Protective Acquired Variable Annuity 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 Contract Owners of Protective Acquired Variable Annuity 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 Acquired Variable Annuity Separate Account (the Separate Account) as of December 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years 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 then ended, the changes in its net assets for each of the years 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 18, 2024

Appendix A

The subaccounts that comprise Protective Acquired Variable Annuity 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
Alger Large Cap Growth Portfolio, Class I-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
Alger Mid Cap Growth Portfolio, Class I-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
Alger Small Cap Growth Portfolio, Class I-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 Century Investments VP Disciplined Core Value Fund, 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
American Century Investments VP Large Company Value 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
American Century Investments VP Value Fund, 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
BNY Mellon IP MidCap Stock Portfolio, Initial 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
BNY Mellon IP Technology Growth Portfolio, 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
BNY Mellon Sustainable U.S. Equity Portfolio, Initial 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

BNY Mellon VIF Government Money Market Portfolio, Single Share	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	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 Growth 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, 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 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
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
Franklin Growth and Income 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 Mutual Global Discovery 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 Strategic 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 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
Invesco Global Real Estate 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. Capital Appreciation 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. 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 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 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, 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. Health Care 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 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. Main Street Small Cap 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
Janus Aspen Series Janus Henderson Research Portfolio, 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
Janus Henderson Balanced Fund, 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
Janus Henderson Enterprise Fund, 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
Janus Henderson Global Research Fund, 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
Janus Henderson VIT Mid Cap Value Portfolio, 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
LVIP JPMorgan Core Bond Fund, Standard 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
LVIP JPMorgan Mid Cap Value Fund, Standard 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
LVIP JPMorgan Small Cap Core Fund, Standard 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
LVIP JPMorgan U.S. Equity Fund, Standard 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
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

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2023

	SUBACCOUNTS
	Alger Large Cap Growth Portfolio, Class I-2		Alger Mid Cap Growth Portfolio, Class I-2		Alger Small Cap Growth Portfolio, Class I-2		American Century Investments VP Disciplined Core Value Fund, Class I		American Century Investments VP Large Company Value Fund		American Century Investments VP Value Fund, Class I		BNY Mellon IP MidCap Stock Portfolio, Initial Shares

ASSETS:
Investments at fair value ⁽¹⁾	$	361,138	$	1,133,725	$	1,311,931	$	743,272	$	110,177	$	484,781	$	329,357

NET ASSETS	$	361,138	$	1,133,725	$	1,311,931	$	743,272	$	110,177	$	484,781	$	329,357

ANALYSIS OF NET ASSETS
Accumulation period	$	361,138	$	1,133,725	$	1,311,931	$	743,272	$	110,177	$	484,781	$	329,357
Annuity period		-		-		-		-		-		-		-
Total net assets	$	361,138	$	1,133,725	$	1,311,931	$	743,272	$	110,177	$	484,781	$	329,357

Fair value per share (NAV)	$	62.42	$	16.85	$	16.53	$	7.67	$	17.75	$	12.19	$	18.56
Shares outstanding in the Separate Account		5,786		67,283		79,367		96,906		6,207		39,769		17,746

⁽¹⁾ Investments in mutual fund shares, at cost	$	405,189	$	1,580,076	$	2,004,100	$	855,380	$	104,859	$	448,258	$	316,372

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2023

	SUBACCOUNTS
	BNY Mellon IP Technology Growth Portfolio, Service Shares		BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares		BNY Mellon VIF Government Money Market Portfolio, Single Share		Fidelity VIP Contrafund Portfolio		Fidelity VIP Equity- Income Portfolio, Service Class		Fidelity VIP Growth Portfolio, Initial Class		Fidelity VIP Index 500 Portfolio, Initial Class

ASSETS:
Investments at fair value ⁽¹⁾	$	326,128	$	119,087	$	5,385,486	$	8,929,178	$	1,977,929	$	959,106	$	1,998,817

NET ASSETS	$	326,128	$	119,087	$	5,385,486	$	8,929,178	$	1,977,929	$	959,106	$	1,998,817

ANALYSIS OF NET ASSETS
Accumulation period	$	326,128	$	119,087	$	5,384,948	$	8,929,178	$	1,977,929	$	959,106	$	1,998,817
Annuity period		-		-		538		-		-		-		-
Total net assets	$	326,128	$	119,087	$	5,385,486	$	8,929,178	$	1,977,929	$	959,106	$	1,998,817

Fair value per share (NAV)	$	25.17	$	44.98	$	1.00	$	48.63	$	24.85	$	93.10	$	461.79
Shares outstanding in the Separate Account		12,957		2,648		5,385,486		183,615		79,595		10,302		4,328

⁽¹⁾ Investments in mutual fund shares, at cost	$	341,301	$	97,706	$	5,385,486	$	6,991,086	$	1,765,735	$	882,393	$	1,194,066

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2023

	SUBACCOUNTS
	Fidelity VIP Index 500 Portfolio, Service Class 2		Fidelity VIP Mid Cap Portfolio, Initial Class		Franklin Growth and Income VIP Fund		Franklin Mutual Global Discovery 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⁾	$	2,838,697	$	1,197,915	$	54,793	$	2,068,043	$	725,761	$	1,222,897	$	2,063,878

NET ASSETS	$	2,838,697	$	1,197,915	$	54,793	$	2,068,043	$	725,761	$	1,222,897	$	2,063,878

ANALYSIS OF NET ASSETS
Accumulation period	$	2,838,697	$	1,197,915	$	54,793	$	2,068,043	$	725,761	$	1,222,897	$	2,063,878
Annuity period		-		-		-		-		-		-		-
Total net assets	$	2,838,697	$	1,197,915	$	54,793	$	2,068,043	$	725,761	$	1,222,897	$	2,063,878

Fair value per share (NAV)	$	455.28	$	36.44	$	6.31	$	18.38	$	15.33	$	26.93	$	13.27
Shares outstanding in the Separate Account		6,235		32,874		8,683		112,516		47,343		45,410		155,530

⁽¹⁾ Investments in mutual fund shares, at cost	$	1,489,244	$	1,143,553	$	73,132	$	1,936,446	$	780,840	$	1,171,413	$	2,096,585

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2023

	SUBACCOUNTS
	Franklin Strategic Income VIP Fund, Class 2		Franklin U.S. Government Securities VIP Fund, Class 2		Invesco Global Real Estate Fund, Series I		Invesco V.I. Capital Appreciation Fund, Series II		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 I

ASSETS:
Investments at fair value ⁽¹⁾	$	579,500	$	153,857	$	983,717	$	222,583	$	186,212	$	133,214	$	457,355

NET ASSETS	$	579,500	$	153,857	$	983,717	$	222,583	$	186,212	$	133,214	$	457,355

ANALYSIS OF NET ASSETS
Accumulation period	$	579,500	$	153,857	$	983,717	$	222,583	$	186,212	$	133,214	$	457,355
Annuity period		-		-		-		-		-		-		-
Total net assets	$	579,500	$	153,857	$	983,717	$	222,583	$	186,212	$	133,214	$	457,355

Fair value per share (NAV)	$	9.01	$	10.36	$	13.98	$	44.64	$	54.01	$	24.24	$	16.48
Shares outstanding in the Separate Account		64,317		14,851		70,366		4,986		3,448		5,496		27,752

⁽¹⁾ Investments in mutual fund shares, at cost	$	653,635	$	173,884	$	1,102,486	$	238,462	$	243,293	$	138,847	$	527,132

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2023

	SUBACCOUNTS
	Invesco V.I. Global Fund, Series II		Invesco V.I. Global Strategic Income Fund, Series II		Invesco V.I. Health Care Fund, Series I		Invesco V.I. Main Street Fund, Series II		Invesco V.I. Main Street Small Cap Fund, Series II		Janus Aspen Series Janus Henderson Research Portfolio, Institutional Shares		Janus Henderson Balanced Fund, Class I

ASSETS:
Investments at fair value ⁽¹⁾	$	2,503,032	$	792,623	$	512,380	$	659,320	$	1,641,758	$	211,856	$	2,484,059

NET ASSETS	$	2,503,032	$	792,623	$	512,380	$	659,320	$	1,641,758	$	211,856	$	2,484,059

ANALYSIS OF NET ASSETS
Accumulation period	$	2,503,032	$	792,623	$	512,380	$	659,320	$	1,641,758	$	211,856	$	2,484,059
Annuity period		-		-		-		-		-		-		-
Total net assets	$	2,503,032	$	792,623	$	512,380	$	659,320	$	1,641,758	$	211,856	$	2,484,059

Fair value per share (NAV)	$	35.50	$	4.42	$	25.91	$	17.77	$	26.30	$	45.15	$	45.28
Shares outstanding in the Separate Account		70,508		179,326		19,775		37,103		62,424		4,692		54,860

⁽¹⁾ Investments in mutual fund shares, at cost	$	2,647,006	$	872,879	$	550,808	$	810,135	$	1,447,431	$	174,012	$	2,127,240

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2023

	SUBACCOUNTS
	Janus Henderson Enterprise Fund, Class I		Janus Henderson Global Research Fund, Class I		Janus Henderson VIT Mid Cap Value Portfolio, Service Shares		LVIP JPMorgan Core Bond Fund, Standard Class		LVIP JPMorgan Mid Cap Value Fund, Standard Class		LVIP JPMorgan Small Cap Core Fund, Standard Class		LVIP JPMorgan U.S. Equity Fund, Standard Class

ASSETS:
Investments at fair value ⁽¹⁾	$	866,472	$	358,329	$	398,471	$	2,228,375	$	2,190,888	$	686,474	$	1,881,795

NET ASSETS	$	866,472	$	358,329	$	398,471	$	2,228,375	$	2,190,888	$	686,474	$	1,881,795

ANALYSIS OF NET ASSETS
Accumulation period	$	866,472	$	358,329	$	398,471	$	2,227,546	$	2,190,472	$	686,474	$	1,881,059
Annuity period		-		-		-		829		416		-		736
Total net assets	$	866,472	$	358,329	$	398,471	$	2,228,375	$	2,190,888	$	686,474	$	1,881,795

Fair value per share (NAV)	$	76.52	$	61.10	$	16.72	$	9.88	$	10.17	$	19.85	$	37.63
Shares outstanding in the Separate Account		11,323		5,865		23,832		225,658		215,363		34,585		50,013

⁽¹⁾ Investments in mutual fund shares, at cost	$	853,887	$	301,745	$	364,035	$	2,459,430	$	2,235,580	$	703,941	$	1,485,423

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2023

	SUBACCOUNTS

	Templeton Developing Markets VIP Fund, Class 2

ASSETS:
Investments at fair value ⁽¹⁾	$	616,989

NET ASSETS	$	616,989

ANALYSIS OF NET ASSETS
Accumulation period	$	616,989
Annuity period		-
Total net assets	$	616,989

Fair value per share (NAV)	$	8.23
Shares outstanding in the Separate Account		74,968

⁽¹⁾Investments in mutual fund shares, at cost	$	668,302

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Concluded)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Alger Large Cap Growth Portfolio, Class I-2			Alger Mid Cap Growth Portfolio, Class I-2			Alger Small Cap Growth Portfolio, Class I-2			American Century Investments VP Disciplined Core Value Fund, Class I			American Century Investments VP Large Company Value Fund			American Century Investments VP Value Fund, Class I			BNY Mellon IP MidCap Stock Portfolio, Initial Shares

INVESTMENT INCOME:
Dividend income	$	-		$	-		$	-		$	11,182		$	2,800		$	16,713		$	1,671

