Titanium Universal Life Variable 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 Titanium Universal Life 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 Universal Life 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 Universal Life 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 High Income 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 UNIVERSAL LIFE 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⁾	$	403,611	$	4,429,807	$	1,473,936	$	2,635,344	$	2,843,417	$	1,294,340	$	2,289,247
Receivable from the Policies		-		-		-		-		-		-		-
Receivable from the fund manager		37		168		373		457		380		22		348
Total assets		403,648		4,429,975		1,474,309		2,635,801		2,843,797		1,294,362		2,289,595

LIABILITIES:
Payable to the Policies		37		168		373		457		380		22		348
Payable to the fund manager		-		-		-		-		-		-		-
Payable to the Company		3		63,849		11		22,710		18,430		17		27
Total liabilities		40		64,017		384		23,167		18,810		39		375

NET ASSETS	$	403,608	$	4,365,958	$	1,473,925	$	2,612,634	$	2,824,987	$	1,294,323	$	2,289,220

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		21,321		56,633		53,774		42,220		168,749		78,302		111,889

⁽¹⁾Investments in mutual fund shares, at cost	$	349,597	$	4,732,105	$	1,181,927	$	2,951,089	$	3,563,419	$	1,924,628	$	3,268,395

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

														(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE 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⁾	$	112,343	$	342,993	$	2,274,425	$	697,801	$	697,110	$	3,516,222	$	47,608
Receivable from the Policies		-		-		-		-		-		-		-
Receivable from the fund manager		2		13		394		72		4		1,323		1
Total assets		112,345		343,006		2,274,819		697,873		697,114		3,517,545		47,609

LIABILITIES:
Payable to the Policies		2		13		394		72		4		1,323		1
Payable to the fund manager		-		-		-		-		-		-		-
Payable to the Company		1		3		28		5		1,064		11		-
Total liabilities		3		16		422		77		1,068		1,334		1

NET ASSETS	$	112,342	$	342,990	$	2,274,397	$	697,796	$	696,046	$	3,516,211	$	47,608

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		6,014		181,478		87,512		15,514		19,906		3,516,222		3,054

⁽¹⁾Investments in mutual fund shares, at cost	$	126,696	$	443,734	$	2,276,151	$	696,604	$	791,291	$	3,516,222	$	41,995

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

														(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE VARIABLE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023

	SUBACCOUNTS
	DWS Equity 500 Index VIP, Class A		DWS High Income 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

ASSETS:
Investments at fair value ⁽¹⁾	$	318,572	$	36,406	$	793,579	$	100,273	$	124,327	$	830,657	$	3,644,414
Receivable from the Policies		-		-		-		-		-		33		-
Receivable from the fund manager		4		-		33		2		3		-		690
Total assets		318,576		36,406		793,612		100,275		124,330		830,690		3,645,104

LIABILITIES:
Payable to the Policies		4		-		33		2		3		-		690
Payable to the fund manager		-		-		-		-		-		33		-
Payable to the Company		3		-		9		2		1		13		1,098
Total liabilities		7		-		42		4		4		46		1,788

NET ASSETS	$	318,569	$	36,406	$	793,570	$	100,271	$	124,326	$	830,644	$	3,643,316

Fair value per share (NAV)	$	26.97	$	5.63	$	13.63	$	13.70	$	13.86	$	12.55	$	58.96
Shares outstanding in the Separate Account		11,812		6,466		58,223		7,320		8,970		66,188		61,812

⁽¹⁾Investments in mutual fund shares, at cost	$	276,212	$	38,225	$	857,786	$	115,422	$	119,857	$	936,783	$	3,956,554

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

														(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE VARIABLE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023

	SUBACCOUNTS
	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		Invesco V.I. Government Securities Fund, Series I		Invesco V.I. Technology Fund, Series I		MFS Growth Series, Initial Class

ASSETS:
Investments at fair value ⁽¹⁾	$	2,683,018	$	37,118	$	672,833	$	1,147,674	$	138,373	$	2,614,855	$	2,354,053
Receivable from the Policies		-		-		-		-		-		-		-
Receivable from the fund manager		285		-		22		29		2		851		65
Total assets		2,683,303		37,118		672,855		1,147,703		138,375		2,615,706		2,354,118

LIABILITIES:
Payable to the Policies		285		-		22		29		2		851		65
Payable to the fund manager		-		-		-		-		-		-		-
Payable to the Company		1,743		-		-		8		-		28		19
Total liabilities		2,028		-		22		37		2		879		84

NET ASSETS	$	2,681,275	$	37,118	$	672,833	$	1,147,666	$	138,373	$	2,614,827	$	2,354,034

Fair value per share (NAV)	$	29.29	$	62.81	$	16.48	$	34.09	$	10.32	$	18.50	$	60.29
Shares outstanding in the Separate Account		91,602		591		40,827		33,666		13,408		141,343		39,046

⁽¹⁾Investments in mutual fund shares, at cost	$	2,887,750	$	42,838	$	774,505	$	1,180,436	$	155,623	$	3,161,414	$	2,309,018

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

														(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE VARIABLE ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2023

	SUBACCOUNTS
	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

ASSETS:
Investments at fair value ⁽¹⁾	$	74,786	$	317,453	$	471,008	$	1,194,923	$	78,058	$	553,739	$	170,271
Receivable from the Policies		-		-		6		-		-		162		-
Receivable from the fund manager		1		11		-		142		3		-		3
Total assets		74,787		317,464		471,014		1,195,065		78,061		553,901		170,274

LIABILITIES:
Payable to the Policies		1		11		-		142		3		-		3
Payable to the fund manager		-		-		6		-		-		162		-
Payable to the Company		-		959		4		8		1		4		1
Total liabilities		1		970		10		150		4		166		4

NET ASSETS	$	74,786	$	316,494	$	471,004	$	1,194,915	$	78,057	$	553,735	$	170,270

Fair value per share (NAV)	$	5.00	$	35.99	$	31.97	$	23.26	$	21.27	$	14.24	$	12.84
Shares outstanding in the Separate Account		14,957		8,821		14,733		51,372		3,670		38,886		13,261

⁽¹⁾Investments in mutual fund shares, at cost	$	82,324	$	320,137	$	454,749	$	1,227,918	$	74,891	$	520,932	$	198,133

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

														(Concluded)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE 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	$	5,487	$	-		$	19,022	$	-		$	-		$	-		$	-

EXPENSES:
Mortality and expense risk		1,805		15,582			5,291		9,440			11,176			5,109			7,955

NET INVESTMENT INCOME (LOSS)		3,682		(15,582	)		13,731		(9,440	)		(11,176	)		(5,109	)		(7,955	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		1,080		(52,581	)		14,909		(54,516	)		(68,557	)		(47,785	)		(51,156	)
Capital gain distributions		1,317		-			42,675		-			-			-			-

Net realized gain (loss) on investments		2,397		(52,581	)		57,584		(54,516	)		(68,557	)		(47,785	)		(51,156	)

Change in net unrealized appreciation (depreciation) on investments		52,174		1,425,964			219,702		724,385			614,861			230,955			437,818

Net realized and unrealized gain (loss) on investments		54,571		1,373,383			277,286		669,869			546,304			183,170			386,662

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	58,253	$	1,357,801		$	291,017	$	660,429		$	535,128		$	178,061		$	378,707

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

																		(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE 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	$	999		$	5,958		$	-		$	4,653		$	4,783		$	159,036	$	786

EXPENSES:
Mortality and expense risk		516			1,549			8,423			2,098			2,756			14,836		215

NET INVESTMENT INCOME (LOSS)		483			4,409			(8,423	)		2,555			2,027			144,200		571

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		(3,353	)		(18,082	)		(14,889	)		(3,287	)		(18,843	)		-		148
Capital gain distributions		3,217			-			175,338			74,721			58,017			-		-

Net realized gain (loss) on investments		(136	)		(18,082	)		160,449			71,434			39,174			-		148

