Protective Variable Life Separate Account
Financial Statements
Year Ended December 31, 2023
(With Report of Independent Registered Public Accounting Firm Thereon)
Report of Independent Registered Public Accounting Firm
To the Policy Owners of Protective
Variable Life Separate Account and the Board of Directors of
Protective Life Insurance Company:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of the subaccounts listed in Appendix A that comprise Protective Variable Life Separate Account (the Separate Account) as of December 31, 2023, the related statements of operations for the year or period then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Separate Account as of December 31, 2023, the results of its operations for the year or period then ended, the changes in its net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights 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 and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2023, by correspondence with the underlying mutual funds or their transfer agents; when replies were not received, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP |
We have served as the auditor of one or more Protective Life Insurance Company Separate Accounts since 2019.
Birmingham, Alabama
April 16, 2024
1
Appendix A
The subaccounts that comprise Protective Variable Life Separate Account were audited according to varying periods as defined in the table below:
Subaccount | Statement of Assets and Liabilities |
Statement of Operations |
Statements of Changes in Net Assets |
American Funds IS Asset Allocation Fund, Class 1 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
American Funds IS Asset Allocation Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
American Funds IS Global Growth Fund, Class 1 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
American Funds IS Global Growth Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
American Funds IS Global Small Capitalization Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
American Funds IS Growth Fund, Class 1 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
American Funds IS Growth Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
American Funds IS Growth-Income Fund, Class 1 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
American Funds IS International Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
American Funds IS New World Fund, Class 1 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
American Funds IS New World Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
American Funds IS Washington Mutual Investors Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Calvert VP SRI Balanced Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
ClearBridge Variable Mid Cap Portfolio, Class I | As of December 31, 2023 | For the period from June 20, 2023 (commencement of operations) to December 31, 2023 | For the period from June 20, 2023 (commencement of operations) to December 31, 2023 |
2
ClearBridge Variable Mid Cap Portfolio, Class II | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
ClearBridge Variable Small Cap Growth Portfolio, Class I | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
ClearBridge Variable Small Cap Growth Portfolio, Class II | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Dimensional VA Global Moderate Allocation Portfolio, Institutional | As of December 31, 2023 | For the period from August 4, 2023 (commencement of operations) to December 31, 2023 | For the period from August 4, 2023 (commencement of operations) to December 31, 2023 |
Dimensional VA International Small Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Dimensional VA International Value Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Dimensional VA Short-Term Fixed Portfolio | Not applicable | For the period from August 4, 2023 (commencement of operations) to December 31, 2023 | For the period from August 4, 2023 (commencement of operations) to December 31, 2023 |
Dimensional VA US Large Value Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Dimensional VA US Targeted Value Portfolio | As of December 31, 2023 | For the period from October 26, 2023 (commencement of operations) to December 31, 2023 | For the period from October 26, 2023 (commencement of operations) to December 31, 2023 |
Dimensional VIT Inflation Protected Securities Portfolio, Institutional | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Fidelity VIP Contrafund Portfolio, Service Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Fidelity VIP Equity-Income Portfolio, Service Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Fidelity VIP Freedom Funds 2015 Portfolio, Service Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Fidelity VIP Freedom Funds 2020 Portfolio, Service Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Fidelity VIP Growth Opportunities Portfolio, Initial Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Fidelity VIP Growth Portfolio, Service Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
3
Fidelity VIP Index 500 Portfolio, Initial Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Fidelity VIP Index 500 Portfolio, Service Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Fidelity VIP Investment Grade Bond Portfolio, Initial Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Fidelity VIP Investment Grade Bond Portfolio, Service Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Fidelity VIP Mid Cap Portfolio, Initial Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Fidelity VIP Mid Cap Portfolio, Service Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Franklin DynaTech VIP Fund | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Franklin Growth and Income VIP Fund, Class 1 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Franklin Income VIP Fund, Class 1 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Franklin Income VIP Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Franklin Mutual Shares VIP Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Franklin Rising Dividends VIP Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Franklin Small Cap Value VIP Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Franklin Small-Mid Cap Growth VIP Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Franklin U.S. Government Securities VIP Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Goldman Sachs VIT Core Fixed Income Fund, Institutional Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Goldman Sachs VIT Core Fixed Income Fund, Service Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
4
Goldman Sachs VIT International Equity Insights Fund, Institutional Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Goldman Sachs VIT International Equity Insights Fund, Service Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Goldman Sachs VIT Large Cap Value Fund, Institutional Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Goldman Sachs VIT Large Cap Value Fund, Service Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Goldman Sachs VIT Mid Cap Growth Fund, Service Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Goldman Sachs VIT Mid Cap Value Fund, Institutional Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Goldman Sachs VIT Mid Cap Value Fund, Service Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Goldman Sachs VIT Small Cap Equity Insights Fund, Service Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Goldman Sachs VIT Strategic Growth Fund, Institutional Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Goldman Sachs VIT Strategic Growth Fund, Service Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Goldman Sachs VIT U.S. Equity Insights Fund, Service Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. American Franchise Fund, Series I | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. American Value Fund, Series II | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
5
Invesco V.I. Balanced-Risk Allocation Fund Class, Series II | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. Capital Appreciation Fund, Series I | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. Comstock Fund, Series I | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. Discovery Mid Cap Growth Fund, Series I | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. Discovery Mid Cap Growth Fund, Series II | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. Diversified Dividend Fund, Series I | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. Equity and Income Fund, Series II | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. EQV International Equity Fund, Series II | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. Global Fund, Series I | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. Global Real Estate Fund, Series II | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. Global Strategic Income Fund | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. Government Securities Fund, Series II | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. Growth and Income Fund, Series I | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. Main Street Fund, Series I | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Invesco V.I. S&P 500 Buffer Fund, June Series I | As of December 31, 2023 | For the period from September 12, 2023 (commencement of operations) to December 31, 2023 | For the period from September 12, 2023 (commencement of operations) to December 31, 2023 |
Invesco V.I. Small Cap Equity Fund, Series II | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
6
Invesco V.I. U.S. Government Money Portfolio, Series I | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Lord Abbett Series Fund Bond Debenture Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Lord Abbett Series Fund Fundamental Equity Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Lord Abbett Series Fund Growth and Income Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Lord Abbett Series Fund Growth Opportunities Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Lord Abbett Series Fund Inc. Dividend Growth Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Lord Abbett Series Fund Mid Cap Stock Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
MFS Emerging Markets Equity Portfolio, Service Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
MFS Growth Series, Initial Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
MFS International Intrinsic Value Portfolio, Service Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
MFS Investors Trust Series, Initial Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
MFS Massachusetts Investors Growth Stock Portfolio, Initial Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
MFS New Discovery Series, Initial Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
MFS Research Series, Initial Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
MFS Total Return Bond Series, Service Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
MFS Total Return Series, Initial Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
MFS Utilities Series, Initial Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
7
MFS Value Series, Service Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Morgan Stanley VIF Global Real Estate Portfolio, Class II | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
PIMCO All Asset Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
PIMCO Long-Term U.S. Government Portfolio, Advisor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
PIMCO Low Duration Portfolio, Advisor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
PIMCO Real Return Portfolio, Advisor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
PIMCO Real Return Portfolio, Institutional Class | As of December 31, 2023 | For the period from August 4, 2023 (commencement of operations) to December 31, 2023 | For the period from August 4, 2023 (commencement of operations) to December 31, 2023 |
PIMCO Short-Term Portfolio, Advisor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
PIMCO Short-Term Portfolio, Institutional Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
PIMCO Total Return Portfolio, Advisor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
PIMCO Total Return Portfolio, Institutional Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Putnam VT Sustainable Leaders Fund, Class IA | As of December 31, 2023 | For the period from September 11, 2023 (commencement of operations) to December 31, 2023 | For the period from September 11, 2023 (commencement of operations) to December 31, 2023 |
Royce Capital Fund Micro Cap Portfolio, Service Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Royce Capital Fund Small Cap Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Royce Capital Fund Small Cap Portfolio, Service Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
8
Schwab S&P 500 Index Fund | As of December 31, 2023 | For the period from August 4, 2023 (commencement of operations) to December 31, 2023 | For the period from August 4, 2023 (commencement of operations) to December 31, 2023 |
Templeton Developing Markets VIP Fund | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Templeton Developing Markets VIP Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Templeton Foreign VIP Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Templeton Global Bond VIP Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Templeton Growth VIP Fund, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
TOPS Aggressive Growth ETF Portfolio, Class 1 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
TOPS Aggressive Growth ETF Portfolio, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
TOPS Balanced ETF Portfolio, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
TOPS Conservative ETF Portfolio, Class 1 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
TOPS Conservative ETF Portfolio, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
TOPS Growth ETF Portfolio, Class 1 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
TOPS Growth ETF Portfolio, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
TOPS Moderate Growth ETF Portfolio, Class 1 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
TOPS Moderate Growth ETF Portfolio, Class 2 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Vanguard VIF Capital Growth Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Vanguard VIF Conservative Allocation Portfolio | As of December 31, 2023 | For the period from August 4, 2023 (commencement of operations) to December 31, 2023 | For the period from August 4, 2023 (commencement of operations) to December 31, 2023 |
9
Vanguard VIF Equity Income Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Vanguard VIF Equity Index Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Vanguard VIF Growth Portfolio | As of December 31, 2023 | For the period from August 4, 2023 (commencement of operations) to December 31, 2023 | For the period from August 4, 2023 (commencement of operations) to December 31, 2023 |
Vanguard VIF International Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Vanguard VIF Mid-Cap Index Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Vanguard VIF Real Estate Index Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Vanguard VIF Short-Term Investment-Grade Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Vanguard VIF Total Bond Market Index Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
Vanguard VIF Total Stock Market Index Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
10
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
American Funds IS Asset Allocation Fund, Class 1 | American Funds IS Asset Allocation Fund, Class 2 | American Funds IS Global Growth Fund, Class 1 | American Funds IS Global Growth Fund, Class 2 | American Funds IS Global Small Capitalization Fund, Class 2 | American Funds IS Growth Fund, Class 1 | American Funds IS Growth Fund, Class 2 | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 6,227,967 | $ | 4,769,161 | $ | 25,544,163 | $ | 3,717,628 | $ | 2,390,747 | $ | 15,098,062 | $ | 10,415,405 | ||||||||||||||
Receivable from the Policies | - | 260 | - | 781 | - | - | - | |||||||||||||||||||||
Receivable from the fund manager | 3,617 | - | 16,260 | - | 19 | 1,243 | 1,400 | |||||||||||||||||||||
Receivable from the Company | 1,807 | - | - | 1 | - | - | - | |||||||||||||||||||||
Total assets | 6,233,391 | 4,769,421 | 25,560,423 | 3,718,410 | 2,390,766 | 15,099,305 | 10,416,805 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | 3,617 | - | 16,260 | - | 19 | 1,243 | 1,400 | |||||||||||||||||||||
Payable to the fund manager | - | 260 | - | 781 | - | - | - | |||||||||||||||||||||
Payable to the Company | - | - | 9,197 | - | - | 1 | 138 | |||||||||||||||||||||
Total liabilities | 3,617 | 260 | 25,457 | 781 | 19 | 1,244 | 1,538 | |||||||||||||||||||||
NET ASSETS | $ | 6,229,774 | $ | 4,769,161 | $ | 25,534,966 | $ | 3,717,629 | $ | 2,390,747 | $ | 15,098,061 | $ | 10,415,267 | ||||||||||||||
Fair value per share (NAV) | $ | 23.86 | $ | 23.53 | $ | 33.92 | $ | 33.44 | $ | 17.50 | $ | 99.44 | $ | 98.20 | ||||||||||||||
Shares outstanding in the Separate Account | 261,021 | 202,684 | 753,071 | 111,173 | 136,614 | 151,831 | 106,063 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 6,533,672 | $ | 4,663,005 | $ | 25,707,077 | $ | 3,498,390 | $ | 2,703,842 | $ | 14,560,128 | $ | 8,409,560 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
11
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
American Funds IS Growth- Income Fund, Class 1 | American Funds IS International Fund, Class 2 | American Funds IS New World Fund, Class 1 | American Funds IS New World Fund, Class 2 | American Funds IS Washington Mutual Investors Fund, Class 2 | Calvert VP SRI Balanced Portfolio | ClearBridge Variable Mid Cap Portfolio, Class I | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 11,325,604 | $ | 3,022,650 | $ | 21,300,337 | $ | 1,842,103 | $ | 8,515,285 | $ | 61,826 | $ | 28,773 | ||||||||||||||
Receivable from the Policies | - | - | - | 10,663 | - | - | - | |||||||||||||||||||||
Receivable from the fund manager | 596 | 518 | 14,910 | - | 1,196 | - | - | |||||||||||||||||||||
Receivable from the Company | - | 1 | - | - | 1 | - | - | |||||||||||||||||||||
Total assets | 11,326,200 | 3,023,169 | 21,315,247 | 1,852,766 | 8,516,482 | 61,826 | 28,773 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | 596 | 518 | 14,910 | - | 1,196 | - | - | |||||||||||||||||||||
Payable to the fund manager | - | - | - | 10,663 | - | - | - | |||||||||||||||||||||
Payable to the Company | 31 | - | 8,791 | - | - | - | - | |||||||||||||||||||||
Total liabilities | 627 | 518 | 23,701 | 10,663 | 1,196 | - | - | |||||||||||||||||||||
NET ASSETS | $ | 11,325,573 | $ | 3,022,651 | $ | 21,291,546 | $ | 1,842,103 | $ | 8,515,286 | $ | 61,826 | $ | 28,773 | ||||||||||||||
Fair value per share (NAV) | $ | 59.26 | $ | 17.41 | $ | 25.48 | $ | 25.17 | $ | 14.21 | $ | 2.37 | $ | 22.82 | ||||||||||||||
Shares outstanding in the Separate Account | 191,117 | 173,616 | 835,963 | 73,186 | 599,246 | 26,087 | 1,261 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 10,877,284 | $ | 3,224,203 | $ | 21,171,201 | $ | 1,811,767 | $ | 7,944,723 | $ | 56,303 | $ | 28,509 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
12
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
ClearBridge Variable Mid Cap Portfolio, Class II | ClearBridge Variable Small Cap Growth Portfolio, Class I | ClearBridge Variable Small Cap Growth Portfolio, Class II | Dimensional VA Global Moderate Allocation Portfolio, Institutional | Dimensional VA International Small Portfolio | Dimensional VA International Value Portfolio | Dimensional VA US Large Value Portfolio | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 2,563,043 | $ | 12,491,702 | $ | 1,894,894 | $ | 55,376 | $ | 4,742,428 | $ | 1,323,771 | $ | 1,843,809 | ||||||||||||||
Receivable from the Policies | - | - | 254 | - | - | - | - | |||||||||||||||||||||
Receivable from the fund manager | 131 | 8,357 | - | - | 657 | 20 | 596 | |||||||||||||||||||||
Receivable from the Company | - | - | - | - | - | 218 | - | |||||||||||||||||||||
Total assets | 2,563,174 | 12,500,059 | 1,895,148 | 55,376 | 4,743,085 | 1,324,009 | 1,844,405 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | 131 | 8,357 | - | - | 657 | 20 | 596 | |||||||||||||||||||||
Payable to the fund manager | - | - | 254 | - | - | - | - | |||||||||||||||||||||
Payable to the Company | - | 7,505 | - | 3 | 4,295 | - | - | |||||||||||||||||||||
Total liabilities | 131 | 15,862 | 254 | 3 | 4,952 | 20 | 596 | |||||||||||||||||||||
NET ASSETS | $ | 2,563,043 | $ | 12,484,197 | $ | 1,894,894 | $ | 55,373 | $ | 4,738,133 | $ | 1,323,989 | $ | 1,843,809 | ||||||||||||||
Fair value per share (NAV) | $ | 22.57 | $ | 27.35 | $ | 25.29 | $ | 15.08 | $ | 11.88 | $ | 13.61 | $ | 32.54 | ||||||||||||||
Shares outstanding in the Separate Account | 113,560 | 456,735 | 74,927 | 3,672 | 399,194 | 97,265 | 56,663 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 2,185,659 | $ | 13,000,856 | $ | 1,810,961 | $ | 55,075 | $ | 4,669,017 | $ | 1,276,902 | $ | 1,780,223 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
13
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Dimensional VA US Targeted Value Portfolio | Dimensional VIT Inflation Protected Securities Portfolio, Institutional | Fidelity VIP Contrafund Portfolio, Service Class | Fidelity VIP Equity- Income Portfolio, Service Class | Fidelity VIP Freedom Funds 2015 Portfolio, Service Class | Fidelity VIP Freedom Funds 2020 Portfolio, Service Class | Fidelity VIP Growth Opportunities Portfolio, Initial Class | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 5,821 | $ | 5,485,993 | $ | 53,063,010 | $ | 3,529,179 | $ | 454,592 | $ | 873,205 | $ | 4,126,026 | ||||||||||||||
Receivable from the Policies | - | - | 15,299 | - | - | - | - | |||||||||||||||||||||
Receivable from the fund manager | - | 6,731 | - | - | - | - | 1,974 | |||||||||||||||||||||
Receivable from the Company | - | 1 | - | - | - | - | 84 | |||||||||||||||||||||
Total assets | 5,821 | 5,492,725 | 53,078,309 | 3,529,179 | 454,592 | 873,205 | 4,128,084 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | - | 6,731 | - | - | - | - | 1,974 | |||||||||||||||||||||
Payable to the fund manager | - | - | 15,299 | - | - | - | - | |||||||||||||||||||||
Payable to the Company | - | - | 26,003 | - | - | - | - | |||||||||||||||||||||
Total liabilities | - | 6,731 | 41,302 | - | - | - | 1,974 | |||||||||||||||||||||
NET ASSETS | $ | 5,821 | $ | 5,485,994 | $ | 53,037,007 | $ | 3,529,179 | $ | 454,592 | $ | 873,205 | $ | 4,126,110 | ||||||||||||||
Fair value per share (NAV) | $ | 22.60 | $ | 9.06 | $ | 48.30 | $ | 24.65 | $ | 11.46 | $ | 12.45 | $ | 59.76 | ||||||||||||||
Shares outstanding in the Separate Account | 258 | 605,518 | 1,098,613 | 143,172 | 39,668 | 70,137 | 69,043 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 5,202 | $ | 6,018,326 | $ | 34,226,306 | $ | 3,334,636 | $ | 435,803 | $ | 755,572 | $ | 3,989,250 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
14
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Fidelity VIP Growth Portfolio, Service Class | Fidelity VIP Index 500 Portfolio, Initial Class | Fidelity VIP Index 500 Portfolio, Service Class | Fidelity VIP Investment Grade Bond Portfolio, Initial Class | Fidelity VIP Investment Grade Bond Portfolio, Service Class | Fidelity VIP Mid Cap Portfolio, Initial Class | Fidelity VIP Mid Cap Portfolio, Service Class | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 3,461,324 | $ | 43,776,837 | $ | 34,216,043 | $ | 7,093,641 | $ | 15,023,705 | $ | 3,849,843 | $ | 27,089,251 | ||||||||||||||
Receivable from the Policies | 14,315 | - | 12,297 | - | 336 | 243 | 13,821 | |||||||||||||||||||||
Receivable from the fund manager | - | 21,816 | - | 6,730 | - | - | - | |||||||||||||||||||||
Receivable from the Company | 1 | - | - | - | - | 72 | - | |||||||||||||||||||||
Total assets | 3,475,640 | 43,798,653 | 34,228,340 | 7,100,371 | 15,024,041 | 3,850,158 | 27,103,072 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | - | 21,816 | - | 6,730 | - | - | - | |||||||||||||||||||||
Payable to the fund manager | 14,315 | - | 12,297 | - | 336 | 243 | 13,821 | |||||||||||||||||||||
Payable to the Company | - | 15,169 | 5,017 | 1,188 | 4,536 | - | 24,512 | |||||||||||||||||||||
Total liabilities | 14,315 | 36,985 | 17,314 | 7,918 | 4,872 | 243 | 38,333 | |||||||||||||||||||||
NET ASSETS | $ | 3,461,325 | $ | 43,761,668 | $ | 34,211,026 | $ | 7,092,453 | $ | 15,019,169 | $ | 3,849,915 | $ | 27,064,739 | ||||||||||||||
Fair value per share (NAV) | $ | 92.36 | $ | 461.79 | $ | 459.76 | $ | 11.17 | $ | 11.01 | $ | 36.44 | $ | 35.91 | ||||||||||||||
Shares outstanding in the Separate Account | 37,476 | 94,798 | 74,422 | 635,062 | 1,364,551 | 105,649 | 754,365 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 1,583,030 | $ | 38,838,900 | $ | 14,202,160 | $ | 7,420,658 | $ | 17,318,969 | $ | 3,997,209 | $ | 24,961,182 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
15
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Franklin DynaTech VIP Fund | Franklin Growth and Income VIP Fund, Class 1 | Franklin Income VIP Fund, Class 1 | Franklin Income VIP Fund, Class 2 | Franklin Mutual Shares VIP Fund, Class 2 | Franklin Rising Dividends VIP Fund, Class 2 | Franklin Small Cap Value VIP Fund, Class 2 | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 6,319,443 | $ | 11,728,556 | $ | 1,106,495 | $ | 19,806,000 | $ | 51,553,591 | $ | 28,226,436 | $ | 5,357,805 | ||||||||||||||
Receivable from the Policies | - | - | - | 10,757 | - | 16,899 | 866 | |||||||||||||||||||||
Receivable from the fund manager | 136 | 7,930 | 291 | - | 872 | - | - | |||||||||||||||||||||
Receivable from the Company | 1 | - | - | - | - | - | 5 | |||||||||||||||||||||
Total assets | 6,319,580 | 11,736,486 | 1,106,786 | 19,816,757 | 51,554,463 | 28,243,335 | 5,358,676 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | 136 | 7,930 | 291 | - | 872 | - | - | |||||||||||||||||||||
Payable to the fund manager | - | - | - | 10,757 | - | 16,899 | 866 | |||||||||||||||||||||
Payable to the Company | - | 9,024 | 3 | 9,516 | 56,991 | 1 | - | |||||||||||||||||||||
Total liabilities | 136 | 16,954 | 294 | 20,273 | 57,863 | 16,900 | 866 | |||||||||||||||||||||
NET ASSETS | $ | 6,319,444 | $ | 11,719,532 | $ | 1,106,492 | $ | 19,796,484 | $ | 51,496,600 | $ | 28,226,435 | $ | 5,357,810 | ||||||||||||||
Fair value per share (NAV) | $ | 4.27 | $ | 6.73 | $ | 14.91 | $ | 14.20 | $ | 15.33 | $ | 26.93 | $ | 13.27 | ||||||||||||||
Shares outstanding in the Separate Account | 1,479,963 | 1,742,728 | 74,212 | 1,394,789 | 3,362,922 | 1,048,141 | 403,753 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 8,363,657 | $ | 13,239,561 | $ | 1,146,991 | $ | 20,691,826 | $ | 57,167,049 | $ | 23,607,598 | $ | 6,136,902 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
16
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Franklin Small-Mid Cap Growth VIP Fund, Class 2 | Franklin U.S. Government Securities VIP Fund, Class 2 | Goldman Sachs VIT Core Fixed Income Fund, Institutional Shares | Goldman Sachs VIT Core Fixed Income Fund, Service Shares | Goldman Sachs VIT International Equity Insights Fund, Institutional Shares | Goldman Sachs VIT International Equity Insights Fund, Service Shares | Goldman Sachs VIT Large Cap Value Fund, Institutional Shares | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 6,271,338 | $ | 15,879,936 | $ | 17,647,757 | $ | 965,173 | $ | 6,929,299 | $ | 3,045,836 | $ | 14,575,431 | ||||||||||||||
Receivable from the Policies | - | 1,964 | - | 527 | - | - | - | |||||||||||||||||||||
Receivable from the fund manager | 145 | - | 13,676 | - | 142 | 148 | 1,181 | |||||||||||||||||||||
Receivable from the Company | - | - | - | - | - | - | - | |||||||||||||||||||||
Total assets | 6,271,483 | 15,881,900 | 17,661,433 | 965,700 | 6,929,441 | 3,045,984 | 14,576,612 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | 145 | - | 13,676 | - | 142 | 148 | 1,181 | |||||||||||||||||||||
Payable to the fund manager | - | 1,964 | - | 527 | - | - | - | |||||||||||||||||||||
Payable to the Company | - | 43,990 | 1,024 | - | 4 | - | 16,265 | |||||||||||||||||||||
Total liabilities | 145 | 45,954 | 14,700 | 527 | 146 | 148 | 17,446 | |||||||||||||||||||||
NET ASSETS | $ | 6,271,338 | $ | 15,835,946 | $ | 17,646,733 | $ | 965,173 | $ | 6,929,295 | $ | 3,045,836 | $ | 14,559,166 | ||||||||||||||
Fair value per share (NAV) | $ | 13.32 | $ | 10.36 | $ | 9.68 | $ | 9.67 | $ | 8.85 | $ | 8.90 | $ | 8.43 | ||||||||||||||
Shares outstanding in the Separate Account | 470,821 | 1,532,812 | 1,823,115 | 99,811 | 782,972 | 342,229 | 1,728,995 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 7,672,905 | $ | 18,864,301 | $ | 18,009,749 | $ | 1,046,944 | $ | 9,247,347 | $ | 2,858,952 | $ | 17,910,654 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
17
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Goldman Sachs VIT Large Cap Value Fund, Service Shares | Goldman Sachs VIT Mid Cap Growth Fund, Service Shares | Goldman Sachs VIT Mid Cap Value Fund, Institutional Shares | Goldman Sachs VIT Mid Cap Value Fund, Service Shares | Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Shares | Goldman Sachs VIT Small Cap Equity Insights Fund, Service Shares | Goldman Sachs VIT Strategic Growth Fund, Institutional Shares | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 2,930,864 | $ | 3,031,469 | $ | 15,508,599 | $ | 7,629,402 | $ | 9,682,409 | $ | 634,423 | $ | 17,682,147 | ||||||||||||||
Receivable from the Policies | - | - | - | - | - | - | - | |||||||||||||||||||||
Receivable from the fund manager | 10 | 75 | 7,445 | 1,089 | 120 | - | 353 | |||||||||||||||||||||
Receivable from the Company | - | - | - | - | - | - | - | |||||||||||||||||||||
Total assets | 2,930,874 | 3,031,544 | 15,516,044 | 7,630,491 | 9,682,529 | 634,423 | 17,682,500 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | 10 | 75 | 7,445 | 1,089 | 120 | - | 353 | |||||||||||||||||||||
Payable to the fund manager | - | - | - | - | - | - | - | |||||||||||||||||||||
Payable to the Company | 1 | 10,686 | 4,723 | 113 | 3 | - | 11,634 | |||||||||||||||||||||
Total liabilities | 11 | 10,761 | 12,168 | 1,202 | 123 | - | 11,987 | |||||||||||||||||||||
NET ASSETS | $ | 2,930,863 | $ | 3,020,783 | $ | 15,503,876 | $ | 7,629,289 | $ | 9,682,406 | $ | 634,423 | $ | 17,670,513 | ||||||||||||||
Fair value per share (NAV) | $ | 8.44 | $ | 10.21 | $ | 16.01 | $ | 16.21 | $ | 12.28 | $ | 12.12 | $ | 12.54 | ||||||||||||||
Shares outstanding in the Separate Account | 347,259 | 296,912 | 968,682 | 470,660 | 788,470 | 52,345 | 1,410,060 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 3,261,279 | $ | 4,387,602 | $ | 15,990,624 | $ | 7,528,224 | $ | 10,482,000 | $ | 535,770 | $ | 16,688,385 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
18
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Goldman Sachs VIT Strategic Growth Fund, Service Shares | Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Shares | Goldman Sachs VIT U.S. Equity Insights Fund, Service Shares | Invesco V.I. American Franchise Fund, Series I | Invesco V.I. American Value Fund, Series II | Invesco V.I. Balanced-Risk Allocation Fund Class, Series II | Invesco V.I. Capital Appreciation Fund, Series I | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 7,089,683 | $ | 12,849,466 | $ | 107,005 | $ | 7,259,579 | $ | 5,324,328 | $ | 582,341 | $ | 15,288,661 | ||||||||||||||
Receivable from the Policies | - | - | - | - | 1,836 | - | - | |||||||||||||||||||||
Receivable from the fund manager | 387 | 154 | 5 | 266 | - | 155 | 415 | |||||||||||||||||||||
Receivable from the Company | - | - | - | - | - | - | - | |||||||||||||||||||||
Total assets | 7,090,070 | 12,849,620 | 107,010 | 7,259,845 | 5,326,164 | 582,496 | 15,289,076 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | 387 | 154 | 5 | 266 | - | 155 | 415 | |||||||||||||||||||||
Payable to the fund manager | - | - | - | - | 1,836 | - | - | |||||||||||||||||||||
Payable to the Company | 970 | 27,150 | - | 12,052 | 14,207 | - | 12,613 | |||||||||||||||||||||
Total liabilities | 1,357 | 27,304 | 5 | 12,318 | 16,043 | 155 | 13,028 | |||||||||||||||||||||
NET ASSETS | $ | 7,088,713 | $ | 12,822,316 | $ | 107,005 | $ | 7,247,527 | $ | 5,310,121 | $ | 582,341 | $ | 15,276,048 | ||||||||||||||
Fair value per share (NAV) | $ | 12.40 | $ | 19.53 | $ | 19.71 | $ | 58.96 | $ | 13.73 | $ | 8.48 | $ | 47.07 | ||||||||||||||
Shares outstanding in the Separate Account | 571,749 | 657,935 | 5,429 | 123,127 | 387,788 | 68,672 | 324,807 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 6,833,831 | $ | 10,616,268 | $ | 48,483 | $ | 5,436,502 | $ | 6,056,761 | $ | 738,287 | $ | 13,728,225 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
19
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Invesco V.I. Comstock Fund, Series I | Invesco V.I. Discovery Mid Cap Growth Fund, Series I | Invesco V.I. Discovery Mid Cap Growth Fund, Series II | Invesco V.I. Diversified Dividend Fund, Series I | Invesco V.I. Equity and Income Fund, Series II | Invesco V.I. EQV International Equity Fund, Series II | Invesco V.I. Global Fund, Series I | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 49,718,407 | $ | 10,927,639 | $ | 479,644 | $ | 2,499,871 | $ | 31,733,929 | $ | 11,336,958 | $ | 33,138,287 | ||||||||||||||
Receivable from the Policies | 17,855 | 456 | - | 856 | 12,930 | 15,049 | - | |||||||||||||||||||||
Receivable from the fund manager | - | - | 66 | - | - | - | 2,384 | |||||||||||||||||||||
Receivable from the Company | - | 1 | - | - | - | - | - | |||||||||||||||||||||
Total assets | 49,736,262 | 10,928,096 | 479,710 | 2,500,727 | 31,746,859 | 11,352,007 | 33,140,671 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | - | - | 66 | - | - | - | 2,384 | |||||||||||||||||||||
Payable to the fund manager | 17,855 | 456 | - | 856 | 12,930 | 15,049 | - | |||||||||||||||||||||
Payable to the Company | 82,273 | - | - | - | 19,743 | 31,122 | 21,280 | |||||||||||||||||||||
Total liabilities | 100,128 | 456 | 66 | 856 | 32,673 | 46,171 | 23,664 | |||||||||||||||||||||
NET ASSETS | $ | 49,636,134 | $ | 10,927,640 | $ | 479,644 | $ | 2,499,871 | $ | 31,714,186 | $ | 11,305,836 | $ | 33,117,007 | ||||||||||||||
Fair value per share (NAV) | $ | 19.67 | $ | 62.81 | $ | 54.01 | $ | 24.24 | $ | 16.36 | $ | 33.47 | $ | 36.56 | ||||||||||||||
Shares outstanding in the Separate Account | 2,527,626 | 173,979 | 8,881 | 103,130 | 1,939,727 | 338,720 | 906,408 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 34,463,294 | $ | 12,298,871 | $ | 565,261 | $ | 2,709,447 | $ | 28,785,873 | $ | 11,428,181 | $ | 29,621,069 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
20
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Invesco V.I. Global Real Estate Fund, Series II | Invesco V.I. Global Strategic Income Fund | Invesco V.I. Government Securities Fund, Series II | Invesco V.I. Growth and Income Fund, Series I | Invesco V.I. Main Street Fund, Series I | Invesco V.I. S&P 500 Buffer Fund, June Series I | Invesco V.I. Small Cap Equity Fund, Series II | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 926,394 | $ | 13,276,479 | $ | 4,754,540 | $ | 50,172,226 | $ | 11,701,061 | $ | 58,947 | $ | 3,156,318 | ||||||||||||||
Receivable from the Policies | - | - | - | - | - | - | 640 | |||||||||||||||||||||
Receivable from the fund manager | 23 | 156 | 456 | 1,805 | 1,239 | - | - | |||||||||||||||||||||
Receivable from the Company | - | - | - | - | - | - | - | |||||||||||||||||||||
Total assets | 926,417 | 13,276,635 | 4,754,996 | 50,174,031 | 11,702,300 | 58,947 | 3,156,958 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | 23 | 156 | 456 | 1,805 | 1,239 | - | - | |||||||||||||||||||||
Payable to the fund manager | - | - | - | - | - | - | 640 | |||||||||||||||||||||
Payable to the Company | - | 48,990 | 2,960 | 35,933 | 21,978 | 778 | 4,406 | |||||||||||||||||||||
Total liabilities | 23 | 49,146 | 3,416 | 37,738 | 23,217 | 778 | 5,046 | |||||||||||||||||||||
NET ASSETS | $ | 926,394 | $ | 13,227,489 | $ | 4,751,580 | $ | 50,136,293 | $ | 11,679,083 | $ | 58,169 | $ | 3,151,912 | ||||||||||||||
Fair value per share (NAV) | $ | 13.65 | $ | 4.29 | $ | 10.23 | $ | 18.86 | $ | 18.22 | $ | 11.96 | $ | 15.49 | ||||||||||||||
Shares outstanding in the Separate Account | 67,868 | 3,094,750 | 464,764 | 2,660,245 | 642,210 | 4,929 | 203,765 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 1,037,419 | $ | 15,289,986 | $ | 5,422,466 | $ | 49,465,381 | $ | 12,661,894 | $ | 56,778 | $ | 3,594,462 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
21
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Invesco V.I. U.S. Government Money Portfolio, Series I | Lord Abbett Series Fund Bond Debenture Portfolio | Lord Abbett Series Fund Fundamental Equity Portfolio | Lord Abbett Series Fund Growth and Income Portfolio | Lord Abbett Series Fund Growth Opportunities Portfolio | Lord Abbett Series Fund Inc. Dividend Growth Portfolio | Lord Abbett Series Fund Mid Cap Stock Portfolio | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 9,731,396 | $ | 39,137,150 | $ | 11,331,953 | $ | 18,743,317 | $ | 4,602,040 | $ | 20,239,498 | $ | 18,870,474 | ||||||||||||||
Receivable from the Policies | - | 34,837 | - | 43 | - | - | 11,643 | |||||||||||||||||||||
Receivable from the fund manager | 1,702 | - | 1,237 | - | 111 | 2,261 | - | |||||||||||||||||||||
Receivable from the Company | - | - | - | - | - | - | - | |||||||||||||||||||||
Total assets | 9,733,098 | 39,171,987 | 11,333,190 | 18,743,360 | 4,602,151 | 20,241,759 | 18,882,117 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | 1,702 | - | 1,237 | - | 111 | 2,261 | - | |||||||||||||||||||||
Payable to the fund manager | - | 34,837 | - | 43 | - | - | 11,643 | |||||||||||||||||||||
Payable to the Company | 8,484 | 24,962 | 2,432 | 53,916 | 2,284 | 32,855 | 5 | |||||||||||||||||||||
Total liabilities | 10,186 | 59,799 | 3,669 | 53,959 | 2,395 | 35,116 | 11,648 | |||||||||||||||||||||
NET ASSETS | $ | 9,722,912 | $ | 39,112,188 | $ | 11,329,521 | $ | 18,689,401 | $ | 4,599,756 | $ | 20,206,643 | $ | 18,870,469 | ||||||||||||||
Fair value per share (NAV) | $ | 1.00 | $ | 10.32 | $ | 16.79 | $ | 36.06 | $ | 8.92 | $ | 16.21 | $ | 25.79 | ||||||||||||||
Shares outstanding in the Separate Account | 9,731,396 | 3,792,359 | 674,923 | 519,781 | 515,924 | 1,248,581 | 731,697 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 9,731,396 | $ | 44,174,269 | $ | 11,516,870 | $ | 13,089,045 | $ | 6,542,770 | $ | 19,058,174 | $ | 14,580,679 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
22
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
MFS Emerging Markets Equity Portfolio, Service Class | MFS Growth Series, Initial Class | MFS International Intrinsic Value Portfolio, Service Class | MFS Investors Trust Series, Initial Class | MFS Massachusetts Investors Growth Stock Portfolio, Initial Class | MFS New Discovery Series, Initial Class | MFS Research Series, Initial Class | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 617,732 | $ | 21,656,972 | $ | 7,663,809 | $ | 12,245,264 | $ | 6,044,727 | $ | 8,509,143 | $ | 12,559,741 | ||||||||||||||
Receivable from the Policies | 897 | 1,397 | 2,504 | 384 | - | 747 | - | |||||||||||||||||||||
Receivable from the fund manager | - | - | - | - | 146 | - | 261 | |||||||||||||||||||||
Receivable from the Company | - | - | - | - | - | - | - | |||||||||||||||||||||
Total assets | 618,629 | 21,658,369 | 7,666,313 | 12,245,648 | 6,044,873 | 8,509,890 | 12,560,002 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | - | - | - | - | 146 | - | 261 | |||||||||||||||||||||
Payable to the fund manager | 897 | 1,397 | 2,504 | 384 | - | 747 | - | |||||||||||||||||||||
Payable to the Company | - | 26,608 | 17,170 | 40,257 | 8,574 | 2 | 50,305 | |||||||||||||||||||||
Total liabilities | 897 | 28,005 | 19,674 | 40,641 | 8,720 | 749 | 50,566 | |||||||||||||||||||||
NET ASSETS | $ | 617,732 | $ | 21,630,364 | $ | 7,646,639 | $ | 12,205,007 | $ | 6,036,153 | $ | 8,509,141 | $ | 12,509,436 | ||||||||||||||
Fair value per share (NAV) | $ | 12.24 | $ | 60.29 | $ | 28.83 | $ | 35.99 | $ | 22.63 | $ | 12.94 | $ | 31.97 | ||||||||||||||
Shares outstanding in the Separate Account | 50,468 | 359,213 | 265,828 | 340,241 | 267,111 | 657,584 | 392,860 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 705,802 | $ | 14,442,206 | $ | 6,074,515 | $ | 7,826,683 | $ | 5,030,897 | $ | 10,564,440 | $ | 8,900,860 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
