Titanium Annuity Variable Account

Financial Statements

Year Ended December 31, 2023

(With Report of Independent Registered Public Accounting Firm)

Report of Independent Registered Public Accounting Firm

To the Contract Owners of Titanium Annuity Variable 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 Titanium Annuity Variable 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 Titanium Annuity Variable 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 Balanced 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 Capital Appreciation 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 Growth & Income 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 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
Allspring VT Discovery SMID Cap Growth Fund, Class 2	As of December 31, 2023	For the year then ended December 31, 2023	For each of the years in the two-year period then ended December 31, 2023
Allspring VT Index Asset Allocation Fund, Class 2	As of December 31, 2023	For the year then ended December 31, 2023	For each of the years in the two-year period then ended December 31, 2023
Allspring VT International Equity Fund, Class 1	As of December 31, 2023	For the year then ended December 31, 2023	For each of the years in the two-year period then ended December 31, 2023
Allspring VT Opportunity 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

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 Appreciation 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
DWS CROCI U.S. VIP, Class A	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
DWS Equity 500 Index VIP, Class A	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
DWS Small Cap Index VIP, Class A	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
DWS Small Mid Cap Growth VIP, Class A	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
DWS Small Mid Cap Value VIP, Class A	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 Global Real Estate 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 V.I. American Franchise Fund, Series I	As of December 31, 2023	For the year then ended December 31, 2023	For each of the years in the two-year period then ended December 31, 2023
Invesco V.I. Core Equity Fund, Series I	As of December 31, 2023	For the year then ended December 31, 2023	For each of the years in the two-year period then ended December 31, 2023
Invesco V.I. Discovery Mid Cap Growth Fund, Series I	As of December 31, 2023	For the year then ended December 31, 2023	For each of the years in the two-year period then ended December 31, 2023

Invesco V.I. 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. EQV International Equity 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. Government Securities 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. Technology 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
MFS Growth Series, Initial Class	As of December 31, 2023	For the year then ended December 31, 2023	For each of the years in the two-year period then ended December 31, 2023
MFS High Yield Portfolio	As of December 31, 2023	For the year then ended December 31, 2023	For each of the years in the two-year period then ended December 31, 2023
MFS Investors Trust Series, Initial Class	As of December 31, 2023	For the year then ended December 31, 2023	For each of the years in the two-year period then ended December 31, 2023
MFS Research Series, Initial Class	As of December 31, 2023	For the year then ended December 31, 2023	For each of the years in the two-year period then ended December 31, 2023
MFS Total Return Series, Initial Class	As of December 31, 2023	For the year then ended December 31, 2023	For each of the years in the two-year period then ended December 31, 2023
MFS Value Series, Initial Class	As of December 31, 2023	For the year then ended December 31, 2023	For each of the years in the two-year period then ended December 31, 2023
Templeton Foreign VIP Fund, Class 2	As of December 31, 2023	For the year then ended December 31, 2023	For each of the years in the two-year period then ended December 31, 2023
Templeton Global Bond VIP Fund, Class 2	As of December 31, 2023	For the year then ended December 31, 2023	For each of the years in the two-year period then ended December 31, 2023

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2023

	SUBACCOUNTS
	Alger Balanced Portfolio, Class I-2		Alger Capital Appreciation Portfolio, Class I-2		Alger Growth & Income Portfolio, Class I-2		Alger Large Cap Growth Portfolio, Class I-2		Alger Mid Cap Growth Portfolio, Class I-2		Alger Small Cap Growth Portfolio, Class I-2		Allspring VT Discovery SMID Cap Growth Fund, Class 2

ASSETS:
Investments at fair value ⁽¹⁾	$	11,863	$	272,195	$	189,094	$	306,587	$	259,574	$	82,495	$	127,883
Receivable from the fund manager		-		21		7		21		10		3		13
Receivable from the Company		-		70,690		-		26,657		45,777		-		28,166
Total assets		11,863		342,906		189,101		333,265		305,361		82,498		156,062

LIABILITIES:
Payable to the Contracts		-		21		7		21		10		3		13
Payable to the Company		-		-		5		-		-		3		-
Total liabilities		-		21		12		21		10		6		13

NET ASSETS	$	11,863	$	342,885	$	189,089	$	333,244	$	305,351	$	82,492	$	156,049


ANALYSIS OF NET ASSETS
Accumulation period	$	11,863	$	287,660	$	189,089	$	310,870	$	268,126	$	82,492	$	134,043
Annuity period		-		55,225		-		22,374		37,225		-		22,006
Total net assets	$	11,863	$	342,885	$	189,089	$	333,244	$	305,351	$	82,492	$	156,049


Fair value per share (NAV)	$	18.93	$	78.22	$	27.41	$	62.42	$	16.85	$	16.53	$	20.46
Shares outstanding in the Separate Account		627		3,480		6,899		4,912		15,405		4,991		6,250


⁽¹⁾Investments in mutual fund shares, at cost	$	9,759	$	246,591	$	115,361	$	287,096	$	299,359	$	117,647	$	148,395

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2023

	SUBACCOUNTS
	Allspring VT Index Asset Allocation Fund, Class 2		Allspring VT International Equity Fund, Class 1		Allspring VT Opportunity Fund, Class 2		BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares		BNY Mellon VIF Appreciation Portfolio, Initial Shares		BNY Mellon VIF Government Money Market Portfolio, Single Share		DWS CROCI U.S. VIP, Class A

ASSETS:
Investments at fair value ⁽¹⁾	$	1,798	$	20,040	$	259,560	$	80,237	$	75,164	$	459,175	$	18,623
Receivable from the fund manager		-		1		21		3		3		17		1
Receivable from the Company		-		-		26,316		-		-		36,798		-
Total assets		1,798		20,041		285,897		80,240		75,167		495,990		18,624

LIABILITIES:
Payable to the Contracts		-		1		21		3		3		17		1
Payable to the Company		-		-		-		2		2		-		-
Total liabilities		-		1		21		5		5		17		1

NET ASSETS	$	1,798	$	20,040	$	285,876	$	80,235	$	75,162	$	495,973	$	18,623


ANALYSIS OF NET ASSETS
Accumulation period	$	1,798	$	20,040	$	263,698	$	80,235	$	75,162	$	465,263	$	18,623
Annuity period		-		-		22,178		-		-		30,710		-
Total net assets	$	1,798	$	20,040	$	285,876	$	80,235	$	75,162	$	495,973	$	18,623


Fair value per share (NAV)	$	18.68	$	1.89	$	25.99	$	44.98	$	35.02	$	1.00	$	15.59
Shares outstanding in the Separate Account		96		10,603		9,987		1,784		2,146		459,175		1,195


⁽¹⁾Investments in mutual fund shares, at cost	$	1,696	$	26,804	$	228,621	$	63,855	$	77,256	$	459,175	$	15,857

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2023

	SUBACCOUNTS
	DWS Equity 500 Index VIP, Class A		DWS Small Cap Index VIP, Class A		DWS Small Mid Cap Growth VIP, Class A		DWS Small Mid Cap Value VIP, Class A		Franklin Global Real Estate VIP Fund, Class 2		Invesco V.I. American Franchise Fund, Series I		Invesco V.I. Core Equity Fund, Series I

ASSETS:
Investments at fair value ⁽¹⁾	$	35,644	$	98,899	$	1,838	$	8,919	$	86,742	$	439,565	$	476,973
Receivable from the fund manager		1		4		-		-		3		25		18
Receivable from the Company		-		-		-		-		-		-		2,828
Total assets		35,645		98,903		1,838		8,919		86,745		439,590		479,819

LIABILITIES:
Payable to the Contracts		1		4		-		-		3		25		18
Payable to the Company		1		3		-		-		4		14		-
Total liabilities		2		7		-		-		7		39		18

