % | |||||||||||||||||||
2018 |
143,163 | $ | 10.20 | $ | 9.01 | $ | 1,546,389 | 0.10 | % | 1.40 | % | 1.64 | % | 1.53 | % | 0.20 | % | |||||||||||||||||||
2017 |
101,184 | $ | 10.05 | $ | 8.99 | $ | 1,078,245 | 0.10 | % | 1.40 | % | 0.65 | % | 0.55 | % | (0.75 | %) | |||||||||||||||||||
VIP - High Income |
1,122 | $ | 63.35 | $ | 60.52 | $ | 70,393 | 0.80 | % | 1.00 | % | 5.28 | % | 3.58 | % | 3.37 | % | |||||||||||||||||||
2020 |
1,187 | $ | 61.16 | $ | 58.55 | $ | 71,886 | 0.80 | % | 1.00 | % | 4.96 | % | 1.92 | % | 1.72 | % | |||||||||||||||||||
2019 |
1,356 | $ | 60.01 | $ | 57.56 | $ | 80,631 | 0.80 | % | 1.00 | % | 5.14 | % | 14.18 | % | 13.96 | % | |||||||||||||||||||
2018 |
1,433 | $ | 52.55 | $ | 50.51 | $ | 74,690 | 0.80 | % | 1.00 | % | 5.44 | % | (4.06 | %) | (4.26 | %) | |||||||||||||||||||
2017 |
1,653 | $ | 54.78 | $ | 52.76 | $ | 89,833 | 0.80 | % | 1.00 | % | 5.18 | % | 6.08 | % | 5.87 | % | |||||||||||||||||||
VIP - High Income Investor Class |
||||||||||||||||||||||||||||||||||||
2021 |
17,810 | $ | 18.69 | $ | 29.22 | $ | 377,064 | 0.10 | % | 0.25 | % | 5.32 | % | 4.52 | % | 4.36 | % | |||||||||||||||||||
2020 |
18,126 | $ | 17.88 | $ | 27.99 | $ | 370,663 | 0.10 | % | 0.25 | % | 5.07 | % | 2.64 | % | 2.48 | % | |||||||||||||||||||
2019 |
19,882 | $ | 17.42 | $ | 27.32 | $ | 399,726 | 0.10 | % | 0.25 | % | 5.24 | % | 14.83 | % | 14.65 | % | |||||||||||||||||||
2018 |
19,157 | $ | 15.17 | $ | 23.83 | $ | 338,017 | 0.10 | % | 0.25 | % | 5.51 | % | (3.60 | %) | (3.74 | %) | |||||||||||||||||||
2017 |
21,313 | $ | 15.74 | $ | 24.75 | $ | 392,092 | 0.10 | % | 0.25 | % | 5.13 | % | 6.84 | % | 6.68 | % | |||||||||||||||||||
VIP - Equity-Income |
||||||||||||||||||||||||||||||||||||
2021 |
2,466 | $ | 175.18 | $ | 167.37 | $ | 429,819 | 0.80 | % | 1.00 | % | 1.89 | % | 23.89 | % | 23.65 | % | |||||||||||||||||||
2020 |
2,624 | $ | 141.40 | $ | 135.36 | $ | 369,212 | 0.80 | % | 1.00 | % | 1.80 | % | 5.84 | % | 5.62 | % | |||||||||||||||||||
2019 |
2,934 | $ | 133.60 | $ | 128.15 | $ | 389,886 | 0.80 | % | 1.00 | % | 1.99 | % | 26.42 | % | 26.17 | % | |||||||||||||||||||
2018 |
3,251 | $ | 105.67 | $ | 101.57 | $ | 341,942 | 0.80 | % | 1.00 | % | 2.21 | % | (9.03 | %) | (9.21 | %) | |||||||||||||||||||
2017 |
3,629 | $ | 116.16 | $ | 111.88 | $ | 419,673 | 0.80 | % | 1.00 | % | 1.68 | % | 11.99 | % | 11.77 | % | |||||||||||||||||||
VIP - Equity-Income Investor Class |
||||||||||||||||||||||||||||||||||||
2021 |
13,949 | $ | 37.71 | $ | 55.32 | $ | 503,315 | 0.10 | % | 0.25 | % | 1.89 | % | 24.71 | % | 24.52 | % | |||||||||||||||||||
2020 |
12,577 | $ | 30.24 | $ | 44.42 | $ | 362,054 | 0.10 | % | 0.25 | % | 1.79 | % | 6.47 | % | 6.31 | % | |||||||||||||||||||
2019 |
13,139 | $ | 28.40 | $ | 41.79 | $ | 355,773 | 0.10 | % | 0.25 | % | 1.95 | % | 27.22 | % | 27.03 | % | |||||||||||||||||||
2018 |
13,687 | $ | 22.32 | $ | 32.90 | $ | 291,581 | 0.10 | % | 0.25 | % | 2.17 | % | (8.47 | %) | (8.60 | %) | |||||||||||||||||||
2017 |
14,877 | $ | 24.39 | $ | 35.99 | $ | 346,675 | 0.10 | % | 0.25 | % | 1.63 | % | 12.72 | % | 12.55 | % | |||||||||||||||||||
VIP - Growth |
2,209 | $ | 347.74 | $ | 332.23 | $ | 765,572 | 0.80 | % | 1.00 | % | | 22.23 | % | 21.98 | % | ||||||||||||||||||||
2020 |
2,399 | $ | 284.50 | $ | 272.36 | $ | 679,861 | 0.80 | % | 1.00 | % | 0.07 | % | 42.74 | % | 42.45 | % | |||||||||||||||||||
2019 |
2,613 | $ | 199.32 | $ | 191.20 | $ | 519,163 | 0.80 | % | 1.00 | % | 0.26 | % | 33.24 | % | 32.97 | % | |||||||||||||||||||
2018 |
2,880 | $ | 149.59 | $ | 143.79 | $ | 429,361 | 0.80 | % | 1.00 | % | 0.24 | % | (0.97 | %) | (1.17 | %) | |||||||||||||||||||
2017 |
3,145 | $ | 151.06 | $ | 145.49 | $ | 473,564 | 0.80 | % | 1.00 | % | 0.22 | % | 34.06 | % | 33.79 | % | |||||||||||||||||||
VIP - Growth Investor Class |
12,313 | $ | 72.56 | $ | 103.96 | $ | 871,206 | 0.10 | % | 0.25 | % | | 23.00 | % | 22.82 | % | ||||||||||||||||||||
2020 |
11,736 | $ | 58.99 | $ | 84.64 | $ | 674,257 | 0.10 | % | 0.25 | % | 0.06 | % | 43.64 | % | 43.42 | % | |||||||||||||||||||
2019 |
11,445 | $ | 41.07 | $ | 59.02 | $ | 456,710 | 0.10 | % | 0.25 | % | 0.18 | % | 34.07 | % | 33.87 | % | |||||||||||||||||||
2018 |
12,352 | $ | 30.63 | $ | 44.09 | $ | 367,819 | 0.10 | % | 0.25 | % | 0.16 | % | (0.34 | %) | (0.49 | %) | |||||||||||||||||||
2017 |
11,613 | $ | 30.74 | $ | 44.30 | $ | 347,823 | 0.10 | % | 0.25 | % | 0.15 | % | 34.89 | % | 34.69 | % | |||||||||||||||||||
VIP - Overseas |
1,107 | $ | 79.32 | $ | 75.78 | $ | 87,478 | 0.80 | % | 1.00 | % | 0.52 | % | 18.74 | % | 18.50 | % | |||||||||||||||||||
2020 |
1,210 | $ | 66.80 | $ | 63.95 | $ | 80,458 | 0.80 | % | 1.00 | % | 0.44 | % | 14.69 | % | 14.46 | % | |||||||||||||||||||
2019 |
1,353 | $ | 58.25 | $ | 55.88 | $ | 78,553 | 0.80 | % | 1.00 | % | 1.69 | % | 26.74 | % | 26.49 | % | |||||||||||||||||||
2018 |
1,525 | $ | 45.96 | $ | 44.17 | $ | 69,884 | 0.80 | % | 1.00 | % | 1.47 | % | (15.49 | %) | (15.66 | %) | |||||||||||||||||||
2017 |
1,783 | $ | 54.38 | $ | 52.38 | $ | 96,589 | 0.80 | % | 1.00 | % | 1.43 | % | 29.25 | % | 28.99 | % | |||||||||||||||||||
VIP - Overseas, Investor Class |
9,733 | $ | 26.89 | $ | 36.87 | $ | 265,667 | 0.10 | % | 0.25 | % | 0.48 | % | 19.51 | % | 19.33 | % | |||||||||||||||||||
2020 |
9,859 | $ | 22.50 | $ | 30.89 | $ | 225,658 | 0.10 | % | 0.25 | % | 0.36 | % | 15.38 | % | 15.21 | % | |||||||||||||||||||
2019 |
11,047 | $ | 19.50 | $ | 26.82 | $ | 219,800 | 0.10 | % | 0.25 | % | 1.61 | % | 27.61 | % | 27.42 | % | |||||||||||||||||||
2018 |
12,991 | $ | 15.28 | $ | 21.05 | $ | 202,627 | 0.10 | % | 0.25 | % | 1.36 | % | (14.98 | %) | (15.11 | %) | |||||||||||||||||||
2017 |
15,154 | $ | 17.98 | $ | 24.79 | $ | 279,058 | 0.10 | % | 0.25 | % | 1.50 | % | 30.05 | % | 29.85 | % |
69 | Annual Report |
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 | Net assets | Investment | ||||||||||||||||||||||||||||||||||
(000s) | Highest | Lowest | (000s) | Lowest | Highest | income ratio (2) | Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Investment Grade Bond |
3,369 | $ | 49.74 | $ | 47.52 | $ | 166,332 | 0.80 | % | 1.00 | % | 1.99 | % | (1.40 | %) | (1.60 | %) | |||||||||||||||||||
2020 |
3,816 | $ | 50.44 | $ | 48.29 | $ | 191,178 | 0.80 | % | 1.00 | % | 2.24 | % | 8.52 | % | 8.30 | % | |||||||||||||||||||
2019 |
3,675 | $ | 46.48 | $ | 44.59 | $ | 169,486 | 0.80 | % | 1.00 | % | 2.70 | % | 8.79 | % | 8.57 | % | |||||||||||||||||||
2018 |
3,945 | $ | 42.73 | $ | 41.07 | $ | 167,175 | 0.80 | % | 1.00 | % | 2.42 | % | (1.33 | %) | (1.53 | %) | |||||||||||||||||||
2017 |
4,406 | $ | 43.31 | $ | 41.71 | $ | 189,300 | 0.80 | % | 1.00 | % | 2.35 | % | 3.39 | % | 3.18 | % | |||||||||||||||||||
VIP - Investment Grade Bond Investor Class |
||||||||||||||||||||||||||||||||||||
2021 |
53,000 | $ | 14.94 | $ | 19.01 | $ | 894,402 | 0.10 | % | 0.25 | % | 2.01 | % | (0.74 | %) | (0.89 | %) | |||||||||||||||||||
2020 |
57,498 | $ | 15.05 | $ | 19.18 | $ | 985,291 | 0.10 | % | 0.25 | % | 2.32 | % | 9.22 | % | 9.06 | % | |||||||||||||||||||
2019 |
48,437 | $ | 13.78 | $ | 17.59 | $ | 767,715 | 0.10 | % | 0.25 | % | 2.87 | % | 9.56 | % | 9.40 | % | |||||||||||||||||||
2018 |
41,512 | $ | 12.58 | $ | 16.08 | $ | 605,710 | 0.10 | % | 0.25 | % | 2.36 | % | (0.67 | %) | (0.82 | %) | |||||||||||||||||||
2017 |
47,653 | $ | 12.66 | $ | 16.21 | $ | 700,813 | 0.10 | % | 0.25 | % | 2.46 | % | 4.10 | % | 3.94 | % | |||||||||||||||||||
VIP - Asset Manager |
2,570 | $ | 82.85 | $ | 79.16 | $ | 211,820 | 0.80 | % | 1.00 | % | 1.59 | % | 9.04 | % | 8.82 | % | |||||||||||||||||||
2020 |
2,771 | $ | 75.99 | $ | 72.74 | $ | 209,493 | 0.80 | % | 1.00 | % | 1.49 | % | 13.95 | % | 13.72 | % | |||||||||||||||||||
2019 |
3,022 | $ | 66.68 | $ | 63.97 | $ | 200,448 | 0.80 | % | 1.00 | % | 1.75 | % | 17.30 | % | 17.07 | % | |||||||||||||||||||
2018 |
3,318 | $ | 56.85 | $ | 54.64 | $ | 187,592 | 0.80 | % | 1.00 | % | 1.65 | % | (6.11 | %) | (6.30 | %) | |||||||||||||||||||
2017 |
3,659 | $ | 60.55 | $ | 58.32 | $ | 220,350 | 0.80 | % | 1.00 | % | 1.85 | % | 13.19 | % | 12.97 | % | |||||||||||||||||||
VIP - Asset Manager Investor Class |
9,594 | $ | 24.29 | $ | 34.00 | $ | 256,967 | 0.10 | % | 0.25 | % | 1.59 | % | 9.74 | % | 9.58 | % | |||||||||||||||||||
2020 |
9,193 | $ | 22.13 | $ | 31.02 | $ | 226,257 | 0.10 | % | 0.25 | % | 1.48 | % | 14.65 | % | 14.48 | % | |||||||||||||||||||
2019 |
9,376 | $ | 19.30 | $ | 27.10 | $ | 202,331 | 0.10 | % | 0.25 | % | 1.73 | % | 18.02 | % | 17.84 | % | |||||||||||||||||||
2018 |
9,785 | $ | 16.36 | $ | 23.00 | $ | 179,408 | 0.10 | % | 0.25 | % | 1.68 | % | (5.49 | %) | (5.63 | %) | |||||||||||||||||||
2017 |
9,760 | $ | 17.31 | $ | 24.37 | $ | 189,009 | 0.10 | % | 0.25 | % | 1.88 | % | 13.84 | % | 13.67 | % | |||||||||||||||||||
VIP - Index 500 |
84,374 | $ | 53.56 | $ | 146.07 | $ | 4,944,733 | 0.10 | % | 1.00 | % | 1.29 | % | 28.45 | % | 27.29 | % | |||||||||||||||||||
2020 |
78,449 | $ | 41.70 | $ | 114.75 | $ | 3,630,663 | 0.10 | % | 1.00 | % | 1.76 | % | 18.12 | % | 17.05 | % | |||||||||||||||||||
2019 |
83,552 | $ | 35.30 | $ | 98.03 | $ | 3,306,467 | 0.10 | % | 1.00 | % | 1.99 | % | 31.22 | % | 30.04 | % | |||||||||||||||||||
2018 |
82,991 | $ | 26.90 | $ | 75.39 | $ | 2,532,559 | 0.10 | % | 1.00 | % | 1.87 | % | (4.59 | %) | (5.45 | %) | |||||||||||||||||||
2017 |
83,759 | $ | 28.20 | $ | 79.73 | $ | 2,712,372 | 0.10 | % | 1.00 | % | 1.83 | % | 21.59 | % | 20.50 | % | |||||||||||||||||||
VIP - Asset Manager: Growth |
1,243 | $ | 61.05 | $ | 58.32 | $ | 75,337 | 0.80 | % | 1.00 | % | 1.40 | % | 13.05 | % | 12.82 | % | |||||||||||||||||||
2020 |
1,322 | $ | 54.00 | $ | 51.70 | $ | 70,900 | 0.80 | % | 1.00 | % | 1.11 | % | 16.32 | % | 16.09 | % | |||||||||||||||||||
2019 |
1,456 | $ | 46.42 | $ | 44.53 | $ | 67,088 | 0.80 | % | 1.00 | % | 1.54 | % | 21.84 | % | 21.60 | % | |||||||||||||||||||
2018 |
1,596 | $ | 38.10 | $ | 36.62 | $ | 60,380 | 0.80 | % | 1.00 | % | 1.41 | % | (8.39 | %) | (8.58 | %) | |||||||||||||||||||
2017 |
1,759 | $ | 41.59 | $ | 40.06 | $ | 72,692 | 0.80 | % | 1.00 | % | 1.25 | % | 17.78 | % | 17.54 | % | |||||||||||||||||||
VIP - Asset Manager: Growth Investor Class |
||||||||||||||||||||||||||||||||||||
2021 |
4,547 | $ | 29.23 | $ | 42.21 | $ | 141,408 | 0.10 | % | 0.25 | % | 1.41 | % | 13.77 | % | 13.60 | % | |||||||||||||||||||
2020 |
4,416 | $ | 25.69 | $ | 37.15 | $ | 121,466 | 0.10 | % | 0.25 | % | 1.06 | % | 17.08 | % | 16.90 | % | |||||||||||||||||||
2019 |
4,741 | $ | 21.95 | $ | 31.78 | $ | 111,526 | 0.10 | % | 0.25 | % | 1.50 | % | 22.58 | % | 22.39 | % | |||||||||||||||||||
2018 |
4,997 | $ | 17.90 | $ | 25.97 | $ | 96,219 | 0.10 | % | 0.25 | % | 1.37 | % | (7.82 | %) | (7.96 | %) | |||||||||||||||||||
2017 |
5,117 | $ | 19.42 | $ | 28.21 | $ | 106,975 | 0.10 | % | 0.25 | % | 1.25 | % | 18.57 | % | 18.39 | % | |||||||||||||||||||
VIP - Contrafund |
6,806 | $ | 191.79 | $ | 183.24 | $ | 1,300,199 | 0.80 | % | 1.00 | % | 0.06 | % | 26.81 | % | 26.56 | % | |||||||||||||||||||
2020 |
7,278 | $ | 151.24 | $ | 144.79 | $ | 1,096,430 | 0.80 | % | 1.00 | % | 0.25 | % | 29.52 | % | 29.26 | % | |||||||||||||||||||
2019 |
8,077 | $ | 116.77 | $ | 112.02 | $ | 939,288 | 0.80 | % | 1.00 | % | 0.46 | % | 30.53 | % | 30.26 | % | |||||||||||||||||||
2018 |
8,923 | $ | 89.46 | $ | 85.99 | $ | 795,340 | 0.80 | % | 1.00 | % | 0.69 | % | (7.13 | %) | (7.32 | %) | |||||||||||||||||||
2017 |
9,841 | $ | 96.33 | $ | 92.78 | $ | 944,666 | 0.80 | % | 1.00 | % | 0.99 | % | 20.90 | % | 20.66 | % | |||||||||||||||||||
VIP - Contrafund Investor Class |
42,408 | $ | 52.60 | $ | 79.53 | $ | 2,317,809 | 0.10 | % | 0.25 | % | 0.05 | % | 27.62 | % | 27.42 | % | |||||||||||||||||||
2020 |
42,973 | $ | 41.22 | $ | 62.41 | $ | 1,851,077 | 0.10 | % | 0.25 | % | 0.18 | % | 30.35 | % | 30.15 | % | |||||||||||||||||||
2019 |
45,218 | $ | 31.62 | $ | 47.95 | $ | 1,503,490 | 0.10 | % | 0.25 | % | 0.39 | % | 31.36 | % | 31.16 | % | |||||||||||||||||||
2018 |
48,111 | $ | 24.07 | $ | 36.56 | $ | 1,221,858 | 0.10 | % | 0.25 | % | 0.64 | % | (6.59 | %) | (6.73 | %) | |||||||||||||||||||
2017 |
49,353 | $ | 25.77 | $ | 39.20 | $ | 1,346,901 | 0.10 | % | 0.25 | % | 0.93 | % | 21.69 | % | 21.50 | % |
70 | Annual Report |
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 | Net assets | Investment | ||||||||||||||||||||||||||||||||||
(000s) | Highest | Lowest | (000s) | Lowest | Highest | income ratio (2) | Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Balanced |
3,893 | $ | 57.31 | $ | 54.75 | $ | 221,126 | 0.80 | % | 1.00 | % | 0.94 | % | 17.32 | % | 17.08 | % | |||||||||||||||||||
2020 |
3,966 | $ | 48.85 | $ | 46.76 | $ | 192,127 | 0.80 | % | 1.00 | % | 1.45 | % | 21.41 | % | 21.16 | % | |||||||||||||||||||
2019 |
4,258 | $ | 40.24 | $ | 38.60 | $ | 169,897 | 0.80 | % | 1.00 | % | 1.73 | % | 23.51 | % | 23.26 | % | |||||||||||||||||||
2018 |
4,477 | $ | 32.58 | $ | 31.31 | $ | 144,570 | 0.80 | % | 1.00 | % | 1.44 | % | (4.99 | %) | (5.18 | %) | |||||||||||||||||||
2017 |
4,849 | $ | 34.29 | $ | 33.02 | $ | 164,922 | 0.80 | % | 1.00 | % | 1.45 | % | 15.50 | % | 15.26 | % | |||||||||||||||||||
VIP - Balanced Investor Class |
112,027 | $ | 35.98 | $ | 48.93 | $ | 4,141,613 | 0.10 | % | 1.40 | % | 0.88 | % | 18.06 | % | 16.52 | % | |||||||||||||||||||
2020 |
108,982 | $ | 30.48 | $ | 41.99 | $ | 3,419,574 | 0.10 | % | 1.40 | % | 1.39 | % | 22.23 | % | 20.64 | % | |||||||||||||||||||
2019 |
113,290 | $ | 24.93 | $ | 34.81 | $ | 2,920,528 | 0.10 | % | 1.40 | % | 1.69 | % | 24.26 | % | 22.64 | % | |||||||||||||||||||
2018 |
116,132 | $ | 20.07 | $ | 28.38 | $ | 2,407,194 | 0.10 | % | 1.40 | % | 1.41 | % | (4.37 | %) | (5.63 | %) | |||||||||||||||||||
2017 |
117,571 | $ | 20.98 | $ | 30.08 | $ | 2,542,316 | 0.10 | % | 1.40 | % | 1.42 | % | 16.16 | % | 14.66 | % | |||||||||||||||||||
VIP - Dynamic Capital Appreciation |
||||||||||||||||||||||||||||||||||||
2021 |
419 | $ | 66.22 | $ | 63.82 | $ | 27,569 | 0.80 | % | 1.00 | % | 0.41 | % | 23.63 | % | 23.38 | % | |||||||||||||||||||
2020 |
450 | $ | 53.56 | $ | 51.73 | $ | 23,928 | 0.80 | % | 1.00 | % | 0.22 | % | 32.54 | % | 32.27 | % | |||||||||||||||||||
2019 |
516 | $ | 40.41 | $ | 39.11 | $ | 20,742 | 0.80 | % | 1.00 | % | 0.60 | % | 29.04 | % | 28.78 | % | |||||||||||||||||||
2018 |
605 | $ | 31.32 | $ | 30.37 | $ | 18,876 | 0.80 | % | 1.00 | % | 0.57 | % | (5.65 | %) | (5.84 | %) | |||||||||||||||||||
2017 |
674 | $ | 33.19 | $ | 32.25 | $ | 22,264 | 0.80 | % | 1.00 | % | 0.85 | % | 22.90 | % | 22.65 | % | |||||||||||||||||||
VIP - Dynamic Capital Appreciation Investor Class |
||||||||||||||||||||||||||||||||||||
2021 |
3,241 | $ | 56.08 | $ | 88.25 | $ | 186,787 | 0.10 | % | 0.25 | % | 0.34 | % | 24.33 | % | 24.15 | % | |||||||||||||||||||
2020 |