23
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
MFS Total Return Bond Series, Service Class | MFS Total Return Series, Initial Class | MFS Utilities Series, Initial Class | MFS Value Series, Service Class | Morgan Stanley VIF Global Real Estate Portfolio, Class II | PIMCO All Asset Portfolio | PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 15,379,123 | $ | 20,999,489 | $ | 5,259,473 | $ | 20,023,280 | $ | 634,577 | $ | 377,493 | $ | 5,918,316 | ||||||||||||||
Receivable from the Policies | 5,939 | - | 393 | 2,421 | - | - | - | |||||||||||||||||||||
Receivable from the fund manager | - | 693 | - | - | 32 | 14 | 6,730 | |||||||||||||||||||||
Receivable from the Company | - | - | 3 | - | - | - | 39 | |||||||||||||||||||||
Total assets | 15,385,062 | 21,000,182 | 5,259,869 | 20,025,701 | 634,609 | 377,507 | 5,925,085 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | - | 693 | - | - | 32 | 14 | 6,730 | |||||||||||||||||||||
Payable to the fund manager | 5,939 | - | 393 | 2,421 | - | - | - | |||||||||||||||||||||
Payable to the Company | 44,213 | 22,504 | - | 50,623 | - | - | - | |||||||||||||||||||||
Total liabilities | 50,152 | 23,197 | 393 | 53,044 | 32 | 14 | 6,730 | |||||||||||||||||||||
NET ASSETS | $ | 15,334,910 | $ | 20,976,985 | $ | 5,259,476 | $ | 19,972,657 | $ | 634,577 | $ | 377,493 | $ | 5,918,355 | ||||||||||||||
Fair value per share (NAV) | $ | 11.47 | $ | 23.26 | $ | 32.25 | $ | 20.71 | $ | 7.54 | $ | 9.20 | $ | 9.83 | ||||||||||||||
Shares outstanding in the Separate Account | 1,340,813 | 902,816 | 163,084 | 966,841 | 84,161 | 41,032 | 602,067 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 17,454,790 | $ | 18,029,303 | $ | 3,879,502 | $ | 16,611,683 | $ | 657,636 | $ | 403,998 | $ | 6,000,359 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
24
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
PIMCO Long-Term U.S. Government Portfolio, Advisor Class | PIMCO Low Duration Portfolio, Advisor Class | PIMCO Real Return Portfolio, Advisor Class | PIMCO Real Return Portfolio, Institutional Class | PIMCO Short-Term Portfolio, Advisor Class | PIMCO Short-Term Portfolio, Institutional Class | PIMCO Total Return Portfolio, Advisor Class | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 957,898 | $ | 2,187,822 | $ | 12,017,179 | $ | 54,938 | $ | 2,591,901 | $ | 875,958 | $ | 29,824,160 | ||||||||||||||
Receivable from the Policies | - | - | - | - | - | 926 | 7,867 | |||||||||||||||||||||
Receivable from the fund manager | - | 20 | 2,009 | - | 87 | - | - | |||||||||||||||||||||
Receivable from the Company | - | - | - | 1 | - | - | - | |||||||||||||||||||||
Total assets | 957,898 | 2,187,842 | 12,019,188 | 54,939 | 2,591,988 | 876,884 | 29,832,027 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | - | 20 | 2,009 | - | 87 | - | - | |||||||||||||||||||||
Payable to the fund manager | - | - | - | - | - | 926 | 7,867 | |||||||||||||||||||||
Payable to the Company | 1 | 1,628 | 214 | - | 1,600 | - | 31,392 | |||||||||||||||||||||
Total liabilities | 1 | 1,648 | 2,223 | - | 1,687 | 926 | 39,259 | |||||||||||||||||||||
NET ASSETS | $ | 957,897 | $ | 2,186,194 | $ | 12,016,965 | $ | 54,939 | $ | 2,590,301 | $ | 875,958 | $ | 29,792,768 | ||||||||||||||
Fair value per share (NAV) | $ | 7.95 | $ | 9.60 | $ | 11.57 | $ | 11.57 | $ | 10.23 | $ | 10.23 | $ | 9.18 | ||||||||||||||
Shares outstanding in the Separate Account | 120,490 | 227,898 | 1,038,650 | 4,748 | 253,363 | 85,626 | 3,248,819 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 1,276,874 | $ | 2,373,278 | $ | 13,295,494 | $ | 55,072 | $ | 2,608,594 | $ | 873,361 | $ | 35,308,257 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
25
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
PIMCO Total Return Portfolio, Institutional Class | Putnam VT Sustainable Leaders Fund, Class IA | Royce Capital Fund Micro Cap Portfolio, Service Class | Royce Capital Fund Small Cap Portfolio | Royce Capital Fund Small Cap Portfolio, Service Class | Schwab S&P 500 Index Fund | Templeton Developing Markets VIP Fund | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 5,600,919 | $ | 52,098 | $ | 1,163,292 | $ | 1,154,648 | $ | 11,727,150 | $ | 86,820 | $ | 367,118 | ||||||||||||||
Receivable from the Policies | - | - | - | 608 | - | - | - | |||||||||||||||||||||
Receivable from the fund manager | 1,689 | - | 7 | - | 1,256 | - | 25 | |||||||||||||||||||||
Receivable from the Company | 176 | - | - | - | - | - | - | |||||||||||||||||||||
Total assets | 5,602,784 | 52,098 | 1,163,299 | 1,155,256 | 11,728,406 | 86,820 | 367,143 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | 1,689 | - | 7 | - | 1,256 | - | 25 | |||||||||||||||||||||
Payable to the fund manager | - | - | - | 608 | - | - | - | |||||||||||||||||||||
Payable to the Company | - | - | - | - | 127 | - | - | |||||||||||||||||||||
Total liabilities | 1,689 | - | 7 | 608 | 1,383 | - | 25 | |||||||||||||||||||||
NET ASSETS | $ | 5,601,095 | $ | 52,098 | $ | 1,163,292 | $ | 1,154,648 | $ | 11,727,023 | $ | 86,820 | $ | 367,118 | ||||||||||||||
Fair value per share (NAV) | $ | 9.18 | $ | 41.37 | $ | 8.88 | $ | 9.59 | $ | 9.37 | $ | 70.19 | $ | 8.30 | ||||||||||||||
Shares outstanding in the Separate Account | 610,122 | 1,259 | 131,001 | 120,401 | 1,251,563 | 1,237 | 44,231 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 6,019,513 | $ | 47,345 | $ | 1,337,240 | $ | 1,057,196 | $ | 11,016,013 | $ | 85,962 | $ | 401,880 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
26
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Templeton Developing Markets VIP Fund, Class 2 | Templeton Foreign VIP Fund, Class 2 | Templeton Global Bond VIP Fund, Class 2 | Templeton Growth VIP Fund, Class 2 | TOPS Aggressive Growth ETF Portfolio, Class 1 | TOPS Aggressive Growth ETF Portfolio, Class 2 | TOPS Balanced ETF Portfolio, Class 2 | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 1,567,210 | $ | 10,689,921 | $ | 12,181,124 | $ | 17,192,188 | $ | 1,016,576 | $ | 118,467 | $ | 70,057 | ||||||||||||||
Receivable from the Policies | - | - | - | - | - | - | - | |||||||||||||||||||||
Receivable from the fund manager | - | 190 | 359 | 406 | 544 | - | - | |||||||||||||||||||||
Receivable from the Company | - | - | 2 | - | - | - | - | |||||||||||||||||||||
Total assets | 1,567,210 | 10,690,111 | 12,181,485 | 17,192,594 | 1,017,120 | 118,467 | 70,057 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | - | 190 | 359 | 406 | 544 | - | - | |||||||||||||||||||||
Payable to the fund manager | - | - | - | - | - | - | - | |||||||||||||||||||||
Payable to the Company | - | 1 | - | 22,014 | 4,132 | - | - | |||||||||||||||||||||
Total liabilities | - | 191 | 359 | 22,420 | 4,676 | - | - | |||||||||||||||||||||
NET ASSETS | $ | 1,567,210 | $ | 10,689,920 | $ | 12,181,126 | $ | 17,170,174 | $ | 1,012,444 | $ | 118,467 | $ | 70,057 | ||||||||||||||
Fair value per share (NAV) | $ | 8.23 | $ | 14.24 | $ | 12.84 | $ | 11.99 | $ | 19.10 | $ | 18.80 | $ | 13.40 | ||||||||||||||
Shares outstanding in the Separate Account | 190,426 | 750,697 | 948,686 | 1,433,877 | 53,224 | 6,302 | 5,228 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 1,606,081 | $ | 10,911,036 | $ | 15,618,279 | $ | 17,466,204 | $ | 944,791 | $ | 88,633 | $ | 62,509 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
27
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
TOPS Conservative ETF Portfolio, Class 1 | TOPS Conservative ETF Portfolio, Class 2 | TOPS Growth ETF Portfolio, Class 1 | TOPS Growth ETF Portfolio, Class 2 | TOPS Moderate Growth ETF Portfolio, Class 1 | TOPS Moderate Growth ETF Portfolio, Class 2 | Vanguard VIF Capital Growth Portfolio | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 396,101 | $ | 31,908 | $ | 5,828,864 | $ | 2,613,841 | $ | 6,148,866 | $ | 313,338 | $ | 21,817,225 | ||||||||||||||
Receivable from the Policies | - | - | - | 267 | - | - | - | |||||||||||||||||||||
Receivable from the fund manager | - | - | 152 | - | 6,750 | - | 14,709 | |||||||||||||||||||||
Receivable from the Company | - | - | - | - | 1 | - | - | |||||||||||||||||||||
Total assets | 396,101 | 31,908 | 5,829,016 | 2,614,108 | 6,155,617 | 313,338 | 21,831,934 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | - | - | 152 | - | 6,750 | - | 14,709 | |||||||||||||||||||||
Payable to the fund manager | - | - | - | 267 | - | - | - | |||||||||||||||||||||
Payable to the Company | - | - | 570 | - | - | - | 10,169 | |||||||||||||||||||||
Total liabilities | - | - | 722 | 267 | 6,750 | - | 24,878 | |||||||||||||||||||||
NET ASSETS | $ | 396,101 | $ | 31,908 | $ | 5,828,294 | $ | 2,613,841 | $ | 6,148,867 | $ | 313,338 | $ | 21,807,056 | ||||||||||||||
Fair value per share (NAV) | $ | 12.52 | $ | 12.38 | $ | 18.58 | $ | 18.11 | $ | 14.52 | $ | 13.87 | $ | 46.38 | ||||||||||||||
Shares outstanding in the Separate Account | 31,637 | 2,577 | 313,717 | 144,331 | 423,476 | 22,591 | 470,402 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 398,207 | $ | 30,670 | $ | 5,430,426 | $ | 2,205,691 | $ | 5,941,843 | $ | 280,275 | $ | 19,871,269 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
28
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Vanguard VIF Conservative Allocation Portfolio | Vanguard VIF Equity Income Portfolio | Vanguard VIF Equity Index Portfolio | Vanguard VIF Growth Portfolio | Vanguard VIF International Portfolio | Vanguard VIF Mid-Cap Index Portfolio | Vanguard VIF Real Estate Index Portfolio | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at fair value (1) | $ | 55,354 | $ | 3,280,154 | $ | 46,862 | $ | 30,807 | $ | 1,944,961 | $ | 62,993 | $ | 772,167 | ||||||||||||||
Receivable from the Policies | - | 196 | - | - | 1,264 | - | 498 | |||||||||||||||||||||
Receivable from the fund manager | - | - | - | - | - | - | - | |||||||||||||||||||||
Receivable from the Company | - | 75 | - | - | 1 | - | - | |||||||||||||||||||||
Total assets | 55,354 | 3,280,425 | 46,862 | 30,807 | 1,946,226 | 62,993 | 772,665 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable to the Policies | - | - | - | - | - | - | - | |||||||||||||||||||||
Payable to the fund manager | - | 196 | - | - | 1,264 | - | 498 | |||||||||||||||||||||
Payable to the Company | - | - | - | - | - | - | - | |||||||||||||||||||||
Total liabilities | - | 196 | - | - | 1,264 | - | 498 | |||||||||||||||||||||
NET ASSETS | $ | 55,354 | $ | 3,280,229 | $ | 46,862 | $ | 30,807 | $ | 1,944,962 | $ | 62,993 | $ | 772,167 | ||||||||||||||
Fair value per share (NAV) | $ | 24.44 | $ | 23.91 | $ | 60.89 | $ | 25.34 | $ | 24.57 | $ | 23.93 | $ | 11.92 | ||||||||||||||
Shares outstanding in the Separate Account | 2,265 | 137,188 | 770 | 1,216 | 79,160 | 2,632 | 64,779 | |||||||||||||||||||||
(1) Investments in mutual fund shares, at cost | $ | 55,067 | $ | 3,324,104 | $ | 38,806 | $ | 30,507 | $ | 2,340,845 | $ | 60,428 | $ | 843,672 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)
See accompanying notes to financial statements.
29
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023
SUBACCOUNTS | |||||||||||||
Vanguard VIF Short-Term Investment- Grade Portfolio | Vanguard VIF Total Bond Market Index Portfolio | Vanguard VIF Total Stock Market Index Portfolio | |||||||||||
ASSETS: | |||||||||||||
Investments at fair value (1) | $ | 18,745,969 | $ | 726,856 | $ | 1,699,883 | |||||||
Receivable from the Policies | - | - | - | ||||||||||
Receivable from the fund manager | 14,204 | - | - | ||||||||||
Receivable from the Company | - | - | - | ||||||||||
Total assets | 18,760,173 | 726,856 | 1,699,883 | ||||||||||
LIABILITIES: | |||||||||||||
Payable to the Policies | 14,204 | - | - | ||||||||||
Payable to the fund manager | - | - | - | ||||||||||
Payable to the Company | 5,193 | - | - | ||||||||||
Total liabilities | 19,397 | - | - | ||||||||||
NET ASSETS | $ | 18,740,776 | $ | 726,856 | $ | 1,699,883 | |||||||
Fair value per share (NAV) | $ | 10.31 | $ | 10.63 | $ | 49.45 | |||||||
Shares outstanding in the Separate Account | 1,818,232 | 68,378 | 34,376 | ||||||||||
(1) Investments in mutual fund shares, at cost | $ | 18,484,859 | $ | 803,234 | $ | 1,546,916 |
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Concluded)
See accompanying notes to financial statements.
30
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
American Funds IS Asset Allocation Fund, Class 1 | American Funds IS Asset Allocation Fund, Class 2 | American Funds IS Global Growth Fund, Class 1 | American Funds IS Global Growth Fund, Class 2 | American Funds IS Global Small Capitalization Fund, Class 2 | American Funds IS Growth Fund, Class 1 | American Funds IS Growth Fund, Class 2 | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | 138,034 | $ | 99,495 | $ | 247,535 | $ | 30,920 | $ | 5,937 | $ | 75,308 | $ | 33,067 | ||||||||||||||
TOTAL INVESTMENT INCOME | 138,034 | 99,495 | 247,535 | 30,920 | 5,937 | 75,308 | 33,067 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 6,840 | (831 | ) | 15,284 | 1,010 | 1,975 | 19,173 | 17,643 | ||||||||||||||||||||
Capital gain distributions | 182,811 | 168,817 | 1,352,437 | 260,856 | 29,070 | 613,328 | 509,580 | |||||||||||||||||||||
Net realized gain (loss) on investments | 189,651 | 167,986 | 1,367,721 | 261,866 | 31,045 | 632,501 | 527,223 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 406,464 | 324,320 | 2,233,821 | 390,018 | 295,020 | 2,875,622 | 2,364,961 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 596,115 | 492,306 | 3,601,542 | 651,884 | 326,065 | 3,508,123 | 2,892,184 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 734,149 | $ | 591,801 | $ | 3,849,077 | $ | 682,804 | $ | 332,002 | $ | 3,583,431 | $ | 2,925,251 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
31
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
American Funds IS Growth- Income Fund, Class 1 | American Funds IS International Fund, Class 2 | American Funds IS New World Fund, Class 1 | American Funds IS New World Fund, Class 2 | American Funds IS Washington Mutual Investors Fund, Class 2 | Calvert VP SRI Balanced Portfolio | ClearBridge Variable Mid Cap Portfolio, Class I | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | 154,543 | $ | 38,122 | $ | 315,575 | $ | 25,752 | $ | 148,050 | $ | 921 | $ | 1 | ||||||||||||||
TOTAL INVESTMENT INCOME | 154,543 | 38,122 | 315,575 | 25,752 | 148,050 | 921 | 1 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 8,176 | 754 | 18,484 | 1,718 | 8,583 | 99 | 37 | |||||||||||||||||||||
Capital gain distributions | 421,830 | - | - | - | 71,410 | 221 | - | |||||||||||||||||||||
Net realized gain (loss) on investments | 430,006 | 754 | 18,484 | 1,718 | 79,993 | 320 | 37 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 1,458,933 | 366,838 | 2,002,439 | 221,903 | 1,036,479 | 7,733 | 264 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1,888,939 | 367,592 | 2,020,923 | 223,621 | 1,116,472 | 8,053 | 301 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,043,482 | $ | 405,714 | $ | 2,336,498 | $ | 249,373 | $ | 1,264,522 | $ | 8,974 | $ | 302 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
32
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
ClearBridge Variable Mid Cap Portfolio, Class II | ClearBridge Variable Small Cap Growth Portfolio, Class I | ClearBridge Variable Small Cap Growth Portfolio, Class II | Dimensional VA Global Moderate Allocation Portfolio, Institutional | Dimensional VA International Small Portfolio | Dimensional VA International Value Portfolio | Dimensional VA Short-Term Fixed Portfolio | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | 516 | $ | - | $ | - | $ | 6 | $ | 138,012 | $ | 59,577 | $ | - | ||||||||||||||
TOTAL INVESTMENT INCOME | 516 | - | - | 6 | 138,012 | 59,577 | - | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 3,711 | 4,532 | 208 | 33 | 3,803 | 1,453 | 1 | |||||||||||||||||||||
Capital gain distributions | 14,837 | - | - | 2 | - | 11,890 | - | |||||||||||||||||||||
Net realized gain (loss) on investments | 18,548 | 4,532 | 208 | 35 | 3,803 | 13,343 | 1 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 273,941 | 848,148 | 142,613 | 301 | 353,745 | 89,392 | - | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 292,489 | 852,680 | 142,821 | 336 | 357,548 | 102,735 | 1 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 293,005 | $ | 852,680 | $ | 142,821 | $ | 342 | $ | 495,560 | $ | 162,312 | $ | 1 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
33
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Dimensional VA US Large Value Portfolio | Dimensional VA US Targeted Value Portfolio | Dimensional VIT Inflation Protected Securities Portfolio, Institutional | Fidelity VIP Contrafund Portfolio, Service Class | Fidelity VIP Equity- Income Portfolio, Service Class | Fidelity VIP Freedom Funds 2015 Portfolio, Service Class | Fidelity VIP Freedom Funds 2020 Portfolio, Service Class | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | 38,695 | $ | 83 | $ | 201,643 | $ | 189,975 | $ | 61,717 | $ | 15,678 | $ | 25,978 | ||||||||||||||
TOTAL INVESTMENT INCOME | 38,695 | 83 | 201,643 | 189,975 | 61,717 | 15,678 | 25,978 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 415 | 7 | (3,574 | ) | 326,708 | (16,340 | ) | (2,491 | ) | 486 | ||||||||||||||||||
Capital gain distributions | 23,583 | 369 | - | 1,719,441 | 97,741 | 8,746 | 5,699 | |||||||||||||||||||||
Net realized gain (loss) on investments | 23,998 | 376 | (3,574 | ) | 2,046,149 | 81,401 | 6,255 | 6,185 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 100,750 | 620 | (23,424 | ) | 11,478,200 | 198,461 | 23,886 | 64,695 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 124,748 | 996 | (26,998 | ) | 13,524,349 | 279,862 | 30,141 | 70,880 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 163,443 | $ | 1,079 | $ | 174,645 | $ | 13,714,324 | $ | 341,579 | $ | 45,819 | $ | 96,858 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
34
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Fidelity VIP Growth Opportunities Portfolio, Initial Class | Fidelity VIP Growth Portfolio, Service Class | Fidelity VIP Index 500 Portfolio, Initial Class | Fidelity VIP Index 500 Portfolio, Service Class | Fidelity VIP Investment Grade Bond Portfolio, Initial Class | Fidelity VIP Investment Grade Bond Portfolio, Service Class | Fidelity VIP Mid Cap Portfolio, Initial Class | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | - | $ | 1,174 | $ | 522,361 | $ | 440,024 | $ | 170,565 | $ | 362,520 | $ | 21,580 | ||||||||||||||
TOTAL INVESTMENT INCOME | - | 1,174 | 522,361 | 440,024 | 170,565 | 362,520 | 21,580 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 9,674 | 25,205 | 8,401 | 92,428 | 759 | (461 | ) | 1,866 | ||||||||||||||||||||
Capital gain distributions | - | 147,832 | 216,801 | 286,112 | - | - | 96,396 | |||||||||||||||||||||
Net realized gain (loss) on investments | 9,674 | 173,037 | 225,202 | 378,540 | 759 | (461 | ) | 98,262 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 1,093,144 | 797,306 | 6,483,258 | 6,467,212 | 183,907 | 477,747 | 333,052 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1,102,818 | 970,343 | 6,708,460 | 6,845,752 | 184,666 | 477,286 | 431,314 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,102,818 | $ | 971,517 | $ | 7,230,821 | $ | 7,285,776 | $ | 355,231 | $ | 839,806 | $ | 452,894 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
35
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Fidelity VIP Mid Cap Portfolio, Service Class | Franklin DynaTech VIP Fund | Franklin Growth and Income VIP Fund, Class 1 | Franklin Income VIP Fund, Class 1 | Franklin Income VIP Fund, Class 2 | Franklin Mutual Shares VIP Fund, Class 2 | Franklin Rising Dividends VIP Fund, Class 2 | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | 131,441 | $ | - | $ | 191,550 | $ | 44,689 | $ | 956,216 | $ | 917,661 | $ | 241,262 | ||||||||||||||
TOTAL INVESTMENT INCOME | 131,441 | - | 191,550 | 44,689 | 956,216 | 917,661 | 241,262 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 19,175 | 101,932 | 1,113 | (145 | ) | 18,909 | 180,459 | 43,164 | ||||||||||||||||||||
Capital gain distributions | 709,417 | - | 414,133 | 51,470 | 1,159,240 | 4,223,727 | 2,768,910 | |||||||||||||||||||||
Net realized gain (loss) on investments | 728,592 | 101,932 | 415,246 | 51,325 | 1,178,149 | 4,404,186 | 2,812,074 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 2,709,196 | 1,934,834 | 268,576 | (15,735 | ) | (555,946 | ) | 879,432 | 1,054 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3,437,788 | 2,036,766 | 683,822 | 35,590 | 622,203 | 5,283,618 | 2,813,128 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,569,229 | $ | 2,036,766 | $ | 875,372 | $ | 80,279 | $ | 1,578,419 | $ | 6,201,279 | $ | 3,054,390 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
36
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Franklin Small Cap Value VIP Fund, Class 2 | Franklin Small-Mid Cap Growth VIP Fund, Class 2 | Franklin U.S. Government Securities VIP Fund,Class 2 | Goldman Sachs VIT Core Fixed Income Fund, Institutional Shares | Goldman Sachs VIT Core Fixed Income Fund, Service Shares | Goldman Sachs VIT International Equity Insights Fund, Institutional Shares | Goldman Sachs VIT International Equity Insights Fund, Service Shares | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | 25,765 | $ | - | $ | 406,348 | $ | 410,169 | $ | 24,542 | $ | 180,104 | $ | 70,905 | ||||||||||||||
TOTAL INVESTMENT INCOME | 25,765 | - | 406,348 | 410,169 | 24,542 | 180,104 | 70,905 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 5,764 | 11,982 | (921 | ) | 3,807 | 91 | 7,329 | 5,761 | ||||||||||||||||||||
Capital gain distributions | 279,313 | - | - | - | - | - | - | |||||||||||||||||||||
Net realized gain (loss) on investments | 285,077 | 11,982 | (921 | ) | 3,807 | 91 | 7,329 | 5,761 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 298,561 | 1,323,422 | 264,515 | 470,559 | 26,801 | 941,217 | 406,692 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 583,638 | 1,335,404 | 263,594 | 474,366 | 26,892 | 948,546 | 412,453 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 609,403 | $ | 1,335,404 | $ | 669,942 | $ | 884,535 | $ | 51,434 | $ | 1,128,650 | $ | 483,358 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
37
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Goldman Sachs VIT Large Cap Value Fund, Institutional Shares | Goldman Sachs VIT Large Cap Value Fund, Service Shares | Goldman Sachs VIT Mid Cap Growth Fund, Service Shares | Goldman Sachs VIT Mid Cap Value Fund, Institutional Shares | Goldman Sachs VIT Mid Cap Value Fund, Service Shares | Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Shares | Goldman Sachs VIT Small Cap Equity Insights Fund, Service Shares | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | 244,797 | $ | 41,819 | $ | - | $ | 145,142 | $ | 52,735 | $ | 90,922 | $ | 4,689 | ||||||||||||||
TOTAL INVESTMENT INCOME | 244,797 | 41,819 | - | 145,142 | 52,735 | 90,922 | 4,689 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | (17,763 | ) | (2,468 | ) | 3,728 | 1,766 | 6,167 | 80 | 1,437 | |||||||||||||||||||
Capital gain distributions | 1,235,984 | 247,172 | 19,939 | 357,482 | 178,791 | - | - | |||||||||||||||||||||
Net realized gain (loss) on investments | 1,218,221 | 244,704 | 23,667 | 359,248 | 184,958 | 80 | 1,437 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 245,134 | 44,680 | 456,498 | 1,011,671 | 533,580 | 1,478,091 | 96,348 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1,463,355 | 289,384 | 480,165 | 1,370,919 | 718,538 | 1,478,171 | 97,785 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,708,152 | $ | 331,203 | $ | 480,165 | $ | 1,516,061 | $ | 771,273 | $ | 1,569,093 | $ | 102,474 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
38
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Goldman Sachs VIT Strategic Growth Fund, Institutional Shares | Goldman Sachs VIT Strategic Growth Fund, Service Shares | Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Shares | Goldman Sachs VIT U.S. Equity Insights Fund, Service Shares | Invesco V.I. American Franchise Fund, Series I | Invesco V.I. American Value Fund, Series II | Invesco V.I. Balanced-Risk Allocation Fund Class, Series II | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | - | $ | - | $ | 81,756 | $ | 461 | $ | - | $ | 18,698 | $ | - | ||||||||||||||
TOTAL INVESTMENT INCOME | - | - | 81,756 | 461 | - | 18,698 | - | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 167,840 | 103,934 | (66,280 | ) | (3,608 | ) | 97,354 | 30,124 | (127 | ) | ||||||||||||||||||
Capital gain distributions | 670,539 | 274,981 | - | - | 146,985 | 1,041,440 | - | |||||||||||||||||||||
Net realized gain (loss) on investments | 838,379 | 378,915 | (66,280 | ) | (3,608 | ) | 244,339 | 1,071,564 | (127 | ) | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 4,651,224 | 1,862,035 | 2,522,679 | 26,046 | 1,991,836 | (366,931 | ) | 34,879 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 5,489,603 | 2,240,950 | 2,456,399 | 22,438 | 2,236,175 | 704,633 | 34,752 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,489,603 | $ | 2,240,950 | $ | 2,538,155 | $ | 22,899 | $ | 2,236,175 | $ | 723,331 | $ | 34,752 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
39
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Invesco V.I. Capital Appreciation Fund, Series I | Invesco V.I. Comstock Fund, Series I | Invesco V.I. Discovery Mid Cap Growth Fund, Series I | Invesco V.I. Discovery Mid Cap Growth Fund, Series II | Invesco V.I. Diversified Dividend Fund, Series I | Invesco V.I. Equity and Income Fund, Series II | Invesco V.I. EQV International Equity Fund, Series II | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | - | $ | 871,313 | $ | - | $ | - | $ | 45,922 | $ | 526,416 | $ | - | ||||||||||||||
TOTAL INVESTMENT INCOME | - | 871,313 | - | - | 45,922 | 526,416 | - | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 113,823 | 148,534 | 18,811 | 10 | (996 | ) | 72,768 | 75,887 | ||||||||||||||||||||
Capital gain distributions | - | 5,363,507 | - | - | 189,121 | 1,598,184 | 8,075 | |||||||||||||||||||||
Net realized gain (loss) on investments | 113,823 | 5,512,041 | 18,811 | 10 | 188,125 | 1,670,952 | 83,962 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 4,014,282 | (838,998 | ) | 1,273,629 | 52,527 | (35,183 | ) | 792,753 | 1,673,777 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4,128,105 | 4,673,043 | 1,292,440 | 52,537 | 152,942 | 2,463,705 | 1,757,739 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 4,128,105 | $ | 5,544,356 | $ | 1,292,440 | $ | 52,537 | $ | 198,864 | $ | 2,990,121 | $ | 1,757,739 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
40
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Invesco V.I. Global Fund, Series I | Invesco V.I. Global Real Estate Fund, Series II | Invesco V.I. Global Strategic Income Fund | Invesco V.I. Government Securities Fund, Series II | Invesco V.I. Growth and Income Fund, Series I | Invesco V.I. Main Street Fund, Series I | Invesco V.I. S&P 500 Buffer Fund, June Series I | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | 68,843 | $ | 10,552 | $ | - | $ | 85,824 | $ | 762,682 | $ | 92,288 | $ | - | ||||||||||||||
TOTAL INVESTMENT INCOME | 68,843 | 10,552 | - | 85,824 | 762,682 | 92,288 | - | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 441,776 | 288 | (41,932 | ) | (8,800 | ) | 104,932 | 93,201 | 67 | |||||||||||||||||||
Capital gain distributions | 3,481,368 | - | - | - | 6,060,358 | 750,419 | 794 | |||||||||||||||||||||
Net realized gain (loss) on investments | 3,923,144 | 288 | (41,932 | ) | (8,800 | ) | 6,165,290 | 843,620 | 861 | |||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 4,911,300 | 64,717 | 1,136,148 | 127,652 | (1,209,316 | ) | 1,354,054 | 2,169 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8,834,444 | 65,005 | 1,094,216 | 118,852 | 4,955,974 | 2,197,674 | 3,030 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 8,903,287 | $ | 75,557 | $ | 1,094,216 | $ | 204,676 | $ | 5,718,656 | $ | 2,289,962 | $ | 3,030 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
41
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Invesco V.I. Small Cap Equity Fund, Series II | Invesco V.I. U.S. Government Money Portfolio, Series I | Lord Abbett Series Fund Bond Debenture Portfolio | Lord Abbett Series Fund Fundamental Equity Portfolio | Lord Abbett Series Fund Growth and Income Portfolio | Lord Abbett Series Fund Growth Opportunities Portfolio | Lord Abbett Series Fund Inc. Dividend Growth Portfolio | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | - | $ | 425,561 | $ | 1,961,884 | $ | 63,061 | $ | 169,008 | $ | - | $ | 156,290 | ||||||||||||||
TOTAL INVESTMENT INCOME | - | 425,561 | 1,961,884 | 63,061 | 169,008 | - | 156,290 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 8,370 | - | (4,147 | ) | 13,673 | 39,757 | 12,266 | 16,750 | ||||||||||||||||||||
Capital gain distributions | 60,434 | - | - | 318,336 | 366,953 | - | 1,089,837 | |||||||||||||||||||||
Net realized gain (loss) on investments | 68,804 | - | (4,147 | ) | 332,009 | 406,710 | 12,266 | 1,106,587 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 369,841 | - | 391,978 | 1,066,645 | 1,649,259 | 442,364 | 1,494,771 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 438,645 | - | 387,831 | 1,398,654 | 2,055,969 | 454,630 | 2,601,358 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 438,645 | $ | 425,561 | $ | 2,349,715 | $ | 1,461,715 | $ | 2,224,977 | $ | 454,630 | $ | 2,757,648 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
42
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Lord Abbett Series Fund Mid Cap Stock Portfolio | MFS Emerging Markets Equity Portfolio, Service Class | MFS Growth Series, Initial Class | MFS International Intrinsic Value Portfolio, Service Class | MFS Investors Trust Series, Initial Class | MFS Massachusetts Investors Growth Stock Portfolio, Initial Class | MFS New Discovery Series, Initial Class | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | 84,174 | $ | 7,189 | $ | - | $ | 34,810 | $ | 84,605 | $ | 16,337 | $ | - | ||||||||||||||
TOTAL INVESTMENT INCOME | 84,174 | 7,189 | - | 34,810 | 84,605 | 16,337 | - | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 51,529 | 2,999 | 126,078 | 31,375 | 23,410 | 8,279 | 19,254 | |||||||||||||||||||||
Capital gain distributions | 519,243 | - | 1,532,231 | 557,286 | 651,096 | 282,641 | - | |||||||||||||||||||||
Net realized gain (loss) on investments | 570,772 | 2,999 | 1,658,309 | 588,661 | 674,506 | 290,920 | 19,254 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 1,945,163 | 51,960 | 4,340,504 | 550,850 | 1,284,291 | 889,578 | 1,078,690 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2,515,935 | 54,959 | 5,998,813 | 1,139,511 | 1,958,797 | 1,180,498 | 1,097,944 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,600,109 | $ | 62,148 | $ | 5,998,813 | $ | 1,174,321 | $ | 2,043,402 | $ | 1,196,835 | $ | 1,097,944 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
43
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
MFS Research Series, Initial Class | MFS Total Return Bond Series, Service Class | MFS Total Return Series, Initial Class | MFS Utilities Series, Initial Class | MFS Value Series, Service Class | Morgan Stanley VIF Global Real Estate Portfolio, Class II | PIMCO All Asset Portfolio | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | 59,919 | $ | 442,773 | $ | 414,148 | $ | 184,248 | $ | 268,552 | $ | 11,289 | $ | 7,948 | ||||||||||||||
TOTAL INVESTMENT INCOME | 59,919 | 442,773 | 414,148 | 184,248 | 268,552 | 11,289 | 7,948 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 22,901 | 6,488 | (4,844 | ) | (7,648 | ) | 8,457 | 2,052 | (11 | ) | ||||||||||||||||||
Capital gain distributions | 633,260 | - | 862,551 | 285,097 | 1,346,132 | - | - | |||||||||||||||||||||
Net realized gain (loss) on investments | 656,161 | 6,488 | 857,707 | 277,449 | 1,354,589 | 2,052 | (11 | ) | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 1,670,819 | 573,746 | 723,218 | (571,597 | ) | (198,028 | ) | 48,781 | 13,530 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2,326,980 | 580,234 | 1,580,925 | (294,148 | ) | 1,156,561 | 50,833 | 13,519 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,386,899 | $ | 1,023,007 | $ | 1,995,073 | $ | (109,900 | ) | $ | 1,425,113 | $ | 62,122 | $ | 21,467 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
44
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
PIMCO International Bond Portfolio (U.S. Dollar- Hedged), Institutional Class | PIMCO Long-Term U.S. Government Portfolio, Advisor Class | PIMCO Low Duration Portfolio, Advisor Class | PIMCO Real Return Portfolio, Advisor Class | PIMCO Real Return Portfolio, Institutional Class | PIMCO Short-Term Portfolio, Advisor Class | PIMCO Short-Term Portfolio, Institutional Class | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | 119,459 | $ | 18,057 | $ | 75,474 | $ | 334,787 | $ | 7 | $ | 109,817 | $ | 36,430 | ||||||||||||||
TOTAL INVESTMENT INCOME | 119,459 | 18,057 | 75,474 | 334,787 | 7 | 109,817 | 36,430 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 341 | 3,178 | 298 | 1,079 | 13 | 1,532 | 285 | |||||||||||||||||||||
Capital gain distributions | 109,296 | - | - | - | - | - | - | |||||||||||||||||||||
Net realized gain (loss) on investments | 109,637 | 3,178 | 298 | 1,079 | 13 | 1,532 | 285 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 188,383 | 17,084 | 26,964 | 72,948 | (134 | ) | 30,804 | 9,688 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 298,020 | 20,262 | 27,262 | 74,027 | (121 | ) | 32,336 | 9,973 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 417,479 | $ | 38,319 | $ | 102,736 | $ | 408,814 | $ | (114 | ) | $ | 142,153 | $ | 46,403 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
45
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
PIMCO Total Return Portfolio, Advisor Class | PIMCO Total Return Portfolio, Institutional Class | Putnam VT Sustainable Leaders Fund, Class IA | Royce Capital Fund Micro Cap Portfolio, Service Class | Royce Capital Fund Small Cap Portfolio | Royce Capital Fund Small Cap Portfolio, Service Class | Schwab S≈P 500 Index Fund | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | 977,024 | $ | 172,162 | $ | - | $ | - | $ | 8,569 | $ | 71,662 | $ | - | ||||||||||||||
TOTAL INVESTMENT INCOME | 977,024 | 172,162 | - | - | 8,569 | 71,662 | - | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | (157 | ) | (13,696 | ) | 25 | 6,018 | 4,773 | 30,533 | 16 | |||||||||||||||||||
Capital gain distributions | - | - | - | - | 88,996 | 938,605 | - | |||||||||||||||||||||
Net realized gain (loss) on investments | (157 | ) | (13,696 | ) | 25 | 6,018 | 93,769 | 969,138 | 16 | |||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 645,272 | 120,161 | 4,753 | 182,024 | 112,811 | 1,387,582 | 858 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 645,115 | 106,465 | 4,778 | 188,042 | 206,580 | 2,356,720 | 874 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,622,139 | $ | 278,627 | $ | 4,778 | $ | 188,042 | $ | 215,149 | $ | 2,428,382 | $ | 874 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
46
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Templeton Developing Markets VIP Fund | Templeton Developing Markets VIP Fund, Class 2 | Templeton Foreign VIP Fund, Class 2 | Templeton Global Bond VIP Fund, Class 2 | Templeton Growth VIP Fund, Class 2 | TOPS Aggressive Growth ETF Portfolio, Class 1 | TOPS Aggressive Growth ETF Portfolio, Class 2 | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | 7,496 | $ | 30,927 | $ | 322,718 | $ | - | $ | 530,500 | $ | 11,270 | $ | 1,213 | ||||||||||||||
TOTAL INVESTMENT INCOME | 7,496 | 30,927 | 322,718 | - | 530,500 | 11,270 | 1,213 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 98 | 4,366 | 7,163 | (6,095 | ) | 14,225 | 503 | 30 | ||||||||||||||||||||
Capital gain distributions | 243 | 1,122 | - | - | - | 4,499 | 566 | |||||||||||||||||||||
Net realized gain (loss) on investments | 341 | 5,488 | 7,163 | (6,095 | ) | 14,225 | 5,002 | 596 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 29,778 | 142,206 | 1,574,962 | 350,323 | 2,515,057 | 105,326 | 15,637 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 30,119 | 147,694 | 1,582,125 | 344,228 | 2,529,282 | 110,328 | 16,233 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 37,615 | $ | 178,621 | $ | 1,904,843 | $ | 344,228 | $ | 3,059,782 | $ | 121,598 | $ | 17,446 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
47
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
TOPS Balanced ETF Portfolio, Class 2 | TOPS Conservative ETF Portfolio, Class 1 | TOPS Conservative ETF Portfolio, Class 2 | TOPS Growth ETF Portfolio, Class 1 | TOPS Growth ETF Portfolio, Class 2 | TOPS Moderate Growth ETF Portfolio, Class 1 | TOPS Moderate Growth ETF Portfolio, Class 2 | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | 1,211 | $ | 4,982 | $ | 631 | $ | 74,982 | $ | 31,017 | $ | 100,046 | $ | 5,065 | ||||||||||||||
TOTAL INVESTMENT INCOME | 1,211 | 4,982 | 631 | 74,982 | 31,017 | 100,046 | 5,065 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 1,522 | (1,990 | ) | 662 | 1,695 | 244 | 3,997 | 23 | ||||||||||||||||||||
Capital gain distributions | 879 | 5,610 | 775 | 53,103 | 25,231 | 66,530 | 3,769 | |||||||||||||||||||||
Net realized gain (loss) on investments | 2,401 | 3,620 | 1,437 | 54,798 | 25,475 | 70,527 | 3,792 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 4,979 | 16,765 | 1,242 | 556,715 | 297,782 | 447,243 | 27,396 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 7,380 | 20,385 | 2,679 | 611,513 | 323,257 | 517,770 | 31,188 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 8,591 | $ | 25,367 | $ | 3,310 | $ | 686,495 | $ | 354,274 | $ | 617,816 | $ | 36,253 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
48
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Vanguard VIF Capital Growth Portfolio | Vanguard VIF Conservative Allocation Portfolio | Vanguard VIF Equity Income Portfolio | Vanguard VIF Equity Index Portfolio | Vanguard VIF Growth Portfolio | Vanguard VIF International Portfolio | Vanguard VIF Mid-Cap Index Portfolio | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income | $ | 140,321 | $ | - | $ | 60,256 | $ | 919 | $ | - | $ | 21,872 | $ | 774 | ||||||||||||||
TOTAL INVESTMENT INCOME | 140,321 | - | 60,256 | 919 | - | 21,872 | 774 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
Net realized gain (loss) on redemption of investments | 3,766 | 37 | (96 | ) | 1,351 | (5 | ) | 1,646 | 48 | |||||||||||||||||||
Capital gain distributions | 676,027 | - | 117,806 | 2,035 | - | 47,163 | 971 | |||||||||||||||||||||
Net realized gain (loss) on investments | 679,793 | 37 | 117,710 | 3,386 | (5 | ) | 48,809 | 1,019 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 3,012,793 | 287 | 57,362 | 8,965 | 300 | 139,782 | 6,820 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3,692,586 | 324 | 175,072 | 12,351 | 295 | 188,591 | 7,839 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,832,907 | $ | 324 | $ | 235,328 | $ | 13,270 | $ | 295 | $ | 210,463 | $ | 8,613 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
49
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | |||||||||||||||||
Vanguard VIF Real Estate Index Portfolio | Vanguard VIF Short-Term Investment- Grade Portfolio | Vanguard VIF Total Bond Market Index Portfolio | Vanguard VIF Total Stock Market Index Portfolio | ||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||
Dividend income | $ | 13,967 | $ | 246,565 | $ | 15,854 | $ | 15,403 | |||||||||
TOTAL INVESTMENT INCOME | 13,967 | 246,565 | 15,854 | 15,403 | |||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |||||||||||||||||
Net realized gain (loss) on redemption of investments | (304 | ) | 1,166 | (1,994 | ) | (645 | ) | ||||||||||
Capital gain distributions | 26,349 | - | - | 75,072 | |||||||||||||
Net realized gain (loss) on investments | 26,045 | 1,166 | (1,994 | ) | 74,427 | ||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 36,761 | 659,844 | 21,411 | 238,050 | |||||||||||||
Net realized and unrealized gain (loss) on investments | 62,806 | 661,010 | 19,417 | 312,477 | |||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 76,773 | $ | 907,575 | $ | 35,271 | $ | 327,880 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Concluded)
See accompanying notes to financial statements.