Change in net unrealized appreciation (depreciation) on investments		15,458			61,125			329,801			60,704			84,260			-		7,595

Net realized and unrealized gain (loss) on investments		15,322			43,043			490,250			132,138			123,434			-		7,743

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	15,805		$	47,452		$	481,827		$	134,693		$	125,461		$	144,200	$	8,314

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

																			(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE VARIABLE ACCOUNT

STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	DWS Equity 500 Index VIP, Class A		DWS High Income 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

INVESTMENT INCOME:
Dividend income	$	3,956	$	1,771		$	7,780		$	23		$	1,298		$	21,387		$	-

EXPENSES:
Mortality and expense risk		1,189		110			3,203			405			475			3,629			12,117

NET INVESTMENT INCOME (LOSS)		2,767		1,661			4,577			(382	)		823			17,758			(12,117	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		3,547		(269	)		(7,609	)		(5,333	)		(223	)		(13,220	)		(66,648	)
Capital gain distributions		14,927		-			16,678			3,133			4,360			-			72,018

Net realized gain (loss) on investments		18,474		(269	)		9,069			(2,200	)		4,137			(13,220	)		5,370

Change in net unrealized appreciation (depreciation) on investments		44,715		2,208			98,222			19,024			9,935			78,569			1,091,508

Net realized and unrealized gain (loss) on investments		63,189		1,939			107,291			16,824			14,072			65,349			1,096,878

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	65,956	$	3,600		$	111,868		$	16,442		$	14,895		$	83,107		$	1,084,761

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

																			(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE VARIABLE ACCOUNT

STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	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			Invesco V.I. Government Securities Fund, Series I			Invesco V.I. Technology Fund, Series I			MFS Growth Series, Initial Class

INVESTMENT INCOME:
Dividend income	$	18,274		$	-		$	12,767		$	2,131		$	2,791		$	-		$	-

EXPENSES:
Mortality and expense risk		8,904			-			590			4,545			557			8,008			7,913

NET INVESTMENT INCOME (LOSS)		9,370			-			12,177			(2,414	)		2,234			(8,008	)		(7,913	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		(33,000	)		(1,192	)		(8,755	)		(15,541	)		(572	)		(69,234	)		(12,834	)
Capital gain distributions		58,972			-			33,434			798			-			-			165,292

Net realized gain (loss) on investments		25,972			(1,192	)		24,679			(14,743	)		(572	)		(69,234	)		152,458

Change in net unrealized appreciation (depreciation) on investments		480,270			5,499			27,498			194,592			3,818			928,411			485,079

Net realized and unrealized gain (loss) on investments		506,242			4,307			52,177			179,849			3,246			859,177			637,537

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	515,612		$	4,307		$	64,354		$	177,435		$	5,480		$	851,169		$	629,624

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

																				(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE VARIABLE ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	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

INVESTMENT INCOME:
Dividend income	$	4,030		$	2,143		$	2,205		$	23,383		$	1,202		$	16,447		$	-

EXPENSES:
Mortality and expense risk		335			939			1,679			4,699			285			2,426			764

NET INVESTMENT INCOME (LOSS)		3,695			1,204			526			18,684			917			14,021			(764	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		(598	)		(39	)		(1,175	)		(7,210	)		275			(485	)		(4,095	)
Capital gain distributions		-			16,491			23,300			48,700			5,053			-			-

Net realized gain (loss) on investments		(598	)		16,452			22,125			41,490			5,328			(485	)		(4,095	)

Change in net unrealized appreciation (depreciation) on investments		4,774			32,664			62,571			50,959			(965	)		82,909			8,914

Net realized and unrealized gain (loss) on investments		4,176			49,116			84,696			92,449			4,363			82,424			4,819

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	7,871		$	50,320		$	85,222		$	111,133		$	5,280		$	96,445		$	4,055

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

(Concluded)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE 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)	$	3,682		$	(15,582	)	$	13,731		$	(9,440	)	$	(11,176	)	$	(5,109	)	$	(7,955	)
Net realized gain (loss) on investments		2,397			(52,581	)		57,584			(54,516	)		(68,557	)		(47,785	)		(51,156	)
Change in net unrealized appreciation (depreciation) on investments		52,174			1,425,964			219,702			724,385			614,861			230,955			437,818

Net increase (decrease) in net assets resulting from operations		58,253			1,357,801			291,017			660,429			535,128			178,061			378,707

POLICY TRANSACTIONS:
Policy owners' net payments		14,303			109,119			62,683			77,852			129,033			53,157			73,560
Policy maintenance charges		(10,875	)		(116,297	)		(70,385	)		(86,495	)		(117,844	)		(46,343	)		(81,368	)
Policy owners' benefits		-			(82,431	)		(76,691	)		(99,274	)		(106,619	)		(49,471	)		(48,246	)
Net transfers (to) from the Company and/or Subaccounts		(4,541	)		(79,656	)		(53,913	)		(11,929	)		14,889			53,210			50,284

Increase (decrease) in net assets resulting from Policy transactions		(1,113	)		(169,265	)		(138,306	)		(119,846	)		(80,541	)		10,553			(5,770	)

Total increase (decrease) in net assets		57,140			1,188,536			152,711			540,583			454,587			188,614			372,937

NET ASSETS:
Beginning of period		346,468			3,177,422			1,321,214			2,072,051			2,370,400			1,105,709			1,916,283

End of period	$	403,608		$	4,365,958		$	1,473,925		$	2,612,634		$	2,824,987		$	1,294,323		$	2,289,220

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

(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE 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)	$	483		$	4,409		$	(8,423	)	$	2,555		$	2,027		$	144,200		$	571
Net realized gain (loss) on investments		(136	)		(18,082	)		160,449			71,434			39,174			-			148
Change in net unrealized appreciation (depreciation) on investments		15,458			61,125			329,801			60,704			84,260			-			7,595

Net increase (decrease) in net assets resulting from operations		15,805			47,452			481,827			134,693			125,461			144,200			8,314

POLICY TRANSACTIONS:
Policy owners' net payments		4,877			18,452			85,853			18,301			28,034			301,482			3,859
Policy maintenance charges		(7,503	)		(14,043	)		(91,576	)		(23,942	)		(31,445	)		(286,834	)		(3,093	)
Policy owners' benefits		-			(20,605	)		(92,962	)		(19,192	)		(47,692	)		(236,295	)		(4,314	)
Net transfers (to) from the Company and/or Subaccounts		(7,107	)		(13,771	)		(25,017	)		1,445			(18,129	)		480,906			37

Increase (decrease) in net assets resulting from Policy transactions		(9,733	)		(29,967	)		(123,702	)		(23,388	)		(69,232	)		259,259			(3,511	)

Total increase (decrease) in net assets		6,072			17,485			358,125			111,305			56,229			403,459			4,803

NET ASSETS:
Beginning of period		106,270			325,505			1,916,272			586,491			639,817			3,112,752			42,805

End of period	$	112,342		$	342,990		$	2,274,397		$	697,796		$	696,046		$	3,516,211		$	47,608

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

(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	DWS Equity 500 Index VIP, Class A			DWS High Income 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

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	2,767		$	1,661		$	4,577		$	(382	)	$	823		$	17,758		$	(12,117	)
Net realized gain (loss) on investments		18,474			(269	)		9,069			(2,200	)		4,137			(13,220	)		5,370
Change in net unrealized appreciation (depreciation) on investments		44,715			2,208			98,222			19,024			9,935			78,569			1,091,508

Net increase (decrease) in net assets resulting from operations		65,956			3,600			111,868			16,442			14,895			83,107			1,084,761

POLICY TRANSACTIONS:
Policy owners' net payments		25,544			2,561			32,737			3,489			6,629			48,642			129,836
Policy maintenance charges		(28,746	)		(2,775	)		(34,095	)		(5,362	)		(5,434	)		(30,333	)		(140,258	)
Policy owners' benefits		(6,541	)		(251	)		(21,346	)		(12,420	)		-			(38,722	)		(122,289	)
Net transfers (to) from the Company and/or Subaccounts		(2,887	)		150			22,655			(336	)		9,097			26,889			(41,727	)