3,139 | $ | 45.10 | $ | 71.08 | $ | 146,488 | 0.10 | % | 0.25 | % | 0.16 | % | 33.40 | % | 33.20 | % | |||||||||||||||||||
2019 |
3,275 | $ | 33.81 | $ | 53.36 | $ | 115,114 | 0.10 | % | 0.25 | % | 0.54 | % | 29.94 | % | 29.74 | % | |||||||||||||||||||
2018 |
3,729 | $ | 26.02 | $ | 41.13 | $ | 101,034 | 0.10 | % | 0.25 | % | 0.49 | % | (5.09 | %) | (5.24 | %) | |||||||||||||||||||
2017 |
3,776 | $ | 27.42 | $ | 43.40 | $ | 108,387 | 0.10 | % | 0.25 | % | 0.77 | % | 23.62 | % | 23.43 | % | |||||||||||||||||||
VIP - Growth & Income |
2,139 | $ | 62.62 | $ | 59.83 | $ | 133,106 | 0.80 | % | 1.00 | % | 2.40 | % | 24.94 | % | 24.69 | % | |||||||||||||||||||
2020 |
2,284 | $ | 50.12 | $ | 47.98 | $ | 113,765 | 0.80 | % | 1.00 | % | 2.11 | % | 6.98 | % | 6.77 | % | |||||||||||||||||||
2019 |
2,565 | $ | 46.85 | $ | 44.94 | $ | 119,329 | 0.80 | % | 1.00 | % | 3.57 | % | 29.01 | % | 28.75 | % | |||||||||||||||||||
2018 |
2,845 | $ | 36.32 | $ | 34.91 | $ | 102,639 | 0.80 | % | 1.00 | % | 0.35 | % | (9.71 | %) | (9.90 | %) | |||||||||||||||||||
2017 |
3,235 | $ | 40.22 | $ | 38.74 | $ | 129,319 | 0.80 | % | 1.00 | % | 1.24 | % | 15.96 | % | 15.73 | % | |||||||||||||||||||
VIP - Growth & Income Investor Class |
6,293 | $ | 44.03 | $ | 59.85 | $ | 269,306 | 0.10 | % | 0.25 | % | 2.48 | % | 25.67 | % | 25.48 | % | |||||||||||||||||||
2020 |
5,605 | $ | 35.03 | $ | 47.69 | $ | 190,471 | 0.10 | % | 0.25 | % | 2.03 | % | 7.65 | % | 7.49 | % | |||||||||||||||||||
2019 |
6,454 | $ | 32.54 | $ | 44.37 | $ | 203,649 | 0.10 | % | 0.25 | % | 3.51 | % | 29.85 | % | 29.65 | % | |||||||||||||||||||
2018 |
7,032 | $ | 25.06 | $ | 34.22 | $ | 171,312 | 0.10 | % | 0.25 | % | 0.27 | % | (9.15 | %) | (9.28 | %) | |||||||||||||||||||
2017 |
7,947 | $ | 27.59 | $ | 37.72 | $ | 213,340 | 0.10 | % | 0.25 | % | 1.17 | % | 16.71 | % | 16.53 | % | |||||||||||||||||||
VIP - Growth Opportunities |
2,566 | $ | 96.85 | $ | 92.53 | $ | 247,094 | 0.80 | % | 1.00 | % | | 11.05 | % | 10.82 | % | ||||||||||||||||||||
2020 |
3,024 | $ | 87.21 | $ | 83.49 | $ | 262,165 | 0.80 | % | 1.00 | % | 0.01 | % | 67.31 | % | 66.97 | % | |||||||||||||||||||
2019 |
3,198 | $ | 52.13 | $ | 50.00 | $ | 165,715 | 0.80 | % | 1.00 | % | 0.16 | % | 39.71 | % | 39.43 | % | |||||||||||||||||||
2018 |
2,667 | $ | 37.31 | $ | 35.86 | $ | 98,882 | 0.80 | % | 1.00 | % | 0.11 | % | 11.56 | % | 11.33 | % | |||||||||||||||||||
2017 |
2,629 | $ | 33.45 | $ | 32.21 | $ | 87,425 | 0.80 | % | 1.00 | % | 0.30 | % | 33.44 | % | 33.17 | % | |||||||||||||||||||
VIP - Growth Opportunities Investor Class |
||||||||||||||||||||||||||||||||||||
2021 |
13,573 | $ | 96.48 | $ | 158.51 | $ | 1,258,355 | 0.10 | % | 0.25 | % | | 11.75 | % | 11.59 | % | ||||||||||||||||||||
2020 |
13,926 | $ | 86.33 | $ | 142.05 | $ | 1,154,274 | 0.10 | % | 0.25 | % | 0.01 | % | 68.35 | % | 68.10 | % | |||||||||||||||||||
2019 |
12,243 | $ | 51.28 | $ | 84.50 | $ | 599,630 | 0.10 | % | 0.25 | % | 0.10 | % | 40.57 | % | 40.36 | % | |||||||||||||||||||
2018 |
9,211 | $ | 36.48 | $ | 60.20 | $ | 321,276 | 0.10 | % | 0.25 | % | 0.10 | % | 12.29 | % | 12.12 | % | |||||||||||||||||||
2017 |
7,258 | $ | 32.49 | $ | 53.70 | $ | 224,576 | 0.10 | % | 0.25 | % | 0.24 | % | 34.25 | % | 34.05 | % | |||||||||||||||||||
VIP - Mid Cap |
4,322 | $ | 75.05 | $ | 71.84 | $ | 322,312 | 0.80 | % | 1.00 | % | 0.60 | % | 24.60 | % | 24.35 | % | |||||||||||||||||||
2020 |
4,691 | $ | 60.23 | $ | 57.77 | $ | 280,720 | 0.80 | % | 1.00 | % | 0.65 | % | 17.24 | % | 17.00 | % | |||||||||||||||||||
2019 |
5,455 | $ | 51.37 | $ | 49.38 | $ | 278,523 | 0.80 | % | 1.00 | % | 0.84 | % | 22.46 | % | 22.21 | % | |||||||||||||||||||
2018 |
6,310 | $ | 41.95 | $ | 40.40 | $ | 262,981 | 0.80 | % | 1.00 | % | 0.63 | % | (15.23 | %) | (15.40 | %) | |||||||||||||||||||
2017 |
7,013 | $ | 49.49 | $ | 47.75 | $ | 345,185 | 0.80 | % | 1.00 | % | 0.69 | % | 19.85 | % | 19.60 | % |
71 | Annual Report |
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 | Net assets | Investment | ||||||||||||||||||||||||||||||||||
(000s) | Highest | Lowest | (000s) | Lowest | Highest | income ratio (2) | Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Mid Cap Investor Class |
16,577 | $ | 35.44 | $ | 62.57 | $ | 658,078 | 0.10 | % | 0.25 | % | 0.55 | % | 25.41 | % | 25.23 | % | |||||||||||||||||||
2020 |
16,360 | $ | 28.26 | $ | 49.97 | $ | 526,491 | 0.10 | % | 0.25 | % | 0.57 | % | 17.96 | % | 17.78 | % | |||||||||||||||||||
2019 |
18,695 | $ | 23.95 | $ | 42.43 | $ | 515,047 | 0.10 | % | 0.25 | % | 0.80 | % | 23.23 | % | 23.04 | % | |||||||||||||||||||
2018 |
20,731 | $ | 19.44 | $ | 34.48 | $ | 466,686 | 0.10 | % | 0.25 | % | 0.56 | % | (14.68 | %) | (14.81 | %) | |||||||||||||||||||
2017 |
21,798 | $ | 22.78 | $ | 40.48 | $ | 579,930 | 0.10 | % | 0.25 | % | 0.64 | % | 20.60 | % | 20.42 | % | |||||||||||||||||||
VIP - Value Strategies |
1,215 | $ | 45.69 | $ | 44.04 | $ | 55,174 | 0.80 | % | 1.00 | % | 1.51 | % | 32.53 | % | 32.26 | % | |||||||||||||||||||
2020 |
1,081 | $ | 34.48 | $ | 33.30 | $ | 36,927 | 0.80 | % | 1.00 | % | 1.39 | % | 7.39 | % | 7.17 | % | |||||||||||||||||||
2019 |
1,047 | $ | 32.10 | $ | 31.07 | $ | 33,380 | 0.80 | % | 1.00 | % | 1.62 | % | 33.45 | % | 33.18 | % | |||||||||||||||||||
2018 |
1,204 | $ | 24.06 | $ | 23.33 | $ | 28,769 | 0.80 | % | 1.00 | % | 0.95 | % | (17.98 | %) | (18.15 | %) | |||||||||||||||||||
2017 |
1,430 | $ | 29.33 | $ | 28.50 | $ | 41,702 | 0.80 | % | 1.00 | % | 1.46 | % | 18.40 | % | 18.17 | % | |||||||||||||||||||
VIP - Value Strategies Investor Class |
5,968 | $ | 39.27 | $ | 80.54 | $ | 236,505 | 0.10 | % | 0.25 | % | 1.54 | % | 33.35 | % | 33.15 | % | |||||||||||||||||||
2020 |
3,903 | $ | 29.45 | $ | 60.49 | $ | 116,259 | 0.10 | % | 0.25 | % | 1.53 | % | 8.16 | % | 7.99 | % | |||||||||||||||||||
2019 |
2,789 | $ | 27.23 | $ | 56.01 | $ | 76,969 | 0.10 | % | 0.25 | % | 1.61 | % | 34.14 | % | 33.94 | % | |||||||||||||||||||
2018 |
2,817 | $ | 20.30 | $ | 41.82 | $ | 58,000 | 0.10 | % | 0.25 | % | 0.87 | % | (17.45 | %) | (17.58 | %) | |||||||||||||||||||
2017 |
3,457 | $ | 24.59 | $ | 50.74 | $ | 86,463 | 0.10 | % | 0.25 | % | 1.38 | % | 19.18 | % | 19.00 | % | |||||||||||||||||||
VIP - Utilities (10) |
651 | $ | 39.69 | $ | 38.09 | $ | 25,765 | 0.80 | % | 1.00 | % | 1.85 | % | 16.56 | % | 16.32 | % | |||||||||||||||||||
2020 |
732 | $ | 34.05 | $ | 32.74 | $ | 24,771 | 0.80 | % | 1.00 | % | 2.46 | % | (0.98 | %) | (1.18 | %) | |||||||||||||||||||
2019 |
1,088 | $ | 34.39 | $ | 33.13 | $ | 37,258 | 0.80 | % | 1.00 | % | 2.18 | % | 22.20 | % | 21.95 | % | |||||||||||||||||||
2018 |
1,271 | $ | 28.14 | $ | 27.17 | $ | 35,650 | 0.80 | % | 1.00 | % | 2.36 | % | 7.94 | % | 7.72 | % | |||||||||||||||||||
2017 |
929 | $ | 26.07 | $ | 25.22 | $ | 24,149 | 0.80 | % | 1.00 | % | 2.10 | % | 16.94 | % | 16.71 | % | |||||||||||||||||||
VIP - Utilities Investor Class (8) |
4,028 | $ | 34.79 | $ | 42.98 | $ | 154,428 | 0.10 | % | 0.25 | % | 1.83 | % | 17.25 | % | 17.08 | % | |||||||||||||||||||
2020 |
4,202 | $ | 29.67 | $ | 36.71 | $ | 138,543 | 0.10 | % | 0.25 | % | 2.38 | % | (0.36 | %) | (0.51 | %) | |||||||||||||||||||
2019 |
5,914 | $ | 29.78 | $ | 36.90 | $ | 198,015 | 0.10 | % | 0.25 | % | 2.23 | % | 23.01 | % | 22.83 | % | |||||||||||||||||||
2018 |
4,664 | $ | 24.21 | $ | 30.04 | $ | 127,653 | 0.10 | % | 0.25 | % | 2.06 | % | 8.55 | % | 8.39 | % | |||||||||||||||||||
2017 |
3,812 | $ | 22.30 | $ | 27.72 | $ | 97,020 | 0.10 | % | 0.25 | % | 2.06 | % | 17.72 | % | 17.54 | % | |||||||||||||||||||
VIP - Technology (8) |
2,666 | $ | 109.36 | $ | 104.95 | $ | 290,330 | 0.80 | % | 1.00 | % | | 27.14 | % | 26.88 | % | ||||||||||||||||||||
2020 |
2,901 | $ | 86.02 | $ | 82.71 | $ | 248,510 | 0.80 | % | 1.00 | % | 0.08 | % | 63.63 | % | 63.30 | % | |||||||||||||||||||
2019 |
2,908 | $ | 52.57 | $ | 50.65 | $ | 152,286 | 0.80 | % | 1.00 | % | 0.44 | % | 50.11 | % | 49.81 | % | |||||||||||||||||||
2018 |
3,114 | $ | 35.02 | $ | 33.81 | $ | 108,683 | 0.80 | % | 1.00 | % | | (8.36 | %) | (8.55 | %) | ||||||||||||||||||||
2017 |
3,601 | $ | 38.22 | $ | 36.97 | $ | 137,162 | 0.80 | % | 1.00 | % | 0.01 | % | 49.58 | % | 49.28 | % | |||||||||||||||||||
VIP - Technology Investor Class (8) |
14,315 | $ | 97.48 | $ | 224.15 | $ | 1,554,980 | 0.10 | % | 0.25 | % | | 27.94 | % | 27.74 | % | ||||||||||||||||||||
2020 |
14,515 | $ | 76.20 | $ | 175.47 | $ | 1,254,095 | 0.10 | % | 0.25 | % | 0.06 | % | 64.60 | % | 64.35 | % | |||||||||||||||||||
2019 |
12,552 | $ | 46.29 | $ | 106.76 | $ | 671,839 | 0.10 | % | 0.25 | % | 0.39 | % | 51.11 | % | 50.89 | % | |||||||||||||||||||
2018 |
12,458 | $ | 30.64 | $ | 70.76 | $ | 447,074 | 0.10 | % | 0.25 | % | | (7.77 | %) | (7.91 | %) | ||||||||||||||||||||
2017 |
12,511 | $ | 33.22 | $ | 76.84 | $ | 490,790 | 0.10 | % | 0.25 | % | 0.01 | % | 50.43 | % | 50.21 | % | |||||||||||||||||||
VIP - Energy (8) |
1,244 | $ | 22.51 | $ | 21.60 | $ | 27,847 | 0.80 | % | 1.00 | % | 3.28 | % | 54.11 | % | 53.80 | % | |||||||||||||||||||
2020 |
1,019 | $ | 14.60 | $ | 14.04 | $ | 14,829 | 0.80 | % | 1.00 | % | 2.68 | % | (33.31 | %) | (33.44 | %) | |||||||||||||||||||
2019 |
1,186 | $ | 21.90 | $ | 21.10 | $ | 25,873 | 0.80 | % | 1.00 | % | 1.99 | % | 9.20 | % | 8.98 | % | |||||||||||||||||||
2018 |
1,339 | $ | 20.05 | $ | 19.36 | $ | 26,757 | 0.80 | % | 1.00 | % | 0.92 | % | (25.19 | %) | (25.34 | %) | |||||||||||||||||||
2017 |
1,503 | $ | 26.80 | $ | 25.93 | $ | 40,129 | 0.80 | % | 1.00 | % | 1.53 | % | (3.25 | %) | (3.45 | )% | |||||||||||||||||||
VIP - Energy Investor Class (8) |
11,233 | $ | 12.57 | $ | 18.53 | $ | 148,929 | 0.10 | % | 0.25 | % | 2.65 | % | 55.00 | % | 54.77 | % | |||||||||||||||||||
2020 |
7,723 | $ | 8.11 | $ | 11.97 | $ | 66,258 | 0.10 | % | 0.25 | % | 2.98 | % | (32.87 | %) | (32.97 | %) | |||||||||||||||||||
2019 |
5,640 | $ | 12.08 | $ | 17.86 | $ | 72,726 | 0.10 | % | 0.25 | % | 1.87 | % | 9.87 | % | 9.71 | % | |||||||||||||||||||
2018 |
7,280 | $ | 10.99 | $ | 16.28 | $ | 85,583 | 0.10 | % | 0.25 | % | 0.87 | % | (24.73 | %) | (24.84 | %) | |||||||||||||||||||
2017 |
7,097 | $ | 14.60 | $ | 21.66 | $ | 111,672 | 0.10 | % | 0.25 | % | 1.47 | % | (2.66 | )% | (2.81 | %) |
72 | Annual Report |
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 | Net assets | Investment | ||||||||||||||||||||||||||||||||||
(000s) | Highest | Lowest | (000s) | Lowest | Highest | income ratio (2) | Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Health Care (8) |
1,811 | $ | 79.94 | $ | 76.72 | $ | 144,136 | 0.80 | % | 1.00 | % | 0.09 | % | 10.84 | % | 10.62 | % | |||||||||||||||||||
2020 |
2,031 | $ | 72.13 | $ | 69.36 | $ | 145,735 | 0.80 | % | 1.00 | % | 0.55 | % | 20.61 | % | 20.36 | % | |||||||||||||||||||
2019 |
2,185 | $ | 59.80 | $ | 57.62 | $ | 130,102 | 0.80 | % | 1.00 | % | 0.23 | % | 27.34 | % | 27.09 | % | |||||||||||||||||||
2018 |
2,681 | $ | 46.96 | $ | 45.34 | $ | 125,420 | 0.80 | % | 1.00 | % | 0.20 | % | 6.99 | % | 6.77 | % | |||||||||||||||||||
2017 |
2,714 | $ | 43.90 | $ | 42.47 | $ | 118,717 | 0.80 | % | 1.00 | % | 0.26 | % | 24.05 | % | 23.80 | % | |||||||||||||||||||
VIP - Health Care Investor Class (8) |
12,270 | $ | 71.33 | $ | 103.56 | $ | 897,989 | 0.10 | % | 0.25 | % | 0.08 | % | 11.54 | % | 11.38 | % | |||||||||||||||||||
2020 |
12,809 | $ | 63.95 | $ | 92.98 | $ | 844,282 | 0.10 | % | 0.25 | % | 0.50 | % | 21.37 | % | 21.18 | % | |||||||||||||||||||
2019 |
12,470 | $ | 52.69 | $ | 76.73 | $ | 680,656 | 0.10 | % | 0.25 | % | 0.15 | % | 28.16 | % | 27.97 | % | |||||||||||||||||||
2018 |
14,538 | $ | 41.11 | $ | 59.96 | $ | 620,666 | 0.10 | % | 0.25 | % | 0.14 | % | 7.61 | % | 7.45 | % | |||||||||||||||||||
2017 |
13,485 | $ | 38.20 | $ | 55.80 | $ | 536,505 | 0.10 | % | 0.25 | % | 0.20 | % | 24.84 | % | 24.66 | % | |||||||||||||||||||
VIP - Financial Services (8) |
1,283 | $ | 25.34 | $ | 24.32 | $ | 32,377 | 0.80 | % | 1.00 | % | 1.82 | % | 32.13 | % | 31.86 | % | |||||||||||||||||||
2020 |
929 | $ | 19.18 | $ | 18.44 | $ | 17,730 | 0.80 | % | 1.00 | % | 2.33 | % | (0.04 | %) | (0.25 | %) | |||||||||||||||||||
2019 |
1,164 | $ | 19.19 | $ | 18.49 | $ | 22,214 | 0.80 | % | 1.00 | % | 1.96 | % | 33.25 | % | 32.99 | % | |||||||||||||||||||
2018 |
1,510 | $ | 14.40 | $ | 13.90 | $ | 21,657 | 0.80 | % | 1.00 | % | 1.07 | % | (16.41 | %) | (16.58 | %) | |||||||||||||||||||
2017 |
2,340 | $ | 17.22 | $ | 16.66 | $ | 40,162 | 0.80 | % | 1.00 | % | 0.76 | % | 20.28 | % | 20.04 | % | |||||||||||||||||||
VIP - Financial Services Investor Class (8) |
7,535 | $ | 35.93 | $ | 55.83 | $ | 221,585 | 0.10 | % | 0.25 | % | 1.78 | % | 33.00 | % | 32.80 | % | |||||||||||||||||||
2020 |
4,953 | $ | 27.01 | $ | 42.04 | $ | 108,409 | 0.10 | % | 0.25 | % | 2.38 | % | 0.53 | % | 0.38 | % | |||||||||||||||||||
2019 |
5,756 | $ | 26.87 | $ | 41.88 | $ | 124,129 | 0.10 | % | 0.25 | % | 1.90 | % | 34.15 | % | 33.95 | % | |||||||||||||||||||
2018 |
7,500 | $ | 20.03 | $ | 31.27 | $ | 120,583 | 0.10 | % | 0.25 | % | 1.03 | % | (15.90 | %) | (16.03 | %) | |||||||||||||||||||
2017 |
9,140 | $ | 23.82 | $ | 37.24 | $ | 172,892 | 0.10 | % | 0.25 | % | 0.70 | % | 21.05 | % | 20.87 | % | |||||||||||||||||||
VIP - Industrials (8) |
428 | $ | 67.24 | $ | 64.53 | $ | 28,598 | 0.80 | % | 1.00 | % | | 16.15 | % | 15.92 | % | ||||||||||||||||||||
2020 |
479 | $ | 57.89 | $ | 55.67 | $ | 27,545 | 0.80 | % | 1.00 | % | 0.56 | % | 11.41 | % | 11.19 | % | |||||||||||||||||||
2019 |
592 | $ | 51.96 | $ | 50.06 | $ | 30,600 | 0.80 | % | 1.00 | % | 1.04 | % | 27.12 | % | 26.86 | % | |||||||||||||||||||
2018 |
699 | $ | 40.87 | $ | 39.46 | $ | 28,433 | 0.80 | % | 1.00 | % | 0.76 | % | (15.80 | %) | (15.97 | %) | |||||||||||||||||||
2017 |
829 | $ | 48.55 | $ | 46.96 | $ | 40,063 | 0.80 | % | 1.00 | % | 0.71 | % | 19.19 | % | 18.95 | % | |||||||||||||||||||
VIP - Industrials Investor Class (8) |
2,968 | $ | 39.64 | $ | 69.11 | $ | 129,664 | 0.10 | % | 0.25 | % | | 16.91 | % | 16.74 | % | ||||||||||||||||||||
2020 |
3,186 | $ | 33.91 | $ | 59.21 | $ | 121,047 | 0.10 | % | 0.25 | % | 0.50 | % | 12.08 | % | 11.91 | % | |||||||||||||||||||
2019 |
3,597 | $ | 30.25 | $ | 52.90 | $ | 123,837 | 0.10 | % | 0.25 | % | 1.00 | % | 27.96 | % | 27.77 | % | |||||||||||||||||||
2018 |
4,105 | $ | 23.64 | $ | 41.41 | $ | 111,321 | 0.10 | % | 0.25 | % | 0.66 | % | (15.27 | %) | (15.40 | %) | |||||||||||||||||||
2017 |
4,777 | $ | 27.90 | $ | 48.94 | $ | 153,817 | 0.10 | % | 0.25 | % | 0.65 | % | 19.93 | % | 19.75 | % | |||||||||||||||||||
VIP - Consumer Discretionary (8) |
478 | $ | 61.88 | $ | 59.38 | $ | 29,441 | 0.80 | % | 1.00 | % | | 18.45 | % | 18.21 | % | ||||||||||||||||||||
2020 |
493 | $ | 52.24 | $ | 50.23 | $ | 25,632 | 0.80 | % | 1.00 | % | 0.11 | % | 35.06 | % | 34.79 | % | |||||||||||||||||||
2019 |
599 | $ | 38.68 | $ | 37.27 | $ | 23,062 | 0.80 | % | 1.00 | % | 0.31 | % | 26.18 | % | 25.92 | % | |||||||||||||||||||