EXPENSES:
Mortality and expense risk and admin		4,835			15,192			17,892			10,359			1,577			7,029			4,423

NET INVESTMENT INCOME (LOSS)		(4,835	)		(15,192	)		(17,892	)		823			1,223			9,684			(2,752	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		(40,380	)		(55,579	)		(91,843	)		(24,532	)		11,170			9,034			(154	)
Capital gain distributions		-			-			-			-			2,991			35,366			9,815

Net realized gain (loss) on investments		(40,380	)		(55,579	)		(91,843	)		(24,532	)		14,161			44,400			9,661

Change in net unrealized appreciation (depreciation) on investments		139,508			280,281			279,475			73,668			(12,128	)		(19,207	)		40,504

Net realized and unrealized gain (loss) on investments		99,128			224,702			187,632			49,136			2,033			25,193			50,165

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	94,293		$	209,510		$	169,740		$	49,959		$	3,256		$	34,877		$	47,413

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	BNY Mellon IP Technology Growth Portfolio, Service Shares			BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares			BNY Mellon VIF Government Money Market Portfolio, Single Share		Fidelity VIP Contrafund Portfolio			Fidelity VIP Equity- Income Portfolio, Service Class		Fidelity VIP Growth Portfolio, Initial Class			Fidelity VIP Index 500 Portfolio, Initial Class

INVESTMENT INCOME:
Dividend income	$	-		$	770		$	242,788	$	39,619		$	36,621	$	1,119		$	25,998

EXPENSES:
Mortality and expense risk and admin		4,670			1,533			82,873		116,087			26,775		12,416			22,690

NET INVESTMENT INCOME (LOSS)		(4,670	)		(763	)		159,915		(76,468	)		9,846		(11,297	)		3,308

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		22,886			5,941			-		382,880			27,525		35,452			43,076
Capital gain distributions		-			12,371			-		290,777			54,970		40,722			15,960

Net realized gain (loss) on investments		22,886			18,312			-		673,657			82,495		76,174			59,036

Change in net unrealized appreciation (depreciation) on investments		124,142			4,926			-		1,688,685			76,933		207,264			326,151

Net realized and unrealized gain (loss) on investments		147,028			23,238			-		2,362,342			159,428		283,438			385,187

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	142,358		$	22,475		$	159,915	$	2,285,874		$	169,274	$	272,141		$	388,495

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Fidelity VIP Index 500 Portfolio, Service Class 2			Fidelity VIP Mid Cap Portfolio, Initial Class			Franklin Growth and Income VIP Fund			Franklin Mutual Global Discovery 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

INVESTMENT INCOME:
Dividend income	$	32,619		$	6,774		$	1,157		$	48,389		$	12,937		$	11,071		$	10,071

EXPENSES:
Mortality and expense risk and admin		38,249			17,121			697			27,130			9,340			16,879			27,259

NET INVESTMENT INCOME (LOSS)		(5,630	)		(10,347	)		460			21,259			3,597			(5,808	)		(17,188	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		60,630			(7,756	)		(2,551	)		(13,008	)		(8,405	)		4,970			(56,959	)
Capital gain distributions		23,587			31,210			2,700			105,307			59,547			127,064			109,183

Net realized gain (loss) on investments		84,217			23,454			149			92,299			51,142			132,034			52,224

Change in net unrealized appreciation (depreciation) on investments		473,994			131,670			3,222			215,019			21,148			(3,958	)		170,021

Net realized and unrealized gain (loss) on investments		558,211			155,124			3,371			307,318			72,290			128,076			222,245

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	552,581		$	144,777		$	3,831		$	328,577		$	75,887		$	122,268		$	205,057

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Franklin Strategic Income VIP Fund, Class 2			Franklin U.S. Government Securities VIP Fund, Class 2			Invesco Global Real Estate Fund, Series I			Invesco V.I. Capital Appreciation Fund, Series II			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 I

INVESTMENT INCOME:
Dividend income	$	25,845		$	4,383		$	13,925		$	-		$	-		$	2,726		$	8,671

EXPENSES:
Mortality and expense risk and admin		7,834			2,359			13,258			3,170			2,415			1,864			6,185

NET INVESTMENT INCOME (LOSS)		18,011			2,024			667			(3,170	)		(2,415	)		862			2,486

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		(5,898	)		(6,239	)		(31,253	)		(13,605	)		(2,085	)		(2,157	)		(3,070	)
Capital gain distributions		-			-			-			-			-			11,225			22,708

Net realized gain (loss) on investments		(5,898	)		(6,239	)		(31,253	)		(13,605	)		(2,085	)		9,068			19,638

Change in net unrealized appreciation (depreciation) on investments		24,314			8,857			99,634			78,520			23,407			(164	)		15,286

Net realized and unrealized gain (loss) on investments		18,416			2,618			68,381			64,915			21,322			8,904			34,924

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	36,427		$	4,642		$	69,048		$	61,745		$	18,907		$	9,766		$	37,410

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Invesco V.I. Global Fund, Series II			Invesco V.I. Global Strategic Income Fund, Series II			Invesco V.I. Health Care Fund, Series I			Invesco V.I. Main Street Fund, Series II			Invesco V.I. Main Street Small Cap Fund, Series II			Janus Aspen Series Janus Henderson Research Portfolio, Institutional Shares			Janus Henderson Balanced Fund, Class I

INVESTMENT INCOME:
Dividend income	$	-		$	-		$	-		$	3,033		$	14,091		$	272		$	50,750

EXPENSES:
Mortality and expense risk and admin		32,377			11,205			7,101			8,559			21,481			2,472			33,418

NET INVESTMENT INCOME (LOSS)		(32,377	)		(11,205	)		(7,101	)		(5,526	)		(7,390	)		(2,200	)		17,332

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		2,269			(25,722	)		(5,388	)		(25,229	)		1,951			2,920			170,227
Capital gain distributions		270,062			-			-			43,309			-			-			-

Net realized gain (loss) on investments		272,331			(25,722	)		(5,388	)		18,080			1,951			2,920			170,227

Change in net unrealized appreciation (depreciation) on investments		403,923			91,225			20,285			104,348			239,303			63,308			137,579

Net realized and unrealized gain (loss) on investments		676,254			65,503			14,897			122,428			241,254			66,228			307,806

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	643,877		$	54,298		$	7,796		$	116,902		$	233,864		$	64,028		$	325,138

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Janus Henderson Enterprise Fund, Class I			Janus Henderson Global Research Fund, Class I			Janus Henderson VIT Mid Cap Value Portfolio, Service Shares			LVIP JPMorgan Core Bond Fund, Standard Class			LVIP JPMorgan Mid Cap Value Fund, Standard Class			LVIP JPMorgan Small Cap Core Fund, Standard Class			LVIP JPMorgan U.S. Equity Fund, Standard Class

INVESTMENT INCOME:
Dividend income	$	1,313		$	3,360		$	3,648		$	87,185		$	69,830		$	8,911		$	35,259

EXPENSES:
Mortality and expense risk and admin		11,558			5,207			5,465			39,232			32,446			9,020			30,932

NET INVESTMENT INCOME (LOSS)		(10,245	)		(1,847	)		(1,817	)		47,953			37,384			(109	)		4,327

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		3,168			20,428			(1,054	)		(85,137	)		(13,362	)		(19,871	)		64,028
Capital gain distributions		55,878			10,287			11,021			-			178,019			5,817			72,945

Net realized gain (loss) on investments		59,046			30,715			9,967			(85,137	)		164,657			(14,054	)		136,973

Change in net unrealized appreciation (depreciation) on investments		76,002			53,036			25,736			129,331			(15,424	)		85,434			246,374

Net realized and unrealized gain (loss) on investments		135,048			83,751			35,703			44,194			149,233			71,380			383,347

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	124,803		$	81,904		$	33,886		$	92,147		$	186,617		$	71,271		$	387,674

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS

	Templeton Developing Markets VIP Fund, Class 2

INVESTMENT INCOME:
Dividend income	$	12,645

EXPENSES:
Mortality and expense risk and admin		8,767

NET INVESTMENT INCOME (LOSS)		3,878

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		7,185
Capital gain distributions		459

Net realized gain (loss) on investments		7,644

Change in net unrealized appreciation (depreciation) on investments		50,600

Net realized and unrealized gain (loss) on investments		58,244

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	62,122

Note: Totals may not appear to foot/crossfoot due to rounding.

(Concluded)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Alger Large Cap Growth Portfolio, Class I-2			Alger Mid Cap Growth Portfolio, Class I-2			Alger Small Cap Growth Portfolio, Class I-2			American Century Investments VP Disciplined Core Value Fund, Class I			American Century Investments VP Large Company Value Fund			American Century Investments VP Value Fund, Class I			BNY Mellon IP MidCap Stock Portfolio, Initial Shares

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(4,835	)	$	(15,192	)	$	(17,892	)	$	823		$	1,223		$	9,684		$	(2,752	)
Net realized gain (loss) on investments		(40,380	)		(55,579	)		(91,843	)		(24,532	)		14,161			44,400			9,661
Change in net unrealized appreciation (depreciation) on investments		139,508			280,281			279,475			73,668			(12,128	)		(19,207	)		40,504

Net increase (decrease) in net assets resulting from operations		94,293			209,510			169,740			49,959			3,256			34,877			47,413

CONTRACT TRANSACTIONS:
Contract owners' net payments		5,446			14,518			11,059			7,335			33			3,117			3,645
Contract maintenance charges		(254	)		(330	)		(318	)		(568	)		(99	)		(202	)		(79	)
Contract owners' benefits		(79,349	)		(128,624	)		(119,778	)		(61,156	)		(24,828	)		(88,384	)		(18,261	)
Net transfers (to) from the Company and/or Subaccounts		9,137			12,326			69,105			(2,451	)		(13,831	)		7,238			(651	)

Increase (decrease) in net assets resulting from Contract transactions		(65,020	)		(102,110	)		(39,932	)		(56,840	)		(38,725	)		(78,231	)		(15,346	)

Total increase (decrease) in net assets		29,273			107,400			129,808			(6,881	)		(35,469	)		(43,354	)		32,067

NET ASSETS:
Beginning of period		331,865			1,026,325			1,182,123			750,153			145,646			528,135			297,290

End of period	$	361,138		$	1,133,725		$	1,311,931		$	743,272		$	110,177		$	484,781		$	329,357

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	BNY Mellon IP Technology Growth Portfolio, Service Shares			BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares			BNY Mellon VIF Government Money Market Portfolio, Single Share			Fidelity VIP Contrafund Portfolio			Fidelity VIP Equity- Income Portfolio, Service Class			Fidelity VIP Growth Portfolio, Initial Class			Fidelity VIP Index 500 Portfolio, Initial Class

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(4,670	)	$	(763	)	$	159,915		$	(76,468	)	$	9,846		$	(11,297	)	$	3,308
Net realized gain (loss) on investments		22,886			18,312			-			673,657			82,495			76,174			59,036
Change in net unrealized appreciation (depreciation) on investments		124,142			4,926			-			1,688,685			76,933			207,264			326,151

Net increase (decrease) in net assets resulting from operations		142,358			22,475			159,915			2,285,874			169,274			272,141			388,495

CONTRACT TRANSACTIONS:
Contract owners' net payments		4,737			1,031			98,243			83,970			14,300			6,538			22,498
Contract maintenance charges		(109	)		(65	)		(1,405	)		(2,326	)		(869	)		(352	)		(662	)
Contract owners' benefits		(94,341	)		(11,742	)		(324,426	)		(995,466	)		(209,919	)		(175,104	)		(66,946	)
Net transfers (to) from the Company and/or Subaccounts		17,382			(11,149	)		(9,832	)		21,014			3,494			(39,761	)		61,677