NET ASSETS	$	35,643	$	98,896	$	1,838	$	8,919	$	86,738	$	439,551	$	479,801


ANALYSIS OF NET ASSETS
Accumulation period	$	35,643	$	98,896	$	1,838	$	8,919	$	86,738	$	439,551	$	477,758
Annuity period		-		-		-		-		-		-		2,043
Total net assets	$	35,643	$	98,896	$	1,838	$	8,919	$	86,738	$	439,551	$	479,801


Fair value per share (NAV)	$	26.97	$	13.63	$	13.70	$	13.86	$	12.55	$	58.96	$	29.29
Shares outstanding in the Separate Account		1,322		7,256		134		644		6,912		7,455		16,285


⁽¹⁾Investments in mutual fund shares, at cost	$	23,691	$	98,484	$	2,073	$	8,703	$	101,682	$	384,089	$	457,835

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2023

	SUBACCOUNTS
	Invesco V.I. Discovery Mid Cap Growth Fund, Series I		Invesco V.I. Equity and Income Fund, Series I		Invesco V.I. EQV International Equity Fund, Series I		Invesco V.I. Government Securities Fund, Series I		Invesco V.I. Technology Fund, Series I		MFS Growth Series, Initial Class		MFS High Yield Portfolio

ASSETS:
Investments at fair value ⁽¹⁾	$	2,599	$	63,073	$	59,790	$	13,314	$	214,428	$	300,910	$	3,774
Receivable from the fund manager		-		2		2		1		13		23		-
Receivable from the Company		-		12,541		-		-		-		-		-
Total assets		2,599		75,616		59,792		13,315		214,441		300,933		3,774

LIABILITIES:
Payable to the Contracts		-		2		2		1		13		23		-
Payable to the Company		-		-		2		-		9		8		-
Total liabilities		-		2		4		1		22		31		-

NET ASSETS	$	2,599	$	75,614	$	59,788	$	13,314	$	214,419	$	300,902	$	3,774


ANALYSIS OF NET ASSETS
Accumulation period	$	2,599	$	63,070	$	59,788	$	13,314	$	214,419	$	300,902	$	3,774
Annuity period		-		12,544		-		-		-		-		-
Total net assets	$	2,599	$	75,614	$	59,788	$	13,314	$	214,419	$	300,902	$	3,774


Fair value per share (NAV)	$	62.81	$	16.48	$	34.09	$	10.32	$	18.50	$	60.29	$	5.00
Shares outstanding in the Separate Account		41		3,827		1,754		1,290		11,590		4,991		755


⁽¹⁾ Investments in mutual fund shares, at cost	$	2,986	$	72,680	$	52,550	$	15,392	$	199,116	$	202,118	$	4,219

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2023

	SUBACCOUNTS
	MFS Investors Trust Series, Initial Class		MFS Research Series, Initial Class		MFS Total Return Series, Initial Class		MFS Value Series, Initial Class		Templeton Foreign VIP Fund, Class 2		Templeton Global Bond VIP Fund, Class 2

ASSETS:
Investments at fair value ⁽¹⁾	$	118,184	$	28,508	$	206,508	$	3,910	$	38,191	$	9,638
Receivable from the fund manager		5		1		14		-		1		-
Receivable from the Company		-		-		-		-		9,559		-
Total assets		118,189		28,509		206,522		3,910		47,751		9,638

LIABILITIES:
Payable to the Contracts		5		1		14		-		1		-
Payable to the Company		3		1		365		-		-		-
Total liabilities		8		2		379		-		1		-

NET ASSETS	$	118,181	$	28,507	$	206,143	$	3,910	$	47,750	$	9,638


ANALYSIS OF NET ASSETS
Accumulation period	$	118,181	$	28,507	$	205,084	$	3,910	$	40,282	$	9,638
Annuity period		-		-		1,059		-		7,468		-
Total net assets	$	118,181	$	28,507	$	206,143	$	3,910	$	47,750	$	9,638


Fair value per share (NAV)	$	35.99	$	31.97	$	23.26	$	21.27	$	14.24	$	12.84
Shares outstanding in the Separate Account		3,284		892		8,878		184		2,682		751


⁽¹⁾ Investments in mutual fund shares, at cost	$	80,992	$	22,923	$	193,160	$	3,590	$	35,827	$	11,955

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

(Concluded)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Alger Balanced Portfolio, Class I-2		Alger Capital Appreciation Portfolio, Class I-2			Alger Growth & Income Portfolio, Class I-2		Alger Large Cap Growth Portfolio, Class I-2			Alger Mid Cap Growth Portfolio, Class I-2			Alger Small Cap Growth Portfolio, Class I-2			Allspring VT Discovery SMID Cap Growth Fund, Class 2

INVESTMENT INCOME:
Dividend income	$	162	$	-		$	2,422	$	-		$	-		$	-		$	-

EXPENSES:
Mortality and expense risk and admin		152		3,495			2,411		3,984			3,451			1,061			1,691

NET INVESTMENT INCOME (LOSS)		10		(3,495	)		11		(3,984	)		(3,451	)		(1,061	)		(1,691	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		53		(653	)		4,079		(4,793	)		(15,222	)		(7,812	)		(2,661	)
Capital gain distributions		39		-			5,483		-			-			-			-

Net realized gain (loss) on investments		92		(653	)		9,562		(4,793	)		(15,222	)		(7,812	)		(2,661	)


Change in net unrealized appreciation (depreciation) on investments		1,523		89,925			25,718		86,145			68,650			20,343			25,281

Net realized and unrealized gain (loss) on investments		1,615		89,272			35,280		81,352			53,428			12,531			22,620


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,625	$	85,777		$	35,291	$	77,368		$	49,977		$	11,470		$	20,929

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Allspring VT Index Asset Allocation Fund, Class 2			Allspring VT International Equity Fund, Class 1			Allspring VT Opportunity Fund, Class 2			BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares			BNY Mellon VIF Appreciation Portfolio, Initial Shares			BNY Mellon VIF Government Money Market Portfolio, Single Share		DWS CROCI U.S. VIP, Class A

INVESTMENT INCOME:
Dividend income	$	16		$	312		$	-		$	545		$	524		$	20,554	$	282

EXPENSES:
Mortality and expense risk and admin		23			292			3,308			1,022			1,026			6,305		233

NET INVESTMENT INCOME (LOSS)		(7	)		20			(3,308	)		(477	)		(502	)		14,249		49

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		-			(8,033	)		1,470			611			(1,199	)		-		18
Capital gain distributions		52			-			20,222			8,748			6,600			-		-

Net realized gain (loss) on investments		52			(8,033	)		21,692			9,359			5,401			-		18


Change in net unrealized appreciation (depreciation) on investments		192			11,440			35,078			5,961			8,319			-		2,903

Net realized and unrealized gain (loss) on investments		244			3,407			56,770			15,320			13,720			-		2,921


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	237		$	3,427		$	53,462		$	14,843		$	13,218		$	14,249	$	2,970

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	DWS Equity 500 Index VIP, Class A			DWS Small Cap Index VIP, Class A			DWS Small Mid Cap Growth VIP, Class A			DWS Small Mid Cap Value VIP, Class A			Franklin Global Real Estate VIP Fund, Class 2			Invesco V.I. American Franchise Fund, Series I			Invesco V.I. Core Equity Fund, Series I

INVESTMENT INCOME:
Dividend income	$	435		$	988		$	-		$	94		$	2,176		$	-		$	3,259

EXPENSES:
Mortality and expense risk and admin		447			1,348			23			113			1,065			5,558			6,173

NET INVESTMENT INCOME (LOSS)		(12	)		(360	)		(23	)		(19	)		1,111			(5,558	)		(2,914	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		391			(2,638	)		(7	)		(8	)		(570	)		(2,987	)		(1,018	)
Capital gain distributions		1,642			2,118			58			317			-			8,657			10,518

Net realized gain (loss) on investments		2,033			(520	)		51			309			(570	)		5,670			9,500


Change in net unrealized appreciation (depreciation) on investments		4,975			16,286			242			763			7,279			130,992			79,864

Net realized and unrealized gain (loss) on investments		7,008			15,766			293			1,072			6,709			136,662			89,364