Increase (decrease) in net assets resulting from Policy transactions		(12,630	)		(315	)		(49	)		(14,629	)		10,292			6,476			(174,438	)

Total increase (decrease) in net assets		53,326			3,285			111,819			1,813			25,187			89,583			910,323

NET ASSETS:
Beginning of period		265,243			33,121			681,751			98,458			99,139			741,061			2,732,993

End of period	$	318,569		$	36,406		$	793,570		$	100,271		$	124,326		$	830,644		$	3,643,316

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

(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	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			Invesco V.I. Government Securities Fund, Series I			Invesco V.I. Technology Fund, Series I			MFS Growth Series, Initial Class

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	9,370		$	-		$	12,177		$	(2,414	)	$	2,234		$	(8,008	)	$	(7,913	)
Net realized gain (loss) on investments		25,972			(1,192	)		24,679			(14,743	)		(572	)		(69,234	)		152,458
Change in net unrealized appreciation (depreciation) on investments		480,270			5,499			27,498			194,592			3,818			928,411			485,079

Net increase (decrease) in net assets resulting from operations		515,612			4,307			64,354			177,435			5,480			851,169			629,624

POLICY TRANSACTIONS:
Policy owners' net payments		114,075			1,709			28,600			55,521			5,679			84,782			54,718
Policy maintenance charges		(108,894	)		(920	)		(30,657	)		(51,042	)		(3,496	)		(89,050	)		(67,242	)
Policy owners' benefits		(120,647	)		(3,363	)		(25,433	)		(62,475	)		(173	)		(46,727	)		(66,405	)
Net transfers (to) from the Company and/or Subaccounts		(28,601	)		(9	)		6,797			(13,946	)		4,576			(37,115	)		(4,529	)

Increase (decrease) in net assets resulting from Policy transactions		(144,067	)		(2,583	)		(20,693	)		(71,942	)		6,586			(88,110	)		(83,458	)

Total increase (decrease) in net assets		371,545			1,724			43,661			105,493			12,066			763,059			546,166

NET ASSETS:
Beginning of period		2,309,730			35,394			629,172			1,042,173			126,307			1,851,768			1,807,868

End of period	$	2,681,275		$	37,118		$	672,833		$	1,147,666		$	138,373		$	2,614,827		$	2,354,034

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

(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

	SUBACCOUNTS
	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

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	3,695		$	1,204		$	526		$	18,684		$	917		$	14,021		$	(764	)
Net realized gain (loss) on investments		(598	)		16,452			22,125			41,490			5,328			(485	)		(4,095	)
Change in net unrealized appreciation (depreciation) on investments		4,774			32,664			62,571			50,959			(965	)		82,909			8,914

Net increase (decrease) in net assets resulting from operations		7,871			50,320			85,222			111,133			5,280			96,445			4,055

POLICY TRANSACTIONS:
Policy owners' net payments		4,558			7,618			15,981			63,185			2,399			26,620			11,265
Policy maintenance charges		(3,875	)		(11,308	)		(15,520	)		(61,945	)		(2,202	)		(24,968	)		(9,498	)
Policy owners' benefits		(251	)		(7,900	)		(9,454	)		(85,235	)		(1,211	)		(4,829	)		(7,657	)
Net transfers (to) from the Company and/or Subaccounts		61,151			(56,205	)		2,161			10,716			9,048			(37,890	)		(311	)

Increase (decrease) in net assets resulting from Policy transactions		61,583			(67,795	)		(6,832	)		(73,279	)		8,034			(41,067	)		(6,201	)

Total increase (decrease) in net assets		69,454			(17,475	)		78,390			37,854			13,314			55,378			(2,146	)

NET ASSETS:
Beginning of period		5,332			333,969			392,614			1,157,061			64,743			498,357			172,416

End of period	$	74,786		$	316,494		$	471,004		$	1,194,915		$	78,057		$	553,735		$	170,270

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

(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE 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)	$	2,526		$	(15,651	)	$	14,320		$	(10,167	)	$	(11,800	)	$	(5,717	)	$	(8,440	)
Net realized gain (loss) on investments		21,684			215,087			222,229			106,272			(23,345	)		141,508			703,386
Change in net unrealized appreciation (depreciation) on investments		(73,274	)		(2,079,372	)		(489,408	)		(1,408,088	)		(1,297,588	)		(812,483	)		(1,866,989	)

Net increase (decrease) in net assets resulting from operations		(49,064	)		(1,879,936	)		(252,859	)		(1,311,984	)		(1,332,734	)		(676,693	)		(1,172,043	)

POLICY TRANSACTIONS:
Policy owners' net payments		15,493			115,378			61,162			88,285			134,971			57,721			82,384
Policy maintenance charges		(10,778	)		(109,712	)		(72,156	)		(89,995	)		(115,861	)		(47,395	)		(80,861	)
Policy owners' benefits		(18,307	)		(89,630	)		(63,119	)		(40,112	)		(94,135	)		(32,245	)		(59,370	)
Net transfers (to) from the Company and/or Subaccounts		(18,704	)		114,724			(66,678	)		94,690			196,780			77,371			115,302

Increase (decrease) in net assets resulting from Policy transactions		(32,297	)		30,760			(140,791	)		52,869			121,756			55,453			57,455

Total increase (decrease) in net assets		(81,361	)		(1,849,175	)		(393,650	)		(1,259,115	)		(1,210,978	)		(621,240	)		(1,114,588	)

NET ASSETS:
Beginning of period		427,829			5,026,597			1,714,863			3,331,165			3,581,378			1,726,948			3,030,871

End of period	$	346,468		$	3,177,422		$	1,321,214		$	2,072,051		$	2,370,400		$	1,105,709		$	1,916,283

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

(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE 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)	$	151		$	12,573		$	(8,917	)	$	1,675		$	29,386		$	1,145		$	658
Net realized gain (loss) on investments		12,093			(33,311	)		459,437			196,088			-			94,109			149
Change in net unrealized appreciation (depreciation) on investments		(34,813	)		(27,015	)		(994,326	)		(351,363	)		-			(276,915	)		(9,880	)

Net increase (decrease) in net assets resulting from operations		(22,569	)		(47,753	)		(543,807	)		(153,600	)		29,386			(181,662	)		(9,073	)

POLICY TRANSACTIONS:
Policy owners' net payments		4,877			20,409			90,832			28,829			283,616			19,396			4,162
Policy maintenance charges		(6,974	)		(17,766	)		(89,794	)		(33,173	)		(295,401	)		(24,278	)		(4,216	)
Policy owners' benefits		-			(19,084	)		(38,878	)		(32,550	)		(49,606	)		(12,845	)		(2,255	)
Net transfers (to) from the Company and/or Subaccounts		(372	)		(14,324	)		(126,143	)		(17,320	)		(971,117	)		4,354			(3,398	)

Increase (decrease) in net assets resulting from Policy transactions		(2,469	)		(30,765	)		(163,983	)		(54,214	)		(1,032,507	)		(13,372	)		(5,708	)

Total increase (decrease) in net assets		(25,038	)		(78,517	)		(707,790	)		(207,814	)		(1,003,121	)		(195,034	)		(14,781	)

NET ASSETS:
Beginning of period		131,309			404,023			2,624,061			847,631			4,115,874			781,523			57,586

End of period	$	106,270		$	325,505		$	1,916,272		$	639,817		$	3,112,752		$	586,491		$	42,805

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

(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	DWS Equity 500 Index VIP, Class A			DWS High Income 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

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	2,511		$	1,621		$	3,583		$	(491	)	$	428		$	15,986		$	(12,233	)
Net realized gain (loss) on investments		23,174			(383	)		126,424			8,466			1,821			50,025			866,768
Change in net unrealized appreciation (depreciation) on investments		(89,631	)		(4,526	)		(321,716	)		(47,448	)		(21,426	)		(339,097	)		(2,132,568	)