Increase (decrease) in net assets resulting from Contract transactions		(72,331	)		(21,925	)		(237,420	)		(892,808	)		(192,994	)		(208,679	)		16,567

Total increase (decrease) in net assets		70,027			550			(77,505	)		1,393,066			(23,720	)		63,462			405,062

NET ASSETS:
Beginning of period		256,101			118,537			5,462,991			7,536,112			2,001,649			895,644			1,593,755

End of period	$	326,128		$	119,087		$	5,385,486		$	8,929,178		$	1,977,929		$	959,106		$	1,998,817

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Fidelity VIP Index 500 Portfolio, Service Class 2			Fidelity VIP Mid Cap Portfolio, Initial Class			Franklin Growth and Income VIP Fund			Franklin Mutual Global Discovery 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

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(5,630	)	$	(10,347	)	$	460		$	21,259		$	3,597		$	(5,808	)	$	(17,188	)
Net realized gain (loss) on investments		84,217			23,454			149			92,299			51,142			132,034			52,224
Change in net unrealized appreciation (depreciation) on investments		473,994			131,670			3,222			215,019			21,148			(3,958	)		170,021

Net increase (decrease) in net assets resulting from operations		552,581			144,777			3,831			328,577			75,887			122,268			205,057

CONTRACT TRANSACTIONS:
Contract owners' net payments		16,546			13,706			1,650			26,752			9,285			16,795			21,925
Contract maintenance charges		(546	)		(287	)		(89	)		(608	)		(115	)		(406	)		(475	)
Contract owners' benefits		(43,698	)		(148,788	)		(1,725	)		(105,097	)		(18,909	)		(132,370	)		(128,482	)
Net transfers (to) from the Company and/or Subaccounts		(5,045	)		(4,287	)		1,335			32,333			33,153			(2,696	)		99,371

Increase (decrease) in net assets resulting from Contract transactions		(32,743	)		(139,656	)		1,171			(46,620	)		23,414			(118,677	)		(7,661	)

Total increase (decrease) in net assets		519,838			5,121			5,002			281,957			99,301			3,591			197,396

NET ASSETS:
Beginning of period		2,318,859			1,192,794			49,791			1,786,086			626,460			1,219,306			1,866,482

End of period	$	2,838,697		$	1,197,915		$	54,793		$	2,068,043		$	725,761		$	1,222,897		$	2,063,878

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Franklin Strategic Income VIP Fund, Class 2			Franklin U.S. Government Securities VIP Fund, Class 2			Invesco Global Real Estate Fund, Series I			Invesco V.I. Capital Appreciation Fund, Series II			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 I

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	18,011		$	2,024		$	667		$	(3,170	)	$	(2,415	)	$	862		$	2,486
Net realized gain (loss) on investments		(5,898	)		(6,239	)		(31,253	)		(13,605	)		(2,085	)		9,068			19,638
Change in net unrealized appreciation (depreciation) on investments		24,314			8,857			99,634			78,520			23,407			(164	)		15,286

Net increase (decrease) in net assets resulting from operations		36,427			4,642			69,048			61,745			18,907			9,766			37,410

CONTRACT TRANSACTIONS:
Contract owners' net payments		10,964			2,460			15,016			2,577			1,433			3,447			10,303
Contract maintenance charges		(346	)		(150	)		(356	)		(62	)		(56	)		(49	)		(103	)
Contract owners' benefits		(24,502	)		(37,569	)		(105,958	)		(35,633	)		(3,797	)		(4,533	)		(6,426	)
Net transfers (to) from the Company and/or Subaccounts		3,323			314			51,628			(1,878	)		3,252			(20,810	)		1,018

Increase (decrease) in net assets resulting from Contract transactions		(10,561	)		(34,945	)		(39,670	)		(34,996	)		832			(21,945	)		4,792

Total increase (decrease) in net assets		25,866			(30,303	)		29,378			26,749			19,739			(12,179	)		42,202

NET ASSETS:
Beginning of period		553,634			184,160			954,339			195,834			166,473			145,393			415,153

End of period	$	579,500		$	153,857		$	983,717		$	222,583		$	186,212		$	133,214		$	457,355

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Invesco V.I. Global Fund, Series II			Invesco V.I. Global Strategic Income Fund, Series II			Invesco V.I. Health Care Fund, Series I			Invesco V.I. Main Street Fund, Series II			Invesco V.I. Main Street Small Cap Fund, Series II			Janus Aspen Series Janus Henderson Research Portfolio, Institutional Shares			Janus Henderson Balanced Fund, Class I

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(32,377	)	$	(11,205	)	$	(7,101	)	$	(5,526	)	$	(7,390	)	$	(2,200	)	$	17,332
Net realized gain (loss) on investments		272,331			(25,722	)		(5,388	)		18,080			1,951			2,920			170,227
Change in net unrealized appreciation (depreciation) on investments		403,923			91,225			20,285			104,348			239,303			63,308			137,579

Net increase (decrease) in net assets resulting from operations		643,877			54,298			7,796			116,902			233,864			64,028			325,138

CONTRACT TRANSACTIONS:
Contract owners' net payments		27,267			19,600			5,084			8,393			5,354			-			109,799
Contract maintenance charges		(818	)		(422	)		(156	)		(417	)		(531	)		(130	)		(1,047	)
Contract owners' benefits		(179,790	)		(88,086	)		(42,756	)		(25,680	)		(141,860	)		(7,813	)		(579,661	)
Net transfers (to) from the Company and/or Subaccounts		(60,554	)		12,261			25,492			1,442			39,654			(4,437	)		(48,276	)

Increase (decrease) in net assets resulting from Contract transactions		(213,895	)		(56,647	)		(12,336	)		(16,262	)		(97,383	)		(12,380	)		(519,185	)

Total increase (decrease) in net assets		429,982			(2,349	)		(4,540	)		100,640			136,481			51,648			(194,047	)

NET ASSETS:
Beginning of period		2,073,050			794,972			516,920			558,680			1,505,277			160,208			2,678,106

End of period	$	2,503,032		$	792,623		$	512,380		$	659,320		$	1,641,758		$	211,856		$	2,484,059

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Janus Henderson Enterprise Fund, Class I			Janus Henderson Global Research Fund, Class I			Janus Henderson VIT Mid Cap Value Portfolio, Service Shares			LVIP JPMorgan Core Bond Fund, Standard Class			LVIP JPMorgan Mid Cap Value Fund, Standard Class			LVIP JPMorgan Small Cap Core Fund, Standard Class			LVIP JPMorgan U.S. Equity Fund, Standard Class

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(10,245	)	$	(1,847	)	$	(1,817	)	$	47,953		$	37,384		$	(109	)	$	4,327
Net realized gain (loss) on investments		59,046			30,715			9,967			(85,137	)		164,657			(14,054	)		136,973
Change in net unrealized appreciation (depreciation) on investments		76,002			53,036			25,736			129,331			(15,424	)		85,434			246,374

Net increase (decrease) in net assets resulting from operations		124,803			81,904			33,886			92,147			186,617			71,271			387,674

CONTRACT TRANSACTIONS:
Contract owners' net payments		7,926			3,291			7,109			20,888			9,674			3,472			1,849
Contract maintenance charges		(394	)		(170	)		(210	)		(486	)		(432	)		(182	)		(78	)
Contract owners' benefits		(32,792	)		(74,204	)		(24,418	)		(436,895	)		(144,509	)		(84,620	)		(122,340	)
Net transfers (to) from the Company and/or Subaccounts		(4,359	)		2,606			3,870			(71,581	)		54,355			31,474			1,097

Increase (decrease) in net assets resulting from Contract transactions		(29,619	)		(68,477	)		(13,649	)		(488,074	)		(80,912	)		(49,856	)		(119,472	)

Total increase (decrease) in net assets		95,184			13,427			20,237			(395,927	)		105,705			21,415			268,202

NET ASSETS:
Beginning of period		771,288			344,902			378,234			2,624,302			2,085,183			665,059			1,613,593

End of period	$	866,472		$	358,329		$	398,471		$	2,228,375		$	2,190,888		$	686,474		$	1,881,795

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Templeton Developing Markets VIP Fund, Class 2

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	3,878
Net realized gain (loss) on investments		7,644
Change in net unrealized appreciation (depreciation) on investments		50,600

Net increase (decrease) in net assets resulting from operations		62,122

CONTRACT TRANSACTIONS:
Contract owners' net payments		8,182
Contract maintenance charges		(316	)
Contract owners' benefits		(42,274	)
Net transfers (to) from the Company and/or Subaccounts		10,243

Increase (decrease) in net assets resulting from Contract transactions		(24,165	)

Total increase (decrease) in net assets		37,957

NET ASSETS:
Beginning of period		579,032

End of period	$	616,989

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	Alger Large Cap Growth Portfolio, Class I-2			Alger Mid Cap Growth Portfolio, Class I-2			Alger Small Cap Growth Portfolio, Class I-2			American Century Investments VP Disciplined Core Value Fund, Class I			American Century Investments VP Large Company Value Fund			American Century Investments VP Value Fund, Class I			BNY Mellon IP MidCap Stock Portfolio, Initial Shares

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(4,159	)	$	(18,088	)	$	(20,975	)	$	116,774		$	2,328		$	22,050		$	26,248
Net realized gain (loss) on investments		25,726			(73,945	)		198,334			74,448			5,381			53,074			49,292
Change in net unrealized appreciation (depreciation) on investments		(257,966	)		(604,197	)		(975,243	)		(322,371	)		(8,090	)		(79,748	)		(132,111	)

Net increase (decrease) in net assets resulting from operations		(236,400	)		(696,230	)		(797,884	)		(131,149	)		(381	)		(4,624	)		(56,571	)

CONTRACT TRANSACTIONS:
Contract owners' net payments		6,426			14,859			12,178			16,758			5			3,691			5,258
Contract maintenance charges		(257	)		(342	)		(344	)		(612	)		(98	)		(215	)		(82	)
Contract owners' benefits		(98,763	)		(247,880	)		(189,090	)		(189,371	)		(5,373	)		(75,523	)		(24,349	)
Net transfers (to) from the Company and/or Subaccounts		(14,866	)		(4,625	)		67,745			(7,490	)		44,431			8,823			20,795

Increase (decrease) in net assets resulting from Contract transactions		(107,460	)		(237,987	)		(109,511	)		(180,715	)		38,965			(63,223	)		1,622

Total increase (decrease) in net assets		(343,860	)		(934,217	)		(907,395	)		(311,864	)		38,584			(67,847	)		(54,949	)

NET ASSETS:
Beginning of period		675,725			1,960,542			2,089,518			1,062,017			107,062			595,982			352,239

End of period	$	331,865		$	1,026,325		$	1,182,123		$	750,153		$	145,646		$	528,135		$	297,290

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	BNY Mellon IP Technology Growth Portfolio, Service Shares			BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares			BNY Mellon VIF Government Money Market Portfolio, Single Share			Fidelity VIP Contrafund Portfolio			Fidelity VIP Equity- Income Portfolio, Service Class			Fidelity VIP Growth Portfolio, Initial Class			Fidelity VIP Index 500 Portfolio, Initial Class