2018 |
740 | $ | 30.65 | $ | 29.60 | $ | 22,599 | 0.80 | % | 1.00 | % | 0.32 | % | (1.88 | %) | (2.08 | %) | |||||||||||||||||||
2017 |
642 | $ | 31.24 | $ | 30.22 | $ | 19,984 | 0.80 | % | 1.00 | % | 0.54 | % | 21.19 | % | 20.94 | % | |||||||||||||||||||
VIP - Consumer Discretionary Investor Class (8) |
||||||||||||||||||||||||||||||||||||
2021 |
4,353 | $ | 60.43 | $ | 108.85 | $ | 266,806 | 0.10 | % | 0.25 | % | | 19.20 | % | 19.02 | % | ||||||||||||||||||||
2020 |
4,169 | $ | 50.70 | $ | 91.45 | $ | 214,538 | 0.10 | % | 0.25 | % | 0.09 | % | 35.86 | % | 35.66 | % | |||||||||||||||||||
2019 |
4,207 | $ | 37.32 | $ | 67.41 | $ | 160,376 | 0.10 | % | 0.25 | % | 0.24 | % | 27.00 | % | 26.81 | % | |||||||||||||||||||
2018 |
4,849 | $ | 29.38 | $ | 53.16 | $ | 146,065 | 0.10 | % | 0.25 | % | 0.24 | % | (1.26 | %) | (1.41 | %) | |||||||||||||||||||
2017 |
3,719 | $ | 29.76 | $ | 53.92 | $ | 113,709 | 0.10 | % | 0.25 | % | 0.47 | % | 21.95 | % | 21.76 | % | |||||||||||||||||||
VIP - Real Estate |
664 | $ | 51.94 | $ | 50.06 | $ | 34,346 | 0.80 | % | 1.00 | % | 1.16 | % | 37.88 | % | 37.60 | % | |||||||||||||||||||
2020 |
668 | $ | 37.67 | $ | 36.38 | $ | 25,031 | 0.80 | % | 1.00 | % | 2.09 | % | (7.30 | %) | (7.49 | %) | |||||||||||||||||||
2019 |
824 | $ | 40.64 | $ | 39.32 | $ | 33,331 | 0.80 | % | 1.00 | % | 1.72 | % | 22.23 | % | 21.99 | % | |||||||||||||||||||
2018 |
871 | $ | 33.24 | $ | 32.24 | $ | 28,875 | 0.80 | % | 1.00 | % | 2.75 | % | (6.98 | %) | (7.17 | %) | |||||||||||||||||||
2017 |
1,043 | $ | 35.74 | $ | 34.72 | $ | 37,194 | 0.80 | % | 1.00 | % | 1.72 | % | 3.24 | % | 3.03 | % |
73 | Annual Report |
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 | Net assets | Investment | ||||||||||||||||||||||||||||||||||
(000s) | Highest | Lowest | (000s) | Lowest | Highest | income ratio (2) | Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Real Estate Investor Class |
6,610 | $ | 30.99 | $ | 74.64 | $ | 221,152 | 0.10 | % | 0.25 | % | 1.16 | % | 38.78 | % | 38.57 | % | |||||||||||||||||||
2020 |
5,564 | $ | 22.33 | $ | 53.86 | $ | 136,135 | 0.10 | % | 0.25 | % | 2.04 | % | (6.70 | %) | (6.85 | %) | |||||||||||||||||||
2019 |
6,659 | $ | 23.93 | $ | 57.82 | $ | 175,399 | 0.10 | % | 0.25 | % | 1.75 | % | 23.02 | % | 22.84 | % | |||||||||||||||||||
2018 |
6,351 | $ | 19.46 | $ | 47.07 | $ | 136,704 | 0.10 | % | 0.25 | % | 2.71 | % | (6.43 | %) | (6.57 | %) | |||||||||||||||||||
2017 |
7,330 | $ | 20.79 | $ | 50.38 | $ | 169,524 | 0.10 | % | 0.25 | % | 1.68 | % | 3.89 | % | 3.73 | % | |||||||||||||||||||
VIP - Strategic Income |
2,376 | $ | 23.73 | $ | 22.90 | $ | 56,157 | 0.80 | % | 1.00 | % | 2.62 | % | 2.91 | % | 2.70 | % | |||||||||||||||||||
2020 |
2,443 | $ | 23.06 | $ | 22.30 | $ | 56,046 | 0.80 | % | 1.00 | % | 3.12 | % | 6.65 | % | 6.44 | % | |||||||||||||||||||
2019 |
2,855 | $ | 21.62 | $ | 20.95 | $ | 61,512 | 0.80 | % | 1.00 | % | 3.18 | % | 10.00 | % | 9.78 | % | |||||||||||||||||||
2018 |
3,148 | $ | 19.66 | $ | 19.08 | $ | 61,616 | 0.80 | % | 1.00 | % | 3.47 | % | (3.35 | %) | (3.55 | %) | |||||||||||||||||||
2017 |
3,712 | $ | 20.34 | $ | 19.79 | $ | 75,222 | 0.80 | % | 1.00 | % | 3.14 | % | 6.93 | % | 6.72 | % | |||||||||||||||||||
VIP - Strategic Income Investor Class |
47,126 | $ | 16.80 | $ | 24.18 | $ | 919,681 | 0.10 | % | 0.25 | % | 2.64 | % | 3.62 | % | 3.46 | % | |||||||||||||||||||
2020 |
45,937 | $ | 16.21 | $ | 23.37 | $ | 879,413 | 0.10 | % | 0.25 | % | 3.22 | % | 7.40 | % | 7.24 | % | |||||||||||||||||||
2019 |
49,793 | $ | 15.09 | $ | 21.79 | $ | 896,128 | 0.10 | % | 0.25 | % | 3.27 | % | 10.78 | % | 10.62 | % | |||||||||||||||||||
2018 |
51,217 | $ | 13.62 | $ | 19.70 | $ | 840,109 | 0.10 | % | 0.25 | % | 3.47 | % | (2.72 | %) | (2.86 | %) | |||||||||||||||||||
2017 |
58,613 | $ | 14.00 | $ | 20.28 | $ | 989,993 | 0.10 | % | 0.25 | % | 3.25 | % | 7.68 | % | 7.51 | % | |||||||||||||||||||
VIP - International Capital Appreciation |
701 | $ | 32.31 | $ | 31.26 | $ | 22,607 | 0.80 | % | 1.00 | % | 0.00 | % | 11.44 | % | 11.22 | % | |||||||||||||||||||
2020 |
855 | $ | 29.00 | $ | 28.10 | $ | 24,736 | 0.80 | % | 1.00 | % | 0.31 | % | 21.26 | % | 21.01 | % | |||||||||||||||||||
2019 |
890 | $ | 23.91 | $ | 23.22 | $ | 21,241 | 0.80 | % | 1.00 | % | 0.57 | % | 32.26 | % | 32.00 | % | |||||||||||||||||||
2018 |
927 | $ | 18.08 | $ | 17.59 | $ | 16,710 | 0.80 | % | 1.00 | % | 0.60 | % | (13.45 | %) | (13.63 | %) | |||||||||||||||||||
2017 |
1,130 | $ | 20.89 | $ | 20.37 | $ | 23,542 | 0.80 | % | 1.00 | % | 0.53 | % | 35.36 | % | 35.09 | % | |||||||||||||||||||
VIP - International Capital Appreciation Investor Class |
||||||||||||||||||||||||||||||||||||
2021 |
11,161 | $ | 35.07 | $ | 66.34 | $ | 386,152 | 0.10 | % | 0.25 | % | | 12.13 | % | 11.96 | % | ||||||||||||||||||||
2020 |
11,108 | $ | 31.27 | $ | 59.25 | $ | 342,612 | 0.10 | % | 0.25 | % | 0.27 | % | 22.02 | % | 21.83 | % | |||||||||||||||||||
2019 |
11,437 | $ | 25.63 | $ | 48.63 | $ | 289,855 | 0.10 | % | 0.25 | % | 0.47 | % | 33.02 | % | 32.82 | % | |||||||||||||||||||
2018 |
11,483 | $ | 19.27 | $ | 36.61 | $ | 218,230 | 0.10 | % | 0.25 | % | 0.60 | % | (12.89 | %) | (13.02 | %) | |||||||||||||||||||
2017 |
11,811 | $ | 22.12 | $ | 42.10 | $ | 258,783 | 0.10 | % | 0.25 | % | 0.49 | % | 36.19 | % | 35.99 | % | |||||||||||||||||||
VIP - Value |
||||||||||||||||||||||||||||||||||||
2021 |
775 | $ | 34.75 | $ | 33.61 | $ | 26,844 | 0.80 | % | 1.00 | % | 1.70 | % | 29.11 | % | 28.85 | % | |||||||||||||||||||
2020 |
631 | $ | 26.91 | $ | 26.08 | $ | 16,940 | 0.80 | % | 1.00 | % | 1.49 | % | 5.41 | % | 5.19 | % | |||||||||||||||||||
2019 |
712 | $ | 25.53 | $ | 24.80 | $ | 18,112 | 0.80 | % | 1.00 | % | 1.80 | % | 31.07 | % | 30.81 | % | |||||||||||||||||||
2018 |
792 | $ | 19.48 | $ | 18.96 | $ | 15,359 | 0.80 | % | 1.00 | % | 1.07 | % | (14.53 | %) | (14.71 | %) | |||||||||||||||||||
2017 |
922 | $ | 22.79 | $ | 22.22 | $ | 20,973 | 0.80 | % | 1.00 | % | 1.29 | % | 14.66 | % | 14.43 | % | |||||||||||||||||||
VIP - Value Investor Class |
5,595 | $ | 40.30 | $ | 69.89 | $ | 218,149 | 0.10 | % | 0.25 | % | 1.67 | % | 29.85 | % | 29.66 | % | |||||||||||||||||||
2020 |
4,379 | $ | 31.04 | $ | 53.90 | $ | 131,011 | 0.10 | % | 0.25 | % | 1.39 | % | 6.09 | % | 5.93 | % | |||||||||||||||||||
2019 |
5,013 | $ | 29.25 | $ | 50.88 | $ | 141,244 | 0.10 | % | 0.25 | % | 1.75 | % | 31.88 | % | 31.68 | % | |||||||||||||||||||
2018 |
5,367 | $ | 22.18 | $ | 38.64 | $ | 114,745 | 0.10 | % | 0.25 | % | 1.04 | % | (13.96 | %) | (14.09 | %) | |||||||||||||||||||
2017 |
5,510 | $ | 25.78 | $ | 44.98 | $ | 137,463 | 0.10 | % | 0.25 | % | 1.22 | % | 15.40 | % | 15.23 | % | |||||||||||||||||||
VIP - Freedom Income |
597 | $ | 18.98 | $ | 18.98 | $ | 11,333 | 0.80 | % | 0.80 | % | 0.99 | % | 2.52 | % | 2.52 | % | |||||||||||||||||||
2020 |
672 | $ | 18.52 | $ | 18.52 | $ | 12,440 | 0.80 | % | 0.80 | % | 1.34 | % | 9.59 | % | 9.59 | % | |||||||||||||||||||
2019 |
645 | $ | 16.90 | $ | 16.90 | $ | 10,908 | 0.80 | % | 0.80 | % | 2.05 | % | 11.05 | % | 11.05 | % | |||||||||||||||||||
2018 |
709 | $ | 15.21 | $ | 15.21 | $ | 10,785 | 0.80 | % | 0.80 | % | 1.63 | % | (2.75 | %) | (2.75 | %) | |||||||||||||||||||
2017 |
768 | $ | 15.64 | $ | 15.64 | $ | 12,019 | 0.80 | % | 0.80 | % | 1.59 | % | 7.62 | % | 7.62 | % | |||||||||||||||||||
VIP - Investor Freedom Income Investor Class |
5,115 | $ | 17.15 | $ | 20.91 | $ | 97,092 | 0.10 | % | 0.25 | % | 1.01 | % | 3.18 | % | 3.03 | % | |||||||||||||||||||
2020 |
5,031 | $ | 16.63 | $ | 20.30 | $ | 92,853 | 0.10 | % | 0.25 | % | 1.35 | % | 10.29 | % | 10.12 | % | |||||||||||||||||||
2019 |
4,789 | $ | 15.07 | $ | 18.43 | $ | 81,005 | 0.10 | % | 0.25 | % | 2.21 | % | 11.91 | % | 11.74 | % | |||||||||||||||||||
2018 |
4,691 | $ | 13.47 | $ | 16.50 | $ | 71,014 | 0.10 | % | 0.25 | % | 1.76 | % | (2.13 | %) | (2.28 | %) | |||||||||||||||||||
2017 |
4,491 | $ | 13.76 | $ | 16.88 | $ | 70,716 | 0.10 | % | 0.25 | % | 1.55 | % | 8.34 | % | 8.18 | % |
74 | Annual Report |
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 | Net assets | Investment | ||||||||||||||||||||||||||||||||||
(000s) | Highest | Lowest | (000s) | Lowest | Highest | income ratio (2) | Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Freedom 2005 |
409 | $ | 21.40 | $ | 21.40 | $ | 8,759 | 0.80 | % | 0.80 | % | 1.07 | % | 3.26 | % | 3.26 | % | |||||||||||||||||||
2020 |
434 | $ | 20.73 | $ | 20.73 | $ | 9,000 | 0.80 | % | 0.80 | % | 1.31 | % | 10.36 | % | 10.36 | % | |||||||||||||||||||
2019 |
444 | $ | 18.78 | $ | 18.78 | $ | 8,342 | 0.80 | % | 0.80 | % | 2.16 | % | 12.90 | % | 12.90 | % | |||||||||||||||||||
2018 |
449 | $ | 16.64 | $ | 16.64 | $ | 7,477 | 0.80 | % | 0.80 | % | 1.70 | % | (3.74 | %) | (3.74 | %) | |||||||||||||||||||
2017 |
427 | $ | 17.28 | $ | 17.28 | $ | 7,377 | 0.80 | % | 0.80 | % | 1.63 | % | 10.18 | % | 10.18 | % | |||||||||||||||||||
VIP - Investor Freedom 2005 Investor Class |
1,257 | $ | 19.84 | $ | 26.82 | $ | 27,935 | 0.10 | % | 0.25 | % | 0.92 | % | 3.99 | % | 3.83 | % | |||||||||||||||||||
2020 |
1,604 | $ | 19.08 | $ | 25.83 | $ | 33,642 | 0.10 | % | 0.25 | % | 1.37 | % | 10.97 | % | 10.80 | % | |||||||||||||||||||
2019 |
1,550 | $ | 17.19 | $ | 23.32 | $ | 29,607 | 0.10 | % | 0.25 | % | 2.14 | % | 13.77 | % | 13.60 | % | |||||||||||||||||||
2018 |
1,506 | $ | 15.11 | $ | 20.52 | $ | 25,309 | 0.10 | % | 0.25 | % | 1.67 | % | (3.13 | %) | (3.28 | %) | |||||||||||||||||||
2017 |
1,404 | $ | 15.60 | $ | 21.22 | $ | 24,589 | 0.10 | % | 0.25 | % | 1.72 | % | 10.86 | % | 10.69 | % | |||||||||||||||||||
VIP - Freedom 2010 |
433 | $ | 24.24 | $ | 24.24 | $ | 10,491 | 0.80 | % | 0.80 | % | 1.05 | % | 5.04 | % | 5.04 | % | |||||||||||||||||||
2020 |
454 | $ | 23.08 | $ | 23.08 | $ | 10,486 | 0.80 | % | 0.80 | % | 1.34 | % | 11.59 | % | 11.59 | % | |||||||||||||||||||
2019 |
477 | $ | 20.68 | $ | 20.68 | $ | 9,856 | 0.80 | % | 0.80 | % | 2.03 | % | 15.16 | % | 15.16 | % | |||||||||||||||||||
2018 |
520 | $ | 17.96 | $ | 17.96 | $ | 9,342 | 0.80 | % | 0.80 | % | 1.65 | % | (4.78 | %) | (4.78 | %) | |||||||||||||||||||
2017 |
561 | $ | 18.86 | $ | 18.86 | $ | 10,576 | 0.80 | % | 0.80 | % | 1.48 | % | 12.17 | % | 12.17 | % | |||||||||||||||||||
VIP - Investor Freedom 2010 Investor Class |
3,142 | $ | 22.42 | $ | 30.89 | $ | 78,980 | 0.10 | % | 0.25 | % | 1.06 | % | 5.70 | % | 5.54 | % | |||||||||||||||||||
2020 |
2,941 | $ | 21.21 | $ | 29.27 | $ | 70,453 | 0.10 | % | 0.25 | % | 1.34 | % | 12.29 | % | 12.12 | % | |||||||||||||||||||
2019 |
2,850 | $ | 18.89 | $ | 26.10 | $ | 61,454 | 0.10 | % | 0.25 | % | 2.17 | % | 15.99 | % | 15.81 | % | |||||||||||||||||||
2018 |
2,781 | $ | 16.29 | $ | 22.54 | $ | 51,905 | 0.10 | % | 0.25 | % | 1.56 | % | (4.15 | %) | (4.30 | %) | |||||||||||||||||||
2017 |
3,136 | $ | 16.99 | $ | 23.55 | $ | 61,180 | 0.10 | % | 0.25 | % | 1.54 | % | 12.93 | % | 12.77 | % | |||||||||||||||||||
VIP - Freedom 2015 |
900 | $ | 26.30 | $ | 26.30 | $ | 23,673 | 0.80 | % | 0.80 | % | 1.09 | % | 6.83 | % | 6.83 | % | |||||||||||||||||||
2020 |
953 | $ | 24.62 | $ | 24.62 | $ | 23,473 | 0.80 | % | 0.80 | % | 1.27 | % | 12.93 | % | 12.93 | % | |||||||||||||||||||
2019 |
1,067 | $ | 21.80 | $ | 21.80 | $ | 23,256 | 0.80 | % | 0.80 | % | 2.04 | % | 17.31 | % | 17.31 | % | |||||||||||||||||||
2018 |
1,159 | $ | 18.58 | $ | 18.58 | $ | 21,534 | 0.80 | % | 0.80 | % | 1.55 | % | (5.83 | %) | (5.83 | %) | |||||||||||||||||||
2017 |
1,289 | $ | 19.73 | $ | 19.73 | $ | 25,435 | 0.80 | % | 0.80 | % | 1.49 | % | 14.18 | % | 14.18 | % | |||||||||||||||||||
VIP - Investor Freedom 2015 Investor Class |
4,165 | $ | 24.12 | $ | 33.63 | $ | 113,650 | 0.10 | % | 0.25 | % | 1.04 | % | 7.53 | % | 7.37 | % | |||||||||||||||||||
2020 |
4,087 | $ | 22.43 | $ | 31.32 | $ | 104,884 | 0.10 | % | 0.25 | % | 1.29 | % | 13.59 | % | 13.42 | % | |||||||||||||||||||
2019 |
4,377 | $ | 19.75 | $ | 27.62 | $ | 99,136 | 0.10 | % | 0.25 | % | 2.07 | % | 18.12 | % | 17.94 | % | |||||||||||||||||||
2018 |
4,654 | $ | 16.72 | $ | 23.42 | $ | 89,717 | 0.10 | % | 0.25 | % | 1.50 | % | (5.11 | %) | (5.26 | %) | |||||||||||||||||||
2017 |
5,038 | $ | 17.62 | $ | 24.72 | $ | 102,406 | 0.10 | % | 0.25 | % | 1.50 | % | 14.87 | % | 14.70 | % | |||||||||||||||||||
VIP - Freedom 2020 |
891 | $ | 27.81 | $ | 27.81 | $ | 24,784 | 0.80 | % | 0.80 | % | 1.01 | % | 8.60 | % | 8.60 | % | |||||||||||||||||||
2020 |
1,048 | $ | 25.61 | $ | 25.61 | $ | 26,850 | 0.80 | % | 0.80 | % | 1.31 | % | 14.14 | % | 14.14 | % | |||||||||||||||||||
2019 |
1,149 | $ | 22.44 | $ | 22.44 | $ | 25,773 | 0.80 | % | 0.80 | % | 2.16 | % | 19.17 | % | 19.17 | % | |||||||||||||||||||
2018 |
1,130 | $ | 18.83 | $ | 18.83 | $ | 21,283 | 0.80 | % | 0.80 | % | 1.46 | % | (6.62 | %) | (6.62 | %) | |||||||||||||||||||
2017 |
1,253 | $ | 20.16 | $ | 20.16 | $ | 25,269 | 0.80 | % | 0.80 | % | 1.46 | % | 15.69 | % | 15.69 | % | |||||||||||||||||||
VIP - Investor Freedom 2020 Investor Class |
8,072 | $ | 26.27 | $ | 38.08 | $ | 230,961 | 0.10 | % | 0.25 | % | 1.08 | % | 9.43 | % | 9.26 | % | |||||||||||||||||||
2020 |
8,110 | $ | 24.01 | $ | 34.85 | $ | 213,363 | 0.10 | % | 0.25 | % | 1.28 | % | 14.84 | % | 14.67 | % | |||||||||||||||||||
2019 |
8,827 | $ | 20.91 | $ | 30.39 | $ | 203,948 | 0.10 | % | 0.25 | % | 2.06 | % | 19.99 | % | 19.81 | % | |||||||||||||||||||
2018 |
9,065 | $ | 17.42 | $ | 25.36 | $ | 175,246 | 0.10 | % | 0.25 | % | 1.43 | % | (6.04 | %) | (6.18 | %) | |||||||||||||||||||
2017 |
9,665 | $ | 18.54 | $ | 27.03 | $ | 199,123 | 0.10 | % | 0.25 | % | 1.50 | % | 16.44 | % | 16.26 | % | |||||||||||||||||||
VIP - Freedom 2025 |
842 | $ | 30.41 | $ | 30.41 | $ | 25,612 | 0.80 | % | 0.80 | % | 1.09 | % | 9.95 | % | 9.95 | % | |||||||||||||||||||
2020 |
739 | $ | 27.66 | $ | 27.66 | $ | 20,442 | 0.80 | % | 0.80 | % | 1.25 | % | 15.02 | % | 15.02 | % | |||||||||||||||||||
2019 |
738 | $ | 24.04 | $ | 24.04 | $ | 17,753 | 0.80 | % | 0.80 | % | 1.90 | % | 20.88 | % | 20.88 | % | |||||||||||||||||||
2018 |
862 | $ | 19.89 | $ | 19.89 | $ | 17,153 | 0.80 | % | 0.80 | % | 1.41 | % | (7.27 | %) | (7.27 | %) | |||||||||||||||||||
2017 |
855 | $ | 21.45 | $ | 21.45 | $ | 18,343 | 0.80 | % | 0.80 | % | 1.53 | % | 16.95 | % | 16.95 | % |
75 | Annual Report |
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 | Net assets | Investment | ||||||||||||||||||||||||||||||||||
(000s) | Highest | Lowest | (000s) | Lowest | Highest | income ratio (2) | Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Investor Freedom 2025 Investor Class |
9,299 | $ | 28.82 | $ | 42.29 | $ | 290,411 | 0.10 | % | 0.25 | % | 1.08 | % | 10.67 | % | 10.51 | % | |||||||||||||||||||
2020 |
9,292 | $ | 26.04 | $ | 38.27 | $ | 263,893 | 0.10 | % | 0.25 | % | 1.27 | % | 15.76 | % | 15.59 | % | |||||||||||||||||||