Net increase (decrease) in net assets resulting from operations		(63,946	)		(3,289	)		(191,710	)		(39,473	)		(19,178	)		(273,086	)		(1,278,033	)

POLICY TRANSACTIONS:
Policy owners' net payments		30,902			3,536			34,723			4,139			6,649			50,249			136,380
Policy maintenance charges		(28,198	)		(2,627	)		(34,378	)		(5,991	)		(5,126	)		(31,247	)		(132,890	)
Policy owners' benefits		(5,748	)		(9	)		(29,625	)		(701	)		(82	)		(56,795	)		(132,675	)
Net transfers (to) from the Company and/or Subaccounts		(6,855	)		(678	)		(21,970	)		1,315			(2,659	)		(38,315	)		41,776

Increase (decrease) in net assets resulting from Policy transactions		(9,899	)		222			(51,250	)		(1,238	)		(1,218	)		(76,109	)		(87,408	)

Total increase (decrease) in net assets		(73,845	)		(3,067	)		(242,960	)		(40,711	)		(20,396	)		(349,195	)		(1,365,441	)

NET ASSETS:
Beginning of period		339,087			36,188			924,711			139,170			119,536			1,090,257			4,098,434

End of period	$	265,243		$	33,121		$	681,751		$	98,458		$	99,139		$	741,061		$	2,732,993

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

(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	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			Invesco V.I. Government Securities Fund, Series I			Invesco V.I. Technology Fund, Series I			MFS Growth Series, Initial Class

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	13,841		$	-		$	11,157		$	14,269		$	2,076		$	(8,454	)	$	(8,102	)
Net realized gain (loss) on investments		379,072			10,710			79,594			113,940			(1,008	)		909,477			270,400
Change in net unrealized appreciation (depreciation) on investments		(1,034,333	)		(25,970	)		(147,872	)		(376,534	)		(16,221	)		(2,158,785	)		(1,138,163	)

Net increase (decrease) in net assets resulting from operations		(641,420	)		(15,260	)		(57,120	)		(248,325	)		(15,153	)		(1,257,762	)		(875,866	)

POLICY TRANSACTIONS:
Policy owners' net payments		118,476			2,013			33,464			60,839			6,742			88,503			56,116
Policy maintenance charges		(106,933	)		(1,504	)		(35,700	)		(51,606	)		(6,436	)		(85,344	)		(64,858	)
Policy owners' benefits		(121,735	)		(23	)		(41,857	)		(34,490	)		(1,451	)		(73,808	)		(37,803	)
Net transfers (to) from the Company and/or Subaccounts		(98,449	)		916			(43,423	)		(15,545	)		568			34,834			(30,472	)

Increase (decrease) in net assets resulting from Policy transactions		(208,641	)		1,402			(87,516	)		(40,802	)		(577	)		(35,815	)		(77,018	)

Total increase (decrease) in net assets		(850,061	)		(13,858	)		(144,636	)		(289,126	)		(15,731	)		(1,293,577	)		(952,884	)

NET ASSETS:
Beginning of period		3,159,790			49,251			773,808			1,331,298			142,038			3,145,346			2,760,752

End of period	$	2,309,730		$	35,394		$	629,172		$	1,042,173		$	126,307		$	1,851,768		$	1,807,868

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

(Continued)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE VARIABLE ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	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

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)	$	3,493		$	890		$	270		$	15,891		$	635		$	13,980		$	(846	)
Net realized gain (loss) on investments		(1,928	)		89,301			62,803			118,822			4,712			(11,658	)		(8,473	)
Change in net unrealized appreciation (depreciation) on investments		(9,790	)		(149,017	)		(157,980	)		(277,920	)		(8,755	)		(53,911	)		(1,068	)

Net increase (decrease) in net assets resulting from operations		(8,224	)		(58,826	)		(94,907	)		(143,207	)		(3,408	)		(51,588	)		(10,387	)

POLICY TRANSACTIONS:
Policy owners' net payments		4,269			8,397			17,439			65,301			2,399			30,513			11,483
Policy maintenance charges		(3,743	)		(14,459	)		(16,045	)		(64,695	)		(1,961	)		(24,332	)		(17,409	)
Policy owners' benefits		(471	)		(1,499	)		(25,529	)		(76,287	)		-			(59,228	)		(9,900	)
Net transfers (to) from the Company and/or Subaccounts		(60,880	)		45,226			(49,030	)		(66,340	)		9,652			(29,349	)		(4,833	)

Increase (decrease) in net assets resulting from Policy transactions		(60,825	)		37,665			(73,164	)		(142,020	)		10,091			(82,396	)		(20,659	)

Total increase (decrease) in net assets		(69,049	)		(21,161	)		(168,071	)		(285,228	)		6,683			(133,985	)		(31,046	)

NET ASSETS:
Beginning of period		74,379			355,130			560,685			1,442,290			58,062			632,342			203,463

End of period	$	5,332		$	333,969		$	392,614		$	1,157,061		$	64,743		$	498,357		$	172,416

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

(Concluded)

See accompanying notes to financial statements.

TITANIUM UNIVERSAL LIFE VARIABLE ACCOUNT

NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2023

1. ORGANIZATION

The Titanium Universal Life 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 life policies (the “Policies”) is not chargeable with liabilities arising out of any other business the Company may conduct.

The Separate Account is a funding vehicle for individual variable life insurance Policies; it consists of a number of Subaccounts (the “Subaccounts”), also commonly referred to as investment divisions or funds, each of which is treated as an individual accounting entity for financial reporting purposes. The Separate Account's value at any time is allocated among Policy owners based on the number and value of their accumulation units representing their interest in the Separate Account; all of the investible assets of the Separate Account are invested in the corresponding mutual funds.

Policy owners may allocate some or all of the applicable net payments or transfer some or all of the Policy value to the Company’s guaranteed account, which is not included in these financial statements. The assets of the Company support its insurance and annuity obligations and are subject to the Company's general liabilities from business operations.

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

The following is the variable life insurance product funded by the Separate Account:

Titanium Variable Universal Life

For the years or periods 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 High Income 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. 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 Policies and the fund manager

Receivables and payables from (to) the Policies and the fund manager include trading activity initiated at the Policy level from the last business day of the year that has not yet been settled with the fund manager.

Receivables and payables from (to) the Company

Receivables and payables from (to) the Company include accruals for the variance between investments and reserves applicable to the Subaccount.

Dividend income and capital gain distributions

Dividend income and capital gain distributions are recorded on the ex-dividend date and are reinvested in additional shares of the mutual funds. Ordinary dividend and capital gain distributions are recognized within net investment income and net realized gains, respectively, as recorded in the financial statements of the Subaccounts.

Net realized gains and losses

Net realized gains and losses on investments include gains and losses on redemptions of the Subaccounts’ shares (determined 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 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 Policies, the Company has the right to charge the Separate Account for federal income tax attributable to the Separate Account. No charge has been made against the Separate Account for such tax during the year ended December 31, 2023. Management will periodically review the application of this policy in the event of changes in tax law. Accordingly, a change may be made in future years to consider charges for any federal income taxes that would be attributable to the Policies.

Use of estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that could affect the reported amounts of assets and liabilities, as well as the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from the estimates reported in the accompanying financial statements.

Risks and uncertainties

The Separate Account provides for various investment options in any combination of Subaccounts, each of which bears exposure to the market, credit, and liquidity risks of the underlying portfolio in which it invests. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of investments, it is at least reasonably possible that changes in risks in the near term could materially affect investment balances, the amounts reported in the statements of assets and liabilities, of operations and of changes in net assets. Accordingly, these financial statements should be read in conjunction with the financial statements and footnotes of the underlying Subaccounts identified in Note 1.