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(5,789	)	$	(697	)	$	(16,948	)	$	(75,994	)	$	11,073		$	(8,483	)	$	3,792
Net realized gain (loss) on investments		86,487			9,071			-			621,454			80,594			119,486			27,673
Change in net unrealized appreciation (depreciation) on investments		(401,666	)		(45,375	)		-			(3,519,076	)		(234,165	)		(460,176	)		(409,826	)

Net increase (decrease) in net assets resulting from operations		(320,968	)		(37,000	)		(16,948	)		(2,973,615	)		(142,498	)		(349,173	)		(378,361	)

CONTRACT TRANSACTIONS:
Contract owners' net payments		4,737			1,317			91,857			117,964			29,444			11,319			26,757
Contract maintenance charges		(126	)		(69	)		(1,526	)		(2,398	)		(913	)		(396	)		(685	)
Contract owners' benefits		(291,161	)		-			(423,199	)		(804,908	)		(145,965	)		(259,917	)		(10,986	)
Net transfers (to) from the Company and/or Subaccounts		(36,183	)		251			3,426			28,822			(46,941	)		80,177			(3,909	)

Increase (decrease) in net assets resulting from Contract transactions		(322,734	)		1,499			(329,442	)		(660,519	)		(164,374	)		(168,817	)		11,177

Total increase (decrease) in net assets		(643,702	)		(35,501	)		(346,390	)		(3,634,134	)		(306,872	)		(517,990	)		(367,184	)

NET ASSETS:
Beginning of period		899,803			154,039			5,809,381			11,170,246			2,308,521			1,413,634			1,960,940

End of period	$	256,101		$	118,537		$	5,462,991		$	7,536,112		$	2,001,649		$	895,644		$	1,593,755

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	Fidelity VIP Index 500 Portfolio, Service Class 2			Fidelity VIP Mid Cap Portfolio, Initial Class			Franklin Growth and Income VIP Fund			Franklin Mutual Global Discovery 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

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(6,160	)	$	(12,377	)	$	1,624		$	21,797		$	20,010		$	(1,300	)	$	133,757
Net realized gain (loss) on investments		117,327			91,539			17,642			112,846			41,146			214,723			123,866
Change in net unrealized appreciation (depreciation) on investments		(688,479	)		(332,757	)		(25,524	)		(261,047	)		(120,807	)		(397,530	)		(521,311	)

Net increase (decrease) in net assets resulting from operations		(577,312	)		(253,595	)		(6,258	)		(126,404	)		(59,651	)		(184,107	)		(263,688	)

CONTRACT TRANSACTIONS:
Contract owners' net payments		16,932			14,153			1,650			53,175			10,293			16,927			24,614
Contract maintenance charges		(567	)		(300	)		(94	)		(629	)		(141	)		(438	)		(508	)
Contract owners' benefits		(78,193	)		(201,480	)		(18,077	)		(268,183	)		(17,934	)		(187,307	)		(224,882	)
Net transfers (to) from the Company and/or Subaccounts		25,900			(19,925	)		(1,081	)		(71,598	)		(15,087	)		(38,101	)		(49,315	)


Increase (decrease) in net assets resulting from Contract transactions		(35,929	)		(207,552	)		(17,602	)		(287,235	)		(22,869	)		(208,919	)		(250,091	)

Total increase (decrease) in net assets		(613,241	)		(461,147	)		(23,860	)		(413,639	)		(82,520	)		(393,026	)		(513,779	)

NET ASSETS:
Beginning of period		2,932,100			1,653,941			73,651			2,199,725			708,980			1,612,332			2,380,261

End of period	$	2,318,859		$	1,192,794		$	49,791		$	1,786,086		$	626,460		$	1,219,306		$	1,866,482

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	Franklin Strategic Income VIP Fund, Class 2			Franklin U.S. Government Securities VIP Fund, Class 2			Invesco Global Real Estate Fund, Series I			Invesco V.I. Capital Appreciation Fund, Series II			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 I

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	16,764		$	1,773		$	16,151		$	6,865		$	3,814		$	1,279		$	8,022
Net realized gain (loss) on investments		(11,548	)		(4,169	)		(21,850	)		76,431			57,335			24,720			48,182
Change in net unrealized appreciation (depreciation) on investments		(84,912	)		(21,918	)		(332,382	)		(185,129	)		(148,893	)		(30,373	)		(97,339	)

Net increase (decrease) in net assets resulting from operations		(79,696	)		(24,314	)		(338,081	)		(101,833	)		(87,744	)		(4,374	)		(41,135	)

CONTRACT TRANSACTIONS:
Contract owners' net payments		27,969			3,260			16,094			2,582			1,657			3,304			10,386
Contract maintenance charges		(392	)		(168	)		(419	)		(68	)		(58	)		(54	)		(121	)
Contract owners' benefits		(41,273	)		(42,277	)		(121,306	)		(36,083	)		(21,001	)		(41,021	)		(7,253	)
Net transfers (to) from the Company and/or Subaccounts		(57,125	)		(8,199	)		56,801			(2,558	)		(32,880	)		(3,985	)		(5,889	)

Increase (decrease) in net assets resulting from Contract transactions		(70,820	)		(47,384	)		(48,830	)		(36,127	)		(52,283	)		(41,755	)		(2,877	)

Total increase (decrease) in net assets		(150,517	)		(71,698	)		(386,911	)		(137,960	)		(140,027	)		(46,129	)		(44,012	)

NET ASSETS:
Beginning of period		704,150			255,858			1,341,250			333,794			306,500			191,522			459,165

End of period	$	553,634		$	184,160		$	954,339		$	195,834		$	166,473		$	145,393		$	415,153

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	Invesco V.I. Global Fund, Series II			Invesco V.I. Global Strategic Income Fund, Series II			Invesco V.I. Health Care Fund, Series I			Invesco V.I. Main Street Fund, Series II			Invesco V.I. Main Street Small Cap Fund, Series II			Janus Aspen Series Janus Henderson Research Portfolio, Institutional Shares			Janus Henderson Balanced Fund, Class I

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(32,387	)	$	(11,985	)	$	(7,704	)	$	28,856		$	17,526		$	(1,126	)	$	773
Net realized gain (loss) on investments		449,204			(33,286	)		82,706			208,288			190,657			31,271			309,793
Change in net unrealized appreciation (depreciation) on investments		(1,451,600	)		(80,714	)		(181,165	)		(394,020	)		(536,385	)		(102,399	)		(919,433	)

Net increase (decrease) in net assets resulting from operations		(1,034,783	)		(125,985	)		(106,163	)		(156,876	)		(328,202	)		(72,254	)		(608,868	)

CONTRACT TRANSACTIONS:
Contract owners' net payments		29,193			31,191			5,327			9,873			17,799			-			20,433
Contract maintenance charges		(840	)		(473	)		(167	)		(421	)		(562	)		(125	)		(1,213	)
Contract owners' benefits		(268,644	)		(115,868	)		(72,620	)		(69,859	)		(113,982	)		(6,272	)		(567,035	)
Net transfers (to) from the Company and/or Subaccounts		86,876			(59,086	)		(40,431	)		20,674			92			4,848			13,041

Increase (decrease) in net assets resulting from Contract transactions		(153,415	)		(144,237	)		(107,891	)		(39,734	)		(96,653	)		(1,549	)		(534,774	)

Total increase (decrease) in net assets		(1,188,198	)		(270,222	)		(214,054	)		(196,610	)		(424,855	)		(73,803	)		(1,143,642	)

NET ASSETS:
Beginning of period		3,261,248			1,065,195			730,974			755,290			1,930,132			234,011			3,821,748

End of period	$	2,073,050		$	794,972		$	516,920		$	558,680		$	1,505,277		$	160,208		$	2,678,106

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	Janus Henderson Enterprise Fund, Class I			Janus Henderson Global Research Fund, Class I			Janus Henderson VIT Mid Cap Value Portfolio, Service Shares			LVIP JPMorgan Core Bond Fund, Standard Class			LVIP JPMorgan Mid Cap Value Fund, Standard Class			LVIP JPMorgan Small Cap Core Fund, Standard Class			LVIP JPMorgan U.S. Equity Fund, Standard Class

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(8,452	)	$	696		$	(1,076	)	$	9,631		$	19,116		$	42,389		$	70,934
Net realized gain (loss) on investments		168,835			49,022			27,997			(18,522	)		302,777			120,568			269,625
Change in net unrealized appreciation (depreciation) on investments		(327,453	)		(142,647	)		(56,787	)		(433,938	)		(549,800	)		(344,944	)		(768,814	)

Net increase (decrease) in net assets resulting from operations		(167,070	)		(92,929	)		(29,866	)		(442,829	)		(227,906	)		(181,987	)		(428,255	)

CONTRACT TRANSACTIONS:
Contract owners' net payments		10,759			3,210			8,395			20,397			21,680			3,106			1,553
Contract maintenance charges		(404	)		(173	)		(236	)		(550	)		(466	)		(198	)		(84	)
Contract owners' benefits		(81,784	)		(38,189	)		(36,499	)		(298,396	)		(104,211	)		(59,462	)		(140,325	)
Net transfers (to) from the Company and/or Subaccounts		(15,725	)		15,472			5,447			56,102			(29,817	)		9,887			1,103

Increase (decrease) in net assets resulting from Contract transactions		(87,154	)		(19,680	)		(22,893	)		(222,447	)		(112,814	)		(46,668	)		(137,752	)

Total increase (decrease) in net assets		(254,224	)		(112,609	)		(52,759	)		(665,276	)		(340,720	)		(228,654	)		(566,007	)

NET ASSETS:
Beginning of period		1,025,512			457,511			430,993			3,289,578			2,425,903			893,714			2,179,600

End of period	$	771,288		$	344,902		$	378,234		$	2,624,302		$	2,085,183		$	665,059		$	1,613,593

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	Templeton Developing Markets VIP Fund, Class 2

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	12,993
Net realized gain (loss) on investments		76,448
Change in net unrealized appreciation (depreciation) on investments		(281,018	)

Net increase (decrease) in net assets resulting from operations		(191,576	)

CONTRACT TRANSACTIONS:
Contract owners' net payments		9,251
Contract maintenance charges		(323	)
Contract owners' benefits		(88,554	)
Net transfers (to) from the Company and/or Subaccounts		11,875

Increase (decrease) in net assets resulting from Contract transactions		(67,751	)

Total increase (decrease) in net assets		(259,327	)

NET ASSETS:
Beginning of period		838,358

End of period	$	579,032

Note: Totals may not appear to foot/crossfoot due to rounding.

(Concluded)

See accompanying notes to financial statements.

PROTECTIVE ACQUIRED VARIABLE ANNUITY SEPARATE ACCOUNT

NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2023

ORGANIZATION

The Protective Acquired Variable Annuity Separate Account (the “Separate Account”), a segregated unit investment trust registered under the Investment Company Act of 1940, as amended, was originally established by Chase Insurance Life and Annuity Company (“CILAAC”). Protective Life Insurance Company (the “Company”), which exists in accordance with the Department of Commerce and Insurance of the State of Tennessee, purchased CILAAC from JPMorgan & Co. and CILAAC merged with and into the Company. As a result of this merger, the Company remained as the surviving legal entity. The Company has reinsured 100% of the variable annuity of CILAAC to Commonwealth Annuity and Life Insurance Company, a subsidiary of The Goldman Sachs Group Inc., formerly known as Allmerica Financial Life and Annuity Company. 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 annuity contracts (the “Contracts”) 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 annuity Contracts; 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 Contract 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.

Contract owners may transfer some or all of the Contract 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.