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	6,996		$	15,406		$	270		$	1,053		$	7,820		$	131,104		$	86,450

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Invesco V.I. Discovery Mid Cap Growth Fund, Series I			Invesco V.I. Equity and Income Fund, Series I			Invesco V.I. EQV International Equity Fund, Series I			Invesco V.I. Government Securities Fund, Series I			Invesco V.I. Technology Fund, Series I			MFS Growth Series, Initial Class			MFS High Yield Portfolio

INVESTMENT INCOME:
Dividend income	$	-		$	1,199		$	111		$	270		$	-		$	-		$	205

EXPENSES:
Mortality and expense risk and admin		34			828			767			180			2,841			3,897			50

NET INVESTMENT INCOME (LOSS)		(34	)		371			(656	)		90			(2,841	)		(3,897	)		155

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		(10	)		(1,046	)		95			(51	)		(11,847	)		7,453			(120	)
Capital gain distributions		-			3,139			41			-			-			22,508			-

Net realized gain (loss) on investments		(10	)		2,093			136			(51	)		(11,847	)		29,961			(120	)


Change in net unrealized appreciation (depreciation) on investments		314			2,715			9,023			374			91,121			54,667			360

Net realized and unrealized gain (loss) on investments		304			4,808			9,159			323			79,274			84,628			240


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	270		$	5,179		$	8,503		$	413		$	76,433		$	80,731		$	395

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	MFS Investors Trust Series, Initial Class			MFS Research Series, Initial Class			MFS Total Return Series, Initial Class		MFS Value Series, Initial Class			Templeton Foreign VIP Fund, Class 2			Templeton Global Bond VIP Fund, Class 2

INVESTMENT INCOME:
Dividend income	$	789		$	133		$	4,016	$	61		$	1,158		$	-

EXPENSES:
Mortality and expense risk and admin		1,494			366			2,704		51			503			127

NET INVESTMENT INCOME (LOSS)		(705	)		(233	)		1,312		10			655			(127	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		474			387			231		4			(18	)		(51	)
Capital gain distributions		6,075			1,404			8,364		254			-			-

Net realized gain (loss) on investments		6,549			1,791			8,595		258			(18	)		(51	)


Change in net unrealized appreciation (depreciation) on investments		11,625			3,450			6,809		(31	)		5,619			323

Net realized and unrealized gain (loss) on investments		18,174			5,241			15,404		227			5,601			272


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	17,469		$	5,008		$	16,716	$	237		$	6,256		$	145

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

(Concluded)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Alger Balanced Portfolio, Class I-2			Alger Capital Appreciation Portfolio, Class I-2			Alger Growth & Income Portfolio, Class I-2			Alger Large Cap Growth Portfolio, Class I-2			Alger Mid Cap Growth Portfolio, Class I-2			Alger Small Cap Growth Portfolio, Class I-2			Allspring VT Discovery SMID Cap Growth Fund, Class 2

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	10		$	(3,495	)	$	11		$	(3,984	)	$	(3,451	)	$	(1,061	)	$	(1,691	)
Net realized gain (loss) on investments		92			(653	)		9,562			(4,793	)		(15,222	)		(7,812	)		(2,661	)
Change in net unrealized appreciation (depreciation) on investments		1,523			89,925			25,718			86,145			68,650			20,343			25,281

Net increase (decrease) in net assets resulting from operations		1,625			85,777			35,291			77,368			49,977			11,470			20,929

CONTRACT TRANSACTIONS:
Contract owners' net payments		120			577			180			519			960			610			-
Contract maintenance charges		(18	)		(262	)		(231	)		(182	)		(333	)		(163	)		(173	)
Contract owners' benefits		-			(27,507	)		(2,038	)		(44,402	)		(50,017	)		(12,694	)		(10,343	)
Net transfers (to) from the Company and/or Subaccounts		(159	)		20,594			(6,279	)		8,203			18,347			2,623			8,586


Increase (decrease) in net assets resulting from Contract transactions		(57	)		(6,598	)		(8,368	)		(35,862	)		(31,043	)		(9,624	)		(1,930	)

Total increase (decrease) in net assets		1,568			79,179			26,923			41,506			18,934			1,846			18,999

NET ASSETS:
Beginning of period		10,295			263,706			162,166			291,738			286,417			80,646			137,050

End of period	$	11,863		$	342,885		$	189,089		$	333,244		$	305,351		$	82,492		$	156,049

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Allspring VT Index Asset Allocation Fund, Class 2			Allspring VT International Equity Fund, Class 1			Allspring VT Opportunity Fund, Class 2			BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares			BNY Mellon VIF Appreciation Portfolio, Initial Shares			BNY Mellon VIF Government Money Market Portfolio, Single Share			DWS CROCI U.S. VIP, Class A

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(7	)	$	20		$	(3,308	)	$	(477	)	$	(502	)	$	14,249		$	49
Net realized gain (loss) on investments		52			(8,033	)		21,692			9,359			5,401			-			18
Change in net unrealized appreciation (depreciation) on investments		192			11,440			35,078			5,961			8,319			-			2,903

Net increase (decrease) in net assets resulting from operations		237			3,427			53,462			14,843			13,218			14,249			2,970

CONTRACT TRANSACTIONS:
Contract owners' net payments		-			140			465			570			-			1,300			286
Contract maintenance charges		(9	)		(29	)		(361	)		(86	)		(159	)		(704	)		(8	)
Contract owners' benefits		-			(14,912	)		(15,893	)		(3,464	)		(8,734	)		(37,934	)		-
Net transfers (to) from the Company and/or Subaccounts		(1	)		(1,065	)		3,306			(144	)		(1,707	)		14,778			(60	)


Increase (decrease) in net assets resulting from Contract transactions		(10	)		(15,866	)		(12,483	)		(3,124	)		(10,600	)		(22,560	)		218

Total increase (decrease) in net assets		227			(12,439	)		40,979			11,719			2,618			(8,311	)		3,188

NET ASSETS:
Beginning of period		1,571			32,479			244,897			68,516			72,544			504,284			15,435

End of period	$	1,798		$	20,040		$	285,876		$	80,235		$	75,162		$	495,973		$	18,623

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	DWS Equity 500 Index VIP, Class A			DWS Small Cap Index VIP, Class A			DWS Small Mid Cap Growth VIP, Class A			DWS Small Mid Cap Value VIP, Class A			Franklin Global Real Estate VIP Fund, Class 2			Invesco V.I. American Franchise Fund, Series I			Invesco V.I. Core Equity Fund, Series I

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(12	)	$	(360	)	$	(23	)	$	(19	)	$	1,111		$	(5,558	)	$	(2,914	)
Net realized gain (loss) on investments		2,033			(520	)		51			309			(570	)		5,670			9,500
Change in net unrealized appreciation (depreciation) on investments		4,975			16,286			242			763			7,279			130,992			79,864

Net increase (decrease) in net assets resulting from operations		6,996			15,406			270			1,053			7,820			131,104			86,450

CONTRACT TRANSACTIONS:
Contract owners' net payments		-			320			-			-			306			1,188			362
Contract maintenance charges		(31	)		(88	)		(6	)		(12	)		(110	)		(369	)		(389	)
Contract owners' benefits		(983	)		(40,373	)		-			-			(636	)		(55,225	)		(15,754	)
Net transfers (to) from the Company and/or Subaccounts		(9	)		1,999			-			14			5,422			(7,186	)		(1,301	)


Increase (decrease) in net assets resulting from Contract transactions		(1,023	)		(38,142	)		(6	)		2			4,982			(61,592	)		(17,082	)

Total increase (decrease) in net assets		5,973			(22,736	)		264			1,055			12,802			69,512			69,368

NET ASSETS:
Beginning of period		29,670			121,632			1,574			7,864			73,936			370,039			410,433

End of period	$	35,643		$	98,896		$	1,838		$	8,919		$	86,738		$	439,551		$	479,801

