The VALIC Separate Account A

Years Ended December 31,

($ in millions)

Ratio percentage used to determine recovery period and threshold limitation amount

Amount of adjusted capital and surplus used to determine recovery period and threshold limitation amount

$ 2,333

Separate Account A

The Variable Annuity Life Insurance Company

Financial Statements

December 31, 2023

LOGO

Report of Independent Registered Public Accounting Firm

To the Board of Directors of The Variable Annuity Life Insurance Company and The Variable Annuity Life Insurance Company Contract Owners of Separate Account A.

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities , including the schedules of portfolio investments, of each of the subaccounts of The Variable Annuity Life Insurance Company Separate Account A (“Separate Account A”) indicated in the table below as of December 31, 2023, and the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the sub-accounts of the Separate Account A as of December 31, 2023, and the results of each of their operations, and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


American Beacon Bridgeway Large Cap Growth Fund Investor Class (1)		SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3 (1)
Ariel Appreciation Fund Investor Class (1)		SAST SA PineBridge High-Yield Bond Portfolio Class 3 (1)
Ariel Fund Investor Class (1)		SAST SA Putnam International Growth and Income Portfolio Class 3 (1)
FTVIP Franklin Allocation VIP Fund Class 2 (1)		SAST SA Schroders VCP Global Allocation Portfolio Class 3 (1)
FTVIP Franklin Income VIP Fund Class 2 (1)		SAST SA Small Cap Index Portfolio Class 3 (1)
Goldman Sachs VIT Government Money Market Fund Institutional Shares (1)		SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3 (1)
Goldman Sachs VIT Government Money Market Fund Service Shares (1)		SAST SA T. Rowe Price VCP Balanced Portfolio Class 3 (1)
Invesco V.I. American Franchise Fund Series II (1)		SAST SA VCP Dynamic Allocation Portfolio Class 3 (1)
Invesco V.I. Balanced-Risk Commodity Strategy Fund Class R5 (1)		SAST SA VCP Dynamic Strategy Portfolio Class 3 (1)
Invesco V.I. Comstock Fund Series II (1)		SAST SA VCP Index Allocation Portfolio Class 3 (1)
Invesco V.I. Growth and Income Fund Series II (1)		SAST SA Wellington Capital Appreciation Portfolio Class 3 (1)
Lord Abbett Growth and Income Portfolio Class VC (1)		SAST SA Wellington Government and Quality Bond Portfolio Class 3 (1)
PIMCO Emerging Markets Bond Portfolio Advisor Class (1)		SAST SA Wellington Strategic Multi-Asset Portfolio Class 3 (1)
PIMCO Total Return Portfolio Advisor Class (1)		T Rowe Price Retirement 2015 Advisor Class (1)
SST SA Allocation Balanced Portfolio Class 3 (1)		T Rowe Price Retirement 2020 Advisor Class (1)
SST SA Allocation Growth Portfolio Class 3 (1)		T Rowe Price Retirement 2025 Advisor Class (1)
SST SA Allocation Moderate Growth Portfolio Class 3 (1)		T Rowe Price Retirement 2030 Advisor Class (1)
SST SA Allocation Moderate Portfolio Class 3 (1)		T Rowe Price Retirement 2035 Advisor Class (1)
SST SA American Century Inflation Protection Portfolio Class 3 (1)		T Rowe Price Retirement 2040 Advisor Class (1)
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3 (1)		T Rowe Price Retirement 2045 Advisor Class (1)
SAST SA AB Growth Portfolio Class 3 (1)		T Rowe Price Retirement 2050 Advisor Class (1)
SAST SA AB Small & Mid Cap Value Portfolio Class 3 (1)		T Rowe Price Retirement 2055 Advisor Class (1)
SAST SA American Funds Asset Allocation Portfolio Class 3 (1)		T Rowe Price Retirement 2060 Advisor Class (1)
SAST SA American Funds Global Growth Portfolio Class 3 (1)		VALIC Company I Aggressive Growth Lifestyle Fund (1)
SAST SA American Funds Growth Portfolio Class 3 (1)		VALIC Company I Asset Allocation Fund (1)
SAST SA American Funds Growth-Income Portfolio Class 3 (1)		VALIC Company I Capital Appreciation Fund (1)
SAST SA American Funds VCP Managed Allocation Portfolio Class 3 (1)		VALIC Company I Conservative Growth Lifestyle Fund (1)
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3 (1)		VALIC Company I Core Bond Fund (1)
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3 (1)		VALIC Company I Dividend Value Fund (1)
SAST SA DFA Ultra Short Bond Portfolio Class 3 (1)		VALIC Company I Dynamic Allocation Fund (1)
SAST SA Emerging Markets Equity Index Portfolio Class 3 (1)		VALIC Company I Emerging Economies Fund (1)
SAST SA Federated Hermes Corporate Bond Portfolio Class 3 (1)		VALIC Company I Global Real Estate Fund (1)
SAST SA Fidelity Institutional AM^® International Growth Portfolio Class 3 (1)		VALIC Company I International Socially Responsible Fund (1)
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3 (1)		VALIC Company I International Value Fund (1)
SAST SA Fixed Income Index Portfolio Class 3 (1)		VALIC Company I Large Capital Growth Fund (1)
SAST SA Fixed Income Intermediate Index Portfolio Class 3 (1)		VALIC Company I Mid Cap Index Fund (1)
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3 (1)		VALIC Company I Mid Cap Strategic Growth Fund (1)
SAST SA Franklin Small Company Value Portfolio Class 3 (1)		VALIC Company I Mid Cap Value Fund (1)
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3 (1)		VALIC Company I Moderate Growth Lifestyle Fund (1)
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3 (1)		VALIC Company I Nasdaq-100 Index Fund (1)
SAST SA Franklin Tactical Opportunities Portfolio Class 3 (1)		VALIC Company I Science & Technology Fund (1)
SAST SA Global Index Allocation 60/40 Portfolio Class 3 (1)		VALIC Company I Global Strategy Fund (1)
SAST SA Global Index Allocation 75/25 Portfolio Class 3 (1)		VALIC Company I Government Money Market I Fund (2)

LOGO


SAST SA Global Index Allocation 90/10 Portfolio Class 3 (1)		VALIC Company I Government Securities Fund (1)
SAST SA Goldman Sachs Global Bond Portfolio Class 3 (1)		VALIC Company I Growth Fund (1)
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3 (1)		VALIC Company I High Yield Bond Fund (1)
SAST SA Index Allocation 60/40 Portfolio Class 3 (1)		VALIC Company I Inflation Protected Fund (1)
SAST SA Index Allocation 80/20 Portfolio Class 3 (1)		VALIC Company I International Equities Index Fund (1)
SAST SA Index Allocation 90/10 Portfolio Class 3 (1)		VALIC Company I International Government Bond Fund (1)
SAST SA International Index Portfolio Class 3 (1)		VALIC Company I International Growth Fund (1)
SAST SA Invesco Growth Opportunities Portfolio Class 3 (1)		VALIC Company I International Opportunities Fund (1)
SAST SA Janus Focused Growth Portfolio Class 3 (1)		VALIC Company I Small Cap Growth Fund (1)
SAST SA JPMorgan Diversified Balanced Portfolio Class 3 (1)		VALIC Company I Small Cap Index Fund (1)
SAST SA JPMorgan Emerging Markets Portfolio Class 3 (1)		VALIC Company I Small Cap Special Values Fund (1)
SAST SA JPMorgan Equity-Income Portfolio Class 3 (1)		VALIC Company I Small Cap Value Fund (1)
SAST SA JPMorgan Global Equities Portfolio Class 3 (1)		VALIC Company I Stock Index Fund (1)
SAST SA JPMorgan Large Cap Core Portfolio Class 3 (1)		VALIC Company I Systematic Core Fund (1)
SAST SA JPMorgan MFS Core Bond Portfolio Class 3 (1)		VALIC Company I Systematic Growth Fund (1)
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3 (1)		VALIC Company I Systematic Value Fund (1)
SAST SA Large Cap Growth Index Portfolio Class 3 (1)		VALIC Company I U.S. Socially Responsible Fund (1)
SAST SA Large Cap Index Portfolio Class 3 (1)		Vanguard LifeStrategy Conservative Growth Fund Investor Shares (1)
SAST SA Large Cap Value Index Portfolio Class 3 (1)		Vanguard LifeStrategy Growth Fund Investor Shares (1)
SAST SA MFS Blue Chip Growth Portfolio Class 3 (1)		Vanguard LifeStrategy Moderate Growth Fund Investor Shares (1)
SAST SA MFS Massachusetts Investors Trust Portfolio Class 3 (1)		Vanguard Long-Term Investment-Grade Fund Investor Shares (1)
SAST SA MFS Total Return Portfolio Class 3 (1)		Vanguard Long-Term Treasury Fund Investor Shares (1)
SAST SA Mid Cap Index Portfolio Class 3 (1)		Vanguard Wellington Fund Investor Shares (1)
SAST SA Morgan Stanley International Equities Portfolio Class 3 (1)		Vanguard Windsor II Fund Investor Shares (1)
SAST SA PIMCO RAE International Value Portfolio Class 3 (1)


(1)		Statement of Operations and Changes in Net Assets for the years ended December 31, 2023 and 2022
(2)		Statement of Operations and Changes in Net Assets for the period January 1 2022 to July 22, 2022 (cessation of operations)

Basis for Opinions

These financial statements are the responsibility of The Variable Annuity Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the sub-accounts of Separate Account A based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the sub-accounts of Separate Account A in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2023 by correspondence with the transfer agents of the investee mutual funds and the custodians. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

April 23, 2024

We have served as the auditor of one or more of the sub-accounts of AIG Life and Retirement Separate Account Group since at least 1994. We have not been able to determine the specific year we began serving as auditor.

PricewaterhouseCoopers LLP, 1000 Louisiana Street, Suite 5800, Houston, TX 77002-5021

T: (713) 356 4000, www.pwc.com/us

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2023



Sub-accounts	Investments at Fair Value		Due from (to) General Account, Net			Net Assets		Contract Owners - Annuity Reserves		Contract Owners - Accumulation Reserves		Net Assets Attributable to Contract Owner Reserves

American Beacon Bridgeway Large Cap Growth Fund Investor Class	$	79,795,499	$	(3,115	)	$	79,792,384	$	8,591	$	79,783,793	$	79,792,384

Ariel Appreciation Fund Investor Class		245,383,834		(7,680	)		245,376,154		282,334		245,093,820		245,376,154

Ariel Fund Investor Class		348,116,873		(12,070	)		348,104,803		159,577		347,945,226		348,104,803

FTVIP Franklin Allocation VIP Fund Class 2		806,543		—			806,543		—		806,543		806,543

FTVIP Franklin Income VIP Fund Class 2		5,492,149		—			5,492,149		—		5,492,149		5,492,149

Goldman Sachs VIT Government Money Market Fund Institutional Shares		727,317,303		(39,104	)		727,278,199		—		727,278,199		727,278,199

Goldman Sachs VIT Government Money Market Fund Service Shares		4,208,152		—			4,208,152		—		4,208,152		4,208,152

Invesco V.I. American Franchise Fund Series II		1,397,892		—			1,397,892		—		1,397,892		1,397,892

Invesco V.I. Balanced-Risk Commodity Strategy Fund Class R5		130,023,587		18,550			130,042,137		23,152		130,018,985		130,042,137

Invesco V.I. Comstock Fund Series II		1,449,767		—			1,449,767		—		1,449,767		1,449,767

Invesco V.I. Growth and Income Fund Series II		1,448,463		—			1,448,463		—		1,448,463		1,448,463

Lord Abbett Growth and Income Portfolio Class VC		585,538		—			585,538		—		585,538		585,538

PIMCO Emerging Markets Bond Portfolio Advisor Class		26,007		—			26,007		—		26,007		26,007

PIMCO Total Return Portfolio Advisor Class		5,124,448		—			5,124,448		—		5,124,448		5,124,448

SST SA Allocation Balanced Portfolio Class 3		3,681,722		—			3,681,722		—		3,681,722		3,681,722

SST SA Allocation Growth Portfolio Class 3		7,409,983		—			7,409,983		—		7,409,983		7,409,983

SST SA Allocation Moderate Growth Portfolio Class 3		6,343,803		—			6,343,803		—		6,343,803		6,343,803

SST SA Allocation Moderate Portfolio Class 3		7,358,385		—			7,358,385		—		7,358,385		7,358,385

SST SA American Century Inflation Protection Portfolio Class 3		5,764,501		—			5,764,501		—		5,764,501		5,764,501

SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		2,965,172		—			2,965,172		—		2,965,172		2,965,172

SAST SA AB Growth Portfolio Class 3		5,501,272		—			5,501,272		—		5,501,272		5,501,272

SAST SA AB Small & Mid Cap Value Portfolio Class 3		2,130,199		—			2,130,199		—		2,130,199		2,130,199

SAST SA American Funds Asset Allocation Portfolio Class 3		69,639,495		—			69,639,495		—		69,639,495		69,639,495

SAST SA American Funds Global Growth Portfolio Class 3		3,553,227		—			3,553,227		—		3,553,227		3,553,227

SAST SA American Funds Growth Portfolio Class 3		14,053,684		—			14,053,684		—		14,053,684		14,053,684

SAST SA American Funds Growth-Income Portfolio Class 3		7,210,503		—			7,210,503		—		7,210,503		7,210,503

SAST SA American Funds VCP Managed Allocation Portfolio Class 3		80,408,513		—			80,408,513		—		80,408,513		80,408,513

SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		1,339,303		—			1,339,303		—		1,339,303		1,339,303

SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		33,071,957		—			33,071,957		—		33,071,957		33,071,957

SAST SA DFA Ultra Short Bond Portfolio Class 3		2,257,386		—			2,257,386		—		2,257,386		2,257,386

SAST SA Emerging Markets Equity Index Portfolio Class 3		159,448		—			159,448		—		159,448		159,448

SAST SA Federated Hermes Corporate Bond Portfolio Class 3		6,369,882		—			6,369,882		—		6,369,882		6,369,882

SAST SA Fidelity Institutional AM^® International Growth Portfolio Class 3		121,441		—			121,441		—		121,441		121,441

SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		468,407		—			468,407		—		468,407		468,407

SAST SA Fixed Income Index Portfolio Class 3		4,366,306		—			4,366,306		—		4,366,306		4,366,306

SAST SA Fixed Income Intermediate Index Portfolio Class 3		1,735,274		—			1,735,274		—		1,735,274		1,735,274

SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		1,211,501		—			1,211,501		—		1,211,501		1,211,501

SAST SA Franklin Small Company Value Portfolio Class 3		809,366		—			809,366		—		809,366		809,366

SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		2,356		—			2,356		—		2,356		2,356

SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		4,261,860		—			4,261,860		—		4,261,860		4,261,860

SAST SA Franklin Tactical Opportunities Portfolio Class 3		873,274		—			873,274		—		873,274		873,274

SAST SA Global Index Allocation 60/40 Portfolio Class 3		2,426,145		—			2,426,145		—		2,426,145		2,426,145

SAST SA Global Index Allocation 75/25 Portfolio Class 3		2,478,500		—			2,478,500		—		2,478,500		2,478,500

SAST SA Global Index Allocation 90/10 Portfolio Class 3		9,982,254		—			9,982,254		—		9,982,254		9,982,254

SAST SA Goldman Sachs Global Bond Portfolio Class 3		2,576,530		—			2,576,530		—		2,576,530		2,576,530

SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		3,188,187		—			3,188,187		—		3,188,187		3,188,187

SAST SA Index Allocation 60/40 Portfolio Class 3		9,549,314		—			9,549,314		—		9,549,314		9,549,314

SAST SA Index Allocation 80/20 Portfolio Class 3		14,038,101		—			14,038,101		—		14,038,101		14,038,101

SAST SA Index Allocation 90/10 Portfolio Class 3		52,243,368		—			52,243,368		—		52,243,368		52,243,368

SAST SA International Index Portfolio Class 3		484,495		—			484,495		—		484,495		484,495

SAST SA Invesco Growth Opportunities Portfolio Class 3		619,656		—			619,656		—		619,656		619,656

SAST SA Janus Focused Growth Portfolio Class 3		1,193,692		—			1,193,692		—		1,193,692		1,193,692

SAST SA JPMorgan Diversified Balanced Portfolio Class 3		3,159,851		—			3,159,851		—		3,159,851		3,159,851

SAST SA JPMorgan Emerging Markets Portfolio Class 3		588,815		—			588,815		—		588,815		588,815

SAST SA JPMorgan Equity-Income Portfolio Class 3		1,621,476		—			1,621,476		—		1,621,476		1,621,476

SAST SA JPMorgan Global Equities Portfolio Class 3		168,088		—			168,088		—		168,088		168,088

SAST SA JPMorgan Large Cap Core Portfolio Class 3		1,474,683		—			1,474,683		—		1,474,683		1,474,683

SAST SA JPMorgan MFS Core Bond Portfolio Class 3		6,392,835		—			6,392,835		—		6,392,835		6,392,835

SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		3,001,177		—			3,001,177		—		3,001,177		3,001,177

SAST SA Large Cap Growth Index Portfolio Class 3		1,087,484		—			1,087,484		—		1,087,484		1,087,484

SAST SA Large Cap Index Portfolio Class 3		2,716,484		—			2,716,484		—		2,716,484		2,716,484

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2023



Sub-accounts	Investments at Fair Value		Due from (to) General Account, Net			Net Assets		Contract Owners - Annuity Reserves		Contract Owners - Accumulation Reserves		Net Assets Attributable to Contract Owner Reserves

SAST SA Large Cap Value Index Portfolio Class 3	$	720,633	$	—		$	720,633	$	—	$	720,633	$	720,633

SAST SA MFS Blue Chip Growth Portfolio Class 3		2,007,666		—			2,007,666		—		2,007,666		2,007,666

SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		1,398,173		—			1,398,173		—		1,398,173		1,398,173

SAST SA MFS Total Return Portfolio Class 3		1,553,115		—			1,553,115		—		1,553,115		1,553,115

SAST SA Mid Cap Index Portfolio Class 3		1,396,690		—			1,396,690		—		1,396,690		1,396,690

SAST SA Morgan Stanley International Equities Portfolio Class 3		834,616		—			834,616		—		834,616		834,616

SAST SA PIMCO RAE International Value Portfolio Class 3		645,586		—			645,586		—		645,586		645,586

SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		30,121,781		—			30,121,781		—		30,121,781		30,121,781

SAST SA PineBridge High-Yield Bond Portfolio Class 3		1,647,899		—			1,647,899		—		1,647,899		1,647,899

SAST SA Putnam International Growth and Income Portfolio Class 3		132,655		—			132,655		—		132,655		132,655

SAST SA Schroders VCP Global Allocation Portfolio Class 3		17,163,998		—			17,163,998		—		17,163,998		17,163,998

SAST SA Small Cap Index Portfolio Class 3		1,098,081		—			1,098,081		—		1,098,081		1,098,081

SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		3,720,563		—			3,720,563		—		3,720,563		3,720,563

SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		43,753,775		—			43,753,775		—		43,753,775		43,753,775

SAST SA VCP Dynamic Allocation Portfolio Class 3		85,383,562		—			85,383,562		—		85,383,562		85,383,562

SAST SA VCP Dynamic Strategy Portfolio Class 3		87,657,251		—			87,657,251		—		87,657,251		87,657,251

SAST SA VCP Index Allocation Portfolio Class 3		31,620,405		—			31,620,405		—		31,620,405		31,620,405

SAST SA Wellington Capital Appreciation Portfolio Class 3		8,942,859		—			8,942,859		—		8,942,859		8,942,859

SAST SA Wellington Government and Quality Bond Portfolio Class 3		4,335,894		—			4,335,894		—		4,335,894		4,335,894

SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		2,090,949		—			2,090,949		—		2,090,949		2,090,949

T Rowe Price Retirement 2015 Advisor Class		14,766,054		(261	)		14,765,793		—		14,765,793		14,765,793

T Rowe Price Retirement 2020 Advisor Class		29,829,196		(748	)		29,828,448		—		29,828,448		29,828,448

T Rowe Price Retirement 2025 Advisor Class		65,142,279		(1,555	)		65,140,724		—		65,140,724		65,140,724

T Rowe Price Retirement 2030 Advisor Class		83,013,133		(2,698	)		83,010,435		—		83,010,435		83,010,435

T Rowe Price Retirement 2035 Advisor Class		76,154,375		(2,935	)		76,151,440		—		76,151,440		76,151,440

T Rowe Price Retirement 2040 Advisor Class		76,788,632		(3,120	)		76,785,512		—		76,785,512		76,785,512

T Rowe Price Retirement 2045 Advisor Class		62,115,386		(2,819	)		62,112,567		—		62,112,567		62,112,567

T Rowe Price Retirement 2050 Advisor Class		54,215,420		(2,932	)		54,212,488		—		54,212,488		54,212,488

T Rowe Price Retirement 2055 Advisor Class		30,935,467		(2,229	)		30,933,238		—		30,933,238		30,933,238

T Rowe Price Retirement 2060 Advisor Class		25,418,748		(2,032	)		25,416,716		—		25,416,716		25,416,716

VALIC Company I Aggressive Growth Lifestyle Fund		669,789,898		(35,682	)		669,754,216		26,508		669,727,708		669,754,216

VALIC Company I Asset Allocation Fund		141,455,672		(6,229	)		141,449,443		36,053		141,413,390		141,449,443

VALIC Company I Capital Appreciation Fund		66,067,281		(2,570	)		66,064,711		—		66,064,711		66,064,711

VALIC Company I Conservative Growth Lifestyle Fund		301,376,384		(11,735	)		301,364,649		—		301,364,649		301,364,649

VALIC Company I Core Bond Fund		1,891,310,211		(98,147	)		1,891,212,064		100,448		1,891,111,616		1,891,212,064

VALIC Company I Dividend Value Fund		615,612,749		(34,275	)		615,578,474		180,927		615,397,547		615,578,474

VALIC Company I Dynamic Allocation Fund		137,643,999		(2,232	)		137,641,767		—		137,641,767		137,641,767

VALIC Company I Emerging Economies Fund		695,248,160		(23,435	)		695,224,725		35,837		695,188,888		695,224,725

VALIC Company I Global Real Estate Fund		263,849,876		(11,135	)		263,838,741		4,464		263,834,277		263,838,741

VALIC Company I Global Strategy Fund		214,841,331		(13,488	)		214,827,843		95,988		214,731,855		214,827,843

VALIC Company I Government Securities Fund		126,119,822		(4,416	)		126,115,406		46,306		126,069,100		126,115,406

VALIC Company I Growth Fund		1,596,258,695		(68,460	)		1,596,190,235		410,280		1,595,779,955		1,596,190,235

VALIC Company I High Yield Bond Fund		389,649,511		(19,555	)		389,629,956		—		389,629,956		389,629,956

VALIC Company I Inflation Protected Fund		403,367,158		(21,561	)		403,345,597		20,869		403,324,728		403,345,597

VALIC Company I International Equities Index Fund		1,602,366,482		(74,753	)		1,602,291,729		102,212		1,602,189,517		1,602,291,729

VALIC Company I International Government Bond Fund		61,326,373		(5,033	)		61,321,340		8,287		61,313,053		61,321,340

VALIC Company I International Growth Fund		397,219,891		(17,350	)		397,202,541		372,428		396,830,113		397,202,541

VALIC Company I International Opportunities Fund		496,698,151		(22,570	)		496,675,581		19,766		496,655,815		496,675,581

VALIC Company I International Socially Responsible Fund		403,287,418		(13,084	)		403,274,334		277,593		402,996,741		403,274,334

VALIC Company I International Value Fund		499,826,852		(26,325	)		499,800,527		41,955		499,758,572		499,800,527

VALIC Company I Large Capital Growth Fund		694,523,760		(21,134	)		694,502,626		133,608		694,369,018		694,502,626

VALIC Company I Mid Cap Index Fund		3,005,459,827		(139,782	)		3,005,320,045		1,295,280		3,004,024,765		3,005,320,045

VALIC Company I Mid Cap Strategic Growth Fund		967,286,818		(29,835	)		967,256,983		90,760		967,166,223		967,256,983

VALIC Company I Mid Cap Value Fund		635,190,365		(33,825	)		635,156,540		23,380		635,133,160		635,156,540

VALIC Company I Moderate Growth Lifestyle Fund		1,012,896,605		(45,893	)		1,012,850,712		45,183		1,012,805,529		1,012,850,712

VALIC Company I Nasdaq-100 Index Fund		865,503,708		(23,600	)		865,480,108		149,219		865,330,889		865,480,108

VALIC Company I Science & Technology Fund		2,406,218,737		(73,488	)		2,406,145,249		1,358,567		2,404,786,682		2,406,145,249

VALIC Company I Small Cap Growth Fund		495,906,095		(25,026	)		495,881,069		62,236		495,818,833		495,881,069

VALIC Company I Small Cap Index Fund		999,538,033		(42,536	)		999,495,497		544,690		998,950,807		999,495,497

VALIC Company I Small Cap Special Values Fund		210,041,037		(5,773	)		210,035,264		46,982		209,988,282		210,035,264

VALIC Company I Small Cap Value Fund		405,876,785		(13,724	)		405,863,061		5,535		405,857,526		405,863,061

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2023



Sub-accounts	Investments at Fair Value		Due from (to) General Account, Net			Net Assets		Contract Owners - Annuity Reserves		Contract Owners - Accumulation Reserves		Net Assets Attributable to Contract Owner Reserves

VALIC Company I Stock Index Fund	$	5,373,090,905	$	(222,705	)	$	5,372,868,200	$	8,130,226	$	5,364,737,974	$	5,372,868,200

VALIC Company I Systematic Core Fund		559,941,502		(27,457	)		559,914,045		345,532		559,568,513		559,914,045

VALIC Company I Systematic Growth Fund		748,188,858		(37,546	)		748,151,312		96,153		748,055,159		748,151,312

VALIC Company I Systematic Value Fund		292,606,772		(20,500	)		292,586,272		4,281		292,581,991		292,586,272

VALIC Company I U.S. Socially Responsible Fund		719,029,331		(46,592	)		718,982,739		22,774		718,959,965		718,982,739

Vanguard LifeStrategy Conservative Growth Fund Investor Shares		109,611,094		(4,310	)		109,606,784		—		109,606,784		109,606,784

Vanguard LifeStrategy Growth Fund Investor Shares		347,206,763		(14,160	)		347,192,603		8,707		347,183,896		347,192,603

Vanguard LifeStrategy Moderate Growth Fund Investor Shares		314,936,551		(14,017	)		314,922,534		13,719		314,908,815		314,922,534

Vanguard Long-Term Investment-Grade Fund Investor Shares		157,368,010		(10,242	)		157,357,768		—		157,357,768		157,357,768

Vanguard Long-Term Treasury Fund Investor Shares		130,312,224		(7,797	)		130,304,427		30,437		130,273,990		130,304,427

Vanguard Wellington Fund Investor Shares		1,858,942,810		(28,280	)		1,858,914,530		9,943,693		1,848,970,837		1,858,914,530

Vanguard Windsor II Fund Investor Shares		2,010,261,380		(79,288	)		2,010,182,092		671,630		2,009,510,462		2,010,182,092

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, 2023



Sub-accounts	Shares		Net Asset Value per Share		Shares at Fair Value		Cost of Shares Held	Level*

American Beacon Bridgeway Large Cap Growth Fund Investor Class	2,693,974	$	29.62	$	79,795,499	$	80,383,575	1

Ariel Appreciation Fund Investor Class	6,269,388		39.14		245,383,834		278,311,439	1

Ariel Fund Investor Class	5,096,880		68.30		348,116,873		337,940,947	1

FTVIP Franklin Allocation VIP Fund Class 2	164,601		4.90		806,543		883,519	1

FTVIP Franklin Income VIP Fund Class 2	386,771		14.20		5,492,149		5,737,973	1

Goldman Sachs VIT Government Money Market Fund Institutional Shares	727,317,303		1.00		727,317,303		727,317,303	1

Goldman Sachs VIT Government Money Market Fund Service Shares	4,208,152		1.00		4,208,152		4,208,152	1

Invesco V.I. American Franchise Fund Series II	26,271		53.21		1,397,892		1,525,372	1

Invesco V.I. Balanced-Risk Commodity Strategy Fund Class R5	19,881,282		6.54		130,023,587		130,990,625	1

Invesco V.I. Comstock Fund Series II	74,043		19.58		1,449,767		1,232,094	1

Invesco V.I. Growth and Income Fund Series II	76,760		18.87		1,448,463		1,413,305	1

Lord Abbett Growth and Income Portfolio Class VC	16,238		36.06		585,538		559,167	1

PIMCO Emerging Markets Bond Portfolio Advisor Class	2,465		10.55		26,007		25,655	1

PIMCO Total Return Portfolio Advisor Class	558,219		9.18		5,124,448		5,764,277	1

SST SA Allocation Balanced Portfolio Class 3	414,608		8.88		3,681,722		4,177,967	1

SST SA Allocation Growth Portfolio Class 3	540,480		13.71		7,409,983		7,966,383	1

SST SA Allocation Moderate Growth Portfolio Class 3	672,726		9.43		6,343,803		7,017,084	1

SST SA Allocation Moderate Portfolio Class 3	787,836		9.34		7,358,385		8,361,658	1

SST SA American Century Inflation Protection Portfolio Class 3	672,637		8.57		5,764,501		6,499,113	1

SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3	246,892		12.01		2,965,172		3,007,953	1

SAST SA AB Growth Portfolio Class 3	106,161		51.82		5,501,272		5,624,195	1

SAST SA AB Small & Mid Cap Value Portfolio Class 3	169,332		12.58		2,130,199		2,289,261	1

SAST SA American Funds Asset Allocation Portfolio Class 3	4,645,730		14.99		69,639,495		69,451,525	1

SAST SA American Funds Global Growth Portfolio Class 3	321,559		11.05		3,553,227		3,655,971	1

SAST SA American Funds Growth Portfolio Class 3	1,047,219		13.42		14,053,684		14,045,308	1

SAST SA American Funds Growth-Income Portfolio Class 3	578,228		12.47		7,210,503		6,655,881	1

SAST SA American Funds VCP Managed Allocation Portfolio Class 3	5,385,701		14.93		80,408,513		78,436,554	1

SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3	86,129		15.55		1,339,303		1,347,241	1

SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3	3,405,969		9.71		33,071,957		36,572,573	1

SAST SA DFA Ultra Short Bond Portfolio Class 3	218,316		10.34		2,257,386		2,223,035	1

SAST SA Emerging Markets Equity Index Portfolio Class 3	11,690		13.64		159,448		188,949	1

SAST SA Federated Hermes Corporate Bond Portfolio Class 3	555,351		11.47		6,369,882		7,243,184	1

SAST SA Fidelity Institutional AM^® International Growth Portfolio Class 3	7,123		17.05		121,441		108,697	1

SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3	39,329		11.91		468,407		501,297	1

SAST SA Fixed Income Index Portfolio Class 3	463,023		9.43		4,366,306		4,969,589	1

SAST SA Fixed Income Intermediate Index Portfolio Class 3	176,170		9.85		1,735,274		1,823,611	1

SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3	67,833		17.86		1,211,501		1,299,173	1

SAST SA Franklin Small Company Value Portfolio Class 3	52,352		15.46		809,366		905,160	1

SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3	133		17.75		2,356		2,566	1

SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3	396,452		10.75		4,261,860		4,765,473	1

SAST SA Franklin Tactical Opportunities Portfolio Class 3	74,831		11.67		873,274		843,764	1

SAST SA Global Index Allocation 60/40 Portfolio Class 3	142,967		16.97		2,426,145		2,262,202	1

SAST SA Global Index Allocation 75/25 Portfolio Class 3	140,505		17.64		2,478,500		2,245,523	1

SAST SA Global Index Allocation 90/10 Portfolio Class 3	543,104		18.38		9,982,254		9,191,401	1

SAST SA Goldman Sachs Global Bond Portfolio Class 3	278,544		9.25		2,576,530		2,969,962	1

SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3	303,348		10.51		3,188,187		3,209,597	1

SAST SA Index Allocation 60/40 Portfolio Class 3	741,406		12.88		9,549,314		8,966,498	1

SAST SA Index Allocation 80/20 Portfolio Class 3	982,372		14.29		14,038,101		12,407,488	1

SAST SA Index Allocation 90/10 Portfolio Class 3	3,482,891		15.00		52,243,368		43,913,133	1

SAST SA International Index Portfolio Class 3	38,240		12.67		484,495		448,701	1

SAST SA Invesco Growth Opportunities Portfolio Class 3	118,030		5.25		619,656		756,212	1

SAST SA Janus Focused Growth Portfolio Class 3	77,866		15.33		1,193,692		1,192,746	1

SAST SA JPMorgan Diversified Balanced Portfolio Class 3	179,741		17.58		3,159,851		3,362,011	1

SAST SA JPMorgan Emerging Markets Portfolio Class 3	81,104		7.26		588,815		643,129	1

SAST SA JPMorgan Equity-Income Portfolio Class 3	51,541		31.46		1,621,476		1,723,433	1

SAST SA JPMorgan Global Equities Portfolio Class 3	9,032		18.61		168,088		167,572	1

SAST SA JPMorgan Large Cap Core Portfolio Class 3	71,517		20.62		1,474,683		1,425,437	1

SAST SA JPMorgan MFS Core Bond Portfolio Class 3	794,141		8.05		6,392,835		7,141,150	1

SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3	202,919		14.79		3,001,177		3,800,733	1

SAST SA Large Cap Growth Index Portfolio Class 3	49,499		21.97		1,087,484		1,019,779	1

* Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, 2023



Sub-accounts	Shares		Net Asset Value per Share		Shares at Fair Value		Cost of Shares Held	Level*

SAST SA Large Cap Index Portfolio Class 3	81,405	$	33.37	$	2,716,484	$	2,476,225	1

SAST SA Large Cap Value Index Portfolio Class 3	39,639		18.18		720,633		683,122	1

SAST SA MFS Blue Chip Growth Portfolio Class 3	148,277		13.54		2,007,666		1,938,303	1

SAST SA MFS Massachusetts Investors Trust Portfolio Class 3	67,512		20.71		1,398,173		1,456,046	1

SAST SA MFS Total Return Portfolio Class 3	87,254		17.80		1,553,115		1,635,608	1

SAST SA Mid Cap Index Portfolio Class 3	101,725		13.73		1,396,690		1,251,358	1

SAST SA Morgan Stanley International Equities Portfolio Class 3	88,040		9.48		834,616		832,439	1

SAST SA PIMCO RAE International Value Portfolio Class 3	47,610		13.56		645,586		656,126	1

SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3	3,221,581		9.35		30,121,781		34,483,073	1

SAST SA PineBridge High-Yield Bond Portfolio Class 3	322,485		5.11		1,647,899		1,715,470	1

SAST SA Putnam International Growth and Income Portfolio Class 3	11,485		11.55		132,655		114,797	1

SAST SA Schroders VCP Global Allocation Portfolio Class 3	1,740,771		9.86		17,163,998		18,567,292	1

SAST SA Small Cap Index Portfolio Class 3	91,127		12.05		1,098,081		1,070,105	1

SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3	271,574		13.70		3,720,563		3,305,767	1

SAST SA T. Rowe Price VCP Balanced Portfolio Class 3	3,938,234		11.11		43,753,775		46,036,641	1

SAST SA VCP Dynamic Allocation Portfolio Class 3	7,898,572		10.81		85,383,562		97,258,134	1

SAST SA VCP Dynamic Strategy Portfolio Class 3	7,854,592		11.16		87,657,251		101,516,393	1

SAST SA VCP Index Allocation Portfolio Class 3	2,697,987		11.72		31,620,405		30,100,026	1

SAST SA Wellington Capital Appreciation Portfolio Class 3	359,874		24.85		8,942,859		10,007,882	1

SAST SA Wellington Government and Quality Bond Portfolio Class 3	329,475		13.16		4,335,894		5,063,955	1

SAST SA Wellington Strategic Multi-Asset Portfolio Class 3	250,713		8.34		2,090,949		2,207,780	1

T Rowe Price Retirement 2015 Advisor Class	1,232,559		11.98		14,766,054		15,324,671	1

T Rowe Price Retirement 2020 Advisor Class	1,695,804		17.59		29,829,196		34,465,577	1

T Rowe Price Retirement 2025 Advisor Class	4,178,466		15.59		65,142,279		72,180,978	1

T Rowe Price Retirement 2030 Advisor Class	3,514,527		23.62		83,013,133		89,763,038	1

T Rowe Price Retirement 2035 Advisor Class	3,982,969		19.12		76,154,375		77,462,568	1

T Rowe Price Retirement 2040 Advisor Class	2,814,833		27.28		76,788,632		77,725,090	1

T Rowe Price Retirement 2045 Advisor Class	3,149,867		19.72		62,115,386		60,301,625	1

T Rowe Price Retirement 2050 Advisor Class	3,254,227		16.66		54,215,420		52,458,240	1

T Rowe Price Retirement 2055 Advisor Class	1,765,723		17.52		30,935,467		29,424,857	1

T Rowe Price Retirement 2060 Advisor Class	1,736,253		14.64		25,418,748		24,171,267	1

VALIC Company I Aggressive Growth Lifestyle Fund	66,912,078		10.01		669,789,898		609,756,706	1

VALIC Company I Asset Allocation Fund	13,146,438		10.76		141,455,672		138,176,879	1

VALIC Company I Capital Appreciation Fund	3,722,100		17.75		66,067,281		69,740,936	1

VALIC Company I Conservative Growth Lifestyle Fund	27,497,845		10.96		301,376,384		283,512,142	1

VALIC Company I Core Bond Fund	189,131,021		10.00		1,891,310,211		2,019,549,518	1