50
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
American Funds IS Asset Allocation Fund, Class 1 | American Funds IS Asset Allocation Fund, Class 2 | American Funds IS Global Growth Fund, Class 1 | American Funds IS Global Growth Fund, Class 2 | American Funds IS Global Small Capitalization Fund, Class 2 | American Funds IS Growth Fund, Class 1 | American Funds IS Growth Fund, Class 2 | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 138,034 | $ | 99,495 | $ | 247,535 | $ | 30,920 | $ | 5,937 | $ | 75,308 | $ | 33,067 | ||||||||||||||
Net realized gain (loss) on investments | 189,651 | 167,986 | 1,367,721 | 261,866 | 31,045 | 632,501 | 527,223 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 406,464 | 324,320 | 2,233,821 | 390,018 | 295,020 | 2,875,622 | 2,364,961 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 734,149 | 591,801 | 3,849,077 | 682,804 | 332,002 | 3,583,431 | 2,925,251 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 670,306 | 288,613 | 3,235,352 | 285,506 | 118,274 | 1,432,038 | 628,325 | |||||||||||||||||||||
Policy maintenance charges | (391,530 | ) | (160,572 | ) | (1,575,942 | ) | (99,803 | ) | (77,139 | ) | (812,388 | ) | (321,689 | ) | ||||||||||||||
Policy owners' benefits | (18,027 | ) | (79,801 | ) | (110,228 | ) | (88,060 | ) | (50,202 | ) | (54,576 | ) | (145,261 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 1,092,076 | 49,582 | 7,190,858 | (55,905 | ) | 16,343 | 3,706,640 | (150,854 | ) | |||||||||||||||||||
Net Policy loan repayments (withdrawals) | 9,366 | 730 | 47,675 | (10,341 | ) | (6,639 | ) | 25,055 | (38,404 | ) | ||||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 1,362,191 | 98,552 | 8,787,715 | 31,397 | 637 | 4,296,769 | (27,883 | ) | ||||||||||||||||||||
Total increase (decrease) in net assets | 2,096,340 | 690,353 | 12,636,792 | 714,201 | 332,639 | 7,880,200 | 2,897,368 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 4,133,434 | 4,078,808 | 12,898,174 | 3,003,428 | 2,058,108 | 7,217,861 | 7,517,899 | |||||||||||||||||||||
End of period | $ | 6,229,774 | $ | 4,769,161 | $ | 25,534,966 | $ | 3,717,629 | $ | 2,390,747 | $ | 15,098,061 | $ | 10,415,267 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
51
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
American Funds IS Growth- Income Fund, Class 1 | American Funds IS International Fund, Class 2 | American Funds IS New World Fund, Class 1 | American Funds IS New World Fund, Class 2 | American Funds IS Washington Mutual Investors Fund, Class 2 | Calvert VP SRI Balanced Portfolio | ClearBridge Variable Mid Cap Portfolio, Class I | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 154,543 | $ | 38,122 | $ | 315,575 | $ | 25,752 | $ | 148,050 | $ | 921 | $ | 1 | ||||||||||||||
Net realized gain (loss) on investments | 430,006 | 754 | 18,484 | 1,718 | 79,993 | 320 | 37 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 1,458,933 | 366,838 | 2,002,439 | 221,903 | 1,036,479 | 7,733 | 264 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 2,043,482 | 405,714 | 2,336,498 | 249,373 | 1,264,522 | 8,974 | 302 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 1,117,602 | 131,099 | 2,898,248 | 190,772 | 610,161 | - | - | |||||||||||||||||||||
Policy maintenance charges | (578,871 | ) | (100,267 | ) | (1,377,464 | ) | (66,054 | ) | (253,767 | ) | (1,098 | ) | (70 | ) | ||||||||||||||
Policy owners' benefits | (73,654 | ) | (66,913 | ) | (79,656 | ) | (49,649 | ) | (168,573 | ) | - | - | ||||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 2,534,983 | 145,116 | 6,559,782 | 19,013 | (192,993 | ) | - | 28,540 | ||||||||||||||||||||
Net Policy loan repayments (withdrawals) | 51,029 | (35,042 | ) | 16,157 | (10,073 | ) | (79,587 | ) | (34 | ) | 1 | |||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 3,051,089 | 73,993 | 8,017,067 | 84,009 | (84,759 | ) | (1,132 | ) | 28,471 | |||||||||||||||||||
Total increase (decrease) in net assets | 5,094,571 | 479,707 | 10,353,565 | 333,382 | 1,179,763 | 7,842 | 28,773 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 6,231,002 | 2,542,944 | 10,937,981 | 1,508,721 | 7,335,523 | 53,984 | - | |||||||||||||||||||||
End of period | $ | 11,325,573 | $ | 3,022,651 | $ | 21,291,546 | $ | 1,842,103 | $ | 8,515,286 | $ | 61,826 | $ | 28,773 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
52
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
ClearBridge Variable Mid Cap Portfolio, Class II | ClearBridge Variable Small Cap Growth Portfolio, Class I | ClearBridge Variable Small Cap Growth Portfolio, Class II | Dimensional VA Global Moderate Allocation Portfolio, Institutional | Dimensional VA International Small Portfolio | Dimensional VA International Value Portfolio | Dimensional VA Short-Term Fixed Portfolio | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 516 | $ | - | $ | - | $ | 6 | $ | 138,012 | $ | 59,577 | $ | - | ||||||||||||||
Net realized gain (loss) on investments | 18,548 | 4,532 | 208 | 35 | 3,803 | 13,343 | 1 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 273,941 | 848,148 | 142,613 | 301 | 353,745 | 89,392 | - | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 293,005 | 852,680 | 142,821 | 342 | 495,560 | 162,312 | 1 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 136,139 | 1,819,531 | 95,009 | - | 786,574 | 164,859 | 57 | |||||||||||||||||||||
Policy maintenance charges | (70,311 | ) | (807,816 | ) | (36,072 | ) | (106 | ) | (344,539 | ) | (91,431 | ) | - | |||||||||||||||
Policy owners' benefits | (83,838 | ) | (54,477 | ) | (36,550 | ) | - | (26,969 | ) | (544 | ) | (115 | ) | |||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | (30,419 | ) | 4,045,478 | 74,178 | 55,138 | 1,264,638 | 349,581 | 57 | ||||||||||||||||||||
Net Policy loan repayments (withdrawals) | (21,922 | ) | 14,353 | (2,104 | ) | (1 | ) | 5,105 | (6,349 | ) | - | |||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (70,351 | ) | 5,017,069 | 94,461 | 55,031 | 1,684,809 | 416,116 | (1 | ) | |||||||||||||||||||
Total increase (decrease) in net assets | 222,654 | 5,869,749 | 237,282 | 55,373 | 2,180,369 | 578,428 | - | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 2,340,389 | 6,614,448 | 1,657,612 | - | 2,557,764 | 745,561 | - | |||||||||||||||||||||
End of period | $ | 2,563,043 | $ | 12,484,197 | $ | 1,894,894 | $ | 55,373 | $ | 4,738,133 | $ | 1,323,989 | $ | - |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
53
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Dimensional VA US Large Value Portfolio | Dimensional VA US Targeted Value Portfolio | Dimensional VIT Inflation Protected Securities Portfolio, Institutional | Fidelity VIP Contrafund Portfolio, Service Class | Fidelity VIP Equity- Income Portfolio, Service Class | Fidelity VIP Freedom Funds 2015 Portfolio, Service Class | Fidelity VIP Freedom Funds 2020 Portfolio, Service Class | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 38,695 | $ | 83 | $ | 201,643 | $ | 189,975 | $ | 61,717 | $ | 15,678 | $ | 25,978 | ||||||||||||||
Net realized gain (loss) on investments | 23,998 | 376 | (3,574 | ) | 2,046,149 | 81,401 | 6,255 | 6,185 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 100,750 | 620 | (23,424 | ) | 11,478,200 | 198,461 | 23,886 | 64,695 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 163,443 | 1,079 | 174,645 | 13,714,324 | 341,579 | 45,819 | 96,858 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 136,693 | - | 657,423 | 1,977,175 | 125,249 | 5,570 | 23,378 | |||||||||||||||||||||
Policy maintenance charges | (97,576 | ) | (82 | ) | (337,945 | ) | (1,313,931 | ) | (140,538 | ) | (7,775 | ) | (20,578 | ) | ||||||||||||||
Policy owners' benefits | (5,047 | ) | - | (23,817 | ) | (1,384,142 | ) | (293,539 | ) | (21,101 | ) | (17,450 | ) | |||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 671,876 | 4,825 | 2,102,611 | (1,298,273 | ) | 29,581 | 6,864 | (40 | ) | |||||||||||||||||||
Net Policy loan repayments (withdrawals) | 85 | (1 | ) | 15,378 | (213,107 | ) | 10,669 | (11,494 | ) | - | ||||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 706,031 | 4,742 | 2,413,650 | (2,232,278 | ) | (268,578 | ) | (27,936 | ) | (14,690 | ) | |||||||||||||||||
Total increase (decrease) in net assets | 869,474 | 5,821 | 2,588,295 | 11,482,046 | 73,001 | 17,883 | 82,168 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 974,335 | - | 2,897,699 | 41,554,961 | 3,456,178 | 436,709 | 791,037 | |||||||||||||||||||||
End of period | $ | 1,843,809 | $ | 5,821 | $ | 5,485,994 | $ | 53,037,007 | $ | 3,529,179 | $ | 454,592 | $ | 873,205 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
54
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Fidelity VIP Growth Opportunities Portfolio, Initial Class | Fidelity VIP Growth Portfolio, Service Class | Fidelity VIP Index 500 Portfolio, Initial Class | Fidelity VIP Index 500 Portfolio, Service Class | Fidelity VIP Investment Grade Bond Portfolio, Initial Class | Fidelity VIP Investment Grade Bond Portfolio, Service Class | Fidelity VIP Mid Cap Portfolio, Initial Class | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | - | $ | 1,174 | $ | 522,361 | $ | 440,024 | $ | 170,565 | $ | 362,520 | $ | 21,580 | ||||||||||||||
Net realized gain (loss) on investments | 9,674 | 173,037 | 225,202 | 378,540 | 759 | (461 | ) | 98,262 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 1,093,144 | 797,306 | 6,483,258 | 6,467,212 | 183,907 | 477,747 | 333,052 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,102,818 | 971,517 | 7,230,821 | 7,285,776 | 355,231 | 839,806 | 452,894 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 434,097 | 125,203 | 5,287,575 | 1,136,633 | 767,345 | 565,016 | 473,443 | |||||||||||||||||||||
Policy maintenance charges | (223,986 | ) | (84,931 | ) | (2,662,474 | ) | (882,245 | ) | (418,216 | ) | (444,755 | ) | (246,212 | ) | ||||||||||||||
Policy owners' benefits | (18,831 | ) | (169,112 | ) | (149,350 | ) | (584,877 | ) | (24,051 | ) | (345,179 | ) | (11,892 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 1,054,100 | (151,371 | ) | 13,876,720 | (774,237 | ) | 2,877,815 | 820,870 | 673,878 | |||||||||||||||||||
Net Policy loan repayments (withdrawals) | (215,980 | ) | 13,737 | 38,598 | (246,029 | ) | 7,071 | (19,239 | ) | 3,656 | ||||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 1,029,400 | (266,474 | ) | 16,391,069 | (1,350,755 | ) | 3,209,964 | 576,713 | 892,873 | |||||||||||||||||||
Total increase (decrease) in net assets | 2,132,218 | 705,043 | 23,621,890 | 5,935,021 | 3,565,195 | 1,416,519 | 1,345,767 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 1,993,892 | 2,756,282 | 20,139,778 | 28,276,005 | 3,527,258 | 13,602,650 | 2,504,148 | |||||||||||||||||||||
End of period | $ | 4,126,110 | $ | 3,461,325 | $ | 43,761,668 | $ | 34,211,026 | $ | 7,092,453 | $ | 15,019,169 | $ | 3,849,915 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
55
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Fidelity VIP Mid Cap Portfolio, Service Class | Franklin DynaTech VIP Fund | Franklin Growth and Income VIP Fund, Class 1 | Franklin Income VIP Fund, Class 1 | Franklin Income VIP Fund, Class 2 | Franklin Mutual Shares VIP Fund, Class 2 | Franklin Rising Dividends VIP Fund, Class 2 | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 131,441 | $ | - | $ | 191,550 | $ | 44,689 | $ | 956,216 | $ | 917,661 | $ | 241,262 | ||||||||||||||
Net realized gain (loss) on investments | 728,592 | 101,932 | 415,246 | 51,325 | 1,178,149 | 4,404,186 | 2,812,074 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 2,709,196 | 1,934,834 | 268,576 | (15,735 | ) | (555,946 | ) | 879,432 | 1,054 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 3,569,229 | 2,036,766 | 875,372 | 80,279 | 1,578,419 | 6,201,279 | 3,054,390 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 1,237,970 | 193,559 | 1,613,379 | 159,052 | 646,472 | 2,196,663 | 933,076 | |||||||||||||||||||||
Policy maintenance charges | (739,625 | ) | (144,071 | ) | (763,800 | ) | (64,114 | ) | (619,351 | ) | (1,518,929 | ) | (706,085 | ) | ||||||||||||||
Policy owners' benefits | (644,206 | ) | (109,360 | ) | (62,376 | ) | (663 | ) | (722,704 | ) | (1,605,609 | ) | (592,663 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 64,902 | (213,648 | ) | 3,837,253 | 294,082 | 302,998 | (536,917 | ) | 40,097 | |||||||||||||||||||
Net Policy loan repayments (withdrawals) | (168,280 | ) | (154,726 | ) | 14,114 | 87 | (47,298 | ) | (285,277 | ) | (104,730 | ) | ||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (249,239 | ) | (428,246 | ) | 4,638,570 | 388,444 | (439,883 | ) | (1,750,069 | ) | (430,305 | ) | ||||||||||||||||
Total increase (decrease) in net assets | 3,319,990 | 1,608,520 | 5,513,942 | 468,723 | 1,138,536 | 4,451,210 | 2,624,085 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 23,744,749 | 4,710,924 | 6,205,590 | 637,769 | 18,657,948 | 47,045,390 | 25,602,350 | |||||||||||||||||||||
End of period | $ | 27,064,739 | $ | 6,319,444 | $ | 11,719,532 | $ | 1,106,492 | $ | 19,796,484 | $ | 51,496,600 | $ | 28,226,435 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
56
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Franklin Small Cap Value VIP Fund, Class 2 | Franklin Small-Mid Cap Growth VIP Fund, Class 2 | Franklin U.S. Government Securities VIP Fund, Class 2 | Goldman Sachs VIT Core Fixed Income Fund, Institutional Shares | Goldman Sachs VIT Core Fixed Income Fund, Service Shares | Goldman Sachs VIT International Equity Insights Fund, Institutional Shares | Goldman Sachs VIT International Equity Insights Fund, Service Shares | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 25,765 | $ | - | $ | 406,348 | $ | 410,169 | $ | 24,542 | $ | 180,104 | $ | 70,905 | ||||||||||||||
Net realized gain (loss) on investments | 285,077 | 11,982 | (921 | ) | 3,807 | 91 | 7,329 | 5,761 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 298,561 | 1,323,422 | 264,515 | 470,559 | 26,801 | 941,217 | 406,692 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 609,403 | 1,335,404 | 669,942 | 884,535 | 51,434 | 1,128,650 | 483,358 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 224,987 | 231,531 | 833,825 | 2,370,910 | 105,690 | 260,476 | 154,293 | |||||||||||||||||||||
Policy maintenance charges | (115,820 | ) | (141,233 | ) | (538,339 | ) | (1,133,033 | ) | (31,742 | ) | (239,983 | ) | (78,651 | ) | ||||||||||||||
Policy owners' benefits | (143,266 | ) | (104,111 | ) | (536,290 | ) | (48,803 | ) | (20,206 | ) | (194,268 | ) | (70,937 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | (71,605 | ) | (35,942 | ) | 802,284 | 6,316,849 | 36,707 | (126,224 | ) | (112,158 | ) | |||||||||||||||||
Net Policy loan repayments (withdrawals) | 1,270 | (35,960 | ) | (92,593 | ) | 20,279 | 2,544 | (121,681 | ) | (1,932 | ) | |||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (104,434 | ) | (85,715 | ) | 468,887 | 7,526,202 | 92,993 | (421,680 | ) | (109,385 | ) | |||||||||||||||||
Total increase (decrease) in net assets | 504,969 | 1,249,689 | 1,138,829 | 8,410,737 | 144,427 | 706,970 | 373,973 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 4,852,841 | 5,021,649 | 14,697,117 | 9,235,996 | 820,746 | 6,222,325 | 2,671,863 | |||||||||||||||||||||
End of period | $ | 5,357,810 | $ | 6,271,338 | $ | 15,835,946 | $ | 17,646,733 | $ | 965,173 | $ | 6,929,295 | $ | 3,045,836 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
57
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Goldman Sachs VIT Large Cap Value Fund, Institutional Shares | Goldman Sachs VIT Large Cap Value Fund, Service Shares | Goldman Sachs VIT Mid Cap Growth Fund, Service Shares | Goldman Sachs VIT Mid Cap Value Fund, Institutional Shares | Goldman Sachs VIT Mid Cap Value Fund, Service Shares | Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Shares | Goldman Sachs VIT Small Cap Equity Insights Fund, Service Shares | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 244,797 | $ | 41,819 | $ | - | $ | 145,142 | $ | 52,735 | $ | 90,922 | $ | 4,689 | ||||||||||||||
Net realized gain (loss) on investments | 1,218,221 | 244,704 | 23,667 | 359,248 | 184,958 | 80 | 1,437 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 245,134 | 44,680 | 456,498 | 1,011,671 | 533,580 | 1,478,091 | 96,348 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,708,152 | 331,203 | 480,165 | 1,516,061 | 771,273 | 1,569,093 | 102,474 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 351,843 | 66,180 | 110,294 | 1,636,258 | 417,245 | 229,779 | 21,890 | |||||||||||||||||||||
Policy maintenance charges | (430,523 | ) | (63,194 | ) | (67,544 | ) | (841,947 | ) | (243,585 | ) | (210,084 | ) | (13,902 | ) | ||||||||||||||
Policy owners' benefits | (705,505 | ) | (79,102 | ) | (97,524 | ) | (210,108 | ) | (166,677 | ) | (93,392 | ) | (26,478 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | (69,840 | ) | 11,246 | (2,977 | ) | 3,948,594 | 129,114 | 8,464 | 16,027 | |||||||||||||||||||
Net Policy loan repayments (withdrawals) | (135,624 | ) | (5,945 | ) | (6,232 | ) | (19,808 | ) | (19,503 | ) | (34,074 | ) | 6 | |||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (989,649 | ) | (70,815 | ) | (63,983 | ) | 4,512,989 | 116,594 | (99,307 | ) | (2,457 | ) | ||||||||||||||||
Total increase (decrease) in net assets | 718,503 | 260,388 | 416,182 | 6,029,050 | 887,867 | 1,469,786 | 100,017 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 13,840,663 | 2,670,475 | 2,604,601 | 9,474,826 | 6,741,422 | 8,212,620 | 534,406 | |||||||||||||||||||||
End of period | $ | 14,559,166 | $ | 2,930,863 | $ | 3,020,783 | $ | 15,503,876 | $ | 7,629,289 | $ | 9,682,406 | $ | 634,423 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
58
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Goldman Sachs VIT Strategic Growth Fund, Institutional Shares | Goldman Sachs VIT Strategic Growth Fund, Service Shares | Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Shares | Goldman Sachs VIT U.S. Equity Insights Fund, Service Shares | Invesco V.I. American Franchise Fund, Series I | Invesco V.I. American Value Fund, Series II | Invesco V.I. Balanced-Risk Allocation Fund Class, Series II | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | - | $ | - | $ | 81,756 | $ | 461 | $ | - | $ | 18,698 | $ | - | ||||||||||||||
Net realized gain (loss) on investments | 838,379 | 378,915 | (66,280 | ) | (3,608 | ) | 244,339 | 1,071,564 | (127 | ) | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 4,651,224 | 1,862,035 | 2,522,679 | 26,046 | 1,991,836 | (366,931 | ) | 34,879 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 5,489,603 | 2,240,950 | 2,538,155 | 22,899 | 2,236,175 | 723,331 | 34,752 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 346,614 | 273,929 | 266,692 | 1,295 | 144,484 | 278,849 | 18,851 | |||||||||||||||||||||
Policy maintenance charges | (471,118 | ) | (199,033 | ) | (322,547 | ) | (2,839 | ) | (180,245 | ) | (147,111 | ) | (14,109 | ) | ||||||||||||||
Policy owners' benefits | (772,350 | ) | (171,761 | ) | (550,994 | ) | (3,273 | ) | (238,282 | ) | (143,163 | ) | (22,596 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | (253,070 | ) | (456,226 | ) | 19,119 | (980 | ) | (122,244 | ) | (139,387 | ) | 17,879 | ||||||||||||||||
Net Policy loan repayments (withdrawals) | (61,261 | ) | (35,934 | ) | (41,711 | ) | (24,262 | ) | (125,835 | ) | (34,085 | ) | (980 | ) | ||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (1,211,185 | ) | (589,025 | ) | (629,441 | ) | (30,059 | ) | (522,122 | ) | (184,897 | ) | (955 | ) | ||||||||||||||
Total increase (decrease) in net assets | 4,278,418 | 1,651,925 | 1,908,714 | (7,160 | ) | 1,714,053 | 538,434 | 33,797 | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 13,392,095 | 5,436,788 | 10,913,602 | 114,165 | 5,533,474 | 4,771,687 | 548,544 | |||||||||||||||||||||
End of period | $ | 17,670,513 | $ | 7,088,713 | $ | 12,822,316 | $ | 107,005 | $ | 7,247,527 | $ | 5,310,121 | $ | 582,341 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
59
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Invesco V.I. Capital Appreciation Fund, Series I | Invesco V.I. Comstock Fund, Series I | Invesco V.I. Discovery Mid Cap Growth Fund, Series I | Invesco V.I. Discovery Mid Cap Growth Fund, Series II | Invesco V.I. Diversified Dividend Fund, Series I | Invesco V.I. Equity and Income Fund, Series II | Invesco V.I. EQV International Equity Fund, Series II | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | - | $ | 871,313 | $ | - | $ | - | $ | 45,922 | $ | 526,416 | $ | - | ||||||||||||||
Net realized gain (loss) on investments | 113,823 | 5,512,041 | 18,811 | 10 | 188,125 | 1,670,952 | 83,962 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 4,014,282 | (838,998 | ) | 1,273,629 | 52,527 | (35,183 | ) | 792,753 | 1,673,777 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 4,128,105 | 5,544,356 | 1,292,440 | 52,537 | 198,864 | 2,990,121 | 1,757,739 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 370,162 | 1,204,712 | 318,399 | 51,198 | 291,953 | 1,166,865 | 595,093 | |||||||||||||||||||||
Policy maintenance charges | (384,925 | ) | (1,248,090 | ) | (284,965 | ) | (16,127 | ) | (141,066 | ) | (942,052 | ) | (280,160 | ) | ||||||||||||||
Policy owners' benefits | (499,787 | ) | (2,021,189 | ) | (421,928 | ) | - | - | (1,085,665 | ) | (263,561 | ) | ||||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | (98,733 | ) | (265,089 | ) | 185,048 | 16,940 | 708,742 | 315,406 | (335,008 | ) | ||||||||||||||||||
Net Policy loan repayments (withdrawals) | (25,166 | ) | (162,487 | ) | (16,599 | ) | (11 | ) | (125 | ) | (168,876 | ) | (139,327 | ) | ||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (638,449 | ) | (2,492,143 | ) | (220,045 | ) | 52,000 | 859,504 | (714,322 | ) | (422,963 | ) | ||||||||||||||||
Total increase (decrease) in net assets | 3,489,656 | 3,052,213 | 1,072,395 | 104,537 | 1,058,368 | 2,275,799 | 1,334,776 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 11,786,392 | 46,583,921 | 9,855,245 | 375,107 | 1,441,503 | 29,438,387 | 9,971,060 | |||||||||||||||||||||
End of period | $ | 15,276,048 | $ | 49,636,134 | $ | 10,927,640 | $ | 479,644 | $ | 2,499,871 | $ | 31,714,186 | $ | 11,305,836 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
60
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Invesco V.I. Global Fund, Series I | Invesco V.I. Global Real Estate Fund, Series II | Invesco V.I. Global Strategic Income Fund | Invesco V.I. Government Securities Fund, Series II | Invesco V.I. Growth and Income Fund, Series I | Invesco V.I. Main Street Fund, Series I | Invesco V.I. S&P 500 Buffer Fund, June Series I | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 68,843 | $ | 10,552 | $ | - | $ | 85,824 | $ | 762,682 | $ | 92,288 | $ | - | ||||||||||||||
Net realized gain (loss) on investments | 3,923,144 | 288 | (41,932 | ) | (8,800 | ) | 6,165,290 | 843,620 | 861 | |||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 4,911,300 | 64,717 | 1,136,148 | 127,652 | (1,209,316 | ) | 1,354,054 | 2,169 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 8,903,287 | 75,557 | 1,094,216 | 204,676 | 5,718,656 | 2,289,962 | 3,030 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 1,214,800 | 43,658 | 582,342 | 203,159 | 1,896,431 | 254,041 | 17,036 | |||||||||||||||||||||
Policy maintenance charges | (853,567 | ) | (28,310 | ) | (503,233 | ) | (181,197 | ) | (1,475,800 | ) | (324,981 | ) | (6,769 | ) | ||||||||||||||
Policy owners' benefits | (913,729 | ) | (16,410 | ) | (621,715 | ) | (337,107 | ) | (1,628,421 | ) | (571,740 | ) | - | |||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | (1,173,413 | ) | 49,052 | 87,622 | 162,004 | (157,252 | ) | (69,250 | ) | 44,872 | ||||||||||||||||||
Net Policy loan repayments (withdrawals) | (162,020 | ) | (6,201 | ) | (20,418 | ) | (66,251 | ) | (245,695 | ) | (22,074 | ) | - | |||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (1,887,929 | ) | 41,789 | (475,402 | ) | (219,392 | ) | (1,610,737 | ) | (734,004 | ) | 55,139 | ||||||||||||||||
Total increase (decrease) in net assets | 7,015,358 | 117,346 | 618,814 | (14,716 | ) | 4,107,919 | 1,555,958 | 58,169 | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 26,101,649 | 809,048 | 12,608,675 | 4,766,296 | 46,028,374 | 10,123,125 | - | |||||||||||||||||||||
End of period | $ | 33,117,007 | $ | 926,394 | $ | 13,227,489 | $ | 4,751,580 | $ | 50,136,293 | $ | 11,679,083 | $ | 58,169 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
61
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Invesco V.I. Small Cap Equity Fund, Series II | Invesco V.I. U.S. Government Money Portfolio, Series I | Lord Abbett Series Fund Bond Debenture Portfolio | Lord Abbett Series Fund Fundamental Equity Portfolio | Lord Abbett Series Fund Growth and Income Portfolio | Lord Abbett Series Fund Growth Opportunities Portfolio | Lord Abbett Series Fund Inc. Dividend Growth Portfolio | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | - | $ | 425,561 | $ | 1,961,884 | $ | 63,061 | $ | 169,008 | $ | - | $ | 156,290 | ||||||||||||||
Net realized gain (loss) on investments | 68,804 | - | (4,147 | ) | 332,009 | 406,710 | 12,266 | 1,106,587 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 369,841 | - | 391,978 | 1,066,645 | 1,649,259 | 442,364 | 1,494,771 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 438,645 | 425,561 | 2,349,715 | 1,461,715 | 2,224,977 | 454,630 | 2,757,648 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 200,185 | 771,917 | 2,587,330 | 587,891 | 391,847 | 164,048 | 1,320,159 | |||||||||||||||||||||
Policy maintenance charges | (85,793 | ) | (594,244 | ) | (1,534,138 | ) | (351,669 | ) | (506,886 | ) | (126,523 | ) | (784,938 | ) | ||||||||||||||
Policy owners' benefits | (51,148 | ) | (1,828,681 | ) | (1,226,166 | ) | (246,108 | ) | (744,906 | ) | (177,557 | ) | (758,669 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 80,373 | 1,242,421 | 3,203,073 | (107,475 | ) | (108,672 | ) | 147,792 | 1,453,313 | |||||||||||||||||||
Net Policy loan repayments (withdrawals) | (20,317 | ) | (4,614 | ) | (141,276 | ) | (84,654 | ) | (76,581 | ) | (14,622 | ) | (299 | ) | ||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 123,300 | (413,201 | ) | 2,888,823 | (202,015 | ) | (1,045,198 | ) | (6,862 | ) | 1,229,566 | |||||||||||||||||
Total increase (decrease) in net assets | 561,945 | 12,360 | 5,238,538 | 1,259,700 | 1,179,779 | 447,768 | 3,987,214 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 2,589,967 | 9,710,552 | 33,873,650 | 10,069,821 | 17,509,622 | 4,151,988 | 16,219,429 | |||||||||||||||||||||
End of period | $ | 3,151,912 | $ | 9,722,912 | $ | 39,112,188 | $ | 11,329,521 | $ | 18,689,401 | $ | 4,599,756 | $ | 20,206,643 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
62
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Lord Abbett Series Fund Mid Cap Stock Portfolio | MFS Emerging Markets Equity Portfolio, Service Class | MFS Growth Series, Initial Class | MFS International Intrinsic Value Portfolio, Service Class | MFS Investors Trust Series, Initial Class | MFS Massachusetts Investors Growth Stock Portfolio, Initial Class | MFS New Discovery Series, Initial Class | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 84,174 | $ | 7,189 | $ | - | $ | 34,810 | $ | 84,605 | $ | 16,337 | $ | - | ||||||||||||||
Net realized gain (loss) on investments | 570,772 | 2,999 | 1,658,309 | 588,661 | 674,506 | 290,920 | 19,254 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 1,945,163 | 51,960 | 4,340,504 | 550,850 | 1,284,291 | 889,578 | 1,078,690 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 2,600,109 | 62,148 | 5,998,813 | 1,174,321 | 2,043,402 | 1,196,835 | 1,097,944 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 513,442 | 18,192 | 649,156 | 380,679 | 387,463 | 124,670 | 235,902 | |||||||||||||||||||||
Policy maintenance charges | (485,952 | ) | (20,969 | ) | (492,475 | ) | (223,155 | ) | (377,420 | ) | (146,420 | ) | (216,682 | ) | ||||||||||||||
Policy owners' benefits | (770,806 | ) | (17,320 | ) | (637,339 | ) | (214,713 | ) | (581,571 | ) | (102,253 | ) | (263,925 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | (143,416 | ) | (8,101 | ) | (718,911 | ) | (268,745 | ) | (143,344 | ) | 16,258 | 161,512 | ||||||||||||||||
Net Policy loan repayments (withdrawals) | (187,136 | ) | (3,766 | ) | (131,022 | ) | (115,763 | ) | (264,643 | ) | (180,549 | ) | (84,442 | ) | ||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (1,073,868 | ) | (31,964 | ) | (1,330,591 | ) | (441,697 | ) | (979,515 | ) | (288,294 | ) | (167,635 | ) | ||||||||||||||
Total increase (decrease) in net assets | 1,526,241 | 30,184 | 4,668,222 | 732,624 | 1,063,887 | 908,541 | 930,309 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 17,344,228 | 587,548 | 16,962,142 | 6,914,015 | 11,141,120 | 5,127,612 | 7,578,832 | |||||||||||||||||||||
End of period | $ | 18,870,469 | $ | 617,732 | $ | 21,630,364 | $ | 7,646,639 | $ | 12,205,007 | $ | 6,036,153 | $ | 8,509,141 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
63
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
MFS Research Series, Initial Class | MFS Total Return Bond Series, Service Class | MFS Total Return Series, Initial Class | MFS Utilities Series, Initial Class | MFS Value Series, Service Class | Morgan Stanley VIF Global Real Estate Portfolio, Class II | PIMCO All Asset Portfolio | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 59,919 | $ | 442,773 | $ | 414,148 | $ | 184,248 | $ | 268,552 | $ | 11,289 | $ | 7,948 | ||||||||||||||
Net realized gain (loss) on investments | 656,161 | 6,488 | 857,707 | 277,449 | 1,354,589 | 2,052 | (11 | ) | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 1,670,819 | 573,746 | 723,218 | (571,597 | ) | (198,028 | ) | 48,781 | 13,530 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 2,386,899 | 1,023,007 | 1,995,073 | (109,900 | ) | 1,425,113 | 62,122 | 21,467 | ||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 323,304 | 780,530 | 543,019 | 144,562 | 722,837 | 24,912 | 4,260 | |||||||||||||||||||||
Policy maintenance charges | (278,532 | ) | (453,972 | ) | (585,777 | ) | (166,702 | ) | (484,097 | ) | (11,942 | ) | (7,331 | ) | ||||||||||||||
Policy owners' benefits | (683,203 | ) | (457,081 | ) | (1,071,238 | ) | (147,182 | ) | (673,583 | ) | (28,097 | ) | - | |||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | (248,740 | ) | 337,859 | 483,924 | 128,172 | 148,005 | 33,130 | 198,849 | ||||||||||||||||||||
Net Policy loan repayments (withdrawals) | (47,216 | ) | (136,753 | ) | (112,994 | ) | (36,089 | ) | (127,823 | ) | 55 | (930 | ) | |||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (934,387 | ) | 70,583 | (743,066 | ) | (77,239 | ) | (414,661 | ) | 18,058 | 194,848 | |||||||||||||||||
Total increase (decrease) in net assets | 1,452,512 | 1,093,590 | 1,252,007 | (187,139 | ) | 1,010,452 | 80,180 | 216,315 | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 11,056,924 | 14,241,320 | 19,724,978 | 5,446,615 | 18,962,205 | 554,397 | 161,178 | |||||||||||||||||||||
End of period | $ | 12,509,436 | $ | 15,334,910 | $ | 20,976,985 | $ | 5,259,476 | $ | 19,972,657 | $ | 634,577 | $ | 377,493 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
64
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
PIMCO International Bond Portfolio (U.S. Dollar- Hedged), Institutional Class | PIMCO Long-Term U.S. Government Portfolio, Advisor Class | PIMCO Low Duration Portfolio, Advisor Class | PIMCO Real Return Portfolio, Advisor Class | PIMCO Real Return Portfolio, Institutional Class | PIMCO Short-Term Portfolio, Advisor Class | PIMCO Short-Term Portfolio, Institutional Class | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 119,459 | $ | 18,057 | $ | 75,474 | $ | 334,787 | $ | 7 | $ | 109,817 | $ | 36,430 | ||||||||||||||
Net realized gain (loss) on investments | 109,637 | 3,178 | 298 | 1,079 | 13 | 1,532 | 285 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 188,383 | 17,084 | 26,964 | 72,948 | (134 | ) | 30,804 | 9,688 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 417,479 | 38,319 | 102,736 | 408,814 | (114 | ) | 142,153 | 46,403 | ||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 678,539 | 42,628 | 72,328 | 718,610 | - | 140,169 | 79,526 | |||||||||||||||||||||
Policy maintenance charges | (363,570 | ) | (27,312 | ) | (74,967 | ) | (410,370 | ) | (110 | ) | (75,331 | ) | (48,044 | ) | ||||||||||||||
Policy owners' benefits | (19,339 | ) | (1,818 | ) | (68,691 | ) | (277,785 | ) | - | (47,934 | ) | (18,002 | ) | |||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 2,000,740 | 212,797 | 47,351 | 521,189 | 55,161 | 31,657 | 120,683 | |||||||||||||||||||||
Net Policy loan repayments (withdrawals) | 8,435 | (5,197 | ) | (15,885 | ) | (94,251 | ) | 2 | (48,758 | ) | 12,387 | |||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 2,304,805 | 221,098 | (39,864 | ) | 457,393 | 55,053 | (197 | ) | 146,550 | |||||||||||||||||||
Total increase (decrease) in net assets | 2,722,284 | 259,417 | 62,872 | 866,207 | 54,939 | 141,956 | 192,953 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 3,196,071 | 698,480 | 2,123,322 | 11,150,758 | - | 2,448,345 | 683,005 | |||||||||||||||||||||
End of period | $ | 5,918,355 | $ | 957,897 | $ | 2,186,194 | $ | 12,016,965 | $ | 54,939 | $ | 2,590,301 | $ | 875,958 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
65
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
PIMCO Total Return Portfolio, Advisor Class | PIMCO Total Return Portfolio, Institutional Class | Putnam VT Sustainable Leaders Fund, Class IA | Royce Capital Fund Micro Cap Portfolio, Service Class | Royce Capital Fund Small Cap Portfolio | Royce Capital Fund Small Cap Portfolio, Service Class | Schwab S&P 500 Index Fund | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 977,024 | $ | 172,162 | $ | - | $ | - | $ | 8,569 | $ | 71,662 | $ | - | ||||||||||||||
Net realized gain (loss) on investments | (157 | ) | (13,696 | ) | 25 | 6,018 | 93,769 | 969,138 | 16 | |||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 645,272 | 120,161 | 4,753 | 182,024 | 112,811 | 1,387,582 | 858 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,622,139 | 278,627 | 4,778 | 188,042 | 215,149 | 2,428,382 | 874 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 1,573,372 | 594,144 | - | 36,728 | 109,651 | 601,615 | - | |||||||||||||||||||||