2019 |
9,334 | $ | 22.49 | $ | 33.11 | $ | 230,229 | 0.10 | % | 0.25 | % | 2.03 | % | 21.61 | % | 21.43 | % | |||||||||||||||||||
2018 |
9,316 | $ | 18.50 | $ | 27.26 | $ | 189,548 | 0.10 | % | 0.25 | % | 1.43 | % | (6.65 | %) | (6.79 | %) | |||||||||||||||||||
2017 |
9,260 | $ | 19.81 | $ | 29.25 | $ | 202,277 | 0.10 | % | 0.25 | % | 1.52 | % | 17.71 | % | 17.53 | % | |||||||||||||||||||
VIP - Freedom 2030 |
835 | $ | 31.85 | $ | 31.85 | $ | 26,611 | 0.80 | % | 0.80 | % | 1.11 | % | 11.47 | % | 11.47 | % | |||||||||||||||||||
2020 |
804 | $ | 28.57 | $ | 28.57 | $ | 22,983 | 0.80 | % | 0.80 | % | 1.26 | % | 15.95 | % | 15.95 | % | |||||||||||||||||||
2019 |
834 | $ | 24.64 | $ | 24.64 | $ | 20,557 | 0.80 | % | 0.80 | % | 2.00 | % | 23.43 | % | 23.43 | % | |||||||||||||||||||
2018 |
907 | $ | 19.96 | $ | 19.96 | $ | 18,099 | 0.80 | % | 0.80 | % | 1.31 | % | (8.52 | %) | (8.52 | %) | |||||||||||||||||||
2017 |
957 | $ | 21.83 | $ | 21.83 | $ | 20,894 | 0.80 | % | 0.80 | % | 1.41 | % | 20.00 | % | 20.00 | % | |||||||||||||||||||
VIP - Investor Freedom 2030 Investor Class |
11,894 | $ | 31.19 | $ | 46.58 | $ | 390,824 | 0.10 | % | 0.25 | % | 1.12 | % | 12.14 | % | 11.97 | % | |||||||||||||||||||
2020 |
10,341 | $ | 27.82 | $ | 41.60 | $ | 305,469 | 0.10 | % | 0.25 | % | 1.27 | % | 16.70 | % | 16.53 | % | |||||||||||||||||||
2019 |
10,208 | $ | 23.84 | $ | 35.70 | $ | 259,742 | 0.10 | % | 0.25 | % | 2.05 | % | 24.30 | % | 24.11 | % | |||||||||||||||||||
2018 |
9,622 | $ | 19.18 | $ | 28.76 | $ | 198,026 | 0.10 | % | 0.25 | % | 1.34 | % | (7.97 | %) | (8.11 | %) | |||||||||||||||||||
2017 |
8,856 | $ | 20.84 | $ | 31.30 | $ | 199,210 | 0.10 | % | 0.25 | % | 1.45 | % | 20.80 | % | 20.62 | % | |||||||||||||||||||
VIP - Freedom Lifetime Income I |
497 | $ | 20.94 | $ | 20.94 | $ | 10,144 | 0.60 | % | 0.60 | % | 1.01 | % | 2.64 | % | 2.64 | % | |||||||||||||||||||
2020 |
537 | $ | 20.40 | $ | 20.40 | $ | 10,968 | 0.60 | % | 0.60 | % | 1.31 | % | 9.78 | % | 9.78 | % | |||||||||||||||||||
2019 |
593 | $ | 18.58 | $ | 18.58 | $ | 11,019 | 0.60 | % | 0.60 | % | 2.17 | % | 11.61 | % | 11.61 | % | |||||||||||||||||||
2018 |
641 | $ | 16.65 | $ | 16.65 | $ | 10,685 | 0.60 | % | 0.60 | % | 1.64 | % | (3.16 | %) | (3.16 | %) | |||||||||||||||||||
2017 |
697 | $ | 17.19 | $ | 17.19 | $ | 11,994 | 0.60 | % | 0.60 | % | 1.96 | % | 6.97 | % | 6.97 | % | |||||||||||||||||||
VIP - Freedom Lifetime Income II |
1,301 | $ | 24.73 | $ | 24.73 | $ | 32,207 | 0.60 | % | 0.60 | % | 1.03 | % | 5.63 | % | 5.63 | % | |||||||||||||||||||
2020 |
1,416 | $ | 23.41 | $ | 23.41 | $ | 33,150 | 0.60 | % | 0.60 | % | 1.30 | % | 12.10 | % | 12.10 | % | |||||||||||||||||||
2019 |
1,559 | $ | 20.88 | $ | 20.88 | $ | 32,571 | 0.60 | % | 0.60 | % | 2.10 | % | 15.88 | % | 15.88 | % | |||||||||||||||||||
2018 |
1,670 | $ | 18.02 | $ | 18.02 | $ | 30,105 | 0.60 | % | 0.60 | % | 1.53 | % | (4.53 | %) | (4.53 | %) | |||||||||||||||||||
2017 |
1,786 | $ | 18.88 | $ | 18.88 | $ | 33,746 | 0.60 | % | 0.60 | % | 1.70 | % | 11.62 | % | 11.62 | % | |||||||||||||||||||
VIP - Freedom Lifetime Income III |
1,141 | $ | 29.30 | $ | 29.30 | $ | 33,391 | 0.60 | % | 0.60 | % | 1.05 | % | 9.12 | % | 9.12 | % | |||||||||||||||||||
2020 |
1,216 | $ | 26.85 | $ | 26.85 | $ | 32,659 | 0.60 | % | 0.60 | % | 1.25 | % | 14.54 | % | 14.54 | % | |||||||||||||||||||
2019 |
1,304 | $ | 23.44 | $ | 23.44 | $ | 30,573 | 0.60 | % | 0.60 | % | 2.03 | % | 19.72 | % | 19.72 | % | |||||||||||||||||||
2018 |
1,344 | $ | 19.58 | $ | 19.58 | $ | 26,285 | 0.60 | % | 0.60 | % | 1.42 | % | (6.25 | %) | (6.25 | %) | |||||||||||||||||||
2017 |
1,433 | $ | 20.88 | $ | 20.88 | $ | 29,949 | 0.60 | % | 0.60 | % | 1.74 | % | 15.16 | % | 15.16 | % | |||||||||||||||||||
VIP - Disciplined Small Cap |
885 | $ | 30.08 | $ | 29.15 | $ | 26,481 | 0.80 | % | 1.00 | % | 0.37 | % | 19.69 | % | 19.45 | % | |||||||||||||||||||
2020 |
812 | $ | 25.13 | $ | 24.40 | $ | 20,323 | 0.80 | % | 1.00 | % | 0.80 | % | 17.50 | % | 17.27 | % | |||||||||||||||||||
2019 |
986 | $ | 21.39 | $ | 20.81 | $ | 21,023 | 0.80 | % | 1.00 | % | 0.92 | % | 22.72 | % | 22.47 | % | |||||||||||||||||||
2018 |
1,290 | $ | 17.43 | $ | 16.99 | $ | 22,406 | 0.80 | % | 1.00 | % | 0.81 | % | (13.78 | %) | (13.96 | %) | |||||||||||||||||||
2017 |
1,459 | $ | 20.22 | $ | 19.75 | $ | 29,391 | 0.80 | % | 1.00 | % | 0.68 | % | 6.16 | % | 5.95 | % | |||||||||||||||||||
VIP - Disciplined Small Cap Investor Class |
8,731 | $ | 41.10 | $ | 60.08 | $ | 326,811 | 0.10 | % | 0.25 | % | 0.33 | % | 20.50 | % | 20.32 | % | |||||||||||||||||||
2020 |
7,586 | $ | 34.11 | $ | 49.94 | $ | 233,854 | 0.10 | % | 0.25 | % | 0.74 | % | 18.21 | % | 18.03 | % | |||||||||||||||||||
2019 |
8,168 | $ | 28.85 | $ | 42.31 | $ | 212,123 | 0.10 | % | 0.25 | % | 0.91 | % | 23.43 | % | 23.24 | % | |||||||||||||||||||
2018 |
9,192 | $ | 23.38 | $ | 34.33 | $ | 193,675 | 0.10 | % | 0.25 | % | 0.75 | % | (13.18 | %) | (13.31 | %) | |||||||||||||||||||
2017 |
9,407 | $ | 26.92 | $ | 39.60 | $ | 228,375 | 0.10 | % | 0.25 | % | 0.63 | % | 6.80 | % | 6.64 | % | |||||||||||||||||||
VIP - FundsManager 20% Investor Class |
51,375 | $ | 16.38 | $ | 16.47 | $ | 910,064 | 0.10 | % | 1.00 | % | 1.05 | % | 3.55 | % | 2.62 | % | |||||||||||||||||||
2020 |
49,915 | $ | 15.81 | $ | 16.05 | $ | 858,205 | 0.10 | % | 1.00 | % | 1.17 | % | 8.10 | % | 7.12 | % | |||||||||||||||||||
2019 |
46,532 | $ | 14.63 | $ | 14.98 | $ | 744,100 | 0.10 | % | 1.00 | % | 1.99 | % | 10.29 | % | 9.30 | % | |||||||||||||||||||
2018 |
45,573 | $ | 13.26 | $ | 13.71 | $ | 663,025 | 0.10 | % | 1.00 | % | 1.79 | % | (1.77 | %) | (2.66 | %) | |||||||||||||||||||
2017 |
48,342 | $ | 13.50 | $ | 14.08 | $ | 717,340 | 0.10 | % | 1.00 | % | 1.34 | % | 7.23 | % | 6.27 | % |
76 | Annual Report |
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 | Net assets | Investment | ||||||||||||||||||||||||||||||||||
(000s) | Highest | Lowest | (000s) | Lowest | Highest | income ratio (2) | Highest | Lowest | ||||||||||||||||||||||||||||
VIP - FundsManager 50% Investor Class |
80,254 | $ | 23.90 | $ | 22.17 | $ | 1,969,415 | 0.10 | % | 1.00 | % | 1.15 | % | 9.91 | % | 8.92 | % | |||||||||||||||||||
2020 |
78,076 | $ | 21.74 | $ | 20.35 | $ | 1,748,196 | 0.10 | % | 1.00 | % | 1.16 | % | 13.87 | % | 12.84 | % | |||||||||||||||||||
2019 |
80,797 | $ | 19.10 | $ | 18.04 | $ | 1,594,406 | 0.10 | % | 1.00 | % | 1.72 | % | 17.77 | % | 16.71 | % | |||||||||||||||||||
2018 |
80,849 | $ | 16.21 | $ | 15.45 | $ | 1,357,846 | 0.10 | % | 1.00 | % | 1.42 | % | (5.30 | %) | (6.16 | %) | |||||||||||||||||||
2017 |
82,589 | $ | 17.12 | $ | 16.47 | $ | 1,467,785 | 0.10 | % | 1.00 | % | 1.20 | % | 14.34 | % | 13.32 | % | |||||||||||||||||||
VIP - FundsManager 60% Investor Class |
92,505 | $ | 26.95 | $ | 31.45 | $ | 2,330,241 | 0.10 | % | 1.40 | % | 1.12 | % | 12.23 | % | 10.77 | % | |||||||||||||||||||
2020 |
92,792 | $ | 24.01 | $ | 28.39 | $ | 2,089,299 | 0.10 | % | 1.40 | % | 1.07 | % | 15.01 | % | 13.51 | % | |||||||||||||||||||
2019 |
97,558 | $ | 20.88 | $ | 25.01 | $ | 1,918,757 | 0.10 | % | 1.40 | % | 1.53 | % | 20.37 | % | 18.80 | % | |||||||||||||||||||
2018 |
102,479 | $ | 17.35 | $ | 21.05 | $ | 1,681,663 | 0.10 | % | 1.40 | % | 1.24 | % | (6.53 | %) | (7.76 | %) | |||||||||||||||||||
2017 |
105,315 | $ | 18.56 | $ | 22.82 | $ | 1,857,263 | 0.10 | % | 1.40 | % | 1.11 | % | 16.87 | % | 15.35 | % | |||||||||||||||||||
VIP - FundsManager 70% Investor Class |
67,644 | $ | 29.79 | $ | 25.43 | $ | 1,979,722 | 0.10 | % | 1.00 | % | 1.06 | % | 14.41 | % | 13.38 | % | |||||||||||||||||||
2020 |
64,145 | $ | 26.04 | $ | 22.43 | $ | 1,642,730 | 0.10 | % | 1.00 | % | 0.94 | % | 15.98 | % | 14.93 | % | |||||||||||||||||||
2019 |
67,444 | $ | 22.45 | $ | 19.51 | $ | 1,492,735 | 0.10 | % | 1.00 | % | 1.37 | % | 22.54 | % | 21.44 | % | |||||||||||||||||||
2018 |
68,423 | $ | 18.32 | $ | 16.07 | $ | 1,238,781 | 0.10 | % | 1.00 | % | 1.02 | % | (7.59 | %) | (8.42 | %) | |||||||||||||||||||
2017 |
67,536 | $ | 19.83 | $ | 17.55 | $ | 1,324,050 | 0.10 | % | 1.00 | % | 0.96 | % | 19.10 | % | 18.03 | % | |||||||||||||||||||
VIP - FundsManager 85% Investor Class |
21,204 | $ | 34.47 | $ | 27.74 | $ | 686,925 | 0.10 | % | 1.00 | % | 0.99 | % | 17.71 | % | 16.65 | % | |||||||||||||||||||
2020 |
20,203 | $ | 29.29 | $ | 23.78 | $ | 555,416 | 0.10 | % | 1.00 | % | 0.85 | % | 17.34 | % | 16.28 | % | |||||||||||||||||||
2019 |
21,348 | $ | 24.96 | $ | 20.45 | $ | 500,764 | 0.10 | % | 1.00 | % | 1.19 | % | 26.08 | % | 24.95 | % | |||||||||||||||||||
2018 |
22,375 | $ | 19.79 | $ | 16.36 | $ | 417,178 | 0.10 | % | 1.00 | % | 0.77 | % | (8.98 | %) | (9.81 | %) | |||||||||||||||||||
2017 |
22,014 | $ | 21.75 | $ | 18.14 | $ | 450,952 | 0.10 | % | 1.00 | % | 0.77 | % | 23.01 | % | 21.90 | % | |||||||||||||||||||
VIP - Consumer Staples (8) |
554 | $ | 35.17 | $ | 34.15 | $ | 19,382 | 0.80 | % | 1.00 | % | 1.90 | % | 13.33 | % | 13.10 | % | |||||||||||||||||||
2020 |
606 | $ | 31.04 | $ | 30.19 | $ | 18,751 | 0.80 | % | 1.00 | % | 1.88 | % | 10.88 | % | 10.66 | % | |||||||||||||||||||
2019 |
713 | $ | 27.99 | $ | 27.29 | $ | 19,903 | 0.80 | % | 1.00 | % | 2.00 | % | 30.81 | % | 30.54 | % | |||||||||||||||||||
2018 |
708 | $ | 21.40 | $ | 20.90 | $ | 15,097 | 0.80 | % | 1.00 | % | 2.63 | % | (16.51 | %) | (16.68 | %) | |||||||||||||||||||
2017 |
1,069 | $ | 25.63 | $ | 25.08 | $ | 27,346 | 0.80 | % | 1.00 | % | 1.38 | % | 13.75 | % | 13.52 | % | |||||||||||||||||||
VIP - Consumer Staples Investor Class (8) |
5,911 | $ | 35.64 | $ | 47.18 | $ | 218,322 | 0.10 | % | 0.25 | % | 1.81 | % | 13.99 | % | 13.82 | % | |||||||||||||||||||
2020 |
6,349 | $ | 31.26 | $ | 41.46 | $ | 206,315 | 0.10 | % | 0.25 | % | 1.84 | % | 11.65 | % | 11.48 | % | |||||||||||||||||||
2019 |
7,129 | $ | 28.00 | $ | 37.18 | $ | 208,494 | 0.10 | % | 0.25 | % | 1.94 | % | 31.65 | % | 31.45 | % | |||||||||||||||||||
2018 |
7,033 | $ | 21.27 | $ | 28.29 | $ | 156,630 | 0.10 | % | 0.25 | % | 2.65 | % | (16.01 | %) | (16.13 | %) | |||||||||||||||||||
2017 |
8,888 | $ | 25.32 | $ | 33.73 | $ | 236,844 | 0.10 | % | 0.25 | % | 1.43 | % | 14.41 | % | 14.24 | % | |||||||||||||||||||
VIP - Materials (8) |
610 | $ | 30.18 | $ | 29.30 | $ | 18,354 | 0.80 | % | 1.00 | % | 0.78 | % | 32.36 | % | 32.09 | % | |||||||||||||||||||
2020 |
409 | $ | 22.80 | $ | 22.18 | $ | 9,321 | 0.80 | % | 1.00 | % | 0.74 | % | 20.52 | % | 20.27 | % | |||||||||||||||||||
2019 |
437 | $ | 18.92 | $ | 18.44 | $ | 8,250 | 0.80 | % | 1.00 | % | 1.51 | % | 12.49 | % | 12.26 | % | |||||||||||||||||||
2018 |
535 | $ | 16.82 | $ | 16.43 | $ | 8,973 | 0.80 | % | 1.00 | % | 1.26 | % | (24.22 | %) | (24.37 | %) | |||||||||||||||||||
2017 |
807 | $ | 22.19 | $ | 21.72 | $ | 17,872 | 0.80 | % | 1.00 | % | 0.94 | % | 25.07 | % | 24.82 | % | |||||||||||||||||||
VIP - Materials Investor Class (8) |
2,748 | $ | 30.33 | $ | 65.59 | $ | 87,337 | 0.10 | % | 0.25 | % | 0.62 | % | 33.26 | % | 33.06 | % | |||||||||||||||||||
2020 |
1,837 | $ | 22.76 | $ | 49.29 | $ | 44,230 | 0.10 | % | 0.25 | % | 0.73 | % | 21.33 | % | 21.15 | % | |||||||||||||||||||
2019 |
1,593 | $ | 18.76 | $ | 40.68 | $ | 32,153 | 0.10 | % | 0.25 | % | 1.41 | % | 13.09 | % | 12.92 | % | |||||||||||||||||||
2018 |
2,050 | $ | 16.59 | $ | 36.03 | $ | 36,850 | 0.10 | % | 0.25 | % | 1.20 | % | (23.73 | %) | (23.84 | %) | |||||||||||||||||||
2017 |
2,934 | $ | 21.75 | $ | 47.31 | $ | 68,916 | 0.10 | % | 0.25 | % | 0.87 | % | 25.89 | % | 25.70 | % | |||||||||||||||||||
VIP - Communication Services (5),(8) |
534 | $ | 30.29 | $ | 29.41 | $ | 16,122 | 0.80 | % | 1.00 | % | | 14.72 | % | 14.49 | % | ||||||||||||||||||||
2020 |
454 | $ | 26.40 | $ | 25.68 | $ | 11,925 | 0.80 | % | 1.00 | % | | 34.51 | % | 34.24 | % | ||||||||||||||||||||
2019 |
451 | $ | 19.63 | $ | 19.13 | $ | 8,807 | 0.80 | % | 1.00 | % | 0.06 | % | 31.92 | % | 31.65 | % | |||||||||||||||||||
2018 |
332 | $ | 14.88 | $ | 14.53 | $ | 4,910 | 0.80 | % | 1.00 | % | 1.86 | % | (6.12 | %) | (6.31 | %) | |||||||||||||||||||
2017 |
337 | $ | 15.85 | $ | 15.51 | $ | 5,304 | 0.80 | % | 1.00 | % | 1.54 | % | 1.24 | % | 1.03 | % |
77 | Annual Report |
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 - Communication Services Investor |
||||||||||||||||||||||||||||||||||||
Class (5),(8) 2021 |
3,256 | $ | 42.03 | $ | 78.76 | $ | 124,109 | 0.10 | % | 0.25 | % | | 15.48 | % | 15.31 | % | ||||||||||||||||||||
2020 |
2,843 | $ | 36.40 | $ | 68.31 | $ | 93,182 | 0.10 | % | 0.25 | % | | 35.26 | % | 35.06 | % | ||||||||||||||||||||
2019 |
2,726 | $ | 26.91 | $ | 50.57 | $ | 65,765 | 0.10 | % | 0.25 | % | 0.04 | % | 32.82 | % | 32.62 | % | |||||||||||||||||||
2018 |
1,963 | $ | 20.26 | $ | 38.13 | $ | 35,745 | 0.10 | % | 0.25 | % | 1.82 | % | (5.48 | %) | (5.63 | %) | |||||||||||||||||||
2017 |
1,819 | $ | 21.43 | $ | 40.41 | $ | 34,376 | 0.10 | % | 0.25 | % | 1.94 | % | 1.79 | % | 1.63 | % | |||||||||||||||||||
VIP - Emerging Markets 2021 |
812 | $ | 14.68 | $ | 14.28 | $ | 11,899 | 0.80 | % | 1.00 | % | 1.80 | % | (3.02 | %) | (3.22 | %) | |||||||||||||||||||
2020 |
1,020 | $ | 15.14 | $ | 14.75 | $ | 15,423 | 0.80 | % | 1.00 | % | 0.88 | % | 30.21 | % | 29.95 | % | |||||||||||||||||||
2019 |
888 | $ | 11.62 | $ | 11.35 | $ | 10,304 | 0.80 | % | 1.00 | % | 1.52 | % | 28.42 | % | 28.17 | % | |||||||||||||||||||
2018 |
996 | $ | 9.05 | $ | 8.86 | $ | 8,995 | 0.80 | % | 1.00 | % | 0.45 | % | (18.66 | %) | (18.82 | %) | |||||||||||||||||||
2017 |
1,786 | $ | 11.13 | $ | 10.91 | $ | 19,832 | 0.80 | % | 1.00 | % | 0.87 | % | 46.22 | % | 45.93 | % | |||||||||||||||||||
VIP - Emerging Markets Investor Class 2021 |
7,768 | $ | 20.26 | $ | 41.80 | $ | 142,609 | 0.10 | % | 0.25 | % | 1.97 | % | (2.37 | %) | (2.52 | %) | |||||||||||||||||||
2020 |
6,862 | $ | 20.75 | $ | 42.88 | $ | 127,810 | 0.10 | % | 0.25 | % | 0.85 | % | 31.03 | % | 30.83 | % | |||||||||||||||||||
2019 |
6,197 | $ | 15.84 | $ | 32.78 | $ | 88,074 | 0.10 | % | 0.25 | % | 1.48 | % | 29.25 | % | 29.06 | % | |||||||||||||||||||
2018 |
6,692 | $ | 12.25 | $ | 25.40 | $ | 73,925 | 0.10 | % | 0.25 | % | 0.42 | % | (18.10 | %) | (18.23 | %) | |||||||||||||||||||
2017 |
9,019 | $ | 14.96 | $ | 31.06 | $ | 122,306 | 0.10 | % | 0.25 | % | 0.82 | % | 47.17 | % | 46.95 | % | |||||||||||||||||||
VIP - Floating Rate High Income 2021 |
662 | $ | 12.45 | $ | 12.26 | $ | 8,228 | 0.80 | % | 1.00 | % | 2.65 | % | 4.36 | % | 4.15 | % | |||||||||||||||||||
2020 |
568 | $ | 11.93 | $ | 11.77 | $ | 6,768 | 0.80 | % | 1.00 | % | 4.42 | % | 2.00 | % | 1.79 | % | |||||||||||||||||||
2019 |
984 | $ | 11.69 | $ | 11.56 | $ | 11,497 | 0.80 | % | 1.00 | % | 5.10 | % | 7.92 | % | 7.70 | % | |||||||||||||||||||
2018 |
1,086 | $ | 10.83 | $ | 10.73 | $ | 11,757 | 0.80 | % | 1.00 | % | 4.01 | % | (0.97 | %) | (1.17 | %) | |||||||||||||||||||