New Contracts are no longer being sold under the products in the Separate Account, but owners of existing Contracts may make additional deposits.

The following is a list of the variable annuity products funded by the Separate Account:

Protective FI Variable Annuity

Protective RSG Advantage III

Protective RSG Preferred Plus

For the years or periods ended December 31, 2023 and 2022 the Separate Account was invested in up to 43 Subaccounts, as follows:

Alger Large Cap Growth Portfolio, Class I-2

Alger Mid Cap Growth Portfolio, Class I-2

Alger Small Cap Growth Portfolio, Class I-2

American Century Investments VP Disciplined Core Value Fund, Class I

American Century Investments VP Large Company Value Fund

American Century Investments VP Value Fund, Class I

BNY Mellon IP MidCap Stock Portfolio, Initial Shares

BNY Mellon IP Technology Growth Portfolio, Service Shares

BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares

BNY Mellon VIF Government Money Market Portfolio, Single Share

Fidelity VIP Contrafund Portfolio

Fidelity VIP Equity-Income Portfolio, Service Class

Fidelity VIP Growth Portfolio, Initial Class

Fidelity VIP Index 500 Portfolio, Initial Class

Fidelity VIP Index 500 Portfolio, Service Class 2

Fidelity VIP Mid Cap Portfolio, Initial Class

Franklin Growth and Income VIP Fund

Franklin Mutual Global Discovery 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 Strategic Income VIP Fund, Class 2

Franklin U.S. Government Securities VIP Fund, Class 2

Invesco Global Real Estate Fund, Series I

Invesco V.I. Capital Appreciation Fund, Series II

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 I

Invesco V.I. Global Fund, Series II

Invesco V.I. Global Strategic Income Fund, Series II

Invesco V.I. Health Care Fund, Series I

Invesco V.I. Main Street Fund, Series II

Invesco V.I. Main Street Small Cap Fund, Series II

Janus Aspen Series Janus Henderson Research Portfolio, Institutional Shares

Janus Henderson Balanced Fund, Class I

Janus Henderson Enterprise Fund, Class I

Janus Henderson Global Research Fund, Class I

Janus Henderson VIT Mid Cap Value Portfolio, Service Shares

LVIP JPMorgan Core Bond Fund, Standard Class

LVIP JPMorgan Mid Cap Value Fund, Standard Class

LVIP JPMorgan Small Cap Core Fund, Standard Class

LVIP JPMorgan U.S. Equity Fund, Standard Class

Templeton Developing Markets VIP Fund, Class 2

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".

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.

Receivables and payables from (to) the Contracts and the fund manager

Receivables and payables from (to) the Contracts and the fund manager include trading activity initiated at the Contract 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.

Contracts in the annuity period

Net assets allocated to Contracts in the annuity payout period are computed according to the Annuity 2000 Mortality Table with an assumed investment return of 5%. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the Separate Account by the Company to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the Company for the calculated or excess differential.

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 for each product using the first-in-first-out (FIFO) basis) and capital gain distributions from the mutual funds.

Net transfers (to) from the Company and/or Subaccounts

Net transfers (to) from the Company and/or Subaccounts include transfers between the Subaccounts of the Separate Account as well as transfers between the Separate Account and the Company.

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 Contracts, 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 Contracts.

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.

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

Alger Large Cap Growth Portfolio, Class I-2	$	15,617	$	85,471
Alger Mid Cap Growth Portfolio, Class I-2		20,528		137,830
Alger Small Cap Growth Portfolio, Class I-2		79,680		137,504
American Century Investments VP Disciplined Core Value Fund, Class I		25,154		81,170
American Century Investments VP Large Company Value Fund		30,415		64,927
American Century Investments VP Value Fund, Class I		62,504		95,685
BNY Mellon IP MidCap Stock Portfolio, Initial Shares		22,599		30,882
BNY Mellon IP Technology Growth Portfolio, Service Shares		47,700		124,701
BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares		14,083		24,400
BNY Mellon VIF Government Money Market Portfolio, Single Share		329,900		407,405
Fidelity VIP Contrafund Portfolio		457,745		1,136,243
Fidelity VIP Equity-Income Portfolio, Service Class		112,678		240,856
Fidelity VIP Growth Portfolio, Initial Class		52,356		231,611
Fidelity VIP Index 500 Portfolio, Initial Class		119,851		84,015
Fidelity VIP Index 500 Portfolio, Service Class 2		76,578		91,362
Fidelity VIP Mid Cap Portfolio, Initial Class		79,824		198,618
Franklin Growth and Income VIP Fund		6,827		2,497
Franklin Mutual Global Discovery VIP Fund, Class 2		230,873		150,928
Franklin Mutual Shares VIP Fund, Class 2		117,874		31,317
Franklin Rising Dividends VIP Fund, Class 2		157,610		155,030
Franklin Small Cap Value VIP Fund, Class 2		237,409		153,074
Franklin Strategic Income VIP Fund, Class 2		39,334		31,884
Franklin U.S. Government Securities VIP Fund, Class 2		9,429		42,349
Invesco Global Real Estate Fund, Series I		74,788		113,791
Invesco V.I. Capital Appreciation Fund, Series II		4,554		42,721
Invesco V.I. Discovery Mid Cap Growth Fund, Series II		4,102		5,685
Invesco V.I. Diversified Dividend Fund, Series I		18,170		28,028
Invesco V.I. Equity and Income Fund, Series I		43,049		13,064
Invesco V.I. Global Fund, Series II		304,263		280,473
Invesco V.I. Global Strategic Income Fund, Series II		47,996		115,849
Invesco V.I. Health Care Fund, Series I		39,364		58,801
Invesco V.I. Main Street Fund, Series II		55,971		34,449
Invesco V.I. Main Street Small Cap Fund, Series II		73,043		177,816
Janus Aspen Series Janus Henderson Research Portfolio, Institutional Shares		272		14,851
Janus Henderson Balanced Fund, Class I		261,364		763,217
Janus Henderson Enterprise Fund, Class I		65,775		49,762
Janus Henderson Global Research Fund, Class I		18,111		78,148
Janus Henderson VIT Mid Cap Value Portfolio, Service Shares		24,178		28,623
LVIP JPMorgan Core Bond Fund, Standard Class		126,897		567,017
LVIP JPMorgan Mid Cap Value Fund, Standard Class		327,424		192,932
LVIP JPMorgan Small Cap Core Fund, Standard Class		48,869		93,017
LVIP JPMorgan U.S. Equity Fund, Standard Class		113,050		155,250
Templeton Developing Markets VIP Fund, Class 2		32,152		51,980

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)

Alger Large Cap Growth Portfolio, Class I-2		120		583		(463	)		279		951		(672	)
Alger Mid Cap Growth Portfolio, Class I-2		300		1,486		(1,186	)		1,019		3,661		(2,642	)
Alger Small Cap Growth Portfolio, Class I-2		1,376		2,010		(634	)		2,796		4,406		(1,610	)
American Century Investments VP Disciplined Core Value Fund, Class I		888		3,765		(2,877	)		1,242		9,529		(8,287	)
American Century Investments VP Large Company Value Fund		985		2,468		(1,483	)		2,413		838		1,575
American Century Investments VP Value Fund, Class I		475		3,436		(2,961	)		1,930		4,261		(2,331	)
BNY Mellon IP MidCap Stock Portfolio, Initial Shares		320		707		(387	)		1,584		1,590		(6	)
BNY Mellon IP Technology Growth Portfolio, Service Shares		1,063		2,464		(1,401	)		372		6,694		(6,322	)
BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares		12		293		(281	)		18		1		17
BNY Mellon VIF Government Money Market Portfolio, Single Share		11,492		37,330		(25,838	)		23,568		59,816		(36,248	)
Fidelity VIP Contrafund Portfolio		1,436		8,935		(7,499	)		3,229		9,256		(6,027	)
Fidelity VIP Equity-Income Portfolio, Service Class		335		2,746		(2,411	)		589		2,639		(2,050	)
Fidelity VIP Growth Portfolio, Initial Class		74		1,287		(1,213	)		969		2,169		(1,200	)
Fidelity VIP Index 500 Portfolio, Initial Class		147		126		21			98		78		20
Fidelity VIP Index 500 Portfolio, Service Class 2		59		127		(68	)		233		319		(86	)
Fidelity VIP Mid Cap Portfolio, Initial Class		1,223		5,062		(3,839	)		671		6,194		(5,523	)
Franklin Growth and Income VIP Fund		109		65		44			59		726		(667	)
Franklin Mutual Global Discovery VIP Fund, Class 2		2,220		3,385		(1,165	)		3,891		11,560		(7,669	)
Franklin Mutual Shares VIP Fund, Class 2		1,736		883		853			2,000		2,818		(818	)
Franklin Rising Dividends VIP Fund, Class 2		511		2,980		(2,469	)		1,888		6,323		(4,435	)
Franklin Small Cap Value VIP Fund, Class 2		2,702		2,869		(167	)		2,532		7,800		(5,268	)
Franklin Strategic Income VIP Fund, Class 2		906		1,514		(608	)		2,221		6,039		(3,818	)
Franklin U.S. Government Securities VIP Fund, Class 2		494		3,614		(3,120	)		747		4,609		(3,862	)
Invesco Global Real Estate Fund, Series I		2,531		3,973		(1,442	)		4,044		5,437		(1,393	)
Invesco V.I. Capital Appreciation Fund, Series II		135		973		(838	)		269		1,171		(902	)
Invesco V.I. Discovery Mid Cap Growth Fund, Series II		105		84		21			228		1,288		(1,060	)

	2023							2022
Subaccount	Units Issued		Units Redeemed		Net Increase (Decrease)			Units Issued		Units Redeemed		Net Increase (Decrease)

Invesco V.I. Diversified Dividend Fund, Series I		269		1,582		(1,313	)		208		2,700		(2,492	)
Invesco V.I. Equity and Income Fund, Series I		1,388		905		483			1,587		1,943		(356	)
Invesco V.I. Global Fund, Series II		995		5,556		(4,561	)		3,355		6,217		(2,862	)
Invesco V.I. Global Strategic Income Fund, Series II		3,501		7,181		(3,680	)		4,603		13,610		(9,007	)
Invesco V.I. Health Care Fund, Series I		1,064		1,384		(320	)		351		3,088		(2,737	)
Invesco V.I. Main Street Fund, Series II		315		701		(386	)		1,382		2,339		(957	)
Invesco V.I. Main Street Small Cap Fund, Series II		1,230		3,062		(1,832	)		1,812		3,650		(1,838	)
Janus Aspen Series Janus Henderson Research Portfolio, Institutional Shares		-		143		(143	)		62		96		(34	)
Janus Henderson Balanced Fund, Class I		2,309		8,028		(5,719	)		2,290		7,614		(5,324	)
Janus Henderson Enterprise Fund, Class I		85		293		(208	)		434		1,089		(655	)
Janus Henderson Global Research Fund, Class I		82		1,044		(962	)		306		597		(291	)
Janus Henderson VIT Mid Cap Value Portfolio, Service Shares		261		605		(344	)		738		1,264		(526	)
LVIP JPMorgan Core Bond Fund, Standard Class		3,284		39,510		(36,226	)		9,455		25,386		(15,931	)
LVIP JPMorgan Mid Cap Value Fund, Standard Class		2,313		4,581		(2,268	)		1,069		4,184		(3,115	)
LVIP JPMorgan Small Cap Core Fund, Standard Class		781		1,860		(1,079	)		1,302		2,326		(1,024	)
LVIP JPMorgan U.S. Equity Fund, Standard Class		129		2,882		(2,753	)		782		4,057		(3,275	)
Templeton Developing Markets VIP Fund, Class 2		734		1,530		(796	)		2,310		4,548		(2,238	)



Note: Units may not appear to foot/crossfoot due to rounding.