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	$	17,713	$	13,825
Alger Capital Appreciation Portfolio, Class I-2		69,169		234,965
Alger Growth & Income Portfolio, Class I-2		84,549		166,438
Alger Large Cap Growth Portfolio, Class I-2		78,950		202,707
Alger Mid Cap Growth Portfolio, Class I-2		81,077		170,387
Alger Small Cap Growth Portfolio, Class I-2		77,428		73,081
Allspring VT Discovery SMID Cap Growth Fund, Class 2		75,149		93,570
Allspring VT Index Asset Allocation Fund, Class 2		7,527		13,559
Allspring VT International Equity Fund, Class 1		17,571		43,662
Allspring VT Opportunity Fund, Class 2		209,059		165,817
BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares		91,981		38,088
BNY Mellon VIF Appreciation Portfolio, Initial Shares		74,997		84,001
BNY Mellon VIF Government Money Market Portfolio, Single Share		486,414		528,914
DWS CROCI U.S. VIP, Class A		4,239		7,181
DWS Equity 500 Index VIP, Class A		40,294		35,216
DWS High Income VIP, Class A		4,086		2,739
DWS Small Cap Index VIP, Class A		62,868		41,653
DWS Small Mid Cap Growth VIP, Class A		7,691		19,562
DWS Small Mid Cap Value VIP, Class A		20,380		4,904
Franklin Global Real Estate VIP Fund, Class 2		88,182		63,935
Invesco V.I. American Franchise Fund, Series I		140,652		263,087
Invesco V.I. Core Equity Fund, Series I		151,450		226,886
Invesco V.I. Discovery Mid Cap Growth Fund, Series I		1,513		4,100
Invesco V.I. Equity and Income Fund, Series I		75,661		50,744
Invesco V.I. EQV International Equity Fund, Series I		41,618		115,877
Invesco V.I. Government Securities Fund, Series I		12,701		3,881
Invesco V.I. Technology Fund, Series I		56,380		153,654
MFS Growth Series, Initial Class		197,211		128,671
MFS High Yield Portfolio		8,532		3,796
MFS Investors Trust Series, Initial Class		23,389		12,822
MFS Research Series, Initial Class		38,065		21,066
MFS Total Return Series, Initial Class		124,002		129,888
MFS Value Series, Initial Class		20,042		6,037
Templeton Foreign VIP Fund, Class 2		29,544		56,585
Templeton Global Bond VIP Fund, Class 2		11,996		18,961

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		412		415		(3	)		1,380		2,002		(622	)
Alger Capital Appreciation Portfolio, Class I-2		3,629		10,247		(6,618	)		30,641		13,421		17,220
Alger Growth & Income Portfolio, Class I-2		1,141		8,371		(7,230	)		18,449		13,355		5,094
Alger Large Cap Growth Portfolio, Class I-2		5,652		11,660		(6,008	)		41,834		15,740		26,094
Alger Mid Cap Growth Portfolio, Class I-2		4,324		9,034		(4,710	)		31,852		12,437		19,415
Alger Small Cap Growth Portfolio, Class I-2		4,973		4,468		505			19,641		7,089		12,552
Allspring VT Discovery SMID Cap Growth Fund, Class 2		5,366		5,918		(552	)		33,049		13,063		19,986
Allspring VT Index Asset Allocation Fund, Class 2		116		472		(356	)		139		221		(82	)
Allspring VT International Equity Fund, Class 1		771		2,494		(1,723	)		2,064		3,676		(1,612	)
Allspring VT Opportunity Fund, Class 2		1,805		6,742		(4,937	)		21,765		12,574		9,191
BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares		740		2,284		(1,544	)		12,228		7,543		4,685
BNY Mellon VIF Appreciation Portfolio, Initial Shares		562		3,571		(3,009	)		5,161		3,738		1,423
BNY Mellon VIF Government Money Market Portfolio, Single Share		29,145		45,819		(16,674	)		52,851		110,694		(57,843	)
DWS CROCI U.S. VIP, Class A		166		328		(162	)		589		706		(117	)
DWS Equity 500 Index VIP, Class A		652		947		(295	)		1,584		1,317		267
DWS High Income VIP, Class A		163		164		(1	)		2,355		1,200		1,155
DWS Small Cap Index VIP, Class A		1,448		1,270		178			4,849		3,340		1,509
DWS Small Mid Cap Growth VIP, Class A		208		1,022		(814	)		993		780		213
DWS Small Mid Cap Value VIP, Class A		804		213		591			268		311		(43	)
Franklin Global Real Estate VIP Fund, Class 2		4,040		3,959		81			4,549		7,240		(2,691	)
Invesco V.I. American Franchise Fund, Series I		4,773		16,583		(11,810	)		27,785		21,029		6,756
Invesco V.I. Core Equity Fund, Series I		4,534		12,184		(7,650	)		23,693		25,565		(1,872	)
Invesco V.I. Discovery Mid Cap Growth Fund, Series I		117		326		(209	)		230		117		113
Invesco V.I. Equity and Income Fund, Series I		2,856		4,841		(1,985	)		10,098		18,963		(8,865	)
Invesco V.I. EQV International Equity Fund, Series I		2,314		6,914		(4,600	)		9,494		8,722		772
Invesco V.I. Government Securities Fund, Series I		755		272		483			616		637		(21	)
Invesco V.I. Technology Fund, Series I		5,214		12,815		(7,601	)		38,856		34,321		4,535
MFS Growth Series, Initial Class		1,978		7,501		(5,523	)		17,017		12,194		4,823

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

MFS High Yield Portfolio		341		264		77			782		687		95
MFS Investors Trust Series, Initial Class		241		583		(342	)		12,614		5,891		6,723
MFS Research Series, Initial Class		711		968		(257	)		695		3,311		(2,616	)
MFS Total Return Series, Initial Class		2,815		6,402		(3,587	)		13,535		11,989		1,546
MFS Value Series, Initial Class		897		254		643			1,068		163		905
Templeton Foreign VIP Fund, Class 2		793		3,097		(2,304	)		3,225		7,701		(4,476	)
Templeton Global Bond VIP Fund, Class 2		674		1,113		(439	)		1,269		1,806		(537	)

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

EXPENSES AND RELATED PARTY TRANSACTIONS

The fees and charges below are the current expenses deducted by Subaccount from either the net unit value or from the Policy as a redemption of units. Fees and charges may vary based on factors such as face amount, gender, age at issue of the insured, age at issue of the joint insured, insurance rate classification and smoking status, death benefit option selected, insured's age at time of face increase, and/or age of the Policy. The fees and charges are recorded, as applicable, to the respective Subaccount in the Separate Account. Redemption of units deductions are made to the individual Policies in accordance with the terms which govern each life insurance policy, as set forth in the Policy.

Expense Type	Range
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 in the Statements of Operations.	a daily fee amounting to a per annum aggregate of 0.00% - 0.75% of the average daily net assets of the Subaccounts
Administrative Charge
This charge is assessed to reimburse the Company for expenses incurred in the administration of the Policy and the Separate Account. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets.	$6 - $30 per month

Surrender Charge
This charge is assessed to reimburse the Company for some of the costs of distributing the Policies. The charge is a percent of the Policy's face and based on the number of full years which have elapsed between the date the Policy was issued and the surrender date, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets.	$0 - $4 per $1,000 of the Policy's face amount, plus 0% - 46% of premiums paid up to one target premium, plus 0% - 44% of premiums paid above one target premium and up to two target premiums, plus 0% - 5% of premium paid above two target premiums

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 Policy maintenance charges within the Statements of Changes in Net Assets.	$25 per withdrawal or 2.00% of the amount withdrawn, whichever is less, after the first partial withdrawal in the same Policy year

Expense Type	Range
Charge for Optional Benefits
This charge is assessed to reimburse the Company for costs and risks stemming from optional living and/or death benefits elected by the Policy owner. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets.	$0.03 - $83.33 per $1,000 of rider coverage $0.005 - $0.01 per $1,000 of base face amount $0.02 - $0.30 per $1.00 of monthly deductions for other benefits $0.02 - $0.13 per $1.00 of specified premium to be waived
Cost of Insurance Charge (COI)
This charge is assessed to reimburse the Company for the cost of providing the death benefit. The charge is assessed on the Policy's monthly anniversary day, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets.	$0.02 - $83.33 per $1,000 of net amount at risk per month