VALIC Company I Dividend Value Fund	52,170,572		11.80		615,612,749		608,708,838	1

VALIC Company I Dynamic Allocation Fund	13,819,679		9.96		137,643,999		152,416,027	1

VALIC Company I Emerging Economies Fund	118,845,839		5.85		695,248,160		819,799,061	1

VALIC Company I Global Real Estate Fund	38,915,911		6.78		263,849,876		297,707,551	1

VALIC Company I Global Strategy Fund	23,739,374		9.05		214,841,331		241,501,664	1

VALIC Company I Government Securities Fund	13,233,979		9.53		126,119,822		136,072,237	1

VALIC Company I Growth Fund	121,388,494		13.15		1,596,258,695		1,702,591,134	1

VALIC Company I High Yield Bond Fund	54,117,988		7.20		389,649,511		398,375,207	1

VALIC Company I Inflation Protected Fund	41,930,058		9.62		403,367,158		458,378,451	1

VALIC Company I International Equities Index Fund	199,796,319		8.02		1,602,366,482		1,405,537,498	1

VALIC Company I International Government Bond Fund	6,108,204		10.04		61,326,373		68,541,505	1

VALIC Company I International Growth Fund	35,817,844		11.09		397,219,891		420,083,040	1

VALIC Company I International Opportunities Fund	33,425,178		14.86		496,698,151		648,093,614	1

VALIC Company I International Socially Responsible Fund	16,754,774		24.07		403,287,418		365,093,828	1

VALIC Company I International Value Fund	50,183,419		9.96		499,826,852		454,876,697	1

VALIC Company I Large Capital Growth Fund	35,781,750		19.41		694,523,760		576,086,194	1

VALIC Company I Mid Cap Index Fund	116,130,596		25.88		3,005,459,827		2,906,909,755	1

VALIC Company I Mid Cap Strategic Growth Fund	56,566,481		17.10		967,286,818		1,061,453,215	1

VALIC Company I Mid Cap Value Fund	33,714,988		18.84		635,190,365		700,916,810	1

VALIC Company I Moderate Growth Lifestyle Fund	76,387,376		13.26		1,012,896,605		937,332,377	1

VALIC Company I Nasdaq-100 Index Fund	37,114,224		23.32		865,503,708		583,295,086	1

VALIC Company I Science & Technology Fund	97,575,780		24.66		2,406,218,737		2,798,927,953	1

VALIC Company I Small Cap Growth Fund	33,850,245		14.65		495,906,095		674,185,805	1

VALIC Company I Small Cap Index Fund	66,814,040		14.96		999,538,033		1,138,457,002	1

VALIC Company I Small Cap Special Values Fund	17,062,635		12.31		210,041,037		207,608,127	1

* Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, 2023


Sub-accounts	Shares		Net Asset Value per Share		Shares at Fair Value		Cost of Shares Held	Level*

VALIC Company I Small Cap Value Fund	33,378,025	$	12.16	$	405,876,785	$	441,680,406	1

VALIC Company I Stock Index Fund	105,004,708		51.17		5,373,090,905		4,210,040,690	1

VALIC Company I Systematic Core Fund	19,891,350		28.15		559,941,502		522,273,196	1

VALIC Company I Systematic Growth Fund	44,748,137		16.72		748,188,858		778,736,994	1

VALIC Company I Systematic Value Fund	22,302,345		13.12		292,606,772		279,832,629	1

VALIC Company I U.S. Socially Responsible Fund	37,197,586		19.33		719,029,331		828,900,749	1

Vanguard LifeStrategy Conservative Growth Fund Investor Shares	5,381,006		20.37		109,611,094		111,606,202	1

Vanguard LifeStrategy Growth Fund Investor Shares	8,378,542		41.44		347,206,763		262,588,582	1

Vanguard LifeStrategy Moderate Growth Fund Investor Shares	10,342,744		30.45		314,936,551		274,512,563	1

Vanguard Long-Term Investment-Grade Fund Investor Shares	19,356,459		8.13		157,368,010		202,506,597	1

Vanguard Long-Term Treasury Fund Investor Shares	14,875,825		8.76		130,312,224		189,564,401	1

Vanguard Wellington Fund Investor Shares	44,956,295		41.35		1,858,942,810		1,764,369,890	1

Vanguard Windsor II Fund Investor Shares	46,881,096		42.88		2,010,261,380		1,727,855,834	1

* Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	American Beacon Bridgeway Large Cap Growth Fund Investor Class			Ariel Appreciation Fund Investor Class			Ariel Fund Investor Class			FTVIP Franklin Allocation VIP Fund Class 2			FTVIP Franklin Income VIP Fund Class 2
For the Year Ended December 31, 2023

From operations:

Dividends	$	109,547		$	1,958,271		$	1,454,676		$	8,005		$	268,952

Mortality and expense risk and administrative charges		(823,119	)		(3,127,028	)		(3,936,224	)		(8,962	)		(67,242	)

Reimbursements of expenses		181,544			660,201			847,044			—			—

Net investment income (loss)		(532,028	)		(508,556	)		(1,634,504	)		(957	)		201,710

Net realized gain (loss)		(1,035,655	)		(18,141,504	)		(2,777,896	)		(4,126	)		(28,911	)

Capital gain distribution from mutual funds		352,269			12,600,029			15,569,908			9,292			326,056

Change in unrealized appreciation (depreciation) of investments		20,261,597			29,262,262			35,541,201			80,832			(128,823	)

Increase (decrease) in net assets from operations		19,046,183			23,212,231			46,698,709			85,041			370,032

From contract transactions:

Payments received from contract owners		1,189,812			4,482,464			5,164,826			197,587			—

Payments for contract benefits or terminations		(6,214,812	)		(25,618,201	)		(30,409,927	)		(2,263	)		(157,948	)

Transfers between sub-accounts (including fixed account), net		2,070,362			(71,783,062	)		(9,634,663	)		1,736			113,504

Contract maintenance charges		(51,026	)		(58,596	)		(111,342	)		(1,950	)		(20,298	)

Adjustments to net assets allocated to contracts in payout period		925			(12,831	)		7,356			—			—

Increase (decrease) in net assets from contract transactions		(3,004,739	)		(92,990,226	)		(34,983,750	)		195,110			(64,742	)

Increase (decrease) in net assets		16,041,444			(69,777,995	)		11,714,959			280,151			305,290

Net assets at beginning of period		63,750,940			315,154,149			336,389,844			526,392			5,186,859

Net assets at end of period	$	79,792,384		$	245,376,154		$	348,104,803		$	806,543		$	5,492,149

Beginning units		44,595,080			69,609,440			72,406,256			34,963			291,704

Units issued		3,039,853			9,322,459			1,412,227			12,495			7,144

Units redeemed		(4,650,648	)		(26,417,258	)		(7,953,792	)		(373	)		(10,864	)

Ending units		42,984,285			52,514,641			65,864,691			47,085			287,984

For the Year Ended December 31, 2022

From operations:

Dividends	$	—		$	2,022,957		$	1,459,556		$	8,996		$	269,058

Mortality and expense risk and administrative charges		(787,541	)		(3,681,196	)		(4,344,643	)		(8,251	)		(70,436	)

Reimbursements of expenses		172,954			774,495			933,883			—			—

Net investment income (loss)		(614,587	)		(883,744	)		(1,951,204	)		745			198,622

Net realized gain (loss)		(242,569	)		(5,808,329	)		6,333,141			(4,969	)		(13,138	)

Capital gain distribution from mutual funds		9,535,825			27,716,989			26,810,489			54,074			109,212

Change in unrealized appreciation (depreciation) of investments		(31,749,117	)		(66,943,826	)		(118,372,334	)		(159,956	)		(679,034	)

Increase (decrease) in net assets from operations		(23,070,448	)		(45,918,910	)		(87,179,908	)		(110,106	)		(384,338	)

From contract transactions:

Payments received from contract owners		1,052,828			5,928,240			6,731,449			3,000			67,295

Payments for contract benefits or terminations		(4,576,655	)		(26,992,695	)		(26,652,345	)		(2,067	)		(526,824	)

Transfers between sub-accounts (including fixed account), net		831,535			22,181,185			(18,042,422	)		(638	)		83,284

Contract maintenance charges		(54,947	)		(61,590	)		(120,099	)		(1,443	)		(22,056	)

Adjustments to net assets allocated to contracts in payout period		434			(34,174	)		(6,270	)		—			—

Increase (decrease) in net assets from contract transactions		(2,746,805	)		1,020,966			(38,089,687	)		(1,148	)		(398,301	)

Increase (decrease) in net assets		(25,817,253	)		(44,897,944	)		(125,269,595	)		(111,254	)		(782,639	)

Net assets at beginning of period		89,568,193			360,052,093			461,659,439			637,646			5,969,498

Net assets at end of period	$	63,750,940		$	315,154,149		$	336,389,844		$	526,392		$	5,186,859

Beginning units		46,309,014			69,174,578			79,923,597			35,049			306,193

Units issued		2,704,560			11,692,699			2,660,012			400			27,034

Units redeemed		(4,418,494	)		(11,257,837	)		(10,177,353	)		(486	)		(41,523	)

Ending units		44,595,080			69,609,440			72,406,256			34,963			291,704

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	Goldman Sachs VIT Government Money Market Fund Institutional Shares			Goldman Sachs VIT Government Money Market Fund Service Shares			Invesco V.I. American Franchise Fund Series II			Invesco V.I. Balanced-Risk Commodity Strategy Fund Class R5			Invesco V.I. Comstock Fund Series II
For the Year Ended December 31, 2023

From operations:

Dividends	$	28,224,946		$	194,793		$	—		$	4,105,188		$	22,523

Mortality and expense risk and administrative charges		(5,115,090	)		(52,344	)		(13,396	)		(1,332,825	)		(19,965	)

Net investment income (loss)		23,109,856			142,449			(13,396	)		2,772,363			2,558

Net realized gain (loss)		—			—			(78,437	)		(389,807	)		2,794

Capital gain distribution from mutual funds		—			—			28,369			512,909			162,208

Change in unrealized appreciation (depreciation) of investments		—			—			427,885			(8,612,868	)		(27,824	)
Increase (decrease) in net assets from operations		23,109,856			142,449			364,421			(5,717,403	)		139,736

From contract transactions:

Payments received from contract owners		69,839,064			—			95,911			7,758,055			4,625

Payments for contract benefits or terminations		(90,146,326	)		(1,031,614	)		(93,553	)		(15,923,432	)		(102,244	)

Transfers between sub-accounts (including fixed account), net		177,818,922			905,593			120,037			(1,054,945	)		23,960

Contract maintenance charges		(173,715	)		(63,493	)		(2,489	)		(38,968	)		(11,593	)

Adjustments to net assets allocated to contracts in payout period		2,448			—			—			(10,059	)		—
Increase (decrease) in net assets from contract transactions		157,340,393			(189,514	)		119,906			(9,269,349	)		(85,252	)

Increase (decrease) in net assets		180,450,249			(47,065	)		484,327			(14,986,752	)		54,484

Net assets at beginning of period		546,827,950			4,255,217			913,565			145,028,889			1,395,283
Net assets at end of period	$	727,278,199		$	4,208,152		$	1,397,892		$	130,042,137		$	1,449,767

Beginning units		279,912,387			437,814			28,476			176,778,301			53,667

Units issued		142,551,468			150,217			6,001			12,358,949			2,471

Units redeemed		(60,995,129	)		(169,299	)		(3,154	)		(24,006,620	)		(5,661	)
Ending units		361,468,726			418,732			31,323			165,130,630			50,477

For the Year Ended December 31, 2022

From operations:

Dividends	$	8,036,022		$	57,344		$	—		$	12,891,218		$	19,631

Mortality and expense risk and administrative charges		(3,059,430	)		(48,049	)		(13,472	)		(1,497,804	)		(20,954	)

Net investment income (loss)		4,976,592			9,295			(13,472	)		11,393,414			(1,323	)

Net realized gain (loss)		—			—			(6,452	)		2,221,108			36,101

Capital gain distribution from mutual funds		—			—			292,727			—			44,763

Change in unrealized appreciation (depreciation) of investments		—			—			(729,135	)		(2,607,261	)		(90,563	)
Increase (decrease) in net assets from operations		4,976,592			9,295			(456,332	)		11,007,261			(11,022	)

From contract transactions:

Payments received from contract owners		42,048,235			196,917			16,132			8,742,941			94,546

Payments for contract benefits or terminations		(44,419,070	)		(488,861	)		(31,512	)		(16,806,295	)		(91,632	)

Transfers between sub-accounts (including fixed account), net		544,363,689			1,849,656			(56,456	)		(10,638,971	)		(155,405	)

Contract maintenance charges		(135,298	)		(53,808	)		(2,396	)		(47,153	)		(12,086	)

Adjustments to net assets allocated to contracts in payout period		(6,198	)		—			—			151			—
Increase (decrease) in net assets from contract transactions		541,851,358			1,503,904			(74,232	)		(18,749,327	)		(164,577	)

Increase (decrease) in net assets		546,827,950			1,513,199			(530,564	)		(7,742,066	)		(175,599	)

Net assets at beginning of period		—			2,742,018			1,444,129			152,770,955			1,570,882
Net assets at end of period	$	546,827,950		$	4,255,217		$	913,565		$	145,028,889		$	1,395,283

Beginning units		—			283,048			30,606			199,121,819			60,146

Units issued		319,567,040			292,833			1,100			22,202,153			4,333

Units redeemed		(39,654,653	)		(138,067	)		(3,230	)		(44,545,671	)		(10,812	)
Ending units		279,912,387			437,814			28,476			176,778,301			53,667

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	Invesco V.I. Growth and Income Fund Series II			Lord Abbett Growth and Income Portfolio Class VC			PIMCO Emerging Markets Bond Portfolio Advisor Class			PIMCO Total Return Portfolio Advisor Class			SST SA Allocation Balanced Portfolio Class 3
For the Year Ended December 31, 2023

From operations:

Dividends	$	18,797		$	5,237		$	1,369		$	145,542		$	80,380

Mortality and expense risk and administrative charges		(19,941	)		(7,400	)		(281	)		(49,618	)		(44,256	)
Net investment income (loss)		(1,144	)		(2,163	)		1,088			95,924			36,124

Net realized gain (loss)		(26,121	)		11,930			(5,584	)		(96,933	)		(26,832	)

Capital gain distribution from mutual funds		183,841			11,381			—			—			190,851

Change in unrealized appreciation (depreciation) of investments		(11,738	)		42,100			6,794			249,260			135,878
Increase (decrease) in net assets from operations		144,838			63,248			2,298			248,251			336,021

From contract transactions:

Payments received from contract owners		—			—			—			160,789			135,088

Payments for contract benefits or terminations		(104,304	)		(96,908	)		(321	)		(251,000	)		(105,485	)

Transfers between sub-accounts (including fixed account), net		22,992			6,454			1,125			1,098,725			38,568

Contract maintenance charges		(9,503	)		(1,539	)		(398	)		(73,438	)		(34,530	)
Increase (decrease) in net assets from contract transactions		(90,815	)		(91,993	)		406			935,076			33,641

Increase (decrease) in net assets		54,023			(28,745	)		2,704			1,183,327			369,662

Net assets at beginning of period		1,394,440			614,283			23,303			3,941,121			3,312,060
Net assets at end of period	$	1,448,463		$	585,538		$	26,007		$	5,124,448		$	3,681,722

Beginning units		58,098			28,928			2,693			445,772			197,912

Units issued		2,481			417			8,069			150,494			10,207

Units redeemed		(6,115	)		(4,845	)		(8,024	)		(42,289	)		(8,301	)

Ending units		54,464			24,500			2,738			553,977			199,818

For the Year Ended December 31, 2022

From operations:

Dividends	$	18,852		$	8,526		$	1,173		$	101,608		$	95,415

Mortality and expense risk and administrative charges		(21,450	)		(7,158	)		(286	)		(48,001	)		(45,940	)

Net investment income (loss)		(2,598	)		1,368			887			53,607			49,475

Net realized gain (loss)		10,217			5,507			(420	)		(81,879	)		(17,103	)

Capital gain distribution from mutual funds		138,204			51,903			—			—			173,546

Change in unrealized appreciation (depreciation) of investments		(269,452	)		(100,144	)		(5,407	)		(669,947	)		(880,065	)
Increase (decrease) in net assets from operations		(123,629	)		(41,366	)		(4,940	)		(698,219	)		(674,147	)

From contract transactions:

Payments received from contract owners		—			176,311			—			239,559			192,153

Payments for contract benefits or terminations		(100,061	)		(14,374	)		(240	)		(128,810	)		(102,821	)

Transfers between sub-accounts (including fixed account), net		(79,178	)		(22,271	)		(483	)		67,054			3,548

Contract maintenance charges		(10,242	)		(1,672	)		(388	)		(75,766	)		(38,383	)
Increase (decrease) in net assets from contract transactions		(189,481	)		137,994			(1,111	)		102,037			54,497

Increase (decrease) in net assets		(313,110	)		96,628			(6,051	)		(596,182	)		(619,650	)

Net assets at beginning of period		1,707,550			517,655			29,354			4,537,303			3,931,710
Net assets at end of period	$	1,394,440		$	614,283		$	23,303		$	3,941,121		$	3,312,060

Beginning units		65,888			21,057			2,823			434,167			195,973

Units issued		1,625			9,718			33			63,456			12,082

Units redeemed		(9,415	)		(1,847	)		(163	)		(51,851	)		(10,143	)
Ending units		58,098			28,928			2,693			445,772			197,912

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SST SA Allocation Growth Portfolio Class 3			SST SA Allocation Moderate Growth Portfolio Class 3			SST SA Allocation Moderate Portfolio Class 3			SST SA American Century Inflation Protection Portfolio Class 3			SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3
For the Year Ended December 31, 2023

From operations:

Dividends	$	150,757		$	142,253		$	162,567		$	267,666		$	43,576

Mortality and expense risk and administrative charges		(86,822	)		(77,505	)		(91,942	)		(70,135	)		(33,084	)

Net investment income (loss)		63,935			64,748			70,625			197,531			10,492

Net realized gain (loss)		16,152			(33,150	)		(65,307	)		(64,886	)		(15,001	)

Capital gain distribution from mutual funds		618,567			478,661			494,260			—			—

Change in unrealized appreciation (depreciation) of investments		334,052			228,883			283,919			(29,886	)		500,280

Increase (decrease) in net assets from operations		1,032,706			739,142			783,497			102,759			495,771

From contract transactions:

Payments received from contract owners		226,516			545,191			428,016			59,419			180

Payments for contract benefits or terminations		(292,877	)		(120,500	)		(211,273	)		(223,386	)		(95,376	)

Transfers between sub-accounts (including fixed account), net		(104,175	)		(5,679	)		183,995			279,323			(80,615	)

Contract maintenance charges		(93,282	)		(72,163	)		(85,337	)		(94,010	)		(46,921	)

Increase (decrease) in net assets from contract transactions		(263,818	)		346,849			315,401			21,346			(222,732	)

Increase (decrease) in net assets		768,888			1,085,991			1,098,898			124,105			273,039

Net assets at beginning of period		6,641,095			5,257,812			6,259,487			5,640,396			2,692,133

Net assets at end of period	$	7,409,983		$	6,343,803		$	7,358,385		$	5,764,501		$	2,965,172

Beginning units		314,881			281,733			348,317			493,192			193,053

Units issued		12,740			27,582			33,634			58,635			99

Units redeemed		(24,248	)		(10,774	)		(16,142	)		(57,426	)		(14,771	)

Ending units		303,373			298,541			365,809			494,401			178,381

For the Year Ended December 31, 2022

From operations:

Dividends	$	167,008		$	157,429		$	189,002		$	137,542		$	31,369

Mortality and expense risk and administrative charges		(90,858	)		(72,918	)		(91,995	)		(67,079	)		(33,303	)

Net investment income (loss)		76,150			84,511			97,007			70,463			(1,934	)

Net realized gain (loss)		(10,617	)		(11,516	)		(32,123	)		14,648			9,350

Capital gain distribution from mutual funds		396,555			369,492			428,382			88,553			466,064

Change in unrealized appreciation (depreciation) of investments		(2,090,061	)		(1,558,867	)		(1,866,708	)		(868,800	)		(1,075,721	)

Increase (decrease) in net assets from operations		(1,627,973	)		(1,116,380	)		(1,373,442	)		(695,136	)		(602,241	)

From contract transactions:

Payments received from contract owners		258,852			206,690			63,968			566,413			100,400

Payments for contract benefits or terminations		(492,829	)		(91,928	)		(374,907	)		(247,485	)		(74,233	)

Transfers between sub-accounts (including fixed account), net		(100,122	)		17,874			56,211			620,793			47,447

Contract maintenance charges		(98,847	)		(70,854	)		(88,852	)		(87,777	)		(50,277	)

Increase (decrease) in net assets from contract transactions		(432,946	)		61,782			(343,580	)		851,944			23,337

Increase (decrease) in net assets		(2,060,919	)		(1,054,598	)		(1,717,022	)		156,808			(578,904	)

Net assets at beginning of period		8,702,014			6,312,410			7,976,509			5,483,588			3,271,037

Net assets at end of period	$	6,641,095		$	5,257,812		$	6,259,487		$	5,640,396		$	2,692,133

Beginning units		336,254			278,238			366,743			420,960			191,531

Units issued		19,568			12,819			14,366			131,445			15,841

Units redeemed		(40,941	)		(9,324	)		(32,792	)		(59,213	)		(14,319	)

Ending units		314,881			281,733			348,317			493,192			193,053

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA AB Growth Portfolio Class 3			SAST SA AB Small & Mid Cap Value Portfolio Class 3			SAST SA American Funds Asset Allocation Portfolio Class 3			SAST SA American Funds Global Growth Portfolio Class 3			SAST SA American Funds Growth Portfolio Class 3
For the Year Ended December 31, 2023

From operations:

Dividends	$	—		$	12,881		$	1,649,143		$	23,735		$	177,270

Mortality and expense risk and administrative charges		(59,008	)		(24,527	)		(830,984	)		(46,180	)		(170,949	)

Net investment income (loss)		(59,008	)		(11,646	)		818,159			(22,445	)		6,321

Net realized gain (loss)		36,687			(11,103	)		185,979			3,440			299,482

Capital gain distribution from mutual funds		395,950			172,008			6,661,670			451,608			1,460,519

Change in unrealized appreciation (depreciation) of investments		937,776			126,106			244,737			189,347			2,086,957

Increase (decrease) in net assets from operations		1,311,405			275,365			7,910,545			621,950			3,853,279

From contract transactions:

Payments received from contract owners		668,208			41,317			999,003			22,823			415,044

Payments for contract benefits or terminations		(161,326	)		(68,737	)		(4,621,289	)		(124,288	)		(811,944	)

Transfers between sub-accounts (including fixed account), net		(88,397	)		182,159			658,988			(3,294	)		(323,711	)

Contract maintenance charges		(45,644	)		(10,969	)		(968,127	)		(16,235	)		(43,962	)

Increase (decrease) in net assets from contract transactions		372,841			143,770			(3,931,425	)		(120,994	)		(764,573	)

Increase (decrease) in net assets		1,684,246			419,135			3,979,120			500,956			3,088,706

Net assets at beginning of period		3,817,026			1,711,064			65,660,375			3,052,271			10,964,978

Net assets at end of period	$	5,501,272		$	2,130,199		$	69,639,495		$	3,553,227		$	14,053,684

Beginning units		92,768			63,161			2,996,411			111,819			319,952

Units issued		19,205			9,920			86,903			3,558			18,696

Units redeemed		(11,640	)		(4,754	)		(257,776	)		(7,439	)		(37,792	)

Ending units		100,333			68,327			2,825,538			107,938			300,856

For the Year Ended December 31, 2022

From operations:

Dividends	$	—		$	14,908		$	1,264,038		$	—		$	60,945

Mortality and expense risk and administrative charges		(50,523	)		(22,697	)		(859,219	)		(44,480	)		(158,983	)

Net investment income (loss)		(50,523	)		(7,789	)		404,819			(44,480	)		(98,038	)

Net realized gain (loss)		80,518			24,360			434,721			(44,016	)		60,200

Capital gain distribution from mutual funds		670,403			458,359			2,373,338			19,606			1,609,497

Change in unrealized appreciation (depreciation) of investments		(2,193,264	)		(804,892	)		(14,574,587	)		(978,500	)		(5,976,083	)

Increase (decrease) in net assets from operations		(1,492,866	)		(329,962	)		(11,361,709	)		(1,047,390	)		(4,404,424	)

From contract transactions:

Payments received from contract owners		270,692			179,431			3,540,151			155,005			1,356,769

Payments for contract benefits or terminations		(261,355	)		(58,401	)		(3,218,338	)		(105,115	)		(230,184	)

Transfers between sub-accounts (including fixed account), net		380,013			(9,734	)		712,017			138,921			706,125

Contract maintenance charges		(37,661	)		(7,741	)		(1,055,427	)		(16,318	)		(40,493	)

Increase (decrease) in net assets from contract transactions		351,689			103,555			(21,597	)		172,493			1,792,217

Increase (decrease) in net assets		(1,141,177	)		(226,407	)		(11,383,306	)		(874,897	)		(2,612,207	)

Net assets at beginning of period		4,958,203			1,937,471			77,043,681			3,927,168			13,577,185

Net assets at end of period	$	3,817,026		$	1,711,064		$	65,660,375		$	3,052,271		$	10,964,978

Beginning units		84,856			59,438			2,999,964			106,518			272,834

Units issued		17,237			10,317			270,009			12,672			59,313

Units redeemed		(9,325	)		(6,594	)		(273,562	)		(7,371	)		(12,195	)

Ending units		92,768			63,161			2,996,411			111,819			319,952

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA American Funds Growth- Income Portfolio Class 3			SAST SA American Funds VCP Managed Allocation Portfolio Class 3			SAST SA BlackRock Multi- Factor 70/30 Portfolio Class 3			SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3			SAST SA DFA Ultra Short Bond Portfolio Class 3
For the Year Ended December 31, 2023

From operations:

Dividends	$	147,315		$	1,388,578		$	24,691		$	224,041		$	20,164

Mortality and expense risk and administrative charges		(88,012	)		(965,879	)		(14,428	)		(404,616	)		(25,841	)

Net investment income (loss)		59,303			422,699			10,263			(180,575	)		(5,677	)

Net realized gain (loss)		17,302			777,110			(3,750	)		(732,702	)		(3,236	)

Capital gain distribution from mutual funds		546,839			2,625,652			—			—			—

Change in unrealized appreciation (depreciation) of investments		805,685			6,505,573			133,050			4,169,310			74,032

Increase (decrease) in net assets from operations		1,429,129			10,331,034			139,563			3,256,033			65,119

From contract transactions:

Payments received from contract owners		14,511			1,596,299			30,000			1,362,505			32,820

Payments for contract benefits or terminations		(134,623	)		(5,157,711	)		(1,421	)		(2,795,704	)		(60,329	)

Transfers between sub-accounts (including fixed account), net		(162,881	)		(239,978	)		45,368			450,258			245,961

Contract maintenance charges		(13,456	)		(1,290,667	)		(20,794	)		(549,296	)		(35,592	)

Increase (decrease) in net assets from contract transactions		(296,449	)		(5,092,057	)		53,153			(1,532,237	)		182,860

Increase (decrease) in net assets		1,132,680			5,238,977			192,716			1,723,796			247,979

Net assets at beginning of period		6,077,823			75,169,536			1,146,587			31,348,161			2,009,407

Net assets at end of period	$	7,210,503		$	80,408,513		$	1,339,303		$	33,071,957		$	2,257,386

Beginning units		225,641			4,863,221			115,798			2,846,091			235,967

Units issued		4,300			218,527			7,952			220,345			43,468

Units redeemed		(14,093	)		(525,498	)		(2,748	)		(354,481	)		(22,736	)

Ending units		215,848			4,556,250			121,002			2,711,955			256,699

For the Year Ended December 31, 2022

From operations:

Dividends	$	56,842		$	778,267		$	17,812		$	—		$	—

Mortality and expense risk and administrative charges		(87,717	)		(985,846	)		(10,129	)		(416,687	)		(25,843	)

Net investment income (loss)		(30,875	)		(207,579	)		7,683			(416,687	)		(25,843	)

Net realized gain (loss)		(28,763	)		505,662			(2,339	)		(405,353	)		(35,948	)

Capital gain distribution from mutual funds		194,725			2,743,015			11,041			2,263			—

Change in unrealized appreciation (depreciation) of investments		(1,498,711	)		(19,626,166	)		(145,571	)		(6,325,740	)		(2,610	)

Increase (decrease) in net assets from operations		(1,363,624	)		(16,585,068	)		(129,186	)		(7,145,517	)		(64,401	)

From contract transactions:

Payments received from contract owners		69,691			4,924,531			844,086			1,328,587			285,580

Payments for contract benefits or terminations		(211,642	)		(2,988,476	)		(1,411	)		(1,219,365	)		(360,472	)

Transfers between sub-accounts (including fixed account), net		(69,830	)		1,207,302			38,032			730,897			230,250

Contract maintenance charges		(13,920	)		(1,319,355	)		(12,330	)		(568,162	)		(33,816	)

Increase (decrease) in net assets from contract transactions		(225,701	)		1,824,002			868,377			271,957			121,542

Increase (decrease) in net assets		(1,589,325	)		(14,761,066	)		739,191			(6,873,560	)		57,141

Net assets at beginning of period		7,667,148			89,930,602			407,396			38,221,721			1,952,266

Net assets at end of period	$	6,077,823		$	75,169,536		$	1,146,587		$	31,348,161		$	2,009,407

Beginning units		233,772			4,760,300			34,175			2,820,955			223,263

Units issued		4,757			449,086			84,223			210,872			117,283

Units redeemed		(12,888	)		(346,165	)		(2,600	)		(185,736	)		(104,579	)

Ending units		225,641			4,863,221			115,798			2,846,091			235,967

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Emerging Markets Equity Index Portfolio Class 3			SAST SA Federated Hermes Corporate Bond Portfolio Class 3			SAST SA Fidelity Institutional AM® International Growth Portfolio Class 3			SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 3			SAST SA Fixed Income Index Portfolio Class 3
For the Year Ended December 31, 2023

From operations:

Dividends	$	3,555		$	209,584		$	198		$	8,933		$	88,816

Mortality and expense risk and administrative charges		(1,876	)		(81,050	)		(1,191	)		(5,847	)		(50,304	)

Net investment income (loss)		1,679			128,534			(993	)		3,086			38,512

Net realized gain (loss)		(1,661	)		(196,081	)		(475	)		(6,677	)		(99,501	)

Capital gain distribution from mutual funds		—			—			—			26,241			—

Change in unrealized appreciation (depreciation) of investments		11,245			440,963			20,767			32,815			232,832

Increase (decrease) in net assets from operations		11,263			373,416			19,299			55,465			171,843

From contract transactions:

Payments received from contract owners		—			263,814			—			—			205,731

Payments for contract benefits or terminations		(4,034	)		(389,822	)		(1,086	)		(33,054	)		(337,932	)

Transfers between sub-accounts (including fixed account), net		5,946			(28,517	)		39,242			3,183			206,385

Contract maintenance charges		(1,564	)		(89,121	)		(866	)		(4,904	)		(62,018	)

Increase (decrease) in net assets from contract transactions		348			(243,646	)		37,290			(34,775	)		12,166

Increase (decrease) in net assets		11,611			129,770			56,589			20,690			184,009

Net assets at beginning of period		147,837			6,240,112			64,852			447,717			4,182,297

Net assets at end of period	$	159,448		$	6,369,882		$	121,441		$	468,407		$	4,366,306

Beginning units		17,207			360,858			6,043			30,809			446,510

Units issued		1,421			44,024			3,706			3,073			56,867

Units redeemed		(1,344	)		(58,924	)		(679	)		(5,253	)		(56,133	)

Ending units		17,284			345,958			9,070			28,629			447,244

For the Year Ended December 31, 2022

From operations:

Dividends	$	2,681		$	232,830		$	—		$	3,185		$	74,443

Mortality and expense risk and administrative charges		(2,146	)		(90,026	)		(473	)		(5,389	)		(52,601	)

Net investment income (loss)		535			142,804			(473	)		(2,204	)		21,842

Net realized gain (loss)		(1,772	)		(156,117	)		(335	)		2,436			(56,060	)

Capital gain distribution from mutual funds		—			23,203			5,247			39,024			11,766

Change in unrealized appreciation (depreciation) of investments		(43,931	)		(1,296,422	)		(12,552	)		(175,717	)		(653,412	)

Increase (decrease) in net assets from operations		(45,168	)		(1,286,532	)		(8,113	)		(136,461	)		(675,864	)

From contract transactions:

Payments received from contract owners		20,000			113,986			40,692			117,936			382,125

Payments for contract benefits or terminations		(10,956	)		(246,594	)		(719	)		(7,243	)		(189,272	)

Transfers between sub-accounts (including fixed account), net		(22,238	)		(609,944	)		1,244			42,427			(60,100	)

Contract maintenance charges		(1,659	)		(102,996	)		(428	)		(4,094	)		(66,338	)

Increase (decrease) in net assets from contract transactions		(14,853	)		(845,548	)		40,789			149,026			66,415

Increase (decrease) in net assets		(60,021	)		(2,132,080	)		32,676			12,565			(609,449	)

Net assets at beginning of period		207,858			8,372,192			32,176			435,152			4,791,746

Net assets at end of period	$	147,837		$	6,240,112		$	64,852		$	447,717		$	4,182,297

Beginning units		18,999			408,850			2,176			21,666			439,392

Units issued		3,182			20,232			4,166			10,935			62,243

Units redeemed		(4,974	)		(68,224	)		(299	)		(1,792	)		(55,125	)

Ending units		17,207			360,858			6,043			30,809			446,510

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Fixed Income Intermediate Index Portfolio Class 3			SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3			SAST SA Franklin Small Company Value Portfolio Class 3			SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3			SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3
For the Year Ended December 31, 2023

From operations:

Dividends	$	25,741		$	25,132		$	1,909		$	29		$	61,064

Mortality and expense risk and administrative charges		(19,537	)		(16,552	)		(10,005	)		(25	)		(54,752	)

Net investment income (loss)		6,204			8,580			(8,096	)		4			6,312

Net realized gain (loss)		(19,662	)		(19,136	)		(13,704	)		(12	)		(138,061	)

Capital gain distribution from mutual funds		—			113,464			56,529			203			—

Change in unrealized appreciation (depreciation) of investments		70,807			(39,789	)		47,902			193			394,182

Increase (decrease) in net assets from operations		57,349			63,119			82,631			388			262,433

From contract transactions:

Payments received from contract owners		16,177			—			15,280			—			—

Payments for contract benefits or terminations		(76,337	)		(154,611	)		(38,145	)		—			(261,380	)

Transfers between sub-accounts (including fixed account), net		141,174			71,220			17,724			48			178,733

Contract maintenance charges		(29,716	)		(9,383	)		(6,511	)		(47	)		(27,503	)

Increase (decrease) in net assets from contract transactions		51,298			(92,774	)		(11,652	)		1			(110,150	)

Increase (decrease) in net assets		108,647			(29,655	)		70,979			389			152,283

Net assets at beginning of period		1,626,627			1,241,156			738,387			1,967			4,109,577

Net assets at end of period	$	1,735,274		$	1,211,501		$	809,366		$	2,356		$	4,261,860

Beginning units		170,069			48,315			31,203			158			111,738

Units issued		21,193			3,490			1,870			4			7,441

Units redeemed		(16,074	)		(7,285	)		(2,339	)		(4	)		(10,447	)

Ending units		175,188			44,520			30,734			158			108,732

For the Year Ended December 31, 2022

From operations:

Dividends	$	19,151		$	19,558		$	3,303		$	33		$	71,093

Mortality and expense risk and administrative charges		(20,530	)		(17,201	)		(10,501	)		(25	)		(58,733	)

Net investment income (loss)		(1,379	)		2,357			(7,198	)		8			12,360

Net realized gain (loss)		(16,933	)		28,846			(8,472	)		(24	)		(58,428	)

Capital gain distribution from mutual funds		447			222,495			169,042			231			1,003,141

Change in unrealized appreciation (depreciation) of investments		(143,908	)		(284,282	)		(260,104	)		(582	)		(1,421,069	)

Increase (decrease) in net assets from operations		(161,773	)		(30,584	)		(106,732	)		(367	)		(463,996	)

From contract transactions:

Payments received from contract owners		17,177			162,654			25,901			—			78,952

Payments for contract benefits or terminations		(78,649	)		(74,287	)		(33,975	)		—			(168,312	)

Transfers between sub-accounts (including fixed account), net		(84,898	)		(123,533	)		(44,715	)		(205	)		(384,466	)

Contract maintenance charges		(29,340	)		(8,222	)		(7,092	)		(45	)		(30,561	)

Increase (decrease) in net assets from contract transactions		(175,710	)		(43,388	)		(59,881	)		(250	)		(504,387	)

Increase (decrease) in net assets		(337,483	)		(73,972	)		(166,613	)		(617	)		(968,383	)

Net assets at beginning of period		1,964,110			1,315,128			905,000			2,584			5,077,960

Net assets at end of period	$	1,626,627		$	1,241,156		$	738,387		$	1,967		$	4,109,577

Beginning units		187,832			49,904			33,705			177			125,457

Units issued		15,532			7,365			1,588			1			2,797

Units redeemed		(33,295	)		(8,954	)		(4,090	)		(20	)		(16,516	)