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	Invesco V.I. Discovery Mid Cap Growth Fund, Series I			Invesco V.I. Equity and Income Fund, Series I			Invesco V.I. EQV International Equity Fund, Series I			Invesco V.I. Government Securities Fund, Series I			Invesco V.I. Technology Fund, Series I			MFS Growth Series, Initial Class			MFS High Yield Portfolio

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(34	)	$	371		$	(656	)	$	90		$	(2,841	)	$	(3,897	)	$	155
Net realized gain (loss) on investments		(10	)		2,093			136			(51	)		(11,847	)		29,961			(120	)
Change in net unrealized appreciation (depreciation) on investments		314			2,715			9,023			374			91,121			54,667			360

Net increase (decrease) in net assets resulting from operations		270			5,179			8,503			413			76,433			80,731			395

CONTRACT TRANSACTIONS:
Contract owners' net payments		-			120			240			-			429			450			-
Contract maintenance charges		(7	)		(54	)		(125	)		(41	)		(199	)		(268	)		(14	)
Contract owners' benefits		-			(4,437	)		(465	)		(74	)		(53,437	)		(19,229	)		(720	)
Net transfers (to) from the Company and/or Subaccounts		-			2,097			118			-			(14,888	)		(3,687	)		22


Increase (decrease) in net assets resulting from Contract transactions		(7	)		(2,274	)		(232	)		(115	)		(68,095	)		(22,734	)		(712	)

Total increase (decrease) in net assets		263			2,905			8,271			298			8,338			57,997			(317	)

NET ASSETS:
Beginning of period		2,336			72,709			51,517			13,016			206,081			242,905			4,091

End of period	$	2,599		$	75,614		$	59,788		$	13,314		$	214,419		$	300,902		$	3,774

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	MFS Investors Trust Series, Initial Class			MFS Research Series, Initial Class			MFS Total Return Series, Initial Class			MFS Value Series, Initial Class			Templeton Foreign VIP Fund, Class 2			Templeton Global Bond VIP Fund, Class 2

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(705	)	$	(233	)	$	1,312		$	10		$	655		$	(127	)
Net realized gain (loss) on investments		6,549			1,791			8,595			258			(18	)		(51	)
Change in net unrealized appreciation (depreciation) on investments		11,625			3,450			6,809			(31	)		5,619			323

Net increase (decrease) in net assets resulting from operations		17,469			5,008			16,716			237			6,256			145

CONTRACT TRANSACTIONS:
Contract owners' net payments		120			-			60			-			362			308
Contract maintenance charges		(57	)		(46	)		(206	)		(6	)		(66	)		(7	)
Contract owners' benefits		-			(2,685	)		(7,922	)		-			(876	)		-
Net transfers (to) from the Company and/or Subaccounts		106			6			5,180			-			870			106


Increase (decrease) in net assets resulting from Contract transactions		169			(2,725	)		(2,888	)		(6	)		290			407

Total increase (decrease) in net assets		17,638			2,283			13,828			231			6,546			552

NET ASSETS:
Beginning of period		100,543			26,224			192,315			3,679			41,204			9,086

End of period	$	118,181		$	28,507		$	206,143		$	3,910		$	47,750		$	9,638

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	Alger Balanced Portfolio, Class I-2			Alger Capital Appreciation Portfolio, Class I-2			Alger Growth & Income Portfolio, Class I-2			Alger Large Cap Growth Portfolio, Class I-2			Alger Mid Cap Growth Portfolio, Class I-2			Alger Small Cap Growth Portfolio, Class I-2			Allspring VT Discovery SMID Cap Growth Fund, Class 2

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(25	)	$	(3,635	)	$	45		$	(4,604	)	$	(3,898	)	$	(1,327	)	$	(1,806	)
Net realized gain (loss) on investments		589			19,158			17,624			17,302			4,144			11,736			45,794
Change in net unrealized appreciation (depreciation) on investments		(2,069	)		(147,709	)		(50,142	)		(195,845	)		(139,816	)		(60,704	)		(116,883	)

Net increase (decrease) in net assets resulting from operations		(1,506	)		(132,187	)		(32,473	)		(183,146	)		(139,570	)		(50,295	)		(72,896	)

CONTRACT TRANSACTIONS:
Contract owners' net payments		120			635			220			1,119			1,482			810			-
Contract maintenance charges		(18	)		(261	)		(239	)		(232	)		(348	)		(157	)		(162	)
Contract owners' benefits		-			(23,860	)		(7,017	)		(39,674	)		(13,154	)		(4,496	)		(14,418	)
Net transfers (to) from the Company and/or Subaccounts		(642	)		(15,330	)		(6,279	)		4,300			17,961			9,514			(1,121	)


Increase (decrease) in net assets resulting from Contract transactions		(540	)		(38,816	)		(13,315	)		(34,487	)		5,941			5,671			(15,701	)

Total increase (decrease) in net assets		(2,046	)		(171,003	)		(45,788	)		(217,633	)		(133,629	)		(44,624	)		(88,597	)

NET ASSETS:
Beginning of period		12,341			434,709			207,954			509,371			420,046			125,270			225,647

End of period	$	10,295		$	263,706		$	162,166		$	291,738		$	286,417		$	80,646		$	137,050

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	Allspring VT Index Asset Allocation Fund, Class 2			Allspring VT International Equity Fund, Class 1			Allspring VT Opportunity Fund, Class 2			BNY Mellon VIF Appreciation Portfolio, Initial Shares			BNY Mellon VIF Government Money Market Portfolio, Single Share			BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares			DWS CROCI U.S. VIP, Class A

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(13	)	$	822		$	(3,458	)	$	(546	)	$	(807	)	$	(637	)	$	66
Net realized gain (loss) on investments		195			(4,606	)		51,165			22,714			-			17,041			259
Change in net unrealized appreciation (depreciation) on investments		(533	)		(1,345	)		(114,643	)		(39,859	)		-			(41,843	)		(3,345	)

Net increase (decrease) in net assets resulting from operations		(351	)		(5,129	)		(66,937	)		(17,691	)		(807	)		(25,439	)		(3,021	)

CONTRACT TRANSACTIONS:
Contract owners' net payments		-			340			611			-			1,810			570			312
Contract maintenance charges		(9	)		(28	)		(381	)		(160	)		(817	)		(80	)		(8	)
Contract owners' benefits		-			(6,056	)		(10,923	)		-			(25,705	)		(31,075	)		-
Net transfers (to) from the Company and/or Subaccounts		-			(2,752	)		(15,082	)		(3,111	)		(74,752	)		(2,046	)		(56	)


Increase (decrease) in net assets resulting from Contract transactions		(9	)		(8,496	)		(25,775	)		(3,271	)		(99,464	)		(32,631	)		248

Total increase (decrease) in net assets		(360	)		(13,625	)		(92,712	)		(20,962	)		(100,271	)		(58,070	)		(2,773	)

NET ASSETS:
Beginning of period		1,931			46,104			337,609			93,506			604,555			126,586			18,208

End of period	$	1,571		$	32,479		$	244,897		$	72,544		$	504,284		$	68,516		$	15,435

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	DWS Equity 500 Index VIP, Class A			DWS Small Cap Index VIP, Class A			DWS Small Mid Cap Growth VIP, Class A			DWS Small Mid Cap Value VIP, Class A			Franklin Global Real Estate VIP Fund, Class 2			Invesco V.I. American Franchise Fund, Series I			Invesco V.I. Core Equity Fund

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(45	)	$	(663	)	$	(24	)	$	(46	)	$	985		$	(5,881	)	$	(2,068	)
Net realized gain (loss) on investments		1,988			25,196			207			155			2,334			114,822			74,112
Change in net unrealized appreciation (depreciation) on investments		(9,130	)		(60,788	)		(828	)		(1,743	)		(34,572	)		(282,829	)		(187,786	)

Net increase (decrease) in net assets resulting from operations		(7,188	)		(36,255	)		(645	)		(1,634	)		(31,253	)		(173,887	)		(115,743	)