Premium Expense Charge
This charge is assessed to reimburse the Company for expenses incurred associated with the sales and distribution of the Policies. The charge is assessed on each premium payment received until premiums paid equal 10 times the target premium for the Policy, deducted through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets.	0.00% - 4.00% of each premium received
Loan Interest Rate Spread
The loan interest rate spread is the difference between the amount of interest charged on outstanding loan balances and the amount of interest credited to amounts held in the guaranteed account that secures the loans. The charge is deducted annually, assessed through a redemption of units, and recorded as Policy owners’ benefits within the Statements of Changes in Net Assets.	0.0% - 0.75% of the loan balance

Transfer Charge
This charge is assessed to reimburse the Company for costs incurred when transferring funds. The charge is deducted upon transfer, assessed through a redemption of units, and recorded as Policy owners’ benefits within the Statements of Changes in Net Assets.	$25 per transfer, after the first 12 transfers in any Policy year

The Company offers a loan privilege to certain Policy owners. Such Policy owners may obtain loans using the Policy’s value as the only security for the loan. Loans are subject to provisions of The Internal Revenue Code of 1986, as amended.

6.	FINANCIAL HIGHLIGHTS

	The Company sells a variable life product that is funded by the Separate Account. This product has a unique combination of features and expenses that are charged against the Policy 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 Policy expenses offered by the Company, as Policy owners may not have selected all available and applicable Policy options for or during the periods presented.

A summary of the units outstanding, unit fair values, net assets for variable life Policies, 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 Balanced Portfolio, Class I-2
2023		13	$	13.70	$	31.92	$	404		1.48	%		0.25	%		0.50	%		17.14	%		16.85	%
2022		13		11.69		27.32		346		1.13	%		0.25	%		0.50	%		(11.53	)%		(11.75	)%
2021		14		13.22		30.96		428		0.90	%		0.25	%		0.50	%		18.53	%		18.82	%
2020		13		25.44		26.12		321		1.26	%		0.50	%		0.75	%		9.41	%		9.68	%
2019		12		23.25		23.81		283		1.58	%		0.50	%		0.75	%		18.61	%		18.91	%
Alger Capital Appreciation Portfolio, Class I-2
2023		183		12.97		52.40		4,366		0.00	%		0.25	%		0.75	%		42.77	%		42.07	%
2022		190		9.08		36.88		3,177		0.00	%		0.25	%		0.75	%		(36.68	)%		(36.99	)%
2021		173		14.35		60.24		5,027		0.00	%		0.25	%		0.75	%		18.24	%		18.83	%
2020		93		49.51		50.82		4,582		0.21	%		0.50	%		0.75	%		40.70	%		41.05	%
2019		98		35.19		36.03		3,525		0.38	%		0.50	%		0.75	%		32.59	%		32.92	%
Alger Growth & Income Portfolio, Class I-2
2023		61		16.32		37.42		1,474		1.39	%		0.25	%		0.75	%		23.62	%		23.01	%
2022		68		13.20		30.42		1,321		1.33	%		0.25	%		0.75	%		(15.19	)%		(15.61	)%
2021		63		15.57		37.09		1,715		1.18	%		0.25	%		0.75	%		30.68	%		31.33	%
2020		52		27.58		28.31		1,433		1.32	%		0.50	%		0.75	%		14.02	%		14.31	%
2019		53		24.19		24.77		1,323		2.27	%		0.50	%		0.75	%		28.51	%		28.83	%

	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		138	$	11.89	$	33.61	$	2,613		0.00	%		0.25	%		0.75	%		32.34	%		31.68	%
2022		144		8.98		25.52		2,072		0.00	%		0.25	%		0.75	%		(38.81	)%		(39.11	)%
2021		118		14.68		43.13		3,331		0.00	%		0.25	%		0.75	%		11.01	%		11.56	%
2020		86		37.76		38.76		3,229		4.78	%		0.50	%		0.75	%		65.79	%		66.20	%
2019		92		22.77		23.32		2,149		-			0.50	%		0.75	%		26.48	%		26.80	%
Alger Mid Cap Growth Portfolio, Class I-2
2023		124		11.47		37.61		2,825		0.00	%		0.25	%		0.75	%		22.87	%		22.26	%
2022		129		9.33		30.76		2,370		0.00	%		0.25	%		0.75	%		(36.23	)%		(36.55	)%
2021		109		14.63		49.89		3,581		0.00	%		0.25	%		0.75	%		3.43	%		3.94	%
2020		81		46.88		48.12		3,832		4.75	%		0.50	%		0.75	%		63.40	%		63.81	%
2019		90		28.69		29.38		2,645		-			0.50	%		0.75	%		29.29	%		29.61	%
Alger Small Cap Growth Portfolio, Class I-2
2023		71		8.66		28.89		1,294		0.00	%		0.25	%		0.75	%		16.20	%		15.63	%
2022		71		7.45		24.99		1,106		0.00	%		0.25	%		0.75	%		(38.17	)%		(38.47	)%
2021		58		12.05		41.79		1,727		0.00	%		0.25	%		0.75	%		(6.76	)%		(6.29	)%
2020		44		43.55		44.71		1,938		0.99	%		0.50	%		0.75	%		65.91	%		66.32	%
2019		50		26.25		26.88		1,350		-			0.50	%		0.75	%		28.37	%		28.69	%
Allspring VT Discovery SMID Cap Growth Fund, Class 2
2023		148		10.09		30.76		2,289		0.00	%		0.25	%		0.75	%		19.84	%		19.25	%
2022		148		8.42		25.80		1,916		0.00	%		0.25	%		0.75	%		(38.00	)%		(38.31	)%
2021		129		13.58		43.03		3,031		0.00	%		0.25	%		0.75	%		(5.75	)%		(5.28	)%
2020		80		44.37		45.55		3,232		0.33	%		0.50	%		0.75	%		61.44	%		61.84	%
2019		78		27.48		28.14		2,196		1.91	%		0.50	%		0.75	%		37.99	%		38.33	%

	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

Allspring VT Index Asset Allocation Fund, Class 2
2023		4	$	12.45	$	31.30	$	112		0.96	%		0.25	%		0.50	%		16.41	%		16.12	%
2022		4		10.69		26.96		106		0.60	%		0.25	%		0.50	%		(17.23	)%		(17.44	)%
2021		4		12.92		32.65		131		0.16	%		0.25	%		0.50	%		15.42	%		15.71	%
2020		1		27.56		28.29		24		0.96	%		0.50	%		0.75	%		15.72	%		16.01	%
2019		1		23.81		24.39		24		1.14	%		0.50	%		0.75	%		19.26	%		19.56	%
Allspring VT International Equity Fund, Class 1
2023		19		13.62		18.28		343		1.77	%		0.25	%		0.75	%		15.52	%		14.94	%
2022		21		11.79		15.91		326		3.89	%		0.25	%		0.75	%		(11.70	)%		(12.14	)%
2021		23		13.35		18.63		404		1.33	%		0.25	%		0.75	%		6.59	%		7.12	%
2020		28		16.99		17.44		507		2.58	%		0.50	%		0.75	%		4.11	%		4.37	%
2019		26		16.32		16.71		435		12.34	%		0.50	%		0.75	%		14.64	%		14.93	%
Allspring VT Opportunity Fund, Class 2
2023		80		15.60		52.20		2,274		0.00	%		0.25	%		0.75	%		26.18	%		25.56	%
2022		85		12.36		41.58		1,916		0.00	%		0.25	%		0.75	%		(21.00	)%		(21.40	)%
2021		76		15.65		54.43		2,624		0.04	%		0.25	%		0.75	%		23.85	%		24.47	%
2020		55		42.71		43.84		2,353		1.62	%		0.50	%		0.75	%		20.10	%		20.40	%
2019		57		35.56		36.41		2,081		0.29	%		0.50	%		0.75	%		30.49	%		30.81	%
BNY Mellon Sustainable U.S. Equity Portfolio, Initial Shares
2023		40		14.37		29.97		698		0.73	%		0.25	%		0.50	%		23.51	%		23.21	%
2022		42		11.64		24.33		586		0.49	%		0.25	%		0.50	%		(23.06	)%		(23.26	)%
2021		37		15.12		31.70		782		0.76	%		0.25	%		0.50	%		26.37	%		26.68	%
2020		28		24.44		25.09		641		1.47	%		0.50	%		0.75	%		23.22	%		23.53	%
2019		26		19.83		20.31		530		1.47	%		0.50	%		0.75	%		33.36	%		33.69	%