Ending units		170,069			48,315			31,203			158			111,738

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Franklin Tactical Opportunities Portfolio Class 3			SAST SA Global Index Allocation 60/40 Portfolio Class 3			SAST SA Global Index Allocation 75/25 Portfolio Class 3			SAST SA Global Index Allocation 90/10 Portfolio Class 3			SAST SA Goldman Sachs Global Bond Portfolio Class 3
For the Year Ended December 31, 2023

From operations:

Dividends	$	11,783		$	35,300		$	35,077		$	161,165		$	—

Mortality and expense risk and administrative charges		(9,052	)		(28,413	)		(29,959	)		(111,276	)		(30,836	)

Net investment income (loss)		2,731			6,887			5,118			49,889			(30,836	)

Net realized gain (loss)		2,147			20,585			16,162			85,770			(36,093	)

Capital gain distribution from mutual funds		1,014			70,901			82,745			339,868			—

Change in unrealized appreciation (depreciation) of investments		100,401			174,685			209,278			919,708			134,625

Increase (decrease) in net assets from operations		106,293			273,058			313,303			1,395,235			67,696

From contract transactions:

Payments received from contract owners		113,735			15,000			—			34,802			134,777

Payments for contract benefits or terminations		(33,667	)		(150,917	)		(57,196	)		(225,311	)		(106,295	)

Transfers between sub-accounts (including fixed account), net		2,677			3,039			(2,645	)		404,536			189,599

Contract maintenance charges		(9,997	)		(31,187	)		(35,788	)		(140,019	)		(37,340	)

Increase (decrease) in net assets from contract transactions		72,748			(164,065	)		(95,629	)		74,008			180,741

Increase (decrease) in net assets		179,041			108,993			217,674			1,469,243			248,437

Net assets at beginning of period		694,233			2,317,152			2,260,826			8,513,011			2,328,093

Net assets at end of period	$	873,274		$	2,426,145		$	2,478,500		$	9,982,254		$	2,576,530

Beginning units		60,336			210,941			202,599			748,662			225,931

Units issued		10,251			1,973			1,136			42,762			32,157

Units redeemed		(4,146	)		(16,048	)		(9,183	)		(37,434	)		(15,009	)

Ending units		66,441			196,866			194,552			753,990			243,079

For the Year Ended December 31, 2022

From operations:

Dividends	$	7,546		$	1,062		$	2,673		$	113,094		$	—

Mortality and expense risk and administrative charges		(9,193	)		(29,448	)		(30,904	)		(107,303	)		(32,048	)

Net investment income (loss)		(1,647	)		(28,386	)		(28,231	)		5,791			(32,048	)

Net realized gain (loss)		7,523			11,797			18,926			109,399			(34,902	)

Capital gain distribution from mutual funds		32,943			22,520			28,965			158,689			—

Change in unrealized appreciation (depreciation) of investments		(165,460	)		(435,226	)		(486,754	)		(2,040,995	)		(526,991	)

Increase (decrease) in net assets from operations		(126,641	)		(429,295	)		(467,094	)		(1,767,116	)		(593,941	)

From contract transactions:

Payments received from contract owners		19,762			40,212			(20,000	)		241,997			52,215

Payments for contract benefits or terminations		(39,342	)		(86,622	)		(54,546	)		(246,936	)		(114,625	)

Transfers between sub-accounts (including fixed account), net		(11,381	)		98,117			(12,852	)		236,785			79,293

Contract maintenance charges		(10,607	)		(33,537	)		(41,060	)		(141,944	)		(39,641	)

Increase (decrease) in net assets from contract transactions		(41,568	)		18,170			(128,458	)		89,902			(22,758	)

Increase (decrease) in net assets		(168,209	)		(411,125	)		(595,552	)		(1,677,214	)		(616,699	)

Net assets at beginning of period		862,442			2,728,277			2,856,378			10,190,225			2,944,792

Net assets at end of period	$	694,233		$	2,317,152		$	2,260,826		$	8,513,011		$	2,328,093

Beginning units		63,732			210,223			213,549			740,792			228,154

Units issued		2,568			12,059			1,585			50,087			16,267

Units redeemed		(5,964	)		(11,341	)		(12,535	)		(42,217	)		(18,490	)

Ending units		60,336			210,941			202,599			748,662			225,931

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3			SAST SA Index Allocation 60/40 Portfolio Class 3			SAST SA Index Allocation 80/20 Portfolio Class 3			SAST SA Index Allocation 90/10 Portfolio Class 3			SAST SA International Index Portfolio Class 3
For the Year Ended December 31, 2023

From operations:

Dividends	$	27,691		$	130,215		$	203,643		$	770,160		$	10,593

Mortality and expense risk and administrative charges		(37,697	)		(110,879	)		(167,656	)		(593,459	)		(5,664	)

Net investment income (loss)		(10,006	)		19,336			35,987			176,701			4,929

Net realized gain (loss)		(12,183	)		95,265			308,693			698,698			(378	)

Capital gain distribution from mutual funds		—			380,027			641,592			2,355,336			—

Change in unrealized appreciation (depreciation) of investments		444,293			690,716			1,145,106			5,159,795			60,120

Increase (decrease) in net assets from operations		422,104			1,185,344			2,131,378			8,390,530			64,671

From contract transactions:

Payments received from contract owners		100,007			(78	)		484,537			1,087,705			65,930

Payments for contract benefits or terminations		(69,158	)		(591,531	)		(732,711	)		(1,894,702	)		(48,421	)

Transfers between sub-accounts (including fixed account), net		(12,207	)		2,626			(472,994	)		21,829			(671	)

Contract maintenance charges		(43,675	)		(115,612	)		(203,504	)		(757,160	)		(4,412	)

Increase (decrease) in net assets from contract transactions		(25,033	)		(704,595	)		(924,672	)		(1,542,328	)		12,426

Increase (decrease) in net assets		397,071			480,749			1,206,706			6,848,202			77,097

Net assets at beginning of period		2,791,116			9,068,565			12,831,395			45,395,166			407,398

Net assets at end of period	$	3,188,187		$	9,549,314		$	14,038,101		$	52,243,368		$	484,495

Beginning units		249,098			705,429			924,633			3,162,411			40,078

Units issued		10,861			2,504			33,763			92,452			6,825

Units redeemed		(12,849	)		(54,458	)		(93,314	)		(188,040	)		(5,715	)

Ending units		247,110			653,475			865,082			3,066,823			41,188

For the Year Ended December 31, 2022

From operations:

Dividends	$	—		$	121,931		$	188,171		$	660,099		$	10,682

Mortality and expense risk and administrative charges		(36,402	)		(107,445	)		(170,950	)		(573,047	)		(5,800	)

Net investment income (loss)		(36,402	)		14,486			17,221			87,052			4,882

Net realized gain (loss)		(6,954	)		85,294			208,501			500,844			(1,926	)

Capital gain distribution from mutual funds		154,027			325,548			428,400			1,300,450			1,197

Change in unrealized appreciation (depreciation) of investments		(668,457	)		(1,986,750	)		(3,365,549	)		(11,562,368	)		(92,265	)

Increase (decrease) in net assets from operations		(557,786	)		(1,561,422	)		(2,711,427	)		(9,674,022	)		(88,112	)

From contract transactions:

Payments received from contract owners		441,538			1,021,855			1,320,503			2,305,043			41,414

Payments for contract benefits or terminations		(64,181	)		(469,792	)		(561,231	)		(1,207,309	)		(11,714	)

Transfers between sub-accounts (including fixed account), net		11,765			787,844			(114,492	)		1,070,019			(72,947	)

Contract maintenance charges		(44,299	)		(114,225	)		(216,400	)		(792,813	)		(3,982	)

Increase (decrease) in net assets from contract transactions		344,823			1,225,682			428,380			1,374,940			(47,229	)

Increase (decrease) in net assets		(212,963	)		(335,740	)		(2,283,047	)		(8,299,082	)		(135,341	)

Net assets at beginning of period		3,004,079			9,404,305			15,114,442			53,694,248			542,739

Net assets at end of period	$	2,791,116		$	9,068,565		$	12,831,395		$	45,395,166		$	407,398

Beginning units		221,541			615,064			902,286			3,073,273			45,012

Units issued		39,690			137,547			94,320			229,507			6,167

Units redeemed		(12,133	)		(47,182	)		(71,973	)		(140,369	)		(11,101	)

Ending units		249,098			705,429			924,633			3,162,411			40,078

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Invesco Growth Opportunities Portfolio Class 3			SAST SA Janus Focused Growth Portfolio Class 3			SAST SA JPMorgan Diversified Balanced Portfolio Class 3			SAST SA JPMorgan Emerging Markets Portfolio Class 3			SAST SA JPMorgan Equity-Income Portfolio Class 3
For the Year Ended December 31, 2023

From operations:

Dividends	$	—		$	—		$	40,954		$	21,015		$	35,637

Mortality and expense risk and administrative charges		(6,489	)		(13,879	)		(38,480	)		(7,938	)		(21,805	)

Net investment income (loss)		(6,489	)		(13,879	)		2,474			13,077			13,832

Net realized gain (loss)		(10,727	)		(12,583	)		(82,657	)		(226	)		2,830

Capital gain distribution from mutual funds		—			—			—			—			146,583

Change in unrealized appreciation (depreciation) of investments		71,620			368,272			469,909			32,171			(119,086	)

Increase (decrease) in net assets from operations		54,404			341,810			389,726			45,022			44,159

From contract transactions:

Payments received from contract owners		11,100			76,962			110,090			—			180

Payments for contract benefits or terminations		(3,513	)		(81,938	)		(366,191	)		(21,531	)		(114,386	)

Transfers between sub-accounts (including fixed account), net		182,553			(92,022	)		(11,027	)		35,561			95,518

Contract maintenance charges		(4,471	)		(9,784	)		(49,471	)		(5,386	)		(12,353	)

Increase (decrease) in net assets from contract transactions		185,669			(106,782	)		(316,599	)		8,644			(31,041	)

Increase (decrease) in net assets		240,073			235,028			73,127			53,666			13,118

Net assets at beginning of period		379,583			958,664			3,086,724			535,149			1,608,358

Net assets at end of period	$	619,656		$	1,193,692		$	3,159,851		$	588,815		$	1,621,476

Beginning units		14,070			32,083			152,277			49,771			56,420

Units issued		7,062			2,503			7,859			3,707			3,832

Units redeemed		(482	)		(5,408	)		(22,932	)		(3,072	)		(5,018	)

Ending units		20,650			29,178			137,204			50,406			55,234

For the Year Ended December 31, 2022

From operations:

Dividends	$	—		$	—		$	30,016		$	15,579		$	27,907

Mortality and expense risk and administrative charges		(4,530	)		(12,776	)		(40,323	)		(8,162	)		(23,241	)

Net investment income (loss)		(4,530	)		(12,776	)		(10,307	)		7,417			4,666

Net realized gain (loss)		(6,185	)		15,690			(24,911	)		727			50,069

Capital gain distribution from mutual funds		104,863			234,554			425,044			4,920			184,734

Change in unrealized appreciation (depreciation) of investments		(247,659	)		(671,014	)		(1,052,127	)		(196,989	)		(310,053	)

Increase (decrease) in net assets from operations		(153,511	)		(433,546	)		(662,301	)		(183,925	)		(70,584	)

From contract transactions:

Payments received from contract owners		21,184			107,590			180,045			32,848			106,251

Payments for contract benefits or terminations		(5,309	)		(43,583	)		(212,502	)		(25,693	)		(99,175	)

Transfers between sub-accounts (including fixed account), net		119,913			114,178			(7,210	)		20,807			(159,543	)

Contract maintenance charges		(2,183	)		(8,605	)		(53,056	)		(5,755	)		(13,014	)

Increase (decrease) in net assets from contract transactions		133,605			169,580			(92,723	)		22,207			(165,481	)

Increase (decrease) in net assets		(19,906	)		(263,966	)		(755,024	)		(161,718	)		(236,065	)

Net assets at beginning of period		399,489			1,222,630			3,841,748			696,867			1,844,423

Net assets at end of period	$	379,583		$	958,664		$	3,086,724		$	535,149		$	1,608,358

Beginning units		9,453			26,874			156,977			47,546			62,541

Units issued		5,332			7,069			14,021			7,528			3,668

Units redeemed		(715	)		(1,860	)		(18,721	)		(5,303	)		(9,789	)

Ending units		14,070			32,083			152,277			49,771			56,420

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA JPMorgan Global Equities Portfolio Class 3			SAST SA JPMorgan Large Cap Core Portfolio Class 3			SAST SA JPMorgan MFS Core Bond Portfolio Class 3			SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3			SAST SA Large Cap Growth Index Portfolio Class 3
For the Year Ended December 31, 2023

From operations:

Dividends	$	1,840		$	7,157		$	166,433		$	—		$	3,089

Mortality and expense risk and administrative charges		(1,820	)		(17,301	)		(80,437	)		(33,268	)		(11,723	)

Net investment income (loss)		20			(10,144	)		85,996			(33,268	)		(8,634	)

Net realized gain (loss)		(57	)		(1,888	)		(164,615	)		(166,098	)		15,541

Capital gain distribution from mutual funds		4,963			43,894			—			—			23,811

Change in unrealized appreciation (depreciation) of investments		24,409			264,312			378,795			711,438			193,996

Increase (decrease) in net assets from operations		29,335			296,174			300,176			512,072			224,714

From contract transactions:

Payments received from contract owners		—			197,587			175,517			128,190			100,650

Payments for contract benefits or terminations		(171	)		(98,814	)		(484,062	)		(143,979	)		(32,545	)

Transfers between sub-accounts (including fixed account), net		7,320			(53,080	)		177,787			292,356			(21,639	)

Contract maintenance charges		(1,799	)		(6,569	)		(88,658	)		(27,736	)		(10,868	)

Increase (decrease) in net assets from contract transactions		5,350			39,124			(219,416	)		248,831			35,598

Increase (decrease) in net assets		34,685			335,298			80,760			760,903			260,312

Net assets at beginning of period		133,403			1,139,385			6,312,075			2,240,274			827,172

Net assets at end of period	$	168,088		$	1,474,683		$	6,392,835		$	3,001,177		$	1,087,484

Beginning units		7,481			44,338			468,204			60,097			57,090

Units issued		681			6,751			52,236			12,367			7,997

Units redeemed		(443	)		(5,366	)		(68,381	)		(6,250	)		(6,217	)

Ending units		7,719			45,723			452,059			66,214			58,870

For the Year Ended December 31, 2022

From operations:

Dividends	$	1,920		$	8,728		$	143,552		$	—		$	2,185

Mortality and expense risk and administrative charges		(1,355	)		(16,998	)		(86,825	)		(29,674	)		(11,506	)

Net investment income (loss)		565			(8,270	)		56,727			(29,674	)		(9,321	)

Net realized gain (loss)		27			19,945			(57,389	)		(11,772	)		22,700

Capital gain distribution from mutual funds		22,013			279,270			—			626,147			126,950

Change in unrealized appreciation (depreciation) of investments		(39,029	)		(612,191	)		(1,121,199	)		(1,375,624	)		(496,489	)

Increase (decrease) in net assets from operations		(16,424	)		(321,246	)		(1,121,861	)		(790,923	)		(356,160	)

From contract transactions:

Payments received from contract owners		57,842			39,587			62,194			171,932			—

Payments for contract benefits or terminations		(186	)		(79,624	)		(302,813	)		(109,338	)		(57,395	)

Transfers between sub-accounts (including fixed account), net		(1,904	)		21,098			(95,781	)		248,033			82,230

Contract maintenance charges		(1,480	)		(5,969	)		(98,782	)		(25,250	)		(11,878	)

Increase (decrease) in net assets from contract transactions		54,272			(24,908	)		(435,182	)		285,377			12,957

Increase (decrease) in net assets		37,848			(346,154	)		(1,557,043	)		(505,546	)		(343,203	)

Net assets at beginning of period		95,555			1,485,539			7,869,118			2,745,820			1,170,375

Net assets at end of period	$	133,403		$	1,139,385		$	6,312,075		$	2,240,274		$	827,172

Beginning units		4,437			45,396			498,918			52,963			56,007

Units issued		3,330			2,608			26,871			12,203			5,559

Units redeemed		(286	)		(3,666	)		(57,585	)		(5,069	)		(4,476	)

Ending units		7,481			44,338			468,204			60,097			57,090

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Large Cap Index Portfolio Class 3			SAST SA Large Cap Value Index Portfolio Class 3			SAST SA MFS Blue Chip Growth Portfolio Class 3			SAST SA MFS Massachusetts Investors Trust Portfolio Class 3			SAST SA MFS Total Return Portfolio Class 3
For the Year Ended December 31, 2023

From operations:

Dividends	$	28,854		$	9,263		$	5,392		$	8,089		$	25,124

Mortality and expense risk and administrative charges		(29,050	)		(7,091	)		(24,799	)		(19,606	)		(17,825	)

Net investment income (loss)		(196	)		2,172			(19,407	)		(11,517	)		7,299

Net realized gain (loss)		33,046			7,743			1,638			(2,567	)		(4,243	)

Capital gain distribution from mutual funds		97,431			56,054			32,250			114,458			49,573

Change in unrealized appreciation (depreciation) of investments		346,104			43,038			595,046			116,353			66,839

Increase (decrease) in net assets from operations		476,385			109,007			609,527			216,727			119,468

From contract transactions:

Payments received from contract owners		406,979			138,303			13,541			—			53,223

Payments for contract benefits or terminations		(87,204	)		(51,071	)		(129,848	)		(115,638	)		(17,470	)

Transfers between sub-accounts (including fixed account), net		129,669			60,218			(100,600	)		(27,941	)		75,566

Contract maintenance charges		(17,178	)		(7,870	)		(12,332	)		(8,072	)		(16,946	)

Increase (decrease) in net assets from contract transactions		432,266			139,580			(229,239	)		(151,651	)		94,373

Increase (decrease) in net assets		908,651			248,587			380,288			65,076			213,841

Net assets at beginning of period		1,807,833			472,046			1,627,378			1,333,097			1,339,274

Net assets at end of period	$	2,716,484		$	720,633		$	2,007,666		$	1,398,173		$	1,553,115

Beginning units		120,688			34,355			55,808			44,193			66,298

Units issued		41,940			14,676			3,057			453			6,354

Units redeemed		(16,021	)		(5,371	)		(9,368	)		(4,989	)		(1,871	)

Ending units		146,607			43,660			49,497			39,657			70,781

For the Year Ended December 31, 2022

From operations:

Dividends	$	20,430		$	8,394		$	—		$	12,517		$	18,410

Mortality and expense risk and administrative charges		(20,993	)		(5,909	)		(22,191	)		(20,977	)		(17,949	)

Net investment income (loss)		(563	)		2,485			(22,191	)		(8,460	)		461

Net realized gain (loss)		16,841			22,887			20,095			29,536			(1,840	)

Capital gain distribution from mutual funds		107,536			38,691			353,437			292,718			128,103

Change in unrealized appreciation (depreciation) of investments		(468,362	)		(100,106	)		(968,750	)		(626,207	)		(306,579	)

Increase (decrease) in net assets from operations		(344,548	)		(36,043	)		(617,409	)		(312,413	)		(179,855	)

From contract transactions:

Payments received from contract owners		270,258			85,391			198,178			—			50,000

Payments for contract benefits or terminations		(72,763	)		(62,792	)		(54,745	)		(103,000	)		(30,318	)

Transfers between sub-accounts (including fixed account), net		229,033			(48,824	)		180,590			(6,518	)		(111,691	)

Contract maintenance charges		(14,918	)		(7,451	)		(11,274	)		(8,944	)		(18,229	)

Increase (decrease) in net assets from contract transactions		411,610			(33,676	)		312,749			(118,462	)		(110,238	)

Increase (decrease) in net assets		67,062			(69,719	)		(304,660	)		(430,875	)		(290,093	)

Net assets at beginning of period		1,740,771			541,765			1,932,038			1,763,972			1,629,367

Net assets at end of period	$	1,807,833		$	472,046		$	1,627,378		$	1,333,097		$	1,339,274

Beginning units		93,340			36,705			45,928			48,077			71,807

Units issued		34,675			8,169			12,453			745			2,545

Units redeemed		(7,327	)		(10,519	)		(2,573	)		(4,629	)		(8,054	)

Ending units		120,688			34,355			55,808			44,193			66,298

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Mid Cap Index Portfolio Class 3			SAST SA Morgan Stanley International Equities Portfolio Class 3			SAST SA PIMCO RAE International Value Portfolio Class 3			SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3			SAST SA PineBridge High- Yield Bond Portfolio Class 3
For the Year Ended December 31, 2023

From operations:

Dividends	$	13,570		$	10,437		$	25,427		$	1,213,674		$	96,925

Mortality and expense risk and administrative charges		(16,471	)		(11,806	)		(8,853	)		(367,604	)		(21,102	)

Net investment income (loss)		(2,901	)		(1,369	)		16,574			846,070			75,823

Net realized gain (loss)		31,052			(3,990	)		(3,695	)		(769,571	)		(20,884	)

Capital gain distribution from mutual funds		32,852			—			—			—			—

Change in unrealized appreciation (depreciation) of investments		116,766			117,336			77,363			2,816,061			155,104

Increase (decrease) in net assets from operations		177,769			111,977			90,242			2,892,560			210,043

From contract transactions:

Payments received from contract owners		89,923			—			14,511			460,290			—

Payments for contract benefits or terminations		(70,289	)		(112,231	)		(42,392	)		(1,875,862	)		(107,794	)

Transfers between sub-accounts (including fixed account), net		(1,298	)		30,511			(4,528	)		457,180			26,267

Contract maintenance charges		(16,041	)		(5,112	)		(4,006	)		(487,073	)		(5,935	)

Increase (decrease) in net assets from contract transactions		2,295			(86,832	)		(36,415	)		(1,445,465	)		(87,462	)

Increase (decrease) in net assets		180,064			25,145			53,827			1,447,095			122,581

Net assets at beginning of period		1,216,626			809,471			591,759			28,674,686			1,525,318

Net assets at end of period	$	1,396,690		$	834,616		$	645,586		$	30,121,781		$	1,647,899

Beginning units		93,157			69,609			58,132			2,195,714			89,329

Units issued		9,024			5,213			2,706			106,355			3,953

Units redeemed		(8,604	)		(12,241	)		(5,917	)		(213,090	)		(8,910	)

Ending units		93,577			62,581			54,921			2,088,979			84,372

For the Year Ended December 31, 2022

From operations:

Dividends	$	9,051		$	21,926		$	24,653		$	—		$	87,542

Mortality and expense risk and administrative charges		(16,491	)		(11,973	)		(9,057	)		(391,423	)		(21,567	)

Net investment income (loss)		(7,440	)		9,953			15,596			(391,423	)		65,975

Net realized gain (loss)		27,778			1,426			(13,865	)		(584,132	)		(23,878	)

Capital gain distribution from mutual funds		87,325			92,798			31,810			74,253			—

Change in unrealized appreciation (depreciation) of investments		(325,908	)		(256,317	)		(104,347	)		(5,753,331	)		(242,856	)

Increase (decrease) in net assets from operations		(218,245	)		(152,140	)		(70,806	)		(6,654,633	)		(200,759	)

From contract transactions:

Payments received from contract owners		86,474			—			—			1,357,174			33,800

Payments for contract benefits or terminations		(51,046	)		(34,432	)		(53,935	)		(1,629,073	)		(76,095	)

Transfers between sub-accounts (including fixed account), net		(62,765	)		(11,380	)		(35,656	)		516,491			(32,246	)

Contract maintenance charges		(16,628	)		(5,717	)		(4,535	)		(521,389	)		(6,122	)

Increase (decrease) in net assets from contract transactions		(43,965	)		(51,529	)		(94,126	)		(276,797	)		(80,663	)

Increase (decrease) in net assets		(262,210	)		(203,669	)		(164,932	)		(6,931,430	)		(281,422	)

Net assets at beginning of period		1,478,836			1,013,140			756,691			35,606,116			1,806,740

Net assets at end of period	$	1,216,626		$	809,471		$	591,759		$	28,674,686		$	1,525,318

Beginning units		96,561			73,717			66,974			2,217,589			94,102

Units issued		7,836			3,679			1,865			170,395			4,731

Units redeemed		(11,240	)		(7,787	)		(10,707	)		(192,270	)		(9,504	)

Ending units		93,157			69,609			58,132			2,195,714			89,329

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Putnam International Growth and Income Portfolio Class 3			SAST SA Schroders VCP Global Allocation Portfolio Class 3			SAST SA Small Cap Index Portfolio Class 3			SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3			SAST SA T. Rowe Price VCP Balanced Portfolio Class 3
For the Year Ended December 31, 2023

From operations:

Dividends	$	2,938		$	208,532		$	7,820		$	31,302		$	693,538

Mortality and expense risk and administrative charges		(1,891	)		(206,042	)		(13,156	)		(40,100	)		(520,673	)

Net investment income (loss)		1,047			2,490			(5,336	)		(8,798	)		172,865

Net realized gain (loss)		148			(368,031	)		5,562			54,720			(458,495	)

Capital gain distribution from mutual funds		—			—			4,591			26,794			—

Change in unrealized appreciation (depreciation) of investments		20,912			2,505,274			138,127			482,194			6,115,845

Increase (decrease) in net assets from operations		22,107			2,139,733			142,944			554,910			5,830,215

From contract transactions:

Payments received from contract owners		—			154,882			107,796			365,846			1,058,580

Payments for contract benefits or terminations		(26,300	)		(1,095,515	)		(84,231	)		(188,511	)		(2,233,825	)

Transfers between sub-accounts (including fixed account), net		(3,310	)		67,590			(9,256	)		297			(470,168	)

Contract maintenance charges		(1,206	)		(282,737	)		(11,662	)		(52,204	)		(713,435	)

Increase (decrease) in net assets from contract transactions		(30,816	)		(1,155,780	)		2,647			125,428			(2,358,848	)

Increase (decrease) in net assets		(8,709	)		983,953			145,591			680,338			3,471,367

Net assets at beginning of period		141,364			16,180,045			952,490			3,040,225			40,282,408

Net assets at end of period	$	132,655		$	17,163,998		$	1,098,081		$	3,720,563		$	43,753,775

Beginning units		13,079			1,431,142			85,153			241,641			3,063,805

Units issued		150			41,878			13,032			32,359			125,010

Units redeemed		(2,778	)		(139,608	)		(12,548	)		(22,788	)		(292,143	)

Ending units		10,451			1,333,412			85,637			251,212			2,896,672

For the Year Ended December 31, 2022

From operations:

Dividends	$	2,264		$	122,194		$	5,074		$	11,340		$	348,690

Mortality and expense risk and administrative charges		(1,939	)		(221,874	)		(12,643	)		(40,200	)		(530,720	)

Net investment income (loss)		325			(99,680	)		(7,569	)		(28,860	)		(182,030	)

Net realized gain (loss)		1,722			(107,045	)		10,672			67,274			51,925

Capital gain distribution from mutual funds		7,537			2,367,284			96,437			224,708			5,454,197

Change in unrealized appreciation (depreciation) of investments		(20,953	)		(6,247,928	)		(351,571	)		(1,023,740	)		(15,113,902	)

Increase (decrease) in net assets from operations		(11,369	)		(4,087,369	)		(252,031	)		(760,618	)		(9,789,810	)

From contract transactions:

Payments received from contract owners		20,000			183,346			91,524			5,704			2,169,291

Payments for contract benefits or terminations		(5,964	)		(715,254	)		(33,993	)		(175,144	)		(1,441,578	)

Transfers between sub-accounts (including fixed account), net		(11,775	)		182,338			26,066			71,169			1,270,769

Contract maintenance charges		(1,171	)		(308,791	)		(11,137	)		(54,854	)		(731,983	)

Increase (decrease) in net assets from contract transactions		1,090			(658,361	)		72,460			(153,125	)		1,266,499

Increase (decrease) in net assets		(10,279	)		(4,745,730	)		(179,571	)		(913,743	)		(8,523,311	)

Net assets at beginning of period		151,643			20,925,775			1,132,061			3,953,968			48,805,719

Net assets at end of period	$	141,364		$	16,180,045		$	952,490		$	3,040,225		$	40,282,408

Beginning units		12,914			1,488,407			78,970			253,720			2,971,091

Units issued		2,330			52,255			12,085			13,184			287,010

Units redeemed		(2,165	)		(109,520	)		(5,902	)		(25,263	)		(194,296	)

Ending units		13,079			1,431,142			85,153			241,641			3,063,805

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA VCP Dynamic Allocation Portfolio Class 3			SAST SA VCP Dynamic Strategy Portfolio Class 3			SAST SA VCP Index Allocation Portfolio Class 3			SAST SA Wellington Capital Appreciation Portfolio Class 3			SAST SA Wellington Government and Quality Bond Portfolio Class 3
For the Year Ended December 31, 2023

From operations:

Dividends	$	1,814,099		$	2,114,204		$	408,749		$	—		$	84,506

Mortality and expense risk and administrative charges		(1,030,219	)		(1,083,415	)		(353,858	)		(112,192	)		(55,305	)

Net investment income (loss)		783,880			1,030,789			54,891			(112,192	)		29,201

Net realized gain (loss)		(1,297,262	)		(505,514	)		123,149			(3,812,218	)		(140,853	)

Capital gain distribution from mutual funds		3,685,135			7,453,794			384,209			—			—

Change in unrealized appreciation (depreciation) of investments		6,277,606			730,936			3,385,963			6,628,050			248,282

Increase (decrease) in net assets from operations		9,449,359			8,710,005			3,948,212			2,703,640			136,630

From contract transactions:

Payments received from contract owners		2,812,346			1,419,629			1,602,365			302,458			2,543

Payments for contract benefits or terminations		(7,145,324	)		(7,013,635	)		(743,038	)		(1,331,371	)		(264,098	)

Transfers between sub-accounts (including fixed account), net		(331,210	)		(8,506	)		316,704			(740,166	)		186,627

Contract maintenance charges		(1,354,467	)		(1,431,263	)		(494,100	)		(62,830	)		(56,959	)

Increase (decrease) in net assets from contract transactions		(6,018,655	)		(7,033,775	)		681,931			(1,831,909	)		(131,887	)

Increase (decrease) in net assets		3,430,704			1,676,230			4,630,143			871,731			4,743

Net assets at beginning of period		81,952,858			85,981,021			26,990,262			8,071,128			4,331,151

Net assets at end of period	$	85,383,562		$	87,657,251		$	31,620,405		$	8,942,859		$	4,335,894

Beginning units		5,286,401			5,646,491			2,378,599			194,412			383,586

Units issued		220,720			164,392			185,367			19,054			35,185

Units redeemed		(596,187	)		(610,799	)		(130,192	)		(57,154	)		(47,899	)

Ending units		4,910,934			5,200,084			2,433,774			156,312			370,872

For the Year Ended December 31, 2022

From operations:

Dividends	$	2,135,852		$	2,072,977		$	—		$	—		$	45,400

Mortality and expense risk and administrative charges		(1,105,419	)		(1,185,287	)		(336,733	)		(117,151	)		(64,825	)

Net investment income (loss)		1,030,433			887,690			(336,733	)		(117,151	)		(19,425	)

Net realized gain (loss)		(335,420	)		42,492			28,423			(321,326	)		(182,159	)

Capital gain distribution from mutual funds		7,205,835			5,292,551			105,253			2,895,477			72,102

Change in unrealized appreciation (depreciation) of investments		(26,171,307	)		(22,870,741	)		(5,290,914	)		(7,032,503	)		(729,100	)

Increase (decrease) in net assets from operations		(18,270,459	)		(16,648,008	)		(5,493,971	)		(4,575,503	)		(858,582	)

From contract transactions:

Payments received from contract owners		4,107,851			1,718,239			3,252,484			168,116			55,472

Payments for contract benefits or terminations		(3,309,372	)		(3,902,489	)		(538,945	)		(729,216	)		(250,926	)

Transfers between sub-accounts (including fixed account), net		714,844			(1,426,802	)		(32,944	)		829,189			(745,611	)

Contract maintenance charges		(1,454,231	)		(1,575,526	)		(489,763	)		(58,792	)		(68,806	)

Increase (decrease) in net assets from contract transactions		59,092			(5,186,578	)		2,190,832			209,297			(1,009,871	)

Increase (decrease) in net assets		(18,211,367	)		(21,834,586	)		(3,303,139	)		(4,366,206	)		(1,868,453	)

Net assets at beginning of period		100,164,225			107,815,607			30,293,401			12,437,334			6,199,604

Net assets at end of period	$	81,952,858		$	85,981,021		$	26,990,262		$	8,071,128		$	4,331,151

Beginning units		5,286,841			5,976,287			2,190,957			187,957			467,998

Units issued		432,282			162,888			343,449			28,501			25,034

Units redeemed		(432,722	)		(492,684	)		(155,807	)		(22,046	)		(109,446	)

Ending units		5,286,401			5,646,491			2,378,599			194,412			383,586

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Wellington Strategic Multi-Asset Portfolio Class 3			T Rowe Price Retirement 2015 Advisor Class			T Rowe Price Retirement 2020 Advisor Class			T Rowe Price Retirement 2025 Advisor Class			T Rowe Price Retirement 2030 Advisor Class
For the Year Ended December 31, 2023

From operations:

Dividends	$	25,865		$	403,690		$	652,125		$	1,241,711		$	1,368,816

Mortality and expense risk and administrative charges		(24,256	)		(134,892	)		(302,420	)		(594,123	)		(727,603	)

Net investment income (loss)		1,609			268,798			349,705			647,588			641,213

Net realized gain (loss)		(1,129	)		(2,032,360	)		(1,883,628	)		(1,396,459	)		(1,046,479	)

Capital gain distribution from mutual funds		—			498,550			1,232,190			2,617,419			3,319,644

Change in unrealized appreciation (depreciation) of investments		251,469			2,770,802			3,818,818			5,841,773			7,659,984

Increase (decrease) in net assets from operations		251,949			1,505,790			3,517,085			7,710,321			10,574,362

From contract transactions:

Payments received from contract owners		14,511			3,526,659			1,436,751			5,229,891			9,095,500

Payments for contract benefits or terminations		(82,729	)		(3,035,273	)		(5,036,799	)		(8,672,279	)		(7,273,357	)

Transfers between sub-accounts (including fixed account), net		5,393			(107,621	)		(2,177,229	)		(996,320	)		839,646

Contract maintenance charges		(28,378	)		(3,611	)		(3,108	)		(6,729	)		(12,624	)

Increase (decrease) in net assets from contract transactions		(91,203	)		380,154			(5,780,385	)		(4,445,437	)		2,649,165

Increase (decrease) in net assets		160,746			1,885,944			(2,263,300	)		3,264,884			13,223,527

Net assets at beginning of period		1,930,203			12,879,849			32,091,748			61,875,840			69,786,908

Net assets at end of period	$	2,090,949		$	14,765,793		$	29,828,448		$	65,140,724		$	83,010,435

Beginning units		157,140			9,880,562			23,704,077			43,902,850			47,962,404

Units issued		2,985			33,053,300			22,267,699			16,015,535			13,754,043

Units redeemed		(10,087	)		(32,711,197	)		(26,161,329	)		(18,554,110	)		(11,819,458	)

Ending units		150,038			10,222,665			19,810,447			41,364,275			49,896,989

For the Year Ended December 31, 2022

From operations:

Dividends	$	13,515		$	393,565		$	698,136		$	1,159,101		$	1,037,959

Mortality and expense risk and administrative charges		(25,064	)		(141,003	)		(345,348	)		(582,277	)		(688,032	)

Net investment income (loss)		(11,549	)		252,562			352,788			576,824			349,927

Net realized gain (loss)		5,507			(1,751,603	)		(1,269,798	)		(441,387	)		(131,415	)

Capital gain distribution from mutual funds		197,914			1,430,143			3,024,685			5,729,563			6,368,888

Change in unrealized appreciation (depreciation) of investments		(634,473	)		(2,810,499	)		(8,558,496	)		(17,437,762	)		(21,248,558	)

Increase (decrease) in net assets from operations		(442,601	)		(2,879,397	)		(6,450,821	)		(11,572,762	)		(14,661,158	)

From contract transactions:

Payments received from contract owners		115,763			894,965			2,891,666			11,620,045			10,544,776

Payments for contract benefits or terminations		(51,371	)		(3,185,974	)		(5,258,568	)		(7,148,404	)		(5,021,949	)

Transfers between sub-accounts (including fixed account), net		(35,343	)		(487,919	)		(1,256,869	)		(958,361	)		652,019

Contract maintenance charges		(30,270	)		(4,225	)		(3,309	)		(6,717	)		(11,328	)

Increase (decrease) in net assets from contract transactions		(1,221	)		(2,783,153	)		(3,627,080	)		3,506,563			6,163,518

Increase (decrease) in net assets		(443,822	)		(5,662,550	)		(10,077,901	)		(8,066,199	)		(8,497,640	)

Net assets at beginning of period		2,374,025			18,542,399			42,169,649			69,942,039			78,284,548

Net assets at end of period	$	1,930,203		$	12,879,849		$	32,091,748		$	61,875,840		$	69,786,908

Beginning units		158,222			12,060,924			26,247,783			41,330,127			44,105,136

Units issued		14,552			26,516,632			22,973,366			16,112,220			9,170,836

Units redeemed		(15,634	)		(28,696,994	)		(25,517,072	)		(13,539,497	)		(5,313,568	)

Ending units		157,140			9,880,562			23,704,077			43,902,850			47,962,404

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	T Rowe Price Retirement 2035 Advisor Class			T Rowe Price Retirement 2040 Advisor Class			T Rowe Price Retirement 2045 Advisor Class			T Rowe Price Retirement 2050 Advisor Class			T Rowe Price Retirement 2055 Advisor Class
For the Year Ended December 31, 2023

From operations:

Dividends	$	1,058,148		$	941,668		$	686,059		$	592,653		$	327,120

Mortality and expense risk and administrative charges		(644,882	)		(629,377	)		(493,416	)		(435,079	)		(242,867	)

Net investment income (loss)		413,266			312,291			192,643			157,574			84,253

Net realized gain (loss)		26,619			4,307			58,487			37,792			125,811

Capital gain distribution from mutual funds		2,209,650			2,992,657			1,814,892			1,648,783			760,178

Change in unrealized appreciation (depreciation) of investments		7,915,285			7,879,612			7,297,041			6,537,184			3,701,320

Increase (decrease) in net assets from operations		10,564,820			11,188,867			9,363,063			8,381,333			4,671,562

From contract transactions:

Payments received from contract owners		10,390,724			10,470,571			9,727,094			8,857,854			6,203,389

Payments for contract benefits or terminations		(5,850,436	)		(3,898,744	)		(3,968,170	)		(3,792,742	)		(2,394,725	)

Transfers between sub-accounts (including fixed account), net		1,296,639			690,392			1,082,649			(30,130	)		456,123

Contract maintenance charges		(11,410	)		(12,260	)		(11,352	)		(11,422	)		(9,750	)

Increase (decrease) in net assets from contract transactions		5,825,517			7,249,959			6,830,221			5,023,560			4,255,037

Increase (decrease) in net assets		16,390,337			18,438,826			16,193,284			13,404,893			8,926,599

Net assets at beginning of period		59,761,103			58,346,686			45,919,283			40,807,595			22,006,639

Net assets at end of period	$	76,151,440		$	76,785,512		$	62,112,567		$	54,212,488		$	30,933,238

Beginning units		39,967,952			38,137,833			29,516,713			26,226,445			14,177,601

Units issued		8,028,763			7,269,506			6,953,469			6,153,158			4,243,413

Units redeemed		(3,967,061	)		(2,589,400	)		(2,457,532	)		(2,621,682	)		(1,308,328	)

Ending units		44,029,654			42,817,939			34,012,650			29,757,921			17,112,686

For the Year Ended December 31, 2022

From operations:

Dividends	$	685,211		$	655,672		$	415,492		$	341,665		$	183,988

Mortality and expense risk and administrative charges		(566,556	)		(559,330	)		(427,833	)		(371,619	)		(195,493	)

Net investment income (loss)		118,655			96,342			(12,341	)		(29,954	)		(11,505	)

Net realized gain (loss)		251,178			281,052			223,611			156,631			64,560

Capital gain distribution from mutual funds		4,450,988			4,032,840			2,825,446			2,532,985			1,207,917

Change in unrealized appreciation (depreciation) of investments		(17,532,735	)		(17,659,690	)		(13,415,079	)		(11,627,612	)		(5,941,793	)

Increase (decrease) in net assets from operations		(12,711,914	)		(13,249,456	)		(10,378,363	)		(8,967,950	)		(4,680,821	)

From contract transactions:

Payments received from contract owners		9,904,494			10,687,434			9,359,968			8,911,769			5,585,156

Payments for contract benefits or terminations		(3,916,441	)		(3,365,125	)		(2,518,355	)		(2,195,291	)		(1,133,291	)

Transfers between sub-accounts (including fixed account), net		1,729,566			(141,007	)		(72,453	)		257,439			585,702

Contract maintenance charges		(9,986	)		(11,116	)		(10,258	)		(9,889	)		(8,277	)

Increase (decrease) in net assets from contract transactions		7,707,633			7,170,186			6,758,902			6,964,028			5,029,290

Increase (decrease) in net assets		(5,004,281	)		(6,079,270	)		(3,619,461	)		(2,003,922	)		348,469

Net assets at beginning of period		64,765,384			64,425,956			49,538,744			42,811,517			21,658,170

Net assets at end of period	$	59,761,103		$	58,346,686		$	45,919,283		$	40,807,595		$	22,006,639

Beginning units		35,071,007			33,761,404			25,453,228			21,973,246			11,134,586

Units issued		6,832,104			6,345,175			5,066,717			5,169,989			3,408,322

Units redeemed		(1,935,159	)		(1,968,746	)		(1,003,232	)		(916,790	)		(365,307	)

Ending units		39,967,952			38,137,833			29,516,713			26,226,445			14,177,601

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	T Rowe Price Retirement 2060 Advisor Class			VALIC Company I Aggressive Growth Lifestyle Fund			VALIC Company I Asset Allocation Fund			VALIC Company I Capital Appreciation Fund			VALIC Company I Conservative Growth Lifestyle Fund
For the Year Ended December 31, 2023

From operations:

Dividends	$	275,277		$	13,420,606		$	1,509,960		$	79,267		$	6,250,021

Mortality and expense risk and administrative charges		(198,830	)		(5,785,561	)		(1,300,644	)		(541,295	)		(2,754,025	)

Net investment income (loss)		76,447			7,635,045			209,316			(462,028	)		3,495,996

Net realized gain (loss)		300,536			(165,325,639	)		(1,774,577	)		(2,325,836	)		(75,855,245	)

Capital gain distribution from mutual funds		489,844			61,892,018			6,679,625			14,489,205			20,876,502

Change in unrealized appreciation (depreciation) of investments		2,973,295			190,433,693			16,275,119			7,302,537			80,330,117

Increase (decrease) in net assets from operations		3,840,122			94,635,117			21,389,483			19,003,878			28,847,370

From contract transactions:

Payments received from contract owners		6,254,131			44,044,693			5,650,862			1,681,079			15,715,113

Payments for contract benefits or terminations		(2,323,753	)		(65,052,976	)		(12,875,235	)		(5,727,875	)		(36,862,363	)

Transfers between sub-accounts (including fixed account), net		(168,445	)		(12,618,334	)		(464,756	)		3,444,893			(4,189,884	)

Contract maintenance charges		(7,750	)		(815,331	)		(63,661	)		(29,909	)		(166,316	)

Adjustments to net assets allocated to contracts in payout period		—			(5,708	)		(4,451	)		—			(12,186	)

Increase (decrease) in net assets from contract transactions		3,754,183			(34,447,656	)		(7,757,241	)		(631,812	)		(25,515,636	)

Increase (decrease) in net assets		7,594,305			60,187,461			13,632,242			18,372,066			3,331,734

Net assets at beginning of period		17,822,411			609,566,755			127,817,201			47,692,645			298,032,915

Net assets at end of period	$	25,416,716		$	669,754,216		$	141,449,443		$	66,064,711		$	301,364,649

Beginning units		11,470,159			149,625,697			13,525,426			14,852,863			92,150,825

Units issued		3,768,573			151,873,124			688,071			1,373,514			92,856,191

Units redeemed		(1,352,572	)		(159,041,568	)		(1,332,172	)		(1,510,491	)		(100,496,967	)

Ending units		13,886,160			142,457,253			12,881,325			14,715,886			84,510,049

For the Year Ended December 31, 2022

From operations:

Dividends	$	174,191		$	20,256,709		$	2,988,126		$	—		$	13,006,906

Mortality and expense risk and administrative charges		(160,505	)		(5,254,878	)		(1,352,251	)		(503,975	)		(2,662,788	)

Net investment income (loss)		13,686			15,001,831			1,635,875			(503,975	)		10,344,118

Net realized gain (loss)		236,311			(5,729,495	)		(1,762,949	)		(560,953	)		(5,540,791	)

Capital gain distribution from mutual funds		765,927			35,607,308			17,920,706			3,013,427			14,322,851

Change in unrealized appreciation (depreciation) of investments		(4,858,784	)		(171,073,755	)		(45,332,940	)		(18,993,633	)		(73,570,044	)

Increase (decrease) in net assets from operations		(3,842,860	)		(126,194,111	)		(27,539,308	)		(17,045,134	)		(54,443,866	)

From contract transactions:

Payments received from contract owners		5,488,180			49,131,756			7,106,710			1,583,192			22,678,131

Payments for contract benefits or terminations		(1,097,397	)		(55,754,302	)		(10,488,004	)		(4,843,412	)		(36,231,858	)

Transfers between sub-accounts (including fixed account), net		(501,918	)		(6,859,090	)		(3,012,485	)		5,254,506			(2,743,915	)

Contract maintenance charges		(13,524	)		(941,902	)		(69,613	)		(31,320	)		(209,679	)

Adjustments to net assets allocated to contracts in payout period		—			5,043			(19,049	)		—			79

Increase (decrease) in net assets from contract transactions		3,875,341			(14,418,495	)		(6,482,441	)		1,962,966			(16,507,242	)

Increase (decrease) in net assets		32,481			(140,612,606	)		(34,021,749	)		(15,082,168	)		(70,951,108	)

Net assets at beginning of period		17,789,930			750,179,361			161,838,950			62,774,813			368,984,023

Net assets at end of period	$	17,822,411		$	609,566,755		$	127,817,201		$	47,692,645		$	298,032,915

Beginning units		9,141,101			153,013,592			14,213,786			14,376,972			97,190,602

Units issued		3,333,435			5,418,405			691,192			2,604,889			4,885,113

Units redeemed		(1,004,377	)		(8,806,300	)		(1,379,552	)		(2,128,998	)		(9,924,890	)

Ending units		11,470,159			149,625,697			13,525,426			14,852,863			92,150,825

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	VALIC Company I Core Bond Fund			VALIC Company I Dividend Value Fund			VALIC Company I Dynamic Allocation Fund			VALIC Company I Emerging Economies Fund			VALIC Company I Global Real Estate Fund
For the Year Ended December 31, 2023

From operations:

Dividends	$	50,055,809		$	20,173,327		$	2,462,341		$	33,758,490		$	8,361,887

Mortality and expense risk and administrative charges		(17,028,258	)		(7,992,912	)		(1,450,300	)		(5,923,926	)		(2,574,880	)

Net investment income (loss)		33,027,551			12,180,415			1,012,041			27,834,564			5,787,007

Net realized gain (loss)		(119,546,555	)		(78,362,506	)		(6,869,211	)		(31,696,582	)		(36,316,456	)

Capital gain distribution from mutual funds		5,161,515			186,890,156			9,065,805			62,641,606			7,233,630

Change in unrealized appreciation (depreciation) of investments		192,215,609			(22,957,780	)		12,871,324			7,909,440			48,042,936

Increase (decrease) in net assets from operations		110,858,120			97,750,285			16,079,959			66,689,028			24,747,117

From contract transactions:

Payments received from contract owners		78,174,806			31,026,779			1,578,387			32,857,002			14,553,734

Payments for contract benefits or terminations		(269,845,278	)		(125,783,283	)		(17,796,281	)		(68,859,922	)		(33,664,913	)

Transfers between sub-accounts (including fixed account), net		(314,302,976	)		(591,005,272	)		(3,405,508	)		105,132,679			(108,227,176	)

Contract maintenance charges		(1,277,281	)		(559,173	)		(2,046,305	)		(217,035	)		(87,565	)

Adjustments to net assets allocated to contracts in payout period		(4,053	)		(23,509	)		—			(1,300	)		(37	)

Increase (decrease) in net assets from contract transactions		(507,254,782	)		(686,344,458	)		(21,669,707	)		68,911,424			(127,425,957	)

Increase (decrease) in net assets		(396,396,662	)		(588,594,173	)		(5,589,748	)		135,600,452			(102,678,840	)

Net assets at beginning of period		2,287,608,726			1,204,172,647			143,231,515			559,624,273			366,517,581

Net assets at end of period	$	1,891,212,064		$	615,578,474		$	137,641,767		$	695,224,725		$	263,838,741

Beginning units		1,129,034,777			260,303,846			94,248,408			590,221,469			251,482,478

Units issued		80,615,881			13,254,480			14,223,185			198,041,435			10,253,406

Units redeemed		(313,541,442	)		(151,052,582	)		(27,717,627	)		(131,466,391	)		(94,401,867	)

Ending units		896,109,216			122,505,744			80,753,966			656,796,513			167,334,017

For the Year Ended December 31, 2022

From operations:

Dividends	$	25,169,516		$	21,324,216		$	5,416,883		$	21,428,977		$	7,634,991

Mortality and expense risk and administrative charges		(19,059,297	)		(9,855,160	)		(1,658,919	)		(5,447,385	)		(3,983,295	)

Net investment income (loss)		6,110,219			11,469,056			3,757,964			15,981,592			3,651,696

Net realized gain (loss)		(30,866,555	)		39,238,238			(2,579,062	)		(10,844,992	)		(15,943,585	)

Capital gain distribution from mutual funds		21,307,540			—			16,981,342			77,217,056			—

Change in unrealized appreciation (depreciation) of investments		(346,783,516	)		(128,550,956	)		(49,185,823	)		(267,624,981	)		(137,939,282	)

Increase (decrease) in net assets from operations		(350,232,312	)		(77,843,662	)		(31,025,579	)		(185,271,325	)		(150,231,171	)

From contract transactions:

Payments received from contract owners		102,617,059			52,165,215			2,691,031			34,192,263			24,755,584

Payments for contract benefits or terminations		(229,331,017	)		(111,651,799	)		(15,416,362	)		(51,123,895	)		(42,104,095	)

Transfers between sub-accounts (including fixed account), net		495,160,337			(1,324,684	)		4,283,471			37,368,640			(6,867,193	)

Contract maintenance charges		(1,522,411	)		(744,816	)		(2,374,430	)		(153,712	)		(181,639	)

Adjustments to net assets allocated to contracts in payout period		11,051			(8,506	)		—			(227	)		433

Increase (decrease) in net assets from contract transactions		366,935,019			(61,564,590	)		(10,816,290	)		20,283,069			(24,396,910	)

Increase (decrease) in net assets		16,702,707			(139,408,252	)		(41,841,869	)		(164,988,256	)		(174,628,081	)

Net assets at beginning of period		2,270,906,019			1,343,580,899			185,073,384			724,612,529			541,145,662

Net assets at end of period	$	2,287,608,726		$	1,204,172,647		$	143,231,515		$	559,624,273		$	366,517,581

Beginning units		961,180,702			274,040,084			100,948,351			565,348,703			272,718,691

Units issued		289,499,249			52,960,999			12,532,576			114,045,922			46,874,514

Units redeemed		(121,645,174	)		(66,697,237	)		(19,232,519	)		(89,173,156	)		(68,110,727	)

Ending units		1,129,034,777			260,303,846			94,248,408			590,221,469			251,482,478

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	VALIC Company I Global Strategy Fund			VALIC Company I Government Money Market I Fund			VALIC Company I Government Securities Fund			VALIC Company I Growth Fund			VALIC Company I High Yield Bond Fund
For the Year Ended December 31, 2023

From operations:

Dividends	$	—		$	—		$	3,831,703		$	—		$	26,803,176

Mortality and expense risk and administrative charges		(1,987,078	)		—			(1,243,857	)		(10,054,409	)		(3,524,998	)

Net investment income (loss)		(1,987,078	)		—			2,587,846			(10,054,409	)		23,278,178

Net realized gain (loss)		(10,029,375	)		—			(6,325,200	)		(47,277,320	)		(14,316,507	)

Capital gain distribution from mutual funds		19,393,323			—			—			246,900,212			—

Change in unrealized appreciation (depreciation) of investments		21,026,257			—			7,522,068			206,014,305			35,696,899

Increase (decrease) in net assets from operations		28,403,127			—			3,784,714			395,582,788			44,658,570

From contract transactions:

Payments received from contract owners		5,804,238			—			8,518,236			16,570,798			14,007,092

Payments for contract benefits or terminations		(21,586,014	)		—			(17,358,903	)		(100,989,551	)		(51,932,980	)

Transfers between sub-accounts (including fixed account), net		(5,034,716	)		—			(3,605,968	)		493,262,920			(39,620,588	)

Contract maintenance charges		(192,569	)		—			(63,344	)		(370,492	)		(173,298	)

Adjustments to net assets allocated to contracts in payout period		(4,052	)		—			(7,618	)		(13,254	)		1,026

Increase (decrease) in net assets from contract transactions		(21,013,113	)		—			(12,517,597	)		408,460,421			(77,718,748	)

Increase (decrease) in net assets		7,390,014			—			(8,732,883	)		804,043,209			(33,060,178	)

Net assets at beginning of period		207,437,829			—			134,848,289			792,147,026			422,690,134

Net assets at end of period	$	214,827,843		$	—		$	126,115,406		$	1,596,190,235		$	389,629,956

Beginning units		108,523,464			—			40,782,891			255,508,761			136,754,503

Units issued		3,960,457			—			15,914,449			127,344,809			9,856,547

Units redeemed		(14,128,981	)		—			(15,961,890	)		(32,144,965	)		(33,346,767	)

Ending units		98,354,940			—			40,735,450			350,708,605			113,264,283

For the Year Ended December 31, 2022

From operations:

Dividends	$	8,445		$	16,039		$	2,556,454		$	—		$	15,871,751

Mortality and expense risk and administrative charges		(2,184,739	)		(1,347,334	)		(1,200,448	)		(9,580,514	)		(4,029,227	)

Net investment income (loss)		(2,176,294	)		(1,331,295	)		1,356,006			(9,580,514	)		11,842,524

Net realized gain (loss)		(7,070,277	)		(1	)		(1,828,869	)		(34,723,441	)		(9,845,272	)

Capital gain distribution from mutual funds		—			—			—			294,953,666			—

Change in unrealized appreciation (depreciation) of investments		(38,319,284	)		—			(16,459,774	)		(769,905,047	)		(58,670,439	)

Increase (decrease) in net assets from operations		(47,565,855	)		(1,331,296	)		(16,932,637	)		(519,255,336	)		(56,673,187	)

From contract transactions:

Payments received from contract owners		6,774,231			18,815,781			6,299,059			17,281,698			20,207,911

Payments for contract benefits or terminations		(20,361,398	)		(21,990,374	)		(14,490,302	)		(79,546,874	)		(46,240,744	)

Transfers between sub-accounts (including fixed account), net		(7,684,870	)		(451,429,588	)		19,572,330			(138,619,225	)		(18,018,564	)

Contract maintenance charges		(221,189	)		(48,261	)		(52,069	)		(268,949	)		(205,102	)

Adjustments to net assets allocated to contracts in payout period		14,123			(15,569	)		(322	)		(6,014	)		(18,782	)

Increase (decrease) in net assets from contract transactions		(21,479,103	)		(454,668,011	)		11,328,696			(201,159,364	)		(44,275,281	)

Increase (decrease) in net assets		(69,044,958	)		(455,999,307	)		(5,603,941	)		(720,414,700	)		(100,948,468	)

Net assets at beginning of period		276,482,787			455,999,307			140,452,230			1,512,561,726			523,638,602

Net assets at end of period	$	207,437,829		$	—		$	134,848,289		$	792,147,026		$	422,690,134

Beginning units		119,209,843			236,631,052			36,764,060			308,081,853			150,554,801

Units issued		5,699,157			22,622,170			12,118,346			23,726,043			19,874,339

Units redeemed		(16,385,536	)		(259,253,222	)		(8,099,515	)		(76,299,135	)		(33,674,637	)

Ending units		108,523,464			—			40,782,891			255,508,761			136,754,503

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	VALIC Company I Inflation Protected Fund			VALIC Company I International Equities Index Fund			VALIC Company I International Government Bond Fund			VALIC Company I International Growth Fund			VALIC Company I International Opportunities Fund
For the Year Ended December 31, 2023

From operations:

Dividends	$	59,789,432		$	36,816,230		$	2,402,716		$	—		$	5,847,600

Mortality and expense risk and administrative charges		(4,544,342	)		(14,295,483	)		(611,658	)		(3,668,141	)		(4,429,050	)

Net investment income (loss)		55,245,090			22,520,747			1,791,058			(3,668,141	)		1,418,550

Net realized gain (loss)		(53,125,348	)		11,987,063			(9,754,278	)		363,808			(17,675,722	)

Capital gain distribution from mutual funds		12,862,726			—			29,215			61,802,352			50,159,661

Change in unrealized appreciation (depreciation) of investments		2,886,797			196,073,234			11,195,953			2,329,448			24,076,721

Increase (decrease) in net assets from operations		17,869,265			230,581,044			3,261,948			60,827,467			57,979,210

From contract transactions:

Payments received from contract owners		18,769,730			74,793,470			1,730,758			11,023,821			26,020,523

Payments for contract benefits or terminations		(70,521,974	)		(193,115,910	)		(7,914,240	)		(38,093,954	)		(46,830,452	)

Transfers between sub-accounts (including fixed account), net		(299,099,679	)		191,922,670			(13,287,169	)		(8,519,211	)		31,512,913

Contract maintenance charges		(428,356	)		(618,270	)		(102,416	)		(243,544	)		(129,323	)

Adjustments to net assets allocated to contracts in payout period		(1,418	)		(9,916	)		(4,954	)		527			(10,431	)

Increase (decrease) in net assets from contract transactions		(351,281,697	)		72,972,044			(19,578,021	)		(35,832,361	)		10,563,230

Increase (decrease) in net assets		(333,412,432	)		303,553,088			(16,316,073	)		24,995,106			68,542,440

Net assets at beginning of period		736,758,029			1,298,738,641			77,637,413			372,207,435			428,133,141

Net assets at end of period	$	403,345,597		$	1,602,291,729		$	61,321,340		$	397,202,541		$	496,675,581

Beginning units		521,922,252			568,049,518			27,523,001			96,182,243			150,296,497

Units issued		8,096,953			202,298,058			16,052,620			20,588,228			19,260,722

Units redeemed		(250,278,675	)		(168,307,481	)		(22,332,058	)		(25,738,670	)		(15,588,791	)

Ending units		279,740,530			602,040,095			21,243,563			91,031,801			153,968,428

For the Year Ended December 31, 2022

From operations:

Dividends	$	18,097,054		$	41,990,881		$	2,034,655		$	—		$	1,200,838

Mortality and expense risk and administrative charges		(6,768,182	)		(12,572,395	)		(853,244	)		(3,824,979	)		(4,061,520	)

Net investment income (loss)		11,328,872			29,418,486			1,181,411			(3,824,979	)		(2,860,682	)

Net realized gain (loss)		(7,856,903	)		15,471,156			(4,745,827	)		2,484,512			(6,358,816	)

Capital gain distribution from mutual funds		36,009,310			—			1,242,623			62,801,154			69,300,293

Change in unrealized appreciation (depreciation) of investments		(129,541,550	)		(290,635,697	)		(16,679,415	)		(266,706,672	)		(193,037,250	)

Increase (decrease) in net assets from operations		(90,060,271	)		(245,746,055	)		(19,001,208	)		(205,245,985	)		(132,956,455	)

From contract transactions:

Payments received from contract owners		38,130,288			80,867,122			3,337,079			12,977,549			24,727,683

Payments for contract benefits or terminations		(81,169,542	)		(126,965,775	)		(8,644,673	)		(32,985,689	)		(36,854,559	)

Transfers between sub-accounts (including fixed account), net		75,850,757			(14,850,067	)		(11,327,490	)		1,480,848			50,709,490

Contract maintenance charges		(604,995	)		(522,105	)		(119,143	)		(252,834	)		(134,238	)

Adjustments to net assets allocated to contracts in payout period		(58,707	)		10,974			(134	)		3,613			17,690

Increase (decrease) in net assets from contract transactions		32,147,801			(61,459,851	)		(16,754,361	)		(18,776,513	)		38,466,066

Increase (decrease) in net assets		(57,912,470	)		(307,205,906	)		(35,755,569	)		(224,022,498	)		(94,490,389	)

Net assets at beginning of period		794,670,499			1,605,944,547			113,392,982			596,229,933			522,623,530

Net assets at end of period	$	736,758,029		$	1,298,738,641		$	77,637,413		$	372,207,435		$	428,133,141

Beginning units		502,904,885			595,926,657			33,480,727			101,043,997			136,801,359

Units issued		149,316,681			94,903,438			6,236,664			21,021,831			27,807,654

Units redeemed		(130,299,314	)		(122,780,577	)		(12,194,390	)		(25,883,585	)		(14,312,516	)

Ending units		521,922,252			568,049,518			27,523,001			96,182,243			150,296,497

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	VALIC Company I International Socially Responsible Fund			VALIC Company I International Value Fund			VALIC Company I Large Capital Growth Fund			VALIC Company I Mid Cap Index Fund			VALIC Company I Mid Cap Strategic Growth Fund
For the Year Ended December 31, 2023

From operations:

Dividends	$	6,555,879		$	19,243,804		$	1,343,344		$	34,675,855		$	—

Mortality and expense risk and administrative charges		(3,560,494	)		(4,594,336	)		(6,076,588	)		(27,117,774	)		(6,958,395	)

Net investment income (loss)		2,995,385			14,649,468			(4,733,244	)		7,558,081			(6,958,395	)

Net realized gain (loss)		8,015,786			8,648,192			15,424,359			(5,880,711	)		9,451,372

Capital gain distribution from mutual funds		5,937,990			21,237,108			59,502,584			360,402,603			133,315,746

Change in unrealized appreciation (depreciation) of investments		41,954,682			18,739,542			61,894,152			36,645,632			17,938,087

Increase (decrease) in net assets from operations		58,903,843			63,274,310			132,087,851			398,725,605			153,746,810

From contract transactions:

Payments received from contract owners		13,812,211			19,323,595			16,879,329			85,285,396			22,511,756

Payments for contract benefits or terminations		(37,554,874	)		(50,133,397	)		(54,441,558	)		(297,310,067	)		(74,695,378	)

Transfers between sub-accounts (including fixed account), net		40,296,130			(33,487,202	)		15,537,832			32,851,961			239,051,611

Contract maintenance charges		(99,593	)		(315,390	)		(142,529	)		(1,331,815	)		(182,083	)

Adjustments to net assets allocated to contracts in payout period		(13,544	)		(6,929	)		(5,085	)		(52,858	)		(5,836	)

Increase (decrease) in net assets from contract transactions		16,440,330			(64,619,323	)		(22,172,011	)		(180,557,383	)		186,680,070

Increase (decrease) in net assets		75,344,173			(1,345,013	)		109,915,840			218,168,222			340,426,880

Net assets at beginning of period		327,930,161			501,145,540			584,586,786			2,787,151,823			626,830,103

Net assets at end of period	$	403,274,334		$	499,800,527		$	694,502,626		$	3,005,320,045		$	967,256,983

Beginning units		42,829,528			368,121,308			154,442,006			99,791,888			159,414,235

Units issued		32,128,360			33,858,480			5,530,530			14,447,924			56,403,879

Units redeemed		(26,584,977	)		(77,221,567	)		(9,980,565	)		(14,716,049	)		(13,929,276	)

Ending units		48,372,911			324,758,221			149,991,971			99,523,763			201,888,838

For the Year Ended December 31, 2022

From operations:

Dividends	$	10,972,142		$	10,181,898		$	1,212,022		$	42,556,610		$	—

Mortality and expense risk and administrative charges		(2,798,039	)		(5,071,701	)		(5,801,308	)		(28,689,638	)		(6,446,702	)

Net investment income (loss)		8,174,103			5,110,197			(4,589,286	)		13,866,972			(6,446,702	)

Net realized gain (loss)		10,066,811			5,303,359			18,635,611			15,939,969			(4,849,832	)

Capital gain distribution from mutual funds		12,157,492			—			69,548,977			270,513,495			78,021,875

Change in unrealized appreciation (depreciation) of investments		(92,710,820	)		(82,769,184	)		(227,780,593	)		(829,568,450	)		(284,920,843	)

Increase (decrease) in net assets from operations		(62,312,414	)		(72,355,628	)		(144,185,291	)		(529,248,014	)		(218,195,502	)

From contract transactions:

Payments received from contract owners		10,339,598			24,685,752			14,138,084			103,664,610			22,180,410

Payments for contract benefits or terminations		(25,812,223	)		(47,849,014	)		(45,018,130	)		(259,042,018	)		(57,219,203	)

Transfers between sub-accounts (including fixed account), net		36,549,674			(21,754,538	)		71,660,073			(250,865,929	)		8,979,177

Contract maintenance charges		(93,516	)		(349,684	)		(134,238	)		(1,400,131	)		(134,330	)

Adjustments to net assets allocated to contracts in payout period		(11,836	)		1,080			(1,437	)		(60,167	)		1,476

Increase (decrease) in net assets from contract transactions		20,971,697			(45,266,404	)		40,644,352			(407,703,635	)		(26,192,470	)

Increase (decrease) in net assets		(41,340,717	)		(117,622,032	)		(103,540,939	)		(936,951,649	)		(244,387,972	)

Net assets at beginning of period		369,270,878			618,767,572			688,127,725			3,724,103,472			871,218,075

Net assets at end of period	$	327,930,161		$	501,145,540		$	584,586,786		$	2,787,151,823		$	626,830,103

Beginning units		40,023,219			400,871,584			145,700,934			113,252,917			167,424,667

Units issued		20,158,758			34,811,493			18,339,264			2,142,115			27,931,543

Units redeemed		(17,352,449	)		(67,561,769	)		(9,598,192	)		(15,603,144	)		(35,941,975	)

Ending units		42,829,528			368,121,308			154,442,006			99,791,888			159,414,235

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	VALIC Company I Mid Cap Value Fund			VALIC Company I Moderate Growth Lifestyle Fund			VALIC Company I Nasdaq-100 Index Fund			VALIC Company I Science & Technology Fund			VALIC Company I Small Cap Growth Fund
For the Year Ended December 31, 2023

From operations:

Dividends	$	5,854,121		$	19,618,255		$	1,966,051		$	—		$	—

Mortality and expense risk and administrative charges		(6,102,524	)		(8,985,997	)		(7,071,271	)		(19,596,857	)		(4,360,170	)

Net investment income (loss)		(248,403	)		10,632,258			(5,105,220	)		(19,596,857	)		(4,360,170	)

Net realized gain (loss)		(46,923,650	)		(251,650,620	)		31,102,658			16,145,501			(39,214,873	)

Capital gain distribution from mutual funds		141,826,296			94,291,431			81,426,302			343,069,271			35,714,906

Change in unrealized appreciation (depreciation) of investments		1,258,703			267,410,272			194,920,265			543,178,296			67,389,633

Increase (decrease) in net assets from operations		95,912,946			120,683,341			302,344,005			882,796,211			59,529,496

From contract transactions:

Payments received from contract owners		25,972,836			62,740,126			28,455,408			43,200,168			12,985,887

Payments for contract benefits or terminations		(68,945,492	)		(118,904,518	)		(69,446,960	)		(180,673,168	)		(47,240,652	)

Transfers between sub-accounts (including fixed account), net		(176,689,970	)		(10,369,093	)		27,653,065			(18,091,354	)		40,107,774

Contract maintenance charges		(307,992	)		(603,950	)		(174,872	)		(540,948	)		(133,996	)

Adjustments to net assets allocated to contracts in payout period		4,217			(54,542	)		(3,709	)		5,615			(12,324	)

Increase (decrease) in net assets from contract transactions		(219,966,401	)		(67,191,977	)		(13,517,068	)		(156,099,687	)		5,706,689

Increase (decrease) in net assets		(124,053,455	)		53,491,364			288,826,937			726,696,524			65,236,185

Net assets at beginning of period		759,209,995			959,359,348			576,653,171			1,679,448,725			430,644,884

Net assets at end of period	$	635,156,540		$	1,012,850,712		$	865,480,108		$	2,406,145,249		$	495,881,069

Beginning units		89,790,857			240,511,564			200,589,280			165,509,642			84,889,536

Units issued		3,478,507			244,854,864			9,012,330			3,811,402			14,245,400

Units redeemed		(26,991,227	)		(259,977,098	)		(12,809,897	)		(13,764,418	)		(12,710,632	)

Ending units		66,278,137			225,389,330			196,791,713			155,556,626			86,424,304

For the Year Ended December 31, 2022

From operations:

Dividends	$	2,298,707		$	36,151,668		$	1,758,795		$	—		$	—

Mortality and expense risk and administrative charges		(7,113,685	)		(8,369,743	)		(6,694,058	)		(20,052,255	)		(4,821,149	)

Net investment income (loss)		(4,814,978	)		27,781,925			(4,935,263	)		(20,052,255	)		(4,821,149	)

Net realized gain (loss)		(7,567,260	)		(10,441,180	)		41,350,712			64,223,617			(21,787,394	)

Capital gain distribution from mutual funds		53,669,140			54,108,362			72,407,027			586,902,731			43,576,564

Change in unrealized appreciation (depreciation) of investments		(118,781,530	)		(252,577,666	)		(410,340,002	)		(1,797,960,005	)		(243,184,880	)

Increase (decrease) in net assets from operations		(77,494,628	)		(181,128,559	)		(301,517,526	)		(1,166,885,912	)		(226,216,859	)

From contract transactions:

Payments received from contract owners		34,179,916			73,437,585			32,558,086			51,288,124			14,968,140

Payments for contract benefits or terminations		(66,815,681	)		(99,655,891	)		(57,322,766	)		(169,830,743	)		(42,360,578	)

Transfers between sub-accounts (including fixed account), net		(4,294,486	)		(17,678,953	)		(15,598,483	)		(76,419,517	)		(21,490,024	)

Contract maintenance charges		(445,088	)		(573,941	)		(110,454	)		(440,385	)		(137,086	)

Adjustments to net assets allocated to contracts in payout period		10,741			(18,940	)		(3,034	)		22,755			35,356

Increase (decrease) in net assets from contract transactions		(37,364,598	)		(44,490,140	)		(40,476,651	)		(195,379,766	)		(48,984,192	)

Increase (decrease) in net assets		(114,859,226	)		(225,618,699	)		(341,994,177	)		(1,362,265,678	)		(275,201,051	)

Net assets at beginning of period		874,069,221			1,184,978,047			918,647,348			3,041,714,403			705,845,935

Net assets at end of period	$	759,209,995		$	959,359,348		$	576,653,171		$	1,679,448,725		$	430,644,884

Beginning units		94,684,225			251,147,056			212,852,955			181,081,539			93,204,597

Units issued		13,785,706			6,309,316			6,267,872			3,415,711			4,254,706

Units redeemed		(18,679,074	)		(16,944,808	)		(18,531,547	)		(18,987,608	)		(12,569,767	)

Ending units		89,790,857			240,511,564			200,589,280			165,509,642			84,889,536

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	VALIC Company I Small Cap Index Fund			VALIC Company I Small Cap Special Values Fund			VALIC Company I Small Cap Value Fund			VALIC Company I Stock Index Fund			VALIC Company I Systematic Core Fund
For the Year Ended December 31, 2023

From operations:

Dividends	$	12,737,251		$	1,640,167		$	4,054,406		$	60,304,314		$	5,000,096

Mortality and expense risk and administrative charges		(8,286,880	)		(1,810,969	)		(3,278,064	)		(45,258,058	)		(5,028,729	)

Net investment income (loss)		4,450,371			(170,802	)		776,342			15,046,256			(28,633	)

Net realized gain (loss)		(53,211,200	)		494,294			(49,193,856	)		140,910,772			5,502,084

Capital gain distribution from mutual funds		195,396,246			25,848,648			60,567,041			328,552,444			22,813,728

Change in unrealized appreciation (depreciation) of investments		(17,470,715	)		6,868,834			34,959,958			586,000,618			80,288,820

Increase (decrease) in net assets from operations		129,164,702			33,040,974			47,109,485			1,070,510,090			108,575,999

From contract transactions:

Payments received from contract owners		28,476,972			4,353,208			14,217,250			133,928,188			9,975,887

Payments for contract benefits or terminations		(89,449,168	)		(16,618,455	)		(40,337,989	)		(493,145,540	)		(49,879,599	)

Transfers between sub-accounts (including fixed account), net		104,425,430			(8,775,725	)		(94,816,343	)		346,275,661			(1,455,935	)

Contract maintenance charges		(334,395	)		(34,737	)		(94,191	)		(1,564,277	)		(271,908	)

Adjustments to net assets allocated to contracts in payout period		(44,400	)		(5,151	)		7,127			(17,053	)		(4,942	)

Increase (decrease) in net assets from contract transactions		43,074,439			(21,080,860	)		(121,024,146	)		(14,523,021	)		(41,636,497	)

Increase (decrease) in net assets		172,239,141			11,960,114			(73,914,661	)		1,055,987,069			66,939,502

Net assets at beginning of period		827,256,356			198,075,150			479,777,722			4,316,881,131			492,974,543

Net assets at end of period	$	999,495,497		$	210,035,264		$	405,863,061		$	5,372,868,200		$	559,914,045

Beginning units		98,999,200			75,728,127			90,672,684			273,817,809			72,922,485

Units issued		20,634,501			1,019,179			18,879,703			27,809,549			2,809,680

Units redeemed		(14,069,370	)		(8,783,614	)		(40,442,204	)		(23,666,357	)		(7,269,971	)

Ending units		105,564,331			67,963,692			69,110,183			277,961,001			68,462,194

For the Year Ended December 31, 2022

From operations:

Dividends	$	7,267,877		$	1,284,496		$	2,018,558		$	64,623,721		$	1,281,867

Mortality and expense risk and administrative charges		(8,556,611	)		(1,966,667	)		(4,273,292	)		(45,620,148	)		(5,215,607	)

Net investment income (loss)		(1,288,734	)		(682,171	)		(2,254,734	)		19,003,573			(3,933,740	)

Net realized gain (loss)		15,068,385			760,130			(11,746,247	)		287,621,050			13,631,265

Capital gain distribution from mutual funds		99,666,502			12,709,405			32,595,696			444,105,878			2,880,142

Change in unrealized appreciation (depreciation) of investments		(359,088,694	)		(48,038,399	)		(92,932,028	)		(1,884,341,377	)		(139,537,951	)

Increase (decrease) in net assets from operations		(245,642,541	)		(35,251,035	)		(74,337,313	)		(1,133,610,876	)		(126,960,284	)

From contract transactions:

Payments received from contract owners		32,690,309			4,978,245			20,909,731			149,073,266			10,645,363

Payments for contract benefits or terminations		(72,584,350	)		(15,898,330	)		(42,115,322	)		(416,072,102	)		(49,179,010	)

Transfers between sub-accounts (including fixed account), net		(138,559,733	)		(3,848,527	)		89,981,002			(349,156,358	)		(11,590,492	)

Contract maintenance charges		(329,993	)		(34,755	)		(140,147	)		(1,535,307	)		(282,892	)

Adjustments to net assets allocated to contracts in payout period		28,858			3,232			8,503			(52,416	)		27,088

Increase (decrease) in net assets from contract transactions		(178,754,909	)		(14,800,135	)		68,643,767			(617,742,917	)		(50,379,943	)

Increase (decrease) in net assets		(424,397,450	)		(50,051,170	)		(5,693,546	)		(1,751,353,793	)		(177,340,227	)

Net assets at beginning of period		1,251,653,806			248,126,320			485,471,268			6,068,234,924			670,314,770

Net assets at end of period	$	827,256,356		$	198,075,150		$	479,777,722		$	4,316,881,131		$	492,974,543

Beginning units		116,347,983			81,127,807			79,302,433			309,072,613			79,663,895

Units issued		5,959,531			2,056,489			29,385,337			13,406,386			1,566,355

Units redeemed		(23,308,314	)		(7,456,169	)		(18,015,086	)		(48,661,190	)		(8,307,765	)

Ending units		98,999,200			75,728,127			90,672,684			273,817,809			72,922,485

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	VALIC Company I Systematic Growth Fund			VALIC Company I Systematic Value Fund			VALIC Company I U.S. Socially Responsible Fund			Vanguard LifeStrategy Conservative Growth Fund Investor Shares			Vanguard LifeStrategy Growth Fund Investor Shares
For the Year Ended December 31, 2023

From operations:

Dividends	$	—		$	6,278,955		$	8,329,012		$	3,156,818		$	7,980,252

Mortality and expense risk and administrative charges		(6,304,373	)		(2,825,280	)		(6,357,998	)		(1,306,321	)		(3,869,243	)

Net investment income (loss)		(6,304,373	)		3,453,675			1,971,014			1,850,497			4,111,009

Net realized gain (loss)		(11,884,307	)		(671,386	)		(14,134,246	)		1,088,280			9,352,189

Capital gain distribution from mutual funds		110,053,329			15,659,621			116,340,988			2,442,310			2,261,979

Change in unrealized appreciation (depreciation) of investments		146,168,744			9,312,273			21,206,259			5,930,406			35,539,858

Increase (decrease) in net assets from operations		238,033,393			27,754,183			125,384,015			11,311,493			51,265,035

From contract transactions:

Payments received from contract owners		31,020,035			7,775,134			32,831,539			9,594,938			26,363,819

Payments for contract benefits or terminations		(78,256,764	)		(30,274,672	)		(68,023,471	)		(15,890,043	)		(29,702,682	)

Transfers between sub-accounts (including fixed account), net		(11,775,519	)		(9,841,231	)		6,028,037			(1,242,900	)		(1,013,119	)

Contract maintenance charges		(516,232	)		(285,513	)		(337,374	)		(44,510	)		(108,999	)

Adjustments to net assets allocated to contracts in payout period		(301	)		63			4,262			434			228

Increase (decrease) in net assets from contract transactions		(59,528,781	)		(32,626,219	)		(29,497,007	)		(7,582,081	)		(4,460,753	)

Increase (decrease) in net assets		178,504,612			(4,872,036	)		95,887,008			3,729,412			46,804,282

Net assets at beginning of period		569,646,700			297,458,308			623,095,731			105,877,372			300,388,321

Net assets at end of period	$	748,151,312		$	292,586,272		$	718,982,739		$	109,606,784		$	347,192,603

Beginning units		187,615,452			107,509,491			130,019,327			44,672,988			95,845,637

Units issued		4,943,992			2,950,290			2,014,601			3,031,979			4,453,155

Units redeemed		(21,020,687	)		(14,403,943	)		(7,421,372	)		(6,106,544	)		(5,667,570	)

Ending units		171,538,757			96,055,838			124,612,556			41,598,423			94,631,222

For the Year Ended December 31, 2022

From operations:

Dividends	$	—		$	1,001,845		$	4,908,691		$	2,212,317		$	6,212,303

Mortality and expense risk and administrative charges		(6,640,667	)		(3,027,427	)		(6,388,402	)		(1,420,066	)		(3,820,657	)

Net investment income (loss)		(6,640,667	)		(2,025,582	)		(1,479,711	)		792,251			2,391,646

Net realized gain (loss)		12,601,145			642,357			(7,190,579	)		1,200,361			8,378,559

Capital gain distribution from mutual funds		129,687,521			12,429,029			95,799,788			770,607			355,626

Change in unrealized appreciation (depreciation) of investments		(522,812,127	)		(37,092,824	)		(228,516,215	)		(24,203,946	)		(76,979,411	)

Increase (decrease) in net assets from operations		(387,164,128	)		(26,047,020	)		(141,386,717	)		(21,440,727	)		(65,853,580	)

From contract transactions:

Payments received from contract owners		38,749,263			9,587,433			35,517,160			12,620,601			26,415,399

Payments for contract benefits or terminations		(66,995,732	)		(27,996,993	)		(60,834,342	)		(15,646,277	)		(21,412,251	)

Transfers between sub-accounts (including fixed account), net		(31,340,313	)		(1,585,745	)		(15,794,562	)		(1,674,335	)		(1,054,528	)

Contract maintenance charges		(479,795	)		(330,401	)		(374,049	)		(43,544	)		(88,610	)

Adjustments to net assets allocated to contracts in payout period		1,077			60			5,346			451			206

Increase (decrease) in net assets from contract transactions		(60,065,500	)		(20,325,646	)		(41,480,447	)		(4,743,104	)		3,860,216

Increase (decrease) in net assets		(447,229,628	)		(46,372,666	)		(182,867,164	)		(26,183,831	)		(61,993,364	)

Net assets at beginning of period		1,016,876,328			343,830,974			805,962,895			132,061,203			362,381,685

Net assets at end of period	$	569,646,700		$	297,458,308		$	623,095,731		$	105,877,372		$	300,388,321

Beginning units		202,244,583			114,942,495			137,953,455			46,755,917			94,644,220

Units issued		9,187,799			4,546,260			3,633,868			5,223,363			6,241,625

Units redeemed		(23,816,930	)		(11,979,264	)		(11,567,996	)		(7,306,292	)		(5,040,208	)

Ending units		187,615,452			107,509,491			130,019,327			44,672,988			95,845,637

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	Vanguard LifeStrategy Moderate Growth Fund Investor Shares			Vanguard Long- Term Investment- Grade Fund Investor Shares			Vanguard Long- Term Treasury Fund Investor Shares			Vanguard Wellington Fund Investor Shares			Vanguard Windsor II Fund Investor Shares
For the Year Ended December 31, 2023

From operations:

Dividends	$	8,056,368		$	7,234,945		$	4,348,916		$	41,556,907		$	32,337,734

Mortality and expense risk and administrative charges		(3,604,501	)		(1,824,934	)		(1,544,794	)		(21,323,538	)		(22,285,776	)

Reimbursements of expenses		—			380,546			322,229			—			—

Net investment income (loss)		4,451,867			5,790,557			3,126,351			20,233,369			10,051,958

Net realized gain (loss)		6,733,062			(7,151,983	)		(7,583,281	)		65,489,618			80,499,810

Capital gain distribution from mutual funds		4,246,657			—			—			66,986,750			67,059,853

Change in unrealized appreciation (depreciation) of investments		23,860,554			13,344,835			7,377,707			68,269,056			182,161,757

Increase (decrease) in net assets from operations		39,292,140			11,983,409			2,920,777			220,978,793			339,773,378

From contract transactions:

Payments received from contract owners		28,756,321			5,899,518			4,870,052			66,353,933			55,571,069

Payments for contract benefits or terminations		(32,342,777	)		(15,453,566	)		(12,401,642	)		(203,077,867	)		(178,456,449	)

Transfers between sub-accounts (including fixed account), net		(1,941,379	)		645,047			2,925,736			(18,416,320	)		(25,967,190	)

Contract maintenance charges		(134,684	)		(170,834	)		(140,357	)		(628,988	)		(564,995	)

Adjustments to net assets allocated to contracts in payout period		117			(2,395	)		363			(765,283	)		(12,559	)

Increase (decrease) in net assets from contract transactions		(5,662,402	)		(9,082,230	)		(4,745,848	)		(156,534,525	)		(149,430,124	)

Increase (decrease) in net assets		33,629,738			2,901,179			(1,825,071	)		64,444,268			190,343,254

Net assets at beginning of period		281,292,796			154,456,589			132,129,498			1,794,470,262			1,819,838,838

Net assets at end of period	$	314,922,534		$	157,357,768		$	130,304,427		$	1,858,914,530		$	2,010,182,092

Beginning units		100,287,508			45,056,273			44,419,146			315,830,628			284,703,214

Units issued		5,627,452			3,708,678			5,483,110			22,022,214			7,345,562

Units redeemed		(7,500,936	)		(5,688,293	)		(5,908,620	)		(41,637,908	)		(25,355,451	)

Ending units		98,414,024			43,076,658			43,993,636			296,214,934			266,693,325

For the Year Ended December 31, 2022

From operations:

Dividends	$	5,792,466		$	7,924,777		$	3,980,040		$	38,785,610		$	28,164,182

Mortality and expense risk and administrative charges		(3,638,434	)		(2,440,783	)		(1,905,809	)		(22,787,659	)		(23,304,472	)

Reimbursements of expenses		—			506,160			396,773			—			—

Net investment income (loss)		2,154,032			5,990,154			2,471,004			15,997,951			4,859,710

Net realized gain (loss)		7,001,119			(14,135,268	)		(3,513,438	)		68,578,688			71,808,580

Capital gain distribution from mutual funds		1,573,384			—			—			99,878,863			97,086,219

Change in unrealized appreciation (depreciation) of investments		(68,980,654	)		(65,107,241	)		(59,474,335	)		(529,499,263	)		(491,107,157	)

Increase (decrease) in net assets from operations		(58,252,119	)		(73,252,355	)		(60,516,769	)		(345,043,761	)		(317,352,648	)

From contract transactions:

Payments received from contract owners		29,624,181			7,466,880			5,597,955			77,872,047			63,064,852

Payments for contract benefits or terminations		(27,235,168	)		(20,509,661	)		(16,316,752	)		(187,381,500	)		(161,605,283	)

Transfers between sub-accounts (including fixed account), net		(5,167,889	)		(42,989,494	)		(5,540,028	)		(32,524,860	)		34,177,917

Contract maintenance charges		(138,079	)		(203,341	)		(156,161	)		(646,038	)		(578,282	)

Adjustments to net assets allocated to contracts in payout period		410			199			417			(763,516	)		(2,671	)

Increase (decrease) in net assets from contract transactions		(2,916,545	)		(56,235,417	)		(16,414,569	)		(143,443,867	)		(64,943,467	)

Increase (decrease) in net assets		(61,168,664	)		(129,487,772	)		(76,931,338	)		(488,487,628	)		(382,296,115	)

Net assets at beginning of period		342,461,460			283,944,361			209,060,836			2,282,957,890			2,202,134,953

Net assets at end of period	$	281,292,796		$	154,456,589		$	132,129,498		$	1,794,470,262		$	1,819,838,838

Beginning units		101,324,753			61,160,867			48,991,473			339,770,497			295,711,317

Units issued		6,808,604			8,030,544			2,229,273			9,999,486			10,847,814

Units redeemed		(7,845,849	)		(24,135,138	)		(6,801,600	)		(33,939,355	)		(21,855,917	)

Ending units		100,287,508			45,056,273			44,419,146			315,830,628			284,703,214

The accompanying Notes to Financial Statements are an integral part of this statement.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS

1.	Organization

The Variable Annuity Life Insurance Company Separate Account A (“the Separate Account”) is a segregated investment account established by The Variable Annuity Life Insurance Company (“VALIC”) to receive and invest premium payments from variable annuity contracts issued by VALIC. VALIC is a wholly owned subsidiary of AGC Life Insurance Company (“AGC Life”), which is wholly owned by Corebridge Life Holdings, Inc. (formerly known as AIG Life Holdings, Inc.) (“Corebridge Life Holdings”). Corebridge Life Holdings is wholly owned by Corebridge Financial, Inc. (“Corebridge”), which American International Group, Inc. (“AIG”) owns 52.2% of their outstanding common stock as of December 31, 2023. AIG is a holding company, which through its subsidiaries provides a wide range of property casualty insurance, life insurance, retirement products and other financial services to commercial and individual customers in more than 190 countries and jurisdictions. The term “AIG” means American International Group, Inc. and not any of AIG’s consolidated subsidiaries.

The Separate Account includes the following variable annuity products:



Equity Director		Polaris Platinum Elite

Group Variable Annuity Deferred Contracts (GTS-VA)		Portfolio Director

Group Unit Purchase (GUP)		Portfolio Director Freedom Advisor

IMPACT		Portfolio Director Plus

Independence Plus		Potentia

Polaris Choice Elite

The Separate Account contracts are sold primarily through VALIC’s captive sales force. The distributor of the Separate Account is Corebridge Capital Services, Inc., formerly known as AIG Capital Services, Inc., an affiliate of VALIC; however, all commissions are paid by VALIC. No underwriting fees are paid in connection with the distribution of these contracts.

The Separate Account is registered with the Securities and Exchange Commission as a Unit Investment Trust under the Investment Company Act of 1940, as amended. The Separate Account consists of various sub-accounts. Each sub-account invests all its investible assets in a corresponding eligible mutual fund, which is registered under the 1940 Act as an open-ended management investment company. The names in bold in the table below are the diversified, open-ended management investment companies and the names below them are the names of the sub-accounts/corresponding eligible mutual funds. Collectively, all of the mutual funds are referred to as “Funds” throughout these financial statements.

For each sub-account, the financial statements are comprised of a Statement of Assets and Liabilities, including a Schedule of Portfolio Investments, as of December 31, 2023 and related Statements of Operations and Changes in Net Assets for each of the years in the period then ended, all periods to reflect a full twelve months, except as noted below.


American Beacon Funds (American Beacon)
American Beacon Bridgeway Large Cap Growth Fund Investor Class

Ariel Investment Trust (Ariel)
Ariel Appreciation Fund Investor Class		Ariel Fund Investor Class

Franklin Templeton Variable Insurance Products Trust (FTVIP)
FTVIP Franklin Allocation VIP Fund Class 2		FTVIP Franklin Income VIP Fund Class 2

Goldman Sachs Variable Insurance Trust (Goldman Sachs VIT)
Goldman Sachs VIT Government Money Market Fund Institutional Shares		Goldman Sachs VIT Government Money Market Fund Service Shares

Invesco Variable Insurance Funds (Invesco V.I.)
Invesco V.I. American Franchise Fund Series II		Invesco V.I. Comstock Fund Series II
Invesco V.I. Balanced-Risk Commodity Strategy Fund Class R5		Invesco V.I. Growth and Income Fund Series II

Lord Abbett Series Fund, Inc. (Lord Abbett)
Lord Abbett Growth and Income Portfolio Class VC

PIMCO Variable Insurance Trust (PIMCO)
PIMCO Emerging Markets Bond Portfolio Advisor Class		PIMCO Total Return Portfolio Institutional Class^(c)
PIMCO Total Return Portfolio Advisor Class

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


Seasons Series Trust (SST)(a)
SST SA Allocation Balanced Portfolio Class 3		SST SA Allocation Moderate Portfolio Class 3
SST SA Allocation Growth Portfolio Class 3		SST SA American Century Inflation Protection Portfolio Class 3
SST SA Allocation Moderate Growth Portfolio Class 3		SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3

SunAmerica Series Trust (SAST)^(a)
SAST SA AB Growth Portfolio Class 3		SAST SA Invesco Growth Opportunities Portfolio Class 3
SAST SA AB Small & Mid Cap Value Portfolio Class 3		SAST SA Janus Focused Growth Portfolio Class 3
SAST SA American Funds Asset Allocation Portfolio Class 3		SAST SA JPMorgan Diversified Balanced Portfolio Class 3
SAST SA American Funds Global Growth Portfolio Class 3		SAST SA JPMorgan Emerging Markets Portfolio Class 3
SAST SA American Funds Growth Portfolio Class 3		SAST SA JPMorgan Equity-Income Portfolio Class 3
SAST SA American Funds Growth-Income Portfolio Class 3		SAST SA JPMorgan Global Equities Portfolio Class 3
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		SAST SA JPMorgan Large Cap Core Portfolio Class 3^(d)
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		SAST SA JPMorgan MFS Core Bond Portfolio Class 3
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3
SAST SA DFA Ultra Short Bond Portfolio Class 3		SAST SA Large Cap Growth Index Portfolio Class 3
SAST SA Emerging Markets Equity Index Portfolio Class 3		SAST SA Large Cap Index Portfolio Class 3
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		SAST SA Large Cap Value Index Portfolio Class 3
SAST SA Fidelity Institutional AM^® International Growth Portfolio Class 1^(c)		SAST SA MFS Blue Chip Growth Portfolio Class 3
SAST SA Fidelity Institutional AM^® International Growth Portfolio Class 3		SAST SA MFS Massachusetts Investors Trust Portfolio Class 3
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		SAST SA MFS Total Return Portfolio Class 3
SAST SA Fixed Income Index Portfolio Class 3		SAST SA Mid Cap Index Portfolio Class 3
SAST SA Fixed Income Intermediate Index Portfolio Class 3		SAST SA Morgan Stanley International Equities Portfolio Class 3
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		SAST SA PIMCO RAE International Value Portfolio Class 3
SAST SA Franklin Small Company Value Portfolio Class 3		SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 1^(c)		SAST SA PineBridge High-Yield Bond Portfolio Class 3
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		SAST SA Putnam International Growth and Income Portfolio Class 3
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		SAST SA Schroders VCP Global Allocation Portfolio Class 3
SAST SA Franklin Tactical Opportunities Portfolio Class 3		SAST SA Small Cap Index Portfolio Class 3
SAST SA Global Index Allocation 60/40 Portfolio Class 3		SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3
SAST SA Global Index Allocation 75/25 Portfolio Class 3		SAST SA T. Rowe Price VCP Balanced Portfolio Class 3
SAST SA Global Index Allocation 90/10 Portfolio Class 3		SAST SA VCP Dynamic Allocation Portfolio Class 3
SAST SA Goldman Sachs Global Bond Portfolio Class 3		SAST SA VCP Dynamic Strategy Portfolio Class 3
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		SAST SA VCP Index Allocation Portfolio Class 3
SAST SA Index Allocation 60/40 Portfolio Class 3		SAST SA Wellington Capital Appreciation Portfolio Class 3
SAST SA Index Allocation 80/20 Portfolio Class 3		SAST SA Wellington Government and Quality Bond Portfolio Class 3
SAST SA Index Allocation 90/10 Portfolio Class 3		SAST SA Wellington Strategic Multi-Asset Portfolio Class 3
SAST SA International Index Portfolio Class 3

T. Rowe Price Retirement Funds, Inc. (T. Rowe Price)
T Rowe Price Retirement 2015 Advisor Class		T Rowe Price Retirement 2040 Advisor Class
T Rowe Price Retirement 2020 Advisor Class		T Rowe Price Retirement 2045 Advisor Class
T Rowe Price Retirement 2025 Advisor Class		T Rowe Price Retirement 2050 Advisor Class
T Rowe Price Retirement 2030 Advisor Class		T Rowe Price Retirement 2055 Advisor Class
T Rowe Price Retirement 2035 Advisor Class		T Rowe Price Retirement 2060 Advisor Class

VALIC Company I^(b)
VALIC Company I Aggressive Growth Lifestyle Fund		VALIC Company I International Socially Responsible Fund
VALIC Company I Asset Allocation Fund		VALIC Company I International Value Fund
VALIC Company I Capital Appreciation Fund		VALIC Company I Large Capital Growth Fund
VALIC Company I Conservative Growth Lifestyle Fund		VALIC Company I Mid Cap Index Fund
VALIC Company I Core Bond Fund		VALIC Company I Mid Cap Strategic Growth Fund
VALIC Company I Dividend Value Fund		VALIC Company I Mid Cap Value Fund
VALIC Company I Dynamic Allocation Fund		VALIC Company I Moderate Growth Lifestyle Fund
VALIC Company I Emerging Economies Fund		VALIC Company I Nasdaq-100 Index Fund
VALIC Company I Global Real Estate Fund		VALIC Company I Science & Technology Fund

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


VALIC Company I^(b)
VALIC Company I Global Strategy Fund		VALIC Company I Small Cap Growth Fund
VALIC Company I Government Money Market I Fund^(f)		VALIC Company I Small Cap Index Fund
VALIC Company I Government Securities Fund		VALIC Company I Small Cap Special Values Fund
VALIC Company I Growth Fund		VALIC Company I Small Cap Value Fund
VALIC Company I High Yield Bond Fund		VALIC Company I Stock Index Fund
VALIC Company I Inflation Protected Fund		VALIC Company I Systematic Core Fund
VALIC Company I International Equities Index Fund		VALIC Company I Systematic Growth Fund^(e)
VALIC Company I International Government Bond Fund		VALIC Company I Systematic Value Fund
VALIC Company I International Growth Fund		VALIC Company I U.S. Socially Responsible Fund
VALIC Company I International Opportunities Fund

The Vanguard Group, Inc. (Vanguard)
Vanguard LifeStrategy Conservative Growth Fund Investor Shares		Vanguard Long-Term Treasury Fund Investor Shares
Vanguard LifeStrategy Growth Fund Investor Shares		Vanguard Wellington Fund Investor Shares
Vanguard LifeStrategy Moderate Growth Fund Investor Shares		Vanguard Windsor II Fund Investor Shares
Vanguard Long-Term Investment-Grade Fund Investor Shares

(a)	These are affiliated investment companies. SunAmerica Asset Management, LLC., an affiliate of VALIC, serves as the investment advisor to Seasons Series Trust and SunAmerica Series Trust.

(b)

These are affiliated investment companies. VALIC serves as the investment advisor to VALIC Company I. VALIC Retirement Services Company, a direct, wholly owned subsidiary of VALIC, serves as the transfer agent and accounting services agent to VALIC Company I, Seasons Series Trust and SunAmerica Series Trust. SunAmerica, an affiliate of VALIC, serves as the administrator to each series of VALIC Company I, and as the investment sub-advisor to certain series of VALIC Company I.

(c)	Sub-account had no activity during the current or prior year and no assets or liabilities as of December 31, 2023.

(d)	Formerly SAST SA Invesco Main Street Large Cap Core Portfolio.

(e)	Formerly VALIC Company I Blue Chip Growth Portfolio.

(f)	Statements of Operations and Changes in Net Assets for the period January 1 2022 to July 22, 2022 (cessation of operations).

In addition to the sub-accounts above, a contract owner may allocate contract funds to a fixed account, which is part of VALIC’s General Account and not included in these financial statements. Contract owners should refer to the product prospectus for the available Funds and fixed account.

The assets of each of the sub-accounts of the Separate Account are registered in the name of VALIC. Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from VALIC’s other assets and liabilities. The Separate Account assets are not chargeable with liabilities arising out of any other business VALIC may conduct. Net premiums from the contracts are allocated to the sub-accounts and invested in the Funds in accordance with contract owner instructions and are recorded as contract transactions in the Statements of Operations and Changes in Net Assets.

2.	Summary of Significant Accounting Policy

The financial statements of the Separate Account have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The Separate Account is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Separate Account in the preparation of its financial statements.

Use of Estimates: The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from assumptions used, the financial statements of the Separate Account could be materially affected.

Investments: Investments in mutual funds are valued at their closing net asset value per share as determined by the respective mutual funds, which generally value their securities at fair value. Purchases and sales of shares of the Funds are made at the net asset values of such Funds. Transactions are recorded on a trade date basis. Realized gains and losses on the sales of investments are recognized at the date of sale and are determined on a first-in, first-out basis. Dividends and capital gain distributions from the Funds are recorded on the ex-dividend date and reinvested upon receipt.

Reserves for Annuity Contracts in Payout: Net assets allocated to contracts in the payout period are based on industry standard mortality tables depending on the calendar year of annuitization as well as other assumptions, including provisions for the risk of adverse deviation from assumptions.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Participants are able to elect assumed interest rates between 3.00 and 6.00 percent in determining annuity payments for all contracts.

At each reporting period, the assumptions must be evaluated based on current experience, and the reserves must be adjusted accordingly. To the extent additional reserves are established due to mortality risk experience, VALIC makes payments to the Separate Account. If there are excess reserves remaining at the time annuity payments cease, the assets supporting those reserves are transferred from the Separate Account to the General Account. Transfers between the General Account and the Separate Account, if any, are disclosed as adjustments to net assets allocated to contracts in payout period in the Statements of Operations and Changes in Net Assets. Annuity benefit payments are recorded as payments for contract benefits or terminations in the Statements of Operations and Changes in Net Assets.

Accumulation Unit: This is the basic valuation unit used to calculate the contract owner’s interest. Such units are valued daily to reflect investment performance and the prorated daily deduction for expense charges.

Income Taxes: The operations of the Separate Account are included in the federal income tax return of VALIC, which is taxed as a life insurance company under the provision of the Internal Revenue Code (the Code). Under the current provisions of the Code, VALIC does not expect to incur federal income taxes on the earnings of the Separate Account to the extent that the earnings are credited under the contracts. As a result, no charge is currently made to the Separate Account for federal income taxes. The Separate Account is not treated as a regulated investment company under the Code. VALIC will periodically review changes in the tax law. VALIC retains the right to charge for any federal income tax incurred which is applicable to the Separate Account if the law is changed.

3.	Fair Value Measurements

Assets recorded at fair value in the Separate Account’s Statement of Assets and Liabilities are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•

Level 1— Fair value measurements based on quoted prices (unadjusted) in active markets that the Separate Account has the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. The Separate Account does not adjust the quoted price for such instruments.

•

Level 2— Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•

Level 3— Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair value positions in Level 3. The circumstances for these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, the Separate Account makes certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The Separate Account assets measured at fair value as of December 31, 2023 consist of investments in registered mutual funds that generally trade daily and are measured at fair value using quoted prices in active markets for identical assets, which are classified as Level 1 throughout the year. As such, no transfers between fair value hierarchy levels occurred during the year. See the Schedule of Portfolio Investments for the table presenting information about assets measured at fair value on a recurring basis at December 31, 2023, and respective hierarchy levels.

4.	Expenses

Expense charges are applied against the current value of the Separate Account and are paid to VALIC as follows:

Separate Account Annual Charges: Deductions for the mortality and expense risk charges are calculated daily, at an annual rate, on the actual prior day’s net asset value of the underlying Funds comprising the sub-accounts attributable to the contract owners and are paid to VALIC. The mortality risk charge represents compensation to VALIC for the mortality risks assumed under the contract, which is the obligation to provide payments during the payout period for the life of the contract and to provide the standard death benefit. The expense risk charge represents compensation to VALIC for assuming the risk that the current contract administration charges will be insufficient to cover the cost of administering the contract in the future. These charges are included on the mortality and expense risk and administrative charges line in the Statements of Operations and Changes in Net Assets.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The exact rate depends on the particular product issued and funds selected. Expense charges for each product are as follows:


Products		Separate Account Annual Charges
Equity Director		1.85% - 2.10%
GTS-VA		0.85% on the first $10 million
		0.425% on the next $90 million
		0.21% on the excess over $100 million
GUP		1.00%
IMPACT		1.00%
Independence Plus		1.00%
Polaris Choice Elite		1.65% - 1.90%
Polaris Platinum Elite		1.30% - 1.55% prior to May 1, 2017
Polaris Platinum Elite		1.15% - 1.55% on or after May 1, 2017
Portfolio Director		0.20% - 1.25%
Portfolio Director Freedom Advisor		0.60%
Portfolio Director Plus		0.00%
Potentia		1.45%

Mortality and expense risk charges of the Separate Account products (as defined to include underlying Fund expenses) are limited to the following rates based on average daily net assets:


Products		Expense Limitations
GTS-VA		0.6966% on the first $25,434,267
		0.50% on the next $74,565,733
		0.25% on the excess over $100 million
GUP		1.4157% on the first $359,065,787
		1.36% on the next $40,934,213
		1.32% on the excess over $400 million

Platform Charges: In order to make certain underlying Funds available as investment options for the contract, VALIC may assess an additional charge of 0.25 percent related to those Funds that do not pay VALIC for administrative, recordkeeping and shareholder services. These charges are included as part of the mortality and expense risk and administrative charges line in the Statements of Operations and Changes in Net Assets.

Contract Maintenance Charge: During the accumulation phase, an annual contract maintenance charge is assessed by VALIC on the contract anniversary. In the event of a full surrender, a contract maintenance charge is assessed at the date of surrender and deducted from the withdrawal proceeds. The contract maintenance charge represents a reimbursement of administrative expenses incurred by VALIC related to the establishment and maintenance of the record keeping function for the sub-accounts. These charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.

A contract maintenance charge of $3.75 is assessed on each contract (except those relating to Potentia, Portfolio Director Freedom Advisor, Portfolio Director Plus, and series 2-8 and 10-12 of Portfolio Director, GUP and GTS- VA, contracts within the Impact product are assessed a $30 annual maintenance charge and contracts within the Polaris Platinum Elite product are assessed a $50 annual maintenance charge, which may be waived if the Polaris Platinum Elite contract value is $75,000 or more) by VALIC on the last day of the calendar quarter in which VALIC receives the first purchase payment, and in quarterly installments thereafter during the accumulation period.

Withdrawal Charge: A withdrawal charge is applicable to certain contract withdrawals pursuant to the contract and is payable to VALIC. The withdrawal charges are included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

Separate Account Expense Reimbursements or Credits: Certain of the Funds or their affiliates have an agreement with VALIC to pay VALIC for administrative and shareholder services provided to the underlying Fund. VALIC applied these payments to reduce its charges to the sub-account investing in that Fund. In addition, VALIC currently reimburses or credits certain sub-accounts a portion of VALIC’s mortality and expense risk charges. Such crediting arrangements are voluntary and may be changed by VALIC at any time. The reimbursements are included on the reimbursements of expenses line of the Statements of Operations and Changes in Net Assets.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The expense reimbursements are credited at the annual rate of 0.25 percent.

Sales and Administrative Charge: Certain purchase payments to certain products are subject to a sales and administrative charge. The percentage rate charged is based on the amount of purchase payments received. These charges are included as part of the payments received from contract owners line in the Statements of Operations and Changes in Net Assets.

Premium Tax Charge: Certain states charge taxes on purchase payments up to a maximum of 3.50 percent. Some states assess premium taxes at the time of purchase payments, while some other states assess premium taxes when annuity payments begin or upon surrender. There are certain states that do not assess premium taxes. If the law of the state requires premium taxes to be paid when purchase payments are made, VALIC will deduct the tax from such payments prior to depositing the payments into the Separate Account. Otherwise, such tax will be deducted from the account value when annuity payments begin. Premium taxes are included as part of the payments received from contract owners line in the Statements of Operations and Changes in Net Assets.

Guaranteed Minimum Withdrawal Benefit (GMWB) Charge: The charges for the GMWB riders are assessed quarterly on all policies that have elected this option. The annualized charges by GMWB rider and by product are as follows:


		Annualized GMWB Charge for Contracts Issued:
GMWB Rider	Products	Before October 9, 2017	On or After October 9, 2017
Polaris Income Builder	Polaris Choice Elite	0.60% to 2.20% for one covered person	0.60% to 2.20% for one covered person
	Polaris Platinum Elite	0.60% to 2.70% for two covered persons	0.60% to 2.70% for two covered persons
Polaris Income Plus	Polaris Choice Elite	0.60% to 2.20% for one covered person	0.60% to 2.50% for one covered person
	Polaris Platinum Elite	0.60% to 2.70% for two covered persons	0.60% to 2.50% for two covered persons
Polaris Income Plus Daily	Polaris Choice Elite	0.60% to 2.20% for one covered person	0.60% to 2.50% for one covered person
	Polaris Platinum Elite	0.60% to 2.70% for two covered persons	0.60% to 2.50% for two covered persons
IncomeLock (1)	Portfolio Director	0.65% to 1.15% for one covered person	Not applicable
	Equity Director	Not available for two covered persons
IncomeLock Plus (2)	Portfolio Director	0.60% to 2.20% for one covered person	Not applicable
	Equity Director	0.60% to 2.70% for two covered persons

(1) IncomeLock was not available to contracts issued after July 2, 2012.

(2) IncomeLock Plus was not available to contracts issued after January 2, 2017.