Policy maintenance charges | (903,730 | ) | (322,304 | ) | (598 | ) | (21,256 | ) | (59,701 | ) | (322,204 | ) | (206 | ) | ||||||||||||||
Policy owners' benefits | (873,212 | ) | (15,378 | ) | - | (25,233 | ) | (2,382 | ) | (184,498 | ) | - | ||||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 1,390,233 | 1,447,516 | 47,918 | (13,444 | ) | 187,352 | (347,830 | ) | 86,152 | |||||||||||||||||||
Net Policy loan repayments (withdrawals) | (148,262 | ) | 1,884 | - | (8,527 | ) | 561 | (68,849 | ) | - | ||||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 1,038,401 | 1,705,862 | 47,320 | (31,732 | ) | 235,481 | (321,766 | ) | 85,946 | |||||||||||||||||||
Total increase (decrease) in net assets | 2,660,540 | 1,984,489 | 52,098 | 156,310 | 450,630 | 2,106,616 | 86,820 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 27,132,228 | 3,616,606 | - | 1,006,982 | 704,018 | 9,620,407 | - | |||||||||||||||||||||
End of period | $ | 29,792,768 | $ | 5,601,095 | $ | 52,098 | $ | 1,163,292 | $ | 1,154,648 | $ | 11,727,023 | $ | 86,820 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
66
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Templeton Developing Markets VIP Fund | Templeton Developing Markets VIP Fund, Class 2 | Templeton Foreign VIP Fund, Class 2 | Templeton Global Bond VIP Fund, Class 2 | Templeton Growth VIP Fund, Class 2 | TOPS Aggressive Growth ETF Portfolio, Class 1 | TOPS Aggressive Growth ETF Portfolio, Class 2 | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 7,496 | $ | 30,927 | $ | 322,718 | $ | - | $ | 530,500 | $ | 11,270 | $ | 1,213 | ||||||||||||||
Net realized gain (loss) on investments | 341 | 5,488 | 7,163 | (6,095 | ) | 14,225 | 5,002 | 596 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 29,778 | 142,206 | 1,574,962 | 350,323 | 2,515,057 | 105,326 | 15,637 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 37,615 | 178,621 | 1,904,843 | 344,228 | 3,059,782 | 121,598 | 17,446 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 57,293 | 77,325 | 378,815 | 478,910 | 620,246 | 243,823 | 7,871 | |||||||||||||||||||||
Policy maintenance charges | (29,563 | ) | (49,109 | ) | (263,427 | ) | (406,326 | ) | (476,987 | ) | (84,647 | ) | (3,872 | ) | ||||||||||||||
Policy owners' benefits | (343 | ) | (18,091 | ) | (351,966 | ) | (306,166 | ) | (434,296 | ) | (11,603 | ) | - | |||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 34,289 | (7,552 | ) | (464,382 | ) | 470,065 | (497,837 | ) | 313,399 | (195 | ) | |||||||||||||||||
Net Policy loan repayments (withdrawals) | (7 | ) | (5,463 | ) | (30,538 | ) | (11,867 | ) | (46,847 | ) | (23 | ) | 1 | |||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 61,669 | (2,890 | ) | (731,498 | ) | 224,616 | (835,721 | ) | 460,949 | 3,805 | ||||||||||||||||||
Total increase (decrease) in net assets | 99,284 | 175,731 | 1,173,345 | 568,844 | 2,224,061 | 582,547 | 21,251 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 267,834 | 1,391,479 | 9,516,575 | 11,612,282 | 14,946,113 | 429,897 | 97,216 | |||||||||||||||||||||
End of period | $ | 367,118 | $ | 1,567,210 | $ | 10,689,920 | $ | 12,181,126 | $ | 17,170,174 | $ | 1,012,444 | $ | 118,467 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
67
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
TOPS Class 2 | TOPS Conservative ETF Portfolio, Class 1 | TOPS Conservative ETF Portfolio, Class 2 | TOPS Growth ETF Portfolio, Class 1 | TOPS Growth ETF Portfolio, Class 2 | TOPS Class 1 | TOPS Class 2 | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 1,211 | $ | 4,982 | $ | 631 | $ | 74,982 | $ | 31,017 | $ | 100,046 | $ | 5,065 | ||||||||||||||
Net realized gain (loss) on investments | 2,401 | 3,620 | 1,437 | 54,798 | 25,475 | 70,527 | 3,792 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 4,979 | 16,765 | 1,242 | 556,715 | 297,782 | 447,243 | 27,396 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 8,591 | 25,367 | 3,310 | 686,495 | 354,274 | 617,816 | 36,253 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 3,079 | 14,346 | 4,629 | 639,700 | 237,152 | 632,193 | 32,722 | |||||||||||||||||||||
Policy maintenance charges | (2,635 | ) | (14,824 | ) | (1,933 | ) | (318,239 | ) | (81,719 | ) | (349,551 | ) | (6,783 | ) | ||||||||||||||
Policy owners' benefits | (36,059 | ) | (5 | ) | - | (14,763 | ) | (16,648 | ) | (11,629 | ) | - | ||||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 330 | 191,370 | (2,133 | ) | 1,777,183 | (10,443 | ) | 2,137,649 | (386 | ) | ||||||||||||||||||
Net Policy loan repayments (withdrawals) | - | 1 | - | (26,930 | ) | 28 | 1,434 | (1 | ) | |||||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (35,285 | ) | 190,888 | 563 | 2,056,951 | 128,370 | 2,410,096 | 25,552 | ||||||||||||||||||||
Total increase (decrease) in net assets | (26,694 | ) | 216,255 | 3,873 | 2,743,446 | 482,644 | 3,027,912 | 61,805 | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 96,751 | 179,846 | 28,035 | 3,084,848 | 2,131,197 | 3,120,955 | 251,533 | |||||||||||||||||||||
End of period | $ | 70,057 | $ | 396,101 | $ | 31,908 | $ | 5,828,294 | $ | 2,613,841 | $ | 6,148,867 | $ | 313,338 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
68
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | ||||||||||||||||||||||||||||
Vanguard VIF Capital Growth Portfolio | Vanguard VIF Conservative Allocation Portfolio | Vanguard VIF Equity Income Portfolio | Vanguard VIF Equity Index Portfolio | Vanguard VIF Growth Portfolio | Vanguard VIF International Portfolio | Vanguard VIF Mid-Cap Index Portfolio | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 140,321 | $ | - | $ | 60,256 | $ | 919 | $ | - | $ | 21,872 | $ | 774 | ||||||||||||||
Net realized gain (loss) on investments | 679,793 | 37 | 117,710 | 3,386 | (5 | ) | 48,809 | 1,019 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 3,012,793 | 287 | 57,362 | 8,965 | 300 | 139,782 | 6,820 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 3,832,907 | 324 | 235,328 | 13,270 | 295 | 210,463 | 8,613 | |||||||||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners' net payments | 2,792,852 | - | 322,431 | 3,640 | 164 | 247,325 | 3,640 | |||||||||||||||||||||
Policy maintenance charges | (1,390,601 | ) | (106 | ) | (193,785 | ) | (3,364 | ) | (72 | ) | (117,085 | ) | (3,133 | ) | ||||||||||||||
Policy owners' benefits | (85,053 | ) | - | (11,176 | ) | (23,286 | ) | (202 | ) | (946 | ) | - | ||||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 6,223,482 | 55,136 | 886,839 | 630 | 30,622 | 334,282 | 1,968 | |||||||||||||||||||||
Net Policy loan repayments (withdrawals) | 16,830 | - | 6,160 | - | - | (551 | ) | - | ||||||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 7,557,510 | 55,030 | 1,010,469 | (22,380 | ) | 30,512 | 463,025 | 2,475 | ||||||||||||||||||||
Total increase (decrease) in net assets | 11,390,417 | 55,354 | 1,245,797 | (9,110 | ) | 30,807 | 673,488 | 11,088 | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 10,416,639 | - | 2,034,432 | 55,972 | - | 1,271,474 | 51,905 | |||||||||||||||||||||
End of period | $ | 21,807,056 | $ | 55,354 | $ | 3,280,229 | $ | 46,862 | $ | 30,807 | $ | 1,944,962 | $ | 62,993 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
69
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS | |||||||||||||||||
Vanguard VIF Real Estate Index Portfolio | Vanguard VIF Short-Term Investment- Grade Portfolio | Vanguard VIF Total Bond Market Index Portfolio | Vanguard VIF Total Stock Market Index Portfolio | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||
OPERATIONS: | |||||||||||||||||
Total investment income | $ | 13,967 | $ | 246,565 | $ | 15,854 | $ | 15,403 | |||||||||
Net realized gain (loss) on investments | 26,045 | 1,166 | (1,994 | ) | 74,427 | ||||||||||||
Change in net unrealized appreciation (depreciation) on investments | 36,761 | 659,844 | 21,411 | 238,050 | |||||||||||||
Net increase (decrease) in net assets resulting from operations | 76,773 | 907,575 | 35,271 | 327,880 | |||||||||||||
POLICY TRANSACTIONS: | |||||||||||||||||
Policy owners' net payments | 75,255 | 2,506,175 | 107,609 | 110,316 | |||||||||||||
Policy maintenance charges | (36,797 | ) | (1,226,684 | ) | (13,311 | ) | (24,498 | ) | |||||||||
Policy owners' benefits | (3,937 | ) | (63,101 | ) | (4,109 | ) | (70,344 | ) | |||||||||
Net transfers (to) from the Company and/or Subaccounts | 143,988 | 6,516,444 | 14,229 | 319,728 | |||||||||||||
Net Policy loan repayments (withdrawals) | 3,134 | 17,408 | 1,593 | (1 | ) | ||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 181,643 | 7,750,242 | 106,011 | 335,201 | |||||||||||||
Total increase (decrease) in net assets | 258,416 | 8,657,817 | 141,282 | 663,081 | |||||||||||||
NET ASSETS: | |||||||||||||||||
Beginning of period | 513,751 | 10,082,959 | 585,574 | 1,036,802 | |||||||||||||
End of period | $ | 772,167 | $ | 18,740,776 | $ | 726,856 | $ | 1,699,883 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
70
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
American Funds IS Asset Allocation Fund, Class 2 | American Funds IS Asset Allocation Fund, Class 1 | American Funds IS Global Growth Fund, Class 1 | American Funds IS Global Growth Fund, Class 2 | American Funds IS Global Small Capitalization Fund, Class 2 | American Funds IS Growth Fund, Class 2 | American Funds IS Growth Fund, Class 1 | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 79,770 | $ | 85,881 | $ | 109,219 | $ | 20,908 | $ | - | $ | 26,928 | $ | 42,482 | ||||||||||||||
Net realized gain (loss) on investments | 427,902 | 334,223 | 880,608 | 334,104 | 670,638 | 1,165,740 | 760,210 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (1,128,636 | ) | (837,157 | ) | (2,674,575 | ) | (1,270,136 | ) | (1,424,718 | ) | (4,246,237 | ) | (2,640,740 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (620,964 | ) | (417,053 | ) | (1,684,748 | ) | (915,124 | ) | (754,080 | ) | (3,053,569 | ) | (1,838,048 | ) | ||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 294,347 | 390,005 | 1,715,631 | 318,911 | 122,272 | 666,941 | 790,568 | |||||||||||||||||||||
Policy maintenance charges | (157,232 | ) | (261,369 | ) | (827,997 | ) | (95,046 | ) | (66,198 | ) | (311,463 | ) | (488,092 | ) | ||||||||||||||
Policy owners’ benefits | (18,014 | ) | - | (30,192 | ) | (20,371 | ) | (1,371 | ) | (83,334 | ) | (5,627 | ) | |||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | (12,050 | ) | 1,844,556 | 7,534,486 | 97,091 | 235,022 | 248,624 | 3,989,980 | ||||||||||||||||||||
Net Policy loan repayments (withdrawals) | (6,323 | ) | - | 12,247 | (6,638 | ) | (534 | ) | (104,342 | ) | 3,071 | |||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 100,728 | 1,973,192 | 8,404,175 | 293,947 | 289,191 | 416,426 | 4,289,900 | |||||||||||||||||||||
Total increase (decrease) in net assets | (520,236 | ) | 1,556,139 | 6,719,427 | (621,177 | ) | (464,889 | ) | (2,637,143 | ) | 2,451,852 | |||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 4,599,044 | 2,577,295 | 6,178,747 | 3,624,605 | 2,522,997 | 10,155,042 | 4,766,009 | |||||||||||||||||||||
End of period | $ | 4,078,808 | $ | 4,133,434 | $ | 12,898,174 | $ | 3,003,428 | $ | 2,058,108 | $ | 7,517,899 | $ | 7,217,861 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
71
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
American Funds IS Growth- Income Fund, Class 1 | American Funds IS International Fund, Class 2 | American Funds IS New World Fund, Class 2 | American Funds IS New World Fund, Class 1 | American Funds IS Washington Mutual Investors Fund, Class 2 | Calvert VP SRI Balanced Portfolio | ClearBridge Variable Mid Cap Portfolio, Class II | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 92,666 | $ | 46,257 | $ | 20,431 | $ | 149,108 | $ | 142,433 | $ | 692 | $ | 2,407 | ||||||||||||||
Net realized gain (loss) on investments | 423,400 | 360,363 | 132,257 | 565,081 | 1,644,549 | 5,432 | 162,737 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (1,243,423 | ) | (1,047,961 | ) | (526,571 | ) | (1,906,512 | ) | (2,444,825 | ) | (16,111 | ) | (943,663 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (727,357 | ) | (641,341 | ) | (373,883 | ) | (1,192,323 | ) | (657,843 | ) | (9,987 | ) | (778,519 | ) | ||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 573,922 | 145,955 | 213,126 | 1,575,049 | 642,116 | - | 153,397 | |||||||||||||||||||||
Policy maintenance charges | (355,262 | ) | (91,022 | ) | (60,875 | ) | (726,374 | ) | (252,084 | ) | (1,085 | ) | (73,256 | ) | ||||||||||||||
Policy owners’ benefits | (168 | ) | (5,964 | ) | (4,763 | ) | (28,180 | ) | (55,094 | ) | - | (24,362 | ) | |||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 2,915,996 | 112,987 | 155,791 | 6,562,364 | (183,075 | ) | 1 | 35,828 | ||||||||||||||||||||
Net Policy loan repayments (withdrawals) | (3,036 | ) | (6,415 | ) | (2,751 | ) | 18,233 | (21,495 | ) | (31 | ) | (18,418 | ) | |||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 3,131,452 | 155,541 | 300,528 | 7,401,092 | 130,368 | (1,115 | ) | 73,189 | ||||||||||||||||||||
Total increase (decrease) in net assets | 2,404,095 | (485,800 | ) | (73,355 | ) | 6,208,769 | (527,475 | ) | (11,102 | ) | (705,330 | ) | ||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 3,826,907 | 3,028,744 | 1,582,076 | 4,729,212 | 7,862,998 | 65,086 | 3,045,719 | |||||||||||||||||||||
End of period | $ | 6,231,002 | $ | 2,542,944 | $ | 1,508,721 | $ | 10,937,981 | $ | 7,335,523 | $ | 53,984 | $ | 2,340,389 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
72
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
ClearBridge Variable Small Cap Growth Portfolio, Class I | ClearBridge Variable Small Cap Growth Portfolio, Class II | Dimensional VA International Small Portfolio | Dimensional VA International Value Portfolio | Dimensional VA US Large Value Portfolio | Dimensional VIT Inflation Protected Securities Portfolio, Institutional | Fidelity VIP Contrafund Portfolio, Service Class | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | - | $ | - | $ | 64,618 | $ | 28,267 | $ | 21,924 | $ | 237,029 | $ | 185,289 | ||||||||||||||
Net realized gain (loss) on investments | 87,608 | 33,148 | 43,756 | 7,275 | 11,466 | (283 | ) | 2,160,836 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (1,206,879 | ) | (710,354 | ) | (267,693 | ) | (44,823 | ) | (48,135 | ) | (475,878 | ) | (17,097,324 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,119,271 | ) | (677,206 | ) | (159,319 | ) | (9,281 | ) | (14,745 | ) | (239,132 | ) | (14,751,199 | ) | ||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 990,104 | 106,956 | 457,702 | 67,873 | 174,714 | 313,545 | 2,056,205 | |||||||||||||||||||||
Policy maintenance charges | (455,683 | ) | (38,753 | ) | (189,483 | ) | (48,996 | ) | (55,693 | ) | (189,727 | ) | (1,256,766 | ) | ||||||||||||||
Policy owners’ benefits | (15,809 | ) | (14,999 | ) | (3,873 | ) | - | (3,357 | ) | (10,687 | ) | (1,552,328 | ) | |||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 4,085,475 | (105,259 | ) | 1,447,944 | 398,267 | 442,378 | 1,832,500 | 961,379 | ||||||||||||||||||||
Net Policy loan repayments (withdrawals) | 8,005 | (58,536 | ) | 1,648 | 1 | 836 | 2,843 | (205,649 | ) | |||||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 4,612,092 | (110,591 | ) | 1,713,938 | 417,145 | 558,878 | 1,948,474 | 2,841 | ||||||||||||||||||||
Total increase (decrease) in net assets | 3,492,821 | (787,797 | ) | 1,554,619 | 407,864 | 544,133 | 1,709,342 | (14,748,358 | ) | |||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 3,121,627 | 2,445,409 | 1,003,145 | 337,697 | 430,202 | 1,188,357 | 56,303,319 | |||||||||||||||||||||
End of period | $ | 6,614,448 | $ | 1,657,612 | $ | 2,557,764 | $ | 745,561 | $ | 974,335 | $ | 2,897,699 | $ | 41,554,961 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
73
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
Fidelity VIP Equity- Income Portfolio, Service Class | Fidelity VIP Freedom Funds 2015 Portfolio, Service Class | Fidelity VIP Freedom Funds 2020 Portfolio, Service Class | Fidelity VIP Growth Portfolio, Service Class | Fidelity VIP Index 500 Portfolio, Service Class | Fidelity VIP Investment Grade Bond Portfolio, Service Class | Fidelity VIP Mid Cap Portfolio, Service Class | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 64,749 | $ | 9,719 | $ | 16,257 | $ | 15,724 | $ | 415,865 | $ | 324,204 | $ | 100,833 | ||||||||||||||
Net realized gain (loss) on investments | 103,298 | 45,964 | 78,160 | 131,083 | 207,857 | 727,855 | 1,618,917 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (372,247 | ) | (134,276 | ) | (237,392 | ) | (1,142,777 | ) | (6,988,136 | ) | (3,131,356 | ) | (5,907,556 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (204,200 | ) | (78,593 | ) | (142,975 | ) | (995,970 | ) | (6,364,414 | ) | (2,079,297 | ) | (4,187,806 | ) | ||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 121,548 | 4,839 | 18,213 | 96,366 | 1,214,114 | 605,183 | 1,332,669 | |||||||||||||||||||||
Policy maintenance charges | (142,186 | ) | (12,426 | ) | (17,920 | ) | (82,272 | ) | (832,025 | ) | (452,001 | ) | (740,477 | ) | ||||||||||||||
Policy owners’ benefits | (178,683 | ) | (21,096 | ) | - | (101,402 | ) | (442,204 | ) | (193,837 | ) | (530,600 | ) | |||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | (74,524 | ) | (565 | ) | 46,104 | (3,727 | ) | (58,321 | ) | (166,535 | ) | (362,375 | ) | |||||||||||||||
Net Policy loan repayments (withdrawals) | (21,233 | ) | - | (1 | ) | (61,415 | ) | (156,500 | ) | (59,879 | ) | (177,456 | ) | |||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (295,078 | ) | (29,248 | ) | 46,396 | (152,450 | ) | (274,936 | ) | (267,069 | ) | (478,239 | ) | |||||||||||||||
Total increase (decrease) in net assets | (499,278 | ) | (107,841 | ) | (96,579 | ) | (1,148,420 | ) | (6,639,350 | ) | (2,346,366 | ) | (4,666,045 | ) | ||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 3,955,456 | 544,550 | 887,616 | 3,904,702 | 34,915,355 | 15,949,016 | 28,410,794 | |||||||||||||||||||||
End of period | $ | 3,456,178 | $ | 436,709 | $ | 791,037 | $ | 2,756,282 | $ | 28,276,005 | $ | 13,602,650 | $ | 23,744,749 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
74
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
Fidelity VIP Growth Opportunities Portfolio, Initial Class | Fidelity VIP Index 500 Portfolio, Initial Class | Fidelity VIP Grade Bond Portfolio, Initial Class | Fidelity VIP Mid Cap Portfolio, Initial Class | Franklin DynaTech VIP Fund | Franklin Growth and Income VIP Fund, Class 1 | Franklin Income VIP Fund, Class 1 | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | - | $ | 263,903 | $ | 81,535 | $ | 12,728 | $ | - | $ | 124,490 | $ | 22,381 | ||||||||||||||
Net realized gain (loss) on investments | 165,868 | 61,384 | 88,688 | 138,353 | 2,753,893 | 1,710,737 | 8,956 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (953,130 | ) | (2,413,697 | ) | (462,284 | ) | (415,566 | ) | (5,611,540 | ) | (1,928,042 | ) | (52,474 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (787,262 | ) | (2,088,410 | ) | (292,061 | ) | (264,485 | ) | (2,857,647 | ) | (92,815 | ) | (21,137 | ) | ||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 319,401 | 2,656,880 | 358,254 | 280,081 | 192,828 | 861,171 | 76,510 | |||||||||||||||||||||
Policy maintenance charges | (128,098 | ) | (1,325,063 | ) | (223,550 | ) | (164,972 | ) | (128,407 | ) | (425,995 | ) | (40,199 | ) | ||||||||||||||
Policy owners’ benefits | (6,031 | ) | (44,964 | ) | (10,727 | ) | (1,017 | ) | (111,762 | ) | (20,137 | ) | (1,029 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 1,497,013 | 12,499,639 | 2,061,761 | 1,148,241 | 873,410 | 3,451,219 | 286,355 | |||||||||||||||||||||
Net Policy loan repayments (withdrawals) | 1,050 | 12,400 | 5,303 | (2,172 | ) | (77,070 | ) | 9,367 | 876 | |||||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 1,683,335 | 13,798,892 | 2,191,041 | 1,260,161 | 748,999 | 3,875,625 | 322,513 | |||||||||||||||||||||
Total increase (decrease) in net assets | 896,073 | 11,710,482 | 1,898,980 | 995,676 | (2,108,648 | ) | 3,782,810 | 301,376 | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 1,097,819 | 8,429,296 | 1,628,278 | 1,508,472 | 6,819,572 | 2,422,780 | 336,393 | |||||||||||||||||||||
End of period | $ | 1,993,892 | $ | 20,139,778 | $ | 3,527,258 | $ | 2,504,148 | $ | 4,710,924 | $ | 6,205,590 | $ | 637,769 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
75
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
Franklin Income VIP Fund, Class 2 | Franklin Mutual Shares VIP Fund, Class 2 | Franklin Rising Dividends VIP Fund, Class 2 | Franklin Small Cap Value VIP Fund, Class 2 | Franklin Small-Mid Cap Growth VIP Fund, Class 2 | Franklin U.S. Government Securities VIP Fund, Class 2 | Goldman Sachs VIT International Equity Insights Fund, Institutional Shares | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 959,727 | $ | 895,497 | $ | 206,747 | $ | 48,395 | $ | - | $ | 367,382 | $ | 207,282 | ||||||||||||||
Net realized gain (loss) on investments | 402,009 | 5,456,550 | 3,407,757 | 918,978 | 1,339,860 | (10,584 | ) | (36,351 | ) | |||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (2,519,917 | ) | (10,194,269 | ) | (6,718,489 | ) | (1,501,840 | ) | (3,726,127 | ) | (1,975,151 | ) | (1,189,801 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,158,181 | ) | (3,842,222 | ) | (3,103,985 | ) | (534,467 | ) | (2,386,267 | ) | (1,618,353 | ) | (1,018,870 | ) | ||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 672,338 | 2,329,691 | 964,584 | 229,983 | 221,833 | 892,855 | 274,527 | |||||||||||||||||||||
Policy maintenance charges | (627,948 | ) | (1,515,141 | ) | (695,056 | ) | (117,589 | ) | (135,278 | ) | (555,817 | ) | (230,799 | ) | ||||||||||||||
Policy owners’ benefits | (630,384 | ) | (1,249,768 | ) | (486,383 | ) | (107,998 | ) | (135,464 | ) | (369,319 | ) | (361,374 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | (754,489 | ) | (1,327,279 | ) | (392,741 | ) | 184,923 | 558,209 | (213,342 | ) | 28,949 | |||||||||||||||||
Net Policy loan repayments (withdrawals) | (183,410 | ) | (78,008 | ) | (91,683 | ) | (25,465 | ) | (42,927 | ) | (4,311 | ) | (6,692 | ) | ||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (1,523,893 | ) | (1,840,505 | ) | (701,279 | ) | 163,854 | 466,373 | (249,934 | ) | (295,389 | ) | ||||||||||||||||
Total increase (decrease) in net assets | (2,682,074 | ) | (5,682,727 | ) | (3,805,264 | ) | (370,613 | ) | (1,919,894 | ) | (1,868,287 | ) | (1,314,259 | ) | ||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 21,340,022 | 52,728,117 | 29,407,614 | 5,223,454 | 6,941,543 | 16,565,404 | 7,536,584 | |||||||||||||||||||||
End of period | $ | 18,657,948 | $ | 47,045,390 | $ | 25,602,350 | $ | 4,852,841 | $ | 5,021,649 | $ | 14,697,117 | $ | 6,222,325 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
76
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
Goldman Sachs VIT International Equity Insights Fund, Service Shares | Goldman Sachs VIT Large Cap Value Fund, Institutional Shares | Goldman Sachs VIT Large Cap Value Fund, Service Shares | Goldman Sachs VIT Mid Cap Value Fund, Institutional Shares | Goldman Sachs VIT Mid Cap Value Fund, Service Shares | Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Shares | Goldman Sachs VIT Small Cap Equity Insights Fund, Service Shares | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 81,050 | $ | 191,804 | $ | 30,277 | $ | 65,296 | $ | 29,148 | $ | 27,584 | $ | 520 | ||||||||||||||
Net realized gain (loss) on investments | (290 | ) | 1,305,452 | 254,778 | 1,369,667 | 1,017,115 | 27,190 | 4,044 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (485,196 | ) | (2,528,562 | ) | (485,451 | ) | (2,082,511 | ) | (1,825,875 | ) | (2,078,454 | ) | (133,793 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (404,436 | ) | (1,031,306 | ) | (200,396 | ) | (647,548 | ) | (779,612 | ) | (2,023,680 | ) | (129,229 | ) | ||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 171,300 | 372,250 | 69,593 | 895,390 | 438,775 | 246,067 | 22,710 | |||||||||||||||||||||
Policy maintenance charges | (76,178 | ) | (430,640 | ) | (65,042 | ) | (518,418 | ) | (254,268 | ) | (217,554 | ) | (13,627 | ) | ||||||||||||||
Policy owners’ benefits | (69,670 | ) | (592,580 | ) | (50,039 | ) | (295,859 | ) | (102,867 | ) | (397,918 | ) | (26,156 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 74,287 | (284,998 | ) | (145,825 | ) | 3,579,108 | (358,212 | ) | 100,221 | 30,237 | ||||||||||||||||||
Net Policy loan repayments (withdrawals) | (8,740 | ) | (56,876 | ) | (16,576 | ) | (72 | ) | (475 | ) | 222 | 5 | ||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 90,999 | (992,844 | ) | (207,889 | ) | 3,660,149 | (277,047 | ) | (268,962 | ) | 13,169 | |||||||||||||||||
Total increase (decrease) in net assets | (313,437 | ) | (2,024,150 | ) | (408,285 | ) | 3,012,601 | (1,056,659 | ) | (2,292,642 | ) | (116,060 | ) | |||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 2,985,300 | 15,864,813 | 3,078,760 | 6,462,225 | 7,798,081 | 10,505,262 | 650,466 | |||||||||||||||||||||
End of period | $ | 2,671,863 | $ | 13,840,663 | $ | 2,670,475 | $ | 9,474,826 | $ | 6,741,422 | $ | 8,212,620 | $ | 534,406 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
77
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
Goldman Sachs VIT Strategic Growth Fund, Institutional Shares | Goldman Sachs VIT Strategic Growth Fund, Service Shares | Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Shares | Goldman Sachs VIT U.S. Equity Insights Fund, Service Shares | Goldman Sachs VIT Core Fixed Income Fund, Institutional Shares | Goldman Sachs VIT Core Fixed Income Fund, Service Shares | Goldman Sachs VIT Mid Cap Growth Fund, Service Shares | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | - | $ | - | $ | 98,154 | $ | 724 | $ | 95,875 | $ | 12,939 | $ | - | ||||||||||||||
Net realized gain (loss) on investments | 2,588,802 | 1,058,094 | (35,182 | ) | 632 | (311 | ) | (14,519 | ) | 102,390 | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (9,134,071 | ) | (3,529,950 | ) | (2,891,609 | ) | (29,306 | ) | (805,250 | ) | (143,138 | ) | (991,322 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (6,545,269 | ) | (2,471,856 | ) | (2,828,637 | ) | (27,950 | ) | (709,686 | ) | (144,718 | ) | (888,932 | ) | ||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 354,403 | 295,109 | 272,969 | 2,293 | 1,236,992 | 111,777 | 117,488 | |||||||||||||||||||||
Policy maintenance charges | (440,932 | ) | (184,362 | ) | (324,440 | ) | (2,961 | ) | (617,101 | ) | (33,034 | ) | (68,651 | ) | ||||||||||||||
Policy owners’ benefits | (488,190 | ) | (119,763 | ) | (558,739 | ) | (1,622 | ) | (23,872 | ) | (159,325 | ) | (95,894 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 497,417 | 482,548 | 86,514 | 1,480 | 5,795,884 | (487 | ) | 222,291 | ||||||||||||||||||||
Net Policy loan repayments (withdrawals) | (58,012 | ) | (32,913 | ) | (93,641 | ) | (6 | ) | 6,972 | (3 | ) | (14,161 | ) | |||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (135,314 | ) | 440,619 | (617,337 | ) | (816 | ) | 6,398,875 | (81,072 | ) | 161,073 | |||||||||||||||||
Total increase (decrease) in net assets | (6,680,583 | ) | (2,031,237 | ) | (3,445,974 | ) | (28,766 | ) | 5,689,189 | (225,790 | ) | (727,859 | ) | |||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 20,072,678 | 7,468,025 | 14,359,576 | 142,931 | 3,546,807 | 1,046,536 | 3,332,460 | |||||||||||||||||||||
End of period | $ | 13,392,095 | $ | 5,436,788 | $ | 10,913,602 | $ | 114,165 | $ | 9,235,996 | $ | 820,746 | $ | 2,604,601 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
78
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
Invesco V.I. American Franchise Fund, Series I | Invesco V.I. American Value Fund, Series II | Invesco V.I. Balanced-Risk Allocation Fund Class, Series II | Invesco V.I. Capital Appreciation Fund, Series I | Invesco V.I. Comstock Fund, Series I | Invesco V.I. Discovery Mid Cap Growth Fund, Series I | Invesco V.I. Discovery Mid Cap Growth Fund, Series II | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | - | $ | 22,265 | $ | 43,881 | $ | - | $ | 764,378 | $ | - | $ | - | ||||||||||||||
Net realized gain (loss) on investments | 1,661,987 | 954,916 | 15,162 | 4,665,968 | 2,445,829 | 2,957,430 | 123,097 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (4,157,321 | ) | (1,126,900 | ) | (159,862 | ) | (9,993,148 | ) | (2,691,625 | ) | (7,304,479 | ) | (268,426 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,495,334 | ) | (149,719 | ) | (100,819 | ) | (5,327,180 | ) | 518,582 | (4,347,049 | ) | (145,329 | ) | |||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 151,840 | 299,036 | 18,915 | 392,163 | 1,238,276 | 346,319 | 52,631 | |||||||||||||||||||||
Policy maintenance charges | (183,201 | ) | (154,069 | ) | (14,412 | ) | (376,029 | ) | (1,259,252 | ) | (284,949 | ) | (15,901 | ) | ||||||||||||||
Policy owners’ benefits | (219,657 | ) | (114,379 | ) | (43,956 | ) | (462,526 | ) | (1,667,520 | ) | (361,732 | ) | (1,938 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 211,252 | (334,644 | ) | 9,775 | 420,856 | (2,860,094 | ) | 534,991 | 39,953 | |||||||||||||||||||
Net Policy loan repayments (withdrawals) | (15,531 | ) | (21,087 | ) | (1,603 | ) | (54,941 | ) | (188,427 | ) | (7,768 | ) | (638 | ) | ||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (55,297 | ) | (325,143 | ) | (31,281 | ) | (80,477 | ) | (4,737,017 | ) | 226,861 | 74,107 | ||||||||||||||||
Total increase (decrease) in net assets | (2,550,631 | ) | (474,862 | ) | (132,100 | ) | (5,407,657 | ) | (4,218,435 | ) | (4,120,188 | ) | (71,222 | ) | ||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 8,084,105 | 5,246,549 | 680,644 | 17,194,049 | 50,802,356 | 13,975,433 | 446,329 | |||||||||||||||||||||
End of period | $ | 5,533,474 | $ | 4,771,687 | $ | 548,544 | $ | 11,786,392 | $ | 46,583,921 | $ | 9,855,245 | $ | 375,107 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
79
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
Invesco V.I. Diversified Dividend Fund, Series I | Invesco V.I. Equity and Income Fund, Series II | Invesco V.I. EQV International Equity Fund, Series II | Invesco V.I. Global Fund, Series I | Invesco V.I. Global Real Estate Fund, Series II | Invesco V.I. Global Strategic Income Fund | Invesco V.I. Government Securities Fund, Series II | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 25,196 | $ | 458,162 | $ | 148,073 | $ | - | $ | 22,648 | $ | - | $ | 87,285 | ||||||||||||||
Net realized gain (loss) on investments | 164,259 | 4,275,454 | 1,162,240 | 4,920,489 | (1,257 | ) | (24,083 | ) | (10,751 | ) | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (200,587 | ) | (7,351,182 | ) | (3,457,955 | ) | (16,238,065 | ) | (281,817 | ) | (1,632,929 | ) | (654,297 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (11,132 | ) | (2,617,566 | ) | (2,147,642 | ) | (11,317,576 | ) | (260,426 | ) | (1,657,012 | ) | (577,763 | ) | ||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 121,570 | 1,211,095 | 630,323 | 1,291,294 | 49,183 | 627,124 | 210,973 | |||||||||||||||||||||
Policy maintenance charges | (82,121 | ) | (959,500 | ) | (268,647 | ) | (771,339 | ) | (29,059 | ) | (493,971 | ) | (179,944 | ) | ||||||||||||||
Policy owners’ benefits | - | (1,808,582 | ) | (166,473 | ) | (990,608 | ) | (21,745 | ) | (341,492 | ) | (135,365 | ) | |||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 680,369 | (766,482 | ) | 379,653 | 2,748,853 | 19,445 | 359,820 | 114,291 | ||||||||||||||||||||
Net Policy loan repayments (withdrawals) | (127 | ) | (42,978 | ) | (42,347 | ) | 8,961 | (7,785 | ) | (41,033 | ) | (18,582 | ) | |||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 719,691 | (2,366,447 | ) | 532,509 | 2,287,161 | 10,039 | 110,448 | (8,627 | ) | |||||||||||||||||||
Total increase (decrease) in net assets | 708,559 | (4,984,013 | ) | (1,615,133 | ) | (9,030,415 | ) | (250,387 | ) | (1,546,564 | ) | (586,390 | ) | |||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 732,944 | 34,422,400 | 11,586,193 | 35,132,064 | 1,059,435 | 14,155,239 | 5,352,686 | |||||||||||||||||||||
End of period | $ | 1,441,503 | $ | 29,438,387 | $ | 9,971,060 | $ | 26,101,649 | $ | 809,048 | $ | 12,608,675 | $ | 4,766,296 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
80
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
Invesco V.I. Growth and Income Fund, Series I | Invesco V.I. Main Street Fund, Series I | Invesco V.I. Small Cap Equity Fund, Series II | Invesco V.I. U.S. Government Money Portfolio, Series I | Lord Abbett Series Fund Bond Debenture Portfolio | Lord Abbett Series Fund Inc. Dividend Growth Portfolio | Lord Abbett Series Fund Growth and Income Portfolio | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 783,949 | $ | 161,633 | $ | - | $ | 126,310 | $ | 1,580,281 | $ | 142,073 | $ | 235,797 | ||||||||||||||
Net realized gain (loss) on investments | 4,972,156 | 4,133,927 | 539,937 | - | 80,846 | 2,331,181 | 1,372,548 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (8,663,387 | ) | (6,896,285 | ) | (1,183,018 | ) | - | (6,426,001 | ) | (4,775,306 | ) | (3,533,077 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,907,282 | ) | (2,600,725 | ) | (643,081 | ) | 126,310 | (4,764,874 | ) | (2,302,052 | ) | (1,924,732 | ) | |||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 1,987,574 | 280,288 | 209,689 | 953,645 | 2,191,403 | 911,402 | 402,484 | |||||||||||||||||||||
Policy maintenance charges | (1,496,442 | ) | (318,070 | ) | (83,965 | ) | (652,120 | ) | (1,375,073 | ) | (587,849 | ) | (515,758 | ) | ||||||||||||||
Policy owners’ benefits | (1,286,301 | ) | (321,318 | ) | (43,261 | ) | (813,195 | ) | (737,528 | ) | (410,682 | ) | (628,583 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | (2,216,032 | ) | (10,776 | ) | 109,987 | (196,886 | ) | 2,609,761 | 1,532,335 | (321,250 | ) | |||||||||||||||||