2017 |
552 | $ | 10.94 | $ | 10.86 | $ | 6,042 | 0.80 | % | 1.00 | % | 2.88 | % | 2.98 | % | 2.78 | % | |||||||||||||||||||
VIP - Floating Rate High Income Investor |
||||||||||||||||||||||||||||||||||||
Class 2021 |
15,963 | $ | 13.10 | $ | 12.95 | $ | 208,166 | 0.10 | % | 0.25 | % | 2.87 | % | 4.97 | % | 4.82 | % | |||||||||||||||||||
2020 |
11,620 | $ | 12.48 | $ | 12.35 | $ | 144,396 | 0.10 | % | 0.25 | % | 4.56 | % | 2.68 | % | 2.53 | % | |||||||||||||||||||
2019 |
18,316 | $ | 12.15 | $ | 12.05 | $ | 221,744 | 0.10 | % | 0.25 | % | 5.15 | % | 8.77 | % | 8.61 | % | |||||||||||||||||||
2018 |
19,898 | $ | 11.17 | $ | 11.10 | $ | 221,610 | 0.10 | % | 0.25 | % | 3.87 | % | (0.30 | %) | (0.45 | %) | |||||||||||||||||||
2017 |
13,864 | $ | 11.21 | $ | 11.15 | $ | 154,974 | 0.10 | % | 0.25 | % | 3.14 | % | 3.58 | % | 3.43 | % | |||||||||||||||||||
VIP - Bond Index (6) 2021 |
36,022 | $ | 11.61 | $ | 11.25 | $ | 416,868 | 0.10 | % | 1.00 | % | 0.96 | % | (2.05 | %) | (2.93 | %) | |||||||||||||||||||
2020 |
38,053 | $ | 11.86 | $ | 11.59 | $ | 449,910 | 0.10 | % | 1.00 | % | 1.12 | % | 7.42 | % | 6.45 | % | |||||||||||||||||||
2019 |
19,688 | $ | 11.04 | $ | 10.88 | $ | 216,927 | 0.10 | % | 1.00 | % | 2.80 | % | 8.27 | % | 7.30 | % | |||||||||||||||||||
2018 |
5,877 | $ | 10.19 | $ | 10.14 | $ | 59,876 | 0.10 | % | 1.00 | % | 1.97 | % | 1.95 | % | 1.43 | % | |||||||||||||||||||
2017 |
| $ | | $ | | $ | | | | | | | ||||||||||||||||||||||||
VIP - Total Market Index (6) 2021 |
27,617 | $ | 17.76 | $ | 17.19 | $ | 488,620 | 0.10 | % | 1.00 | % | 1.18 | % | 25.56 | % | 24.43 | % | |||||||||||||||||||
2020 |
16,791 | $ | 14.14 | $ | 13.82 | $ | 236,733 | 0.10 | % | 1.00 | % | 1.66 | % | 20.18 | % | 19.09 | % | |||||||||||||||||||
2019 |
13,379 | $ | 11.77 | $ | 11.60 | $ | 157,128 | 0.10 | % | 1.00 | % | 1.86 | % | 30.57 | % | 29.39 | % | |||||||||||||||||||
2018 |
7,883 | $ | 9.01 | $ | 8.97 | $ | 70,999 | 0.10 | % | 1.00 | % | 1.11 | % | (9.88 | %) | (10.33 | %) | |||||||||||||||||||
2017 |
| $ | | $ | | $ | | | | | | | ||||||||||||||||||||||||
VIP - Extended Market Index (6) 2021 |
9,437 | $ | 14.96 | $ | 14.48 | $ | 140,720 | 0.10 | % | 1.00 | % | 1.30 | % | 21.12 | % | 20.03 | % | |||||||||||||||||||
2020 |
5,895 | $ | 12.35 | $ | 12.06 | $ | 72,634 | 0.10 | % | 1.00 | % | 1.36 | % | 16.34 | % | 15.29 | % | |||||||||||||||||||
2019 |
5,970 | $ | 10.61 | $ | 10.46 | $ | 63,253 | 0.10 | % | 1.00 | % | 1.57 | % | 25.76 | % | 24.62 | % | |||||||||||||||||||
2018 |
2,943 | $ | 8.44 | $ | 8.40 | $ | 24,828 | 0.10 | % | 1.00 | % | 1.05 | % | (15.60 | %) | (16.03 | %) | |||||||||||||||||||
2017 |
| $ | | $ | | $ | | | | | | | ||||||||||||||||||||||||
VIP - International Index (6) 2021 |
19,348 | $ | 12.49 | $ | 12.09 | $ | 240,814 | 0.10 | % | 1.00 | % | 2.83 | % | 7.61 | % | 6.64 | % | |||||||||||||||||||
2020 |
12,936 | $ | 11.61 | $ | 11.34 | $ | 149,743 | 0.10 | % | 1.00 | % | 1.84 | % | 10.58 | % | 9.58 | % | |||||||||||||||||||
2019 |
9,754 | $ | 10.49 | $ | 10.35 | $ | 102,195 | 0.10 | % | 1.00 | % | 3.00 | % | 21.41 | % | 20.32 | % | |||||||||||||||||||
2018 |
4,631 | $ | 8.64 | $ | 8.60 | $ | 40,002 | 0.10 | % | 1.00 | % | 1.52 | % | (13.56 | %) | (14.00 | %) | |||||||||||||||||||
2017 |
| $ | | $ | | $ | | | | | | |
78 | Annual Report |
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 | ||||||||||||||||||||||||||||
VIF - Emerging Markets Equity (7) 2021 |
2,801 | $ | 15.68 | $ | 35.21 | $ | 60,655 | 0.10 | % | 1.00 | % | 0.85 | % | 2.88 | % | 1.96 | % | |||||||||||||||||||
2020 |
3,068 | $ | 15.24 | $ | 34.53 | $ | 65,240 | 0.10 | % | 1.00 | % | 1.35 | % | 14.32 | % | 13.29 | % | |||||||||||||||||||
2019 |
3,426 | $ | 13.33 | $ | 30.48 | $ | 64,367 | 0.10 | % | 1.00 | % | 1.06 | % | 19.47 | % | 18.39 | % | |||||||||||||||||||
2018 |
3,689 | $ | 11.16 | $ | 25.75 | $ | 58,715 | 0.10 | % | 1.00 | % | 0.45 | % | (17.55 | %) | (18.30 | %) | |||||||||||||||||||
2017 |
4,265 | $ | 13.53 | $ | 31.51 | $ | 82,877 | 0.10 | % | 1.00 | % | 0.75 | % | 34.93 | % | 33.72 | % | |||||||||||||||||||
VIF - Emerging Markets Debt (7) 2021 |
5,026 | $ | 15.29 | $ | 36.29 | $ | 94,360 | 0.10 | % | 1.00 | % | 5.09 | % | (2.12 | %) | (3.00 | %) | |||||||||||||||||||
2020 |
5,359 | $ | 15.62 | $ | 37.41 | $ | 104,004 | 0.10 | % | 1.00 | % | 4.38 | % | 5.44 | % | 4.49 | % | |||||||||||||||||||
2019 |
6,426 | $ | 14.82 | $ | 35.80 | $ | 118,425 | 0.10 | % | 1.00 | % | 5.29 | % | 14.14 | % | 13.11 | % | |||||||||||||||||||
2018 |
6,841 | $ | 12.98 | $ | 31.65 | $ | 111,320 | 0.10 | % | 1.00 | % | 5.68 | % | (7.04 | %) | (7.88 | %) | |||||||||||||||||||
2017 |
7,957 | $ | 13.96 | $ | 34.36 | $ | 140,228 | 0.10 | % | 1.00 | % | 5.47 | % | 9.60 | % | 8.62 | % | |||||||||||||||||||
VIF - Global Strategist - Class II (7) 2021 |
1,298 | $ | 22.02 | $ | 22.69 | $ | 28,012 | 0.10 | % | 1.00 | % | 1.86 | % | 8.26 | % | 7.28 | % | |||||||||||||||||||
2020 |
1,372 | $ | 20.34 | $ | 21.15 | $ | 27,284 | 0.10 | % | 1.00 | % | 1.46 | % | 10.81 | % | 9.81 | % | |||||||||||||||||||
2019 |
1,498 | $ | 18.36 | $ | 19.26 | $ | 26,912 | 0.10 | % | 1.00 | % | 1.85 | % | 17.65 | % | 16.59 | % | |||||||||||||||||||
2018 |
1,617 | $ | 15.60 | $ | 16.52 | $ | 24,752 | 0.10 | % | 1.00 | % | 1.17 | % | (6.60 | %) | (7.44 | %) | |||||||||||||||||||
2017 |
1,827 | $ | 16.70 | $ | 17.85 | $ | 30,066 | 0.10 | % | 1.00 | % | 1.13 | % | 15.99 | % | 14.95 | % | |||||||||||||||||||
Invesco - V.I. Global Core Equity (7) 2021 |
1,100 | $ | 25.19 | $ | 28.56 | $ | 26,966 | 0.10 | % | 1.00 | % | 0.99 | % | 15.86 | % | 14.81 | % | |||||||||||||||||||
2020 |
1,044 | $ | 21.74 | $ | 24.87 | $ | 22,296 | 0.10 | % | 1.00 | % | 1.34 | % | 13.11 | % | 12.09 | % | |||||||||||||||||||
2019 |
1,222 | $ | 19.22 | $ | 22.19 | $ | 22,977 | 0.10 | % | 1.00 | % | 1.39 | % | 25.07 | % | 23.95 | % | |||||||||||||||||||
2018 |
1,424 | $ | 15.37 | $ | 17.90 | $ | 21,275 | 0.10 | % | 1.00 | % | 1.07 | % | (15.40 | %) | (16.17 | %) | |||||||||||||||||||
2017 |
1,594 | $ | 18.16 | $ | 21.36 | $ | 28,413 | 0.10 | % | 1.00 | % | 1.18 | % | 22.78 | % | 21.68 | % | |||||||||||||||||||
Allspring - VT Discovery (9) 2021 |
422 | $ | 92.24 | $ | 88.12 | $ | 38,705 | 0.80 | % | 1.00 | % | | (5.80 | %) | (5.99 | %) | ||||||||||||||||||||
2020 |
458 | $ | 97.92 | $ | 93.74 | $ | 44,568 | 0.80 | % | 1.00 | % | | 61.35 | % | 61.02 | % | ||||||||||||||||||||
2019 |
508 | $ | 60.69 | $ | 58.21 | $ | 30,664 | 0.80 | % | 1.00 | % | | 37.91 | % | 37.63 | % | ||||||||||||||||||||
2018 |
556 | $ | 44.01 | $ | 42.30 | $ | 24,362 | 0.80 | % | 1.00 | % | | (7.81 | %) | (8.00 | %) | ||||||||||||||||||||
2017 |
613 | $ | 47.73 | $ | 45.97 | $ | 29,095 | 0.80 | % | 1.00 | % | | 28.10 | % | 27.84 | % | ||||||||||||||||||||
Allspring - VT Opportunity (9) 2021 |
309 | $ | 83.83 | $ | 80.09 | $ | 25,802 | 0.80 | % | 1.00 | % | 0.04 | % | 23.78 | % | 23.53 | % | |||||||||||||||||||
2020 |
338 | $ | 67.73 | $ | 64.84 | $ | 22,777 | 0.80 | % | 1.00 | % | 0.44 | % | 20.03 | % | 19.79 | % | |||||||||||||||||||
2019 |
372 | $ | 56.42 | $ | 54.12 | $ | 20,936 | 0.80 | % | 1.00 | % | 0.28 | % | 30.41 | % | 30.15 | % | |||||||||||||||||||
2018 |
401 | $ | 43.26 | $ | 41.59 | $ | 17,300 | 0.80 | % | 1.00 | % | 0.19 | % | (7.89 | %) | (8.08 | %) | |||||||||||||||||||
2017 |
436 | $ | 46.97 | $ | 45.24 | $ | 20,366 | 0.80 | % | 1.00 | % | 0.67 | % | 19.48 | % | 19.24 | % | |||||||||||||||||||
Lazard - Retirement Emerging Markets 2021 |
4,501 | $ | 13.56 | $ | 16.29 | $ | 70,888 | 0.10 | % | 1.00 | % | 2.13 | % | 5.69 | % | 4.74 | % | |||||||||||||||||||
2020 |
4,881 | $ | 12.83 | $ | 15.55 | $ | 73,684 | 0.10 | % | 1.00 | % | 2.83 | % | (1.13 | %) | (2.03 | %) | |||||||||||||||||||
2019 |
6,202 | $ | 12.98 | $ | 15.87 | $ | 95,179 | 0.10 | % | 1.00 | % | 0.89 | % | 18.24 | % | 17.17 | % | |||||||||||||||||||
2018 |
7,154 | $ | 10.98 | $ | 13.55 | $ | 93,526 | 0.10 | % | 1.00 | % | 1.91 | % | (18.40 | %) | (19.14 | %) | |||||||||||||||||||
2017 |
8,255 | $ | 13.45 | $ | 16.76 | $ | 134,193 | 0.10 | % | 1.00 | % | 2.00 | % | 28.01 | % | 26.86 | % | |||||||||||||||||||
PVIT - Commodity Real Return 2021 |
5,037 | $ | 7.96 | $ | 7.29 | $ | 39,782 | 0.10 | % | 1.00 | % | 4.54 | % | 33.21 | % | 32.01 | % | |||||||||||||||||||
2020 |
2,187 | $ | 5.98 | $ | 5.52 | $ | 12,978 | 0.10 | % | 1.00 | % | 6.15 | % | 1.25 | % | 0.34 | % | |||||||||||||||||||
2019 |
2,072 | $ | 5.90 | $ | 5.50 | $ | 12,157 | 0.10 | % | 1.00 | % | 4.45 | % | 11.32 | % | 10.32 | % | |||||||||||||||||||
2018 |
2,581 | $ | 5.30 | $ | 4.99 | $ | 13,614 | 0.10 | % | 1.00 | % | 2.13 | % | (14.22 | %) | (15.00 | %) | |||||||||||||||||||
2017 |
2,403 | $ | 6.18 | $ | 5.87 | $ | 14,782 | 0.10 | % | 1.00 | % | 11.22 | % | 2.05 | % | 1.13 | % | |||||||||||||||||||
PVIT - Low Duration 2021 |
30,927 | $ | 11.80 | $ | 11.19 | $ | 371,025 | 0.10 | % | 1.00 | % | 0.52 | % | (1.03 | %) | (1.92 | %) | |||||||||||||||||||
2020 |
36,538 | $ | 11.92 | $ | 11.41 | $ | 442,946 | 0.10 | % | 1.00 | % | 1.17 | % | 2.89 | % | 1.96 | % | |||||||||||||||||||
2019 |
31,716 | $ | 11.59 | $ | 11.19 | $ | 375,004 | 0.10 | % | 1.00 | % | 2.77 | % | 3.92 | % | 2.99 | % | |||||||||||||||||||
2018 |
33,031 | $ | 11.15 | $ | 10.87 | $ | 376,435 | 0.10 | % | 1.00 | % | 1.92 | % | 0.24 | % | (0.67 | %) | |||||||||||||||||||
2017 |
36,840 | $ | 11.12 | $ | 10.94 | $ | 419,605 | 0.10 | % | 1.00 | % | 1.34 | % | 1.25 | % | 0.34 | % |
79 | Annual Report |
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 | ||||||||||||||||||||||||||||
PVIT - Real Return 2021 |
15,686 | $ | 14.93 | $ | 14.85 | $ | 243,177 | 0.10 | % | 1.00 | % | 4.97 | % | 5.48 | % | 4.53 | % | |||||||||||||||||||
2020 |
14,177 | $ | 14.16 | $ | 14.20 | $ | 208,969 | 0.10 | % | 1.00 | % | 1.42 | % | 11.60 | % | 10.59 | % | |||||||||||||||||||
2019 |
12,678 | $ | 12.68 | $ | 12.84 | $ | 168,297 | 0.10 | % | 1.00 | % | 1.65 | % | 8.33 | % | 7.35 | % | |||||||||||||||||||
2018 |
13,938 | $ | 11.71 | $ | 11.96 | $ | 171,236 | 0.10 | % | 1.00 | % | 2.49 | % | (2.31 | %) | (3.19 | %) | |||||||||||||||||||
2017 |
15,218 | $ | 11.99 | $ | 12.36 | $ | 191,891 | 0.10 | % | 1.00 | % | 2.38 | % | 3.55 | % | 2.62 | % | |||||||||||||||||||
PVIT - Total Return 2021 |
34,594 | $ | 14.34 | $ | 14.07 | $ | 515,196 | 0.10 | % | 1.00 | % | 1.82 | % | (1.37 | %) | (2.25 | %) | |||||||||||||||||||
2020 |
37,789 | $ | 14.54 | $ | 14.39 | $ | 572,699 | 0.10 | % | 1.00 | % | 2.12 | % | 8.54 | % | 7.56 | % | |||||||||||||||||||
2019 |
38,988 | $ | 13.40 | $ | 13.38 | $ | 545,597 | 0.10 | % | 1.00 | % | 3.01 | % | 8.25 | % | 7.27 | % | |||||||||||||||||||
2018 |
39,177 | $ | 12.38 | $ | 12.48 | $ | 508,311 | 0.10 | % | 1.00 | % | 2.54 | % | (0.63 | %) | (1.53 | %) | |||||||||||||||||||
2017 |
44,067 | $ | 12.46 | $ | 12.67 | $ | 576,035 | 0.10 | % | 1.00 | % | 2.02 | % | 4.81 | % | 3.87 | % | |||||||||||||||||||
Blackrock - Global Allocation V.I. 2021 |
10,006 | $ | 19.38 | $ | 17.74 | $ | 192,033 | 0.10 | % | 1.00 | % | 0.77 | % | 6.44 | % | 5.48 | % | |||||||||||||||||||
2020 |
10,357 | $ | 18.21 | $ | 16.82 | $ | 186,847 | 0.10 | % | 1.00 | % | 1.15 | % | 20.68 | % | 19.59 | % | |||||||||||||||||||
2019 |
11,548 | $ | 15.09 | $ | 14.06 | $ | 172,758 | 0.10 | % | 1.00 | % | 1.13 | % | 17.71 | % | 16.65 | % | |||||||||||||||||||
2018 |
13,045 | $ | 12.82 | $ | 12.06 | $ | 165,898 | 0.10 | % | 1.00 | % | 0.77 | % | (7.61 | %) | (8.45 | %) | |||||||||||||||||||
2017 |
14,634 | $ | 13.87 | $ | 13.17 | $ | 201,650 | 0.10 | % | 1.00 | % | 1.21 | % | 13.63 | % | 12.61 | % | |||||||||||||||||||
FTVIP - Templeton Global Bond 2021 |
5,309 | $ | 10.40 | $ | 9.52 | $ | 54,714 | 0.10 | % | 1.00 | % | | (5.09 | %) | (5.94 | %) | ||||||||||||||||||||
2020 |
5,909 | $ | 10.96 | $ | 10.13 | $ | 64,178 | 0.10 | % | 1.00 | % | 8.47 | % | (5.38 | %) | (6.23 | %) | |||||||||||||||||||
2019 |
7,277 | $ | 11.58 | $ | 10.80 | $ | 83,533 | 0.10 | % | 1.00 | % | 7.15 | % | 1.91 | % | 0.99 | % | |||||||||||||||||||
2018 |
8,077 | $ | 11.37 | $ | 10.69 | $ | 91,087 | 0.10 | % | 1.00 | % | | 1.84 | % | 0.91 | % | ||||||||||||||||||||
2017 |
8,978 | $ | 11.16 | $ | 10.60 | $ | 99,518 | 0.10 | % | 1.00 | % | | 1.82 | % | 0.91 | % | ||||||||||||||||||||
FTVIP - Franklin U.S. Govt Securities 2021 |
7,244 | $ | 11.22 | $ | 10.28 | $ | 80,278 | 0.10 | % | 1.00 | % | 2.39 | % | (1.92 | %) | (2.81 | %) | |||||||||||||||||||
2020 |
9,311 | $ | 11.44 | $ | 10.57 | $ | 105,237 | 0.10 | % | 1.00 | % | 3.80 | % | 3.73 | % | 2.79 | % | |||||||||||||||||||
2019 |
5,075 | $ | 11.03 | $ | 10.29 | $ | 55,404 | 0.10 | % | 1.00 | % | 2.83 | % | 5.12 | % | 4.18 | % | |||||||||||||||||||
2018 |
4,539 | $ | 10.50 | $ | 9.87 | $ | 47,183 | 0.10 | % | 1.00 | % | 2.67 | % | 0.24 | % | (0.67 | %) | |||||||||||||||||||
2017 |
5,478 | $ | 10.47 | $ | 9.94 | $ | 56,898 | 0.10 | % | 1.00 | % | 2.61 | % | 1.24 | % | 0.33 | % |
(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. |
(5) | During 2018 the following underlying funds were renamed: |
Old Name | New Name | |
VIP - Telecommunications | VIP - Communication Services | |
VIP - Telecommunications Investor Class | VIP - Communication Services Investor Class |
(6) | During 2018, the following underlying funds were added and commenced operations effective June 8, 2018: |
VIP - Bond Index | VIP - Extended Market Index | |
VIP - Total Market Index | VIP - International Index |
(7) | During 2017, the following underlying funds were renamed: |
Old Name | New Name | |
UIF - Emerging Markets Equity | VIF - Emerging Markets Equity | |
UIF - Emerging Markets Debt | VIF - Emerging Markets Debt | |
UIF - Global Strategist | VIF - Global Strategist - Class II | |
WF AF - Advantage VT Discovery | WFF - VT Discovery | |
WF AF - Advantage VT Opportunity | WFF - VT Opportunity | |
Invesco - Van Kampen Global Core Equity | Invesco - V.I. Global Core Equity |
80 | Annual Report |
Notes to Financial Statements - continued
Fidelity Investments Variable Annuity Account I
6. Unit Values - continued
(8) | Effective December 18, 2017, redemption fees were removed by the remaining underlying funds. Previously, the following Underlying Funds imposed 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 - Communication Services | VIP - Communication Services Investor Class | |
VIP - Financial Services | VIP - Financial Services Investor Class |
(9) | During 2021, the following underlying funds were renamed: |
Old Name | New Name | |
Wells Fargo VT Discovery Fund | Allspring VT Discovery Fund | |
Wells Fargo VT Opportunity Fund | Allspring VT Opportunity Fund |
7. Subsequent Events
The Account has evaluated subsequent events from the balance sheet date through the date of this report and no other events have occurred that would require disclosure.