5.	EXPENSES AND RELATED PARTY TRANSACTIONS

             The fees and charges below are the current expenses deducted by the Subaccount from either the net unit value or from the Contract as a redemption of units. Fees and charges may vary based on factors such as the product purchased, optional benefits chosen, benefit base, asset base, death benefit option elected, a Contract's total asset value, age of Contract, surrender amount, if a surrender is requested during the period specified, Subaccounts selected, transaction amount, and/or transaction frequency. The fees and charges are recorded, as applicable, to the respective Subaccount in the Separate Account. Redemption of units deductions are made to the individual Contracts in accordance with the terms which govern each annuity, as set forth in the Contract.

Expense Type	Range
Administrative Fee

This fee is assessed to reimburse the Company for expenses incurred in the administration of the Contract and the Separate Account. The fee is deducted daily, assessed through a reduction of net unit values, and recorded as Mortality and expense risk and admin in the Statements of Operations	a daily fee amounting to a per annum aggregate of 0.15% – 0.50% of the average daily net assets of the Subaccounts

Mortality and Expense Risk Fee

This fee is assessed to reimburse the Company for assuming mortality and expense risks. The fee is deducted daily, assessed through a reduction of net unit values, and recorded as Mortality and expense risk and admin in the Statements of Operations.	a daily fee amounting to a per annum aggregate of 1.00% - 1.70% of the average daily net assets of the Subaccounts

Deductions for Premium Taxes

This deduction is to comply with any applicable state premium and/or retaliatory taxes. The mandated amount is deducted from the contribution when it is received which in turn reduces Contract owners’ net payments on the Statements of Changes in Net Assets.	0% - 3.5% of each contribution, if applicable

Contract Maintenance Charge

This charge is assessed to reimburse the Company for expenses incurred in the administration of the Contract and the Separate Account. The charge is deducted quarterly, assessed through a redemption of units, and recorded as Contract maintenance charges in the Statements of Changes in Net Assets.	$0 - $7.50 quarterly

Surrender Charge (Contingent Deferred Sales Charge)

This charge is assessed to reimburse the Company for some of the costs of distributing the Contracts. The charge is deducted at surrender, assessed through a redemption of units, and recorded as Contract maintenance charges within the Statements of Changes in Net Assets.	0.00% - 8.00% of surrendered amount

Expense Type	Range
Charge for Optional Benefits

This charge, if applicable, is assessed to reimburse the Company for costs and risks stemming from optional living and death benefits elected by the Contract owner. The charge is deducted monthly, assessed through a redemption of units, and recorded as Contract maintenance charges in the Statements of Changes in Net Assets.	0.20% - 0.35% of asset base

6.	FINANCIAL HIGHLIGHTS

             The Company sells a number of variable annuity products that are funded by the Separate Account. These products have unique combinations of features and expenses that are charged against the Contract owner’s account. Differences in the expense structures result in a variety of unit values, expense ratios and total returns. The following tables were developed by determining which products offered by the Company and funded by the Separate Account have the highest and lowest expense ratios. The summaries may not reflect or directly equate to the minimum and maximum Contract expenses offered by the Company, as Contract owners may not have selected all available and applicable Contract options for or during the periods presented.

             A summary of the units outstanding, unit fair values, net assets for variable annuity Contracts, investment income ratios, the expense ratios, excluding expenses of the underlying Subaccounts, 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 Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000's)		Investment Income Ratio ^(a)			Expense Ratios ^(b)						Total Return ^(c) Corresponding to the Lowest and Highest Expense Ratios
			Low		High							Low			High			Low			High

Alger Large Cap Growth Portfolio, Class I-2
2023		2	$	141.11	$	199.29	$	361		0.00	%		1.30	%		1.85	%		30.27	%		30.97	%
2022		2		108.32		152.16		332		0.32	%		1.30	%		1.85	%		(39.77	)%		(39.44	)%
2021		3		179.84		251.26		676		4.14	%		1.30	%		1.85	%		9.81	%		10.41	%
2020		4		163.78		227.58		735		0.16	%		1.30	%		1.85	%		64.00	%		64.89	%
2019		5		99.86		138.02		580		0.00	%		1.30	%		1.85	%		25.12	%		25.80	%
Alger Mid Cap Growth Portfolio, Class I-2
2023		12		87.78		98.73		1,134		0.00	%		1.30	%		1.85	%		20.94	%		21.60	%
2022		13		72.58		81.19		1,026		0.00	%		1.30	%		1.85	%		(37.23	)%		(36.89	)%
2021		16		115.64		128.66		1,961		13.49	%		1.30	%		1.85	%		2.31	%		2.87	%
2020		17		113.03		125.07		2,075		0.00	%		1.30	%		1.85	%		61.64	%		62.52	%
2019		21		69.93		76.96		1,596		0.00	%		1.30	%		1.85	%		27.89	%		28.58	%
Alger Small Cap Growth Portfolio, Class I-2
2023		17		61.94		133.23		1,312		0.00	%		1.30	%		1.85	%		14.38	%		15.00	%
2022		18		54.15		115.85		1,182		0.00	%		1.30	%		1.85	%		(39.14	)%		(38.81	)%
2021		19		88.98		189.32		2,090		0.83	%		1.30	%		1.85	%		(7.77	)%		(7.27	)%
2020		22		96.47		204.16		2,687		0.93	%		1.30	%		1.85	%		64.12	%		65.01	%
2019		31		58.78		123.73		2,199		0.00	%		1.30	%		1.85	%		26.99	%		27.68	%

	As of December 31								For the period ended December 31
Subaccount	Units (000's)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000's)		Investment Income Ratio ^(a)			Expense Ratios ^(b)						Total Return ^(c) Corresponding to the Lowest and Highest Expense Ratios
			Low		High							Low			High			Low			High

American Century Investments VP Disciplined Core Value Fund, Class I
2023		35	$	19.17	$	21.40	$	743		1.50	%		1.30	%		1.85	%		6.69	%		7.26	%
2022		39		17.97		19.95		750		14.19	%		1.30	%		1.85	%		(14.32	)%		(13.85	)%
2021		47		20.97		23.16		1,062		1.11	%		1.30	%		1.85	%		21.41	%		22.06	%
2020		50		17.28		18.98		934		1.67	%		1.30	%		1.85	%		9.78	%		10.37	%
2019		62		15.74		17.19		1,053		3.17	%		1.30	%		1.85	%		21.70	%		22.36	%
American Century Investments VP Large Company Value Fund
2023		5		24.63		27.25		110		2.19	%		1.30	%		1.85	%		2.00	%		2.55	%
2022		6		24.15		26.57		146		3.08	%		1.30	%		1.85	%		(2.07	)%		(1.54	)%
2021		4		24.66		26.99		107		1.47	%		1.30	%		1.85	%		19.50	%		20.15	%
2020		4		20.63		22.46		89		0.85	%		1.30	%		1.85	%		0.75	%		1.30	%
2019		12		20.48		22.17		267		2.69	%		1.30	%		1.85	%		25.16	%		25.84	%
American Century Investments VP Value Fund, Class I
2023		17		25.76		30.22		485		3.30	%		1.30	%		1.85	%		7.12	%		7.70	%
2022		20		24.04		28.05		528		5.34	%		1.30	%		1.85	%		(1.28	)%		(0.75	)%
2021		22		24.36		28.27		595		1.83	%		1.30	%		1.85	%		22.25	%		22.91	%
2020		25		19.92		23.00		546		1.97	%		1.30	%		1.85	%		(0.86	)%		(0.32	)%
2019		29		20.10		23.07		617		3.27	%		1.30	%		1.85	%		24.73	%		25.40	%
BNY Mellon IP MidCap Stock Portfolio, Initial Shares
2023		8		35.64		43.58		329		0.53	%		1.30	%		1.85	%		15.85	%		16.48	%
2022		8		30.72		37.42		297		9.47	%		1.30	%		1.85	%		(15.84	)%		(15.38	)%
2021		8		36.45		44.22		352		0.53	%		1.30	%		1.85	%		23.28	%		23.95	%
2020		13		29.52		35.67		466		0.49	%		1.30	%		1.85	%		5.89	%		6.46	%
2019		17		27.84		33.51		565		0.42	%		1.30	%		1.85	%		17.68	%		18.32	%
BNY Mellon IP Technology Growth Portfolio, Service Shares
2023		6		49.43		55.09		326		0.00	%		1.30	%		1.85	%		56.13	%		56.97	%
2022		7		31.66		35.10		256		0.00	%		1.30	%		1.85	%		(47.49	)%		(47.21	)%
2021		14		60.29		66.48		900		6.75	%		1.30	%		1.85	%		10.60	%		11.20	%
2020		16		54.51		59.78		919		0.06	%		1.30	%		1.85	%		66.50	%		67.40	%
2019		19		32.74		35.71		662		0.00	%		1.30	%		1.85	%		23.23	%		23.90	%

	As of December 31								For the period ended December 31
Subaccount	Units (000's)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000's)		Investment Income Ratio ^(a)			Expense Ratios ^(b)						Total Return ^(c) Corresponding to the Lowest and Highest Expense Ratios
			Low		High							Low			High			Low			High

BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares
2023		2	$	84.51	$	97.06	$	119		0.65	%		1.30	%		1.85	%		21.58	%		22.24	%
2022		2		69.51		79.40		119		0.81	%		1.30	%		1.85	%		(24.27	)%		(23.86	)%
2021		2		91.79		104.29		154		2.57	%		1.30	%		1.85	%		24.69	%		25.37	%
2020		5		73.61		83.19		407		1.04	%		1.30	%		1.85	%		21.89	%		22.55	%
2019		5		60.39		67.88		354		1.45	%		1.30	%		1.85	%		31.92	%		32.63	%
BNY Mellon VIF Government Money Market Portfolio, Single Share
2023		574		8.84		9.86		5,385		4.48	%		1.30	%		1.85	%		2.70	%		3.26	%
2022		600		8.61		9.55		5,463		1.22	%		1.30	%		1.85	%		(0.57	)%		(0.03	)%
2021		636		8.66		9.55		5,809		0.01	%		1.30	%		1.85	%		(1.81	)%		(1.27	)%
2020		695		8.81		9.67		6,445		0.22	%		1.30	%		1.85	%		(1.61	)%		(1.07	)%
2019		789		8.96		9.78		7,410		1.68	%		1.30	%		1.85	%		(0.18	)%		0.38	%
Fidelity VIP Contrafund Portfolio
2023		64		112.28		160.65		8,929		0.48	%		1.30	%		1.85	%		31.04	%		31.74	%
2022		72		85.69		121.94		7,536		0.45	%		1.30	%		1.85	%		(27.65	)%		(27.26	)%
2021		78		118.43		167.64		11,170		0.43	%		1.30	%		1.85	%		25.51	%		26.20	%
2020		87		94.36		132.84		9,963		0.24	%		1.30	%		1.85	%		28.20	%		28.89	%
2019		107		73.61		103.06		9,546		0.47	%		1.30	%		1.85	%		29.19	%		29.89	%
Fidelity VIP Equity-Income Portfolio, Service Class
2023		22		69.71		106.89		1,978		1.84	%		1.30	%		1.85	%		8.64	%		9.23	%
2022		24		64.16		97.85		2,002		1.85	%		1.30	%		1.85	%		(6.68	)%		(6.18	)%
2021		27		68.76		104.29		2,309		4.22	%		1.30	%		1.85	%		22.63	%		23.29	%
2020		31		56.07		84.59		2,189		1.64	%		1.30	%		1.85	%		4.76	%		5.33	%
2019		34		53.52		80.31		2,233		2.04	%		1.30	%		1.85	%		25.13	%		25.81	%
Fidelity VIP Growth Portfolio, Initial Class
2023		4		160.39		273.00		959		0.12	%		1.30	%		1.85	%		33.77	%		34.49	%
2022		6		119.90		202.98		896		0.58	%		1.30	%		1.85	%		(25.83	)%		(25.42	)%
2021		7		161.65		272.18		1,414		3.15	%		1.30	%		1.85	%		20.98	%		21.63	%
2020		8		133.62		223.77		1,329		0.07	%		1.30	%		1.85	%		41.28	%		42.05	%
2019		8		94.58		157.53		971		0.27	%		1.30	%		1.85	%		31.87	%		32.59	%