Net Policy loan repayments (withdrawals) | (161,923 | ) | (8,574 | ) | (11,229 | ) | 6,647 | (156,740 | ) | (72,419 | ) | (72,789 | ) | |||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (3,173,124 | ) | (378,450 | ) | 181,221 | (701,909 | ) | 2,531,823 | 1,372,787 | (1,135,896 | ) | |||||||||||||||||
Total increase (decrease) in net assets | (6,080,406 | ) | (2,979,175 | ) | (461,860 | ) | (575,599 | ) | (2,233,051 | ) | (929,265 | ) | (3,060,628 | ) | ||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 52,108,780 | 13,102,300 | 3,051,827 | 10,286,151 | 36,106,701 | 17,148,694 | 20,570,250 | |||||||||||||||||||||
End of period | $ | 46,028,374 | $ | 10,123,125 | $ | 2,589,967 | $ | 9,710,552 | $ | 33,873,650 | $ | 16,219,429 | $ | 17,509,622 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
81
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
Lord Abbett Series Fund Growth Opportunities Portfolio | Lord Abbett Series Fund Mid Cap Stock Portfolio | Lord Abbett Series Fund Fundamental Equity Portfolio | MFS Growth Series, Initial Class | MFS Investors Trust Series, Initial Class | MFS New Discovery Series, Initial Class | MFS Research Series, Initial Class | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | - | $ | 146,593 | $ | 112,171 | $ | - | $ | 79,996 | $ | - | $ | 57,258 | ||||||||||||||
Net realized gain (loss) on investments | 583,280 | 1,076,340 | 1,345,874 | 2,172,187 | 1,733,914 | 2,485,598 | 1,482,430 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (2,495,795 | ) | (3,509,851 | ) | (2,818,692 | ) | (9,765,394 | ) | (4,103,104 | ) | (5,542,982 | ) | (3,881,168 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,912,515 | ) | (2,286,918 | ) | (1,360,647 | ) | (7,593,207 | ) | (2,289,194 | ) | (3,057,384 | ) | (2,341,480 | ) | ||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 169,192 | 535,662 | 633,239 | 684,974 | 427,268 | 266,087 | 348,586 | |||||||||||||||||||||
Policy maintenance charges | (133,798 | ) | (492,646 | ) | (358,550 | ) | (472,126 | ) | (382,322 | ) | (213,423 | ) | (279,169 | ) | ||||||||||||||
Policy owners’ benefits | (98,855 | ) | (735,189 | ) | (136,622 | ) | (449,104 | ) | (473,319 | ) | (225,256 | ) | (433,571 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 350,293 | (323,696 | ) | (310,106 | ) | 844,278 | (71,561 | ) | 851,699 | (18,099 | ) | |||||||||||||||||
Net Policy loan repayments (withdrawals) | 7,800 | (69,986 | ) | (9,884 | ) | (24,859 | ) | (63,983 | ) | (2,502 | ) | 20,987 | ||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 294,632 | (1,085,855 | ) | (181,923 | ) | 583,163 | (563,917 | ) | 676,605 | (361,266 | ) | |||||||||||||||||
Total increase (decrease) in net assets | (1,617,883 | ) | (3,372,773 | ) | (1,542,570 | ) | (7,010,044 | ) | (2,853,111 | ) | (2,380,779 | ) | (2,702,746 | ) | ||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 5,769,871 | 20,717,001 | 11,612,391 | 23,972,186 | 13,994,231 | 9,959,611 | 13,759,670 | |||||||||||||||||||||
End of period | $ | 4,151,988 | $ | 17,344,228 | $ | 10,069,821 | $ | 16,962,142 | $ | 11,141,120 | $ | 7,578,832 | $ | 11,056,924 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
82
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
MFS Total Return Series, Initial Class | MFS Utilities Series, Initial Class | MFS Emerging Markets Equity Portfolio, Service Class | MFS International Intrinsic Value Portfolio, Service Class | MFS Massachusetts Investors Growth Stock Portfolio, Initial Class | MFS Total Return Bond Series, Service Class | MFS Value Series, Service Class | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 351,699 | $ | 131,599 | $ | 23,741 | $ | 35,820 | $ | 5,666 | $ | 376,942 | $ | 222,329 | ||||||||||||||
Net realized gain (loss) on investments | 1,707,073 | 241,494 | 42,222 | 321,194 | 718,316 | 157,160 | 1,217,094 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (4,246,049 | ) | (335,422 | ) | (204,522 | ) | (2,382,677 | ) | (1,975,390 | ) | (2,898,819 | ) | (2,770,375 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,187,277 | ) | 37,671 | (138,559 | ) | (2,025,663 | ) | (1,251,408 | ) | (2,364,717 | ) | (1,330,952 | ) | |||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 566,646 | 153,750 | 19,947 | 414,240 | 124,647 | 835,782 | 772,596 | |||||||||||||||||||||
Policy maintenance charges | (583,945 | ) | (170,520 | ) | (19,703 | ) | (213,254 | ) | (141,345 | ) | (461,412 | ) | (494,725 | ) | ||||||||||||||
Policy owners’ benefits | (789,584 | ) | (157,059 | ) | (2,455 | ) | (135,442 | ) | (111,174 | ) | (312,066 | ) | (456,575 | ) | ||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | (45,867 | ) | (354,065 | ) | 58,027 | 503,147 | (21,980 | ) | 181,716 | (879,454 | ) | |||||||||||||||||
Net Policy loan repayments (withdrawals) | (56,350 | ) | (6,460 | ) | (371 | ) | (52,573 | ) | (59,277 | ) | (62,874 | ) | (31,441 | ) | ||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (909,100 | ) | (534,354 | ) | 55,445 | 516,118 | (209,129 | ) | 181,146 | (1,089,599 | ) | |||||||||||||||||
Total increase (decrease) in net assets | (3,096,377 | ) | (496,683 | ) | (83,114 | ) | (1,509,545 | ) | (1,460,537 | ) | (2,183,571 | ) | (2,420,551 | ) | ||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 22,821,355 | 5,943,298 | 670,662 | 8,423,560 | 6,588,149 | 16,424,891 | 21,382,756 | |||||||||||||||||||||
End of period | $ | 19,724,978 | $ | 5,446,615 | $ | 587,548 | $ | 6,914,015 | $ | 5,127,612 | $ | 14,241,320 | $ | 18,962,205 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
83
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
Morgan Stanley VIF Global Real Estate Portfolio, Class II | PIMCO International Bond Portfolio (U.S. Dollar- Hedged), Institutional Class | PIMCO Short-Term Portfolio, Institutional Class | PIMCO Total Return Portfolio, Institutional Class | PIMCO All Asset Portfolio | PIMCO Long-Term U.S. Government Portfolio, Advisor Class | PIMCO Low Duration Portfolio, Advisor Class | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 28,002 | $ | 38,626 | $ | 9,688 | $ | 85,450 | $ | 12,856 | $ | 14,432 | $ | 34,418 | ||||||||||||||
Net realized gain (loss) on investments | 19,403 | 738 | (69 | ) | (269 | ) | 13,417 | (320 | ) | (3,101 | ) | |||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (246,549 | ) | (251,015 | ) | (6,088 | ) | (504,163 | ) | (48,475 | ) | (271,801 | ) | (165,981 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (199,144 | ) | (211,651 | ) | 3,531 | (418,982 | ) | (22,202 | ) | (257,689 | ) | (134,664 | ) | |||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 24,162 | 338,696 | 32,546 | 340,342 | 5,613 | 51,260 | 77,608 | |||||||||||||||||||||
Policy maintenance charges | (12,788 | ) | (206,541 | ) | (28,902 | ) | (221,449 | ) | (6,128 | ) | (29,644 | ) | (74,524 | ) | ||||||||||||||
Policy owners’ benefits | (31,636 | ) | (12,492 | ) | - | (4,595 | ) | (3 | ) | (10,398 | ) | (12,206 | ) | |||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 24,720 | 1,904,642 | 379,049 | 1,587,887 | (2,420 | ) | 65,579 | 36,913 | ||||||||||||||||||||
Net Policy loan repayments (withdrawals) | 290 | 6,335 | (1 | ) | 1,251 | (3,732 | ) | 2 | (784 | ) | ||||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 4,748 | 2,030,640 | 382,692 | 1,703,436 | (6,670 | ) | 76,799 | 27,007 | ||||||||||||||||||||
Total increase (decrease) in net assets | (194,396 | ) | 1,818,989 | 386,223 | 1,284,454 | (28,872 | ) | (180,890 | ) | (107,657 | ) | |||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 748,793 | 1,377,082 | 296,782 | 2,332,152 | 190,050 | 879,370 | 2,230,979 | |||||||||||||||||||||
End of period | $ | 554,397 | $ | 3,196,071 | $ | 683,005 | $ | 3,616,606 | $ | 161,178 | $ | 698,480 | $ | 2,123,322 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
84
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
PIMCO Real Return Portfolio, Advisor Class | PIMCO Short-Term Portfolio, Advisor Class | PIMCO Total Return Portfolio, Advisor Class | Royce Capital Fund Micro Cap Portfolio, Service Class | Royce Capital Fund Small Cap Portfolio, Service Class | Royce Capital Fund Small Cap Portfolio | Templeton Developing Markets VIP Fund | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 806,398 | $ | 36,782 | $ | 711,978 | $ | - | $ | 7,405 | $ | 2,745 | $ | 6,200 | ||||||||||||||
Net realized gain (loss) on investments | (5,716 | ) | 2,367 | (21,281 | ) | 324,416 | 178,999 | 12,136 | 15,786 | |||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (2,318,273 | ) | (46,426 | ) | (5,227,795 | ) | (599,529 | ) | (1,173,631 | ) | (41,063 | ) | (62,331 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,517,591 | ) | (7,277 | ) | (4,537,098 | ) | (275,113 | ) | (987,227 | ) | (26,182 | ) | (40,345 | ) | ||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 771,203 | 152,141 | 1,669,836 | 44,312 | 651,762 | 61,946 | 48,954 | |||||||||||||||||||||
Policy maintenance charges | (438,220 | ) | (75,343 | ) | (928,438 | ) | (21,272 | ) | (322,327 | ) | (41,943 | ) | (20,717 | ) | ||||||||||||||
Policy owners’ benefits | (178,331 | ) | (15,194 | ) | (597,880 | ) | (20,676 | ) | (117,633 | ) | - | (409 | ) | |||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | (143,813 | ) | (50,312 | ) | 608,516 | 157,252 | (131,508 | ) | 373,239 | 188,481 | ||||||||||||||||||
Net Policy loan repayments (withdrawals) | (3,035 | ) | (1,449 | ) | (72,080 | ) | (10,105 | ) | (22,108 | ) | (6 | ) | 428 | |||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 7,804 | 9,843 | 679,954 | 149,511 | 58,186 | 393,236 | 216,737 | |||||||||||||||||||||
Total increase (decrease) in net assets | (1,509,787 | ) | 2,566 | (3,857,144 | ) | (125,602 | ) | (929,041 | ) | 367,054 | 176,392 | |||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 12,660,545 | 2,445,779 | 30,989,372 | 1,132,584 | 10,549,448 | 336,964 | 91,442 | |||||||||||||||||||||
End of period | $ | 11,150,758 | $ | 2,448,345 | $ | 27,132,228 | $ | 1,006,982 | $ | 9,620,407 | $ | 704,018 | $ | 267,834 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
85
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
Templeton Developing Markets VIP Fund, Class 2 | Templeton Foreign VIP Fund, Class 2 | Templeton Global Bond VIP Fund, Class 2 | Templeton Growth VIP Fund, Class 2 | TOPS Aggressive Growth ETF Portfolio, Class 2 | TOPS Aggressive Growth ETF Portfolio, Class 1 | TOPS Balanced ETF Portfolio, Class 2 | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 35,077 | $ | 292,205 | $ | - | $ | 24,226 | $ | 1,202 | $ | 5,727 | $ | 1,549 | ||||||||||||||
Net realized gain (loss) on investments | 101,307 | 16,042 | (24,966 | ) | (31,672 | ) | (2,169 | ) | 289 | 1,392 | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (489,911 | ) | (1,081,143 | ) | (605,857 | ) | (1,972,143 | ) | (24,291 | ) | (47,850 | ) | (15,228 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (353,527 | ) | (772,896 | ) | (630,823 | ) | (1,979,589 | ) | (25,258 | ) | (41,834 | ) | (12,287 | ) | ||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 89,060 | 388,867 | 534,184 | 634,202 | 15,022 | 143,566 | 2,910 | |||||||||||||||||||||
Policy maintenance charges | (44,683 | ) | (248,169 | ) | (424,246 | ) | (440,494 | ) | (4,360 | ) | (50,555 | ) | (3,717 | ) | ||||||||||||||
Policy owners’ benefits | (2,567 | ) | (353,135 | ) | (180,280 | ) | (564,342 | ) | (3,048 | ) | (2,832 | ) | - | |||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 114,639 | 74,227 | (207,765 | ) | 421,136 | (34,340 | ) | 171,141 | (197 | ) | ||||||||||||||||||
Net Policy loan repayments (withdrawals) | (6,310 | ) | (12,611 | ) | (5,405 | ) | (142,063 | ) | (1 | ) | 1,403 | (1 | ) | |||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 150,139 | (150,821 | ) | (283,512 | ) | (91,561 | ) | (26,727 | ) | 262,723 | (1,005 | ) | ||||||||||||||||
Total increase (decrease) in net assets | (203,388 | ) | (923,717 | ) | (914,335 | ) | (2,071,150 | ) | (51,985 | ) | 220,889 | (13,292 | ) | |||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 1,594,867 | 10,440,292 | 12,526,617 | 17,017,263 | 149,201 | 209,008 | 110,043 | |||||||||||||||||||||
End of period | $ | 1,391,479 | $ | 9,516,575 | $ | 11,612,282 | $ | 14,946,113 | $ | 97,216 | $ | 429,897 | $ | 96,751 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
86
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
TOPS Conservative ETF Portfolio, Class 2 | TOPS Conservative ETF Portfolio, Class 1 | TOPS Growth ETF Portfolio, Class 2 | TOPS Growth ETF Portfolio, Class 1 | TOPS Moderate Growth ETF Portfolio, Class 2 | TOPS Moderate Growth ETF Portfolio, Class 1 | Vanguard VIF Capital Growth Portfolio | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 513 | $ | 3,543 | $ | 30,046 | $ | 43,869 | $ | 3,885 | $ | 46,446 | $ | 43,226 | ||||||||||||||
Net realized gain (loss) on investments | 139 | 2,697 | 12,227 | 17,425 | 3,164 | 33,990 | 466,242 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (3,763 | ) | (21,885 | ) | (381,949 | ) | (232,547 | ) | (39,106 | ) | (290,367 | ) | (1,318,291 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (3,111 | ) | (15,645 | ) | (339,676 | ) | (171,253 | ) | (32,057 | ) | (209,931 | ) | (808,823 | ) | ||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 13,915 | 5,210 | 260,482 | 348,721 | 32,729 | 308,983 | 1,510,537 | |||||||||||||||||||||
Policy maintenance charges | (1,849 | ) | (9,071 | ) | (81,148 | ) | (173,605 | ) | (6,582 | ) | (187,896 | ) | (719,966 | ) | ||||||||||||||
Policy owners’ benefits | - | (491 | ) | (2,851 | ) | (2,044 | ) | - | (10,541 | ) | (28,027 | ) | ||||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | (13,631 | ) | 31,284 | (293 | ) | 2,228,517 | (38 | ) | 1,854,091 | 6,168,246 | ||||||||||||||||||
Net Policy loan repayments (withdrawals) | - | - | (2,830 | ) | 287 | 2 | 5,727 | 14,125 | ||||||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | (1,565 | ) | 26,932 | 173,360 | 2,401,876 | 26,111 | 1,970,364 | 6,944,915 | ||||||||||||||||||||
Total increase (decrease) in net assets | (4,676 | ) | 11,287 | (166,316 | ) | 2,230,623 | (5,946 | ) | 1,760,433 | 6,136,092 | ||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 32,711 | 168,559 | 2,297,513 | 854,225 | 257,479 | 1,360,522 | 4,280,547 | |||||||||||||||||||||
End of period | $ | 28,035 | $ | 179,846 | $ | 2,131,197 | $ | 3,084,848 | $ | 251,533 | $ | 3,120,955 | $ | 10,416,639 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
87
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | ||||||||||||||||||||||||||||
Vanguard VIF Equity Income Portfolio | Vanguard VIF Equity Index Portfolio | Vanguard VIF International Portfolio | Vanguard VIF Mid-Cap Index Portfolio | Vanguard VIF Real Estate Index Portfolio | Vanguard VIF Short-Term Investment-Grade Portfolio | Vanguard VIF Total Bond Market Index Portfolio | ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||
Total investment income | $ | 32,947 | $ | 640 | $ | 11,522 | $ | 539 | $ | 8,112 | $ | 78,696 | $ | 10,841 | ||||||||||||||
Net realized gain (loss) on investments | 140,493 | 2,064 | 171,696 | 5,122 | 17,342 | 37,427 | 3,542 | |||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments | (153,937 | ) | (12,571 | ) | (506,081 | ) | (16,129 | ) | (168,322 | ) | (376,329 | ) | (93,259 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 19,503 | (9,867 | ) | (322,863 | ) | (10,468 | ) | (142,868 | ) | (260,206 | ) | (78,876 | ) | |||||||||||||||
POLICY TRANSACTIONS: | ||||||||||||||||||||||||||||
Policy owners’ net payments | 181,786 | 11,140 | 142,347 | 13,640 | 57,703 | 1,318,695 | 136,631 | |||||||||||||||||||||
Policy maintenance charges | (116,219 | ) | (2,339 | ) | (76,366 | ) | (2,148 | ) | (25,635 | ) | (675,207 | ) | (12,787 | ) | ||||||||||||||
Policy owners’ benefits | (6,995 | ) | - | - | - | (3,332 | ) | (27,176 | ) | - | ||||||||||||||||||
Net transfers (to) from the Company and/or Subaccounts | 1,155,395 | 5,409 | 595,832 | (542 | ) | 161,952 | 6,019,895 | (2,962 | ) | |||||||||||||||||||
Net Policy loan repayments (withdrawals) | 7,470 | 1 | (594 | ) | 1 | 3,745 | 12,521 | - | ||||||||||||||||||||
Increase (decrease) in net assets resulting from Policy transactions | 1,221,437 | 14,211 | 661,219 | 10,951 | 194,433 | 6,648,728 | 120,882 | |||||||||||||||||||||
Total increase (decrease) in net assets | 1,240,940 | 4,344 | 338,356 | 483 | 51,565 | 6,388,522 | 42,006 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||
Beginning of period | 793,492 | 51,628 | 933,118 | 51,422 | 462,186 | 3,694,437 | 543,568 | |||||||||||||||||||||
End of period | $ | 2,034,432 | $ | 55,972 | $ | 1,271,474 | $ | 51,905 | $ | 513,751 | $ | 10,082,959 | $ | 585,574 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)
See accompanying notes to financial statements.
88
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2022
SUBACCOUNTS | |||||
Vanguard VIF Total Stock Market Index Portfolio | |||||
INCREASE (DECREASE) IN NET ASSETS: | |||||
OPERATIONS: | |||||
Total investment income | $ | 8,468 | |||
Net realized gain (loss) on investments | 42,579 | ||||
Change in net unrealized appreciation (depreciation) on investments | (212,293 | ) | |||
Net increase (decrease) in net assets resulting from operations | (161,246 | ) | |||
POLICY TRANSACTIONS: | |||||
Policy owners’ net payments | 199,753 | ||||
Policy maintenance charges | (21,284 | ) | |||
Policy owners’ benefits | - | ||||
Net transfers (to) from the Company and/or Subaccounts | 407,723 | ||||
Net Policy loan repayments (withdrawals) | - | ||||
Increase (decrease) in net assets resulting from Policy transactions | 586,192 | ||||
Total increase (decrease) in net assets | 424,946 | ||||
NET ASSETS: | |||||
Beginning of period | 611,856 | ||||
End of period | $ | 1,036,802 |
Note: Totals may not appear to foot/crossfoot due to rounding.
(Concluded)
See accompanying notes to financial statements.
89
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
NOTES
TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2023
1. | ORGANIZATION |
The Protective Variable Life Separate Account (the “Separate Account”), a segregated unit investment trust registered under the Investment Company Act of 1940, as amended, was established by Protective Life Insurance company (“PLICO” or the “Company”) on June 19, 1996, and exists in accordance with the regulations of the Tennessee Department of Commerce and Insurance. The Company is a wholly owned subsidiary of Protective Life Corporation (“PLC”). PLC is a wholly owned subsidiary of Dai-ichi Life International Holding, LLC, a godo kaisha organized under the laws of Japan.
Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the Company’s other assets and liabilities. The portion of the Separate Account's assets applicable to the variable life policies (the “Policies”) is not chargeable with liabilities arising out of any other business the Company may conduct.
The Separate Account is a funding vehicle for individual variable life insurance Policies; it consists of a number of subaccounts (the “Subaccounts”), also commonly referred to as investment divisions or funds, each of which is treated as an individual accounting entity for financial reporting purposes. The Separate Account's value at any time is allocated among Policy owners based on the number and value of their accumulation units representing their interest in the Separate Account; all of the investible assets of the Separate Account are invested in the corresponding mutual funds.
Policy owners may allocate some or all of the applicable net payments or transfer some or all of the Policy value to the Company’s guaranteed account, which is not included in these financial statements. The assets of the Company support its insurance and annuity obligations and are subject to the Company's general liabilities from business operations.
Policy owners' net payments are allocated to the Subaccounts in accordance with Policy owner instructions and are recorded as Policy owners’ net payments in the Statements of Changes in Net Assets. Such amounts are used to provide account funds to pay Policy values under the Policies.
The
following is a list of the variable life insurance products funded by the Separate Account:
Premiere I | Protective Premiere Executive | |
Premiere II | Protective Strategic Objectives VUL | |
Premiere II (2003) | Protective Strategic Objectives II VUL | |
Premiere III | Protector | |
Preserver | Provider | |
Preserver II | Single Premium Plus | |
Protective Investors Benefit Advisory VUL | Survivor | |
Protective Investors Choice VUL | Transitions |
90
For the years ended December 31, 2023 and 2022, the Separate Account was invested in up to 137 Subaccounts, as follows:
American Funds IS Asset Allocation Fund, Class 1 | |
American Funds IS Asset Allocation Fund, Class 2 | |
American Funds IS Global Growth Fund, Class 1 | |
American Funds IS Global Growth Fund, Class 2 | |
American Funds IS Global Small Capitalization Fund, Class 2 | |
American Funds IS Growth Fund, Class 1 | |
American Funds IS Growth Fund, Class 2 | |
American Funds IS Growth-Income Fund, Class 1 | |
American Funds IS International Fund, Class 2 | |
American Funds IS New World Fund, Class 1 | |
American Funds IS New World Fund, Class 2 | |
American Funds IS Washington Mutual Investors Fund, Class 2 | |
Calvert VP SRI Balanced Portfolio | |
ClearBridge Variable Mid Cap Portfolio, Class I (a) | |
ClearBridge Variable Mid Cap Portfolio, Class II | |
ClearBridge Variable Small Cap Growth Portfolio, Class I | |
ClearBridge Variable Small Cap Growth Portfolio, Class II | |
Dimensional VA Global Moderate Allocation Portfolio, Institutional (a) | |
Dimensional VA International Small Portfolio | |
Dimensional VA International Value Portfolio | |
Dimensional VA Short-Term Fixed Portfolio (a) | |
Dimensional VA US Large Value Portfolio | |
Dimensional VA US Targeted Value Portfolio (a) | |
Dimensional VIT Inflation Protected Securities Portfolio, Institutional | |
Fidelity VIP Contrafund Portfolio, Service Class | |
Fidelity VIP Equity-Income Portfolio, Service Class | |
Fidelity VIP Freedom Funds 2015 Portfolio, Service Class | |
Fidelity VIP Freedom Funds 2020 Portfolio, Service Class | |
Fidelity VIP Growth Opportunities Portfolio, Initial Class | |
Fidelity VIP Growth Portfolio, Service Class | |
Fidelity VIP Index 500 Portfolio, Initial Class | |
Fidelity VIP Index 500 Portfolio, Service Class | |
Fidelity VIP Investment Grade Bond Portfolio, Initial Class | |
Fidelity VIP Investment Grade Bond Portfolio, Service Class | |
Fidelity VIP Mid Cap Portfolio, Initial Class | |
Fidelity VIP Mid Cap Portfolio, Service Class | |
Franklin DynaTech VIP Fund | |
Franklin Growth and Income VIP Fund, Class 1 | |
Franklin Income VIP Fund, Class 1 |
91
Franklin Income VIP Fund, Class 2 | |
Franklin Mutual Shares VIP Fund, Class 2 | |
Franklin Rising Dividends VIP Fund, Class 2 | |
Franklin Small Cap Value VIP Fund, Class 2 | |
Franklin Small-Mid Cap Growth VIP Fund, Class 2 | |
Franklin U.S. Government Securities VIP Fund, Class 2 | |
Goldman Sachs VIT Core Fixed Income Fund, Institutional Shares | |
Goldman Sachs VIT Core Fixed Income Fund, Service Shares | |
Goldman Sachs VIT International Equity Insights Fund, Institutional Shares | |
Goldman Sachs VIT International Equity Insights Fund, Service Shares | |
Goldman Sachs VIT Large Cap Value Fund, Institutional Shares | |
Goldman Sachs VIT Large Cap Value Fund, Service Shares | |
Goldman Sachs VIT Mid Cap Growth Fund, Service Shares (a) | |
Goldman Sachs VIT Mid Cap Value Fund, Institutional Shares | |
Goldman Sachs VIT Mid Cap Value Fund, Service Shares | |
Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Shares | |
Goldman Sachs VIT Small Cap Equity Insights Fund, Service Shares | |
Goldman Sachs VIT Strategic Growth Fund, Institutional Shares | |
Goldman Sachs VIT Strategic Growth Fund, Service Shares | |
Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Shares | |
Goldman Sachs VIT U.S. Equity Insights Fund, Service Shares | |
Invesco V.I. American Franchise Fund, Series I | |
Invesco V.I. American Value Fund, Series II | |
Invesco V.I. Balanced-Risk Allocation Fund Class, Series II | |
Invesco V.I. Capital Appreciation Fund, Series I | |
Invesco V.I. Comstock Fund, Series I | |
Invesco V.I. Discovery Mid Cap Growth Fund, Series I | |
Invesco V.I. Discovery Mid Cap Growth Fund, Series II | |
Invesco V.I. Diversified Dividend Fund, Series I | |
Invesco V.I. Equity and Income Fund, Series II | |
Invesco V.I. EQV International Equity Fund, Series II (a) | |
Invesco V.I. Global Fund, Series I | |
Invesco V.I. Global Real Estate Fund, Series II | |
Invesco V.I. Global Strategic Income Fund | |
Invesco V.I. Government Securities Fund, Series II | |
Invesco V.I. Growth and Income Fund, Series I | |
Invesco V.I. Main Street Fund, Series I | |
Invesco V.I. S&P 500 Buffer Fund, June Series I (a) | |
Invesco V.I. Small Cap Equity Fund, Series II | |
Invesco V.I. U.S. Government Money Portfolio, Series I | |
Lord Abbett Series Fund Bond Debenture Portfolio | |
Lord Abbett Series Fund Fundamental Equity Portfolio | |
Lord Abbett Series Fund Growth and Income Portfolio |
92
Lord Abbett Series Fund Growth Opportunities Portfolio | |
Lord Abbett Series Fund Inc. Dividend Growth Portfolio | |
Lord Abbett Series Fund Mid Cap Stock Portfolio | |
MFS Emerging Markets Equity Portfolio, Service Class | |
MFS Growth Series, Initial Class | |
MFS International Intrinsic Value Portfolio, Service Class | |
MFS Investors Trust Series, Initial Class | |
MFS Massachusetts Investors Growth Stock Portfolio, Initial Class | |
MFS New Discovery Series, Initial Class | |
MFS Research Series, Initial Class | |
MFS Total Return Bond Series, Service Class | |
MFS Total Return Series, Initial Class | |
MFS Utilities Series, Initial Class | |
MFS Value Series, Service Class | |
Morgan Stanley VIF Global Real Estate Portfolio, Class II | |
PIMCO All Asset Portfolio | |
PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class | |
PIMCO Long-Term U.S. Government Portfolio, Advisor Class | |
PIMCO Low Duration Portfolio, Advisor Class | |
PIMCO Real Return Portfolio, Advisor Class | |
PIMCO Real Return Portfolio, Institutional Class (a) | |
PIMCO Short-Term Portfolio, Advisor Class | |
PIMCO Short-Term Portfolio, Institutional Class | |
PIMCO Total Return Portfolio, Advisor Class | |
PIMCO Total Return Portfolio, Institutional Class | |
Putnam VT Sustainable Leaders Fund, Class IA (a) | |
Royce Capital Fund Micro Cap Portfolio, Service Class | |
Royce Capital Fund Small Cap Portfolio | |
Royce Capital Fund Small Cap Portfolio, Service Class | |
Schwab S&P 500 Index Fund (a) | |
Templeton Developing Markets VIP Fund | |
Templeton Developing Markets VIP Fund, Class 2 | |
Templeton Foreign VIP Fund, Class 2 | |
Templeton Global Bond VIP Fund, Class 2 | |
Templeton Growth VIP Fund, Class 2 | |
TOPS Aggressive Growth ETF Portfolio, Class 1 | |
TOPS Aggressive Growth ETF Portfolio, Class 2 | |
TOPS Balanced ETF Portfolio, Class 2 | |
TOPS Conservative ETF Portfolio, Class 1 | |
TOPS Conservative ETF Portfolio, Class 2 | |
TOPS Growth ETF Portfolio, Class 1 | |
TOPS Growth ETF Portfolio, Class 2 | |
TOPS Moderate Growth ETF Portfolio, Class 1 |
93
TOPS Moderate Growth ETF Portfolio, Class 2 | |
Vanguard VIF Capital Growth Portfolio | |
Vanguard VIF Conservative Allocation Portfolio (a) | |
Vanguard VIF Equity Income Portfolio | |
Vanguard VIF Equity Index Portfolio | |
Vanguard VIF Growth Portfolio (a) | |
Vanguard VIF International Portfolio | |
Vanguard VIF Mid-Cap Index Portfolio | |
Vanguard VIF Real Estate Index Portfolio | |
Vanguard VIF Short-Term Investment-Grade Portfolio | |
Vanguard VIF Total Bond Market Index Portfolio | |
Vanguard VIF Total Stock Market Index Portfolio |
(a) | See Subaccount Changes tables below: |
Subaccount Changes:
During 2022, the following Subaccounts changed their names:
Previous Name | New Name | Date of Change | |
Goldman Sachs VIT Growth Opportunities Fund | Goldman Sachs VIT Mid Cap Growth Fund, Service Shares | April 29, 2022 | |
Invesco V.I. International Growth Fund II | Invesco V.I. EQV International Equity Fund, Series II | April 22, 2022 |
During 2023, the following Subaccounts were opened:
Subaccount Name | Date of Commencement | |
ClearBridge Variable Mid Cap Portfolio, Class I | June, 20, 2023 | |
Dimensional VA Global Moderate Allocation Portfolio, Institutional | August 4, 2023 | |
Dimensional VA Short-Term Fixed Portfolio | August 4, 2023 | |
Dimensional VA US Targeted Value Portfolio | October 26, 2023 | |
Invesco V.I. S&P 500 Buffer Fund, June Series I | September 12, 2023 | |
PIMCO Real Return Portfolio, Institutional Class | August 4, 2023 | |
Putnam VT Sustainable Leaders Fund, Class IA | September 11, 2023 | |
Schwab S&P 500 Index Fund | August 4, 2023 | |
Vanguard VIF Conservative Allocation Portfolio | August 4, 2023 | |
Vanguard VIF Growth Portfolio | August 4, 2023 |
The Separate Account is an investment company and, therefore, applies specialized accounting guidance in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 “Financial Services — Investment Companies”.
Certain Subaccounts that had no investments balances as of December 31, 2023 or that did not have activity during the year ended December 31, 2023 are not presented on the Statements of Assets and Liabilities as of December 31, 2023 or Statements of Operations for the year ended December 31, 2023, respectively.
94
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of the significant accounting policies of the Separate Account.
Investment valuation
Investments are made and measured in shares and are presented net of management fees and other operating expenses incurred by the Subaccounts. The investments are valued at the net asset values of the mutual funds, which value their investment securities at fair value. Transactions with the mutual funds are recognized on the trade date.
The Separate Account classifies its valuations into three levels based upon the observability of inputs to the valuation of the Separate Account’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:
Level 1 – Unadjusted quoted prices for identical securities in active markets.
Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.
Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the reporting entity’s own assumptions and would be based on the best information available under the circumstances.
The Separate Account determines the fair values of certain financial assets based on quoted market prices. All of the investments in the Subaccounts of the Separate Account are classified as Level 1 in the fair value hierarchy and consist of open-ended mutual funds. Participants may, without restriction, transact at the daily net asset value (“NAV”) of the mutual funds. The NAV represents the daily per share value based on the fair value of the underlying portfolio of investments of the respective Subaccounts.
Receivable from dividends
Receivable from dividends include dividends declared by the fund managers that have not yet been reinvested in accordance with the Subaccounts' designated reinvestment dates.
Receivables and payables from (to) the Policies and the fund manager
Receivables and payables from (to) the Policies and the fund manager include trading activity initiated at the Policy level from the last business day of the year that has not yet been settled with the fund manager.
Receivables and payables from (to) the Company
Receivables and payables from (to) the Company include accruals for the variance between investments and reserves applicable to the Subaccount.
Dividend income and capital gain distributions
Dividend income and capital gain distributions are recorded on the ex-dividend date and are reinvested in additional shares of the mutual funds. Ordinary dividend and capital gain distributions are recognized within net investment income and net realized gains, respectively, as recorded in the financial statements of the Subaccounts.
Net realized gains and losses
Net realized gains and losses on investments include gains and losses on redemptions of the Subaccounts’ shares (determined using the last-in-first-out (LIFO) or a weighted average cost basis, depending on the product) and capital gain distributions from the mutual funds.
Net transfers (to) from the Company and/or Subaccounts
Net transfers (to) from the Company and Subaccounts include transfers between the Subaccounts of the Separate Account as well as transfers between the Separate Account and the Company.
95
Federal income taxes
The results of the operations of the Separate Account are included in the federal income tax return of the Company. Under the provisions of the Policies, the Company has the right to charge the Separate Account for federal income tax attributable to the Separate Account. No charge has been made against the Separate Account for such tax during the year ended December 31, 2023. Management will periodically review the application of this policy in the event of changes in tax law. Accordingly, a change may be made in future years to consider charges for any federal income taxes that would be attributable to the Policies.
Use of estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that could affect the reported amounts of assets and liabilities, as well as the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from the estimates reported in the accompanying financial statements.
Risks and uncertainties
The Separate Account provides for various investment options in any combination of Subaccounts, each of which bears exposure to the market, credit, and liquidity risks of the underlying portfolio in which it invests. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of investments, it is at least reasonably possible that changes in risks in the near term could materially affect investment balances, the amounts reported in the statements of assets and liabilities, of operations and of changes in net assets. Accordingly, these financial statements should be read in conjunction with the financial statements and footnotes of the underlying Subaccounts identified in Note 1.