81 | Annual Report |
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Fidelity Investments Life Insurance Company and the Contract Owners of Fidelity Investments Variable Annuity Account I
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Fidelity Investments Variable Annuity Account I indicated in the table below as of December 31, 2021, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of Fidelity Investments Variable Annuity Account I as of December 31, 2021, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Fidelity VIP Government Money Market - Initial Class (1) | Fidelity VIP Government Money Market - Investor Class (1) | Fidelity VIP High Income - Initial Class (1) | ||
Fidelity VIP High Income - Investor Class (1) | Fidelity VIP Equity-Income - Initial Class (1) | Fidelity VIP Equity-Income - Investor Class (1) | ||
Fidelity VIP Growth - Initial Class (1) | Fidelity VIP Growth - Investor Class (1) | Fidelity VIP Overseas - Initial Class (1) | ||
Fidelity VIP Overseas - Investor Class (1) | Fidelity VIP Investment Grade Bond - Initial Class (1) | Fidelity VIP Investment Grade Bond - Investor Class (1) | ||
Fidelity VIP Asset Manager - Initial Class (1) | Fidelity VIP Asset Manager - Investor Class (1) | Fidelity VIP Index 500 - Initial Class (1) | ||
Fidelity VIP Asset Manager: Growth - Initial Class (1) | Fidelity VIP Asset Manager: Growth - Investor Class (1) | Fidelity VIP Contrafund - Initial Class (1) | ||
Fidelity VIP Contrafund - Investor Class (1) | Fidelity VIP Balanced - Initial Class (1) | Fidelity VIP Balanced - Investor Class (1) | ||
Fidelity VIP Dynamic Capital Appreciation - Initial Class (1) | Fidelity VIP Dynamic Capital Appreciation - Investor Class (1) | Fidelity VIP Growth & Income - Initial Class (1) | ||
Fidelity VIP Growth & Income - Investor Class (1) | Fidelity VIP Growth Opportunities - Initial Class (1) | Fidelity VIP Growth Opportunities - Investor Class (1) | ||
Fidelity VIP Mid Cap - Initial Class (1) | Fidelity VIP Mid Cap - Investor Class (1) | Fidelity VIP Value Strategies - Initial Class (1) | ||
Fidelity VIP Value Strategies - Investor Class (1) | Fidelity VIP Utilities - Initial Class (1) | Fidelity VIP Utilities - Investor Class (1) | ||
Fidelity VIP Technology - Initial Class (1) | Fidelity VIP Technology - Investor Class (1) | Fidelity VIP Energy - Initial Class (1) | ||
Fidelity VIP Energy - Investor Class (1) | Fidelity VIP Health Care - Initial Class (1) | Fidelity VIP Health Care - Investor Class (1) | ||
Fidelity VIP Financial Services - Initial Class (1) | Fidelity VIP Financial Services - Investor Class (1) | Fidelity VIP Industrials - Initial Class (1) | ||
Fidelity VIP Industrials - Investor Class (1) | Fidelity VIP Consumer Discretionary - Initial Class (1) | Fidelity VIP Consumer Discretionary - Investor Class (1) | ||
Fidelity VIP Real Estate - Initial Class (1) | Fidelity VIP Real Estate - Investor Class (1) | Fidelity VIP Strategic Income - Initial Class (1) | ||
Fidelity VIP Strategic Income - Investor Class (1) | Fidelity VIP International Capital Appreciation - Initial Class (1) | Fidelity VIP International Capital Appreciation - Investor Class (1) | ||
Fidelity VIP Value - Initial Class (1) | Fidelity VIP Value - Investor Class (1) | Fidelity VIP Freedom Income - Initial Class (1) | ||
Fidelity VIP Investor Freedom Income - Investor Class (1) | Fidelity VIP Freedom 2005 - Initial Class (1) | Fidelity VIP Investor Freedom 2005 - Investor Class (1) | ||
Fidelity VIP Freedom 2010 - Initial Class (1) | Fidelity VIP Investor Freedom 2010 - Investor Class (1) | Fidelity VIP Freedom 2015 - Initial Class (1) | ||
Fidelity VIP Investor Freedom 2015 - Investor Class (1) | Fidelity VIP Freedom 2020 - Initial Class (1) | Fidelity VIP Investor Freedom 2020 - Investor Class (1) | ||
Fidelity VIP Freedom 2025 - Initial Class (1) | Fidelity VIP Investor Freedom 2025 - Investor Class (1) | Fidelity VIP Freedom 2030 - Initial Class (1) | ||
Fidelity VIP Investor Freedom 2030 - Investor Class (1) | Fidelity VIP Freedom Lifetime Income I - Initial Class (1) | Fidelity VIP Freedom Lifetime Income II - Initial Class (1) | ||
Fidelity VIP Freedom Lifetime Income III - Initial Class (1) | Fidelity VIP Disciplined Small Cap - Initial Class (1) | Fidelity VIP Disciplined Small Cap - Investor Class (1) |
82 | Annual Report |
Report of Independent Registered Public Accounting Firm - continued
Fidelity VIP FundsManager 20% - Investor Class (1) | Fidelity VIP FundsManager 50% - Investor Class (1) | Fidelity VIP FundsManager 60% - Investor Class (1) | ||
Fidelity VIP FundsManager 70% - Investor Class (1) | Fidelity VIP FundsManager 85% - Investor Class (1) | Fidelity VIP Consumer Staples - Initial Class (1) | ||
Fidelity VIP Consumer Staples - Investor Class (1) | Fidelity VIP Materials - Initial Class (1) | Fidelity VIP Materials - Investor Class (1) | ||
Fidelity VIP Communication Services - Initial Class (1) | Fidelity VIP Communication Services - Investor Class (1) | Fidelity VIP Emerging Markets - Initial Class (1) | ||
Fidelity VIP Emerging Markets - Investor Class (1) | Fidelity VIP Floating Rate High Income - Initial Class (1) | Fidelity VIP Floating Rate High Income - Investor Class (1) | ||
Fidelity VIP - Bond Index (1) | Fidelity VIP - Total Market Index (1) | Fidelity VIP - Extended Market Index (1) | ||
Fidelity VIP - International Index (1) | Morgan Stanley Variable Insurance Fund, Inc. Emerging Markets Equity Portfolio - Class I (1) |
Morgan Stanley Variable Insurance Fund, Inc. Emerging Markets Debt Portfolio - Class I (1) | ||
Morgan Stanley Variable Insurance Fund, Inc. Global Strategist Portfolio - Class II (1) |
Invesco V.I. Global Core Equity Fund - Series I (1) | Allspring VT Discovery Fund - Class 2 (1) | ||
Allspring VT Opportunity Fund - Class 2 (1) | Lazard Retirement Emerging Markets Equity Portfolio - Investor Class (1) |
PIMCO Commodity Real Return Strategy Portfolio - Administrative Class (1) | ||
PIMCO Low Duration Portfolio - Administrative Class (1) | PIMCO Real Return Portfolio - Administrative Class (1) | PIMCO Total Return Portfolio - Administrative Class (1) | ||
Blackrock Global Allocation V.I. Fund - Class I (1) | Templeton Global Bond VIP Fund - Class 2 (1) | Franklin U.S. Government Securities VIP Fund - Class 2 (1) |
(1) | Statements of operations for the year ended December 31, 2021 and statements of changes in net assets for the years ended December 31, 2021 and 2020 |
Basis for Opinions
These financial statements are the responsibility of the Fidelity Investments Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Fidelity Investments Variable Annuity Account I based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the subaccounts of Fidelity Investments Variable Annuity Account I in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2021 by correspondence with the transfer agents or custodians of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
April 29, 2022
We have served as the auditor of one or more of the subaccounts of Fidelity Investments Variable Annuity Account I since 1987.
83 | Annual Report |
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-0221
1.xxxxxx.xxx
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
CONSOLIDATED FINANCIAL STATEMENTS
for the years ended December 31, 2021, 2020 and 2019
TABLE OF CONTENTS | PAGE | |||
1 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 |
Report of Independent Auditors
To the Board of Directors of Fidelity Investments Life Insurance Company
Opinion
We have audited the accompanying consolidated financial statements of Fidelity Investments Life Insurance Company (the Company), which comprise the consolidated balance sheets as of December 31, 2021 and 2020, and the related consolidated statements of comprehensive income, of stockholders equity, and of cash flows for each of the three years in the period ended December 31, 2021.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management 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, and for 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.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Companys ability to continue as a going concern for one year after the date the financial statements are available to be issued.
Auditors Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
1
In performing an audit in accordance with US GAAS, we:
| Exercise professional judgment and maintain professional skepticism throughout the audit. |
| Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. |
| Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control. Accordingly, no such opinion is expressed. |
| Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements. |
| Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Companys ability to continue as a going concern for a reasonable period of time. |
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
/s/ PricewaterhouseCoopers LLP |
Boston, Massachusetts |
April 29, 2022 |
2
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
(in thousands, except share data)
December 31, | ||||||||
2021 | 2020 | |||||||
ASSETS |
||||||||
Investments: |
||||||||
Debt securities, available-for-sale, at fair value (amortized cost of $1,281,021 in 2021 and $1,281,563 in 2020) |
$ | 1,303,126 | $ | 1,367,152 | ||||
Other investment |
| 449 | ||||||
Policy loans |
1,679 | 1,605 | ||||||
|
|
|
|
|||||
Total Investments |
1,304,805 | 1,369,206 | ||||||
|
|
|
|
|||||
Cash and cash equivalents |
175,057 | 160,855 | ||||||
Restricted cash and cash equivalents |
34,424 | 27,564 | ||||||
Accrued investment income |
10,046 | 10,759 | ||||||
Deferred policy acquisition costs |
82,643 | 74,818 | ||||||
Reinsurance deposit and receivables |
806,348 | 856,632 | ||||||
Other assets |
18,843 | 26,109 | ||||||
Net deferred tax asset |
59,502 | 39,490 | ||||||
Separate account assets |
46,885,350 | 40,059,818 | ||||||
|
|
|
|
|||||
Total Assets |
49,377,018 | 42,625,251 | ||||||
|
|
|
|
|||||
LIABILITIES |
||||||||
Future contract and policy benefits |
556,693 | 590,702 | ||||||
Contract holder deposit funds |
587,152 | 611,551 | ||||||
Investment trades payable, net |
3,036 | 7,545 | ||||||
Other liabilities and accrued expenses |
68,356 | 64,706 | ||||||
Income taxes payable |
50,344 | 45,678 | ||||||
Payable to parent and affiliates, net |
9,466 | 12,131 | ||||||
Separate account liabilities |
46,885,350 | 40,059,818 | ||||||
|
|
|
|
|||||
Total Liabilities |
48,160,397 | 41,392,131 | ||||||
|
|
|
|
|||||
Commitments and Contingencies (Note 12) |
||||||||
STOCKHOLDERS EQUITY |
||||||||
Common stock, par value $10 per share1,000,000 shares authorized; 300,000 shares issued and outstanding |
3,000 | 3,000 | ||||||
Additional paid-in capital |
71,378 | 71,378 | ||||||
Accumulated other comprehensive income |
16,281 | 63,756 | ||||||
Retained earnings |
1,125,912 | 1,094,877 | ||||||
Total Fidelity Investments Life Insurance Company Stockholders Equity |
1,216,571 | 1,233,011 | ||||||
Noncontrolling interest |
50 | 109 | ||||||
|
|
|
|
|||||
Total Stockholders Equity |
1,216,621 | 1,233,120 | ||||||
Total Liabilities and Equity |
$ | 49,377,018 | $ | 42,625,251 | ||||
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements
3
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, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
REVENUES |
||||||||||||
Fees charged to contract holders |
$ | 146,884 | $ | 123,614 | $ | 117,618 | ||||||
Fund administration fees (1) |
62,022 | 52,478 | 50,601 | |||||||||
Net investment income |
32,750 | 37,923 | 39,670 | |||||||||
Interest on reinsurance deposit |
21,099 | 22,318 | 23,681 | |||||||||
Premiums, net |
5,028 | 7,211 | 8,237 | |||||||||
Net realized investment gains (losses): |
||||||||||||
Net realized investment gains (losses) on sales |
13,113 | 20,588 | 2,298 | |||||||||
|
|
|
|
|
|
|||||||
Total net realized investment gains (losses) |
13,113 | 20,588 | 2,298 | |||||||||
Total Revenues |
280,896 | 264,132 | 242,105 | |||||||||
|
|
|
|
|
|
|||||||
BENEFITS AND EXPENSES: |
||||||||||||
Underwriting, acquisition and insurance expenses (1) |
84,370 | 77,140 | 73,642 | |||||||||
Contract and policy benefits and expenses |
39,183 | 33,312 | 40,516 | |||||||||
Other expenses |
12,113 | 4,839 | 9,469 | |||||||||
|
|
|
|
|
|
|||||||
Total Benefits and Expenses |
135,666 | 115,291 | 123,627 | |||||||||
|
|
|
|
|
|
|||||||
Income before income taxes |
145,230 | 148,841 | 118,478 | |||||||||
Income tax expense |
12,404 | 20,662 | 11,887 | |||||||||
|
|
|
|
|
|
|||||||
Net Income |
132,826 | 128,179 | 106,591 | |||||||||
Less: Net loss attributable to noncontrolling interest |
(1,209 | ) | (467 | ) | (913 | ) | ||||||
|
|
|
|
|
|
|||||||
Net Income Attributable to Fidelity Investments Life Insurance Company |
$ | 134,035 | $ | 128,646 | $ | 107,504 | ||||||
|
|
|
|
|
|
|||||||
Net Income |
$ | 132,826 | $ | 128,179 | $ | 106,591 | ||||||
|
|
|
|
|
|
|||||||
Other comprehensive (loss) income, before tax: |
||||||||||||
Net unrealized investment (losses) gains during the period |
(47,247 | ) | 60,551 | 58,918 | ||||||||
Reclassification adjustment for net realized (gains) losses included in net income |
(13,113 | ) | (20,588 | ) | (2,298 | ) | ||||||
Benefit (provision) for income taxes related to items of other comprehensive (loss) income |
12,885 | (8,513 | ) | (8,642 | ) | |||||||
|
|
|
|
|
|
|||||||
Other comprehensive (loss) income, net of tax |
(47,475 | ) | 31,450 | 47,978 | ||||||||
|
|
|
|
|
|
|||||||
Comprehensive Income |
85,351 | 159,629 | 154,569 | |||||||||
Less: Comprehensive loss attributable to noncontrolling interest |
(1,209 | ) | (467 | ) | (913 | ) | ||||||
|
|
|
|
|
|
|||||||
Comprehensive Income Attributable to Fidelity Investments Life Insurance Company |
$ | 86,560 | $ | 160,096 | $ | 155,482 |
(1) | Includes affiliated company transactions (Note 9) |
The accompanying notes are an integral part of the consolidated financial statements
4
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, 2021, 2020, and 2019
Common Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings |
Noncontrolling Interest |
Total Stockholders Equity |
|||||||||||||||||||
Balance at December 31, 2018 |
$ | 3,000 | $ | 71,378 | $ | (15,672) | $ | 961,180 | $ | 108 | $ | 1,019,994 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Comprehensive income: |
||||||||||||||||||||||||
Cumulative effect of accounting change related to premium amortization on callable debt securities, net of taxes |
| | | (453 | ) | | (453 | ) | ||||||||||||||||
Other contributions |
| | | | 923 | 923 | ||||||||||||||||||
Net income (loss) |
| | | 107,504 | (913 | ) | 106,591 | |||||||||||||||||
Other comprehensive income (loss) |
||||||||||||||||||||||||
| | 47,978 | | | 47,978 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at December 31, 2019 |
$ | 3,000 | $ | 71,378 | $ | 32,306 | $ | 1,068,231 | $ | 118 | $ | 1,175,033 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Comprehensive income: |
||||||||||||||||||||||||
Other contributions |
| | | | 458 | 458 | ||||||||||||||||||
Net income (loss) |
| | | 128,646 | (467 | ) | 128,179 | |||||||||||||||||
Dividends paid to parent |
(102,000 | ) | | (102,000 | ) | |||||||||||||||||||
Other comprehensive income (loss) |
| | 31,450 | | | 31,450 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at December 31, 2020 |
$ | 3,000 | $ | 71,378 | $ | 63,756 | $ | 1,094,877 | $ | 109 | $ | 1,233,120 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Comprehensive income: |
||||||||||||||||||||||||
Other contributions |
| | | | 1,150 | 1,150 | ||||||||||||||||||
Net income (loss) |
| | | 134,035 | (1,209 | ) | 132,826 | |||||||||||||||||
Dividends paid to parent |
| | | (103,000 | ) | | (103,000 | ) | ||||||||||||||||
Other comprehensive income (loss) |
| | (47,475 | ) | | | (47,475 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at December 31, 2021 |
$ | 3,000 | $ | 71,378 | $ | 16,281 | $ | 1,125,912 | $ | 50 | $ | 1,216,621 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements
5
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, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Cash flows provided by (used in) operating activities: |
||||||||||||
Net income |
$ | 132,826 | $ | 128,179 | $ | 106,591 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: |
||||||||||||
Amortization and depreciation |
2,693 | 4,716 | 1,674 | |||||||||
Net realized investment (gains) losses on sales |
(13,113 | ) | (20,588 | ) | (2,298 | ) | ||||||
Provision for deferred taxes |
(7,127 | ) | (6,092 | ) | (5,938 | ) | ||||||
Equity loss from investee company |
12,113 | 4,839 | 9,469 | |||||||||
Changes in assets and liabilities: |
||||||||||||
Accrued investment income |
713 | 151 | (3,493 | ) | ||||||||
Deferred policy acquisition costs, net of amortization |
(6,313 | ) | (2,300 | ) | (3,851 | ) | ||||||
Future contract and policy benefits, net |
70,619 | 65,061 | 57,102 | |||||||||
Reinsurance deposit and receivables |
50,284 | 59,922 | 55,330 | |||||||||
(Receivable) payable to parent and affiliates, net |
(2,665 | ) | 853 | 1,136 | ||||||||
Income taxes payable |
4,666 | 26,792 | 11,838 | |||||||||
Other assets and other (liabilities), net |
2,684 | (1,408 | ) | 7,737 | ||||||||
|
|
|
|
|
|
|||||||
Net cash provided by (used for) operating activities |
247,380 | 260,125 | 235,297 | |||||||||
|
|
|
|
|
|
|||||||
Cash flows provided by (used for) investing activities: |
||||||||||||
Purchase of debt securities |
(403,872 | ) | (469,948 | ) | (505,951 | ) | ||||||
Proceeds from sales of debt securities |
269,420 | 355,814 | 313,346 | |||||||||
Proceeds from maturities and calls of debt securities |
145,470 | 114,073 | 32,664 | |||||||||
Investment in investee company |
(9,988 | ) | (4,349 | ) | (8,901 | ) | ||||||
Accrued (distributions) contributions in investee company |
(371 | ) | 223 | 595 | ||||||||
Investment trades payable/ receivable, net |
(4,509 | ) | (4,089 | ) | (219,336 | ) | ||||||
Additions to capitalized internal use software |
| (5,445 | ) | (5,109 | ) | |||||||
Proceeds from sale of capitalized internal use software |
8,021 | | | |||||||||
Change in policy loans |
(74 | ) | (146 | ) | (210 | ) | ||||||
|
|
|
|
|
|
|||||||
Net cash provided by (used for) investing activities |
4,097 | (13,867 | ) | (392,902 | ) | |||||||
|
|
|
|
|
|
|||||||
Cash flows provided by (used for) financing activities: |
||||||||||||
Deposits credited to fixed annuity contracts |
2,426,329 | 1,499,364 | 1,547,132 | |||||||||
Net transfers from separate accounts |
(643,299 | ) | 496,114 | 528,381 | ||||||||
Withdrawals from variable annuity contracts |
(1,905,968 | ) | (2,104,915 | ) | (2,127,725 | ) | ||||||
Withdrawals from fixed annuity contracts |
(4,477 | ) | (4,622 | ) | (63,563 | ) | ||||||
Dividend paid to parent |
(103,000 | ) | (102,000 | ) | | |||||||
|
|
|
|
|
|
|||||||
Net cash used for financing activities |
(230,415 | ) | (216,059 | ) | (115,775 | ) | ||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents |
21,062 | 30,199 | (273,380 | ) | ||||||||
Cash, cash equivalents, and restricted cash and cash equivalents: |
||||||||||||
Beginning of year |
188,419 | 158,220 | 431,600 | |||||||||
|
|
|
|
|
|
|||||||
End of year |
$ | 209,481 | $ | 188,419 | $ | 158,220 | ||||||
|
|
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements
6
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 and services certain variable and fixed annuity contracts and variable universal life policies. Amounts invested in the fixed option of the annuity contracts and VUL contracts are allocated to the general account of the Company. Amounts invested in the variable option of the annuity contracts and variable universal life policies are allocated to the Variable Annuity Account and Variable Life Account respectively which are separate accounts of the Company. The assets of the Variable Annuity Account and Variable Life Account are invested in certain portfolios of the Fidelity Variable Insurance Product Funds, the Fidelity Variable Insurance Product Funds (Investor Class), the Morgan Stanley Variable Insurance Funds, Inc., the Allspring 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 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 securities are obtained from independent pricing sources. 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 bonds 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.
7
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):
Investments (continued)
The Company evaluates available-for-sale investments that experience declines in fair value for impairment.
Effective January 1, 2020, impairment related to credit losses on available-for-sale investments is recorded in the consolidated statements of comprehensive income with an offsetting allowance for credit losses, and the portion that is related to other factors is recorded as a component of other comprehensive income (OCI). The Company considers many factors, including the extent to which the fair value is less than amortized cost and reasons for the decline in value (e.g., general credit spreads, the financial condition of the issuer, information from industry analyst reports and external credit ratings). If analysis of these factors results in a security needing to be impaired, the credit loss is measured as the extent amortized cost exceeds the present value of expected future cash flows. In addition to these factors, if the Company has the intent to sell an investment whose fair value is below amortized cost, or it is more likely than not that the Company will be required to sell an investment before recovery, the Company will write down the amortized cost to fair value and record an impairment in earnings.
Prior to January 1, 2020, for debt securities that experience declines in fair values that are determined to be other than temporary (OTTI), an OTTI is recognized in earnings when either (i) the Company has the intent to sell the debt security or (ii) it is more likely than not the Company will be required to sell the debt security before its anticipated recovery. The amount of 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. Factors considered in evaluating whether a decline in fair value is other than temporary include the extent of the decline, the duration in which the fair value has been less than cost, 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.
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 comprise amounts in demand deposit accounts and money market mutual funds, and are reported at cost which approximates fair value. Money market mutual funds used to hold cash prior to reinvestment and to meet operating cash requirements were $171,114 and $150,734 at December 31, 2021, and 2020, respectively. The Company reclassifies cash overdrafts to Other liabilities and accrued expenses. Cash overdrafts were $14,713 and $13,854 at December 31, 2021, and 2020, 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 investee earnings and losses in Other Expenses in the consolidated statements of comprehensive income.