	As of December 31								For the period ended December 31
Subaccount	Units (000's)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000's)		Investment Income Ratio ^(a)			Expense Ratios ^(b)						Total Return ^(c) Corresponding to the Lowest and Highest Expense Ratios
			Low		High							Low			High			Low			High

Fidelity VIP Index 500 Portfolio, Initial Class
2023		3	$	590.61	$	637.73	$	1,999		1.45	%		1.30	%		1.65	%		24.15	%		24.58	%
2022		3		475.72		511.91		1,594		1.44	%		1.30	%		1.65	%		(19.54	)%		(19.26	)%
2021		3		591.23		634.03		1,961		1.50	%		1.30	%		1.65	%		26.49	%		26.93	%
2020		3		467.41		499.52		1,605		1.51	%		1.30	%		1.65	%		16.32	%		16.72	%
2019		4		401.83		427.96		1,809		2.36	%		1.30	%		1.65	%		29.22	%		29.67	%
Fidelity VIP Index 500 Portfolio, Service Class 2
2023		5		506.05		546.34		2,839		1.26	%		1.50	%		1.85	%		23.60	%		24.03	%
2022		5		409.42		440.51		2,319		1.19	%		1.50	%		1.85	%		(19.90	)%		(19.62	)%
2021		5		511.12		548.05		2,932		1.27	%		1.50	%		1.85	%		25.93	%		26.36	%
2020		6		405.88		433.71		2,465		1.44	%		1.50	%		1.85	%		15.80	%		16.20	%
2019		6		350.49		373.23		2,194		2.15	%		1.50	%		1.85	%		28.64	%		29.08	%
Fidelity VIP Mid Cap Portfolio, Initial Class
2023		29		37.87		41.90		1,198		0.57	%		1.30	%		1.85	%		12.99	%		13.60	%
2022		33		33.52		36.88		1,193		0.44	%		1.30	%		1.85	%		(16.29	)%		(15.84	)%
2021		38		40.04		43.82		1,654		2.88	%		1.30	%		1.85	%		23.32	%		23.99	%
2020		44		32.47		35.35		1,516		0.57	%		1.30	%		1.85	%		16.04	%		16.67	%
2019		55		27.98		30.29		1,638		0.87	%		1.30	%		1.85	%		21.21	%		21.86	%
Franklin Growth and Income VIP Fund
2023		1		27.08		29.96		55		2.21	%		1.30	%		1.85	%		7.01	%		7.59	%
2022		2		25.31		27.85		50		3.90	%		1.30	%		1.85	%		(8.50	)%		(8.00	)%
2021		2		27.66		30.27		74		2.42	%		1.30	%		1.85	%		22.97	%		23.64	%
2020		3		22.49		24.48		62		2.95	%		1.30	%		1.85	%		3.60	%		4.17	%
2019		3		21.71		23.50		78		2.25	%		1.30	%		1.85	%		23.38	%		24.05	%
Franklin Mutual Global Discovery VIP Fund, Class 2
2023		48		37.78		44.78		2,068		2.51	%		1.30	%		1.85	%		18.13	%		18.77	%
2022		48		31.94		37.70		1,786		2.45	%		1.30	%		1.85	%		(6.48	)%		(5.97	)%
2021		56		34.09		40.10		2,199		2.75	%		1.30	%		1.85	%		16.97	%		17.60	%
2020		63		29.11		34.09		2,111		1.89	%		1.30	%		1.85	%		(6.20	)%		(5.69	)%
2019		78		30.99		36.15		2,781		2.99	%		1.30	%		1.85	%		22.11	%		22.77	%

	As of December 31								For the period ended December 31
Subaccount	Units (000's)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000's)		Investment Income Ratio ^(a)			Expense Ratios ^(b)						Total Return ^(c) Corresponding to the Lowest and Highest Expense Ratios
			Low		High							Low			High			Low			High

Franklin Mutual Shares VIP Fund, Class 2
2023		24	$	26.21	$	30.65	$	726		1.91	%		1.30	%		1.85	%		11.41	%		12.01	%
2022		23		23.49		27.36		626		4.35	%		1.30	%		1.85	%		(9.11	)%		(8.62	)%
2021		24		25.81		29.94		709		2.98	%		1.30	%		1.85	%		17.00	%		17.64	%
2020		27		22.02		25.45		672		2.35	%		1.30	%		1.85	%		(6.77	)%		(6.26	)%
2019		31		23.59		27.15		816		2.11	%		1.30	%		1.85	%		20.35	%		21.00	%
Franklin Rising Dividends VIP Fund, Class 2
2023		24		43.08		51.80		1,223		0.91	%		1.30	%		1.85	%		10.05	%		10.64	%
2022		27		39.09		46.82		1,219		1.17	%		1.30	%		1.85	%		(12.19	)%		(11.72	)%
2021		31		44.46		53.03		1,612		1.00	%		1.30	%		1.85	%		24.49	%		25.16	%
2020		34		35.66		42.37		1,406		1.10	%		1.30	%		1.85	%		13.86	%		14.48	%
2019		43		31.27		37.01		1,539		1.43	%		1.30	%		1.85	%		26.88	%		27.57	%
Franklin Small Cap Value VIP Fund, Class 2
2023		40		43.10		53.38		2,064		0.51	%		1.30	%		1.85	%		10.70	%		11.30	%
2022		40		38.88		47.96		1,866		7.65	%		1.30	%		1.85	%		(11.70	)%		(11.22	)%
2021		45		43.96		54.02		2,380		2.28	%		1.30	%		1.85	%		23.09	%		23.76	%
2020		49		35.66		43.65		2,102		1.23	%		1.30	%		1.85	%		3.28	%		3.84	%
2019		56		34.48		42.04		2,280		2.09	%		1.30	%		1.85	%		24.05	%		24.73	%
Franklin Strategic Income VIP Fund, Class 2
2023		31		16.95		18.95		580		4.56	%		1.30	%		1.85	%		6.22	%		6.80	%
2022		31		15.95		17.75		554		4.00	%		1.30	%		1.85	%		(12.37	)%		(11.90	)%
2021		36		18.21		20.14		704		3.31	%		1.30	%		1.85	%		0.25	%		0.80	%
2020		39		18.16		19.98		773		4.61	%		1.30	%		1.85	%		1.55	%		2.10	%
2019		47		17.88		19.57		921		5.13	%		1.30	%		1.85	%		6.09	%		6.67	%
Franklin U.S. Government Securities VIP Fund, Class 2
2023		13		10.73		11.99		154		2.59	%		1.30	%		1.85	%		2.57	%		3.13	%
2022		16		10.46		11.63		184		2.11	%		1.30	%		1.85	%		(11.39	)%		(10.91	)%
2021		20		11.80		13.06		256		2.46	%		1.30	%		1.85	%		(3.61	)%		(3.09	)%
2020		26		12.24		13.47		341		3.81	%		1.30	%		1.85	%		1.95	%		2.50	%
2019		33		12.01		13.14		425		2.97	%		1.30	%		1.85	%		3.32	%		3.88	%

	As of December 31								For the period ended December 31
Subaccount	Units (000's)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000's)		Investment Income Ratio ^(a)			Expense Ratios ^(b)						Total Return ^(c) Corresponding to the Lowest and Highest Expense Ratios
			Low		High							Low			High			Low			High

Invesco Global Real Estate Fund, Series I
2023		33	$	24.53	$	30.34	$	984		1.44	%		1.30	%		1.85	%		7.07	%		7.65	%
2022		34		22.88		28.18		954		2.74	%		1.30	%		1.85	%		(26.30	)%		(25.90	)%
2021		33		30.99		38.03		1,341		2.72	%		1.30	%		1.85	%		23.43	%		24.10	%
2020		38		25.07		30.65		1,143		4.29	%		1.30	%		1.85	%		(13.91	)%		(13.44	)%
2019		42		29.08		35.41		1,464		4.67	%		1.30	%		1.85	%		20.77	%		21.42	%
Invesco V.I. Capital Appreciation Fund, Series II
2023		5		39.12		47.18		223		0.00	%		1.30	%		1.85	%		32.58	%		33.30	%
2022		6		29.46		35.39		196		3.91	%		1.30	%		1.85	%		(32.22	)%		(31.85	)%
2021		6		43.40		51.93		334		0.00	%		1.30	%		1.85	%		20.06	%		20.71	%
2020		10		36.09		43.02		424		0.00	%		1.30	%		1.85	%		33.77	%		34.49	%
2019		16		26.94		31.99		503		0.28	%		1.30	%		1.85	%		33.38	%		34.10	%
Invesco V.I. Discovery Mid Cap Growth Fund, Series II
2023		4		35.45		45.52		186		0.00	%		1.30	%		1.85	%		10.81	%		11.41	%
2022		4		31.95		40.85		166		2.70	%		1.30	%		1.85	%		(32.38	)%		(32.01	)%
2021		5		47.18		60.09		306		0.00	%		1.30	%		1.85	%		16.63	%		17.27	%
2020		6		40.39		51.24		298		0.00	%		1.30	%		1.85	%		37.69	%		38.44	%
2019		7		29.29		37.02		259		0.00	%		1.30	%		1.85	%		36.48	%		37.22	%
Invesco V.I. Diversified Dividend Fund, Series I
2023		8		15.14		18.11		133		1.96	%		1.30	%		1.85	%		7.07	%		7.65	%
2022		8		14.12		16.83		145		2.01	%		1.30	%		1.85	%		(3.46	)%		(2.94	)%
2021		11		14.60		17.34		192		2.24	%		1.30	%		1.85	%		16.73	%		17.37	%
2020		12		12.49		14.77		180		2.53	%		1.30	%		1.85	%		(1.68	)%		(1.14	)%
2019		16		12.68		14.94		224		3.21	%		1.30	%		1.85	%		22.82	%		23.49	%
Invesco V.I. Equity and Income Fund, Series I
2023		44		10.30		10.45		457		1.99	%		1.30	%		1.85	%		8.55	%		9.14	%
2022		44		9.48		9.57		415		3.26	%		1.30	%		1.85	%		(9.19	)%		(8.70	)%
2021		44		10.44		10.48		459		5.48	%		1.30	%		1.85	%		4.44	%		4.82	%

	As of December 31								For the period ended December 31
Subaccount	Units (000's)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000's)		Investment Income Ratio ^(a)			Expense Ratios ^(b)						Total Return ^(c) Corresponding to the Lowest and Highest Expense Ratios
			Low		High							Low			High			Low			High