96
3. | PURCHASES AND SALES OF INVESTMENTS |
The cost of purchases and proceeds from sales of investments for the year ended December 31, 2023 were as follows:
Subaccount | Purchases | Sales | |||||||
American Funds IS Asset Allocation Fund, Class 1 | $ | 2,139,154 | $ | 457,924 | |||||
American Funds IS Asset Allocation Fund, Class 2 | 496,281 | 129,418 | |||||||
American Funds IS Global Growth Fund, Class 1 | 11,081,405 | 679,422 | |||||||
American Funds IS Global Growth Fund, Class 2 | 577,542 | 254,370 | |||||||
American Funds IS Global Small Capitalization Fund, Class 2 | 265,522 | 229,879 | |||||||
American Funds IS Growth Fund, Class 1 | 5,556,004 | 570,597 | |||||||
American Funds IS Growth Fund, Class 2 | 1,078,696 | 566,066 | |||||||
American Funds IS Growth-Income Fund, Class 1 | 4,172,937 | 545,445 | |||||||
American Funds IS International Fund, Class 2 | 302,717 | 190,604 | |||||||
American Funds IS New World Fund, Class 1 | 9,001,573 | 654,698 | |||||||
American Funds IS New World Fund, Class 2 | 226,704 | 116,943 | |||||||
American Funds IS Washington Mutual Investors Fund, Class 2 | 623,891 | 490,603 | |||||||
Calvert VP SRI Balanced Portfolio | 1,142 | 1,132 | |||||||
ClearBridge Variable Mid Cap Portfolio, Class I | 29,217 | 745 | |||||||
ClearBridge Variable Mid Cap Portfolio, Class II | 195,217 | 250,214 | |||||||
ClearBridge Variable Small Cap Growth Portfolio, Class I | 5,313,537 | 286,620 | |||||||
ClearBridge Variable Small Cap Growth Portfolio, Class II | 196,278 | 101,817 | |||||||
Dimensional VA Global Moderate Allocation Portfolio, Institutional | 56,497 | 1,452 | |||||||
Dimensional VA International Small Portfolio | 2,084,080 | 257,573 | |||||||
Dimensional VA International Value Portfolio | 571,062 | 83,697 | |||||||
Dimensional VA Short-Term Fixed Portfolio | 179 | 180 | |||||||
Dimensional VA US Large Value Portfolio | 838,149 | 69,839 | |||||||
Dimensional VA US Targeted Value Portfolio | 5,277 | 82 | |||||||
Dimensional VIT Inflation Protected Securities Portfolio, Institutional | 2,792,712 | 174,497 | |||||||
Fidelity VIP Contrafund Portfolio, Service Class | 3,304,751 | 3,605,185 | |||||||
Fidelity VIP Equity-Income Portfolio, Service Class | 323,882 | 472,624 | |||||||
Fidelity VIP Freedom Funds 2015 Portfolio, Service Class | 36,341 | 39,853 | |||||||
Fidelity VIP Freedom Funds 2020 Portfolio, Service Class | 53,030 | 36,044 | |||||||
Fidelity VIP Growth Opportunities Portfolio, Initial Class | 1,596,128 | 566,812 | |||||||
Fidelity VIP Growth Portfolio, Service Class | 312,656 | 462,098 | |||||||
Fidelity VIP Index 500 Portfolio, Initial Class | 17,991,902 | 839,315 | |||||||
Fidelity VIP Index 500 Portfolio, Service Class | 1,869,474 | 2,493,088 | |||||||
Fidelity VIP Investment Grade Bond Portfolio, Initial Class | 3,600,987 | 216,804 | |||||||
Fidelity VIP Investment Grade Bond Portfolio, Service Class | 1,535,659 | 591,889 | |||||||
Fidelity VIP Mid Cap Portfolio, Initial Class | 1,130,039 | 119,262 | |||||||
Fidelity VIP Mid Cap Portfolio, Service Class | 1,553,463 | 947,360 | |||||||
Franklin DynaTech VIP Fund | 263,023 | 691,270 | |||||||
Franklin Growth and Income VIP Fund, Class 1 | 5,487,066 | 231,266 | |||||||
Franklin Income VIP Fund, Class 1 | 564,868 | 80,262 | |||||||
Franklin Income VIP Fund, Class 2 | 2,703,804 | 1,021,606 | |||||||
Franklin Mutual Shares VIP Fund, Class 2 | 6,130,223 | 2,700,984 | |||||||
Franklin Rising Dividends VIP Fund, Class 2 | 3,744,076 | 1,169,251 | |||||||
Franklin Small Cap Value VIP Fund, Class 2 | 732,456 | 532,768 | |||||||
Franklin Small-Mid Cap Growth VIP Fund, Class 2 | 287,906 | 373,918 | |||||||
Franklin U.S. Government Securities VIP Fund, Class 2 | 1,503,059 | 592,018 |
97
Subaccount | Purchases | Sales | |||||||
Goldman Sachs VIT Core Fixed Income Fund, Institutional Shares | $ | 8,416,255 | $ | 474,172 | |||||
Goldman Sachs VIT Core Fixed Income Fund, Service Shares | 149,469 | 31,934 | |||||||
Goldman Sachs VIT International Equity Insights Fund, Institutional Shares | 268,512 | 516,916 | |||||||
Goldman Sachs VIT International Equity Insights Fund, Service Shares | 166,228 | 204,708 | |||||||
Goldman Sachs VIT Large Cap Value Fund, Institutional Shares | 1,625,395 | 1,131,290 | |||||||
Goldman Sachs VIT Large Cap Value Fund, Service Shares | 352,612 | 134,434 | |||||||
Goldman Sachs VIT Mid Cap Growth Fund, Service Shares | 148,177 | 182,867 | |||||||
Goldman Sachs VIT Mid Cap Value Fund, Institutional Shares | 5,616,254 | 588,728 | |||||||
Goldman Sachs VIT Mid Cap Value Fund, Service Shares | 586,949 | 244,168 | |||||||
Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Shares | 306,993 | 337,384 | |||||||
Goldman Sachs VIT Small Cap Equity Insights Fund, Service Shares | 53,384 | 51,152 | |||||||
Goldman Sachs VIT Strategic Growth Fund, Institutional Shares | 883,318 | 1,584,622 | |||||||
Goldman Sachs VIT Strategic Growth Fund, Service Shares | 507,150 | 822,045 | |||||||
Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Shares | 211,540 | 848,673 | |||||||
Goldman Sachs VIT U.S. Equity Insights Fund, Service Shares | 3,424 | 33,023 | |||||||
Invesco V.I. American Franchise Fund, Series I | 227,339 | 626,431 | |||||||
Invesco V.I. American Value Fund, Series II | 1,396,897 | 508,565 | |||||||
Invesco V.I. Balanced-Risk Allocation Fund Class, Series II | 36,341 | 37,295 | |||||||
Invesco V.I. Capital Appreciation Fund, Series I | 252,363 | 980,912 | |||||||
Invesco V.I. Comstock Fund, Series I | 6,910,876 | 3,100,912 | |||||||
Invesco V.I. Discovery Mid Cap Growth Fund, Series I | 339,103 | 568,370 | |||||||
Invesco V.I. Discovery Mid Cap Growth Fund, Series II | 59,924 | 7,924 | |||||||
Invesco V.I. Diversified Dividend Fund, Series I | 1,267,805 | 173,258 | |||||||
Invesco V.I. Equity and Income Fund, Series II | 2,887,027 | 2,603,153 | |||||||
Invesco V.I. EQV International Equity Fund, Series II | 523,152 | 908,224 | |||||||
Invesco V.I. Global Fund, Series I | 4,441,410 | 2,770,323 | |||||||
Invesco V.I. Global Real Estate Fund, Series II | 104,020 | 51,679 | |||||||
Invesco V.I. Global Strategic Income Fund | 352,988 | 784,536 | |||||||
Invesco V.I. Government Securities Fund, Series II | 380,902 | 527,758 | |||||||
Invesco V.I. Growth and Income Fund, Series I | 7,528,113 | 2,293,402 | |||||||
Invesco V.I. Main Street Fund, Series I | 961,956 | 838,427 | |||||||
Invesco V.I. S&P 500 Buffer Fund, June Series I | 84,236 | 27,525 | |||||||
Invesco V.I. Small Cap Equity Fund, Series II | 390,857 | 202,717 | |||||||
Invesco V.I. U.S. Government Money Portfolio, Series I | 3,248,427 | 3,235,447 | |||||||
Lord Abbett Series Fund Bond Debenture Portfolio | 6,167,135 | 1,303,928 | |||||||
Lord Abbett Series Fund Fundamental Equity Portfolio | 636,935 | 460,233 | |||||||
Lord Abbett Series Fund Growth and Income Portfolio | 684,835 | 1,158,577 | |||||||
Lord Abbett Series Fund Growth Opportunities Portfolio | 246,652 | 251,230 | |||||||
Lord Abbett Series Fund Inc. Dividend Growth Portfolio | 3,705,658 | 1,197,703 | |||||||
Lord Abbett Series Fund Mid Cap Stock Portfolio | 863,091 | 1,337,005 | |||||||
MFS Emerging Markets Equity Portfolio, Service Class | 24,161 | 48,935 | |||||||
MFS Growth Series, Initial Class | 2,067,388 | 1,850,595 | |||||||
MFS International Intrinsic Value Portfolio, Service Class | 809,011 | 643,314 | |||||||
MFS Investors Trust Series, Initial Class | 874,468 | 1,208,245 | |||||||
MFS Massachusetts Investors Growth Stock Portfolio, Initial Class | 411,312 | 392,054 | |||||||
MFS New Discovery Series, Initial Class | 271,714 | 449,647 | |||||||
MFS Research Series, Initial Class | 880,075 | 1,070,979 | |||||||
MFS Total Return Bond Series, Service Class | 1,388,259 | 838,053 | |||||||
MFS Total Return Series, Initial Class | 1,879,808 | 1,333,987 |
98
Subaccount | Purchases | Sales | |||||||
MFS Utilities Series, Initial Class | $ | 713,128 | $ | 321,025 | |||||
MFS Value Series, Service Class | 2,416,170 | 1,181,888 | |||||||
Morgan Stanley VIF Global Real Estate Portfolio, Class II | 67,747 | 38,401 | |||||||
PIMCO All Asset Portfolio | 216,225 | 13,429 | |||||||
PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class | 2,740,811 | 204,374 | |||||||
PIMCO Long-Term U.S. Government Portfolio, Advisor Class | 353,741 | 114,585 | |||||||
PIMCO Low Duration Portfolio, Advisor Class | 212,916 | 175,677 | |||||||
PIMCO Real Return Portfolio, Advisor Class | 1,139,786 | 354,176 | |||||||
PIMCO Real Return Portfolio, Institutional Class | 56,494 | 1,435 | |||||||
PIMCO Short-Term Portfolio, Advisor Class | 421,929 | 310,710 | |||||||
PIMCO Short-Term Portfolio, Institutional Class | 239,262 | 56,283 | |||||||
PIMCO Total Return Portfolio, Advisor Class | 2,845,728 | 811,289 | |||||||
PIMCO Total Return Portfolio, Institutional Class | 2,497,067 | 619,216 | |||||||
Putnam VT Sustainable Leaders Fund, Class IA | 48,067 | 747 | |||||||
Royce Capital Fund Micro Cap Portfolio, Service Class | 51,502 | 83,234 | |||||||
Royce Capital Fund Small Cap Portfolio | 457,526 | 124,481 | |||||||
Royce Capital Fund Small Cap Portfolio, Service Class | 1,364,714 | 680,317 | |||||||
Schwab S&P 500 Index Fund | 86,660 | 714 | |||||||
Templeton Developing Markets VIP Fund | 95,915 | 26,506 | |||||||
Templeton Developing Markets VIP Fund, Class 2 | 175,164 | 146,004 | |||||||
Templeton Foreign VIP Fund, Class 2 | 569,760 | 979,425 | |||||||
Templeton Global Bond VIP Fund, Class 2 | 705,167 | 480,553 | |||||||
Templeton Growth VIP Fund, Class 2 | 723,557 | 1,011,730 | |||||||
TOPS Aggressive Growth ETF Portfolio, Class 1 | 526,455 | 45,581 | |||||||
TOPS Aggressive Growth ETF Portfolio, Class 2 | 10,472 | 4,880 | |||||||
TOPS Balanced ETF Portfolio, Class 2 | 5,361 | 38,553 | |||||||
TOPS Conservative ETF Portfolio, Class 1 | 261,727 | 60,738 | |||||||
TOPS Conservative ETF Portfolio, Class 2 | 31,498 | 29,529 | |||||||
TOPS Growth ETF Portfolio, Class 1 | 2,340,704 | 155,505 | |||||||
TOPS Growth ETF Portfolio, Class 2 | 255,888 | 71,269 | |||||||
TOPS Moderate Growth ETF Portfolio, Class 1 | 2,779,165 | 198,407 | |||||||
TOPS Moderate Growth ETF Portfolio, Class 2 | 40,893 | 6,505 | |||||||
Vanguard VIF Capital Growth Portfolio | 9,113,699 | 723,788 | |||||||
Vanguard VIF Conservative Allocation Portfolio | 56,486 | 1,456 | |||||||
Vanguard VIF Equity Income Portfolio | 1,306,221 | 117,764 | |||||||
Vanguard VIF Equity Index Portfolio | 9,473 | 28,898 | |||||||
Vanguard VIF Growth Portfolio | 31,115 | 603 | |||||||
Vanguard VIF International Portfolio | 601,454 | 69,396 | |||||||
Vanguard VIF Mid-Cap Index Portfolio | 8,159 | 3,939 | |||||||
Vanguard VIF Real Estate Index Portfolio | 281,964 | 60,004 | |||||||
Vanguard VIF Short-Term Investment-Grade Portfolio | 8,518,771 | 512,638 | |||||||
Vanguard VIF Total Bond Market Index Portfolio | 263,626 | 141,760 | |||||||
Vanguard VIF Total Stock Market Index Portfolio | 529,004 | 103,328 |
99
4. | CHANGES IN UNITS OUTSTANDING |
The changes in units outstanding for the years or periods ended December 31, 2023 and 2022 were as follows:
2023 | 2022 | |||||||||||||||||||||||
Subaccount | Units Issued | Units Redeemed | Net
Increase (Decrease) | Units
Issued | Units Redeemed | Net
Increase (Decrease) | ||||||||||||||||||
American Funds IS Asset Allocation Fund, Class 1 | 145,159 | 36,013 | 109,146 | 194,308 | 35,557 | 158,751 | ||||||||||||||||||
American Funds IS Asset Allocation Fund, Class 2 | 13,479 | 7,652 | 5,827 | 20,583 | 14,670 | 5,913 | ||||||||||||||||||
American Funds IS Global Growth Fund, Class 1 | 669,202 | 47,961 | 621,241 | 723,004 | 73,851 | 649,153 | ||||||||||||||||||
American Funds IS Global Growth Fund, Class 2 | 14,200 | 12,604 | 1,596 | 24,896 | 9,640 | 15,256 | ||||||||||||||||||
American Funds IS Global Small Capitalization Fund, Class 2 | 16,502 | 16,516 | (14 | ) | 28,084 | 6,701 | 21,383 | |||||||||||||||||
American Funds IS Growth Fund, Class 1 | 285,301 | 32,227 | 253,074 | 306,089 | 38,410 | 267,679 | ||||||||||||||||||
American Funds IS Growth Fund, Class 2 | 19,289 | 19,248 | 41 | 43,092 | 26,254 | 16,838 | ||||||||||||||||||
American Funds IS Growth-Income Fund, Class 1 | 251,114 | 38,702 | 212,412 | 325,590 | 89,565 | 236,025 | ||||||||||||||||||
American Funds IS International Fund, Class 2 | 21,205 | 15,363 | 5,842 | 24,148 | 11,482 | 12,666 | ||||||||||||||||||
American Funds IS New World Fund, Class 1 | 722,805 | 54,512 | 668,293 | 729,086 | 73,814 | 655,272 | ||||||||||||||||||
American Funds IS New World Fund, Class 2 | 13,263 | 7,574 | 5,689 | 27,872 | 8,072 | 19,800 | ||||||||||||||||||
American Funds IS Washington Mutual Investors Fund, Class 2 | 20,864 | 25,003 | (4,139 | ) | 45,230 | 37,749 | 7,481 | |||||||||||||||||
Calvert VP SRI Balanced Portfolio | - | 26 | (26 | ) | 0 | * | 26 | (26 | ) | |||||||||||||||
ClearBridge Variable Mid Cap Portfolio, Class I | 2,679 | 74 | 2,605 | - | - | - | ||||||||||||||||||
ClearBridge Variable Mid Cap Portfolio, Class II | 5,198 | 7,100 | (1,902 | ) | 8,779 | 6,674 | 2,105 | |||||||||||||||||
ClearBridge Variable Small Cap Growth Portfolio, Class I | 417,458 | 22,315 | 395,143 | 395,721 | 41,938 | 353,783 | ||||||||||||||||||
ClearBridge Variable Small Cap Growth Portfolio, Class II | 4,284 | 2,173 | 2,111 | 6,044 | 7,788 | (1,744 | ) | |||||||||||||||||
Dimensional VA Global Moderate Allocation Portfolio, Institutional | 3,517 | 94 | 3,423 | - | - | - | ||||||||||||||||||
Dimensional VA International Small Portfolio | 162,002 | 21,261 | 140,741 | 171,697 | 19,097 | 152,600 | ||||||||||||||||||
Dimensional VA International Value Portfolio | 38,133 | 6,405 | 31,728 | 44,741 | 9,492 | 35,249 | ||||||||||||||||||
Dimensional VA Short-Term Fixed Portfolio | 17 | 17 | - | - | - | - | ||||||||||||||||||
Dimensional VA US Large Value Portfolio | 58,214 | 5,250 | 52,964 | 51,297 | 7,788 | 43,509 | ||||||||||||||||||
Dimensional VA US Targeted Value Portfolio | 295 | 5 | 290 | - | - | - | ||||||||||||||||||
Dimensional VIT Inflation Protected Securities Portfolio, Institutional | 244,152 | 16,396 | 227,756 | 203,549 | 25,458 | 178,091 | ||||||||||||||||||
Fidelity VIP Contrafund Portfolio, Service Class | 23,108 | 55,044 | (31,936 | ) | 74,301 | 72,499 | 1,802 | |||||||||||||||||
Fidelity VIP Equity-Income Portfolio, Service Class | 4,194 | 12,184 | (7,990 | ) | 6,081 | 12,896 | (6,815 | ) | ||||||||||||||||
Fidelity VIP Freedom Funds 2015 Portfolio, Service Class | 553 | 1,849 | (1,296 | ) | 373 | 1,735 | (1,362 | ) | ||||||||||||||||
Fidelity VIP Freedom Funds 2020 Portfolio, Service Class | 958 | 1,606 | (648 | ) | 2,980 | 909 | 2,071 |
100
2023 | 2022 | |||||||||||||||||||||||
Subaccount | Units Issued | Units Redeemed | Net Increase (Decrease) | Units Issued | Units Redeemed | Net Increase (Decrease) | ||||||||||||||||||
Fidelity VIP Growth Opportunities Portfolio, Initial Class | 101,245 | 36,657 | 64,588 | 172,981 | 71,755 | 101,226 | ||||||||||||||||||
Fidelity VIP Growth Portfolio, Service Class | 3,382 | 9,160 | (5,778 | ) | 12,114 | 25,897 | (13,783 | ) | ||||||||||||||||
Fidelity VIP Index 500 Portfolio, Initial Class | 1,136,107 | 55,526 | 1,080,581 | 1,093,649 | 109,535 | 984,114 | ||||||||||||||||||
Fidelity VIP Index 500 Portfolio, Service Class | 23,517 | 50,303 | (26,786 | ) | 42,656 | 49,772 | (7,116 | ) | ||||||||||||||||
Fidelity VIP Investment Grade Bond Portfolio, Initial Class | 352,434 | 22,278 | 330,156 | 252,886 | 31,712 | 221,174 | ||||||||||||||||||
Fidelity VIP Investment Grade Bond Portfolio, Service Class | 62,450 | 32,002 | 30,448 | 55,599 | 74,559 | (18,960 | ) | |||||||||||||||||
Fidelity VIP Mid Cap Portfolio, Initial Class | 69,513 | 8,182 | 61,331 | 109,621 | 20,828 | 88,793 | ||||||||||||||||||
Fidelity VIP Mid Cap Portfolio, Service Class | 12,713 | 16,388 | (3,675 | ) | 32,465 | 41,385 | (8,920 | ) | ||||||||||||||||
Franklin DynaTech VIP Fund | 7,702 | 17,973 | (10,271 | ) | 32,503 | 12,440 | 20,063 | |||||||||||||||||
Franklin Growth and Income VIP Fund, Class 1 | 358,421 | 17,159 | 341,262 | 339,456 | 42,754 | 296,702 | ||||||||||||||||||
Franklin Income VIP Fund, Class 1 | 39,243 | 6,658 | 32,585 | 36,135 | 8,683 | 27,452 | ||||||||||||||||||
Franklin Income VIP Fund, Class 2 | 22,745 | 39,793 | (17,048 | ) | 37,003 | 97,312 | (60,309 | ) | ||||||||||||||||
Franklin Mutual Shares VIP Fund, Class 2 | 43,789 | 117,397 | (73,608 | ) | 125,608 | 206,681 | (81,073 | ) | ||||||||||||||||
Franklin Rising Dividends VIP Fund, Class 2 | 17,394 | 27,831 | (10,437 | ) | 38,887 | 56,004 | (17,117 | ) | ||||||||||||||||
Franklin Small Cap Value VIP Fund, Class 2 | 11,708 | 14,565 | (2,857 | ) | 19,010 | 14,625 | 4,385 | |||||||||||||||||
Franklin Small-Mid Cap Growth VIP Fund, Class 2 | 8,281 | 10,588 | (2,307 | ) | 36,333 | 23,198 | 13,135 | |||||||||||||||||
Franklin U.S. Government Securities VIP Fund, Class 2 | 81,298 | 44,107 | 37,191 | 102,167 | 122,484 | (20,317 | ) | |||||||||||||||||
Goldman Sachs VIT Core Fixed Income Fund, Institutional Shares | 848,849 | 50,430 | 798,419 | 746,191 | 78,211 | 667,980 | ||||||||||||||||||
Goldman Sachs VIT Core Fixed Income Fund, Service Shares | 11,675 | 3,005 | 8,670 | 12,312 | 19,568 | (7,256 | ) | |||||||||||||||||
Goldman Sachs VIT International Equity Insights Fund, Institutional Shares | 3,139 | 18,454 | (15,315 | ) | 18,896 | 30,725 | (11,829 | ) | ||||||||||||||||
Goldman Sachs VIT International Equity Insights Fund, Service Shares | 6,866 | 14,719 | (7,853 | ) | 23,908 | 16,359 | 7,549 | |||||||||||||||||
Goldman Sachs VIT Large Cap Value Fund, Institutional Shares | 2,669 | 20,752 | (18,083 | ) | 8,686 | 32,261 | (23,575 | ) | ||||||||||||||||
Goldman Sachs VIT Large Cap Value Fund, Service Shares | 2,583 | 5,495 | (2,912 | ) | 3,442 | 12,002 | (8,560 | ) | ||||||||||||||||
Goldman Sachs VIT Mid Cap Growth Fund, Service Shares | 2,994 | 4,140 | (1,146 | ) | 9,310 | 5,623 | 3,687 | |||||||||||||||||
Goldman Sachs VIT Mid Cap Value Fund, Institutional Shares | 362,204 | 28,731 | 333,473 | 348,153 | 61,532 | 286,621 | ||||||||||||||||||
Goldman Sachs VIT Mid Cap Value Fund, Service Shares | 11,359 | 7,525 | 3,834 | 15,850 | 24,538 | (8,688 | ) | |||||||||||||||||
Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Shares | 2,494 | 3,952 | (1,458 | ) | 7,743 | 10,660 | (2,917 | ) | ||||||||||||||||
Goldman Sachs VIT Small Cap Equity Insights Fund, Service Shares | 1,438 | 1,471 | (33 | ) | 2,322 | 1,957 | 365 | |||||||||||||||||
Goldman Sachs VIT Strategic Growth Fund, Institutional Shares | 2,199 | 14,217 | (12,018 | ) | 9,117 | 9,884 | (767 | ) | ||||||||||||||||
Goldman Sachs VIT Strategic Growth Fund, Service Shares | 5,601 | 16,971 | (11,370 | ) | 20,348 | 9,563 | 10,785 | |||||||||||||||||
Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Shares | 1,567 | 9,975 | (8,408 | ) | 4,880 | 12,404 | (7,524 | ) | ||||||||||||||||
Goldman Sachs VIT U.S. Equity Insights Fund, Service Shares | 82 | 885 | (803 | ) | 196 | 205 | (9 | ) |
101
2023 | 2022 | |||||||||||||||||||||||
Subaccount | Units Issued | Units Redeemed | Net Increase (Decrease) | Units Issued | Units Redeemed | Net Increase (Decrease) | ||||||||||||||||||
Invesco V.I. American Franchise Fund, Series I | 3,697 | 24,977 | (21,280 | ) | 17,620 | 17,591 | 29 | |||||||||||||||||
Invesco V.I. American Value Fund, Series II | 9,792 | 14,288 | (4,496 | ) | 10,289 | 19,730 | (9,441 | ) | ||||||||||||||||
Invesco V.I. Balanced-Risk Allocation Fund Class, Series II | 1,883 | 1,948 | (65 | ) | 3,954 | 5,713 | (1,759 | ) | ||||||||||||||||
Invesco V.I. Capital Appreciation Fund, Series I | 3,766 | 13,082 | (9,316 | ) | 14,242 | 20,217 | (5,975 | ) | ||||||||||||||||
Invesco V.I. Comstock Fund, Series I | 10,955 | 49,623 | (38,668 | ) | 27,519 | 106,437 | (78,918 | ) | ||||||||||||||||
Invesco V.I. Discovery Mid Cap Growth Fund, Series I | 5,685 | 9,272 | (3,587 | ) | 17,226 | 13,602 | 3,624 | |||||||||||||||||
Invesco V.I. Discovery Mid Cap Growth Fund, Series II | 4,683 | 614 | 4,069 | 7,754 | 2,234 | 5,520 | ||||||||||||||||||
Invesco V.I. Diversified Dividend Fund, Series I | 82,535 | 13,869 | 68,666 | 72,091 | 13,926 | 58,165 | ||||||||||||||||||
Invesco V.I. Equity and Income Fund, Series II | 17,699 | 60,515 | (42,816 | ) | 33,927 | 62,705 | (28,778 | ) | ||||||||||||||||
Invesco V.I. EQV International Equity Fund, Series II | 31,081 | 54,313 | (23,232 | ) | 85,933 | 51,294 | 34,639 | |||||||||||||||||
Invesco V.I. Global Fund, Series I | 36,140 | 40,641 | (4,501 | ) | 86,680 | 41,090 | 45,590 | |||||||||||||||||
Invesco V.I. Global Real Estate Fund, Series II | 6,577 | 3,595 | 2,982 | 7,287 | 6,160 | 1,127 | ||||||||||||||||||
Invesco V.I. Global Strategic Income Fund | 12,002 | 26,909 | (14,907 | ) | 40,037 | 37,570 | 2,467 | |||||||||||||||||
Invesco V.I. Government Securities Fund, Series II | 25,998 | 46,605 | (20,607 | ) | 40,392 | 43,548 | (3,156 | ) | ||||||||||||||||
Invesco V.I. Growth and Income Fund, Series I | 14,246 | 45,104 | (30,858 | ) | 47,233 | 111,957 | (64,724 | ) | ||||||||||||||||
Invesco V.I. Main Street Fund, Series I | 2,076 | 14,034 | (11,958 | ) | 7,906 | 14,282 | (6,376 | ) | ||||||||||||||||
Invesco V.I. S&P 500 Buffer Fund, June Series I | 7,720 | 2,527 | 5,193 | - | - | - | ||||||||||||||||||
Invesco V.I. Small Cap Equity Fund, Series II | 14,213 | 8,519 | 5,694 | 15,767 | 7,996 | 7,771 | ||||||||||||||||||
Invesco V.I. U.S. Government Money Portfolio, Series I | 1,683,257 | 1,926,190 | (242,933 | ) | 2,449,270 | 2,899,113 | (449,843 | ) | ||||||||||||||||
Lord Abbett Series Fund Bond Debenture Portfolio | 126,505 | 39,309 | 87,196 | 163,341 | 95,935 | 67,406 | ||||||||||||||||||
Lord Abbett Series Fund Fundamental Equity Portfolio | 8,003 | 14,164 | (6,161 | ) | 24,020 | 29,307 | (5,287 | ) | ||||||||||||||||
Lord Abbett Series Fund Growth and Income Portfolio | 4,128 | 31,013 | (26,885 | ) | 13,599 | 45,309 | (31,710 | ) | ||||||||||||||||
Lord Abbett Series Fund Growth Opportunities Portfolio | 4,711 | 4,586 | 125 | 10,501 | 5,484 | 5,017 | ||||||||||||||||||
Lord Abbett Series Fund Inc. Dividend Growth Portfolio | 38,596 | 18,961 | 19,635 | 45,081 | 21,843 | 23,238 | ||||||||||||||||||
Lord Abbett Series Fund Mid Cap Stock Portfolio | 6,969 | 34,632 | (27,663 | ) | 19,114 | 48,399 | (29,285 | ) | ||||||||||||||||
MFS Emerging Markets Equity Portfolio, Service Class | 1,615 | 4,608 | (2,993 | ) | 7,712 | 2,583 | 5,129 | |||||||||||||||||
MFS Growth Series, Initial Class | 6,255 | 19,167 | (12,912 | ) | 21,703 | 14,434 | 7,269 | |||||||||||||||||
MFS International Intrinsic Value Portfolio, Service Class | 9,034 | 26,567 | (17,533 | ) | 44,896 | 22,613 | 22,283 | |||||||||||||||||
MFS Investors Trust Series, Initial Class | 2,263 | 18,930 | (16,667 | ) | 9,606 | 20,961 | (11,355 | ) | ||||||||||||||||
MFS Massachusetts Investors Growth Stock Portfolio, Initial Class | 4,053 | 14,661 | (10,608 | ) | 8,961 | 17,001 | (8,040 | ) | ||||||||||||||||
MFS New Discovery Series, Initial Class | 3,554 | 5,606 | (2,052 | ) | 15,521 | 7,663 | 7,858 | |||||||||||||||||
MFS Research Series, Initial Class | 2,818 | 15,454 | (12,636 | ) | 7,671 | 14,258 | (6,587 | ) |
102
2023 | 2022 | |||||||||||||||||||||||
Subaccount | Units Issued | Units Redeemed | Net Increase (Decrease) | Units Issued | Units Redeemed | Net Increase (Decrease) | ||||||||||||||||||
MFS Total Return Bond Series, Service Class | 67,064 | 59,284 | 7,780 | 96,281 | 86,736 | 9,545 | ||||||||||||||||||
MFS Total Return Series, Initial Class | 11,340 | 25,341 | (14,001 | ) | 16,258 | 33,759 | (17,501 | ) | ||||||||||||||||
MFS Utilities Series, Initial Class | 3,433 | 4,427 | (994 | ) | 2,989 | 10,263 | (7,274 | ) | ||||||||||||||||
MFS Value Series, Service Class | 21,439 | 31,487 | (10,048 | ) | 30,272 | 60,745 | (30,473 | ) | ||||||||||||||||
Morgan Stanley VIF Global Real Estate Portfolio, Class II | 4,305 | 2,768 | 1,537 | 5,532 | 8,118 | (2,586 | ) | |||||||||||||||||
PIMCO All Asset Portfolio | 13,643 | 881 | 12,762 | 433 | 861 | (428 | ) | |||||||||||||||||
PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class | 259,399 | 21,310 | 238,089 | 240,857 | 31,334 | 209,523 | ||||||||||||||||||
PIMCO Long-Term U.S. Government Portfolio, Advisor Class | 23,471 | 7,790 | 15,681 | 8,462 | 3,298 | 5,164 | ||||||||||||||||||
PIMCO Low Duration Portfolio, Advisor Class | 11,520 | 14,682 | (3,162 | ) | 17,617 | 15,693 | 1,924 | |||||||||||||||||
PIMCO Real Return Portfolio, Advisor Class | 55,260 | 24,292 | 30,968 | 74,754 | 75,630 | (876 | ) | |||||||||||||||||
PIMCO Real Return Portfolio, Institutional Class | 5,490 | 143 | 5,347 | - | - | - | ||||||||||||||||||
PIMCO Short-Term Portfolio, Advisor Class | 25,112 | 24,989 | 123 | 24,124 | 23,393 | 731 | ||||||||||||||||||
PIMCO Short-Term Portfolio, Institutional Class | 34,313 | 5,275 | 29,038 | 51,183 | 13,716 | 37,467 | ||||||||||||||||||
PIMCO Total Return Portfolio, Advisor Class | 138,164 | 60,295 | 77,869 | 218,328 | 175,090 | 43,238 | ||||||||||||||||||
PIMCO Total Return Portfolio, Institutional Class | 246,308 | 66,706 | 179,602 | 219,371 | 44,940 | 174,431 | ||||||||||||||||||
Putnam VT Sustainable Leaders Fund, Class IA | 4,365 | 66 | 4,299 | - | - | - | ||||||||||||||||||
Royce Capital Fund Micro Cap Portfolio, Service Class | 2,247 | 3,410 | (1,163 | ) | 12,820 | 6,915 | 5,905 | |||||||||||||||||
Royce Capital Fund Small Cap Portfolio | 27,850 | 9,798 | 18,052 | 40,849 | 7,100 | 33,749 | ||||||||||||||||||
Royce Capital Fund Small Cap Portfolio, Service Class | 13,978 | 25,640 | (11,662 | ) | 47,142 | 44,959 | 2,183 | |||||||||||||||||
Schwab S&P 500 Index Fund | 7,200 | 64 | 7,136 | - | - | - | ||||||||||||||||||
Templeton Developing Markets VIP Fund | 8,463 | 2,532 | 5,931 | 23,066 | 2,898 | 20,168 | ||||||||||||||||||
Templeton Developing Markets VIP Fund, Class 2 | 11,999 | 11,991 | 8 | 18,540 | 5,244 | 13,296 | ||||||||||||||||||
Templeton Foreign VIP Fund, Class 2 | 15,619 | 62,399 | (46,780 | ) | 63,027 | 74,894 | (11,867 | ) | ||||||||||||||||
Templeton Global Bond VIP Fund, Class 2 | 43,486 | 29,610 | 13,876 | 57,923 | 81,011 | (23,088 | ) | |||||||||||||||||
Templeton Growth VIP Fund, Class 2 | 10,954 | 57,237 | (46,283 | ) | 78,163 | 85,249 | (7,086 | ) | ||||||||||||||||
TOPS Aggressive Growth ETF Portfolio, Class 1 | 38,825 | 3,472 | 35,353 | 27,342 | 6,636 | 20,706 | ||||||||||||||||||
TOPS Aggressive Growth ETF Portfolio, Class 2 | 589 | 324 | 265 | 1,023 | 3,037 | (2,014 | ) | |||||||||||||||||
TOPS Balanced ETF Portfolio, Class 2 | 257 | 3,033 | (2,776 | ) | 256 | 339 | (83 | ) | ||||||||||||||||
TOPS Conservative ETF Portfolio, Class 1 | 22,869 | 5,368 | 17,501 | 4,246 | 1,803 | 2,443 | ||||||||||||||||||
TOPS Conservative ETF Portfolio, Class 2 | 2,539 | 2,437 | 102 | 2,532 | 2,684 | (152 | ) | |||||||||||||||||
TOPS Growth ETF Portfolio, Class 1 | 173,149 | 12,031 | 161,118 | 217,424 | 19,954 | 197,470 |
103
2023 | 2022 | |||||||||||||||||||||||
Subaccount | Units Issued | Units Redeemed | Net Increase (Decrease) | Units Issued | Units Redeemed | Net Increase (Decrease) | ||||||||||||||||||
TOPS Growth ETF Portfolio, Class 2 | 13,863 | 4,968 | 8,895 | 19,086 | 6,422 | 12,664 | ||||||||||||||||||
TOPS Moderate Growth ETF Portfolio, Class 1 | 214,166 | 16,417 | 197,749 | 188,382 | 20,891 | 167,491 | ||||||||||||||||||
TOPS Moderate Growth ETF Portfolio, Class 2 | 2,379 | 477 | 1,902 | 2,628 | 519 | 2,109 | ||||||||||||||||||
Vanguard VIF Capital Growth Portfolio | 549,375 | 48,570 | 500,805 | 574,941 | 62,023 | 512,918 | ||||||||||||||||||
Vanguard VIF Conservative Allocation Portfolio | 5,163 | 138 | 5,025 | - | - | - | ||||||||||||||||||
Vanguard VIF Equity Income Portfolio | 81,834 | 8,554 | 73,280 | 112,492 | 22,292 | 90,200 | ||||||||||||||||||
Vanguard VIF Equity Index Portfolio | 336 | 1,393 | (1,057 | ) | 961 | 188 | 773 | |||||||||||||||||
Vanguard VIF Growth Portfolio | 2,355 | 51 | 2,304 | - | - | - | ||||||||||||||||||
Vanguard VIF International Portfolio | 52,198 | 5,267 | 46,931 | 61,127 | 9,330 | 51,797 | ||||||||||||||||||
Vanguard VIF Mid-Cap Index Portfolio | 396 | 237 | 159 | 825 | 174 | 651 | ||||||||||||||||||
Vanguard VIF Real Estate Index Portfolio | 19,392 | 4,870 | 14,522 | 19,812 | 5,856 | 13,956 | ||||||||||||||||||
Vanguard VIF Short-Term Investment-Grade Portfolio | 812,306 | 50,672 | 761,634 | 751,013 | 88,096 | 662,917 | ||||||||||||||||||
Vanguard VIF Total Bond Market Index Portfolio | 23,928 | 13,804 | 10,124 | 16,894 | 5,694 | 11,200 | ||||||||||||||||||
Vanguard VIF Total Stock Market Index Portfolio | 23,529 | 5,229 | 18,300 | 36,587 | 4,717 | 31,870 | ||||||||||||||||||
* The Subaccount has units that round to less than one. | ||||||||||||||||||||||||
Note: Units may not foot/crossfoot due to rounding. |
104
5. | EXPENSES AND RELATED PARTY TRANSACTIONS |
The charges below are the current expenses deducted by Subaccount from the Policy as a redemption of units. Charges may vary based on factors such as product purchased, face amount, gender, age at issue of the insured, age at issue of the joint insured, insurance rate classification and smoking status, death benefit option selected, insured's age at time of face increase, and/or age of the Policy. The charges are recorded, as applicable, to the respective Subaccount in the Separate Account. Redemption of units deductions are made to the individual Policies in accordance with the terms which govern each life insurance policy, as set forth in the Policy.
Expense Type | Range |
Monthly Standard Administrative Maintenance Charge | |
This charge is assessed to reimburse the Company for expenses incurred in the administration of the Policy and the Separate Account. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | $3 - $8 per month |
Annual Policy Charge | |
This charge is assessed to reimburse the Company for expenses incurred in the administration of the Policy and the Separate Account. The charge is deducted annually, assessed through a redemption of units, and recorded as Policy maintenance charges in the Statements of Changes in Net Assets. | $0 - $35 per year |
Mortality and Expense Risk Charge | |
This charge is assessed to reimburse the Company for assuming mortality and expense risks. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges in the Statements of Changes in Net Assets. | a monthly charge amounting to a per annum aggregate of 0.000% - 0.075% of the average daily net assets of the Subaccounts |
Surrender Charge (Contingent Deferred Sales Charge) | |
This charge is assessed to reimburse the Company for some of the costs of distributing the Policies. The charge is a percent of the amount withdrawn, surrendered, or lapsed based on the number of full years which have elapsed between the date the Policy was issued and the surrender date as well as the amount withdrawn in excess of the annual withdrawal amount allowed under the Policy, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. |
$0 - $58 per $1,000 of the face amount at surrender
|
Monthly Administrative Charge for Initial Face Value | |
This charge is assessed during the first 12 months after the initial purchase to reimburse the Company for administrative costs. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | $0.09 - $3.66 per $1,000 of face per month |
105
Charge for Optional Benefits | |
This charge is assessed to reimburse the Company for costs and risks stemming from optional living and/or death benefits elected by the Policy owner. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. |
0.0125% of policy value up to a maximum of $31.25 or 0.02% of policy value
$1.50 - $24.33 per $100 or $0.02 - $108.93 per thousand of rider coverage amount
|
Cost of Insurance Charge (COI) | |
This charge is assessed to reimburse the Company for the cost of providing the death benefit. The charge is assessed on the Policy’s monthly anniversary day, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | $0.07 - $333.33 per $1,000 of net amount at risk per month or 0.046% - 0.057% of the face amount of policy up to a maximum of the guaranteed COI |
Policy Expense Charge | |
This charge is assessed to reimburse the Company for sales expenses, underwriting and issue expenses, and the average premium tax expense incurred when issuing Policies. The charge is based upon the Policy value on the monthly anniversary, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets.
|
a monthly charge amounting to a per annum aggregate of 0.00% - 0.06% of the Policy's value |
Charge for Face Value Increase | |
This charge is assessed to reimburse the Company for costs incurred from the face value increase. The charge is deducted monthly for the first 12 months following the face value increase, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. | $0.08 - $1.75 per $1,000 of face increase per month up to a maximum of $250 per month |
Transfer Charge | |
Currently there is no charge assessed for transfers; however, the Company has reserved the right to charge for transfers as reimbursement for costs incurred when transferring funds. The charge is deducted upon transfer, assessed through a redemption of units, and recorded as Policy owners’ benefits within the Statements of Changes in Net Assets.
|
$25 per transfer after the first 12 transfers in any policy year |
The Company offers a loan privilege to certain Policy owners. Such Policy owners may obtain loans using the Policy’s value as the only security for the loan. Loans are subject to provisions of The Internal Revenue Code of 1986, as amended.