	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 VIF Appreciation Portfolio, Initial Shares
2023		26	$	14.90	$	43.62	$	696		0.71	%		0.25	%		0.75	%		20.67	%		20.07	%
2022		29		12.34		36.33		640		0.62	%		0.25	%		0.75	%		(18.27	)%		(18.67	)%
2021		28		15.10		45.97		848		0.45	%		0.25	%		0.75	%		26.18	%		26.81	%
2020		23		35.40		36.34		796		0.73	%		0.50	%		0.75	%		22.77	%		23.07	%
2019		24		28.84		29.53		707		1.23	%		0.50	%		0.75	%		35.08	%		35.42	%
BNY Mellon VIF Government Money Market Portfolio, Single Share
2023		303		10.50		11.82		3,516		4.53	%		0.25	%		0.75	%		4.36	%		3.85	%
2022		319		10.07		11.38		3,113		1.28	%		0.25	%		0.75	%		1.01	%		0.51	%
2021		377		9.96		11.65		4,116		0.01	%		0.25	%		0.75	%		(0.73	)%		(0.24	)%
2020		328		11.41		11.71		3,828		0.21	%		0.50	%		0.75	%		(0.52	)%		(0.27	)%
2019		292		11.46		11.74		3,422		1.64	%		0.50	%		0.75	%		0.91	%		1.16	%
DWS CROCI U.S. VIP, Class A
2023		2		14.70		23.79		48		1.70	%		0.25	%		0.50	%		20.46	%		20.16	%
2022		2		12.20		19.80		43		1.78	%		0.25	%		0.50	%		(15.61	)%		(15.82	)%
2021		2		14.46		23.52		58		3.30	%		0.50	%		0.50	%		26.06	%		26.06	%
2020		9		18.18		18.66		171		6.34	%		0.50	%		0.75	%		(12.81	)%		(12.60	)%
2019		8		20.85		21.35		176		3.00	%		0.50	%		0.75	%		31.96	%		32.29	%
DWS Equity 500 Index VIP, Class A
2023		11		15.75		55.09		319		1.36	%		0.25	%		0.75	%		25.69	%		25.07	%
2022		11		12.53		44.05		265		1.23	%		0.25	%		0.75	%		(18.54	)%		(18.95	)%
2021		11		15.38		55.92		339		1.61	%		0.25	%		0.75	%		27.44	%		28.08	%
2020		9		42.64		43.77		332		1.58	%		0.50	%		0.75	%		17.22	%		17.51	%
2019		8		36.38		37.25		311		2.09	%		0.50	%		0.75	%		30.21	%		30.53	%

	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

DWS High Income VIP, Class A
2023		3	$	11.39	$	23.27	$	36		5.21	%		0.25	%		0.50	%		11.06	%		10.79	%
2022		3		10.26		21.01		33		5.00	%		0.25	%		0.50	%		(9.11	)%		(9.33	)%
2021		2		11.29		23.17		36		5.03	%		0.50	%		0.50	%		3.49	%		3.49	%
2020		2		21.81		22.39		42		5.19	%		0.50	%		0.75	%		5.45	%		5.71	%
2019		2		20.68		21.18		40		5.69	%		0.50	%		0.75	%		14.83	%		15.11	%
DWS Small Cap Index VIP, Class A
2023		24		14.74		45.87		794		1.10	%		0.25	%		0.75	%		16.47	%		15.89	%
2022		23		12.66		39.58		682		0.88	%		0.25	%		0.75	%		(20.83	)%		(21.23	)%
2021		22		15.99		51.70		925		0.90	%		0.25	%		0.75	%		13.65	%		14.22	%
2020		21		44.21		45.38		955		1.36	%		0.50	%		0.75	%		18.54	%		18.84	%
2019		22		37.29		38.19		845		1.75	%		0.50	%		0.75	%		24.29	%		24.60	%
DWS Small Mid Cap Growth VIP, Class A
2023		5		13.09		26.92		100		0.02	%		0.25	%		0.75	%		18.53	%		17.95	%
2022		5		11.05		22.83		98		0.00	%		0.25	%		0.75	%		(28.20	)%		(28.55	)%
2021		5		15.38		32.88		139		0.04	%		0.25	%		0.75	%		12.99	%		13.56	%
2020		4		28.28		29.03		108		0.04	%		0.50	%		0.75	%		29.21	%		29.53	%
2019		4		21.88		22.41		89		-			0.50	%		0.75	%		21.50	%		21.81	%
DWS Small Mid Cap Value VIP, Class A
2023		5		16.53		29.42		124		1.16	%		0.25	%		0.50	%		14.66	%		14.38	%
2022		5		14.42		25.72		99		0.81	%		0.25	%		0.50	%		(16.01	)%		(16.22	)%
2021		5		17.16		30.70		120		1.68	%		0.25	%		0.50	%		29.85	%		30.17	%
2020		10		23.03		23.64		235		1.39	%		0.50	%		0.75	%		(1.54	)%		(1.29	)%
2019		10		23.39		23.95		228		0.75	%		0.50	%		0.75	%		20.61	%		20.91	%

	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 Global Real Estate VIP Fund, Class 2
2023		44	$	11.83	$	18.97	$	831		2.84	%		0.25	%		0.75	%		11.15	%		10.60	%
2022		44		10.64		17.16		741		2.20	%		0.25	%		0.75	%		(26.24	)%		(26.61	)%
2021		47		14.43		24.06		1,090		0.95	%		0.25	%		0.75	%		25.85	%		26.47	%
2020		49		18.57		19.07		937		2.91	%		0.50	%		0.75	%		(6.09	)%		(5.86	)%
2019		46		19.78		20.25		926		2.65	%		0.50	%		0.75	%		21.46	%		21.77	%
Invesco V.I. American Franchise Fund, Series I
2023		198		13.33		28.57		3,643		0.00	%		0.25	%		0.75	%		40.58	%		39.88	%
2022		210		9.48		20.42		2,733		0.00	%		0.25	%		0.75	%		(31.28	)%		(31.63	)%
2021		203		13.80		30.74		4,098		0.00	%		0.25	%		0.75	%		11.09	%		11.65	%
2020		144		26.89		27.60		3,858		0.07	%		0.50	%		0.75	%		41.29	%		41.65	%
2019		149		19.03		19.49		2,899		0.22	%		0.50	%		0.75	%		35.74	%		36.08	%
Invesco V.I. Core Equity Fund, Series I
2023		145		14.75		28.49		2,681		0.73	%		0.25	%		0.50	%		23.06	%		22.75	%
2022		152		11.99		23.21		2,310		0.85	%		0.25	%		0.50	%		(20.74	)%		(20.94	)%
2021		154		15.13		29.36		3,160		0.67	%		0.25	%		0.50	%		27.10	%		27.42	%
2020		116		22.50		23.10		2,638		2.58	%		0.50	%		0.75	%		13.00	%		13.28	%
2019		113		19.91		20.39		2,313		0.97	%		0.50	%		0.75	%		28.00	%		28.32	%
Invesco V.I. Discovery Mid Cap Growth Fund, Series I
2023		3		13.98		13.98		37		0.00	%		0.00	%		0.00	%		13.15	%		13.15	%
2022		3		12.36		12.36		35		0.00	%		0.00	%		0.00	%		(30.98	)%		(30.98	)%
2021		3		17.91		17.91		49		0.00	%		0.00	%		0.00	%		19.10	%		19.10	%
2020		4		15.03		15.03		53		0.00	%		0.00	%		0.00	%		-			-
Invesco V.I. Equity and Income Fund, Series I
2023		60		11.16		11.08		673		2.01	%		0.00	%		0.25	%		10.56	%		10.28	%
2022		62		10.09		10.05		629		1.67	%		0.00	%		0.25	%		(7.51	)%		(7.74	)%
2021		71		10.91		10.89		774		2.03	%		0.00	%		0.25	%		5.74	%		5.57	%