Invesco V.I. Global Fund, Series II
2023		47	$	43.03	$	54.89	$	2,503		0.00	%		1.30	%		1.85	%		32.01	%		32.73	%
2022		51		32.55		41.36		2,073		0.00	%		1.30	%		1.85	%		(33.17	)%		(32.81	)%
2021		54		48.63		61.56		3,261		0.03	%		1.30	%		1.85	%		13.08	%		13.69	%
2020		63		42.30		54.14		3,360		0.38	%		1.30	%		1.85	%		25.02	%		25.70	%
2019		76		34.30		43.07		3,218		0.66	%		1.30	%		1.85	%		29.07	%		29.77	%
Invesco V.I. Global Strategic Income Fund, Series II
2023		50		14.57		16.29		793		0.00	%		1.30	%		1.85	%		6.63	%		7.21	%
2022		53		13.66		15.19		795		0.00	%		1.30	%		1.85	%		(13.31	)%		(12.84	)%
2021		63		15.76		17.43		1,065		4.56	%		1.30	%		1.85	%		(5.31	)%		(4.80	)%
2020		74		16.64		18.31		1,324		4.76	%		1.30	%		1.85	%		1.12	%		1.67	%
2019		94		16.46		18.01		1,661		3.40	%		1.30	%		1.85	%		8.60	%		9.19	%
Invesco V.I. Health Care Fund, Series I
2023		13		35.85		41.27		512		0.00	%		1.30	%		1.85	%		1.16	%		1.70	%
2022		13		35.39		40.58		517		0.00	%		1.30	%		1.85	%		(14.89	)%		(14.43	)%
2021		16		41.52		47.42		731		1.17	%		1.30	%		1.85	%		10.26	%		10.86	%
2020		21		37.60		42.78		859		0.26	%		1.30	%		1.85	%		12.38	%		12.99	%
2019		26		33.41		37.86		995		0.87	%		1.30	%		1.85	%		30.10	%		30.80	%
Invesco V.I. Main Street Fund, Series II
2023		15		38.63		45.42		659		0.50	%		1.30	%		1.85	%		20.61	%		21.26	%
2022		15		31.98		37.46		559		5.69	%		1.30	%		1.85	%		(21.76	)%		(21.33	)%
2021		17		40.81		47.62		755		0.58	%		1.30	%		1.85	%		24.92	%		25.60	%
2020		22		32.62		37.91		818		1.01	%		1.30	%		1.85	%		11.63	%		12.23	%
2019		27		29.18		33.78		877		1.23	%		1.30	%		1.85	%		29.34	%		30.05	%
Invesco V.I. Main Street Small Cap Fund, Series II
2023		28		46.69		60.65		1,642		0.90	%		1.30	%		1.85	%		15.69	%		16.31	%
2022		30		40.30		52.15		1,505		2.37	%		1.30	%		1.85	%		(17.57	)%		(17.12	)%
2021		32		48.82		62.92		1,930		1.11	%		1.30	%		1.85	%		20.04	%		20.69	%
2020		38		40.61		52.13		1,939		0.31	%		1.30	%		1.85	%		17.46	%		18.10	%
2019		44		34.52		44.14		1,885		0.82	%		1.30	%		1.85	%		23.84	%		24.51	%

	As of December 31								For the period ended December 31
Subaccount	Units (000's)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000's)		Investment Income Ratio ^(a)			Expense Ratios ^(b)						Total Return ^(c) Corresponding to the Lowest and Highest Expense Ratios
			Low		High							Low			High			Low			High

Invesco V.I. Managed Volatility Fund, Series I
2021		-	$	-	$	-	$	-		4.31	%		1.30	%		1.85	%		7.15	%		7.34	%
2020		13		30.23		34.02		431		1.98	%		1.30	%		1.85	%		(3.28	)%		(2.76	)%
2019		14		31.21		34.99		469		1.45	%		1.30	%		1.85	%		16.43	%		17.06	%
Janus Aspen Series Janus Henderson Research Portfolio, Institutional Shares
2023		2		79.60		104.95		212		0.15	%		1.30	%		1.85	%		40.58	%		41.34	%
2022		2		56.62		74.25		160		0.64	%		1.30	%		1.85	%		(31.16	)%		(30.79	)%
2021		2		82.26		107.29		234		0.13	%		1.30	%		1.85	%		18.15	%		18.79	%
2020		4		69.62		90.32		323		0.37	%		1.30	%		1.85	%		30.54	%		31.25	%
2019		4		53.33		68.81		273		0.48	%		1.30	%		1.85	%		33.06	%		33.78	%
Janus Henderson Balanced Fund, Class I
2023		25		80.55		107.80		2,484		1.97	%		1.30	%		1.85	%		13.32	%		13.94	%
2022		30		71.08		94.62		2,678		1.23	%		1.30	%		1.85	%		(17.92	)%		(17.47	)%
2021		36		86.60		114.65		3,822		1.12	%		1.30	%		1.85	%		15.07	%		15.69	%
2020		40		75.26		99.10		3,683		1.68	%		1.30	%		1.85	%		12.24	%		12.84	%
2019		50		67.05		87.82		4,106		1.98	%		1.30	%		1.85	%		20.36	%		21.02	%
Janus Henderson Enterprise Fund, Class I
2023		6		130.75		163.06		866		0.16	%		1.30	%		1.85	%		15.93	%		16.56	%
2022		6		112.78		139.89		771		0.34	%		1.30	%		1.85	%		(17.47	)%		(17.02	)%
2021		7		136.65		168.58		1,026		0.32	%		1.30	%		1.85	%		14.71	%		15.33	%
2020		7		119.13		146.17		991		0.07	%		1.30	%		1.85	%		17.30	%		17.94	%
2019		10		101.55		123.94		1,145		0.21	%		1.30	%		1.85	%		30.02	%		33.75	%
Janus Henderson Global Research Fund, Class I
2023		5		70.01		86.05		358		0.96	%		1.30	%		1.85	%		24.48	%		25.16	%
2022		6		56.24		68.76		345		1.48	%		1.30	%		1.85	%		(20.87	)%		(20.44	)%
2021		6		71.08		86.42		458		0.53	%		1.30	%		1.85	%		15.95	%		16.57	%
2020		6		61.30		74.14		432		0.59	%		1.30	%		1.85	%		17.88	%		18.52	%
2019		8		52.01		62.55		468		1.03	%		1.30	%		1.85	%		26.70	%		27.39	%

	As of December 31								For the period ended December 31
Subaccount	Units (000's)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000's)		Investment Income Ratio ^(a)			Expense Ratios ^(b)						Total Return ^(c) Corresponding to the Lowest and Highest Expense Ratios
			Low		High							Low			High			Low			High

Janus Henderson VIT Mid Cap Value Portfolio, Service Shares
2023		9	$	38.51	$	48.21	$	398		0.94	%		1.30	%		1.85	%		9.09	%		9.69	%
2022		9		35.25		43.95		378		1.11	%		1.30	%		1.85	%		(7.48	)%		(6.98	)%
2021		10		38.04		47.25		431		0.29	%		1.30	%		1.85	%		17.25	%		17.89	%
2020		11		32.40		40.08		430		0.92	%		1.30	%		1.85	%		(3.01	)%		(2.48	)%
2019		12		33.35		41.10		462		1.56	%		1.30	%		1.85	%		27.69	%		28.38	%
LVIP JPMorgan Core Bond Fund, Standard Class
2023		163		13.15		14.71		2,228		3.59	%		1.30	%		1.85	%		3.99	%		4.55	%
2022		198		12.64		14.07		2,624		1.88	%		1.30	%		1.85	%		(14.16	)%		(13.70	)%
2021		215		14.73		16.30		3,290		2.08	%		1.30	%		1.85	%		(3.15	)%		(2.62	)%
2020		253		15.27		16.74		3,988		2.04	%		1.30	%		1.85	%		5.89	%		6.46	%
2019		300		14.36		15.73		4,425		2.56	%		1.30	%		1.85	%		6.21	%		6.79	%
LVIP JPMorgan Mid Cap Value Fund, Standard Class
2023		56		36.45		42.00		2,191		3.27	%		1.30	%		1.85	%		8.90	%		9.49	%
2022		58		33.47		38.36		2,085		2.38	%		1.30	%		1.85	%		(9.82	)%		(9.33	)%
2021		61		37.11		42.31		2,426		1.14	%		1.30	%		1.85	%		27.53	%		28.22	%
2020		69		30.09		33.00		2,121		1.21	%		1.30	%		1.85	%		(1.45	)%		(0.92	)%
2019		82		29.53		33.30		2,549		2.00	%		1.30	%		1.85	%		24.46	%		25.13	%
LVIP JPMorgan Small Cap Core Fund, Standard Class
2023		13		45.33		52.65		686		1.32	%		1.30	%		1.85	%		11.05	%		11.65	%
2022		15		40.82		47.15		665		6.75	%		1.30	%		1.85	%		(20.82	)%		(20.39	)%
2021		16		51.55		59.22		894		1.07	%		1.30	%		1.85	%		19.18	%		19.83	%
2020		18		43.26		49.43		874		0.76	%		1.30	%		1.85	%		11.62	%		12.23	%
2019		22		38.75		44.04		923		1.56	%		1.30	%		1.85	%		22.31	%		22.98	%
LVIP JPMorgan U.S. Equity Fund, Standard Class
2023		38		48.48		55.71		1,882		2.02	%		1.30	%		1.85	%		24.86	%		25.54	%
2022		41		38.83		44.38		1,614		5.44	%		1.30	%		1.85	%		(20.17	)%		(19.74	)%
2021		44		48.64		55.29		2,180		2.48	%		1.30	%		1.85	%		26.99	%		27.68	%
2020		50		39.49		43.30		1,934		0.70	%		1.30	%		1.85	%		22.99	%		23.65	%
2019		64		31.14		35.02		1,973		2.34	%		1.30	%		1.85	%		29.36	%		30.06	%

	As of December 31								For the period ended December 31
Subaccount	Units (000's)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000's)		Investment Income Ratio ^(a)			Expense Ratios ^(b)						Total Return ^(c) Corresponding to the Lowest and Highest Expense Ratios
			Low		High							Low			High			Low			High

Templeton Developing Markets VIP Fund, Class 2
2023		19	$	26.25	$	33.40	$	617		2.11	%		1.30	%		1.85	%		10.58	%		11.18	%
2022		20		23.70		30.04		579		3.13	%		1.30	%		1.85	%		(23.40	)%		(22.98	)%
2021		22		30.90		39.01		838		2.96	%		1.30	%		1.85	%		(7.45	)%		(6.95	)%
2020		24		33.33		41.92		983		3.34	%		1.30	%		1.85	%		15.05	%		15.68	%
2019		34		28.93		36.24		1,181		1.02	%		1.30	%		1.85	%		24.40	%		25.07	%

^(a)These ratios represent the dividends received by the Subaccount, excluding distributions of capital gains, divided by the average net assets. These ratios exclude expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Subaccount is affected by the timing of the declaration of dividends by the underlying mutual fund in which the Subaccounts invest.

^(b)These ratios represent the annualized Contract expenses of the respective Subaccounts of the Separate Account, consisting primarily of mortality and expense risk and administrative charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to Contract owner accounts through the redemption of units and expenses of the underlying mutual fund are excluded.

^(c)These amounts represent the total return for the periods indicated, are not annualized, include changes in the value of the underlying mutual fund, and reflect deductions for all items included in the expense ratio. 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.

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.