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

5.	Purchases and Sales of Investments

For the year ended December 31, 2023, the aggregate cost of purchases and proceeds from the sales of investments were:



Sub-accounts		Cost of Purchases			Proceeds from Sales

American Beacon Bridgeway Large Cap Growth Fund Investor Class	$		4,978,430	$		8,163,390

Ariel Appreciation Fund Investor Class			31,063,070			111,967,987

Ariel Fund Investor Class			21,178,320			42,228,260

FTVIP Franklin Allocation VIP Fund Class 2			217,845			14,399

FTVIP Franklin Income VIP Fund Class 2			718,103			255,079

Goldman Sachs VIT Government Money Market Fund Institutional Shares			308,135,699			127,683,578

Goldman Sachs VIT Government Money Market Fund Service Shares			1,613,671			1,660,735

Invesco V.I. American Franchise Fund Series II			270,229			135,350

Invesco V.I. Balanced-Risk Commodity Strategy Fund Class R5			14,491,951			20,500,238

Invesco V.I. Comstock Fund Series II			247,138			167,624

Invesco V.I. Growth and Income Fund Series II			258,706			166,824

Lord Abbett Growth and Income Portfolio Class VC			25,196			107,971

PIMCO Emerging Markets Bond Portfolio Advisor Class			74,076			72,582

PIMCO Total Return Portfolio Advisor Class			1,412,665			381,664

SST SA Allocation Balanced Portfolio Class 3			437,422			176,806

SST SA Allocation Growth Portfolio Class 3			1,022,546			603,861

SST SA Allocation Moderate Growth Portfolio Class 3			1,164,331			274,074

SST SA Allocation Moderate Portfolio Class 3			1,258,350			378,064

SST SA American Century Inflation Protection Portfolio Class 3			889,087			670,211

SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3			43,691			255,932

SAST SA AB Growth Portfolio Class 3			1,294,486			584,701

SAST SA AB Small & Mid Cap Value Portfolio Class 3			436,022			131,890

SAST SA American Funds Asset Allocation Portfolio Class 3			9,939,358			6,390,954

SAST SA American Funds Global Growth Portfolio Class 3			558,578			250,409

SAST SA American Funds Growth Portfolio Class 3			2,333,493			1,631,225

SAST SA American Funds Growth-Income Portfolio Class 3			781,175			471,483

SAST SA American Funds VCP Managed Allocation Portfolio Class 3			6,845,314			8,889,020

SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3			101,466			38,052

SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3			2,599,166			4,311,978

SAST SA DFA Ultra Short Bond Portfolio Class 3			377,029			199,845

SAST SA Emerging Markets Equity Index Portfolio Class 3			16,312			14,286

SAST SA Federated Hermes Corporate Bond Portfolio Class 3			962,128			1,077,241

SAST SA Fidelity Institutional AM^® International Growth Portfolio Class 3			45,902			9,605

SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3			80,003			85,452

SAST SA Fixed Income Index Portfolio Class 3			600,178			549,500

SAST SA Fixed Income Intermediate Index Portfolio Class 3			230,898			173,395

SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3			228,855			199,586

SAST SA Franklin Small Company Value Portfolio Class 3			92,334			55,552

SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3			290			83

SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3			335,466			439,304

SAST SA Franklin Tactical Opportunities Portfolio Class 3			132,888			56,396

SAST SA Global Index Allocation 60/40 Portfolio Class 3			127,614			213,890

SAST SA Global Index Allocation 75/25 Portfolio Class 3			123,536			131,301

SAST SA Global Index Allocation 90/10 Portfolio Class 3			1,010,620			546,856

SAST SA Goldman Sachs Global Bond Portfolio Class 3			327,898			177,992

SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3			152,070			187,109

SAST SA Index Allocation 60/40 Portfolio Class 3			531,194			836,425

SAST SA Index Allocation 80/20 Portfolio Class 3			1,323,002			1,570,096

SAST SA Index Allocation 90/10 Portfolio Class 3			4,308,952			3,319,243

SAST SA International Index Portfolio Class 3			85,120			67,765

SAST SA Invesco Growth Opportunities Portfolio Class 3			193,096			13,916

SAST SA Janus Focused Growth Portfolio Class 3			90,437			211,097

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



Sub-accounts		Cost of Purchases			Proceeds from Sales

SAST SA JPMorgan Diversified Balanced Portfolio Class 3	$		193,581	$		507,706

SAST SA JPMorgan Emerging Markets Portfolio Class 3			63,435			41,715

SAST SA JPMorgan Equity-Income Portfolio Class 3			289,113			159,737

SAST SA JPMorgan Global Equities Portfolio Class 3			20,659			10,326

SAST SA JPMorgan Large Cap Core Portfolio Class 3			249,917			177,043

SAST SA JPMorgan MFS Core Bond Portfolio Class 3			851,962			985,382

SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3			460,003			244,439

SAST SA Large Cap Growth Index Portfolio Class 3			164,031			113,256

SAST SA Large Cap Index Portfolio Class 3			798,824			269,322

SAST SA Large Cap Value Index Portfolio Class 3			274,860			77,054

SAST SA MFS Blue Chip Growth Portfolio Class 3			146,024			362,420

SAST SA MFS Massachusetts Investors Trust Portfolio Class 3			136,372			185,082

SAST SA MFS Total Return Portfolio Class 3			205,527			54,282

SAST SA Mid Cap Index Portfolio Class 3			165,838			133,592

SAST SA Morgan Stanley International Equities Portfolio Class 3			61,497			149,697

SAST SA PIMCO RAE International Value Portfolio Class 3			52,830			72,670

SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3			2,523,572			3,122,969

SAST SA PineBridge High-Yield Bond Portfolio Class 3			167,426			179,065

SAST SA Putnam International Growth and Income Portfolio Class 3			4,605			34,374

SAST SA Schroders VCP Global Allocation Portfolio Class 3			645,108			1,798,397

SAST SA Small Cap Index Portfolio Class 3			158,679			156,778

SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3			483,500			340,076

SAST SA T. Rowe Price VCP Balanced Portfolio Class 3			2,178,003			4,363,987

SAST SA VCP Dynamic Allocation Portfolio Class 3			8,607,984			10,157,624

SAST SA VCP Dynamic Strategy Portfolio Class 3			11,595,775			10,144,968

SAST SA VCP Index Allocation Portfolio Class 3			2,783,590			1,662,559

SAST SA Wellington Capital Appreciation Portfolio Class 3			899,625			2,843,725

SAST SA Wellington Government and Quality Bond Portfolio Class 3			472,766			575,451

SAST SA Wellington Strategic Multi-Asset Portfolio Class 3			57,976			147,570

T Rowe Price Retirement 2015 Advisor Class			40,495,226			39,347,739

T Rowe Price Retirement 2020 Advisor Class			28,033,390			32,231,956

T Rowe Price Retirement 2025 Advisor Class			24,148,035			25,328,556

T Rowe Price Retirement 2030 Advisor Class			23,773,498			17,163,303

T Rowe Price Retirement 2035 Advisor Class			14,987,202			6,538,426

T Rowe Price Retirement 2040 Advisor Class			14,953,280			4,398,106

T Rowe Price Retirement 2045 Advisor Class			13,078,038			4,239,904

T Rowe Price Retirement 2050 Advisor Class			11,387,149			4,556,812

T Rowe Price Retirement 2055 Advisor Class			7,365,074			2,265,198

T Rowe Price Retirement 2060 Advisor Class			6,671,502			2,350,706

VALIC Company I Aggressive Growth Lifestyle Fund			726,990,417			691,914,010

VALIC Company I Asset Allocation Fund			13,268,893			14,137,370

VALIC Company I Capital Appreciation Fund			19,519,762			6,124,434

VALIC Company I Conservative Growth Lifestyle Fund			340,051,605			341,196,514

VALIC Company I Core Bond Fund			206,805,530			675,909,162

VALIC Company I Dividend Value Fund			258,777,735			746,104,805

VALIC Company I Dynamic Allocation Fund			29,618,761			41,210,897

VALIC Company I Emerging Economies Fund			294,204,529			134,813,213

VALIC Company I Global Real Estate Fund			29,556,582			143,968,038

VALIC Company I Global Strategy Fund			25,751,315			29,360,082

VALIC Company I Government Securities Fund			35,668,695			45,598,541

VALIC Company I Growth Fund			779,867,337			134,527,868

VALIC Company I High Yield Bond Fund			53,328,347			107,785,657

VALIC Company I Inflation Protected Fund			84,263,296			367,459,417

VALIC Company I International Equities Index Fund			503,356,696			407,843,784

VALIC Company I International Government Bond Fund			35,219,719			52,978,264

VALIC Company I International Growth Fund			94,771,020			72,472,323

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



Sub-accounts		Cost of Purchases			Proceeds from Sales

VALIC Company I International Opportunities Fund	$		106,226,345	$		44,075,991

VALIC Company I International Socially Responsible Fund			90,816,804			65,444,719

VALIC Company I International Value Fund			78,501,307			107,238,563

VALIC Company I Large Capital Growth Fund			79,505,923			46,912,226

VALIC Company I Mid Cap Index Fund			664,103,399			476,708,532

VALIC Company I Mid Cap Strategic Growth Fund			377,840,331			64,807,620

VALIC Company I Mid Cap Value Fund			180,614,132			259,019,178

VALIC Company I Moderate Growth Lifestyle Fund			1,126,870,337			1,089,142,536

VALIC Company I Nasdaq-100 Index Fund			115,208,855			52,403,443

VALIC Company I Science & Technology Fund			361,981,330			194,601,066

VALIC Company I Small Cap Growth Fund			111,123,475			74,052,040

VALIC Company I Small Cap Index Fund			374,748,851			131,805,193

VALIC Company I Small Cap Special Values Fund			30,137,855			25,540,618

VALIC Company I Small Cap Value Fund			172,364,018			232,047,556

VALIC Company I Stock Index Fund			770,371,359			441,285,333

VALIC Company I Systematic Core Fund			37,947,589			56,801,226

VALIC Company I Systematic Growth Fund			123,935,153			79,715,795

VALIC Company I Systematic Value Fund			29,560,188			43,077,239

VALIC Company I U.S. Socially Responsible Fund			132,725,178			43,914,401

Vanguard LifeStrategy Conservative Growth Fund Investor Shares			12,707,885			15,997,574

Vanguard LifeStrategy Growth Fund Investor Shares			23,215,288			21,303,513

Vanguard LifeStrategy Moderate Growth Fund Investor Shares			27,272,321			24,236,793

Vanguard Long-Term Investment-Grade Fund Investor Shares			16,611,750			19,904,692

Vanguard Long-Term Treasury Fund Investor Shares			15,745,257			17,365,622

Vanguard Wellington Fund Investor Shares			149,082,613			218,466,601

Vanguard Windsor II Fund Investor Shares			117,064,744			189,386,560

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

6.	Financial Highlights

The summary of unit values and units outstanding for sub-accounts, investment income ratios, total return and expense ratios, excluding expenses of the underlying mutual funds, for each of the five years in the period ended December 31, 2023, follows:



	December 31, 2023								For the Year Ended December 31, 2023
									Investment		Expense				Total
			Unit Value ($)^(a)(f)				Net		Income		Ratio (%)^(d)(f)				Return (%)^(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
American Beacon Bridgeway Large Cap Growth Fund Investor Class		42,984,285		1.22		1.75		79,792,384		0.15		0.20		1.85		28.62		30.75

Ariel Appreciation Fund Investor Class		52,514,641		1.06		2.35		245,376,154		0.70		0.20		1.85		8.59		10.40

Ariel Fund Investor Class		65,864,691		1.10		2.51		348,104,803		0.43		0.20		1.85		13.70		15.58

FTVIP Franklin Allocation VIP Fund Class 2		47,085		16.86		17.95		806,543		1.20		1.15		1.55		12.85		13.31

FTVIP Franklin Income VIP Fund Class 2		287,984		17.99		19.48		5,492,149		5.04		1.15		1.65		6.85		7.38

Goldman Sachs VIT Government Money Market Fund Institutional Shares		361,468,726		0.87		1.05		727,278,199		4.43		0.20		1.85		3.13		4.84

Goldman Sachs VIT Government Money Market Fund Service Shares		418,732		9.83		10.14		4,208,152		4.60		1.15		1.55		3.18		3.59

Invesco V.I. American Franchise Fund Series II		31,323		42.22		45.25		1,397,892		0.00		1.15		1.55		38.44		39.00

Invesco V.I. Balanced-Risk Commodity Strategy Fund Class R5		165,130,630		0.71		0.84		130,042,137		2.98		0.40		1.85		-4.91		-3.52

Invesco V.I. Comstock Fund Series II		50,477		26.53		30.14		1,449,767		1.58		1.15		1.90		9.99		10.82

Invesco V.I. Growth and Income Fund Series II		54,464		24.56		27.93		1,448,463		1.32		1.15		1.90		10.30		11.12

Lord Abbett Growth and Income Portfolio Class VC		24,500		22.66		24.35		585,538		0.87		1.15		1.55		11.45		11.90

PIMCO Emerging Markets Bond Portfolio Advisor Class		2,738				9.50		26,007		5.55				1.15				9.74

PIMCO Total Return Portfolio Advisor Class		553,977		9.09		9.27		5,124,448		3.21		1.15		1.55		4.20		4.62

SST SA Allocation Balanced Portfolio Class 3		199,818		17.66		18.93		3,681,722		2.30		1.15		1.55		9.71		10.14

SST SA Allocation Growth Portfolio Class 3		303,373		23.12		24.84		7,409,983		2.15		1.15		1.55		15.39		15.85

SST SA Allocation Moderate Growth Portfolio Class 3		298,541		20.08		21.98		6,343,803		2.45		1.15		1.65		13.17		13.73

SST SA Allocation Moderate Portfolio Class 3		365,809		19.51		20.96		7,358,385		2.39		1.15		1.55		11.95		12.40

SST SA American Century Inflation Protection Portfolio Class 3		494,401		10.54		11.89		5,764,501		4.69		1.15		1.90		1.35		2.11

SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		178,381		16.19		16.66		2,965,172		1.54		1.15		1.55		18.77		19.25

SAST SA AB Growth Portfolio Class 3		100,333		48.99		55.94		5,501,272		0.00		1.15		1.90		32.18		33.17

SAST SA AB Small & Mid Cap Value Portfolio Class 3		68,327		28.29		32.14		2,130,199		0.67		1.15		1.90		14.42		15.28

SAST SA American Funds Asset Allocation Portfolio Class 3		2,825,538		23.07		25.13		69,639,495		2.44		1.15		1.65		12.05		12.61

SAST SA American Funds Global Growth Portfolio Class 3		107,938		30.27		34.42		3,553,227		0.72		1.15		1.90		20.06		20.96

SAST SA American Funds Growth Portfolio Class 3		300,856		42.75		48.55		14,053,684		1.42		1.15		1.90		35.41		36.43

SAST SA American Funds Growth-Income Portfolio Class 3		215,848		31.87		34.73		7,210,503		2.22		1.15		1.65		23.80		24.41

SAST SA American Funds VCP Managed Allocation Portfolio Class 3		4,556,250		16.88		17.85		80,408,513		1.79		1.15		1.65		13.69		14.26

SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		121,002		10.93		11.07		1,339,303		1.99		1.15		1.55		11.36		11.80

SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		2,711,955		11.81		12.29		33,071,957		0.70		1.15		1.65		10.22		10.77

SAST SA DFA Ultra Short Bond Portfolio Class 3		256,699		8.32		8.92		2,257,386		0.95		1.15		1.55		2.79		3.20

SAST SA Emerging Markets Equity Index Portfolio Class 3		17,284		9.07		9.28		159,448		2.31		1.15		1.55		7.08		7.51

SAST SA Federated Hermes Corporate Bond Portfolio Class 3		345,958		16.61		18.90		6,369,882		3.32		1.15		1.90		5.73		6.52

SAST SA Fidelity Institutional AM^® International Growth Portfolio Class 3		9,070		13.26		13.51		121,441		0.21		1.15		1.55		25.14		25.64

SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		28,629		15.62		16.75		468,407		1.95		1.15		1.55		12.11		12.56

SAST SA Fixed Income Index Portfolio Class 3		447,244		9.56		9.80		4,366,306		2.08		1.15		1.55		3.87		4.28

SAST SA Fixed Income Intermediate Index Portfolio Class 3		175,188		9.69		9.93		1,735,274		1.53		1.15		1.55		3.19		3.61

SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		44,520		24.89		28.28		1,211,501		2.05		1.15		1.90		5.16		5.95

SAST SA Franklin Small Company Value Portfolio Class 3		30,734		23.94		27.19		809,366		0.25		1.15		1.90		10.58		11.41

SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		158				14.94		2,356		1.34				1.15				19.82

SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		108,732		35.69		40.45		4,261,860		1.46		1.15		1.90		6.02		6.82

SAST SA Franklin Tactical Opportunities Portfolio Class 3		66,441		12.88		13.21		873,274		1.50		1.15		1.55		13.80		14.25

SAST SA Global Index Allocation 60/40 Portfolio Class 3		196,866		12.08		12.36		2,426,145		1.49		1.15		1.55		11.81		12.25

SAST SA Global Index Allocation 75/25 Portfolio Class 3		194,552		12.54		12.83		2,478,500		1.48		1.15		1.55		13.85		14.30

SAST SA Global Index Allocation 90/10 Portfolio Class 3		753,990		12.99		13.29		9,982,254		1.74		1.15		1.55		16.04		16.51

SAST SA Goldman Sachs Global Bond Portfolio Class 3		243,079		9.57		10.87		2,576,530		0.00		1.15		1.90		2.10		2.86

SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		247,110		12.68		13.00		3,188,187		0.93		1.15		1.55		14.80		15.26

SAST SA Index Allocation 60/40 Portfolio Class 3		653,475		14.27		14.67		9,549,314		1.40		1.15		1.55		13.29		13.74

SAST SA Index Allocation 80/20 Portfolio Class 3		865,082		15.89		16.33		14,038,101		1.52		1.15		1.55		16.56		17.02

SAST SA Index Allocation 90/10 Portfolio Class 3		3,066,823		16.65		17.12		52,243,368		1.58		1.15		1.55		18.26		18.73

SAST SA International Index Portfolio Class 3		41,188		11.56		11.85		484,495		2.38		1.15		1.55		15.35		15.82

SAST SA Invesco Growth Opportunities Portfolio Class 3		20,650		29.04		31.11		619,656		0.00		1.15		1.55		10.70		11.14

SAST SA Janus Focused Growth Portfolio Class 3		29,178		36.90		42.07		1,193,692		0.00		1.15		1.90		36.38		37.40

SAST SA JPMorgan Diversified Balanced Portfolio Class 3		137,204		21.89		23.40		3,159,851		1.31		1.15		1.55		13.34		13.80

SAST SA JPMorgan Emerging Markets Portfolio Class 3		50,406		10.75		12.25		588,815		3.74		1.15		1.90		8.07		8.88

SAST SA JPMorgan Equity-Income Portfolio Class 3		55,234		27.01		30.81		1,621,476		2.21		1.15		1.90		2.44		3.21

SAST SA JPMorgan Global Equities Portfolio Class 3		7,719		20.58		22.19		168,088		1.22		1.15		1.55		21.57		22.06

SAST SA JPMorgan Large Cap Core Portfolio Class 3		45,723		29.53		33.63		1,474,683		0.55		1.15		1.90		24.74		25.68

SAST SA JPMorgan MFS Core Bond Portfolio Class 3		452,059		12.79		14.60		6,392,835		2.62		1.15		1.90		4.46		5.25

SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		66,214		42.76		46.57		3,001,177		0.00		1.15		1.65		21.04		21.64

SAST SA Large Cap Growth Index Portfolio Class 3		58,870		18.15		18.57		1,087,484		0.32		1.15		1.55		27.07		27.58

SAST SA Large Cap Index Portfolio Class 3		146,607		18.28		18.75		2,716,484		1.28		1.15		1.55		23.69		24.18

SAST SA Large Cap Value Index Portfolio Class 3		43,660		16.17		16.55		720,633		1.55		1.15		1.55		19.62		20.10

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



	December 31, 2023								For the Year Ended December 31, 2023
									Investment		Expense				Total
			Unit Value ($)^(a)(f)				Net		Income		Ratio (%)^(d)(f)				Return (%)^(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
SAST SA MFS Blue Chip Growth Portfolio Class 3		49,497		36.81		42.16		2,007,666		0.30		1.15		1.90		38.21		39.24

SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		39,657		32.52		37.07		1,398,173		0.59		1.15		1.90		16.51		17.39

SAST SA MFS Total Return Portfolio Class 3		70,781		20.99		22.49		1,553,115		1.74		1.15		1.55		8.36		8.80

SAST SA Mid Cap Index Portfolio Class 3		93,577		14.67		15.04		1,396,690		1.04		1.15		1.55		13.95		14.40

SAST SA Morgan Stanley International Equities Portfolio Class 3		62,581		12.27		13.98		834,616		1.27		1.15		1.90		14.17		15.03

SAST SA PIMCO RAE International Value Portfolio Class 3		54,921		10.88		12.35		645,586		4.11		1.15		1.90		15.12		15.98

SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		2,088,979		13.84		14.60		30,121,781		4.13		1.15		1.65		9.96		10.51

SAST SA PineBridge High-Yield Bond Portfolio Class 3		84,372		17.68		20.26		1,647,899		6.11		1.15		1.90		13.56		14.41

SAST SA Putnam International Growth and Income Portfolio Class 3		10,451		12.30		13.19		132,655		2.14		1.15		1.55		17.35		17.82

SAST SA Schroders VCP Global Allocation Portfolio Class 3		1,333,412		12.57		12.98		17,163,998		1.25		1.15		1.55		13.49		13.94

SAST SA Small Cap Index Portfolio Class 3		85,637		12.60		12.92		1,098,081		0.76		1.15		1.55		14.18		14.64

SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		251,212		14.50		14.86		3,720,563		0.93		1.15		1.55		17.28		17.75

SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		2,896,672		14.63		15.22		43,753,775		1.65		1.15		1.65		14.39		14.96

SAST SA VCP Dynamic Allocation Portfolio Class 3		4,910,934		16.11		17.62		85,383,562		2.17		1.15		1.90		11.36		12.20

SAST SA VCP Dynamic Strategy Portfolio Class 3		5,200,084		15.68		17.09		87,657,251		2.44		1.15		1.90		9.98		10.80

SAST SA VCP Index Allocation Portfolio Class 3		2,433,774		12.73		13.06		31,620,405		1.39		1.15		1.55		14.11		14.57

SAST SA Wellington Capital Appreciation Portfolio Class 3		156,312		51.36		58.76		8,942,859		0.00		1.15		1.90		36.68		37.71

SAST SA Wellington Government and Quality Bond Portfolio Class 3		370,872		10.56		12.00		4,335,894		1.95		1.15		1.90		2.81		3.58

SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		150,038		13.61		14.01		2,090,949		1.29		1.15		1.55		13.08		13.53

T Rowe Price Retirement 2015 Advisor Class		10,222,665		1.10		1.45		14,765,793		2.92		0.20		1.00		11.59		12.48

T Rowe Price Retirement 2020 Advisor Class		19,810,447		1.10		1.51		29,828,448		2.11		0.20		1.00		12.04		12.94

T Rowe Price Retirement 2025 Advisor Class		41,364,275		1.11		1.59		65,140,724		1.96		0.20		1.00		13.20		14.10

T Rowe Price Retirement 2030 Advisor Class		49,896,989		1.12		1.67		83,010,435		1.79		0.20		1.00		14.87		15.79

T Rowe Price Retirement 2035 Advisor Class		44,029,654		1.13		1.74		76,151,440		1.56		0.20		1.00		16.66		17.59

T Rowe Price Retirement 2040 Advisor Class		42,817,939		1.14		1.80		76,785,512		1.39		0.20		1.00		18.08		19.03

T Rowe Price Retirement 2045 Advisor Class		34,012,650		1.15		1.84		62,112,567		1.27		0.20		1.00		18.98		19.93

T Rowe Price Retirement 2050 Advisor Class		29,757,921		1.15		1.85		54,212,488		1.25		0.20		1.00		19.29		20.25

T Rowe Price Retirement 2055 Advisor Class		17,112,686		1.15		1.84		30,933,238		1.24		0.20		1.00		19.28		20.24

T Rowe Price Retirement 2060 Advisor Class		13,886,160		1.15		1.84		25,416,716		1.27		0.20		1.00		19.25		20.20

VALIC Company I Aggressive Growth Lifestyle Fund		142,457,253		1.13		2.15		669,754,216		2.10		0.20		1.85		14.95		16.86

VALIC Company I Asset Allocation Fund		12,881,325		1.13		1.80		141,449,443		1.12		0.20		1.85		16.18		18.11

VALIC Company I Capital Appreciation Fund		14,715,886		4.01		4.04		66,064,711		0.14		0.40		1.85		38.58		40.60

VALIC Company I Conservative Growth Lifestyle Fund		84,510,049		1.09		1.54		301,364,649		2.09		0.20		1.85		9.26		11.08

VALIC Company I Core Bond Fund		896,109,216		1.10		1.14		1,891,212,064		2.40		0.00		1.85		4.57		6.51

VALIC Company I Dividend Value Fund		122,505,744		1.08		2.73		615,578,474		2.22		0.20		1.85		10.50		12.34

VALIC Company I Dynamic Allocation Fund		80,753,966		1.10		1.56		137,641,767		1.75		0.20		1.85		11.25		13.09

VALIC Company I Emerging Economies Fund		656,796,513		0.95		1.08		695,224,725		5.38		0.20		1.85		10.07		11.89

VALIC Company I Global Real Estate Fund		167,334,017		1.42		1.71		263,838,741		2.65		0.40		1.85		8.00		9.58

VALIC Company I Global Strategy Fund		98,354,940		1.12		1.38		214,827,843		0.00		0.20		1.85		13.49		15.37

VALIC Company I Government Securities Fund		40,735,450		0.97		1.03		126,115,406		2.94		0.20		1.85		2.31		4.00

VALIC Company I Growth Fund		350,708,605		1.34		3.79		1,596,190,235		0.00		0.20		1.85		44.26		46.65

VALIC Company I High Yield Bond Fund		113,264,283		1.12		1.52		389,629,956		6.60		0.20		1.85		11.07		12.92

VALIC Company I Inflation Protected Fund		279,740,530		1.07		1.19		403,345,597		10.49		0.00		1.85		2.19		4.09

VALIC Company I International Equities Index Fund		602,040,095		1.15		1.40		1,602,291,729		2.54		0.20		1.85		15.11		17.02

VALIC Company I International Government Bond Fund		21,243,563		0.90		1.06		61,321,340		3.46		0.20		1.85		4.04		5.77

VALIC Company I International Growth Fund		91,031,801		1.13		1.78		397,202,541		0.00		0.20		1.85		15.51		17.43

VALIC Company I International Opportunities Fund		153,968,428		1.45		1.52		496,675,581		1.26		0.40		1.85		12.20		13.83

VALIC Company I International Socially Responsible Fund		48,372,911		1.16		2.19		403,274,334		1.79		0.20		1.85		16.19		18.11

VALIC Company I International Value Fund		324,758,221		1.18		1.21		499,800,527		3.85		0.00		1.85		12.29		14.38

VALIC Company I Large Capital Growth Fund		149,991,971		1.18		3.62		694,502,626		0.21		0.20		1.85		21.67		23.69

VALIC Company I Mid Cap Index Fund		99,523,763		1.09		2.83		3,005,320,045		1.20		0.20		1.85		13.82		15.71

VALIC Company I Mid Cap Strategic Growth Fund		201,888,838		1.17		2.98		967,256,983		0.00		0.20		1.85		20.18		22.17

VALIC Company I Mid Cap Value Fund		66,278,137		2.59		2.96		635,156,540		0.84		0.40		1.85		14.84		16.51

VALIC Company I Moderate Growth Lifestyle Fund		225,389,330		1.11		1.93		1,012,850,712		1.99		0.20		1.85		12.06		13.92

VALIC Company I Nasdaq-100 Index Fund		196,791,713		6.40		7.61		865,480,108		0.27		0.40		1.85		51.67		53.88

VALIC Company I Science & Technology Fund		155,556,626		1.43		5.07		2,406,145,249		0.00		0.20		1.85		52.95		55.48

VALIC Company I Small Cap Growth Fund		86,424,304		1.07		2.98		495,881,069		0.00		0.20		1.85		12.19		14.05

VALIC Company I Small Cap Index Fund		105,564,331		1.09		2.35		999,495,497		1.39		0.20		1.85		14.23		16.12

VALIC Company I Small Cap Special Values Fund		67,963,692		2.64		2.97		210,035,264		0.80		0.40		1.85		16.96		18.66

VALIC Company I Small Cap Value Fund		69,110,183		2.13		2.59		405,863,061		0.92		0.40		1.85		10.73		12.34

VALIC Company I Stock Index Fund		277,961,001		1.18		3.68		5,372,868,200		1.24		0.20		1.85		23.50		25.55

VALIC Company I Systematic Core Fund		68,462,194		1.17		3.35		559,914,045		0.95		0.20		1.85		21.76		23.78

VALIC Company I Systematic Growth Fund		171,538,757		2.59		4.06		748,151,312		0.00		0.00		1.85		42.16		44.81

VALIC Company I Systematic Value Fund		96,055,838		1.07		2.57		292,586,272		2.13		0.20		1.85		9.15		10.96

VALIC Company I U.S. Socially Responsible Fund		124,612,556		2.43		3.69		718,982,739		1.24		0.00		1.85		19.48		21.70

Vanguard LifeStrategy Conservative Growth Fund Investor Shares		41,598,423		1.47		1.79		109,606,784		2.93		0.65		2.10		10.15		11.75

Vanguard LifeStrategy Growth Fund Investor Shares		94,631,222		2.10		2.24		347,192,603		2.46		0.65		2.10		16.09		17.78

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



	December 31, 2023								For the Year Ended December 31, 2023
									Investment		Expense				Total
			Unit Value ($)^(a)(f)				Net		Income		Ratio (%)^(d)(f)				Return (%)^(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
Vanguard LifeStrategy Moderate Growth Fund Investor Shares		98,414,024		1.77		2.04		314,922,534		2.70		0.65		2.10		13.10		14.74

Vanguard Long-Term Investment-Grade Fund Investor Shares		43,076,658		1.07		1.40		157,357,768		4.64		0.20		1.85		7.27		9.05

Vanguard Long-Term Treasury Fund Investor Shares		43,993,636		1.01		1.14		130,304,427		3.31		0.20		1.85		1.42		3.10

Vanguard Wellington Fund Investor Shares		296,214,934		1.89		2.27		1,858,914,530		2.27		0.00		2.10		11.94		14.30

Vanguard Windsor II Fund Investor Shares		266,693,325		1.14		3.11		2,010,182,092		1.69		0.45		2.10		18.48		20.44


	December 31, 2022								For the Year Ended December 31, 2022
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
American Beacon Bridgeway Large Cap Growth Fund Investor Class		44,595,080		1.36		1.47		63,750,940		0.00		0.40		1.85		-26.80		-25.74

Ariel Appreciation Fund Investor Class		69,609,440		2.16		2.73		315,154,149		0.60		0.40		1.85		-14.03		-12.78

Ariel Fund Investor Class		72,406,256		2.21		2.56		336,389,844		-2.49		0.40		1.85		-20.30		-19.14

FTVIP Franklin Allocation VIP Fund Class 2		34,963		14.94		15.84		526,392		1.55		1.15		1.55		-17.29		-16.96

FTVIP Franklin Income VIP Fund Class 2		291,704		16.83		18.14		5,186,859		4.82		1.15		1.65		-7.02		-6.55

Goldman Sachs VIT Government Money Market Fund Institutional Shares		279,912,387		0.84		1.02		546,827,950		1.47		0.40		1.85		-0.28		1.17

Goldman Sachs VIT Government Money Market Fund Service Shares		437,814		9.53		9.79		4,255,217		1.64		1.15		1.55		-0.18		0.22

Invesco V.I. American Franchise Fund Series II		28,476		30.50		32.55		913,565		0.00		1.15		1.55		-32.35		-32.08

Invesco V.I. Balanced-Risk Commodity Strategy Fund Class R5		176,778,301		0.74		0.87		145,028,889		8.66		0.40		1.85		5.99		7.53

Invesco V.I. Comstock Fund Series II		53,667		24.12		27.20		1,395,283		1.32		1.15		1.90		-1.05		-0.30

Invesco V.I. Growth and Income Fund Series II		58,098		22.27		25.13		1,394,440		1.22		1.15		1.90		-7.77		-7.07

Lord Abbett Growth and Income Portfolio Class VC		28,928		20.33		21.76		614,283		1.51		1.15		1.55		-10.83		-10.47

PIMCO Emerging Markets Bond Portfolio Advisor Class		2,693				8.65		23,303		4.46				1.15				-16.76

PIMCO Total Return Portfolio Advisor Class		445,772		8.72		8.86		3,941,121		2.40		1.15		1.55		-15.70		-15.36

SST SA Allocation Balanced Portfolio Class 3		197,912		16.09		17.19		3,312,060		2.63		1.15		1.55		-16.80		-16.46

SST SA Allocation Growth Portfolio Class 3		314,881		20.04		21.44		6,641,095		2.18		1.15		1.55		-18.77		-18.45

SST SA Allocation Moderate Growth Portfolio Class 3		281,733		17.75		19.33		5,257,812		2.72		1.15		1.65		-18.10		-17.69

SST SA Allocation Moderate Portfolio Class 3		348,317		17.43		18.64		6,259,487		2.66		1.15		1.55		-17.56		-17.23

SST SA American Century Inflation Protection Portfolio Class 3		493,192		10.40		11.65		5,640,396		2.47		1.15		1.90		-12.81		-12.16

SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		193,053		13.63		13.97		2,692,133		1.05		1.15		1.55		-18.66		-18.33

SAST SA AB Growth Portfolio Class 3		92,768		37.06		42.00		3,817,026		0.00		1.15		1.90		-30.12		-29.60

SAST SA AB Small & Mid Cap Value Portfolio Class 3		63,161		24.72		27.88		1,711,064		0.82		1.15		1.90		-17.55		-16.93

SAST SA American Funds Asset Allocation Portfolio Class 3		2,996,411		20.59		22.32		65,660,375		1.77		1.15		1.65		-14.99		-14.57

SAST SA American Funds Global Growth Portfolio Class 3		111,819		25.21		28.46		3,052,271		0.00		1.15		1.90		-26.38		-25.82

SAST SA American Funds Growth Portfolio Class 3		319,952		31.57		35.59		10,964,978		0.50		1.15		1.90		-31.40		-30.89

SAST SA American Funds Growth-Income Portfolio Class 3		225,641		25.74		27.91		6,077,823		0.83		1.15		1.65		-18.10		-17.69

SAST SA American Funds VCP Managed Allocation Portfolio Class 3		4,863,221		14.84		15.62		75,169,536		0.94		1.15		1.65		-18.54		-18.13

SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		115,798		9.82		9.91		1,146,587		2.29		1.15		1.55		-17.28		-16.95

SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		2,846,091		10.72		11.09		31,348,161		0.00		1.15		1.65		-19.06		-18.65

SAST SA DFA Ultra Short Bond Portfolio Class 3		235,967		8.09		8.64		2,009,407		0.00		1.15		1.55		-3.37		-2.98

SAST SA Emerging Markets Equity Index Portfolio Class 3		17,207		8.47		8.63		147,837		1.51		1.15		1.55		-21.77		-21.45

SAST SA Federated Hermes Corporate Bond Portfolio Class 3		360,858		15.71		17.74		6,240,112		3.19		1.15		1.90		-16.11		-15.48

SAST SA Fidelity Institutional AM^® International Growth Portfolio Class 3		6,043		10.59		10.75		64,852		0.00		1.15		1.55		-27.85		-27.56

SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		30,809		13.93		14.88		447,717		0.72		1.15		1.55		-28.29		-28.00

SAST SA Fixed Income Index Portfolio Class 3		446,510		9.21		9.40		4,182,297		1.66		1.15		1.55		-14.42		-14.07

SAST SA Fixed Income Intermediate Index Portfolio Class 3		170,069		9.39		9.58		1,626,627		1.07		1.15		1.55		-8.87		-8.51

SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		48,315		23.67		26.69		1,241,156		1.53		1.15		1.90		-3.45		-2.72

SAST SA Franklin Small Company Value Portfolio Class 3		31,203		21.65		24.41		738,387		0.40		1.15		1.90		-12.36		-11.70

SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		158				12.46		1,967		1.45				1.15				-14.39

SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		111,738		33.66		37.87		4,109,577		1.55		1.15		1.90		-9.63		-8.95

SAST SA Franklin Tactical Opportunities Portfolio Class 3		60,336		11.32		11.56		694,233		0.97		1.15		1.55		-15.23		-14.89

SAST SA Global Index Allocation 60/40 Portfolio Class 3		210,941		10.81		11.01		2,317,152		0.04		1.15		1.55		-15.66		-15.32

SAST SA Global Index Allocation 75/25 Portfolio Class 3		202,599		11.02		11.23		2,260,826		0.10		1.15		1.55		-16.80		-16.47

SAST SA Global Index Allocation 90/10 Portfolio Class 3		748,662		11.19		11.40		8,513,011		1.21		1.15		1.55		-17.60		-17.27

SAST SA Goldman Sachs Global Bond Portfolio Class 3		225,931		9.37		10.56		2,328,093		0.00		1.15		1.90		-20.70		-20.10

SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		249,098		11.04		11.27		2,791,116		0.00		1.15		1.55		-17.63		-17.30

SAST SA Index Allocation 60/40 Portfolio Class 3		705,429		12.60		12.90		9,068,565		1.32		1.15		1.55		-16.24		-15.91

SAST SA Index Allocation 80/20 Portfolio Class 3		924,633		13.63		13.96		12,831,395		1.35		1.15		1.55		-17.47		-17.14

SAST SA Index Allocation 90/10 Portfolio Class 3		3,162,411		14.08		14.42		45,395,166		1.33		1.15		1.55		-18.11		-17.79

SAST SA International Index Portfolio Class 3		40,078		10.02		10.23		407,398		2.25		1.15		1.55		-16.06		-15.73

SAST SA Invesco Growth Opportunities Portfolio Class 3		14,070		26.24		28.00		379,583		0.00		1.15		1.55		-36.60		-36.35

SAST SA Janus Focused Growth Portfolio Class 3		32,083		27.06		30.62		958,664		0.00		1.15		1.90		-34.95		-34.46

SAST SA JPMorgan Diversified Balanced Portfolio Class 3		152,277		19.32		20.56		3,086,724		0.87		1.15		1.55		-17.42		-17.09

SAST SA JPMorgan Emerging Markets Portfolio Class 3		49,771		9.94		11.25		535,149		2.53		1.15		1.90		-27.06		-26.51

SAST SA JPMorgan Equity-Income Portfolio Class 3		56,420		26.37		29.85		1,608,358		1.62		1.15		1.90		-3.91		-3.19

SAST SA JPMorgan Global Equities Portfolio Class 3		7,481		16.93		18.18		133,403		1.68		1.15		1.55		-17.31		-16.98

SAST SA JPMorgan Large Cap Core Portfolio Class 3		44,338		23.67		26.76		1,139,385		0.67		1.15		1.90		-21.89		-21.30

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2022								For the Year Ended December 31, 2022
			Unit Value ($)(a)(f)				Net Assets ($)(b)		Investment Income Ratio (%)(c)		Expense Ratio (%)(d)(f)				Total Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Net Assets ($)(b)		Investment Income Ratio (%)(c)		Lowest		Highest		Lowest		Highest

SAST SA JPMorgan MFS Core Bond Portfolio Class 3		468,204		12.24		13.87		6,312,075		0.70		1.15		1.90		-15.09		-14.45

SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		60,097		35.33		38.29		2,240,274		0.00		1.15		1.65		-28.44		-28.08

SAST SA Large Cap Growth Index Portfolio Class 3		57,090		14.28		14.55		827,172		0.22		1.15		1.55		-30.88		-30.60

SAST SA Large Cap Index Portfolio Class 3		120,688		14.78		15.10		1,807,833		1.15		1.15		1.55		-19.79		-19.47

SAST SA Large Cap Value Index Portfolio Class 3		34,355		13.52		13.78		472,046		1.66		1.15		1.55		-7.24		-6.87

SAST SA MFS Blue Chip Growth Portfolio Class 3		55,808		26.64		30.28		1,627,378		0.00		1.15		1.90		-31.36		-30.84

SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		44,193		27.91		31.58		1,333,097		0.81		1.15		1.90		-18.09		-17.47

SAST SA MFS Total Return Portfolio Class 3		66,298		19.37		20.67		1,339,274		1.24		1.15		1.55		-11.28		-10.93

SAST SA Mid Cap Index Portfolio Class 3		93,157		12.87		13.14		1,216,626		0.67		1.15		1.55		-14.97		-14.63

SAST SA Morgan Stanley International Equities Portfolio Class 3		69,609		10.74		12.16		809,471		2.41		1.15		1.90		-15.79		-15.16

SAST SA PIMCO RAE International Value Portfolio Class 3		58,132		9.45		10.65		591,759		3.66		1.15		1.90		-10.13		-9.45

SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		2,195,714		12.59		13.21		28,674,686		0.00		1.15		1.65		-19.02		-18.61

SAST SA PineBridge High-Yield Bond Portfolio Class 3		89,329		15.57		17.71		1,525,318		5.25		1.15		1.90		-11.52		-10.86

SAST SA Putnam International Growth and Income Portfolio Class 3		13,079		10.48		11.19		141,364		1.55		1.15		1.55		-8.40		-8.04

SAST SA Schroders VCP Global Allocation Portfolio Class 3		1,431,142		11.08		11.39		16,180,045		0.66		1.15		1.55		-19.84		-19.52

SAST SA Small Cap Index Portfolio Class 3		85,153		11.03		11.27		952,490		0.49		1.15		1.55		-22.21		-21.89

SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		241,641		12.36		12.62		3,040,225		0.32		1.15		1.55		-19.56		-19.24

SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		3,063,805		12.79		13.24		40,282,408		0.78		1.15		1.65		-20.30		-19.90

SAST SA VCP Dynamic Allocation Portfolio Class 3		5,286,401		14.47		15.71		81,952,858		2.35		1.15		1.90		-18.71		-18.10

SAST SA VCP Dynamic Strategy Portfolio Class 3		5,646,491		14.25		15.43		85,981,021		2.14		1.15		1.90		-16.13		-15.50