106
6. | FINANCIAL HIGHLIGHTS |
The Company sells a number of variable life products that are funded by the Separate Account. A summary of the units outstanding, unit fair values, net assets for variable life Policies, investment income ratios, and total returns for each of the five years or periods ended December 31, 2023 is as follows:
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
American Funds IS Asset Allocation Fund, Class 1 | |||||||||||||||||||||
2023 | 455 | $ | 13.68 | $ | 6,230 | 2.77 | % | 14.55 | % | ||||||||||||
2022 | 346 | 11.94 | 4,133 | 2.56 | % | (13.19 | )% | ||||||||||||||
2021 | 187 | 13.76 | 2,577 | 1.86 | % | 15.40 | % | ||||||||||||||
2020 | 28 | 11.92 | 329 | 3.09 | % | 12.71 | % | ||||||||||||||
American Funds IS Asset Allocation Fund, Class 2 | |||||||||||||||||||||
2023 | 256 | 18.59 | 4,769 | 2.29 | % | 14.27 | % | ||||||||||||||
2022 | 251 | 16.27 | 4,079 | 1.84 | % | (13.40 | )% | ||||||||||||||
2021 | 245 | 18.79 | 4,599 | 1.61 | % | 15.10 | % | ||||||||||||||
2020 | 231 | 16.33 | 3,765 | 1.64 | % | 12.46 | % | ||||||||||||||
2019 | 217 | 14.52 | 3,156 | 2.12 | % | 21.23 | % |
107
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
American Funds IS Global Growth Fund, Class 1 | |||||||||||||||||||||
2023 | 1,638 | $ | 15.60 | $ | 25,535 | 1.33 | % | 22.90 | % | ||||||||||||
2022 | 1,017 | 12.69 | 12,898 | 1.15 | % | (24.54 | )% | ||||||||||||||
2021 | 367 | 16.82 | 6,179 | 0.62 | % | 16.72 | % | ||||||||||||||
2020 | 40 | 14.41 | 576 | 0.77 | % | 30.78 | % | ||||||||||||||
American Funds IS Global Growth Fund, Class 2 | |||||||||||||||||||||
2023 | 168 | 22.14 | 3,718 | 0.91 | % | 22.60 | % | ||||||||||||||
2022 | 166 | 18.06 | 3,003 | 0.63 | % | (24.74 | )% | ||||||||||||||
2021 | 151 | 23.99 | 3,625 | 0.34 | % | 16.42 | % | ||||||||||||||
2020 | 137 | 20.61 | 2,831 | 0.33 | % | 30.47 | % | ||||||||||||||
2019 | 126 | 15.80 | 1,992 | 1.27 | % | 35.28 | % | ||||||||||||||
American Funds IS Global Small Capitalization Fund, Class 2 | |||||||||||||||||||||
2023 | 157 | 15.25 | 2,391 | 0.27 | % | 16.17 | % | ||||||||||||||
2022 | 157 | 13.13 | 2,058 | 0.00 | % | (29.55 | )% | ||||||||||||||
2021 | 135 | 18.64 | 2,523 | 0.00 | % | 6.74 | % | ||||||||||||||
2020 | 127 | 17.46 | 2,219 | 0.15 | % | 29.72 | % | ||||||||||||||
2019 | 136 | 13.46 | 1,831 | 0.17 | % | 31.52 | % |
108
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
American Funds IS Growth Fund, Class 1 | |||||||||||||||||||||
2023 | 752 | $ | 20.07 | $ | 15,098 | 0.69 | % | 38.81 | % | ||||||||||||
2022 | 499 | 14.46 | 7,218 | 0.71 | % | (29.76 | )% | ||||||||||||||
2021 | 232 | 20.58 | 4,766 | 0.62 | % | 22.30 | % | ||||||||||||||
2020 | 26 | 16.83 | 437 | 0.71 | % | 52.46 | % | ||||||||||||||
American Funds IS Growth Fund, Class 2 | |||||||||||||||||||||
2023 | 315 | 33.05 | 10,415 | 0.37 | % | 38.48 | % | ||||||||||||||
2022 | 315 | 23.87 | 7,518 | 0.30 | % | (29.94 | )% | ||||||||||||||
2021 | 298 | 34.07 | 10,155 | 0.22 | % | 21.99 | % | ||||||||||||||
2020 | 297 | 27.93 | 8,289 | 0.30 | % | 52.08 | % | ||||||||||||||
2019 | 304 | 18.36 | 5,586 | 0.78 | % | 30.77 | % | ||||||||||||||
American Funds IS Growth-Income Fund, Class 1 | |||||||||||||||||||||
2023 | 698 | 16.22 | 11,326 | 1.84 | % | 26.46 | % | ||||||||||||||
2022 | 486 | 12.83 | 6,231 | 1.84 | % | (16.29 | )% | ||||||||||||||
2021 | 250 | 15.32 | 3,827 | (13.55 | )% | 24.42 | % | ||||||||||||||
2020 | 18 | 12.32 | (4,292 | ) | (0.11 | )% | 13.81 | % |
109
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
American Funds IS International Fund, Class 2 | |||||||||||||||||||||
2023 | 230 | $ | 13.15 | $ | 3,023 | 1.35 | % | 15.84 | % | ||||||||||||
2022 | 224 | 11.35 | 2,543 | 1.66 | % | (20.79 | )% | ||||||||||||||
2021 | 211 | 14.33 | 3,029 | 2.52 | % | (1.50 | )% | ||||||||||||||
2020 | 185 | 14.54 | 2,692 | 0.59 | % | 13.97 | % | ||||||||||||||
2019 | 180 | 12.76 | 2,297 | 1.57 | % | 22.88 | % | ||||||||||||||
American Funds IS New World Fund, Class 1 | |||||||||||||||||||||
2023 | 1,658 | 12.85 | 21,292 | 2.04 | % | 16.22 | % | ||||||||||||||
2022 | 990 | 11.06 | 10,938 | 1.90 | % | (21.86 | )% | ||||||||||||||
2021 | 334 | 14.15 | 4,729 | 1.41 | % | 5.16 | % | ||||||||||||||
2020 | 40 | 13.45 | 544 | 0.29 | % | 23.89 | % | ||||||||||||||
American Funds IS New World Fund, Class 2 | |||||||||||||||||||||
2023 | 114 | 16.18 | 1,842 | 1.52 | % | 16.00 | % | ||||||||||||||
2022 | 108 | 13.95 | 1,509 | 1.32 | % | (22.10 | )% | ||||||||||||||
2021 | 88 | 17.91 | 1,582 | 0.92 | % | 4.92 | % | ||||||||||||||
2020 | 75 | 17.07 | 1,280 | 0.06 | % | 23.58 | % | ||||||||||||||
2019 | 69 | 13.81 | 949 | 1.13 | % | 29.14 | % |
110
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
American Funds IS Washington Mutual Investors Fund, Class 2 | |||||||||||||||||||||
2023 | 392 | $ | 21.73 | $ | 8,515 | 1.92 | % | 17.29 | % | ||||||||||||
2022 | 396 | 18.53 | 7,336 | 1.87 | % | (8.45 | )% | ||||||||||||||
2021 | 389 | 20.24 | 7,863 | 1.51 | % | 27.78 | % | ||||||||||||||
2020 | 367 | 15.84 | 5,819 | 1.69 | % | 8.68 | % | ||||||||||||||
2019 | 319 | 14.57 | 4,651 | 2.20 | % | 21.38 | % | ||||||||||||||
Calvert VP SRI Balanced Portfolio | |||||||||||||||||||||
2023 | 1 | 47.86 | 62 | 1.61 | % | 16.82 | % | ||||||||||||||
2022 | 1 | 40.97 | 54 | 1.16 | % | (15.41 | )% | ||||||||||||||
2021 | 1 | 48.43 | 65 | 1.18 | % | 15.12 | % | ||||||||||||||
2020 | 1 | 42.07 | 58 | 1.75 | % | 15.26 | % | ||||||||||||||
2019 | 2 | 36.50 | 74 | 1.61 | % | 24.40 | % | ||||||||||||||
ClearBridge Variable Mid Cap Portfolio, Class I | |||||||||||||||||||||
2023 | 3 | 11.04 | 29 | 0.29 | % | 3.79 | % | ||||||||||||||
ClearBridge Variable Mid Cap Portfolio, Class II | |||||||||||||||||||||
2023 | 67 | 38.21 | 2,563 | 0.02 | % | 12.62 | % | ||||||||||||||
2022 | 69 | 33.93 | 2,340 | 0.09 | % | (25.50 | )% | ||||||||||||||
2021 | 67 | 45.54 | 3,046 | 0.03 | % | 28.39 | % | ||||||||||||||
2020 | 68 | 35.47 | 2,429 | 0.04 | % | 15.10 | % | ||||||||||||||
2019 | 64 | 30.82 | 1,970 | 0.38 | % | 32.65 | % |
111
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
ClearBridge Variable Small Cap Growth Portfolio, Class I | |||||||||||||||||||||
2023 | 928 | $ | 13.46 | $ | 12,484 | 0.00 | % | 8.40 | % | ||||||||||||
2022 | 533 | 12.42 | 6,614 | 0.00 | % | (28.85 | )% | ||||||||||||||
2021 | 179 | 17.46 | 3,122 | 0.00 | % | 12.61 | % | ||||||||||||||
2020 | 19 | 15.50 | 300 | 0.00 | % | 43.26 | % | ||||||||||||||
ClearBridge Variable Small Cap Growth Portfolio, Class II | |||||||||||||||||||||
2023 | 39 | 48.61 | 1,895 | 0.00 | % | 8.12 | % | ||||||||||||||
2022 | 37 | 44.96 | 1,658 | 0.00 | % | (29.01 | )% | ||||||||||||||
2021 | 39 | 63.33 | 2,445 | 0.00 | % | 12.31 | % | ||||||||||||||
2020 | 37 | 56.39 | 2,074 | 0.00 | % | 42.91 | % | ||||||||||||||
2019 | 36 | 39.46 | 1,425 | 0.00 | % | 26.55 | % | ||||||||||||||
Dimensional VA Global Moderate Allocation Portfolio, Institutional | |||||||||||||||||||||
2023 | 3 | 16.18 | 55 | 0.76 | % | 4.88 | % | ||||||||||||||
Dimensional VA International Small Portfolio | |||||||||||||||||||||
2023 | 366 | 12.95 | 4,738 | 3.92 | % | 14.11 | % | ||||||||||||||
2022 | 225 | 11.35 | 2,558 | 3.63 | % | (17.64 | )% | ||||||||||||||
2021 | 73 | 13.78 | 1,003 | 3.83 | % | 14.56 | % | ||||||||||||||
2020 | 15 | 12.03 | 176 | 3.25 | % | 9.41 | % |
112
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Dimensional VA International Value Portfolio | |||||||||||||||||||||
2023 | 94 | $ | 14.03 | $ | 1,324 | 5.90 | % | 17.86 | % | ||||||||||||
2022 | 63 | 11.90 | 746 | 5.22 | % | (3.46 | )% | ||||||||||||||
2021 | 27 | 12.33 | 338 | 6.83 | % | 18.11 | % | ||||||||||||||
2020 | 2 | 10.44 | 24 | 4.32 | % | (1.76 | )% | ||||||||||||||
Dimensional VA Short-Term Fixed Portfolio | |||||||||||||||||||||
2023 | - | - | - | 0.00 | % | 0.78 | % | ||||||||||||||
Dimensional VA US Large Value Portfolio | |||||||||||||||||||||
2023 | 128 | 14.41 | 1,844 | 2.73 | % | 10.92 | % | ||||||||||||||
2022 | 75 | 12.99 | 974 | 3.12 | % | (4.88 | )% | ||||||||||||||
2021 | 32 | 13.65 | 430 | 2.49 | % | 27.04 | % | ||||||||||||||
2020 | 1 | 10.75 | 10 | 3.81 | % | (1.38 | )% | ||||||||||||||
Dimensional VA US Targeted Value Portfolio | |||||||||||||||||||||
2023 | 0 | * | 20.03 | 6 | 51.85 | % | 22.54 | % | |||||||||||||
Dimensional VIT Inflation Protected Securities Portfolio, Institutional | |||||||||||||||||||||
2023 | 506 | 10.85 | 5,486 | 5.06 | % | 4.02 | % | ||||||||||||||
2022 | 278 | 10.43 | 2,898 | 11.60 | % | (12.45 | )% | ||||||||||||||
2021 | 100 | 11.92 | 1,188 | 8.09 | % | 5.58 | % | ||||||||||||||
2020 | 3 | 11.29 | 34 | 2.02 | % | 11.72 | % |
113
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Fidelity VIP Contrafund Portfolio, Service Class | |||||||||||||||||||||
2023 | 721 | $ | 73.60 | $ | 53,037 | 0.40 | % | 33.34 | % | ||||||||||||
2022 | 753 | 55.20 | 41,555 | 0.38 | % | (26.38 | )% | ||||||||||||||
2021 | 751 | 74.98 | 56,303 | 0.05 | % | 27.71 | % | ||||||||||||||
2020 | 793 | 58.71 | 46,179 | 0.14 | % | 30.43 | % | ||||||||||||||
2019 | 845 | 45.02 | 38,044 | 0.38 | % | 31.45 | % | ||||||||||||||
Fidelity VIP Equity-Income Portfolio, Service Class | |||||||||||||||||||||
2023 | 84 | 41.91 | 3,529 | 1.76 | % | 10.53 | % | ||||||||||||||
2022 | 92 | 37.92 | 3,456 | 1.75 | % | (5.09 | )% | ||||||||||||||
2021 | 99 | 39.95 | 3,955 | 1.92 | % | 24.83 | % | ||||||||||||||
2020 | 92 | 32.00 | 2,953 | 1.57 | % | 6.55 | % | ||||||||||||||
2019 | 93 | 30.04 | 2,804 | 1.97 | % | 27.32 | % | ||||||||||||||
Fidelity VIP Freedom Funds 2015 Portfolio, Service Class | |||||||||||||||||||||
2023 | 20 | 22.79 | 455 | 3.59 | % | 10.86 | % | ||||||||||||||
2022 | 21 | 20.56 | 437 | 1.98 | % | (14.66 | )% | ||||||||||||||
2021 | 23 | 24.09 | 545 | 1.07 | % | 7.59 | % | ||||||||||||||
2020 | 20 | 22.39 | 449 | 1.18 | % | 13.62 | % | ||||||||||||||
2019 | 20 | 19.71 | 403 | 2.04 | % | 18.21 | % |
114
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Fidelity VIP Freedom Funds 2020 Portfolio, Service Class | |||||||||||||||||||||
2023 | 37 | $ | 23.83 | $ | 873 | 3.13 | % | 12.34 | % | ||||||||||||
2022 | 37 | 21.21 | 791 | 1.94 | % | (15.83 | )% | ||||||||||||||
2021 | 35 | 25.20 | 888 | 1.02 | % | 9.47 | % | ||||||||||||||
2020 | 36 | 23.02 | 826 | 1.16 | % | 14.92 | % | ||||||||||||||
2019 | 36 | 20.03 | 719 | 1.97 | % | 20.01 | % | ||||||||||||||
Fidelity VIP Growth Opportunities Portfolio, Initial Class | |||||||||||||||||||||
2023 | 218 | 18.92 | 4,126 | 0.00 | % | 45.65 | % | ||||||||||||||
2022 | 153 | 12.99 | 1,994 | 0.00 | % | (38.15 | )% | ||||||||||||||
2021 | 52 | 21.00 | 1,098 | 0.00 | % | 11.94 | % | ||||||||||||||
2020 | 4 | 18.76 | 70 | 0.00 | % | 68.66 | % | ||||||||||||||
Fidelity VIP Growth Portfolio, Service Class | |||||||||||||||||||||
2023 | 60 | 57.70 | 3,461 | 0.04 | % | 36.09 | % | ||||||||||||||
2022 | 66 | 42.39 | 2,756 | 0.47 | % | (24.52 | )% | ||||||||||||||
2021 | 80 | 56.17 | 3,905 | 0.00 | % | 23.08 | % | ||||||||||||||
2020 | 89 | 45.64 | 4,017 | 0.05 | % | 43.75 | % | ||||||||||||||
2019 | 84 | 31.75 | 2,658 | 0.17 | % | 34.18 | % |
115
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Fidelity VIP Index 500 Portfolio, Initial Class | |||||||||||||||||||||
2023 | 2,577 | $ | 16.99 | $ | 43,762 | 1.70 | % | 26.19 | % | ||||||||||||
2022 | 1,496 | 13.46 | 20,140 | 1.85 | % | (18.21 | )% | ||||||||||||||
2021 | 512 | 16.46 | 8,429 | 1.56 | % | 28.58 | % | ||||||||||||||
2020 | 68 | 12.80 | 877 | 2.20 | % | 18.24 | % | ||||||||||||||
Fidelity VIP Index 500 Portfolio, Service Class | |||||||||||||||||||||
2023 | 638 | 53.63 | 34,211 | 1.40 | % | 26.07 | % | ||||||||||||||
2022 | 665 | 42.54 | 28,276 | 1.32 | % | (18.30 | )% | ||||||||||||||
2021 | 672 | 52.06 | 34,915 | 1.20 | % | 28.45 | % | ||||||||||||||
2020 | 684 | 40.53 | 27,695 | 1.57 | % | 18.13 | % | ||||||||||||||
2019 | 669 | 34.31 | 22,970 | 1.97 | % | 31.22 | % | ||||||||||||||
Fidelity VIP Investment Grade Bond Portfolio, Initial Class | |||||||||||||||||||||
2023 | 700 | 10.14 | 7,092 | 3.44 | % | 6.20 | % | ||||||||||||||
2022 | 370 | 9.54 | 3,527 | 3.16 | % | (12.96 | )% | ||||||||||||||
2021 | 148 | 10.97 | 1,628 | 2.76 | % | (0.61 | )% | ||||||||||||||
2020 | 7 | 11.03 | 74 | 3.13 | % | 9.39 | % |
116
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Fidelity VIP Investment Grade Bond Portfolio, Service Class | |||||||||||||||||||||
2023 | 777 | $ | 19.33 | $ | 15,019 | 2.60 | % | 6.12 | % | ||||||||||||
2022 | 747 | 18.21 | 13,603 | 2.19 | % | (13.03 | )% | ||||||||||||||
2021 | 766 | 20.94 | 15,949 | 2.03 | % | (0.72 | )% | ||||||||||||||
2020 | 649 | 21.09 | 13,682 | 2.17 | % | 9.25 | % | ||||||||||||||
2019 | 611 | 19.31 | 11,794 | 2.73 | % | 9.58 | % | ||||||||||||||
Fidelity VIP Mid Cap Portfolio, Initial Class | |||||||||||||||||||||
2023 | 244 | 15.79 | 3,850 | 0.71 | % | 15.08 | % | ||||||||||||||
2022 | 183 | 13.72 | 2,504 | 0.63 | % | (14.74 | )% | ||||||||||||||
2021 | 94 | 16.09 | 1,508 | 0.83 | % | 25.60 | % | ||||||||||||||
2020 | 14 | 12.81 | 185 | 0.72 | % | 18.19 | % | ||||||||||||||
Fidelity VIP Mid Cap Portfolio, Service Class | |||||||||||||||||||||
2023 | 434 | 62.46 | 27,065 | 0.53 | % | 15.00 | % | ||||||||||||||
2022 | 437 | 54.31 | 23,745 | 0.39 | % | (14.85 | )% | ||||||||||||||
2021 | 446 | 63.79 | 28,411 | 0.52 | % | 25.51 | % | ||||||||||||||
2020 | 481 | 50.82 | 24,452 | 0.49 | % | 18.04 | % | ||||||||||||||
2019 | 476 | 43.06 | 20,476 | 0.84 | % | 23.35 | % |
117
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Franklin DynaTech VIP Fund | |||||||||||||||||||||
2023 | 143 | $ | 44.15 | $ | 6,319 | 0.00 | % | 43.77 | % | ||||||||||||
2022 | 153 | 30.71 | 4,711 | 0.00 | % | (39.96 | )% | ||||||||||||||
2021 | 133 | 51.15 | 6,820 | 0.00 | % | 16.14 | % | ||||||||||||||
2020 | 139 | 44.04 | 6,132 | 0.00 | % | 44.88 | % | ||||||||||||||
2019 | 155 | 30.40 | 4,698 | 0.00 | % | 31.16 | % | ||||||||||||||
Franklin Growth and Income VIP Fund, Class 1 | |||||||||||||||||||||
2023 | 808 | 14.51 | 11,720 | 2.24 | % | 9.18 | % | ||||||||||||||
2022 | 467 | 13.29 | 6,206 | 2.89 | % | (6.60 | )% | ||||||||||||||
2021 | 170 | 14.23 | 2,423 | 1.17 | % | 25.59 | % | ||||||||||||||
2020 | 8 | 11.33 | 237 | 3.28 | % | 5.81 | % | ||||||||||||||
Franklin Income VIP Fund, Class 1 | |||||||||||||||||||||
2023 | 87 | 12.65 | 1,106 | 5.19 | % | 8.87 | % | ||||||||||||||
2022 | 55 | 11.62 | 638 | 4.59 | % | (5.24 | )% | ||||||||||||||
2021 | 27 | 12.26 | 336 | 2.42 | % | 17.01 | % | ||||||||||||||
2020 | 8 | 10.48 | 83 | 6.77 | % | 0.97 | % |
118
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Franklin Income VIP Fund, Class 2 | |||||||||||||||||||||
2023 | 728 | $ | 27.22 | $ | 19,796 | 5.07 | % | 8.62 | % | ||||||||||||
2022 | 745 | 25.06 | 18,658 | 4.80 | % | (5.47 | )% | ||||||||||||||
2021 | 805 | 26.51 | 21,340 | 4.77 | % | 16.75 | % | ||||||||||||||
2020 | 819 | 22.70 | 18,587 | 5.37 | % | 0.69 | % | ||||||||||||||
2019 | 845 | 22.55 | 19,051 | 5.38 | % | 16.06 | % | ||||||||||||||
Franklin Mutual Shares VIP Fund, Class 2 | |||||||||||||||||||||
2023 | 2,054 | 25.10 | 51,497 | 1.90 | % | 13.46 | % | ||||||||||||||
2022 | 2,128 | 22.12 | 47,045 | 1.80 | % | (7.43 | )% | ||||||||||||||
2021 | 2,209 | 23.89 | 52,728 | 3.00 | % | 19.17 | % | ||||||||||||||
2020 | 2,305 | 20.05 | 46,217 | 2.55 | % | (5.04 | )% | ||||||||||||||
2019 | 2,191 | 21.12 | 46,214 | 1.88 | % | 22.57 | % | ||||||||||||||
Franklin Rising Dividends VIP Fund, Class 2 | |||||||||||||||||||||
2023 | 622 | 45.35 | 28,226 | 0.91 | % | 12.08 | % | ||||||||||||||
2022 | 633 | 40.46 | 25,602 | 0.75 | % | (10.57 | )% | ||||||||||||||
2021 | 650 | 45.25 | 29,408 | 0.87 | % | 26.79 | % | ||||||||||||||
2020 | 683 | 35.69 | 24,339 | 1.16 | % | 15.97 | % | ||||||||||||||
2019 | 700 | 30.77 | 21,552 | 1.28 | % | 29.23 | % |
119
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Franklin Small Cap Value VIP Fund, Class 2 | |||||||||||||||||||||
2023 | 134 | $ | 40.12 | $ | 5,358 | 0.52 | % | 12.75 | % | ||||||||||||
2022 | 136 | 35.59 | 4,853 | 0.96 | % | (10.06 | )% | ||||||||||||||
2021 | 132 | 39.57 | 5,223 | 1.05 | % | 25.37 | % | ||||||||||||||
2020 | 131 | 31.56 | 4,128 | 1.31 | % | 5.19 | % | ||||||||||||||
2019 | 126 | 30.01 | 3,768 | 1.06 | % | 26.35 | % | ||||||||||||||
Franklin Small-Mid Cap Growth VIP Fund, Class 2 | |||||||||||||||||||||
2023 | 155 | 40.44 | 6,271 | 0.00 | % | 26.74 | % | ||||||||||||||
2022 | 157 | 31.91 | 5,022 | 0.00 | % | (33.69 | )% | ||||||||||||||
2021 | 144 | 48.12 | 6,942 | 0.00 | % | 10.01 | % | ||||||||||||||
2020 | 165 | 43.74 | 7,168 | 0.00 | % | 55.09 | % | ||||||||||||||
2019 | 174 | 28.20 | 4,901 | 0.00 | % | 31.44 | % | ||||||||||||||
Franklin U.S. Government Securities VIP Fund, Class 2 | |||||||||||||||||||||
2023 | 1,141 | 13.92 | 15,836 | 2.68 | % | 4.47 | % | ||||||||||||||
2022 | 1,103 | 13.33 | 14,697 | 2.35 | % | (9.75 | )% | ||||||||||||||
2021 | 1,124 | 14.77 | 16,565 | 2.48 | % | (1.83 | )% | ||||||||||||||
2020 | 1,000 | 15.04 | 15,036 | 3.37 | % | 3.83 | % | ||||||||||||||
2019 | 973 | 14.49 | 14,020 | 2.87 | % | 5.23 | % |
120
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Goldman Sachs VIT Core Fixed Income Fund, Institutional Shares | |||||||||||||||||||||
2023 | 1,796 | $ | 9.83 | $ | 17,647 | 3.21 | % | 6.08 | % | ||||||||||||
2022 | 997 | 9.27 | 9,236 | 1.50 | % | (14.03 | )% | ||||||||||||||
2021 | 329 | 10.78 | 3,547 | 0.71 | % | (2.06 | )% | ||||||||||||||
2020 | 32 | 11.00 | 348 | 2.31 | % | 9.67 | % | ||||||||||||||
Goldman Sachs VIT Core Fixed Income Fund, Service Shares | |||||||||||||||||||||
2023 | 87 | 11.14 | 965 | 2.83 | % | 5.83 | % | ||||||||||||||
2022 | 78 | 10.53 | 821 | 1.39 | % | (14.28 | )% | ||||||||||||||
2021 | 85 | 12.28 | 1,047 | 1.08 | % | (2.23 | )% | ||||||||||||||
2020 | 77 | 12.56 | 967 | 2.03 | % | 9.40 | % | ||||||||||||||
2019 | 67 | 11.48 | 766 | 2.22 | % | 9.00 | % | ||||||||||||||
Goldman Sachs VIT International Equity Insights Fund, Institutional Shares | |||||||||||||||||||||
2023 | 228 | 30.37 | 6,929 | 2.74 | % | 18.71 | % | ||||||||||||||
2022 | 243 | 25.58 | 6,222 | 3.01 | % | (13.55 | )% | ||||||||||||||
2021 | 255 | 29.60 | 7,537 | 2.94 | % | 12.17 | % | ||||||||||||||
2020 | 263 | 26.39 | 6,937 | 1.46 | % | 6.81 | % | ||||||||||||||
2019 | 265 | 24.70 | 6,537 | 2.48 | % | 18.45 | % |
121
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Goldman Sachs VIT International Equity Insights Fund, Service Shares | |||||||||||||||||||||
2023 | 202 | $ | 15.07 | $ | 3,046 | 2.49 | % | 18.43 | % | ||||||||||||
2022 | 210 | 12.72 | 2,672 | 2.87 | % | (13.72 | )% | ||||||||||||||
2021 | 202 | 14.74 | 2,985 | 2.63 | % | 11.81 | % | ||||||||||||||
2020 | 208 | 13.19 | 2,739 | 1.27 | % | 6.54 | % | ||||||||||||||
2019 | 197 | 12.38 | 2,444 | 2.29 | % | 18.23 | % | ||||||||||||||
Goldman Sachs VIT Large Cap Value Fund, Institutional Shares | |||||||||||||||||||||
2023 | 244 | 59.81 | 14,559 | 1.78 | % | 13.01 | % | ||||||||||||||
2022 | 262 | 52.93 | 13,841 | 1.29 | % | (6.37 | )% | ||||||||||||||
2021 | 285 | 56.53 | 15,865 | 1.20 | % | 24.13 | % | ||||||||||||||
2020 | 300 | 45.54 | 13,681 | 1.28 | % | 3.98 | % | ||||||||||||||
2019 | 309 | 43.80 | 13,472 | 1.52 | % | 25.93 | % | ||||||||||||||
Goldman Sachs VIT Large Cap Value Fund, Service Shares | |||||||||||||||||||||
2023 | 108 | 27.12 | 2,931 | 1.55 | % | 12.71 | % | ||||||||||||||
2022 | 111 | 24.06 | 2,670 | 1.05 | % | (6.57 | )% | ||||||||||||||
2021 | 120 | 25.75 | 3,079 | 0.90 | % | 23.93 | % | ||||||||||||||
2020 | 134 | 20.78 | 2,783 | 1.05 | % | 3.74 | % | ||||||||||||||
2019 | 139 | 20.03 | 2,792 | 1.23 | % | 25.61 | % |
122
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Goldman Sachs VIT Mid Cap Growth Fund, Service Shares | |||||||||||||||||||||
2023 | 63 | $ | 48.20 | $ | 3,021 | 0.00 | % | 18.45 | % | ||||||||||||
2022 | 64 | 40.70 | 2,605 | 0.00 | % | (26.30 | )% | ||||||||||||||
2021 | 60 | 55.22 | 3,332 | 0.00 | % | 11.48 | % | ||||||||||||||
2020 | 67 | 49.54 | 3,310 | 0.00 | % | 44.31 | % | ||||||||||||||
2019 | 72 | 34.33 | 2,476 | 0.00 | % | 34.06 | % | ||||||||||||||
Goldman Sachs VIT Mid Cap Value Fund, Institutional Shares | |||||||||||||||||||||
2023 | 875 | 17.72 | 15,504 | 1.22 | % | 1.30 | % | ||||||||||||||
2022 | 542 | 17.49 | 9,475 | 0.82 | % | (50.09 | )% | ||||||||||||||
2021 | 255 | 35.04 | 6,462 | 0.56 | % | 30.95 | % | ||||||||||||||
2020 | 96 | 26.76 | 3,230 | 0.59 | % | 151.89 | % | ||||||||||||||
2019 | 73 | 10.62 | 2,823 | 0.83 | % | (63.94 | )% | ||||||||||||||
Goldman Sachs VIT Mid Cap Value Fund, Service Shares | |||||||||||||||||||||
2023 | 220 | 34.70 | 7,629 | 0.76 | % | 11.11 | % | ||||||||||||||
2022 | 216 | 31.23 | 6,741 | 0.40 | % | (10.23 | )% | ||||||||||||||
2021 | 225 | 34.79 | 7,798 | 0.21 | % | 30.57 | % | ||||||||||||||
2020 | 238 | 26.65 | 6,353 | 0.39 | % | 8.19 | % | ||||||||||||||
2019 | 236 | 24.63 | 5,816 | 0.60 | % | 31.17 | % |
123
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Goldman Sachs VIT Small Cap Equity Insights Fund, Institutional Shares | |||||||||||||||||||||
2023 | 101 | $ | 96.25 | $ | 9,682 | 1.04 | % | 19.28 | % | ||||||||||||
2022 | 102 | 80.70 | 8,213 | 0.29 | % | (19.38 | )% | ||||||||||||||
2021 | 105 | 100.10 | 10,505 | 0.50 | % | 23.79 | % | ||||||||||||||
2020 | 112 | 80.86 | 9,087 | 0.20 | % | 8.58 | % | ||||||||||||||
2019 | 116 | 74.47 | 8,602 | 0.51 | % | 24.84 | % | ||||||||||||||
Goldman Sachs VIT Small Cap Equity Insights Fund, Service Shares | |||||||||||||||||||||
2023 | 17 | 37.98 | 634 | 0.83 | % | 18.95 | % | ||||||||||||||
2022 | 17 | 31.93 | 534 | 0.09 | % | (19.64 | )% | ||||||||||||||
2021 | 16 | 39.73 | 650 | 0.23 | % | 23.50 | % | ||||||||||||||
2020 | 20 | 32.17 | 634 | 0.00 | % | 8.36 | % | ||||||||||||||
2019 | 18 | 29.68 | 520 | 0.23 | % | 24.53 | % | ||||||||||||||
Goldman Sachs VIT Strategic Growth Fund, Institutional Shares | |||||||||||||||||||||
2023 | 135 | 130.79 | 17,671 | 0.00 | % | 41.94 | % | ||||||||||||||
2022 | 147 | 92.14 | 13,392 | 0.00 | % | (32.52 | )% | ||||||||||||||
2021 | 148 | 136.54 | 20,073 | 0.00 | % | 21.93 | % | ||||||||||||||
2020 | 156 | 111.99 | 17,469 | 0.09 | % | 40.51 | % | ||||||||||||||
2019 | 171 | 79.70 | 13,594 | 0.30 | % | 35.53 | % |
124
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Goldman Sachs VIT Strategic Growth Fund, Service Shares | |||||||||||||||||||||
2023 | 131 | $ | 54.01 | $ | 7,089 | 0.00 | % | 41.65 | % | ||||||||||||
2022 | 143 | 38.13 | 5,437 | 0.00 | % | (32.68 | )% | ||||||||||||||
2021 | 132 | 56.64 | 7,468 | 0.00 | % | 21.56 | % | ||||||||||||||
2020 | 142 | 46.59 | 6,597 | 0.00 | % | 40.11 | % | ||||||||||||||
2019 | 165 | 33.25 | 5,470 | 0.05 | % | 35.32 | % | ||||||||||||||
Goldman Sachs VIT U.S. Equity Insights Fund, Institutional Shares | |||||||||||||||||||||
2023 | 134 | 96.11 | 12,822 | 0.69 | % | 23.81 | % | ||||||||||||||
2022 | 142 | 77.63 | 10,914 | 0.78 | % | (19.74 | )% | ||||||||||||||
2021 | 150 | 96.72 | 14,360 | 0.84 | % | 29.41 | % | ||||||||||||||
2020 | 154 | 74.74 | 11,494 | 0.80 | % | 17.55 | % | ||||||||||||||
2019 | 171 | 63.58 | 10,875 | 1.28 | % | 25.21 | % | ||||||||||||||
Goldman Sachs VIT U.S. Equity Insights Fund, Service Shares | |||||||||||||||||||||
2023 | 3 | 42.43 | 107 | 0.43 | % | 23.59 | % | ||||||||||||||
2022 | 3 | 34.33 | 114 | 0.56 | % | (19.90 | )% | ||||||||||||||
2021 | 3 | 42.87 | 143 | 0.58 | % | 29.11 | % | ||||||||||||||
2020 | 3 | 33.20 | 114 | 0.60 | % | 17.32 | % | ||||||||||||||
2019 | 4 | 28.30 | 102 | 0.85 | % | 24.93 | % |
125
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Invesco V.I. American Franchise Fund, Series I | |||||||||||||||||||||
2023 | 262 | $ | 27.69 | $ | 7,248 | 0.00 | % | 40.93 | % | ||||||||||||
2022 | 283 | 19.65 | 5,533 | 0.00 | % | (31.11 | )% | ||||||||||||||
2021 | 283 | 28.52 | 8,084 | 0.00 | % | 11.93 | % | ||||||||||||||
2020 | 313 | 25.48 | 7,732 | 0.07 | % | 42.35 | % | ||||||||||||||
2019 | 347 | 17.90 | 6,212 | 0.00 | % | 36.76 | % | ||||||||||||||
Invesco V.I. American Value Fund, Series II | |||||||||||||||||||||
2023 | 134 | 39.64 | 5,310 | 0.39 | % | 15.29 | % | ||||||||||||||
2022 | 139 | 34.38 | 4,772 | 0.44 | % | (2.86 | )% | ||||||||||||||
2021 | 148 | 35.40 | 5,247 | 0.24 | % | 27.62 | % | ||||||||||||||
2020 | 164 | 27.74 | 4,537 | 0.59 | % | 0.86 | % | ||||||||||||||
2019 | 151 | 27.50 | 4,148 | 0.44 | % | 24.71 | % | ||||||||||||||
Invesco V.I. Balanced-Risk Allocation Fund Class, Series II | |||||||||||||||||||||
2023 | 29 | 20.14 | 582 | 0.00 | % | 6.40 | % | ||||||||||||||
2022 | 29 | 18.93 | 549 | 7.14 | % | (14.52 | )% | ||||||||||||||
2021 | 31 | 22.14 | 681 | 3.05 | % | 9.26 | % | ||||||||||||||
2020 | 29 | 20.27 | 593 | 7.23 | % | 9.99 | % | ||||||||||||||
2019 | 30 | 18.43 | 547 | 0.00 | % | 14.88 | % |
126
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Invesco V.I. Capital Appreciation Fund, Series I | |||||||||||||||||||||
2023 | 177 | $ | 86.55 | $ | 15,276 | 0.00 | % | 35.38 | % | ||||||||||||
2022 | 186 | 63.93 | 11,786 | 0.00 | % | (30.78 | )% | ||||||||||||||
2021 | 192 | 92.36 | 17,194 | 0.00 | % | 22.57 | % | ||||||||||||||
2020 | 207 | 75.36 | 15,602 | 0.00 | % | 36.59 | % | ||||||||||||||
2019 | 233 | 55.17 | 12,831 | 0.06 | % | 36.20 | % | ||||||||||||||
Invesco V.I. Comstock Fund, Series I | |||||||||||||||||||||
2023 | 728 | 68.26 | 49,636 | 1.86 | % | 12.36 | % | ||||||||||||||
2022 | 767 | 60.75 | 46,584 | 1.57 | % | 1.12 | % | ||||||||||||||
2021 | 846 | 60.07 | 50,802 | 1.89 | % | 33.36 | % | ||||||||||||||
2020 | 918 | 45.05 | 41,282 | 2.15 | % | (0.85 | )% | ||||||||||||||
2019 | 912 | 45.43 | 41,423 | 2.02 | % | 25.30 | % | ||||||||||||||
Invesco V.I. Discovery Mid Cap Growth Fund, Series I | |||||||||||||||||||||
2023 | 167 | 65.26 | 10,928 | 0.00 | % | 13.15 | % | ||||||||||||||
2022 | 171 | 57.67 | 9,855 | 0.00 | % | (30.98 | )% | ||||||||||||||
2021 | 167 | 83.56 | 13,975 | 0.00 | % | 19.10 | % | ||||||||||||||
2020 | 177 | 70.16 | 12,364 | 0.02 | % | 40.69 | % | ||||||||||||||
2019 | 104 | 49.87 | 5,168 | 0.00 | % | 39.36 | % |
127
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Invesco V.I. Discovery Mid Cap Growth Fund, Series II | |||||||||||||||||||||
2023 | 35 | $ | 13.85 | $ | 480 | 0.00 | % | 12.85 | % | ||||||||||||
2022 | 31 | 12.27 | 375 | 0.00 | % | (31.13 | )% | ||||||||||||||
2021 | 25 | 17.82 | 446 | 0.00 | % | 18.79 | % | ||||||||||||||
2020 | 24 | 15.00 | 4,867 | 0.00 | % | 47.93 | % | ||||||||||||||
Invesco V.I. Diversified Dividend Fund, Series I | |||||||||||||||||||||
2023 | 185 | 13.51 | 2,500 | 2.32 | % | 9.04 | % | ||||||||||||||
2022 | 116 | 12.39 | 1,442 | 2.32 | % | (1.68 | )% | ||||||||||||||
2021 | 58 | 12.61 | 733 | 2.58 | % | 18.89 | % | ||||||||||||||
2020 | 4 | 10.60 | 39 | 5.49 | % | 0.14 | % | ||||||||||||||
Invesco V.I. Equity and Income Fund, Series II | |||||||||||||||||||||
2023 | 686 | 46.29 | 31,714 | 1.76 | % | 10.24 | % | ||||||||||||||
2022 | 728 | 41.99 | 29,438 | 1.43 | % | (7.71 | )% | ||||||||||||||