	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. EQV International Equity Fund, Series I
2023		61	$	12.24	$	24.23	$	1,148		0.20	%		0.25	%		0.75	%		17.85	%		17.27	%
2022		66		10.39		20.66		1,042		1.60	%		0.25	%		0.75	%		(18.51	)%		(18.91	)%
2021		65		12.74		26.22		1,331		1.32	%		0.25	%		0.75	%		5.10	%		5.62	%
2020		52		24.24		24.89		1,276		2.37	%		0.50	%		0.75	%		13.15	%		13.43	%
2019		52		21.43		21.94		1,146		1.64	%		0.50	%		0.75	%		27.62	%		27.93	%
Invesco V.I. Government Securities Fund, Series I
2023		11		9.19		14.67		138		2.12	%		0.25	%		0.50	%		4.36	%		4.10	%
2022		11		8.80		14.09		126		1.96	%		0.25	%		0.50	%		(10.52	)%		(10.74	)%
2021		11		9.84		15.79		142		3.09	%		0.25	%		0.50	%		(2.75	)%		(2.51	)%
2020		6		15.81		16.23		84		2.45	%		0.50	%		0.75	%		5.48	%		5.74	%
2019		5		14.99		15.35		82		2.61	%		0.50	%		0.75	%		5.28	%		5.55	%
Invesco V.I. Managed Volatility
2021		-		-		-		-		4.31	%		0.25	%		0.25	%		7.71	%		7.71	%
2020		36		21.53		22.11		779		4.05	%		0.50	%		0.75	%		2.13	%		2.38	%
2019		36		21.09		21.59		770		1.36	%		0.50	%		0.75	%		17.70	%		17.99	%
Invesco V.I. Technology Fund, Series I
2023		191		12.21		15.94		2,615		0.00	%		0.25	%		0.75	%		46.58	%		45.85	%
2022		199		8.33		10.93		1,852		0.00	%		0.25	%		0.75	%		(40.10	)%		(40.40	)%
2021		194		13.91		18.87		3,145		0.00	%		0.25	%		0.75	%		13.56	%		14.13	%
2020		180		16.15		16.58		2,943		0.60	%		0.50	%		0.75	%		45.03	%		45.39	%
2019		199		11.13		11.40		2,270		-			0.50	%		0.75	%		34.87	%		35.20	%
MFS Growth Series, Initial Class
2023		118		13.21		38.39		2,354		0.00	%		0.25	%		0.75	%		35.52	%		34.86	%
2022		124		9.75		28.47		1,808		0.00	%		0.25	%		0.75	%		(31.81	)%		(32.14	)%
2021		119		14.30		43.18		2,761		0.00	%		0.25	%		0.75	%		22.61	%		23.22	%
2020		69		34.22		35.13		2,286		0.00	%		0.50	%		0.75	%		30.88	%		31.20	%
2019		68		26.15		26.77		1,819		-			0.50	%		0.75	%		37.12	%		37.46	%

	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

MFS High Yield Portfolio
2023		5	$	11.12	$	13.99	$	75		5.80	%		0.25	%		0.75	%		12.13	%		11.57	%
2022		5		9.91		12.54		5		9.62	%		0.25	%		0.75	%		(10.74	)%		(11.18	)%
2021		5		14.41		14.41		74		4.86	%		0.50	%		0.75	%		2.72	%		2.97	%
2020		5		13.74		14.00		73		5.35	%		0.50	%		0.75	%		4.30	%		4.56	%
2019		5		13.17		13.39		70		5.69	%		0.50	%		0.75	%		13.95	%		14.24	%
MFS Investors Trust Series, Initial Class
2023		17		14.81		41.39		316		0.73	%		0.25	%		0.50	%		18.68	%		18.39	%
2022		18		12.48		34.96		334		0.58	%		0.25	%		0.50	%		(16.70	)%		(16.90	)%
2021		11		14.98		42.07		355		0.64	%		0.25	%		0.50	%		26.18	%		26.50	%
2020		9		32.48		33.34		291		0.65	%		0.50	%		0.75	%		13.02	%		13.30	%
2019		9		28.74		29.43		259		0.97	%		0.50	%		0.75	%		30.60	%		30.93	%
MFS Research Series, Initial Class
2023		20		14.79		38.92		471		0.52	%		0.25	%		0.75	%		22.11	%		21.51	%
2022		20		12.11		32.03		393		0.43	%		0.25	%		0.75	%		(17.42	)%		(17.83	)%
2021		23		14.66		40.11		561		0.54	%		0.25	%		0.75	%		23.87	%		24.49	%
2020		15		31.47		32.30		479		1.01	%		0.50	%		0.75	%		15.73	%		16.01	%
2019		15		27.19		27.84		418		1.35	%		0.50	%		0.75	%		31.96	%		32.29	%
MFS Total Return Series, Initial Class
2023		54		12.86		35.86		1,195		2.04	%		0.25	%		0.75	%		10.17	%		9.62	%
2022		58		11.67		32.71		1,157		1.63	%		0.25	%		0.75	%		(9.81	)%		(10.25	)%
2021		56		12.94		37.51		1,442		1.86	%		0.25	%		0.75	%		13.27	%		13.83	%
2020		41		32.18		33.03		1,308		2.18	%		0.50	%		0.75	%		9.00	%		9.27	%
2019		39		29.52		30.23		1,176		2.30	%		0.50	%		0.75	%		19.49	%		19.79	%

	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
MFS Value Series, Initial Class
2023		3	$	15.04	$	37.73	$	78		1.66	%		0.25	%		0.50	%		7.66	%		7.40	%
2022		3		13.97		35.13		65		1.47	%		0.25	%		0.50	%		(6.14	)%		(6.37	)%
2021		2		14.89		37.52		58		1.33	%		0.25	%		0.50	%		24.83	%		25.14	%
2020		2		29.28		30.06		51		1.55	%		0.50	%		0.75	%		2.70	%		2.96	%
2019		2		28.51		29.20		47		1.42	%		0.50	%		0.75	%		28.84	%		29.16	%
Templeton Foreign VIP Fund, Class 2
2023		29		13.75		19.23		554		3.15	%		0.25	%		0.75	%		20.46	%		19.86	%
2022		32		11.41		16.05		498		2.93	%		0.25	%		0.75	%		(7.84	)%		(8.29	)%
2021		36		12.38		18.01		632		1.93	%		0.25	%		0.75	%		3.38	%		3.90	%
2020		34		16.93		17.38		599		2.96	%		0.50	%		0.75	%		(1.89	)%		(1.65	)%
2019		30		17.25		17.67		538		1.87	%		0.50	%		0.75	%		11.69	%		11.97	%
Templeton Global Bond VIP Fund, Class 2
2023		10		9.19		19.85		170		0.00	%		0.25	%		0.75	%		2.63	%		2.12	%
2022		10		8.96		19.43		172		0.00	%		0.25	%		0.75	%		(5.19	)%		(5.66	)%
2021		11		9.45		21.20		203		0.00	%		0.25	%		0.75	%		(5.70	)%		(5.23	)%
2020		11		21.85		22.43		230		8.29	%		0.50	%		0.75	%		(5.99	)%		(5.75	)%
2019		10		23.24		23.79		239		7.20	%		0.50	%		0.75	%		1.25	%		1.51	%

	^(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 Policy expenses of the respective Subaccounts of the Separate Account, consisting primarily of mortality and expense risk charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to Policy 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.