SAST SA VCP Index Allocation Portfolio Class 3		2,378,599		11.16		11.40		26,990,262		0.00		1.15		1.55		-18.20		-17.88

SAST SA Wellington Capital Appreciation Portfolio Class 3		194,412		37.58		42.67		8,071,128		0.00		1.15		1.90		-37.67		-37.20

SAST SA Wellington Government and Quality Bond Portfolio Class 3		383,586		10.27		11.58		4,331,151		0.86		1.15		1.90		-15.29		-14.66

SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		157,140		12.03		12.34		1,930,203		0.63		1.15		1.55		-18.49		-18.16

T Rowe Price Retirement 2015 Advisor Class		9,880,562		1.30		1.36		12,879,849		2.51		0.40		1.00		-15.32		-14.81

T Rowe Price Retirement 2020 Advisor Class		23,704,077		1.35		1.42		32,091,748		1.88		0.40		1.00		-15.73		-15.23

T Rowe Price Retirement 2025 Advisor Class		43,902,850		1.40		1.47		61,875,840		1.76		0.40		1.00		-16.76		-16.26

T Rowe Price Retirement 2030 Advisor Class		47,962,404		1.45		1.52		69,786,908		1.40		0.40		1.00		-18.04		-17.55

T Rowe Price Retirement 2035 Advisor Class		39,967,952		1.49		1.56		59,761,103		1.10		0.40		1.00		-19.06		-18.58

T Rowe Price Retirement 2040 Advisor Class		38,137,833		1.52		1.60		58,346,686		1.07		0.40		1.00		-19.88		-19.40

T Rowe Price Retirement 2045 Advisor Class		29,516,713		1.55		1.62		45,919,283		0.87		0.40		1.00		-20.13		-19.65

T Rowe Price Retirement 2050 Advisor Class		26,226,445		1.55		1.63		40,807,595		0.82		0.40		1.00		-20.18		-19.70

T Rowe Price Retirement 2055 Advisor Class		14,177,601		1.55		1.62		22,006,639		0.84		0.40		1.00		-20.25		-19.77

T Rowe Price Retirement 2060 Advisor Class		11,470,159		1.55		1.62		17,822,411		0.98		0.40		1.00		-20.23		-19.75

VALIC Company I Aggressive Growth Lifestyle Fund		149,625,697		1.87		2.12		609,566,755		2.98		0.25		1.70		-17.65		-16.45

VALIC Company I Asset Allocation Fund		13,525,426		1.55		1.95		127,817,201		2.06		0.40		1.85		-17.95		-16.75

VALIC Company I Capital Appreciation Fund		14,852,863		2.85		2.91		47,692,645		0.00		0.40		1.85		-27.21		-26.14

VALIC Company I Conservative Growth Lifestyle Fund		92,150,825		1.41		1.82		298,032,915		3.90		0.25		1.70		-15.61		-14.38

VALIC Company I Core Bond Fund		1,129,034,777		1.05		1.07		2,287,608,726		1.10		0.00		1.85		-15.82		-14.25

VALIC Company I Dividend Value Fund		260,303,846		2.38		2.47		1,204,172,647		1.67		0.40		1.85		-7.35		-6.00

VALIC Company I Dynamic Allocation Fund		94,248,408		1.40		1.62		143,231,515		3.30		0.40		1.85		-17.75		-16.55

VALIC Company I Emerging Economies Fund		590,221,469		0.73		0.87		559,624,273		3.34		0.40		1.85		-26.72		-25.65

VALIC Company I Global Real Estate Fund		251,482,478		1.31		1.56		366,517,581		1.68		0.40		1.85		-27.27		-26.21

VALIC Company I Global Strategy Fund		108,523,464		1.22		1.51		207,437,829		0.00		0.40		1.85		-18.30		-17.11

VALIC Company I Government Money Market I Fund		—		0.84		1.01		—		-3.97		0.40		1.85		-0.59		-0.13

VALIC Company I Government Securities Fund		40,782,891		0.95		1.26		134,848,289		0.00		0.40		1.85		-12.79		-11.52

VALIC Company I Growth Fund		255,508,761		2.63		2.96		792,147,026		0.00		0.40		1.85		-37.22		-36.31

VALIC Company I High Yield Bond Fund		136,754,503		1.37		1.79		422,690,134		1.87		0.40		1.85		-12.29		-11.01

VALIC Company I Inflation Protected Fund		521,922,252		1.05		1.15		736,758,029		2.36		0.00		1.85		-11.81		-10.17

VALIC Company I International Equities Index Fund		568,049,518		1.06		1.22		1,298,738,641		2.89		0.40		1.85		-16.08		-14.86

VALIC Company I International Government Bond Fund		27,523,001		0.86		1.22		77,637,413		2.13		0.40		1.85		-17.75		-16.55

VALIC Company I International Growth Fund		96,182,243		1.50		1.54		372,207,435		0.00		0.40		1.85		-35.25		-34.30

VALIC Company I International Opportunities Fund		150,296,497		1.27		1.36		428,133,141		0.25		0.40		1.85		-25.83		-24.75

VALIC Company I International Socially Responsible Fund		42,829,528		1.83		1.88		327,930,161		3.15		0.40		1.85		-18.07		-16.88

VALIC Company I International Value Fund		368,121,308		1.03		1.07		501,145,540		1.82		0.00		1.85		-12.57		-10.94

VALIC Company I Large Capital Growth Fund		154,442,006		2.97		3.15		584,586,786		0.19		0.40		1.85		-20.63		-19.48

VALIC Company I Mid Cap Index Fund		99,791,888		2.49		3.05		2,787,151,823		1.31		0.40		1.85		-14.94		-13.70

VALIC Company I Mid Cap Strategic Growth Fund		159,414,235		2.48		2.70		626,830,103		0.00		0.40		1.85		-24.81		-23.71

VALIC Company I Mid Cap Value Fund		89,790,857		2.26		2.54		759,209,995		0.28		0.40		1.85		-10.16		-8.85

VALIC Company I Moderate Growth Lifestyle Fund		240,511,564		1.72		2.11		959,359,348		3.37		0.25		1.70		-16.20		-14.98

VALIC Company I Nasdaq-100 Index Fund		200,589,280		4.22		4.94		576,653,171		0.24		0.40		1.85		-34.04		-33.08

VALIC Company I Science & Technology Fund		165,509,642		3.32		3.94		1,679,448,725		0.00		0.40		1.85		-40.11		-39.24

VALIC Company I Small Cap Growth Fund		84,889,536		2.65		3.01		430,644,884		0.00		0.40		1.85		-33.68		-32.71

VALIC Company I Small Cap Index Fund		98,999,200		2.06		2.39		827,256,356		0.70		0.40		1.85		-22.12		-20.98

VALIC Company I Small Cap Special Values Fund		75,728,127		2.26		2.51		198,075,150		0.58		0.40		1.85		-15.30		-14.06

VALIC Company I Small Cap Value Fund		90,672,684		1.93		2.30		479,777,722		-0.83		0.40		1.85		-15.45		-14.22

VALIC Company I Stock Index Fund		273,817,809		2.98		150.16		4,316,881,131		1.24		0.33		1.85		-19.82		-18.60

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2022								For the Year Ended December 31, 2022
			Unit Value ($)(a)(f)				Net Assets ($)(b)		Investment Income Ratio (%)(c)		Expense Ratio (%)(d)(f)				Total Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Net Assets ($)(b)		Investment Income Ratio (%)(c)		Lowest		Highest		Lowest		Highest

VALIC Company I Systematic Core Fund		72,922,485		2.67		2.75		492,974,543		0.22		0.40		1.85		-20.21		-19.05

VALIC Company I Systematic Growth Fund		187,615,452		1.79		2.86		569,646,700		0.00		0.00		1.85		-39.93		-38.81

VALIC Company I Systematic Value Fund		107,509,491		2.35		2.48		297,458,308		0.31		0.40		1.85		-8.37		-7.03

VALIC Company I U.S. Socially Responsible Fund		130,019,327		1.99		3.09		623,095,731		0.69		0.00		1.85		-18.64		-17.12

Vanguard LifeStrategy Conservative Growth Fund Investor Shares		44,672,988		1.33		1.61		105,877,372		1.86		0.65		2.10		-16.76		-15.54

Vanguard LifeStrategy Growth Fund Investor Shares		95,845,637		1.81		1.90		300,388,321		1.87		0.65		2.10		-18.81		-17.63

Vanguard LifeStrategy Moderate Growth Fund Investor Shares		100,287,508		1.57		1.78		281,292,796		1.86		0.65		2.10		-17.74		-16.54

Vanguard Long-Term Investment-Grade Fund Investor Shares		45,056,273		1.30		1.91		154,456,589		3.62		0.40		1.85		-26.98		-25.92

Vanguard Long-Term Treasury Fund Investor Shares		44,419,146		1.12		1.61		132,129,498		1.90		0.40		1.85		-30.87		-29.86

Vanguard Wellington Fund Investor Shares		315,830,628		1.65		2.03		1,794,470,262		1.90		0.00		2.10		-16.10		-14.32

Vanguard Windsor II Fund Investor Shares		284,703,214		2.53		2.62		1,819,838,838		1.40		0.65		2.10		-15.02		-13.78


	December 31, 2021								For the Year Ended December 31, 2021
			Unit Value ($)^(a)(f)				Net Assets ($)(b)		Investment Income Ratio (%)(c)		Expense Ratio (%)^(d)(f)				Total Return (%)^(e)(f)
Sub-accounts	Units		Lowest		Highest		Net Assets ($)(b)		Investment Income Ratio (%)(c)		Lowest		Highest		Lowest		Highest

American Beacon Bridgeway Large Cap Growth Fund Investor Class		46,309,014		1.86		1.97		89,568,193		0.00		0.40		1.85		19.25		20.99

Ariel Appreciation Fund Investor Class		69,174,578		2.51		3.13		360,052,093		0.52		0.40		1.85		23.56		25.36

Ariel Fund Investor Class		79,923,597		2.77		3.17		461,659,439		0.05		0.40		1.85		27.97		29.84

FTVIP Franklin Allocation VIP Fund Class 2		35,049		18.06		19.08		637,646		1.75		1.15		1.55		9.97		10.41

FTVIP Franklin Income VIP Fund Class 2		306,193		18.11		19.41		5,969,498		4.72		1.15		1.65		14.84		15.42

Goldman Sachs VIT Government Money Market Fund Service Shares		283,048		9.55		9.76		2,742,018		0.01		1.15		1.55		-1.53		-1.14

Invesco V.I. American Franchise Fund Series II		30,606		45.08		47.93		1,444,129		0.00		1.15		1.55		9.93		10.37

Invesco V.I. Balanced-Risk Commodity Strategy Fund Class R5		199,121,819		0.70		0.81		152,770,955		13.71		0.40		1.85		17.11		18.82

Invesco V.I. Comstock Fund Series II		60,146		24.38		27.28		1,570,882		1.66		1.15		1.90		30.54		31.52

Invesco V.I. Growth and Income Fund Series II		65,888		24.14		27.05		1,707,550		1.41		1.15		1.90		25.78		26.72

Lord Abbett Growth and Income Portfolio Class VC		21,057		22.80		24.31		517,655		1.14		1.15		1.55		27.04		27.55

PIMCO Emerging Markets Bond Portfolio Advisor Class		2,823				10.40		29,354		4.25				1.15				-3.77

PIMCO Total Return Portfolio Advisor Class		434,167		10.34		10.46		4,537,303		1.82		1.15		1.55		-2.88		-2.49

SST SA Allocation Balanced Portfolio Class 3		195,973		19.34		20.58		3,931,710		0.96		1.15		1.55		5.66		6.08

SST SA Allocation Growth Portfolio Class 3		336,254		24.67		26.30		8,702,014		2.09		1.15		1.55		13.91		14.37

SST SA Allocation Moderate Growth Portfolio Class 3		278,238		21.67		23.48		6,312,410		1.80		1.15		1.65		10.62		11.18

SST SA Allocation Moderate Portfolio Class 3		366,743		21.14		22.53		7,976,509		2.05		1.15		1.55		8.73		9.16

SST SA American Century Inflation Protection Portfolio Class 3		420,960		11.93		13.26		5,483,588		2.17		1.15		1.90		2.28		3.05

SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		191,531		16.75		17.11		3,271,037		2.33		1.15		1.55		16.38		16.85

SAST SA AB Growth Portfolio Class 3		84,856		53.04		59.66		4,958,203		0.00		1.15		1.90		26.05		27.00

SAST SA AB Small & Mid Cap Value Portfolio Class 3		59,438		29.98		33.56		1,937,471		0.49		1.15		1.90		33.51		34.51

SAST SA American Funds Asset Allocation Portfolio Class 3		2,999,964		24.22		26.13		77,043,681		1.08		1.15		1.65		12.92		13.49

SAST SA American Funds Global Growth Portfolio Class 3		106,518		34.24		38.36		3,927,168		0.07		1.15		1.90		13.93		14.78

SAST SA American Funds Growth Portfolio Class 3		272,834		46.03		51.49		13,577,185		0.03		1.15		1.90		19.40		20.30

SAST SA American Funds Growth-Income Portfolio Class 3		233,772		31.44		33.91		7,667,148		1.01		1.15		1.65		21.66		22.27

SAST SA American Funds VCP Managed Allocation Portfolio Class 3		4,760,300		18.22		19.08		89,930,602		1.24		1.15		1.65		12.85		13.42

SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		34,175		11.91		11.93		407,396		2.22		1.15		1.30		11.86		12.03

SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		2,820,955		13.24		13.64		38,221,721		0.86		1.15		1.65		5.85		6.38

SAST SA DFA Ultra Short Bond Portfolio Class 3		223,263		8.38		8.91		1,952,266		0.00		1.15		1.55		-2.31		-1.91

SAST SA Emerging Markets Equity Index Portfolio Class 3		18,999		10.83		10.99		207,858		1.14		1.15		1.55		-5.06		-4.68

SAST SA Federated Hermes Corporate Bond Portfolio Class 3		408,850		18.73		20.99		8,372,192		3.05		1.15		1.90		-1.55		-0.81

SAST SA Fidelity Institutional AM^® International Growth Portfolio Class 3		2,176		14.68		14.84		32,176		0.00		1.15		1.55		10.22		10.66

SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		21,666		19.43		20.67		435,152		1.38		1.15		1.55		36.77		37.32

SAST SA Fixed Income Index Portfolio Class 3		439,392		10.76		10.94		4,791,746		2.03		1.15		1.55		-3.72		-3.34

SAST SA Fixed Income Intermediate Index Portfolio Class 3		187,832		10.30		10.48		1,964,110		0.86		1.15		1.55		-3.29		-2.91

SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		49,904		24.52		27.44		1,315,128		1.70		1.15		1.90		27.09		28.05

SAST SA Franklin Small Company Value Portfolio Class 3		33,705		24.71		27.64		905,000		0.97		1.15		1.90		22.65		23.57

SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		177				14.56		2,584		0.00				1.15				23.98

SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		125,457		37.25		41.60		5,077,960		2.29		1.15		1.90		21.43		22.34

SAST SA Franklin Tactical Opportunities Portfolio Class 3		63,732		13.35		13.58		862,442		1.02		1.15		1.55		13.06		13.52

SAST SA Global Index Allocation 60/40 Portfolio Class 3		210,223		12.81		13.00		2,728,277		1.36		1.15		1.55		7.93		8.36

SAST SA Global Index Allocation 75/25 Portfolio Class 3		213,549		13.24		13.44		2,856,378		1.35		1.15		1.55		10.69		11.14

SAST SA Global Index Allocation 90/10 Portfolio Class 3		740,792		13.58		13.78		10,190,225		0.94		1.15		1.55		13.70		14.15

SAST SA Goldman Sachs Global Bond Portfolio Class 3		228,154		11.82		13.22		2,944,792		2.40		1.15		1.90		-9.27		-8.58

SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		221,541		13.40		13.63		3,004,079		0.24		1.15		1.55		12.90		13.35

SAST SA Index Allocation 60/40 Portfolio Class 3		615,064		15.04		15.34		9,404,305		0.08		1.15		1.55		11.31		11.76

SAST SA Index Allocation 80/20 Portfolio Class 3		902,286		16.52		16.84		15,114,442		1.09		1.15		1.55		16.41		16.88

SAST SA Index Allocation 90/10 Portfolio Class 3		3,073,273		17.20		17.54		53,694,248		1.07		1.15		1.55		18.76		19.24

SAST SA International Index Portfolio Class 3		45,012		11.94		12.14		542,739		1.31		1.15		1.55		8.77		9.20

SAST SA Invesco Growth Opportunities Portfolio Class 3		9,453		41.38		43.98		399,489		0.00		1.15		1.55		5.46		5.88

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2021								For the Year Ended December 31, 2021
			Unit Value ($)^(a)(f)				Net Assets ($)(b)		Investment Income Ratio (%)(c)		Expense Ratio (%)^(d)(f)				Total Return (%)^(e)(f)
Sub-accounts	Units		Lowest		Highest		Net Assets ($)(b)		Investment Income Ratio (%)(c)		Lowest		Highest		Lowest		Highest

SAST SA Janus Focused Growth Portfolio Class 3		26,874		41.59		46.71		1,222,630		0.00		1.15		1.90		20.67		21.58

SAST SA JPMorgan Diversified Balanced Portfolio Class 3		156,977		23.39		24.80		3,841,748		0.56		1.15		1.55		9.83		10.27

SAST SA JPMorgan Emerging Markets Portfolio Class 3		47,546		13.63		15.31		696,867		1.66		1.15		1.90		-1.01		-0.26

SAST SA JPMorgan Equity-Income Portfolio Class 3		62,541		27.44		30.84		1,844,423		1.71		1.15		1.90		23.13		24.05

SAST SA JPMorgan Global Equities Portfolio Class 3		4,437		20.47		21.90		95,555		1.61		1.15		1.55		21.10		21.58

SAST SA JPMorgan Large Cap Core Portfolio Class 3		45,396		30.30		34.00		1,485,539		0.45		1.15		1.90		25.08		26.02

SAST SA JPMorgan MFS Core Bond Portfolio Class 3		498,918		14.42		16.21		7,869,118		2.36		1.15		1.90		-3.01		-2.28

SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		52,963		49.37		53.24		2,745,820		0.00		1.15		1.65		8.73		9.28

SAST SA Large Cap Growth Index Portfolio Class 3		56,007		20.66		20.97		1,170,375		0.56		1.15		1.55		29.26		29.78

SAST SA Large Cap Index Portfolio Class 3		93,340		18.43		18.75		1,740,771		1.29		1.15		1.55		26.09		26.60

SAST SA Large Cap Value Index Portfolio Class 3		36,705		14.58		14.79		541,765		2.58		1.15		1.55		22.16		22.65

SAST SA MFS Blue Chip Growth Portfolio Class 3		45,928		38.80		43.78		1,932,038		0.02		1.15		1.90		26.28		27.23

SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		48,077		34.07		38.27		1,763,972		0.45		1.15		1.90		24.21		25.14

SAST SA MFS Total Return Portfolio Class 3		71,807		21.84		23.21		1,629,367		1.35		1.15		1.55		11.99		12.44

SAST SA Mid Cap Index Portfolio Class 3		96,561		15.14		15.40		1,478,836		0.70		1.15		1.55		21.90		22.39

SAST SA Morgan Stanley International Equities Portfolio Class 3		73,717		12.76		14.33		1,013,140		1.01		1.15		1.90		2.10		2.87

SAST SA PIMCO RAE International Value Portfolio Class 3		66,974		10.51		11.76		756,691		2.08		1.15		1.90		6.33		7.13

SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		2,217,589		15.54		16.23		35,606,116		0.00		1.15		1.65		6.30		6.83

SAST SA PineBridge High-Yield Bond Portfolio Class 3		94,102		17.60		19.87		1,806,740		4.85		1.15		1.90		3.64		4.42

SAST SA Putnam International Growth and Income Portfolio Class 3		12,914		11.44		12.17		151,643		1.75		1.15		1.55		12.92		13.37

SAST SA Schroders VCP Global Allocation Portfolio Class 3		1,488,407		13.82		14.15		20,925,775		0.37		1.15		1.55		10.67		11.11

SAST SA Small Cap Index Portfolio Class 3		78,970		14.18		14.42		1,132,061		0.39		1.15		1.55		12.09		12.53

SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		253,720		15.37		15.63		3,953,968		0.00		1.15		1.55		14.22		14.67

SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		2,971,091		16.05		16.53		48,805,719		0.90		1.15		1.65		10.46		11.01

SAST SA VCP Dynamic Allocation Portfolio Class 3		5,286,841		17.80		19.18		100,164,225		1.61		1.15		1.90		7.25		8.06

SAST SA VCP Dynamic Strategy Portfolio Class 3		5,976,287		17.00		18.26		107,815,607		1.57		1.15		1.90		8.01		8.83

SAST SA VCP Index Allocation Portfolio Class 3		2,190,957		13.64		13.88		30,293,401		0.99		1.15		1.55		12.24		12.69

SAST SA Wellington Capital Appreciation Portfolio Class 3		187,957		60.29		67.95		12,437,334		0.00		1.15		1.90		3.39		4.17

SAST SA Wellington Government and Quality Bond Portfolio Class 3		467,998		12.12		13.57		6,199,604		1.42		1.15		1.90		-3.95		-3.22

SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		158,222		14.76		15.08		2,374,025		0.17		1.15		1.55		5.82		6.24

T Rowe Price Retirement 2015 Advisor Class		12,060,924		1.53		1.60		18,542,399		1.46		0.40		1.00		8.23		8.88

T Rowe Price Retirement 2020 Advisor Class		26,247,783		1.60		1.67		42,169,649		1.23		0.40		1.00		9.10		9.76

T Rowe Price Retirement 2025 Advisor Class		41,330,127		1.69		1.76		69,942,039		1.11		0.40		1.00		10.51		11.17

T Rowe Price Retirement 2030 Advisor Class		44,105,136		1.77		1.85		78,284,548		0.85		0.40		1.00		12.14		12.81

T Rowe Price Retirement 2035 Advisor Class		35,071,007		1.84		1.92		64,765,384		0.68		0.40		1.00		13.66		14.34

T Rowe Price Retirement 2040 Advisor Class		33,761,404		1.90		1.98		64,425,956		0.52		0.40		1.00		14.91		15.60

T Rowe Price Retirement 2045 Advisor Class		25,453,228		1.94		2.02		49,538,744		0.46		0.40		1.00		15.78		16.47

T Rowe Price Retirement 2050 Advisor Class		21,973,246		1.94		2.02		42,811,517		0.48		0.40		1.00		15.90		16.60

T Rowe Price Retirement 2055 Advisor Class		11,134,586		1.94		2.02		21,658,170		0.48		0.40		1.00		15.87		16.57

T Rowe Price Retirement 2060 Advisor Class		9,141,101		1.94		2.02		17,789,930		0.52		0.40		1.00		15.90		16.60

VALIC Company I Aggressive Growth Lifestyle Fund		153,013,592		2.28		2.54		750,179,361		0.00		0.25		1.70		14.11		15.78

VALIC Company I Asset Allocation Fund		14,213,786		1.89		2.34		161,838,950		1.04		0.40		1.85		14.60		16.27

VALIC Company I Capital Appreciation Fund		14,376,972		3.86		4.00		62,774,813		0.00		0.40		1.85		23.79		25.59

VALIC Company I Conservative Growth Lifestyle Fund		97,190,602		1.67		2.13		368,984,023		0.00		0.25		1.70		5.93		7.48

VALIC Company I Core Bond Fund		961,180,702		1.24		1.25		2,270,906,019		0.00		0.00		1.85		-2.48		-0.76

VALIC Company I Dividend Value Fund		274,040,084		2.54		2.66		1,343,580,899		1.95		0.40		1.85		19.69		21.43

VALIC Company I Dynamic Allocation Fund		100,948,351		1.71		1.94		185,073,384		1.79		0.40		1.85		8.17		9.75

VALIC Company I Emerging Economies Fund		565,348,703		0.98		1.18		724,612,529		1.87		0.40		1.85		-0.66		0.79

VALIC Company I Global Real Estate Fund		272,718,691		1.81		2.12		541,145,662		3.12		0.40		1.85		20.37		22.13

VALIC Company I Global Strategy Fund		119,209,843		1.49		1.82		276,482,787		4.21		0.40		1.85		6.59		8.15

VALIC Company I Government Money Market I Fund		236,631,052		0.85		1.01		455,999,307		0.01		0.40		1.85		-1.82		-0.39

VALIC Company I Government Securities Fund		36,764,060		1.09		1.43		140,452,230		1.96		0.40		1.85		-4.11		-2.71

VALIC Company I Growth Fund		308,081,853		4.19		4.64		1,512,561,726		0.12		0.40		1.85		18.74		20.47

VALIC Company I High Yield Bond Fund		150,554,801		1.56		2.01		523,638,602		0.00		0.40		1.85		2.47		3.97

VALIC Company I Inflation Protected Fund		502,904,885		1.19		1.28		794,670,499		1.29		0.00		1.85		3.16		5.09

VALIC Company I International Equities Index Fund		595,926,657		1.25		1.45		1,605,944,547		1.28		0.40		1.85		8.99		10.58

VALIC Company I International Government Bond Fund		33,480,727		1.05		1.46		113,392,982		2.34		0.40		1.85		-7.59		-6.24

VALIC Company I International Growth Fund		101,043,997		2.29		2.38		596,229,933		0.00		0.40		1.85		12.11		13.75

VALIC Company I International Opportunities Fund		136,801,359		1.69		1.83		522,623,530		0.00		0.40		1.85		4.72		6.25

VALIC Company I International Socially Responsible Fund		40,023,219		2.20		2.30		369,270,878		1.70		0.40		1.85		10.39		12.00

VALIC Company I International Value Fund		400,871,584		1.16		1.23		618,767,572		1.65		0.00		1.85		5.08		7.04

VALIC Company I Large Capital Growth Fund		145,700,934		3.75		3.92		688,127,725		0.34		0.40		1.85		23.75		25.55

VALIC Company I Mid Cap Index Fund		113,252,917		2.93		3.54		3,724,103,472		1.06		0.40		1.85		22.05		23.83

VALIC Company I Mid Cap Strategic Growth Fund		167,424,667		3.30		3.53		871,218,075		0.05		0.40		1.85		14.72		16.39

VALIC Company I Mid Cap Value Fund		94,684,225		2.51		2.79		874,069,221		0.00		0.40		1.85		25.45		27.28

VALIC Company I Moderate Growth Lifestyle Fund		251,147,056		2.05		2.48		1,184,978,047		0.00		0.25		1.70		11.95		13.59

VALIC Company I Nasdaq-100 Index Fund		212,852,955		6.39		7.39		918,647,348		0.29		0.40		1.85		24.60		26.42

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2021								For the Year Ended December 31, 2021
			Unit Value ($)^(a)(f)				Net Assets ($)(b)		Investment Income Ratio (%)(c)		Expense Ratio (%)^(d)(f)				Total Return (%)^(e)(f)
Sub-accounts	Units		Lowest		Highest		Net Assets ($)(b)		Investment Income Ratio (%)(c)		Lowest		Highest		Lowest		Highest

VALIC Company I Science & Technology Fund		181,081,539		5.54		6.48		3,041,714,403		0.04		0.40		1.85		9.96		11.57

VALIC Company I Small Cap Growth Fund		93,204,597		4.00		4.47		705,845,935		0.00		0.40		1.85		-6.64		-5.27

VALIC Company I Small Cap Index Fund		116,347,983		2.65		3.02		1,251,653,806		0.86		0.40		1.85		12.34		13.98

VALIC Company I Small Cap Special Values Fund		81,127,807		2.66		2.92		248,126,320		1.09		0.40		1.85		27.14		29.00

VALIC Company I Small Cap Value Fund		79,302,433		2.28		2.68		485,471,268		0.00		0.40		1.85		30.46		32.37

VALIC Company I Stock Index Fund		309,072,613		3.72		184.47		6,068,234,924		1.50		0.33		1.85		26.00		27.93

VALIC Company I Systematic Core Fund		79,663,895		3.30		3.45		670,314,770		0.23		0.40		1.85		23.94		25.75

VALIC Company I Systematic Growth Fund		202,244,583		2.93		4.76		1,016,876,328		0.00		0.00		1.85		14.25		16.38

VALIC Company I Systematic Value Fund		114,942,495		2.57		2.67		343,830,974		0.36		0.40		1.85		28.53		30.41

VALIC Company I U.S. Socially Responsible Fund		137,953,455		2.41		3.80		805,962,895		0.00		0.00		1.85		24.89		27.09

Vanguard LifeStrategy Conservative Growth Fund Investor Shares		46,755,917		1.60		1.90		132,061,203		1.98		0.65		2.10		3.85		5.36

Vanguard LifeStrategy Growth Fund Investor Shares		94,644,220		2.23		2.31		362,381,685		1.94		0.65		2.10		11.98		13.61

Vanguard LifeStrategy Moderate Growth Fund Investor Shares		101,324,753		1.91		2.13		342,461,460		1.94		0.65		2.10		7.79		9.36

Vanguard Long-Term Investment-Grade Fund Investor Shares		61,160,867		1.79		2.58		283,944,361		2.73		0.40		1.85		-4.18		-2.78

Vanguard Long-Term Treasury Fund Investor Shares		48,991,473		1.62		2.30		209,060,836		1.79		0.40		1.85		-6.41		-5.04

Vanguard Wellington Fund Investor Shares		339,770,497		1.93		2.42		2,282,957,890		1.72		0.00		2.10		16.54		19.01

Vanguard Windsor II Fund Investor Shares		295,711,317		2.93		3.09		2,202,134,953		1.21		0.65		2.10		26.29		28.14


	December 31, 2020								For the Year Ended December 31, 2020
			Unit Value ($)^(a)(f)				Net Assets ($)^(b)		Investment Income Ratio (%)^(c)		Expense Ratio (%)^(d)(f)				Total Return (%)^(e)(f)
Sub-accounts	Units		Lowest		Highest		Net Assets ($)^(b)		Investment Income Ratio (%)^(c)		Lowest		Highest		Lowest		Highest

American Beacon Bridgeway Large Cap Growth Fund Investor Class		48,673,680		1.56		1.63		78,184,820		0.00		0.40		1.85		31.57		33.49

Ariel Appreciation Fund Investor Class		63,856,002		2.03		2.50		266,240,700		0.54		0.40		1.85		5.39		6.93

Ariel Fund Investor Class		82,157,346		2.16		2.44		367,777,525		0.29		0.40		1.85		8.00		9.58

FTVIP Franklin Allocation VIP Fund Class 2		34,297		16.43		17.28		565,486		1.30		1.15		1.55		10.02		10.47

FTVIP Franklin Income VIP Fund Class 2		294,878		15.77		16.82		4,992,944		5.69		1.15		1.65		-0.95		-0.46

Goldman Sachs VIT Government Money Market Fund Service Shares		377,859		9.65		9.88		3,707,724		0.28		1.15		1.65		-1.38		-0.88

Invesco V.I. American Franchise Fund Series II		23,558		41.01		43.43		1,012,451		0.00		1.15		1.55		39.81		40.37

Invesco V.I. Balanced-Risk Commodity Strategy Fund Class R5		251,717,915		0.60		0.68		163,415,176		0.00		0.40		1.85		6.04		7.59

Invesco V.I. Comstock Fund Series II		67,360		18.67		20.74		1,340,865		2.06		1.15		1.90		-2.95		-2.22

Invesco V.I. Growth and Income Fund Series II		70,628		19.19		21.34		1,445,793		1.82		1.15		1.90		-0.07		0.68

Lord Abbett Growth and Income Portfolio Class VC		21,661		17.95		19.06		416,892		1.76		1.15		1.55		1.12		1.52

PIMCO Emerging Markets Bond Portfolio Advisor Class		544				10.80		5,880		0.77				1.15				5.38

PIMCO Total Return Portfolio Advisor Class		262,971		10.65		10.73		2,818,893		0.92		1.15		1.55		6.87		7.30

SST SA Allocation Balanced Portfolio Class 3		188,561		18.31		19.40		3,570,276		1.36		1.15		1.55		10.10		10.54

SST SA Allocation Growth Portfolio Class 3		267,094		21.66		22.99		6,046,197		0.00		1.15		1.55		14.33		14.79

SST SA Allocation Moderate Growth Portfolio Class 3		263,426		19.59		21.12		5,374,503		0.00		1.15		1.65		12.84		13.41

SST SA Allocation Moderate Portfolio Class 3		320,332		19.44		20.63		6,391,311		0.00		1.15		1.55		11.89		12.34

SST SA American Century Inflation Protection Portfolio Class 3		309,631		11.66		12.87		3,920,875		0.00		1.15		1.90		4.77		5.56

SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		171,781		14.39		14.64		2,511,577		0.00		1.15		1.55		12.02		12.47

SAST SA AB Growth Portfolio Class 3		77,219		42.08		46.98		3,551,922		0.00		1.15		1.90		32.74		33.74

SAST SA AB Small & Mid Cap Value Portfolio Class 3		54,765		22.46		24.95		1,327,632		0.49		1.15		1.90		2.02		2.79

SAST SA American Funds Asset Allocation Portfolio Class 3		2,693,836		21.45		23.02		61,011,205		0.00		1.15		1.65		10.30		10.86

SAST SA American Funds Global Growth Portfolio Class 3		99,095		30.06		33.42		3,185,452		0.06		1.15		1.90		27.64		28.60

SAST SA American Funds Growth Portfolio Class 3		215,567		38.55		42.80		8,929,204		0.79		1.15		1.90		48.87		49.98

SAST SA American Funds Growth-Income Portfolio Class 3		219,147		25.84		27.74		5,879,480		1.58		1.15		1.65		11.39		11.95

SAST SA American Funds VCP Managed Allocation Portfolio Class 3		4,510,953		16.15		16.82		75,189,138		0.00		1.15		1.65		7.53		8.07

SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		3,749				10.65		39,918		0.49				1.15				6.47

SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		2,740,433		12.51		12.82		34,934,269		0.04		1.15		1.65		3.78		4.30

SAST SA DFA Ultra Short Bond Portfolio Class 3		188,354		8.45		9.08		1,686,378		1.66		1.15		1.65		-1.53		-1.03

SAST SA Emerging Markets Equity Index Portfolio Class 3		9,098		11.41		11.53		104,419		2.78		1.15		1.55		15.08		15.54

SAST SA Federated Hermes Corporate Bond Portfolio Class 3		306,467		19.02		21.16		6,328,782		3.89		1.15		1.90		6.71		7.51

SAST SA Fidelity Institutional AM^® International Growth Portfolio Class 3		1,799		13.38		13.41		24,099		0.15		1.15		1.30		20.77		20.95

SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		20,796		14.20		15.05		304,179		1.93		1.15		1.55		-2.90		-2.51

SAST SA Fixed Income Index Portfolio Class 3		374,637		11.17		11.32		4,227,984		2.84		1.15		1.55		6.76		7.19

SAST SA Fixed Income Intermediate Index Portfolio Class 3		62,248		10.65		10.79		669,775		2.29		1.15		1.55		4.26		4.67

SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		55,517		19.29		21.43		1,145,633		1.77		1.15		1.90		-3.39		-2.67

SAST SA Franklin Small Company Value Portfolio Class 3		34,162		20.15		22.37		742,234		1.04		1.15		1.90		2.99		3.77

SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		121,438		30.68		34.00		4,019,451		2.26		1.15		1.90		5.20		5.99

SAST SA Franklin Tactical Opportunities Portfolio Class 3		52,440		11.81		11.96		625,305		1.31		1.15		1.55		6.58		7.01

SAST SA Global Index Allocation 60/40 Portfolio Class 3		195,286		11.87		12.00		2,339,802		1.87		1.15		1.55		9.75		10.19

SAST SA Global Index Allocation 75/25 Portfolio Class 3		195,464		11.96		12.09		2,354,954		1.39		1.15		1.55		10.49		10.93

SAST SA Global Index Allocation 90/10 Portfolio Class 3		556,487		11.95		12.08		6,705,266		0.00		1.15		1.55		10.43		10.88

SAST SA Goldman Sachs Global Bond Portfolio Class 3		196,153		13.03		14.46		2,771,166		0.39		1.15		1.90		9.45		10.28

SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		229,068		11.87		12.03		2,744,191		0.20		1.15		1.55		9.52		9.96

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2020								For the Year Ended December 31, 2020
			Unit Value ($)^(a)(f)				Net Assets ($)^(b)		Investment Income Ratio (%)^(c)		Expense Ratio (%)^(d)(f)				Total Return (%)^(e)(f)
Sub-accounts	Units		Lowest		Highest		Net Assets ($)^(b)		Investment Income Ratio (%)^(c)		Lowest		Highest		Lowest		Highest

SAST SA Index Allocation 60/40 Portfolio Class 3		542,897		13.51		13.72		7,429,714		1.42		1.15		1.55		11.74		12.19

SAST SA Index Allocation 80/20 Portfolio Class 3		875,707		14.19		14.41		12,567,691		0.00		1.15		1.55		12.67		13.12

SAST SA Index Allocation 90/10 Portfolio Class 3		2,915,104		14.48		14.71		42,740,274		0.00		1.15		1.55		12.71		13.16

SAST SA International Index Portfolio Class 3		31,702		10.98		11.12		349,901		2.09		1.15		1.55		5.71		6.13

SAST SA Invesco Growth Opportunities Portfolio Class 3		8,172		39.24		41.54		326,064		0.00		1.15		1.55		53.02		53.64

SAST SA Janus Focused Growth Portfolio Class 3		24,871		34.47		38.42		929,107		0.00		1.15		1.90		35.99		37.01

SAST SA JPMorgan Diversified Balanced Portfolio Class 3		131,578		21.30		22.49		2,917,560		2.04		1.15		1.55		12.28		12.73