CONTRACT TRANSACTIONS:
Contract owners' net payments		-			940			-			-			312			1,768			384
Contract maintenance charges		(40	)		(90	)		(6	)		(12	)		(151	)		(383	)		(415	)
Contract owners' benefits		-			(16,631	)		-			(463	)		(12,923	)		(1,029	)		(19,186	)
Net transfers (to) from the Company and/or Subaccounts		(23	)		(3,547	)		-			(21	)		(1,171	)		654			(10,480	)


Increase (decrease) in net assets resulting from Contract transactions		(63	)		(19,328	)		(6	)		(496	)		(13,933	)		1,010			(29,697	)

Total increase (decrease) in net assets		(7,251	)		(55,583	)		(651	)		(2,130	)		(45,186	)		(172,877	)		(145,440	)

NET ASSETS:
Beginning of period		36,921			177,215			2,225			9,994			119,122			542,916			555,873

End of period	$	29,670		$	121,632		$	1,574		$	7,864		$	73,936		$	370,039		$	410,433

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	Invesco V.I. Discovery Mid Cap Growth Fund, Series I			Invesco V.I. Equity and Income Fund, Series I			Invesco V.I. EQV International Equity Fund, Series I			Invesco V.I. Government Securities Fund, Series I			Invesco V.I. Technology Fund, Series I			MFS Growth Series, Initial Class			MFS High Yield Portfolio

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(107	)	$	213		$	136		$	84		$	(3,335	)	$	(3,937	)	$	178
Net realized gain (loss) on investments		883			7,935			10,097			(31	)		94,481			47,106			(17	)
Change in net unrealized appreciation (depreciation) on investments		(4,127	)		(14,258	)		(26,633	)		(1,754	)		(224,806	)		(164,999	)		(711	)

Net increase (decrease) in net assets resulting from operations		(3,351	)		(6,110	)		(16,400	)		(1,700	)		(133,660	)		(121,830	)		(550	)

CONTRACT TRANSACTIONS:
Contract owners' net payments		-			120			240			-			1,209			450			-
Contract maintenance charges		(18	)		(70	)		(134	)		(47	)		(176	)		(236	)		(14	)
Contract owners' benefits		(3,692	)		(5,672	)		(24,734	)		-			(5,440	)		(31,535	)		-
Net transfers (to) from the Company and/or Subaccounts		(1,085	)		16,411			(1,978	)		(2	)		21,990			2,637			(53	)


Increase (decrease) in net assets resulting from Contract transactions		(4,795	)		10,789			(26,606	)		(49	)		17,583			(28,684	)		(67	)

Total increase (decrease) in net assets		(8,146	)		4,679			(43,006	)		(1,749	)		(116,077	)		(150,514	)		(617	)

NET ASSETS:
Beginning of period		10,482			68,030			94,523			14,765			322,158			393,419			4,708

End of period	$	2,336		$	72,709		$	51,517		$	13,016		$	206,081		$	242,905		$	4,091

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

(Continued)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	MFS Investors Trust Series, Initial Class			MFS Research Series, Initial Class			MFS Total Return Series, Initial Class			MFS Value Series, Initial Class			Templeton Foreign VIP Fund, Class 2			Templeton Global Bond VIP Fund, Class 2

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	(760	)	$	(268	)	$	625		$	1		$	570		$	(128	)
Net realized gain (loss) on investments		16,836			4,102			22,222			225			(158	)		(236	)
Change in net unrealized appreciation (depreciation) on investments		(38,029	)		(10,490	)		(49,029	)		(512	)		(3,724	)		(233	)

Net increase (decrease) in net assets resulting from operations		(21,953	)		(6,656	)		(26,183	)		(286	)		(3,312	)		(597	)

CONTRACT TRANSACTIONS:
Contract owners' net payments		120			-			100			-			384			336
Contract maintenance charges		(58	)		(59	)		(246	)		(6	)		(63	)		(8	)
Contract owners' benefits		(5,033	)		(2,625	)		(21,851	)		-			(1,602	)		(448	)
Net transfers (to) from the Company and/or Subaccounts		(611	)		19			(11,272	)		-			(529	)		(350	)


Increase (decrease) in net assets resulting from Contract transactions		(5,582	)		(2,665	)		(33,269	)		(6	)		(1,810	)		(470	)

Total increase (decrease) in net assets		(27,535	)		(9,321	)		(59,452	)		(292	)		(5,122	)		(1,067	)

NET ASSETS:
Beginning of period		128,078			35,545			251,767			3,971			46,326			10,153

End of period	$	100,543		$	26,224		$	192,315		$	3,679		$	41,204		$	9,086

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

(Concluded)

See accompanying notes to financial statements.

TITANIUM ANNUITY VARIABLE ACCOUNT

NOTES TO FINANCIAL STATEMENTS

YEAR ENDED DECEMBER 31, 2023

1.          ORGANIZATION

The Titanium Annuity Variable Account (the “Separate Account”), a segregated unit investment trust registered under the Investment Company Act of 1940, as amended, was established by United Investors Life Insurance Company, and exists in accordance with the regulations of the Alabama Department of Insurance. United Investors Life Insurance Company was a wholly owned subsidiary of Torchmark Corporation and was acquired by Protective Life Insurance Company (the “Company”). Protective Life Insurance 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 allocate some or all of the applicable net contributions or 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.

Contract owners' net contributions are allocated to the Subaccounts in accordance with Contract owner instructions and are recorded as Contract owners’ net payments in the Statements of Changes in Net Assets. Such amounts are used to provide account funds to pay Contract values under the Contracts. New Contracts are no longer being sold under the product in the Separate Account, but owners of existing Contracts may make additional deposits.

The following is the variable annuity product funded by the Separate Account:

Titanium Variable Annuity

For the years ended December 31, 2023 and 2022, the Separate Account was invested in up to 35 Subaccounts, as follows:

Alger Balanced Portfolio, Class I-2

Alger Capital Appreciation Portfolio, Class I-2

Alger Growth & Income Portfolio, Class I-2

Alger Large Cap Growth Portfolio, Class I-2

Alger Mid Cap Growth Portfolio, Class I-2

Alger Small Cap Growth Portfolio, Class I-2

Allspring VT Discovery SMID Cap Growth Fund, Class 2

Allspring VT Index Asset Allocation Fund, Class 2

Allspring VT International Equity Fund, Class 1

Allspring VT Opportunity Fund, Class 2

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

BNY Mellon VIF Appreciation Portfolio, Initial Shares

BNY Mellon VIF Government Money Market Portfolio, Single Share

DWS CROCI U.S. VIP, Class A

DWS Equity 500 Index VIP, Class A

DWS Small Cap Index VIP, Class A

DWS Small Mid Cap Growth VIP, Class A

DWS Small Mid Cap Value VIP, Class A

Franklin Global Real Estate VIP Fund, Class 2

Invesco V.I. American Franchise Fund, Series I

Invesco V.I. Core Equity Fund, Series I

Invesco V.I. Discovery Mid Cap Growth Fund, Series I

Invesco V.I. Equity and Income Fund, Series I

Invesco V.I. EQV International Equity Fund, Series I ^(a)

Invesco V.I. Government Securities Fund, Series I

Invesco V.I. Managed Volatility Fund, Series I

Invesco V.I. Technology Fund, Series I

MFS Growth Series, Initial Class

MFS High Yield Portfolio

MFS Investors Trust Series, Initial Class

MFS Research Series, Initial Class

MFS Total Return Series, Initial Class

MFS Value Series, Initial Class

Templeton Foreign VIP Fund, Class 2

Templeton Global Bond VIP Fund, Class 2

^(a)See Subaccount Changes table below

Subaccount Changes:

During 2023 or 2022, the following Subaccounts changed their names:

Previous Name	New Name	Date of Change
Invesco V.I. International Growth	Invesco V.I. EQV International Equity Fund	April 29, 2022

The Separate Account is an investment company and, therefore, applies specialized accounting guidance in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 "Financial Services — Investment Companies".

Certain Subaccounts that had no investments balances as of December 31, 2023 or that did not have activity during the year ended December 31, 2023 are not presented on the Statements of Assets and Liabilities as of December 31, 2023 or Statements of Operations for the year ended December 31, 2023, respectively.