8
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):
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 the underlying mutual fund portfolios. Since the contract holders receive the full benefit and bear the full risk of the separate account investments, 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.
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% fixed 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. Future contract and policy benefit liabilities are computed using certain assumptions including mortality, lapse, investment performance and expense based on the Companys experience, industry results, emerging trends and future expectations. With the exception of the GMDB and GMWB features, assumptions are locked in at the time of issuance and are not changed unless there are adverse changes in experience or assumptions which may require the Company to provide for expected future losses by establishing premium deficiency reserves.
The Company evaluates future contract and policy benefit liabilities annually to determine if a premium deficiency exists. If the future contract and policy benefit liabilities plus the present value of future gross premiums are insufficient to provide for the current present value of future contract and policy benefits then a charge to earnings is recorded against unamortized deferred policy acquisition costs and, if necessary, a premium deficiency reserve is established. Premium deficiency 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.
Contract Holder Deposit Funds
Contract holder deposit funds consist of annuity deposits received from customers for the fixed portion of the variable deferred annuity product, for the fixed income annuity product with no life contingencies and for the fixed portion of life contingent income annuity products not included in Future Contract and Policy Benefits. Liabilities are established in amounts sufficient to meet the estimated future obligations of policies in force and represent accumulated account deposits plus interest credited, less contract holder withdrawals and other charges assessed against the account balance.
9
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):
Reinsurance Deposit and Receivables
The Company reinsures a substantial portion of its life insurance and annuity product risks 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. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from similar activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. The Company is subject to concentration of risk with respect to these reinsurance agreements. The two largest reinsurance counterparty exposures are either partially held in a collateral account or 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 a reinsurer.
Effective January 1, 2020, reinsurance deposits and receivables are recorded net of the allowance for credit losses. The allowance for credit losses represents managements estimate of credit losses and considers the quality of the reinsurance counterparty using probability-of-default (PD) / loss-given-default (LGD) models. The PD estimate is determined based on similarly rated companies and the LGD estimate is based on managements estimate assigned to each reinsurer. The estimate represents the expected economic loss of a reinsurers default. There are two primary factors which affect LGD, (i) the presence and amount of collateral backing the reinsurance counterparty credit, and (ii) whether the reinsurer is also a direct writer of insurance. Overall, the allowance for credit losses are affected by changes in the underlying reinsurance reserve credit which can fluctuate with market returns, policy persistency and policyholder mortality. The allowance for credit losses may vary due to (i) updates in assumed probabilities of default, (ii) the value of any collateral, (iii) changes in financial strength ratings of the reinsurance counterparty by various statistical rating agencies and (iv) other risk factors. Changes in the allowance for credit losses are recorded in the provision for credit losses in the Companys consolidated statements of comprehensive income.
Prior to January 1, 2020 an allowance for credit losses was established only when it was probable that the reinsurer would fail to make payments.
Deferred Policy Acquisition Costs
Costs that vary with and are primarily associated with acquiring new and renewal business are 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 amortized over the lifetime of the policy, generally estimated as the level term period for the term insurance product and either a 30-year or 50-year period for the variable deferred and immediate annuity products in proportion to expected 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.
10
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):
Deferred Policy Acquisition Costs (continued)
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 7.0% 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).
GAAP provides guidance 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 is accounted for as an extinguishment of the replaced contract. DAC, unearned revenue liabilities and deferred sales inducements from contracts materially changed or replaced are written-off in the period changed or replaced. Modifications that result in a contract that is substantially unchanged from the replaced contract are 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 2021, 2020, or 2019.
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, and computer software are stated at cost less accumulated depreciation or amortization. Software includes certain costs incurred for purchasing and developing software for internal use. Depreciation or amortization is provided using the straight-line method over the estimated useful lives of the asset, generally three years.
Effective January 2021, the Company sold certain capitalized software assets at their carrying value of $8,021 to Fidelity Technology Group, LLC (FTG), an affiliate which is wholly-owned by FMR LLC.
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 basis of assets and liabilities and are measured using the current enacted tax rates.
11
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):
Income Taxes (continued)
The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance if necessary to reduce the deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers available positive and negative evidence including nature and tax characteristic of taxable temporary differences and the timing of their reversal, projected future taxable income, tax planning strategies, and results of recent operations. Although realization is not assured, management believes it is more likely than not that the deferred tax assets, net of valuation allowances, will be realized. The Company adjusts the valuation allowance if there is a change in managements assessment of the amount of the deferred tax assets that are more likely than not to be realized.
The Company recognizes the benefit of uncertain tax positions only when the position is more-likely-than-not to be sustained upon review by taxing authorities.
Recent Adoption of Accounting Pronouncements
The Financial Accounting Standards Board (FASB) issued new guidance that replaces the current incurred loss impairment model for financial instruments reported at amortized cost with a methodology that reflects current expected credit losses (CECL). The new guidance requires consideration of a broader range of information such as historical events, current conditions, and reasonable and supportable forecasts to reflect lifetime expected credit loss estimates. The guidance also modifies OTTI guidance for available-for-sale debt securities requiring the recording of an allowance for credit losses instead of a direct reduction to carrying value and to remove the duration of a decline in fair value as a factor in determining a credit impairment. The Company adopted this guidance effective January 1, 2020 which did not have a material impact on the consolidated financial statements.
The FASB issued new guidance which simplifies subsequent measurement of goodwill by eliminating step 2 of the goodwill impairment test which measures the impairment by comparing the implied fair value of goodwill with the carrying amount of goodwill. Under the new guidance, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting units fair value; provided that the impairment charge does not exceed the goodwill allocated to that reporting unit. The Company adopted this guidance effective January 1, 2020 which did not have an impact on the consolidated financial statements.
The FASB issued new guidance for premium amortization on purchased callable debt securities. The guidance requires certain premiums on callable debt securities to be amortized to the initial call date. The Company adopted this guidance effective January 1, 2019, using the modified retrospective approach which did not have a material impact on the consolidated financial statements. A cumulative effect adjustment of $453, net of taxes, was recorded as a decrease to retained earnings.
The FASB issued new guidance on accounting for leases that results in leases being accounted for as either finance or operating leases. Both leases result in the lessee recognizing a right-of-use asset and a corresponding lease liability on its balance sheet, with differing methodologies for income statement recognition. The Company adopted this guidance effective January 1, 2019, which had no impact on the consolidated financial statements.
12
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 Adoption of Accounting Pronouncements
The FASB issued new guidance for insurance companies that issue long-duration insurance and annuity contracts. The guidance makes several changes including amendments to the assumptions used to measure liabilities for future policy benefits, measurement of market-based risk benefits, amortization of deferred acquisition costs and additional disclosures. The guidance will be effective for the Company in the year beginning January 1, 2025 and early adoption is permitted. 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.
3. GUARANTEED BENEFITS:
The Company establishes a liability for death or withdrawal benefit guarantees contained in variable annuity contracts.
Guaranteed Minimum Death Benefits (GMDB)
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, | ||||||||
2021 | 2020 | |||||||
Beginning Balance |
$ | 1,346 | $ | 2,228 | ||||
Change in benefit ratio estimate |
(1,181 | ) | (864 | ) | ||||
Interest on reserve |
11 | 98 | ||||||
Claims paid |
(386 | ) | (1,042 | ) | ||||
Accrual of benefit ratio |
243 | 926 | ||||||
|
|
|
|
|||||
Ending Balance |
$ | 33 | $ | 1,346 | ||||
|
|
|
|
The reinsurance recoverables associated with the GMDB were $30 and $1,343 at December 31, 2021 and 2020, respectively.
13
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 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 projection period is 30 years from issue. |
| The mean investment performance assumptions, prior to the consideration of mortality and expense fees, vary from 1.7% 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 90% of the 2012 IAM Basic Mortality Table with Scale G2. |
| The base lapse rate assumption varies from 4.1% to 6.5%, depending on policy duration. The partial withdrawal assumption is 1.9% for all policy durations. |
| The annual lapse rate for anticipated internal replacements is 1.2%. |
| The discount rate is 6.83%. |
The table below represents the account value, net amount at risk and average attained age of underlying contract holders for GMDB as of December 31, 2021 and 2020. 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) | 2021 | 2020 | ||||||
Net deposits paid |
||||||||
Account value |
$ | 5,772,282 | $ | 5,217,828 | ||||
Net amount at risk |
$ | 58,617 | $ | 66,952 | ||||
Average attained age of contract holders |
70 | 69 | ||||||
Ratchet (highest historical account value at specified anniversary dates) |
||||||||
Account value |
$ | 272,807 | $ | 248,938 | ||||
Net amount at risk |
$ | 6,212 | $ | 8,769 | ||||
Average attained age of contract holders |
73 | 73 |
Guaranteed Minimum Withdrawal Benefits (GMWB)
The Company issued a variable annuity contract with a GMWB feature. The GMWB feature provides annuity contract holders with withdrawal payments that are guaranteed for life. The withdrawal feature allows for guaranteed withdrawals beginning with age 591⁄2 for the life of the contract holder based on a preset withdrawal percentage of the guaranteed withdrawal benefit (GWB) value 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. The GWB value is initially set equal to the purchase payment and is ratcheted up to the contract value on each anniversary until the oldest annuitants 85th birthday. The GWB value is reduced by (i) withdrawals if the youngest annuitant is under age 591⁄2 or (ii) withdrawals in excess of the GWB amount if the youngest annuitant has reached age 591⁄2.
14
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 following summarizes the liability for GMWB contracts reflected in the general account:
Years Ended December 31, | ||||||||
2021 | 2020 | |||||||
Beginning Balance |
$ | 5,757 | $ | 2,255 | ||||
Change in benefit ratio estimate |
3,601 | 2,961 | ||||||
Interest on reserve |
487 | 271 | ||||||
Accrual of benefit ratio |
492 | 270 | ||||||
|
|
|
|
|||||
Ending Balance |
$ | 10,337 | $ | 5,757 | ||||
|
|
|
|
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 to reinsure 90% of GMWB product sales during the first quarter of 2009. Effective March 31, 2009, the GMWB was no longer offered.
The reinsurance recoverables associated with the GMWB were $9,997 and $5,559 at December 31, 2021, and 2020, 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 projection period is 50 years from issue. |
| The mean investment return assumptions for the stochastic scenarios, before fund expenses and other charges, vary from 1.7% 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. |
| 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 151⁄2 years from issue and age 591⁄2. |
| The mortality assumption is 90% of the 2012 IAM Basic Mortality Table with projection scale G2. |
| The lapse rate assumption is 5.3%, 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, 2021, and 2020:
Years Ended December 31, | ||||||||
2021 | 2020 | |||||||
Account value |
$ | 1,815,107 | $ | 1,729,147 | ||||
GWB value |
$ | 1,736,124 | $ | 1,593,406 | ||||
Average attained age of contract holders |
78 | 78 |
15
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
4. INVESTMENTS:
The components of net investment income were as follows:
Years Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Debt securities |
$ | 36,071 | $ | 40,564 | $ | 39,916 | ||||||
Cash and cash equivalents |
14 | 601 | 2,770 | |||||||||
Other income |
219 | 215 | 184 | |||||||||
|
|
|
|
|
|
|||||||
Total investment income |
36,304 | 41,380 | 42,870 | |||||||||
Less: investment expenses |
3,554 | 3,457 | 3,200 | |||||||||
|
|
|
|
|
|
|||||||
Net investment income |
$ | 32,750 | $ | 37,923 | $ | 39,670 | ||||||
|
|
|
|
|
|
Gross realized gains and losses from sales of debt securities were as follows:
Years Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Debt securities: |
||||||||||||
Gross realized gains |
$ | 14,052 | $ | 24,024 | $ | 4,093 | ||||||
Gross realized losses |
(939 | ) | (3,436 | ) | (1,795 | ) | ||||||
|
|
|
|
|
|
|||||||
Total realized investment gains (losses) |
13,113 | $ | 20,588 | $ | 2,298 | |||||||
|
|
|
|
|
|
There were no realized investment losses as a result of impairments in 2021, 2020 or 2019. There were no debt securities that were non-income producing for 2021, 2020 or 2019, respectively. There was no interest foregone by non-income producing securities for 2021, 2020, and 2019, respectively.
Net unrealized investment gains (losses) on debt securities carried at fair value and the related impact on DAC, premium deficiency reserves, and deferred income taxes as of December 31 were as follows:
December 31, | ||||||||
2021 | 2020 | |||||||
Debt securities |
$ | 22,105 | $ | 85,589 | ||||
DAC, Premium deficiency reserves |
(1,455 | ) | (4,579 | ) | ||||
Deferred income tax benefit (expense) |
(4,369 | ) | (17,254 | ) | ||||
|
|
|
|
|||||
$ | 16,281 | $ | 63,756 | |||||
|
|
|
|
16
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, without an allowance for credit losses, that have been in a continuous unrealized loss position as of December 31, 2021 were as follows:
2021 | ||||||||||||||||||||||||||||||||||||
Less than twelve months | Twelve months or more | Total |
| |||||||||||||||||||||||||||||||||
Estimated Fair Value |
Gross Unrealized Losses |
Number of Securities |
Estimated Fair Value |
Gross Unrealized Losses |
Number of Securities |
Estimated Fair Value |
Gross Unrealized Losses |
Number of Securities |
||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Investment grade debt securities: |
||||||||||||||||||||||||||||||||||||
U.S. Treasury securities |
$ | 37,992 | $ | (487 | ) | 5 | $ | 72,458 | $ | (3,293 | ) | 4 | $ | 110,450 | $ | (3,780 | ) | 9 | ||||||||||||||||||
States and political subdivisions |
| | | | | | | | | |||||||||||||||||||||||||||
Corporate debt securities |
278,918 | (4,997 | ) | 148 | 36,804 | (1,748 | ) | 22 | 315,722 | (6,745 | ) | 170 | ||||||||||||||||||||||||
Mortgage and asset-backed securities |
1,107 | (10 | ) | 3 | 93 | | 1 | 1,200 | (10 | ) | 4 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 318,017 | $ | (5,494 | ) | 156 | $ | 109,355 | $ | (5,041 | ) | 27 | $ | 427,372 | $ | (10,535 | ) | 183 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Below Investment grade debt securities: |
||||||||||||||||||||||||||||||||||||
U.S. Treasury securities |
$ | | $ | | | $ | | $ | | | $ | | $ | | | |||||||||||||||||||||
States and political subdivisions |
| | | | | | | | | |||||||||||||||||||||||||||
Corporate debt securities |
17,664 | (293 | ) | 85 | 5,833 | (217 | ) | 23 | 23,497 | (510 | ) | 108 | ||||||||||||||||||||||||
Mortgage and asset-backed securities |
| | | | | | | | | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 17,664 | $ | (293 | ) | 85 | $ | 5,833 | $ | (217 | ) | 23 | $ | 23,497 | $ | (510 | ) | 108 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company believes that declines in the fair value of the securities above were not indicative of credit impairment as of December 31, 2021. The Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. The majority of the securities are investment grade debt securities with average fair values of 98% of amortized cost at December 31, 2021. Investments in below investment grade securities have an average fair value of 98% of amortized cost as of December 31, 2021.
17
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, 2020, were as follows:
2020 | ||||||||||||||||||||||||||||||||||||
Less than twelve months | Twelve months or more | Total | ||||||||||||||||||||||||||||||||||
Estimated Fair Value |
Gross Unrealized Losses |
Number of Securities |
Estimated Fair Value |
Gross Unrealized Losses |
Number of Securities |
Estimated Fair Value |
Gross Unrealized Losses |
Number of Securities |
||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Investment grade debt securities: |
||||||||||||||||||||||||||||||||||||
U.S. Treasury securities |
$ | 33,261 | $ | (371 | ) | 3 | $ | | $ | | | $ | 33,261 | $ | (371 | ) | 3 | |||||||||||||||||||
State and political subdivisions |
| | | | | | | | | |||||||||||||||||||||||||||
Corporate debt securities |
$ | 7,583 | $ | (54 | ) | 5 | $ | | $ | | | 7,583 | (54 | ) | 5 | |||||||||||||||||||||
Mortgage and asset-backed securities |
| | | 1,276 | (34 | ) | 2 | 1,276 | (34 | ) | 2 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 40,844 | $ | (425 | ) | 8 | $ | 1,276 | $ | (34 | ) | 2 | $ | 42,120 | $ | (459 | ) | 10 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Below Investment grade debt securities: |
||||||||||||||||||||||||||||||||||||
U.S. Treasury securities |
$ | | $ | | | $ | | $ | | | $ | | $ | | | |||||||||||||||||||||
State and political subdivisions |
| | | | | | | | | |||||||||||||||||||||||||||
Corporate debt securities |
4,351 | (33 | ) | 12 | 5,291 | (56 | ) | 6 | 9,642 | (89 | ) | 18 | ||||||||||||||||||||||||
Mortgage and asset-backed securities |
| | | | | | | | | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 4,351 | $ | (33 | ) | 12 | $ | 5,291 | $ | (56 | ) | 6 | $ | 9,642 | $ | (89 | ) | 18 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company believes that declines in the fair value of the securities above were not indicative of credit impairment as of December 31, 2020. The Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.The majority of the securities are investment grade debt securities with average fair values of 99% of amortized cost at December 31, 2020. Investments in below investment grade securities have an average fair value 99% of amortized cost as of December 31, 2020.
The allowance for credit losses at adoption was zero and there were no additions, write-offs, and recoveries during 2021 or 2020. The allowance for credit losses was zero as of December 31, 2021 and 2020, respectively.
18
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 securities by type of issuer as of December 31, 2021, were as follows:
December 31, 2021 | ||||||||||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Gross Unrealized Losses - Allowance |
Estimated Fair Value |
||||||||||||||||
Debt securities: |
||||||||||||||||||||
U.S. Treasury securities |
$ | 179,881 | $ | 1,560 | $ | (3,780 | ) | $ | | $ | 177,661 | |||||||||
States and political subdivisions |
1,335 | 105 | | | 1,440 | |||||||||||||||
Corporate and other debt securities |
1,095,431 | 31,451 | (7,255 | ) | | 1,119,627 | ||||||||||||||
Mortgage and asset-backed securities |
4,374 | 34 | (10 | ) | | 4,398 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total debt securities |
$ | 1,281,021 | $ | 33,150 | $ | (11,045 | ) | $ | | $ | 1,303,126 | |||||||||
|
|
|
|
|
|
|
|
|
|
The amortized cost and fair value of debt securities by type of issuer as of December 31, 2020, were as follows:
December 31, 2020 | ||||||||||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Gross Unrealized Losses - Allowance |
Estimated Fair Value |
||||||||||||||||
Debt securities: |
||||||||||||||||||||
U.S. Treasury securities |
$ | 219,577 | $ | 13,973 | $ | (371 | ) | | $ | 233,179 | ||||||||||
States and political subdivisions |
1,371 | 149 | | | $ | 1,520 | ||||||||||||||
Corporate and other debt securities |
1,049,898 | 71,873 | (143 | ) | | $ | 1,121,628 | |||||||||||||
Mortgage and asset-backed securities |
10,717 | 142 | (34 | ) | | 10,825 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total debt securities |
$ | 1,281,563 | $ | 86,137 | $ | (548 | ) | | $ | 1,367,152 | ||||||||||
|
|
|
|
|
|
|
|
|
|
During 2021 and 2020, the Company recorded no impairments for the portion of noncredit related losses in other comprehensive income.
Proceeds from sales of available-for-sale investments (excluding proceeds from calls and maturities) were $269,420, $355,814 and $313,346 in 2021, 2020 and 2019, respectively.
The amortized cost and fair value of debt securities at December 31, 2021, 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.
19
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
4. INVESTMENTS (CONTINUED):
December 31, 2021 | ||||||||
Amortized Cost | Estimated Fair Value | |||||||
Due in 1 year or less |
$ | 91,040 | $ | 91,959 | ||||
Due after 1 year through 5 years |
586,413 | 606,610 | ||||||
Due after 5 years through 10 years |
529,334 | 528,772 | ||||||
Due after 10 years |
69,860 | 71,387 | ||||||
Mortgage and asset-backed securities |
4,374 | 4,398 | ||||||
|
|
|
|
|||||
$ | 1,281,021 | $ | 1,303,126 | |||||
|
|
|
|
At December 31, 2021, and 2020, 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, 2021, the amortized cost and fair value of securities on deposit with various state and governmental authorities was $2,793 and $2,872 respectively. At December 31, 2020, the amortized cost and fair value of securities on deposit with various state and governmental authorities was $2,793 and $2,966 respectively.
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 provided cash funding payments of $9,988, $4,349 and $8,901, respectively for the years ended December 31, 2021, 2020, and 2019 respectively.
FMR LLC provides certain guarantees of Feedstock to third parties which are contingent upon Feedstocks eligibility to receive the expected tax credits. FMR LLC continues to provide such guarantees subsequent to its contribution of Feedstock to the Company.
20
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):
Feedstock and LRCH are deemed to be variable interest entities (VIEs). A VIE is an entity that either (i) has equity investors that lack controlling financial interest or (ii) 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 most significantly impact its economic performance and either the obligation to absorb the losses of the entity or the right to receive the benefits from the entity 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 consolidated balances include restricted cash and cash equivalents of $34,424 and $27,564 as of December 31, 2021, and 2020, respectively. These balances are restricted for withdrawal or use under the terms of certain contractual agreements and are recorded as restricted cash and cash equivalents in the Consolidated Balance Sheets.
The following is the incremental impact of consolidating LRCH in the Companys consolidated financial statements at December 31, 2021, and 2020 and for the years ended December 31, 2021, and 2020:
December 31, | ||||||||
2021 | 2020 | |||||||
Total Assets |
$ | 3,572 | $ | 2,855 | ||||
Total Liabilities |
3,522 | 2,746 | ||||||
|
|
|
|
|||||
Noncontrolling equity interest |
$ | 50 | $ | 109 | ||||
|
|
|
|
Years Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Total Revenues |
$ | 35 | $ | 178 | $ | 354 | ||||||
Total Expenses |
(1,244 | ) | (645 | ) | (1,267 | ) | ||||||
|
|
|
|
|
|
|||||||
Net loss before income taxes |
(1,209 | ) | (467 | ) | (913 | ) | ||||||
Income tax expense |
| | | |||||||||
|
|
|
|
|
|
|||||||
Net Loss |
(1,209 | ) | (467 | ) | (913 | ) | ||||||
Less: Net loss attributable to noncontrolling interest |
(1,209 | ) | (467 | ) | (913 | ) | ||||||
|
|
|
|
|
|
|||||||
Net Income Attributable to Fidelity Investments Life Insurance Company |
$ | | $ | | $ | | ||||||
|
|
|
|
|
|
Noncontrolling interest represents ownership interests in LRCH that is not attributable to the Company.
21
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
6. FAIR VALUE MEASUREMENTS:
The Company categorizes the financial assets and liabilities carried at fair value in its balance sheets based upon a three-level valuation hierarchy. The Company carries the following financial instruments at fair value in the Companys financial statements: debt securities, cash equivalents 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 Companys available-for-sale debt securities generally 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. The fair value of U.S. Treasury debt securities is based on quoted prices in active markets that are readily and regularly obtainable and are reflected in Level 1. 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.
22
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):
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.