2021 | 757 | 45.50 | 34,422 | 1.70 | % | 18.35 | % | ||||||||||||||
2020 | 788 | 38.44 | 30,266 | 2.04 | % | 9.65 | % | ||||||||||||||
2019 | 812 | 35.06 | 28,443 | 2.37 | % | 20.01 | % |
128
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units (000's) | Unit Fair Value | Net Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Invesco V.I. EQV International Equity Fund, Series II | |||||||||||||||||||||
2023 | 631 | $ | 17.95 | $ | 11,306 | 0.00 | % | 17.87 | % | ||||||||||||
2022 | 655 | 15.23 | 9,971 | 1.37 | % | (18.50 | )% | ||||||||||||||
2021 | 620 | 18.69 | 11,586 | 1.09 | % | 5.61 | % | ||||||||||||||
2020 | 608 | 17.70 | 10,759 | 2.00 | % | 13.74 | % | ||||||||||||||
2019 | 584 | 15.56 | 9,065 | 1.35 | % | 28.24 | % | ||||||||||||||
Invesco V.I. Global Fund, Series I | |||||||||||||||||||||
2023 | 445 | 74.41 | 33,117 | 0.23 | % | 28.18 | % | ||||||||||||||
2022 | 450 | 58.05 | 26,102 | 0.00 | % | 8.77 | % | ||||||||||||||
2021 | 404 | 53.37 | 35,132 | 0.00 | % | 15.49 | % | ||||||||||||||
2020 | 407 | 46.22 | 31,529 | 0.62 | % | 317.95 | % | ||||||||||||||
2019 | 445 | 11.06 | 27,323 | 0.92 | % | (76.25 | )% | ||||||||||||||
Invesco V.I. Global Real Estate Fund, Series II | |||||||||||||||||||||
2023 | 60 | 15.41 | 926 | 1.24 | % | 8.82 | % | ||||||||||||||
2022 | 57 | 14.16 | 809 | 2.42 | % | (25.14 | )% | ||||||||||||||
2021 | 56 | 18.92 | 1,059 | 2.64 | % | 25.44 | % | ||||||||||||||
2020 | 57 | 15.08 | 865 | 4.38 | % | (12.56 | )% | ||||||||||||||
2019 | 50 | 17.25 | 863 | 3.59 | % | 22.65 | % |
129
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Invesco V.I. Global Strategic Income Fund | |||||||||||||||||||||
2023 | 431 | $ | 30.78 | $ | 13,227 | 0.00 | % | 8.88 | % | ||||||||||||
2022 | 446 | 28.27 | 12,609 | 0.00 | % | (11.46 | )% | ||||||||||||||
2021 | 444 | 31.93 | 14,155 | 4.93 | % | (3.41 | )% | ||||||||||||||
2020 | 408 | 33.06 | 13,486 | 5.60 | % | 3.40 | % | ||||||||||||||
2019 | 410 | 31.97 | 13,082 | 3.83 | % | 10.80 | % | ||||||||||||||
Invesco V.I. Government Securities Fund, Series II | |||||||||||||||||||||
2023 | 406 | 11.71 | 4,752 | 1.81 | % | 4.46 | % | ||||||||||||||
2022 | 427 | 11.21 | 4,766 | 1.73 | % | (10.58 | )% | ||||||||||||||
2021 | 430 | 12.54 | 5,353 | 2.31 | % | (2.43 | )% | ||||||||||||||
2020 | 386 | 12.85 | 4,954 | 2.18 | % | 5.97 | % | ||||||||||||||
2019 | 395 | 12.13 | 4,784 | 2.22 | % | 5.75 | % | ||||||||||||||
Invesco V.I. Growth and Income Fund, Series I | |||||||||||||||||||||
2023 | 911 | 55.10 | 50,136 | 1.63 | % | 12.66 | % | ||||||||||||||
2022 | 941 | 48.91 | 46,028 | 1.60 | % | (5.75 | )% | ||||||||||||||
2021 | 1,006 | 51.89 | 52,109 | 1.59 | % | 28.51 | % | ||||||||||||||
2020 | 1,086 | 40.38 | 43,720 | 2.02 | % | 2.09 | % | ||||||||||||||
2019 | 1,089 | 39.55 | 43,050 | 1.92 | % | 25.19 | % |
130
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Invesco V.I. Main Street Fund, Series I | |||||||||||||||||||||
2023 | 179 | $ | 65.37 | $ | 11,679 | 0.84 | % | 23.22 | % | ||||||||||||
2022 | 191 | 53.05 | 10,123 | 1.39 | % | (20.13 | )% | ||||||||||||||
2021 | 197 | 66.42 | 13,102 | 0.72 | % | 27.57 | % | ||||||||||||||
2020 | 208 | 52.07 | 10,661 | 1.38 | % | 13.94 | % | ||||||||||||||
2019 | 228 | 45.70 | 10,403 | 1.10 | % | 32.08 | % | ||||||||||||||
Invesco V.I. S&P 500 Buffer Fund, June Series I | |||||||||||||||||||||
2023 | 5 | 11.35 | 58 | 0.00 | % | 6.73 | % | ||||||||||||||
Invesco V.I. Small Cap Equity Fund, Series II | |||||||||||||||||||||
2023 | 124 | 25.52 | 3,152 | 0.00 | % | 16.26 | % | ||||||||||||||
2022 | 118 | 21.95 | 2,590 | 0.00 | % | (20.73 | )% | ||||||||||||||
2021 | 110 | 27.69 | 3,052 | 0.00 | % | 20.09 | % | ||||||||||||||
2020 | 122 | 23.06 | 2,813 | 0.02 | % | 26.87 | % | ||||||||||||||
2019 | 117 | 18.17 | 2,120 | 0.00 | % | 26.32 | % | ||||||||||||||
Invesco V.I. U.S. Government Money Portfolio, Series I | |||||||||||||||||||||
2023 | 5,635 | 1.73 | 9,723 | 4.45 | % | 4.54 | % | ||||||||||||||
2022 | 5,878 | 1.65 | 9,711 | 1.26 | % | 1.26 | % | ||||||||||||||
2021 | 6,332 | 1.63 | 10,286 | 0.01 | % | 0.00 | % | ||||||||||||||
2020 | 5,931 | 1.63 | 9,677 | 0.20 | % | 0.21 | % | ||||||||||||||
2019 | 5,195 | 1.63 | 8,457 | 1.63 | % | 1.71 | % |
131
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Lord Abbett Series Fund Bond Debenture Portfolio | |||||||||||||||||||||
2023 | 1,126 | $ | 34.76 | $ | 39,112 | 5.44 | % | 6.55 | % | ||||||||||||
2022 | 1,039 | 32.62 | 33,874 | 4.52 | % | (12.80 | )% | ||||||||||||||
2021 | 971 | 37.41 | 36,107 | 3.26 | % | 3.28 | % | ||||||||||||||
2020 | 849 | 36.22 | 30,705 | 3.77 | % | 7.30 | % | ||||||||||||||
2019 | 846 | 33.76 | 28,520 | 4.04 | % | 13.35 | % | ||||||||||||||
Lord Abbett Series Fund Fundamental Equity Portfolio | |||||||||||||||||||||
2023 | 321 | 35.28 | 11,330 | 0.60 | % | 14.63 | % | ||||||||||||||
2022 | 327 | 30.77 | 10,070 | 1.03 | % | (11.98 | )% | ||||||||||||||
2021 | 333 | 34.96 | 11,612 | 0.86 | % | 27.31 | % | ||||||||||||||
2020 | 346 | 27.46 | 9,505 | 1.18 | % | 1.77 | % | ||||||||||||||
2019 | 327 | 26.98 | 8,833 | 1.34 | % | 21.51 | % | ||||||||||||||
Lord Abbett Series Fund Growth and Income Portfolio | |||||||||||||||||||||
2023 | 460 | 40.77 | 18,689 | 0.96 | % | 13.19 | % | ||||||||||||||
2022 | 487 | 36.02 | 17,510 | 1.24 | % | (9.44 | )% | ||||||||||||||
2021 | 518 | 39.77 | 20,570 | 1.08 | % | 29.02 | % | ||||||||||||||
2020 | 553 | 30.83 | 17,026 | 1.55 | % | 2.70 | % | ||||||||||||||
2019 | 569 | 30.02 | 17,054 | 1.67 | % | 22.49 | % |
132
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Lord Abbett Series Fund Growth Opportunities Portfolio | |||||||||||||||||||||
2023 | 82 | $ | 56.32 | $ | 4,600 | 0.00 | % | 10.67 | % | ||||||||||||
2022 | 82 | 50.89 | 4,152 | 0.00 | % | (32.53 | )% | ||||||||||||||
2021 | 77 | 75.42 | 5,770 | 0.00 | % | 6.46 | % | ||||||||||||||
2020 | 80 | 70.85 | 5,677 | 0.00 | % | 39.38 | % | ||||||||||||||
2019 | 87 | 50.83 | 4,402 | 0.00 | % | 36.37 | % | ||||||||||||||
Lord Abbett Series Fund Inc. Dividend Growth Portfolio | |||||||||||||||||||||
2023 | 290 | 69.82 | 20,207 | 0.87 | % | 16.33 | % | ||||||||||||||
2022 | 270 | 60.02 | 16,219 | 0.85 | % | (13.55 | )% | ||||||||||||||
2021 | 247 | 69.42 | 17,149 | 0.75 | % | 25.62 | % | ||||||||||||||
2020 | 239 | 55.26 | 13,213 | 0.92 | % | 15.42 | % | ||||||||||||||
2019 | 251 | 47.88 | 12,011 | 1.61 | % | 26.45 | % | ||||||||||||||
Lord Abbett Series Fund Mid Cap Stock Portfolio | |||||||||||||||||||||
2023 | 453 | 41.64 | 18,870 | 0.47 | % | 15.42 | % | ||||||||||||||
2022 | 481 | 36.08 | 17,344 | 0.77 | % | (11.21 | )% | ||||||||||||||
2021 | 510 | 40.64 | 20,717 | 0.60 | % | 28.70 | % | ||||||||||||||
2020 | 550 | 31.58 | 17,356 | 1.00 | % | 2.50 | % | ||||||||||||||
2019 | 543 | 30.81 | 16,725 | 0.96 | % | 22.64 | % |
133
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
MFS Emerging Markets Equity Portfolio, Service Class | |||||||||||||||||||||
2023 | 57 | $ | 10.93 | $ | 618 | 1.18 | % | 10.71 | % | ||||||||||||
2022 | 60 | 9.87 | 588 | 3.77 | % | (19.94 | )% | ||||||||||||||
2021 | 54 | 12.33 | 671 | 0.27 | % | (7.02 | )% | ||||||||||||||
2020 | 53 | 13.27 | 709 | 2.67 | % | 10.33 | % | ||||||||||||||
2019 | 53 | 12.02 | 643 | 0.39 | % | 20.18 | % | ||||||||||||||
MFS Growth Series, Initial Class | |||||||||||||||||||||
2023 | 199 | 108.80 | 21,630 | 0.00 | % | 35.86 | % | ||||||||||||||
2022 | 212 | 80.08 | 16,962 | 0.00 | % | (31.63 | )% | ||||||||||||||
2021 | 205 | 117.14 | 23,972 | 0.00 | % | 23.53 | % | ||||||||||||||
2020 | 216 | 94.82 | 20,435 | 0.00 | % | 31.86 | % | ||||||||||||||
2019 | 229 | 71.91 | 16,420 | 0.00 | % | 38.15 | % | ||||||||||||||
MFS International Intrinsic Value Portfolio, Service Class | |||||||||||||||||||||
2023 | 296 | 25.85 | 7,647 | 0.47 | % | 17.37 | % | ||||||||||||||
2022 | 314 | 22.02 | 6,914 | 0.47 | % | (23.75 | )% | ||||||||||||||
2021 | 292 | 28.88 | 8,424 | 0.14 | % | 10.28 | % | ||||||||||||||
2020 | 298 | 26.19 | 7,799 | 0.74 | % | 20.21 | % | ||||||||||||||
2019 | 309 | 21.79 | 6,696 | 1.52 | % | 25.65 | % |
134
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
MFS Investors Trust Series, Initial Class | |||||||||||||||||||||
2023 | 175 | $ | 69.93 | $ | 12,205 | 0.72 | % | 18.98 | % | ||||||||||||
2022 | 192 | 58.78 | 11,141 | 0.64 | % | (16.49 | )% | ||||||||||||||
2021 | 203 | 70.38 | 13,994 | 0.64 | % | 26.81 | % | ||||||||||||||
2020 | 220 | 55.50 | 12,020 | 0.58 | % | 13.87 | % | ||||||||||||||
2019 | 241 | 48.74 | 11,711 | 0.70 | % | 31.58 | % | ||||||||||||||
MFS Massachusetts Investors Growth Stock Portfolio, Initial Class | |||||||||||||||||||||
2023 | 204 | 29.58 | 6,036 | 0.29 | % | 24.01 | % | ||||||||||||||
2022 | 215 | 23.86 | 5,128 | 0.10 | % | (19.26 | )% | ||||||||||||||
2021 | 223 | 29.55 | 6,588 | 0.24 | % | 25.97 | % | ||||||||||||||
2020 | 241 | 23.45 | 5,657 | 0.42 | % | 22.53 | % | ||||||||||||||
2019 | 255 | 19.14 | 4,887 | 0.62 | % | 39.95 | % | ||||||||||||||
MFS New Discovery Series, Initial Class | |||||||||||||||||||||
2023 | 101 | 84.63 | 8,509 | 0.00 | % | 14.41 | % | ||||||||||||||
2022 | 103 | 73.97 | 7,579 | 0.00 | % | (29.76 | )% | ||||||||||||||
2021 | 95 | 105.31 | 9,960 | 0.00 | % | 1.80 | % | ||||||||||||||
2020 | 103 | 103.45 | 10,625 | 0.00 | % | 45.89 | % | ||||||||||||||
2019 | 114 | 70.91 | 8,089 | 0.00 | % | 41.70 | % |
135
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
MFS Research Series, Initial Class | |||||||||||||||||||||
2023 | 163 | $ | 77.23 | $ | 12,509 | 0.51 | % | 22.42 | % | ||||||||||||
2022 | 175 | 63.09 | 11,057 | 0.46 | % | (17.21 | )% | ||||||||||||||
2021 | 182 | 76.21 | 13,760 | 0.55 | % | 24.80 | % | ||||||||||||||
2020 | 193 | 61.06 | 11,774 | 0.66 | % | 16.59 | % | ||||||||||||||
2019 | 205 | 52.37 | 10,756 | 0.82 | % | 32.95 | % | ||||||||||||||
MFS Total Return Bond Series, Service Class | |||||||||||||||||||||
2023 | 1,044 | 14.73 | 15,335 | 3.00 | % | 7.13 | % | ||||||||||||||
2022 | 1,036 | 13.75 | 14,241 | 2.46 | % | (14.18 | )% | ||||||||||||||
2021 | 1,027 | 16.02 | 16,425 | 5.14 | % | (1.07 | )% | ||||||||||||||
2020 | 941 | 16.20 | 15,227 | 3.19 | % | 8.17 | % | ||||||||||||||
2019 | 941 | 14.97 | 13,992 | 3.22 | % | 9.92 | % | ||||||||||||||
MFS Total Return Series, Initial Class | |||||||||||||||||||||
2023 | 369 | 56.91 | 20,977 | 2.06 | % | 10.44 | % | ||||||||||||||
2022 | 383 | 51.53 | 19,725 | 1.65 | % | (9.58 | )% | ||||||||||||||
2021 | 401 | 56.99 | 22,821 | 1.84 | % | 14.12 | % | ||||||||||||||
2020 | 417 | 49.94 | 20,821 | 2.15 | % | 9.81 | % | ||||||||||||||
2019 | 423 | 45.48 | 19,201 | 2.33 | % | 20.38 | % |
136
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
MFS Utilities Series, Initial Class | |||||||||||||||||||||
2023 | 72 | $ | 73.45 | $ | 5,259 | 3.55 | % | (2.11 | )% | ||||||||||||
2022 | 73 | 75.04 | 5,447 | 2.31 | % | 0.76 | % | ||||||||||||||
2021 | 80 | 74.47 | 5,943 | 1.74 | % | 14.09 | % | ||||||||||||||
2020 | 79 | 65.27 | 5,179 | 2.31 | % | 5.90 | % | ||||||||||||||
2019 | 85 | 61.64 | 5,195 | 1.12 | % | 25.07 | % | ||||||||||||||
MFS Value Series, Service Class | |||||||||||||||||||||
2023 | 498 | 40.20 | 19,973 | 1.42 | % | 7.63 | % | ||||||||||||||
2022 | 508 | 37.35 | 18,962 | 1.10 | % | (6.14 | )% | ||||||||||||||
2021 | 539 | 39.80 | 21,383 | 1.18 | % | 25.16 | % | ||||||||||||||
2020 | 559 | 31.80 | 17,775 | 1.23 | % | 3.22 | % | ||||||||||||||
2019 | 541 | 30.80 | 16,614 | 1.97 | % | 29.51 | % | ||||||||||||||
Morgan Stanley VIF Global Real Estate Portfolio, Class II | |||||||||||||||||||||
2023 | 44 | 14.40 | 635 | 1.95 | % | 10.47 | % | ||||||||||||||
2022 | 43 | 13.03 | 554 | 4.30 | % | (26.20 | )% | ||||||||||||||
2021 | 45 | 17.66 | 749 | 2.37 | % | 23.83 | % | ||||||||||||||
2020 | 42 | 14.26 | 606 | 3.73 | % | (14.85 | )% | ||||||||||||||
2019 | 36 | 16.75 | 595 | 2.72 | % | 18.06 | % |
137
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
PIMCO All Asset Portfolio | |||||||||||||||||||||
2023 | 24 | $ | 15.94 | $ | 377 | 2.62 | % | 8.02 | % | ||||||||||||
2022 | 11 | 14.76 | 161 | 7.32 | % | (11.87 | )% | ||||||||||||||
2021 | 11 | 16.74 | 190 | 11.27 | % | 16.04 | % | ||||||||||||||
2020 | 13 | 14.43 | 194 | 4.56 | % | 7.91 | % | ||||||||||||||
2019 | 14 | 13.37 | 185 | 2.86 | % | 11.74 | % | ||||||||||||||
PIMCO International Bond Portfolio (U.S. Dollar-Hedged), Institutional Class | |||||||||||||||||||||
2023 | 580 | 10.20 | 5,918 | 2.76 | % | 9.18 | % | ||||||||||||||
2022 | 342 | 9.34 | 3,196 | 1.69 | % | (10.02 | )% | ||||||||||||||
2021 | 133 | 10.38 | 1,377 | 0.96 | % | (1.81 | )% | ||||||||||||||
2020 | 3 | 10.57 | 32 | 7.94 | % | 5.71 | % | ||||||||||||||
PIMCO Long-Term U.S. Government Portfolio, Advisor Class | |||||||||||||||||||||
2023 | 65 | 14.81 | 958 | 2.28 | % | 3.88 | % | ||||||||||||||
2022 | 49 | 14.26 | 698 | 1.83 | % | (28.95 | )% | ||||||||||||||
2021 | 44 | 20.07 | 879 | 1.18 | % | (4.88 | )% | ||||||||||||||
2020 | 37 | 21.10 | 777 | 1.66 | % | 17.27 | % | ||||||||||||||
2019 | 27 | 17.99 | 479 | 2.12 | % | 13.21 | % |
138
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
PIMCO Low Duration Portfolio, Advisor Class | |||||||||||||||||||||
2023 | 178 | $ | 12.29 | $ | 2,186 | 3.50 | % | 4.87 | % | ||||||||||||
2022 | 181 | 11.72 | 2,123 | 1.58 | % | (5.84 | )% | ||||||||||||||
2021 | 179 | 12.45 | 2,231 | 0.44 | % | (1.03 | )% | ||||||||||||||
2020 | 166 | 12.58 | 2,085 | 1.10 | % | 2.89 | % | ||||||||||||||
2019 | 171 | 12.22 | 2,088 | 2.63 | % | 3.92 | % | ||||||||||||||
PIMCO Real Return Portfolio, Advisor Class | |||||||||||||||||||||
2023 | 806 | 14.91 | 12,017 | 2.90 | % | 3.57 | % | ||||||||||||||
2022 | 775 | 14.39 | 11,151 | 6.77 | % | (11.99 | )% | ||||||||||||||
2021 | 776 | 16.35 | 12,661 | 4.96 | % | 5.48 | % | ||||||||||||||
2020 | 691 | 15.50 | 10,706 | 1.29 | % | 11.60 | % | ||||||||||||||
2019 | 699 | 13.89 | 9,710 | 1.58 | % | 8.33 | % | ||||||||||||||
PIMCO Real Return Portfolio, Institutional Class | |||||||||||||||||||||
2023 | 5 | 10.27 | 55 | 0.97 | % | 2.25 | % | ||||||||||||||
PIMCO Short-Term Portfolio, Advisor Class | |||||||||||||||||||||
2023 | 205 | 12.64 | 2,590 | 4.37 | % | 5.80 | % | ||||||||||||||
2022 | 205 | 11.95 | 2,448 | 1.50 | % | (0.25 | )% | ||||||||||||||
2021 | 204 | 11.98 | 2,446 | 1.01 | % | (0.16 | )% | ||||||||||||||
2020 | 180 | 12.00 | 2,159 | 1.16 | % | 2.14 | % | ||||||||||||||
2019 | 150 | 11.75 | 1,763 | 2.18 | % | 2.69 | % |
139
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
PIMCO Short-Term Portfolio, Institutional Class | |||||||||||||||||||||
2023 | 80 | $ | 10.93 | $ | 876 | 4.66 | % | 6.06 | % | ||||||||||||
2022 | 51 | 10.31 | 683 | 1.98 | % | (0.00 | )% | ||||||||||||||
2021 | 29 | 10.31 | 297 | 0.47 | % | 0.09 | % | ||||||||||||||
2020 | 1 | 10.30 | 7 | 0.78 | % | 2.40 | % | ||||||||||||||
PIMCO Total Return Portfolio, Advisor Class | |||||||||||||||||||||
2023 | 2,115 | 14.10 | 29,793 | 3.47 | % | 5.83 | % | ||||||||||||||
2022 | 2,038 | 13.32 | 27,132 | 2.45 | % | (14.39 | )% | ||||||||||||||
2021 | 1,994 | 15.56 | 30,989 | 1.75 | % | (1.37 | )% | ||||||||||||||
2020 | 1,758 | 15.78 | 27,734 | 2.00 | % | 8.54 | % | ||||||||||||||
2019 | 1,730 | 14.53 | 25,132 | 2.90 | % | 8.25 | % | ||||||||||||||
PIMCO Total Return Portfolio, Institutional Class | |||||||||||||||||||||
2023 | 570 | 9.82 | 5,601 | 3.72 | % | 6.09 | % | ||||||||||||||
2022 | 391 | 9.26 | 3,617 | 2.87 | % | (14.17 | )% | ||||||||||||||
2021 | 216 | 10.79 | 2,332 | 1.29 | % | (1.12 | )% | ||||||||||||||
2020 | 11 | 10.91 | 115 | 1.60 | % | 8.81 | % | ||||||||||||||
Putnam VT Sustainable Leaders Fund, Class IA | |||||||||||||||||||||
2023 | 4 | 12.12 | 52 | 0.00 | % | 9.16 | % |
140
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Royce Capital Fund Micro Cap Portfolio, Service Class | |||||||||||||||||||||
2023 | 44 | $ | 26.29 | $ | 1,163 | 0.00 | % | 18.56 | % | ||||||||||||
2022 | 45 | 22.17 | 1,007 | 0.00 | % | (22.65 | )% | ||||||||||||||
2021 | 40 | 28.67 | 1,133 | 0.00 | % | 29.52 | % | ||||||||||||||
2020 | 47 | 22.13 | 1,046 | 0.00 | % | 23.55 | % | ||||||||||||||
2019 | 52 | 17.91 | 929 | 0.00 | % | 19.24 | % | ||||||||||||||
Royce Capital Fund Small Cap Portfolio | |||||||||||||||||||||
2023 | 78 | 14.85 | 1,155 | 1.03 | % | 25.93 | % | ||||||||||||||
2022 | 60 | 11.79 | 704 | 0.53 | % | (9.20 | )% | ||||||||||||||
2021 | 26 | 12.99 | 337 | 2.13 | % | 28.82 | % | ||||||||||||||
2020 | 5 | 10.08 | 47 | 1.49 | % | (7.15 | )% | ||||||||||||||
Royce Capital Fund Small Cap Portfolio, Service Class | |||||||||||||||||||||
2023 | 386 | 30.41 | 11,727 | 0.70 | % | 25.53 | % | ||||||||||||||
2022 | 397 | 24.23 | 9,620 | 0.07 | % | (9.41 | )% | ||||||||||||||
2021 | 395 | 26.75 | 10,549 | 1.26 | % | 28.45 | % | ||||||||||||||
2020 | 426 | 20.82 | 8,878 | 0.77 | % | (7.33 | )% | ||||||||||||||
2019 | 361 | 22.47 | 8,118 | 0.45 | % | 18.44 | % | ||||||||||||||
Schwab S&P 500 Index Fund | |||||||||||||||||||||
2023 | 7 | 12.17 | 87 | 0.00 | % | 7.23 | % |
141
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Templeton Developing Markets VIP Fund | |||||||||||||||||||||
2023 | 33 | $ | 10.97 | $ | 367 | 2.32 | % | 12.77 | % | ||||||||||||
2022 | 28 | 9.73 | 268 | 3.45 | % | (21.70 | )% | ||||||||||||||
2021 | 7 | 12.43 | 91 | 0.66 | % | (5.51 | )% | ||||||||||||||
2020 | 2 | 13.15 | 23 | 4.90 | % | 17.39 | % | ||||||||||||||
Templeton Developing Markets VIP Fund, Class 2 | |||||||||||||||||||||
2023 | 126 | 12.47 | 1,567 | 2.09 | % | 12.62 | % | ||||||||||||||
2022 | 126 | 11.07 | 1,391 | 2.35 | % | (21.98 | )% | ||||||||||||||
2021 | 112 | 14.19 | 1,595 | 0.88 | % | (5.74 | )% | ||||||||||||||
2020 | 100 | 15.06 | 1,508 | 3.65 | % | 17.18 | % | ||||||||||||||
2019 | 99 | 12.85 | 1,270 | 0.96 | % | 26.70 | % | ||||||||||||||
Templeton Foreign VIP Fund, Class 2 | |||||||||||||||||||||
2023 | 623 | 17.17 | 10,690 | 3.19 | % | 20.76 | % | ||||||||||||||
2022 | 670 | 14.22 | 9,517 | 2.93 | % | (7.61 | )% | ||||||||||||||
2021 | 681 | 15.39 | 10,440 | 1.89 | % | 4.16 | % | ||||||||||||||
2020 | 664 | 14.77 | 9,795 | 2.98 | % | (1.16 | )% | ||||||||||||||
2019 | 641 | 14.94 | 9,586 | 1.73 | % | 12.53 | % |
142
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Templeton Global Bond VIP Fund, Class 2 | |||||||||||||||||||||
2023 | 723 | $ | 16.86 | $ | 12,181 | 0.00 | % | 2.88 | % | ||||||||||||
2022 | 709 | 16.38 | 11,612 | 0.00 | % | (4.95 | )% | ||||||||||||||
2021 | 732 | 17.24 | 12,527 | 0.00 | % | (4.99 | )% | ||||||||||||||
2020 | 653 | 18.14 | 11,844 | 7.99 | % | (5.28 | )% | ||||||||||||||
2019 | 623 | 19.15 | 11,922 | 6.83 | % | 2.01 | % | ||||||||||||||
Templeton Growth VIP Fund, Class 2 | |||||||||||||||||||||
2023 | 884 | 19.45 | 17,170 | 3.30 | % | 21.01 | % | ||||||||||||||
2022 | 930 | 16.07 | 14,946 | 0.15 | % | (11.50 | )% | ||||||||||||||
2021 | 937 | 18.16 | 17,017 | 1.12 | % | 4.87 | % | ||||||||||||||
2020 | 934 | 17.31 | 16,174 | 2.62 | % | 5.80 | % | ||||||||||||||
2019 | 979 | 16.37 | 16,014 | 2.80 | % | 15.15 | % | ||||||||||||||
TOPS Aggressive Growth ETF Portfolio, Class 1 | |||||||||||||||||||||
2023 | 70 | 14.43 | 1,012 | 1.62 | % | 17.77 | % | ||||||||||||||
2022 | 35 | 12.26 | 430 | 1.79 | % | (15.74 | )% | ||||||||||||||
2021 | 14 | 14.55 | 209 | 0.78 | % | 19.66 | % | ||||||||||||||
2020 | 2 | 12.16 | 22 | 1.98 | % | 12.92 | % |
143
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
TOPS Aggressive Growth ETF Portfolio, Class 2 | |||||||||||||||||||||
2023 | 7 | $ | 16.50 | $ | 118 | 1.13 | % | 17.37 | % | ||||||||||||
2022 | 7 | 14.06 | 97 | 0.98 | % | (15.88 | )% | ||||||||||||||
2021 | 9 | 16.71 | 149 | 0.61 | % | 19.31 | % | ||||||||||||||
2020 | 8 | 14.00 | 108 | 1.31 | % | 12.68 | % | ||||||||||||||
2019 | 5 | 12.43 | 64 | 1.55 | % | 24.37 | % | ||||||||||||||
TOPS Balanced ETF Portfolio, Class 2 | |||||||||||||||||||||
2023 | 5 | 13.59 | 70 | 1.75 | % | 11.39 | % | ||||||||||||||
2022 | 8 | 12.20 | 97 | 1.50 | % | (11.15 | )% | ||||||||||||||
2021 | 8 | 13.73 | 110 | 0.92 | % | 9.62 | % | ||||||||||||||
2020 | 8 | 12.52 | 94 | 1.38 | % | 8.40 | % | ||||||||||||||
2019 | 6 | 11.55 | 67 | 1.03 | % | 15.93 | % | ||||||||||||||
TOPS Conservative ETF Portfolio, Class 1 | |||||||||||||||||||||
2023 | 34 | 11.77 | 396 | 2.14 | % | 9.48 | % | ||||||||||||||
2022 | 16 | 10.75 | 180 | 2.03 | % | (8.60 | )% | ||||||||||||||
2021 | 14 | 11.76 | 169 | 1.82 | % | 6.74 | % |
144
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
TOPS Conservative ETF Portfolio, Class 2 | |||||||||||||||||||||
2023 | 3 | $ | 12.75 | $ | 32 | 1.35 | % | 9.19 | % | ||||||||||||
2022 | 2 | 11.67 | 28 | 1.69 | % | (8.85 | )% | ||||||||||||||
2021 | 3 | 12.81 | 33 | 1.19 | % | 6.45 | % | ||||||||||||||
2020 | 2 | 12.03 | 30 | 1.61 | % | 7.04 | % | ||||||||||||||
2019 | 2 | 11.24 | 26 | 1.89 | % | 11.70 | % | ||||||||||||||
TOPS Growth ETF Portfolio, Class 1 | |||||||||||||||||||||
2023 | 420 | 13.89 | 5,828 | 1.75 | % | 16.41 | % | ||||||||||||||
2022 | 259 | 11.93 | 3,085 | 2.23 | % | (14.55 | )% | ||||||||||||||
2021 | 61 | 13.96 | 854 | 0.94 | % | 16.89 | % | ||||||||||||||
2020 | 17 | 11.94 | 200 | 1.54 | % | 11.92 | % | ||||||||||||||
TOPS Growth ETF Portfolio, Class 2 | |||||||||||||||||||||
2023 | 166 | 15.72 | 2,614 | 1.34 | % | 16.09 | % | ||||||||||||||
2022 | 157 | 13.54 | 2,131 | 1.36 | % | (14.70 | )% | ||||||||||||||
2021 | 145 | 15.87 | 2,298 | 0.82 | % | 16.52 | % | ||||||||||||||
2020 | 132 | 13.62 | 1,795 | 1.54 | % | 11.67 | % | ||||||||||||||
2019 | 111 | 12.20 | 1,360 | 1.67 | % | 22.07 | % |
145
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
TOPS Moderate Growth ETF Portfolio, Class 1 | |||||||||||||||||||||
2023 | 468 | $ | 13.13 | $ | 6,149 | 2.32 | % | 13.81 | % | ||||||||||||
2022 | 270 | 11.54 | 3,121 | 2.07 | % | (12.66 | )% | ||||||||||||||
2021 | 103 | 13.21 | 1,361 | 1.31 | % | 13.12 | % | ||||||||||||||
2020 | 10 | 11.68 | 122 | 2.69 | % | 10.83 | % | ||||||||||||||
TOPS Moderate Growth ETF Portfolio, Class 2 | |||||||||||||||||||||
2023 | 21 | 14.67 | 313 | 1.86 | % | 13.47 | % | ||||||||||||||
2022 | 19 | 12.93 | 252 | 1.53 | % | (12.90 | )% | ||||||||||||||
2021 | 17 | 14.85 | 257 | 1.05 | % | 12.82 | % | ||||||||||||||
2020 | 15 | 13.16 | 199 | 1.32 | % | 10.60 | % | ||||||||||||||
2019 | 12 | 11.90 | 137 | 1.66 | % | 18.91 | % | ||||||||||||||
Vanguard VIF Capital Growth Portfolio | |||||||||||||||||||||
2023 | 1,288 | 16.94 | 21,807 | 0.91 | % | 27.98 | % | ||||||||||||||
2022 | 787 | 13.24 | 10,417 | 0.59 | % | (15.48 | )% | ||||||||||||||
2021 | 274 | 15.66 | 4,281 | 0.23 | % | 20.99 | % | ||||||||||||||
2020 | 32 | 12.94 | 411 | 0.77 | % | 16.87 | % | ||||||||||||||
Vanguard VIF Conservative Allocation Portfolio | |||||||||||||||||||||
2023 | 5 | 11.02 | 55 | 0.00 | % | 5.21 | % |
146
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Vanguard VIF Equity Income Portfolio | |||||||||||||||||||||
2023 | 222 | $ | 14.75 | $ | 3,280 | 2.37 | % | 8.10 | % | ||||||||||||
2022 | 149 | 13.65 | 2,034 | 2.33 | % | (0.66 | )% | ||||||||||||||
2021 | 59 | 13.74 | 793 | 0.39 | % | 25.23 | % | ||||||||||||||
2020 | 3 | 10.97 | 31 | 1.33 | % | 2.44 | % | ||||||||||||||
Vanguard VIF Equity Index Portfolio | |||||||||||||||||||||
2023 | 2 | 22.43 | 47 | 1.59 | % | 26.11 | % | ||||||||||||||
2022 | 3 | 17.79 | 56 | 1.19 | % | (18.23 | )% | ||||||||||||||
2021 | 2 | 21.75 | 52 | 0.95 | % | 28.30 | % | ||||||||||||||
2020 | 1 | 16.95 | 23 | 1.25 | % | 17.77 | % | ||||||||||||||
2019 | 1 | 14.40 | 10 | 0.00 | % | 31.30 | % | ||||||||||||||
Vanguard VIF Growth Portfolio | |||||||||||||||||||||
2023 | 2 | 13.37 | 31 | 0.00 | % | 9.65 | % | ||||||||||||||
Vanguard VIF International Portfolio | |||||||||||||||||||||
2023 | 142 | 13.69 | 1,945 | 1.37 | % | 14.65 | % | ||||||||||||||
2022 | 95 | 11.94 | 1,271 | 1.05 | % | (30.12 | )% | ||||||||||||||
2021 | 55 | 17.08 | 933 | 0.07 | % | (1.98 | )% | ||||||||||||||
2020 | 2 | 17.43 | 38 | 0.04 | % | 56.98 | % |
147
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Vanguard VIF Mid-Cap Index Portfolio | |||||||||||||||||||||
2023 | 3 | $ | 18.09 | $ | 63 | 1.38 | % | 15.83 | % | ||||||||||||
2022 | 3 | 15.62 | 52 | 1.04 | % | (18.82 | )% | ||||||||||||||
2021 | 3 | 19.24 | 51 | 0.98 | % | 23.70 | % | ||||||||||||||
2020 | 2 | 15.55 | 36 | 1.06 | % | 16.78 | % | ||||||||||||||
2019 | 1 | 13.32 | 16 | 0.38 | % | 30.87 | % | ||||||||||||||
Vanguard VIF Real Estate Index Portfolio | |||||||||||||||||||||
2023 | 57 | 13.66 | 772 | 2.27 | % | 11.70 | % | ||||||||||||||
2022 | 42 | 12.23 | 514 | 1.66 | % | (26.30 | )% | ||||||||||||||
2021 | 28 | 16.59 | 462 | 1.04 | % | 40.00 | % | ||||||||||||||
2020 | 9 | 11.85 | 112 | 1.61 | % | (5.09 | )% | ||||||||||||||
2019 | 3 | 12.48 | 40 | 0.00 | % | 28.81 | % | ||||||||||||||
Vanguard VIF Short-Term Investment-Grade Portfolio | |||||||||||||||||||||
2023 | 1,776 | 10.56 | 18,741 | 1.79 | % | 6.16 | % | ||||||||||||||
2022 | 1,014 | 9.94 | 10,083 | 1.14 | % | (5.72 | )% | ||||||||||||||
2021 | 351 | 10.55 | 3,694 | 0.46 | % | (0.52 | )% | ||||||||||||||
2020 | 31 | 10.60 | 328 | 1.40 | % | 5.43 | % |
148
As of December 31 | For the period ended December 31 | ||||||||||||||||||||
Subaccount | Units
(000's) | Unit
Fair Value | Net
Assets (000's) | Investment Income Ratio (a) | Total Return (b) | ||||||||||||||||
Vanguard VIF Total Bond Market Index Portfolio | |||||||||||||||||||||
2023 | 68 | $ | 10.73 | $ | 727 | 2.41 | % | 5.58 | % | ||||||||||||
2022 | 58 | 10.16 | 586 | 1.92 | % | (13.21 | )% | ||||||||||||||
2021 | 46 | 11.71 | 544 | 2.00 | % | (1.81 | )% | ||||||||||||||
2020 | 35 | 11.93 | 417 | 2.24 | % | 7.54 | % | ||||||||||||||
2019 | 23 | 11.09 | 252 | 0.49 | % | 8.67 | % | ||||||||||||||
Vanguard VIF Total Stock Market Index Portfolio | |||||||||||||||||||||
2023 | 79 | 21.53 | 1,700 | 1.06 | % | 25.95 | % | ||||||||||||||
2022 | 61 | 17.10 | 1,037 | 1.03 | % | (19.59 | )% | ||||||||||||||
2021 | 29 | 21.26 | 612 | 1.16 | % | 25.21 | % | ||||||||||||||
2020 | 19 | 16.98 | 330 | 1.33 | % | 19.91 | % | ||||||||||||||
2019 | 7 | 14.16 | 97 | 1.37 | % | 30.75 | % |
* The Subaccount has units and/or dollars that round to less than one thousand.
(a) These ratios represent the dividends received by the Subaccount, excluding distributions of capital gains, divided by the daily average net assets. The recognition of investment income by the Subaccount is affected by the timing of the declaration of dividends by the underlying mutual fund in which the Subaccounts invest.
(b) These amounts represent the total return for the periods indicated, are not annualized, and include changes in the value of the underlying mutual fund. The total return does not include any expenses addressed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented.
149
7. | SUBSEQUENT EVENTS |
The Separate Account has evaluated the effects of events subsequent to December 31, 2023, and through the date at which the financial statements were available to be issued. All accounting and disclosure requirements related to subsequent events are included in our financial statements.
150