2.	SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies of the Separate Account.

Investment valuation

Investments are made and measured in shares and are presented net of management fees and other operating expenses incurred by the Subaccounts. The investments are valued at the net asset values of the mutual funds, which value their investment securities at fair value. Transactions with the mutual funds are recognized on the trade date.

The Separate Account classifies its valuations into three levels based upon the observability of inputs to the valuation of the Separate Account’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.

Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the reporting entity’s own assumptions and would be based on the best information available under the circumstances.

The Separate Account determines the fair values of certain financial assets based on quoted market prices. All of the investments in the Subaccounts of the Separate Account are classified as Level 1 in the fair value hierarchy and consist of open-ended mutual funds. Participants may, without restriction, transact at the daily net asset value (“NAV”) of the mutual funds. The NAV represents the daily per share value based on the fair value of the underlying portfolio of investments of the respective Subaccounts.

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 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 a weighted average cost 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.

3.	PURCHASES AND SALES OF INVESTMENTS

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2023 were as follows:

Subaccount	Purchases			Sales

Alger Balanced Portfolio, Class I-2	$	461		$	469
Alger Capital Appreciation Portfolio, Class I-2		7,284			39,807
Alger Growth & Income Portfolio, Class I-2		8,306			11,175
Alger Large Cap Growth Portfolio, Class I-2		5,050			51,968
Alger Mid Cap Growth Portfolio, Class I-2		10,307			54,385
Alger Small Cap Growth Portfolio, Class I-2		3,254			13,935
Allspring VT Discovery SMID Cap Growth Fund, Class 2		2,769			11,646
Allspring VT Index Asset Allocation Fund, Class 2		68			32
Allspring VT International Equity Fund, Class 1		1,531			17,376
Allspring VT Opportunity Fund, Class 2		22,518			24,129
BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares		10,294			5,148
BNY Mellon VIF Appreciation Portfolio, Initial Shares		7,193			11,693
BNY Mellon VIF Government Money Market Portfolio, Single Share		42,804			52,579
DWS CROCI U.S. VIP, Class A		570			302
DWS Equity 500 Index VIP, Class A		2,084			1,476
DWS Small Cap Index VIP, Class A		6,191			42,573
DWS Small Mid Cap Growth VIP, Class A		58			29
DWS Small Mid Cap Value VIP, Class A		440			139
Franklin Global Real Estate VIP Fund, Class 2		8,341			2,244
Invesco V.I. American Franchise Fund, Series I		10,400			68,881
Invesco V.I. Core Equity Fund, Series I		14,937			25,213
Invesco V.I. Discovery Mid Cap Growth Fund, Series I		0	*		41
Invesco V.I. Equity and Income Fund, Series I		6,428			5,326
Invesco V.I. EQV International Equity Fund, Series I		938			1,783
Invesco V.I. Government Securities Fund, Series I		270			296
Invesco V.I. Technology Fund, Series I		2,843			73,779
MFS Growth Series, Initial Class		23,395			27,509
MFS High Yield Portfolio		228			785
MFS Investors Trust Series, Initial Class		7,206			1,664
MFS Research Series, Initial Class		1,580			3,134
MFS Total Return Series, Initial Class		18,102			11,459
MFS Value Series, Initial Class		315			57
Templeton Foreign VIP Fund, Class 2		1,527			2,405
Templeton Global Bond VIP Fund, Class 2		450			171

* The Subaccount has dollars that round to less than one.

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 Balanced Portfolio, Class I-2		11			13			(2	)		6			27			(21	)
Alger Capital Appreciation Portfolio, Class I-2		190			911			(721	)		282			605			(323	)
Alger Growth & Income Portfolio, Class I-2		16			319			(303	)		32			527			(495	)
Alger Large Cap Growth Portfolio, Class I-2		208			1,909			(1,701	)		646			1,348			(702	)
Alger Mid Cap Growth Portfolio, Class I-2		392			1,937			(1,545	)		1,356			433			923
Alger Small Cap Growth Portfolio, Class I-2		144			553			(409	)		468			279			189
Allspring VT Discovery SMID Cap Growth Fund, Class 2		131			451			(320	)		467			574			(107	)
Allspring VT Index Asset Allocation Fund, Class 2		-			0	*		(0	)*		0	*		0	*		(0	)*
Allspring VT International Equity Fund, Class 1		86			1,224			(1,138	)		97			689			(592	)
Allspring VT Opportunity Fund, Class 2		57			518			(461	)		27			524			(497	)
BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares		47			191			(144	)		78			1,495			(1,417	)
BNY Mellon VIF Appreciation Portfolio, Initial Shares		2			321			(319	)		10			111			(101	)
BNY Mellon VIF Government Money Market Portfolio, Single Share		2,297			4,787			(2,490	)		164			10,032			(9,868	)
DWS CROCI U.S. VIP, Class A		15			4			11			18			4			14
DWS Equity 500 Index VIP, Class A		0	*		25			(25	)		0	*		2			(2	)
DWS Small Cap Index VIP, Class A		94			1,208			(1,114	)		110			641			(531	)
DWS Small Mid Cap Growth VIP, Class A		-			0	*		(0	)*		0	*		0	*		(0	)*
DWS Small Mid Cap Value VIP, Class A		1			1			-			1			21			(20	)
Franklin Global Real Estate VIP Fund, Class 2		403			74			329			393			1,245			(852	)
Invesco V.I. American Franchise Fund, Series I		99			3,515			(3,416	)		334			252			82
Invesco V.I. Core Equity Fund, Series I		55			946			(891	)		129			1,499			(1,370	)
Invesco V.I. Discovery Mid Cap Growth Fund, Series I		-			1			(1	)		53			462			(409	)
Invesco V.I. Equity and Income Fund, Series I		207			457			(250	)		163			756			(593	)
Invesco V.I. EQV International Equity Fund, Series I		39			50			(11	)		44			1,376			(1,332	)
Invesco V.I. Government Securities Fund, Series I		-			9			(9	)		0	*		4			(4	)
Invesco V.I. Technology Fund, Series I		316			7,450			(7,134	)		2,448			564			1,884
MFS Growth Series, Initial Class		33			808			(775	)		170			1,112			(942	)
MFS High Yield Portfolio		2			60			(58	)		1			7			(6	)

	2023								2022
Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)			Units Issued			Units Redeemed			Net Increase (Decrease)
MFS Investors Trust Series, Initial Class		11		5			6			6			181			(175	)
MFS Research Series, Initial Class		2		102			(100	)		5			113			(108	)
MFS Total Return Series, Initial Class		211		335			(124	)		10			1,181			(1,171	)
MFS Value Series, Initial Class		-		0	*		(0	)*		0	*		0	*		(0	)*
Templeton Foreign VIP Fund, Class 2		25		129			(104	)		40			136			(96	)
Templeton Global Bond VIP Fund, Class 2		27		3			24			19			45			(26	)

* The Subaccount has units that round to less than one.