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, 2021 | ||||||||||||||||
Quoted Market Prices in Active Markets (Level 1) |
Pricing Methods with Significant Observable Market Inputs (Level 2) |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) |
Total Estimated Fair Value |
|||||||||||||
Assets: |
||||||||||||||||
Available-for-sale debt securities: |
||||||||||||||||
U.S. Treasury securities |
$ | 177,661 | $ | | $ | | $ | 177,661 | ||||||||
States and political subdivisions |
| 1,440 | | 1,440 | ||||||||||||
Corporate and other debt securities |
| 1,119,627 | | 1,119,627 | ||||||||||||
Mortgage and asset-backed securities |
| 4,398 | | 4,398 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total available-for-sale debt securities |
177,661 | 1,125,465 | | 1,303,126 | ||||||||||||
Cash equivalents |
171,114 | | | 171,114 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Subtotal excluding separate account assets |
348,775 | 1,125,465 | | 1,474,240 | ||||||||||||
Separate account assets |
46,885,350 | 46,885,350 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 47,234,125 | $ | 1,125,465 | $ | | $ | 48,359,590 | ||||||||
|
|
|
|
|
|
|
|
23
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):
December 31, 2020 | ||||||||||||||||
Quoted Market Prices in Active Markets (Level 1) |
Pricing Methods with Significant Observable Market Inputs (Level 2) |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) |
Total Estimated Fair Value |
|||||||||||||
Assets: |
||||||||||||||||
Available-for-sale debt securities: |
||||||||||||||||
U.S. Treasury securities |
$ | 233,179 | $ | | $ | | $ | 233,179 | ||||||||
States and political subdivisions |
| 1,520 | | 1,520 | ||||||||||||
Corporate and other debt securities |
| 1,121,628 | | 1,121,628 | ||||||||||||
Mortgage and asset-backed securities |
| 10,825 | | 10,825 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total available-for-sale debt securities |
233,179 | 1,133,973 | | 1,367,152 | ||||||||||||
Cash equivalents |
150,734 | | | 150,734 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Subtotal excluding separate account assets |
383,913 | 1,133,973 | | 1,517,886 | ||||||||||||
Separate account assets |
40,059,818 | | | 40,059,818 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 40,443,731 | $ | 1,133,973 | $ | | $ | 41,577,704 | ||||||||
|
|
|
|
|
|
|
|
Financial Instruments Not Carried at Fair Value
There were no Level 3 assets held by the Company during 2021 or 2020. There were no transfers into or out of Level 3 during 2021 or 2020
Certain financial instruments are not required to be 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, 2021 | December 31, 2020 | |||||||||||||||
Carrying Amount |
Estimated Fair Value |
Carrying Amount |
Estimated Fair Value |
|||||||||||||
Financial Assets: |
||||||||||||||||
Other investment |
$ | | $ | | $ | 449 | $ | 449 | ||||||||
Policy loans |
1,679 | 1,679 | 1,605 | 1,605 | ||||||||||||
Reinsurance deposit and receivables |
806,348 | 869,040 | 856,632 | 936,510 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 808,027 | $ | 870,719 | $ | 858,686 | $ | 938,564 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Financial Liabilities: |
||||||||||||||||
Contract holder deposit funds |
$ | 587,152 | $ | 652,985 | $ | 611,551 | $ | 696,702 | ||||||||
|
|
|
|
|
|
|
|
24
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):
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 and mortality 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.
7. INCOME TAXES:
The components of the provision for income taxes attributable to operations were as follows:
Years Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Current: |
||||||||||||
Federal |
$ | 19,128 | $ | 26,366 | $ | 17,565 | ||||||
State |
403 | 388 | 260 | |||||||||
|
|
|
|
|
|
|||||||
$ | 19,531 | $ | 26,754 | $ | 17,825 | |||||||
|
|
|
|
|
|
|||||||
Deferred: |
||||||||||||
Federal |
$ | (7,180 | ) | $ | (5,982 | ) | $ | (5,880 | ) | |||
State |
53 | (110 | ) | (58 | ) | |||||||
|
|
|
|
|
|
|||||||
$ | (7,127) | $ | (6,092 | ) | $ | (5,938) | ||||||
|
|
|
|
|
|
|||||||
Income tax expense |
$ | 12,404 | $ | 20,662 | $ | 11,887 | ||||||
|
|
|
|
|
|
25
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
7. INCOME TAXES (CONTINUED):
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:
December 31, | ||||||||
2021 | 2020 | |||||||
Deferred income tax assets (liabilities): |
||||||||
Deferred policy acquisition costs |
$ | 23,266 | $ | 20,031 | ||||
Contract holder reserves |
41,421 | 38,825 | ||||||
Contract holder reservesTax Cuts and Jobs Act (TCJA) |
||||||||
Transition Adjustment |
(5,884 | ) | (7,355 | ) | ||||
Unrealized gains on available-for-sale securities |
(4,682 | ) | (18,172 | ) | ||||
Deferred revenue |
2,733 | 2,899 | ||||||
Deferred compensation and retirement benefit plans |
985 | 1,415 | ||||||
Other, net |
1,663 | 1,847 | ||||||
|
|
|
|
|||||
Net deferred tax asset before valuation allowance |
59,502 | 39,490 | ||||||
|
|
|
|
|||||
Valuation allowance |
| | ||||||
|
|
|
|
|||||
Net deferred tax asset after valuation allowance |
$ | 59,502 | $ | 39,490 | ||||
|
|
|
|
The change in valuation allowance for deferred tax assets were as follows:
Years Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Beginning balance |
$ | | $ | | $ | 4,902 | ||||||
Additions charged to expense, equity |
| | | |||||||||
Reductions for recoveries |
| | (4,902 | ) | ||||||||
|
|
|
|
|
|
|||||||
Ending balance |
$ | | $ | | $ | | ||||||
|
|
|
|
|
|
26
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, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Tax provision at U.S. Federal statutory rate |
$ | 30,499 | $ | 31,257 | $ | 24,879 | ||||||
Unrecognized tax benefits |
8,727 | 4,715 | 11,392 | |||||||||
Provision to return adjustment |
2,350 | 6,031 | | |||||||||
Dividends received deduction |
(19,358 | ) | (17,538 | ) | (13,935 | ) | ||||||
IRC 45 tax credit |
(10,451 | ) | (4,156 | ) | (8,380 | ) | ||||||
(Decrease) increase in valuation allowance |
| | (1,504 | ) | ||||||||
Other, net |
637 | 353 | (565 | ) | ||||||||
|
|
|
|
|
|
|||||||
Income tax expense |
$ | 12,404 | $ | 20,662 | $ | 11,887 | ||||||
|
|
|
|
|
|
The Company paid (recovered) net federal and state income taxes of $14,865, ($38), and $5,987 in 2021, 2020, and 2019, respectively.
Currently, the Company only files income tax returns in the United States. The Company is not currently under examinations and is no longer subject to U.S. federal or state tax examinations for years before 2018. The Company is not currently under examination for the income tax filings in any other jurisdictions.
On March 27, 2020, the Coronavirus Aid, Relief, and Economics Security Act (the CARES Act) was enacted into law. One provision of the CARES Act amends the Tax Act of 2017 and allows companies with net operating losses (NOLs) originating in 2018, 2019 or 2020 to carry back those losses for five years. In addition, the CARES Act permits corporate taxpayers to elect to accelerate the refund schedule for any remaining AMT credits that otherwise would become incrementally refundable from 2018 through 2021. The CARES Act permits claiming the refund in full in either 2018 or 2019. Enactment of the CARES Act did not have a financial impact on the Companys consolidated financial statements.
In 2017, an affiliate received notification from the Internal Revenue Service (IRS) that challenged its eligibility to claim certain tax credits under Internal Revenue Code Section 45, and certain operating losses, for tax years 2011 and 2012. As a result, the Companys unrecognized tax benefits as of December 31, 2021 was $53,082 (including $6,242 of interest expense). The Company classifies all interest and penalties as income tax expense. Although the timing of the resolution and/or closure on this matter is uncertain, it is reasonably possible that the balance of the estimated net liability for these uncertain tax positions could significantly change in the next twelve months.
27
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:
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 for FILI and New York State Insurance Laws for EFILI, 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 paid cash dividends to FMR LLC of $103,000, $102,000, and $0 in 2021, 2020 and 2019, respectively.
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, | ||||||||||||
(Unaudited) | (Audited) | (Audited) | ||||||||||
2021 | 2020 | 2019 | ||||||||||
FILI |
||||||||||||
Statutory net income |
$ | 125,298 | $ | 103,869 | $ | 102,715 | ||||||
Statutory surplus |
$ | 1,086,824 | $ | 1,068,958 | $ | 1,061,922 | ||||||
EFILI |
||||||||||||
Statutory net income |
$ | 10,701 | $ | 10,778 | $ | 9,230 | ||||||
Statutory surplus |
$ | 110,394 | $ | 110,443 | $ | 100,022 |
28
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
9. AFFILIATED COMPANY TRANSACTIONS:
The Company has a services agreement with Fidelity Investments Institutional Operations Company LLC and Fidelity Distributors Company LLC, 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 $45,325, $36,119 and $33,778 in 2021, 2020 and 2019, 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 Distributors Company LLC, 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 variable annuity contract value each year and compensation for each new first year contract. 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 $46,019, $36,523, and $34,623 in 2021, 2020 and 2019, respectively.
The Company has an administrative services agreement with FIA whereby the Company provides certain administrative and accounting functions. The Company was reimbursed $20,383, $16,515, and $18,339 in 2021, 2020 and 2019, 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 whereby investment and managerial advice is provided to the Company. The Company incurred charges of $2,379, $2,299, and $2,125 in 2021, 2020 and 2019, 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 $20,392, $16,810, and $20,397 in 2021, 2020 and 2019, respectively, for such services. Intercompany balances with FMR LLC and its subsidiaries are settled in accordance with the terms of the respective agreements.
FMR LLC sponsors a 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 $1,829, 1,869 and $1,692 in 2021, 2020 and 2019, 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 $3,089, $3,764, and $4,999 in 2021, 2020 and 2019, respectively.
29
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):
The Company participates in FMR LLCs Retiree Health Reimbursement Plan (RHRP), a defined benefit health reimbursement arrangement covering eligible employees. FMR LLC has established the Fidelity Welfare Benefit Plans VEBA Trust (the Trust) to provide a funding vehicle for certain benefits related to FMR LLCs benefit plans, including the RHRP. FMR LLC accrued a benefit to participants under the RHRP based on awards to employees that are subject to ten year cliff vesting with consideration given for prior service. Future awards under the RHRP are at the discretion of FMR LLC and participant contributions are not required. The Company is allocated an 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, 2021, 2020 and 2019, compensation expense related to the RHRP was $254, $236 and $206, respectively.
The Company issued a $300 million unsecured revolving line of credit facility (LOC Agreement) to FMR LLC which matures on March 14, 2022. The LOC Agreement may be extended for successive one year periods by mutual agreement of the parties and prior notice to and a lack of objection by the Utah Insurance Department. Under the terms of the LOC Agreement, the Company receives a facility fee of 0.04% per year based on the unused amounts. In addition, the Company receives annual interest on any advances made under the LOC Agreement at LIBOR plus a spread where the spread may change from time to time based on the terms of the LOC Agreement. There were no amounts advanced by the Company as of December 31, 2021. The Company earned $0, $0, and $0 of interest and $122, $122, and $122 of facility fees for the years ended December 31, 2021, 2020 and 2019 respectively. Effective March, 2022, the Company and FMR LLC extended the LOC Agreement for one year.
10. UNDERWRITING, ACQUISITION AND INSURANCE EXPENSES:
Underwriting, acquisition and insurance expenses were as follows:
Years Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Underwriting, acquisition and insurance expenses: |
||||||||||||
Commissions, gross |
$ | 46,019 | $ | 36,523 | $ | 34,623 | ||||||
Compensation and benefits |
22,427 | 19,516 | 19,630 | |||||||||
Capitalization of deferred policy acquisition costs |
(5,423 | ) | (3,866 | ) | (4,511 | ) | ||||||
(Accretion) amortization of deferred policy acquisition costs |
(890 | ) | 1,566 | 660 | ||||||||
Rent expense |
1,941 | 2,146 | 2,164 | |||||||||
Taxes, licenses and fees |
2,011 | 1,249 | 1,849 | |||||||||
General insurance expenses |
18,285 | 20,006 | 19,227 | |||||||||
|
|
|
|
|
|
|||||||
Total underwriting, acquisition and insurance expenses |
$ | 84,370 | $ | 77,140 | $ | 73,642 | ||||||
|
|
|
|
|
|
Amortization of deferred policy acquisition costs is adjusted periodically as estimates of future gross profits are revised to reflect actual and expected future experience. The Company decreased amortization by $6,950, $3,844, and $3,896 in 2021, 2020 and 2019, respectively, to reflect actual and expected future experience for investment performance, persistency (including internal replacements), administrative expenses and inflation assumptions. This adjustment has been reflected in amortization expense.
30
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 in the first quarter of 2009. The GMWB product and associated reinsurance contract were discontinued for new business effective March 31, 2009.
The Company has entered into a coinsurance agreement for substantially all of the fixed portion of the variable income annuity product and 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. Sales of the variable income annuity product with a fixed payment option were discontinued in May 2008. The reinsurance receivable is accounted for as a deposit asset and is recorded in reinsurance deposit and receivables on the consolidated balance sheets. Under this reinsurance agreement, 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 0.30% to 0.60%. Revenue from the reinsurance agreements and benefit expense from the underlying annuity contracts are recognized over the lives of the underlying contracts.
The Company entered into a 100% coinsurance agreement for its fixed guaranteed income annuity product. Sales of this product were discontinued in May 2008. The reinsurance receivable has been accounted for as a deposit asset and was recorded in reinsurance deposit and receivables, while the liability related to the underlying annuity contracts with no life contingencies has been accounted for as a deposit liability and recorded in contract holder deposit funds on the consolidated balance sheets. Under the reinsurance agreement, the Company received 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 agreement and benefit expense from the underlying annuity contracts has been recognized over the lives of the underlying contracts.
The Company is subject to concentration risks related to the two coinsurance agreements. Financial information related to the two coinsurance agreements for the years ended December 31 were as follows:
As of December 31, | ||||||||
2021 | 2020 | |||||||
Reinsurance deposits and receivables: |
||||||||
Genworth Life Insurance Company |
$ | 381,969 | $ | 415,727 | ||||
Principal Life Insurance Company |
386,910 | 410,621 | ||||||
|
|
|
|
|||||
Reinsurance deposits and receivables |
$ | 768,879 | $ | 826,348 | ||||
|
|
|
|
|||||
Contract holder deposit funds and future contract and policy benefits |
$ | 768,879 | $ | 826,348 | ||||
|
|
|
|
|||||
Interest on reinsurance deposit |
$ | 21,125 | $ | 22,217 | ||||
|
|
|
|
|||||
Contract and policy benefits and expenses |
$ | 17,902 | $ | 18,833 | ||||
|
|
|
|
31
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of FMR LLC)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
11. REINSURANCE: (CONTINUED)
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.
The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from similar activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Any expected credit losses are reflected in the allowance for credit losses, after considering any collateral. The Company did not record an allowance for credit loss on reinsurance deposits and receivables as of December 31, 2021.
Additional information on direct business written and reinsurance ceded for the years ended December 31, was as follows:
Years Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Direct life premiums |
$ | 11,831 | $ | 12,328 | $ | 13,013 | ||||||
Reinsurance ceded, net of ceding expense allowance |
(6,803 | ) | (5,117 | ) | (4,776 | ) | ||||||
|
|
|
|
|
|
|||||||
Net premiums |
$ | 5,028 | $ | 7,211 | $ | 8,237 | ||||||
|
|
|
|
|
|
|||||||
Direct contract and policy benefits |
$ | 79,036 | $ | 71,344 | $ | 77,193 | ||||||
Reinsurance ceded benefits incurred |
(57,074 | ) | (52,900 | ) | (51,627 | ) | ||||||
Reinsurance costs |
17,221 | 14,868 | 14,950 | |||||||||
|
|
|
|
|
|
|||||||
Net contract and policy benefits |
$ | 39,183 | $ | 33,312 | $ | 40,516 | ||||||
|
|
|
|
|
|
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:
The Company has evaluated subsequent events from the balance sheet date through April 29, 2022 and did not identify any other events that would require adjustments to, or disclosure in, the consolidated financial statements.
32
PART C
OTHER INFORMATION
Item 27. | Exhibits |
(a) | Board of Directors Resolution |
(1) |
(b) | Custodian Agreements - Not Applicable |
(c) | Underwriting Contracts |
(1) |
(2) |
(d) | Contracts |
(1) |
(2) |
(e) | Applications |
(1) |
(f) | Depositors Certification of Incorporation and By-Laws |
(1) |
(2) |
(f) | Reinsurance Contracts - Not Applicable |
(h) | Participation Agreements |
(1) |
(i) | Administrative Contracts - Not Applicable |
(j) | Other Material Contracts - Not Applicable |
(k) | Legal Opinion |
Legal opinion and consent of Lance A. Warrick filed herein as Exhibit (k)
(l) | Other Opinions |
Written consent of PricewaterhouseCoopers LLP filed herein as Exhibit (l)
(m) | Omitted Financial Statements - Not Applicable |
(n) | Initial Capital Agreements - Not Applicable |
(o) | Form of Initial Summary Prospectuses - Not Applicable |
(p) | Power of Attorney |
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
(9) |
(10) |
(11) |
(12) |
(13) | Power of Attorney for Gerald W. Patterson filed herein as Exhibit (p)(13). |
(q) |
Item 28. | Directors and Officers of the Depositor |
Name and Principal Business Address |
Positions and Offices with Depositor | |
GERALD W. PATTERSON | Director & President | |
WILLIAM J. JOHNSON JR. | Director | |
WENDY E. JOHN | Director | |
JANE P. JAMIESON | Director | |
PETER G. JOHANNSEN | Director | |
MALCOLM MACKAY | Director | |
KATHLEEN A. MURPHY | Director | |
RODNEY R. ROHDA | Director | |
ROGER T. SERVISON | Director | |
SRIRAM SUBRAMANIAM | Director | |
DAVID J. VARGO | Director | |
NANCY D. PRIOR | Director | |
DEEPA RAO TRIVEDI | Vice President, Technology Management | |
BRIAN N. LEARY | Vice President, Chief Compliance Officer and Consumer Services Officer | |
ROBERT K. LEACH | Appointed Actuary | |
MILES MEI | Treasurer | |
LANCE A. WARRICK | Vice President, General Counsel and Secretary | |
LAURIE T. JARASITIS | Vice President, Human Resources | |
ROBERT G. REGAN | Chief Risk Officer | |
TAMARA BOGOJEVIC-CATANZANO | Illustration Actuary | |
RICHARD S. ROWLAND | Vice President, Channel Development | |
JAMIE F. ANDREA, JR. | Head of Client Services and Operations |
The principal business address for each person named in Item 28 is 900 Salem Street, Smithfield, Rhode Island 02917.
Item 29. | Persons Controlled By or Under Common Control with the Depositor or the Registrant |
The depositor, Fidelity Investments Life Insurance Company, a Utah Corporation is 100% owned by FMR LLC. FMR LLC has numerous subsidiaries, including the following financial services providers:
| Fidelity Brokerage Services LLC, a Delaware limited liability Company |
| Fidelity Distributors Company LLC, a Delaware limited liability Company |
| Fidelity Workplace Investing LLC, a Delaware limited liability Company |
| Fidelity Insurance Agency, Inc., a Massachusetts Corporation |
| Fidelity Investments Institutional Operations Company LLC, a Delaware limited liability Company |
| Fidelity Management & Research Company LLC, a Delaware limited liability Company (advisor to the Fidelity Funds including the Variable Insurance Products Funds named in the prospectus) |
| Digital Brokerage Services, LLC, a Delaware limited liability Company |
| Fidelity Prime Financing LLC, a Delaware limited liability Company |
| Green Pier Fintech LLC, a Delaware limited liability Company |
| National Financial Services LLC, a Delaware limited liability Company |
Item 30. | 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 Fidelity Investments Life Insurance Companys 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 it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
Item 31. | 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) | Management |
Name and Principal Business Address |
Positions and Offices with Depositor | |
Sriram Subramaniam | President, Chief Executive Officer & Director | |
David W. Morse | Director | |
David Canter | Director | |
David Golino | Chief Financial Officer | |
Michael Lyons | Senior Vice President and Treasurer | |
Eric C. Green | Assistant Treasurer | |
David Forman | Chief Legal Officer & Secretary | |
Lisa D. Kriser | Assistant Secretary |
The address for each person named in Item 31(b) is 900 Salem Street, Smithfield, Rhode Island 02917.
(c) | Compensation From the Registrant: The following aggregate amount of commissions and other compensation was received by the principal underwriter, directly or indirectly, from the Registrant for this and other variable annuity contracts issued by the Depositor, during the Registrants last fiscal year: |
(1) Name of Principal Underwriter |
(2) Net Underwriting Discounts and Commissions |
(3) Compensation on |
(4) Brokerage Commissions |
(5) Other Compensation | ||||
Fidelity Brokerage Services LLC | $18,665,010 | $0 | $0 | $0 |
Item 32. | 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, and Rules 31a-1 to 31a-3 promulgated thereunder, are maintained at Fidelity Investments Life Insurance Company at 900 Salem Street, Smithfield, Rhode Island 02917.
Item 33. | Management Services |
Not applicable
Item 34. | Fee Representation |
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, under this registration statement, are reasonable in relation to services rendered, the expenses expected to be incurred, and the risks assumed by Fidelity Investments Life Insurance Company.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, 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 duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Smithfield, and State of Rhode Island, on this 29th day of April, 2022.
FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I |
(Registrant) By: FIDELITY INVESTMENTS LIFE INSURANCE COMPANY |
By: | /s/ * |
Attest: | /s/ Lance A. Warrick | |||||
Gerald W. Patterson | Lance A. Warrick | |||||||
President | Secretary |
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY |
(Depositor) |
By: | /s/ * |
Attest: | /s/ Lance A. Warrick | |||||
Gerald W. Patterson | Lance A. Warrick, | |||||||
President | Secretary |
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated on this 29th day of April, 2022.
Signature | Title | |||||||||
/s/ * |
) | |||||||||
Gerald W. Patterson | President and Director | ) | ||||||||
/s/ * |
) | |||||||||
Miles Mei | Treasurer | ) | ||||||||
/s/ * |
) | |||||||||
William J. Johnson, Jr. | Director | ) | By: | /s/ Lance A. Warrick | ||||||
/s/ * |
) | Lance A. Warrick | ||||||||
Peter G. Johannsen | Director | ) | (Attorney-in-Fact)* | |||||||
/s/ * |
) | |||||||||
Malcolm MacKay | Director | ) | ||||||||
/s/ * |
) | |||||||||
Kathleen A. Murphy | Director | ) | ||||||||
/s/ * |
) | |||||||||
Jane P. Jamieson | Director | ) | ||||||||
/s/ * |
) | |||||||||
Rodney R. Rohda | Director | ) | ||||||||
/s/ * |
) | |||||||||
Roger T. Servison | Director | ) | ||||||||
/s/ * |
) | |||||||||
Nancy D. Prior | Director | ) | ||||||||
/s/ * |
) | |||||||||
David J. Vargo | Director | ) | ||||||||
/s/ * |
) | |||||||||
Sriram Subramaniam | Director | ) | ||||||||
/s/ * Wendy E. John |
Director |
) ) |