Note: Units may not 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 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 within the Statements of Operations.	a daily fee amounting to a per annum aggregate of 0.15% 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 1.25% 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.	0.00% - 3.50% of each contribution, if applicable
Annual Contract 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 annually, assessed through a redemption of units, and recorded as Contract maintenance charges in the Statements of Changes in Net Assets.	$35 annually

Expense Type	Range
Withdrawal Charge
This charge is assessed to reimburse the Company for costs incurred from withdrawals. The charge is deducted upon withdrawal, assessed through a redemption of units, and recorded as Contract maintenance charges within the Statements of Changes in Net Assets.	$20 per withdrawal or 2% of the amount withdrawn, whichever is less, after the first 12 withdrawals in any Contract year
Transfer Charge
This charge is assessed to reimburse the Company for costs incurred when transferring funds. The charge would be deducted upon transfer, assessed through a redemption of units, and recorded as Contract owners’ benefits within the Statements of Changes in Net Assets.	$25 per transfer, after the first 12 transfers in any Contract year

6.	FINANCIAL HIGHLIGHTS

The Company sells one variable annuity product that is funded by the Separate Account. This product has a unique combination of features and expenses that are charged against the Contract owner’s account. The summaries may not reflect or directly equate to the 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		Net Assets (000's)		Investment Income Ratio ^(a)			Expense Ratio ^(b)			Total Return ^(c)

Alger Balanced Portfolio, Class I-2
2023		0	*	$	27.11	$	12		1.47	%		1.40	%		15.81	%
2022		0	*		23.41		10		1.10	%		1.40	%		(12.53	)%
2021		0	*		26.76		12		0.84	%		1.40	%		17.48	%
2020		-			22.78		11		1.05	%		1.40	%		8.71	%
2019		1			20.96		13		1.47	%		1.40	%		17.85	%
Alger Capital Appreciation Portfolio, Class I-2
2023		6			44.32		343		0.00	%		1.40	%		41.16	%
2022		7			31.39		306		0.00	%		1.40	%		(37.40	)%
2021		7			60.48		435		0.00	%		1.40	%		17.48	%
2020		8			42.69		336		0.23	%		1.40	%		39.80	%
2019		10			30.53		314		0.34	%		1.40	%		31.74	%
Alger Growth & Income Portfolio, Class I-2
2023		6			30.01		189		1.39	%		1.40	%		22.22	%
2022		7			24.56		162		1.33	%		1.40	%		(16.15	)%
2021		7			29.29		208		1.13	%		1.40	%		29.85	%
2020		8			22.55		180		1.33	%		1.40	%		13.29	%
2019		8			19.91		166		2.24	%		1.40	%		27.69	%
Alger Large Cap Growth Portfolio, Class I-2
2023		11			29.11		333		0.00	%		1.40	%		30.84	%
2022		12			22.25		310		0.00	%		1.40	%		(39.50	)%
2021		13			39.37		509		0.00	%		1.40	%		10.30	%
2020		13			33.34		446		4.98	%		1.40	%		64.73	%
2019		16			20.24		316		-			1.40	%		25.67	%
Alger Mid Cap Growth Portfolio, Class I-2
2023		9			28.73		305		0.00	%		1.40	%		21.48	%
2022		11			23.65		319		0.00	%		1.40	%		(36.96	)%
2021		10			43.49		420		0.00	%		1.40	%		2.76	%
2020		10			36.51		380		5.20	%		1.40	%		62.36	%
2019		13			22.48		299		-			1.40	%		28.46	%
Alger Small Cap Growth Portfolio, Class I-2
2023		3			24.81		82		0.00	%		1.40	%		14.89	%
2022		4			21.59		81		0.00	%		1.40	%		(38.87	)%
2021		4			35.32		125		0.00	%		1.40	%		(7.36	)%
2020		4			38.13		156		1.03	%		1.40	%		64.85	%
2019		4			23.13		97		-			1.40	%		27.55	%

	As of December 31							For the period ended December 31
Subaccount	Units (000's)			Unit Fair Value		Net Assets (000's)		Investment Income Ratio ^(a)			Expense Ratio ^(b)			Total Return ^(c)

Allspring VT Discovery SMID Cap Growth Fund, Class 2
2023		6		$	23.00	$	156		0.00	%		1.40	%		18.49	%
2022		6			19.41		157		0.00	%		1.40	%		(38.71	)%
2021		6			37.68		226		0.00	%		1.40	%		(6.35	)%
2020		6			33.82		209		0.37	%		1.40	%		60.41	%
2019		8			21.08		166		1.80	%		1.40	%		37.10	%
Allspring VT Index Asset Allocation Fund, Class 2
2023		0	*		26.95		2		0.96	%		1.40	%		15.09	%
2022		0	*		23.42		2		0.61	%		1.40	%		(18.17	)%
2021		0	*		28.62		2		0.58	%		1.40	%		14.40	%
2020		-			25.02		2		0.97	%		1.40	%		14.98	%
2019		1			21.76		24		1.14	%		1.40	%		18.50	%
Allspring VT International Equity Fund, Class 1
2023		1			14.98		20		1.49	%		1.40	%		14.21	%
2022		2			13.11		32		3.32	%		1.40	%		(12.70	)%
2021		3			15.02		46		1.38	%		1.40	%		5.91	%
2020		3			14.18		44		2.47	%		1.40	%		3.44	%
2019		3			13.71		35		10.72	%		1.40	%		13.91	%
Allspring VT Opportunity Fund, Class 2
2023		6			44.89		286		0.00	%		1.40	%		24.76	%
2022		6			35.98		264		0.00	%		1.40	%		(21.90	)%
2021		7			50.08		338		0.04	%		1.40	%		23.06	%
2020		7			37.44		278		1.68	%		1.40	%		19.33	%
2019		8			31.37		247		0.31	%		1.40	%		29.65	%
BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares
2023		3			23.91		80		0.74	%		1.40	%		22.12	%
2022		4			19.58		69		0.55	%		1.40	%		(23.94	)%
2021		5			25.74		127		0.71	%		1.40	%		25.24	%
2020		6			20.55		118		1.43	%		1.40	%		22.43	%
2019		6			16.78		95		1.48	%		1.40	%		32.50	%
BNY Mellon VIF Appreciation Portfolio, Initial Shares
2023		2			35.65		75		0.71	%		1.40	%		19.30	%
2022		2			29.88		73		0.61	%		1.40	%		(19.19	)%
2021		3			36.97		94		0.44	%		1.40	%		25.38	%
2020		3			29.49		83		0.74	%		1.40	%		21.98	%
2019		3			24.18		74		1.23	%		1.40	%		34.22	%
BNY Mellon VIF Government Money Market Portfolio, Single Share
2023		46			9.92		496		4.52	%		1.40	%		3.18	%
2022		49			9.61		349		1.33	%		1.40	%		(0.13	)%
2021		59			9.63		605		0.01	%		1.40	%		(1.37	)%
2020		55			9.76		540		0.22	%		1.40	%		(1.16	)%
2019		52			9.88		516		1.70	%		1.40	%		0.26	%
DWS CROCI U.S. VIP, Class A
2023		1			20.48		19		1.68	%		1.40	%		19.10	%
2022		1			17.20		15		1.71	%		1.40	%		(16.56	)%
2021		1			20.61		18		1.84	%		1.40	%		24.94	%
2020		1			16.50		16		7.60	%		1.40	%		(13.37	)%
2019		1			19.04		16		3.05	%		1.40	%		31.12	%

	As of December 31							For the period ended December 31
Subaccount	Units (000's)			Unit Fair Value		Net Assets (000's)		Investment Income Ratio ^(a)			Expense Ratio ^(b)			Total Return ^(c)

DWS Equity 500 Index VIP, Class A
2023		1		$	48.38	$	36		1.35	%		1.40	%		24.27	%
2022		1			38.93		30		1.19	%		1.40	%		(19.46	)%
2021		1			48.34		37		1.40	%		1.40	%		26.63	%
2020		1			38.18		31		1.73	%		1.40	%		16.47	%
2019		1			32.78		26		2.07	%		1.40	%		29.38	%
DWS Small Cap Index VIP, Class A
2023		3			36.96		99		1.02	%		1.40	%		15.15	%
2022		4			32.10		122		0.82	%		1.40	%		(21.73	)%
2021		4			41.01		177		0.80	%		1.40	%		12.92	%
2020		5			36.32		173		1.39	%		1.40	%		17.78	%
2019		4			30.84		132		1.96	%		1.40	%		23.49	%
DWS Small Mid Cap Growth VIP, Class A
2023		0	*		23.97		2		0.03	%		1.40	%		17.19	%
2022		0	*		20.46		2		0.00	%		1.40	%		(29.01	)%
2021		0	*		28.82		2		0.04	%		1.40	%		12.27	%
2020		-			25.67		2		0.04	%		1.40	%		28.38	%
2019		-			19.99		2		-			1.40	%		20.72	%
DWS Small Mid Cap Value VIP, Class A
2023		0	*		25.33		9		1.16	%		1.40	%		13.37	%
2022		0	*		22.34		8		0.79	%		1.40	%		(16.96	)%
2021		0	*		26.91		10		1.37	%		1.40	%		28.70	%
2020		-			20.91		10		1.48	%		1.40	%		(2.17	)%
2019		1			21.37		11		1.19	%		1.40	%		19.84	%
Franklin Global Real Estate VIP Fund, Class 2
2023		5			16.66		87		2.83	%		1.40	%		9.90	%
2022		5			15.16		74		2.36	%		1.40	%		(27.08	)%
2021		6			20.79		119		0.88	%		1.40	%		25.04	%
2020		6			16.63		108		3.01	%		1.40	%		(6.69	)%
2019		5			17.82		97		3.01	%		1.40	%		20.69	%
Invesco V.I. American Franchise Fund, Series I
2023		20			21.88		440		0.00	%		1.40	%		38.99	%
2022		24			15.75		370		0.00	%		1.40	%		(32.06	)%
2021		23			23.18		543		0.00	%		1.40	%		10.38	%
2020		24			21.00		512		0.07	%		1.40	%		40.39	%
2019		26			14.96		383		0.22	%		1.40	%		34.87	%
Invesco V.I. Core Equity Fund, Series I
2023		21			22.37		480		0.73	%		1.40	%		21.67	%
2022		22			18.38		412		0.84	%		1.40	%		(21.64	)%
2021		24			23.46		556		0.68	%		1.40	%		25.98	%
2020		25			18.62		460		2.57	%		1.40	%		12.28	%
2019		25			16.59		411		0.99	%		1.40	%		27.18	%
Invesco V.I. Discovery Mid Cap Growth Fund, Series I
2023		0	*		13.28		3		0.00	%		1.40	%		11.59	%
2022		0	*		11.90		2		0.00	%		1.40	%		(31.93	)%
2021		1			17.49		10		0.00	%		1.40	%		17.45	%
2020		1			14.89		11		0.00	%		1.40	%		-

	As of December 31							For the period ended December 31
Subaccount	Units (000's)			Unit Fair Value		Net Assets (000's)		Investment Income Ratio ^(a)			Expense Ratio ^(b)			Total Return ^(c)

Invesco V.I. Equity and Income Fund, Series I
2023		6		$	10.74	$	76		2.01	%		1.40	%		9.03	%
2022		6			9.85		85		1.43	%		1.40	%		(8.78	)%
2021		7			10.80		68		1.60	%		1.40	%		4.75	%
Invesco V.I. EQV International Equity Fund, Series I
2023		3			21.54		60		0.20	%		1.40	%		16.52	%
2022		3			18.49		52		1.39	%		1.40	%		(19.43	)%
2021		4			22.94		95		1.26	%		1.40	%		4.43	%
2020		4			21.97		95		2.36	%		1.40	%		12.42	%
2019		4			19.54		82		1.85	%		1.40	%		26.80	%
Invesco V.I. Government Securities Fund, Series I
2023		1			12.46		13		2.08	%		1.40	%		3.18	%
2022		1			12.07		13		1.97	%		1.40	%		(11.53	)%
2021		1			13.65		15		2.41	%		1.40	%		(3.62	)%
2020		1			14.16		15		3.92	%		1.40	%		4.81	%
2019		-			13.51		4		2.50	%		1.40	%		4.61	%
Invesco V.I. Managed Volatility Fund, Series I
2021		-			18.90		-		6.16	%		1.40	%		0.00	%
2020		4			17.78		71		4.20	%		1.40	%		1.48	%
2019		5			17.52		92		1.50	%		1.40	%		16.95	%
Invesco V.I. Technology Fund, Series I
2023		18			11.81		214		0.00	%		1.40	%		44.92	%
2022		25			8.15		206		0.00	%		1.40	%		(40.78	)%
2021		23			13.76		322		0.00	%		1.40	%		12.83	%
2020		24			12.19		292		0.60	%		1.40	%		44.10	%
2019		26			8.46		219		-			1.40	%		34.00	%
MFS Growth Series, Initial Class
2023		9			31.68		301		0.00	%		1.40	%		33.99	%
2022		10			23.65		243		0.00	%		1.40	%		(32.58	)%
2021		11			35.07		393		0.00	%		1.40	%		21.83	%
2020		12			28.79		345		0.00	%		1.40	%		30.04	%
2019		13			22.14		277		-			1.40	%		36.24	%
MFS High Yield Portfolio
2023		0	*		13.08		4		5.71	%		1.40	%		10.86	%
2022		0	*		11.80		4		5.37	%		1.40	%		(11.75	)%
2021		0	*		13.37		5		4.96	%		1.40	%		2.06	%
2020		-			13.10		5		4.70	%		1.40	%		3.63	%
2019		-			12.65		6		5.81	%		1.40	%		13.22	%
MFS Investors Trust Series, Initial Class
2023		4			32.85		118		0.73	%		1.40	%		17.34	%
2022		4			27.99		101		0.63	%		1.40	%		(17.64	)%
2021		4			33.99		128		0.65	%		1.40	%		25.06	%
2020		4			27.18		108		0.64	%		1.40	%		12.30	%
2019		4			24.20		96		1.05	%		1.40	%		29.76	%
MFS Research Series, Initial Class
2023		1			31.31		29		0.50	%		1.40	%		20.73	%
2022		1			25.93		26		0.44	%		1.40	%		(18.35	)%
2021		1			31.76		36		0.55	%		1.40	%		23.08	%
2020		1			25.81		29		1.02	%		1.40	%		14.98	%
2019		1			22.44		26		1.35	%		1.40	%		31.11	%

	As of December 31							For the period ended December 31
Subaccount	Units (000's)			Unit Fair Value		Net Assets (000's)		Investment Income Ratio ^(a)			Expense Ratio ^(b)			Total Return ^(c)

MFS Total Return Series, Initial Class
2023		7		$	28.42	$	206		2.06	%		1.40	%		8.92	%
2022		7			26.09		193		1.59	%		1.40	%		(10.83	)%
2021		9			29.26		252		1.82	%		1.40	%		12.54	%
2020		9			26.00		236		2.08	%		1.40	%		8.30	%
2019		10			24.01		235		2.39	%		1.40	%		18.72	%
MFS Value Series, Initial Class
2023		0	*		32.48		4		1.65	%		1.40	%		6.45	%
2022		0	*		30.52		4		1.34	%		1.40	%		(7.20	)%
2021		0	*		32.89		4		1.02	%		1.40	%		23.72	%
2020		-			26.58		6		1.52	%		1.40	%		2.05	%
2019		-			26.05		6		2.20	%		1.40	%		28.01	%
Templeton Foreign VIP Fund, Class 2
2023		2			15.96		48		3.19	%		1.40	%		19.09	%
2022		2			13.41		48		2.21	%		1.40	%		(8.88	)%
2021		3			17.87		46		1.55	%		1.40	%		2.72	%
2020		3			14.32		49		3.11	%		1.40	%		(2.52	)%
2019		4			14.69		56		1.84	%		1.40	%		10.98	%
Templeton Global Bond VIP Fund, Class 2
2023		1			17.43		10		0.00	%		1.40	%		1.47	%
2022		1			17.18		9		0.00	%		1.40	%		(6.26	)%
2021		1			18.33		10		0.00	%		1.40	%		(6.30	)%
2020		1			19.56		11		8.69	%		1.40	%		(6.59	)%
2019		1			20.94		12		7.14	%		1.40	%		0.60	%

* The Subaccount has units and/or dollars that round to less than one thousand.

^(a) These ratios represent the dividends received by the Subaccount, excluding distributions of capital gains, divided by the daily average net assets. 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.

7. SUBSEQUENT EVENTS

The Separate Account has evaluated the effects of events subsequent to December 31, 2023, and through the date at which the financial statements were available to be issued. All accounting and disclosure requirements related to subsequent events are included in our financial statements.