SAST SA JPMorgan Emerging Markets Portfolio Class 3		43,181		13.77		15.35		635,119		1.70		1.15		1.90		13.92		14.78

SAST SA JPMorgan Equity-Income Portfolio Class 3		68,227		22.29		24.86		1,624,490		1.78		1.15		1.90		1.01		1.77

SAST SA JPMorgan Global Equities Portfolio Class 3		2,945		16.90		18.01		52,735		1.54		1.15		1.55		7.87		8.31

SAST SA JPMorgan Large Cap Core Portfolio Class 3		49,662		24.23		26.98		1,291,782		0.79		1.15		1.90		11.01		11.85

SAST SA JPMorgan MFS Core Bond Portfolio Class 3		469,700		14.87		16.59		7,588,526		2.69		1.15		1.90		6.17		6.97

SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		19,088		45.41		48.72		908,072		0.00		1.15		1.65		45.76		46.49

SAST SA Large Cap Growth Index Portfolio Class 3		49,602		15.99		16.16		799,299		1.10		1.15		1.55		30.16		30.68

SAST SA Large Cap Index Portfolio Class 3		85,323		14.62		14.81		1,256,907		1.62		1.15		1.55		15.92		16.38

SAST SA Large Cap Value Index Portfolio Class 3		30,365		11.93		12.06		365,473		2.35		1.15		1.55		-0.44		-0.04

SAST SA MFS Blue Chip Growth Portfolio Class 3		43,742		30.73		34.41		1,448,812		0.39		1.15		1.90		27.86		28.82

SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		54,235		27.43		30.58		1,594,858		0.40		1.15		1.90		11.89		12.73

SAST SA MFS Total Return Portfolio Class 3		68,041		19.50		20.64		1,373,906		1.72		1.15		1.55		7.63		8.07

SAST SA Mid Cap Index Portfolio Class 3		87,987		12.42		12.58		1,101,640		1.20		1.15		1.55		11.16		11.60

SAST SA Morgan Stanley International Equities Portfolio Class 3		74,360		12.50		13.93		995,085		1.57		1.15		1.90		9.21		10.03

SAST SA PIMCO RAE International Value Portfolio Class 3		66,531		9.89		10.98		702,566		2.28		1.15		1.90		-5.22		-4.50

SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		2,158,433		14.62		15.19		32,471,518		0.46		1.15		1.65		6.88		7.42

SAST SA PineBridge High-Yield Bond Portfolio Class 3		92,367		16.98		19.03		1,700,887		5.96		1.15		1.90		5.81		6.60

SAST SA Putnam International Growth and Income Portfolio Class 3		11,901		9.97		10.46		122,645		2.16		1.30		1.65		1.77		2.13

SAST SA Schroders VCP Global Allocation Portfolio Class 3		1,557,228		12.49		12.74		19,721,639		0.12		1.15		1.55		-1.17		-0.78

SAST SA Small Cap Index Portfolio Class 3		67,434		12.65		12.82		859,617		0.81		1.15		1.55		17.24		17.71

SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		235,611		13.46		13.63		3,204,236		0.69		1.15		1.55		15.25		15.71

SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		2,880,703		14.53		14.89		42,654,805		0.10		1.15		1.65		7.08		7.62

SAST SA VCP Dynamic Allocation Portfolio Class 3		5,103,805		16.59		17.75		89,543,143		1.15		1.15		1.90		10.97		11.81

SAST SA VCP Dynamic Strategy Portfolio Class 3		4,370,781		15.74		16.78		72,493,299		1.17		1.15		1.90		8.12		8.93

SAST SA VCP Index Allocation Portfolio Class 3		1,894,588		12.16		12.31		23,261,161		1.23		1.15		1.55		6.04		6.47

SAST SA Wellington Capital Appreciation Portfolio Class 3		86,671		58.32		65.24		5,483,895		0.00		1.15		1.90		61.03		62.24

SAST SA Wellington Government and Quality Bond Portfolio Class 3		508,280		12.62		14.02		6,959,679		2.31		1.15		1.90		4.86		5.65

SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		154,815		13.95		14.19		2,188,843		0.90		1.15		1.55		15.99		16.45

T Rowe Price Retirement 2015 Advisor Class		11,292,320		1.42		1.47		16,016,822		1.44		0.40		1.00		11.21		11.88

T Rowe Price Retirement 2020 Advisor Class		28,318,849		1.47		1.52		41,689,867		1.26		0.40		1.00		11.84		12.52

T Rowe Price Retirement 2025 Advisor Class		37,659,819		1.53		1.58		57,653,389		1.17		0.40		1.00		13.23		13.91

T Rowe Price Retirement 2030 Advisor Class		37,872,844		1.58		1.64		59,925,432		1.02		0.40		1.00		14.46		15.15

T Rowe Price Retirement 2035 Advisor Class		28,603,740		1.62		1.68		46,454,655		0.88		0.40		1.00		15.59		16.29

T Rowe Price Retirement 2040 Advisor Class		28,731,456		1.66		1.72		47,694,338		0.72		0.40		1.00		16.62		17.32

T Rowe Price Retirement 2045 Advisor Class		22,138,595		1.67		1.74		37,193,060		0.70		0.40		1.00		17.16		17.86

T Rowe Price Retirement 2050 Advisor Class		18,735,324		1.39		1.74		31,470,810		0.70		0.40		1.00		13.73		17.86

T Rowe Price Retirement 2055 Advisor Class		9,085,740		1.38		1.73		15,238,951		0.70		0.40		1.00		13.64		17.76

T Rowe Price Retirement 2060 Advisor Class		7,062,589		1.32		1.73		11,853,672		0.76		0.40		1.00		13.66		17.78

VALIC Company I Asset Allocation Fund		15,009,742		1.65		2.01		147,421,552		1.13		0.40		1.85		9.69		11.29

VALIC Company I Dividend Value Fund		214,926,150		2.09		2.22		857,316,871		2.25		0.40		1.85		-1.31		0.13

VALIC Company I Dynamic Allocation Fund		113,418,104		1.58		1.77		190,569,075		1.98		0.40		1.85		9.05		10.64

VALIC Company I Emerging Economies Fund		711,040,166		0.97		1.19		913,734,880		2.00		0.40		1.85		13.35		15.01

VALIC Company I Global Real Estate Fund		183,897,782		1.50		1.73		298,225,922		3.18		0.40		1.85		-7.86		-6.52

VALIC Company I Global Strategy Fund		138,484,784		1.40		1.68		298,631,983		5.91		0.40		1.85		1.72		3.21

VALIC Company I Government Money Market I Fund		189,741,251		0.86		1.02		367,605,253		0.20		0.40		1.85		-1.62		-0.18

VALIC Company I Government Securities Fund		30,206,774		1.14		1.47		117,884,129		2.30		0.40		1.85		4.68		6.21

VALIC Company I Growth Fund		409,760,167		3.52		3.85		1,684,477,957		0.31		0.40		1.85		39.20		41.23

VALIC Company I Inflation Protected Fund		501,425,577		1.16		1.21		757,662,191		2.01		0.00		1.85		6.82		8.81

VALIC Company I International Equities Index Fund		611,811,572		1.13		1.33		1,507,483,926		2.16		0.40		1.85		5.41		6.95

VALIC Company I International Government Bond Fund		37,212,596		1.14		1.56		135,128,345		1.53		0.40		1.85		8.24		9.82

VALIC Company I International Growth Fund		107,040,992		2.01		2.12		560,854,128		0.10		0.40		1.85		31.68		33.60

VALIC Company I International Socially Responsible Fund		44,376,748		1.96		2.08		367,308,711		1.77		0.40		1.85		6.38		7.93

VALIC Company I International Value Fund		457,784,448		1.08		1.17		667,291,885		2.25		0.00		1.85		3.02		4.95

VALIC Company I Large Capital Growth Fund		151,975,712		3.03		3.12		574,889,509		0.64		0.40		1.85		20.20		21.96

VALIC Company I Mid Cap Index Fund		122,446,340		2.40		2.86		3,255,806,917		1.33		0.40		1.85		11.22		12.85

VALIC Company I Mid Cap Strategic Growth Fund		83,781,643		2.88		3.04		373,321,478		0.00		0.40		1.85		31.77		33.69

VALIC Company I Nasdaq-100 Index Fund		221,517,862		5.13		5.84		760,808,251		0.67		0.40		1.85		45.23		47.35

VALIC Company I Science & Technology Fund		140,874,900		5.04		5.81		2,109,346,334		0.00		0.40		1.85		53.95		56.19

VALIC Company I Small Cap Index Fund		124,200,407		2.36		2.65		1,187,921,576		1.29		0.40		1.85		17.29		19.01

VALIC Company I Small Cap Special Values Fund		83,254,796		2.10		2.26		198,518,317		1.20		0.40		1.85		-0.44		1.02

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



	December 31, 2020								For the Year Ended December 31, 2020
			Unit Value ($)^(a)(f)				Net		Investment Income		Expense Ratio (%)^(d)(f)				Total Return (%)^(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest

VALIC Company I Stock Index Fund		331,809,228		2.95		144.20		5,158,751,372		1.77		0.33		1.85		15.82		17.60

VALIC Company I Systematic Core Fund		21,279,563		2.62		2.78		143,769,977		0.92		0.40		1.85		20.96		22.72

VALIC Company I Systematic Growth Fund		223,456,301		2.51		4.17		975,296,395		0.00		0.00		1.85		31.91		34.37

VALIC Company I Systematic Value Fund		17,214,135		2.00		2.05		39,734,973		2.55		0.40		1.85		-4.68		-3.29

Vanguard LifeStrategy Conservative Growth Fund Investor Shares		44,740,541		1.54		1.81		120,632,035		1.78		0.65		2.10		9.20		10.79

Vanguard LifeStrategy Growth Fund Investor Shares		92,902,790		1.99		2.03		314,980,202		1.74		0.65		2.10		13.06		14.71

Vanguard LifeStrategy Moderate Growth Fund Investor Shares		99,419,392		1.77		1.95		309,160,720		1.76		0.65		2.10		11.23		12.86

Vanguard Long-Term Investment-Grade Fund Investor Shares		58,737,892		1.86		2.65		282,341,390		3.55		0.40		1.85		13.22		14.87

Vanguard Long-Term Treasury Fund Investor Shares		55,651,072		1.73		2.42		252,386,140		1.99		0.40		1.85		16.02		17.71

Vanguard Wellington Fund Investor Shares		358,635,409		1.62		2.08		2,061,242,338		2.02		0.00		2.10		8.30		10.60

Vanguard Windsor II Fund Investor Shares		305,318,371		2.29		2.44		1,785,844,093		1.27		0.65		2.10		12.07		13.71



	December 31, 2019								For the Year Ended December 31, 2019
			Unit Value ($)^(a)(f)				Net		Investment Income		Expense Ratio (%)^(d)(f)				Total Return (%)^(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest

American Beacon Bridgeway Large Cap Growth Fund Investor Class		54,236,421		1.19		1.22		65,592,956		0.00		0.40		1.85		26.81		29.54

Ariel Appreciation Fund Investor Class		71,845,502		1.93		2.33		282,705,849		0.96		0.40		1.85		22.31		24.10

Ariel Fund Investor Class		92,770,396		2.00		2.23		382,104,514		0.87		0.40		1.85		22.39		24.17

FTVIP Franklin Allocation VIP Fund Class 2		29,436		14.93		15.64		439,694		0.17		1.15		1.55		18.02		18.49

FTVIP Franklin Income VIP Fund Class 2		233,941		15.92		16.89		4,008,102		6.50		1.15		1.65		14.16		14.73

Goldman Sachs VIT Government Money Market Fund Service Shares		78,636		9.82		9.96		781,077		1.92		1.15		1.55		0.31		0.71

Invesco V.I. American Franchise Fund Series II		18,066		29.33		30.94		553,458		0.00		1.15		1.55		34.33		34.87

Invesco V.I. Balanced-Risk Commodity Strategy Fund Class R5		232,675,521		0.56		0.64		141,193,352		0.91		0.40		1.85		2.55		4.05

Invesco V.I. Comstock Fund Series II		59,621		19.24		21.21		1,215,833		1.74		1.15		1.90		22.59		23.51

Invesco V.I. Growth and Income Fund Series II		67,847		19.21		20.65		1,382,771		1.65		1.30		1.90		22.50		23.24

Lord Abbett Growth and Income Portfolio Class VC		15,498		17.75		18.77		300,054		1.96		1.15		1.55		20.61		21.09

SST SA Allocation Balanced Portfolio Class 3		130,238		16.63		17.55		2,222,298		1.86		1.15		1.55		14.24		14.70

SST SA Allocation Growth Portfolio Class 3		242,140		18.94		20.03		4,773,276		0.01		1.15		1.55		21.60		22.09

SST SA Allocation Moderate Growth Portfolio Class 3		240,684		17.36		18.62		4,344,290		1.67		1.15		1.65		18.63		19.23

SST SA Allocation Moderate Portfolio Class 3		255,905		17.38		18.37		4,551,478		1.70		1.15		1.55		16.92		17.39

SST SA American Century Inflation Protection Portfolio Class 3		239,106		11.13		12.19		2,857,482		0.38		1.15		1.90		3.55		4.33

SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		158,590		12.85		13.02		2,062,135		1.38		1.15		1.55		17.96		18.44

SAST SA AB Growth Portfolio Class 3		52,961		31.70		35.13		1,802,080		0.00		1.15		1.90		32.01		33.01

SAST SA AB Small & Mid Cap Value Portfolio Class 3		49,557		22.01		24.27		1,168,093		0.00		1.15		1.90		17.47		18.35

SAST SA American Funds Asset Allocation Portfolio Class 3		2,188,805		19.44		20.77		44,732,136		1.95		1.15		1.65		18.93		19.53

SAST SA American Funds Global Growth Portfolio Class 3		99,238		23.55		25.99		2,486,755		0.91		1.15		1.90		32.39		33.39

SAST SA American Funds Growth Portfolio Class 3		181,574		25.90		28.54		5,014,053		0.00		1.15		1.90		27.94		28.90

SAST SA American Funds Growth-Income Portfolio Class 3		204,012		23.20		24.77		4,897,859		0.00		1.15		1.65		23.69		24.31

SAST SA American Funds VCP Managed Allocation Portfolio Class 3		4,094,908		15.02		15.56		63,190,903		0.28		1.15		1.65		16.55		17.13

SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		2,591,951		12.05		12.29		31,712,630		0.86		1.15		1.65		13.79		14.36

SAST SA DFA Ultra Short Bond Portfolio Class 3		128,938		8.58		9.18		1,169,032		1.86		1.15		1.65		0.32		0.83

SAST SA Emerging Markets Equity Index Portfolio Class 3		2,188				9.91		21,685		0.00				1.55				16.56

SAST SA Federated Hermes Corporate Bond Portfolio Class 3		246,195		17.83		19.69		4,723,429		5.55		1.15		1.90		12.44		13.28

SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		10,944		14.63		15.03		162,907		2.53		1.30		1.55		24.03		24.34

SAST SA Fixed Income Index Portfolio Class 3		135,790		10.47		10.56		1,431,324		0.20		1.15		1.55		7.13		7.56

SAST SA Fixed Income Intermediate Index Portfolio Class 3		29,759		10.22		10.31		305,978		0.16		1.15		1.55		4.35		4.77

SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		47,439		19.97		21.45		1,003,722		1.96		1.30		1.90		23.03		23.77

SAST SA Franklin Small Company Value Portfolio Class 3		24,604		19.56		21.56		511,547		0.78		1.15		1.90		23.81		24.74

SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		85,765		29.16		32.08		2,675,453		2.54		1.15		1.90		22.16		23.08

SAST SA Franklin Tactical Opportunities Portfolio Class 3		34,644		11.08		11.18		386,488		2.02		1.15		1.55		16.47		16.94

SAST SA Global Index Allocation 60/40 Portfolio Class 3		97,722		10.82		10.89		1,062,585		0.00		1.15		1.55		16.06		16.52

SAST SA Global Index Allocation 75/25 Portfolio Class 3		161,157		10.83		10.90		1,752,595		0.00		1.15		1.55		18.53		19.00

SAST SA Global Index Allocation 90/10 Portfolio Class 3		495,267		10.82		10.89		5,387,380		0.00		1.15		1.55		21.11		21.59

SAST SA Goldman Sachs Global Bond Portfolio Class 3		178,347		11.90		13.12		2,285,519		0.00		1.15		1.90		4.60		5.39

SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		98,344		10.84		10.94		1,072,638		3.11		1.15		1.55		16.99		17.46

SAST SA Index Allocation 60/40 Portfolio Class 3		426,910		12.09		12.23		5,213,149		0.00		1.15		1.55		17.73		18.20

SAST SA Index Allocation 80/20 Portfolio Class 3		796,622		12.59		12.74		10,117,240		0.00		1.15		1.55		21.75		22.23

SAST SA Index Allocation 90/10 Portfolio Class 3		2,672,142		12.85		13.00		34,642,920		0.00		1.15		1.55		23.60		24.10

SAST SA International Index Portfolio Class 3		19,163		10.38		10.44		199,617		0.10		1.30		1.55		18.99		19.29

SAST SA Invesco Growth Opportunities Portfolio Class 3		6,776		25.64		27.04		176,156		0.00		1.15		1.55		26.71		27.22

SAST SA Janus Focused Growth Portfolio Class 3		21,235		25.35		28.04		576,852		0.00		1.15		1.90		33.39		34.40

SAST SA JPMorgan Diversified Balanced Portfolio Class 3		112,789		18.97		19.95		2,214,964		2.20		1.15		1.55		16.89		17.36

SAST SA JPMorgan Emerging Markets Portfolio Class 3		35,962		12.09		13.37		463,158		2.92		1.15		1.90		18.53		19.42

SAST SA JPMorgan Equity-Income Portfolio Class 3		62,931		22.06		24.43		1,471,036		2.38		1.15		1.90		24.45		25.39

SAST SA JPMorgan Global Equities Portfolio Class 3		1,591		15.67		16.63		26,293		0.16		1.15		1.55		17.74		18.21

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2019								For the Year Ended December 31, 2019
			Unit Value ($)^(a)(f)				Net		Investment Income		Expense Ratio (%)^(d)(f)				Total Return (%)^(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest

SAST SA JPMorgan Large Cap Core Portfolio Class 3		50,924		21.82		24.13		1,186,221		1.04		1.15		1.90		29.10		30.07

SAST SA JPMorgan MFS Core Bond Portfolio Class 3		325,865		14.00		15.51		4,893,440		2.86		1.15		1.90		6.98		7.79

SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		12,526		31.15		33.26		402,493		0.00		1.15		1.65		36.97		37.66

SAST SA Large Cap Growth Index Portfolio Class 3		35,266		12.28		12.36		435,373		0.02		1.15		1.55		28.39		28.91

SAST SA Large Cap Index Portfolio Class 3		53,213		12.61		12.72		674,069		0.02		1.15		1.55		28.61		29.12

SAST SA Large Cap Value Index Portfolio Class 3		12,110		11.99		12.07		145,892		0.05		1.15		1.55		29.22		29.74

SAST SA MFS Blue Chip Growth Portfolio Class 3		40,610		24.03		26.71		1,045,384		0.42		1.15		1.90		29.39		30.36

SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		57,678		24.51		27.12		1,507,785		0.68		1.15		1.90		29.03		30.00

SAST SA MFS Total Return Portfolio Class 3		70,234		18.12		19.10		1,312,029		2.42		1.15		1.55		18.21		18.68

SAST SA Mid Cap Index Portfolio Class 3		53,774		11.17		11.27		604,165		0.00		1.15		1.55		23.27		23.76

SAST SA Morgan Stanley International Equities Portfolio Class 3		72,409		11.44		12.66		882,044		2.50		1.15		1.90		17.93		18.82

SAST SA PIMCO RAE International Value Portfolio Class 3		60,833		10.43		11.50		673,040		0.09		1.15		1.90		9.79		10.62

SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		1,998,682		13.68		14.14		28,018,623		0.00		1.15		1.65		16.82		17.40

SAST SA PineBridge High-Yield Bond Portfolio Class 3		78,265		16.05		17.85		1,356,131		8.99		1.15		1.90		12.31		13.15

SAST SA Putnam International Growth and Income Portfolio Class 3		9,441		9.80		10.24		95,700		2.01		1.30		1.65		18.07		18.48

SAST SA Schroders VCP Global Allocation Portfolio Class 3		1,466,446		12.64		12.84		18,737,065		1.43		1.15		1.55		17.09		17.56

SAST SA Small Cap Index Portfolio Class 3		42,366		10.79		10.89		459,321		0.00		1.15		1.55		22.59		23.08

SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		147,229		11.68		11.78		1,731,843		1.20		1.15		1.55		22.35		22.84

SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		2,483,361		13.57		13.84		34,203,578		1.49		1.15		1.65		20.27		20.88

SAST SA VCP Dynamic Allocation Portfolio Class 3		4,939,157		14.95		15.87		77,580,650		0.00		1.15		1.90		18.13		19.02

SAST SA VCP Dynamic Strategy Portfolio Class 3		4,280,853		14.55		15.40		65,253,071		0.00		1.15		1.90		17.16		18.04

SAST SA VCP Index Allocation Portfolio Class 3		1,474,484		11.46		11.57		17,018,935		0.08		1.15		1.55		21.10		21.59

SAST SA Wellington Capital Appreciation Portfolio Class 3		65,939		36.21		40.21		2,573,340		0.00		1.15		1.90		28.38		29.34

SAST SA Wellington Government and Quality Bond Portfolio Class 3		274,099		12.03		13.27		3,544,138		2.42		1.15		1.90		5.04		5.83

SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		108,020		12.03		12.19		1,310,975		0.00		1.15		1.55		17.05		17.52

T Rowe Price Retirement 2015 Advisor Class		10,854,083		1.27		1.31		13,841,732		2.12		0.40		1.00		15.89		16.59

T Rowe Price Retirement 2020 Advisor Class		29,266,464		1.31		1.35		38,509,988		2.08		0.40		1.00		17.86		18.57

T Rowe Price Retirement 2025 Advisor Class		33,703,359		1.35		1.39		45,529,793		2.03		0.40		1.00		19.47		20.18

T Rowe Price Retirement 2030 Advisor Class		33,984,792		1.38		1.42		46,962,385		1.89		0.40		1.00		21.01		21.74

T Rowe Price Retirement 2035 Advisor Class		24,574,806		1.40		1.44		34,509,621		1.73		0.40		1.00		22.22		22.95

T Rowe Price Retirement 2040 Advisor Class		24,778,213		1.42		1.46		35,248,410		1.61		0.40		1.00		23.13		23.87

T Rowe Price Retirement 2045 Advisor Class		18,428,906		1.43		1.47		26,407,559		1.54		0.40		1.00		23.78		24.52

T Rowe Price Retirement 2050 Advisor Class		15,419,391		1.43		1.47		22,087,120		1.50		0.40		1.00		23.85		24.60

T Rowe Price Retirement 2055 Advisor Class		7,256,580		1.43		1.47		10,389,997		1.62		0.40		1.00		23.85		24.60

T Rowe Price Retirement 2060 Advisor Class		4,805,934		1.43		1.47		6,884,423		1.60		0.40		1.00		23.77		24.52

VALIC Company I Asset Allocation Fund		17,063,207		1.50		1.81		152,036,602		1.54		0.40		1.85		13.21		14.86

VALIC Company I Dividend Value Fund		250,653,175		2.09		2.25		998,859,608		1.74		0.40		1.85		21.25		23.02

VALIC Company I Dynamic Allocation Fund		127,676,637		1.45		1.60		195,246,176		1.34		0.40		1.85		18.16		19.83

VALIC Company I Emerging Economies Fund		680,723,908		0.84		1.05		761,121,782		1.68		0.40		1.85		18.09		19.82

VALIC Company I Global Real Estate Fund		264,357,969		1.63		1.85		461,704,005		3.53		0.40		1.85		22.22		24.01

VALIC Company I Global Strategy Fund		154,123,488		1.37		1.63		324,039,700		2.34		0.40		1.85		7.89		9.46

VALIC Company I Government Money Market I Fund		149,254,389		0.88		1.02		294,755,564		1.81		0.40		1.85		-0.19		1.27

VALIC Company I Government Securities Fund		27,421,737		1.09		1.38		102,656,838		2.28		0.40		1.85		4.55		6.07

VALIC Company I Growth Fund		473,995,472		2.53		2.73		1,386,020,941		0.38		0.40		1.85		29.46		31.35

VALIC Company I Inflation Protected Fund		436,272,703		1.08		1.12		609,656,940		1.65		0.00		1.85		6.67		8.66

VALIC Company I International Equities Index Fund		508,291,382		1.06		1.26		1,171,220,482		3.13		0.40		1.85		19.07		20.81

VALIC Company I International Government Bond Fund		34,050,414		1.05		1.42		111,778,746		1.64		0.40		1.85		6.75		8.31

VALIC Company I International Growth Fund		119,937,045		1.50		1.61		477,189,141		0.66		0.40		1.85		30.21		32.11

VALIC Company I International Socially Responsible Fund		49,476,454		1.82		1.96		389,059,564		1.83		0.40		1.85		23.67		25.48

VALIC Company I International Value Fund		473,244,377		1.03		1.13		664,065,620		2.97		0.00		1.85		14.29		16.42

VALIC Company I Large Capital Growth Fund		167,843,700		2.52		2.56		523,947,434		0.57		0.40		1.85		37.39		39.40

VALIC Company I Mid Cap Index Fund		138,158,296		2.16		2.53		3,306,910,919		1.36		0.40		1.85		23.41		25.21

VALIC Company I Mid Cap Strategic Growth Fund		92,728,090		2.18		2.27		310,849,990		0.01		0.40		1.85		35.21		37.18

VALIC Company I Nasdaq-100 Index Fund		224,185,309		3.53		3.97		525,497,310		0.40		0.40		1.85		36.12		38.11

VALIC Company I Science & Technology Fund		151,321,215		3.27		3.72		1,461,021,893		0.00		0.40		1.85		36.91		38.91

VALIC Company I Small Cap Index Fund		132,602,546		2.01		2.23		1,068,664,273		1.17		0.40		1.85		22.85		24.65

VALIC Company I Small Cap Special Values Fund		93,293,434		2.10		2.24		221,428,735		1.35		0.40		1.85		26.33		28.18

VALIC Company I Stock Index Fund		357,451,782		2.55		122.62		4,761,735,529		1.59		0.33		1.85		28.69		30.66

VALIC Company I Systematic Core Fund		22,687,108		2.14		2.30		125,410,214		0.91		0.40		1.85		28.24		30.11

VALIC Company I Systematic Growth Fund		256,689,601		1.87		3.16		843,507,344		0.00		0.00		1.85		27.46		29.84

VALIC Company I Systematic Value Fund		18,994,803		2.10		2.12		45,589,977		1.39		0.40		1.85		21.52		23.29

Vanguard LifeStrategy Conservative Growth Fund Investor Shares		43,157,078		1.41		1.63		105,758,963		2.71		0.65		2.10		13.28		14.93

Vanguard LifeStrategy Growth Fund Investor Shares		93,285,134		1.76		1.77		277,459,358		2.50		0.65		2.10		20.57		22.33

Vanguard LifeStrategy Moderate Growth Fund Investor Shares		99,358,657		1.59		1.73		275,243,880		2.61		0.65		2.10		16.89		18.59

Vanguard Long-Term Investment-Grade Fund Investor Shares		81,725,783		1.65		2.31		343,172,621		4.10		0.40		1.85		18.20		19.94

Vanguard Long-Term Treasury Fund Investor Shares		54,380,180		1.49		2.05		211,010,282		2.66		0.40		1.85		12.04		13.68

SEPARATE ACCOUNT A

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2019								For the Year Ended December 31, 2019
			Unit Value ($)^(a)(f)				Net		Investment Income		Expense Ratio (%)^(d)(f)				Total Return (%)^(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)^(b)		Ratio (%)^(c)		Lowest		Highest		Lowest		Highest

Vanguard Wellington Fund Investor Shares		378,315,651		1.47		1.92		2,016,437,580		2.67		0.00		2.10		19.96		22.51
Vanguard Windsor II Fund Investor Shares		333,368,130		2.01		2.18		1,729,153,856		2.15		0.65		2.10		26.35		28.19

(a)	Because the unit values are presented as a range of lowest to highest, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract unit values are not within the ranges presented.

(b)	These amounts represent the net asset value before adjustments allocated to the contracts in payout period.

(c)

These amounts represent the dividends, excluding distributions of capital gains, received by the sub-account from the Funds, net of management fees assessed by the portfolio manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-account is affected by the timing of the declaration of dividends by the Funds in which the sub-account invests. The average net assets are calculated using the net asset balances at the beginning and end of the year. If there are no assets at either the beginning or end of the year, the asset balance of the first or last day the sub-account had assets is used.

(d)

These amounts represent the annualized contract expenses of the sub-account, consisting of distribution, mortality and expense charges, for each period indicated. The ratios include only those expenses that result in direct reduction to unit values. Charges made directly to contract owners account through the redemption of units and expenses of the Funds have been excluded. For additional information on charges and deductions, see Note 4.

(e)

These amounts represent the total return for the periods indicated, including changes in the value of the Funds, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each of the periods indicated or from the effective date through the end of the reporting period. Because the total return is presented as a range of minimum and maximum values, based on the product grouping representing the minimum and maximum expense ratios, some individual contract total returns are not within the ranges presented.

(f)	A blank in the lowest unit value, lowest expense ratio and lowest total return columns indicates that the lowest value is the same as the highest value.

7.	Subsequent Events

Management considered Separate Accounts related events and transactions that occurred after the date of the Statement of Assets and Liabilities, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that required additional disclosures. Management has evaluated events through the date the financial statements were issued.

The Variable Annuity Life Insurance Company

(An indirect wholly owned subsidiary of Corebridge Financial, Inc.)

Statutory Financial Statements and

Supplemental Information and

Report of Independent Auditors

At December 31, 2023 and 2022 and

for each of the three years ended December 31, 2023

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

TABLE OF CONTENTS


STATUTORY FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION	Page

Report of Independent Auditors		2

Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus at December 31, 2023 and 2022		4

Statutory Statements of Operations for the Years Ended December 31, 2023, 2022 and 2021		6

Statutory Statements of Changes in Capital and Surplus for the Years Ended December 31, 2023, 2022 and 2021		7

Statutory Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021		8

Notes to Statutory Financial Statements		9

Supplemental Schedule of Selected Financial Data		62

Supplemental Investment Risks Interrogatories		64

Supplemental Summary Investment Schedule		70

Supplemental Schedule of Reinsurance Disclosures		71

Report of Independent Auditors

To the Board of Directors and Shareholder of The Variable Annuity Life Insurance Company

Opinions

We have audited the accompanying statutory financial statements of The Variable Annuity Life Insurance Company (the “Company”), which comprise the statutory statements of admitted assets, liabilities and capital and surplus as of December 31, 2023 and 2022, and the related statutory statements of operations, of changes in capital and surplus, and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities and capital and surplus of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in accordance with the accounting practices prescribed or permitted by the Texas Department of Insurance described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the accompanying financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2023 and 2022, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2023.

Basis for Opinions

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 2 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the Texas Department of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Texas Department of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the financial statements are available to be issued.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with US GAAS, we:

•

Exercise professional judgment and maintain professional skepticism throughout the audit.

•

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

•

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Supplemental Information

Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental schedule of selected financial data, investment risks interrogatories, summary investment schedule, and schedule of reinsurance disclosures (collectively referred to as the “supplemental schedules”) of the Company as of December 31, 2023 and for the year then ended are presented to comply with the National Association of Insurance Commissioners’ Annual Statement Instructions and Accounting Practices and Procedures Manual and for purposes of additional analysis and are not a required part of the financial statements. The supplemental schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves and other additional procedures, in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements taken as a whole.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 18, 2024

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS


	December 31,
(in millions)	2023		2022
Admitted assets
Cash and investments
Bonds	$	35,788	$	38,055
Preferred stock		9		12
Common stock		242		208
Cash, cash equivalents and short-term investments		39		185
Mortgage loans		7,325		7,407
Real estate		3		4
Contract loans		409		422
Derivatives		287		275
Derivative cash collateral		117		5
Other invested assets		1,944		2,264
Total cash and investments		46,163		48,837
Amounts receivable under reinsurance contracts		15		1
Current federal and foreign income tax recovery		103		(52)
Deferred tax asset		200		213
Due and accrued investment income		528		498
Receivables from affiliates		273		256
Other assets		49		32
Separate account assets		38,880		34,816
Total admitted assets	$	86,211	$	84,601

See accompanying Notes to Statutory Financial Statements.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS (CONTINUED)


	December 31,
(in millions, except for share data)	2023		2022
Liabilities
Policy reserves and contractual liabilities
Life and annuity reserves	$	36,031	$	37,550
Liabilities for deposit-type contracts		6,193		6,890
Total policy reserves and contractual liabilities		42,224		44,440
Payable to affiliates		133		143
Interest maintenance reserve		7		16
Amounts withheld or retained by Company as agent or trustee and held for agents’ account		28		26
Federal income taxes payable		—		239
Derivatives		(7)		—
Repurchase agreements		852		1,291
Collateral for derivatives program		277		287
Accrued expenses and other liabilities		423		293
Net transfers to (from) separate accounts due or accrued		78		(106)
Asset valuation reserve		779		801
Separate account liabilities		38,880		34,816
Total liabilities		83,674		82,246
Commitments and contingencies (see Note 20)

Capital and surplus
Common stock, $1 par value; 5,000,000 shares authorized, 3,575,000 issued and outstanding		4		4
Gross paid-in and contributed surplus		2,298		2,298
Unassigned surplus		235		53
Total capital and surplus		2,537		2,355
Total liabilities and capital and surplus	$	86,211	$	84,601

See accompanying Notes to Statutory Financial Statements.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF OPERATIONS


	December 31,
(in millions)	2023		2022		2021
Revenues
Premiums and annuity considerations	$	3,580	$	(19,033)	$	3,954
Net investment income		2,022		2,162		2,118
Amortization of interest maintenance reserve		(1)		14		21
Reserve adjustments on reinsurance ceded		(3,424)		22,023		(108)
Commissions and expense allowances		549		460		—
Separate account fees		389		410		456
Other income		215		228		266
Total revenues		3,330		6,264		6,707
Benefits and expenses
Annuity benefits		305		691		791
Surrender benefits		4,935		5,833		6,392
Other benefits		202		169		272
Change in reserves		(1,519)		(531)		(9)
Commissions		167		154		155
General insurance expenses		407		382		395
Net transfers to (from) separate accounts		(1,985)		(1,711)		(2,370)
Other expenses		494		225		138
Total benefits and expenses		3,006		5,212		5,764
Net gain from operations before dividends to policyholders and federal income taxes		324		1,052		943

Dividends to policyholders		—		—		—
Net gain from operations after dividends to policyholders and before federal income taxes		324		1,051		943

Federal income tax (benefit) expense		(73)		301		272
Net gain from operations		397		750		671

Net realized capital gains (losses), net of tax after transfers to interest maintenance reserves		(50)		(98)		17
Net income	$	347	$	652	$	688

See accompanying Notes to Statutory Financial Statements.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS


(in millions)	Common Stock		Other Than Special Surplus (Deficit) Funds			Gross Paid- In and Contributed Surplus		Unassigned Surplus			Total Capital and Surplus
Balance, January 1, 2021	$	4	$	(3	)	$	2,263	$	641		$	2,905
Net income (loss)		—		—			—		688			688
Change in net unrealized capital gains (losses)		—		—			—		194			194
Change in net unrealized foreign exchange capital gains (losses)		—		—			—		(77	)		(77	)
Change in deferred tax		—		—			—		142			142
Change in non-admitted assets		—		—			—		(92	)		(92	)
Change in asset valuation reserve		—		—			—		(56	)		(56	)
Change in surplus from separate accounts		—		—			—		11			11
Other changes in surplus in separate accounts		—		—			—		(11	)		(11	)
Dividends		—		—			—		(394	)		(394	)
Disposition of investment		—		—			—		1			1
Other Changes		—		3			—		—			3
Prior period corrections		—		—			—		(34	)		(34	)
Balance, December 31, 2021	$	4	$	—		$	2,263	$	1,013		$	3,280
Net income (loss)		—		—			—		652			652
Change in net unrealized capital gains (losses)		—		—			—		70			70
Change in net unrealized foreign exchange capital gains (losses)		—		—			—		(173	)		(173	)
Change in deferred tax		—		—			—		(153	)		(153	)
Change in non-admitted assets		—		—			—		199			199
Change in asset valuation reserve		—		—			—		(1	)		(1	)
Change in surplus from separate accounts		—		—			—		21			21
Other changes in surplus in separate accounts		—		—			—		(21	)		(21	)
Additional paid-in surplus		—		—			34		—			34
Change in surplus as a result of reinsurance									1,166			1,166
Dividends		—		—			—		(2,700	)		(2,700	)
Prior period corrections		—		—			—		(20	)		(20	)
Balance, December 31, 2022	$	4	$	—		$	2,297	$	53		$	2,354
Net income (loss)		—		—			—		347			347
Change in net unrealized capital gains (losses)		—		—			—		10			10
Change in net unrealized foreign exchange capital gains (losses)		—		—			—		92			92
Change in deferred tax		—		—			—		(10	)		(10	)
Change in non-admitted assets		—		—			—		(41	)		(41	)
Change in asset valuation reserve		—		—			—		23			23
Change in surplus from separate accounts		—		—			—		15			15
Other changes in surplus in separate accounts		—		—			—		(15	)		(15	)
Additional paid-in surplus		—		—			—		—			—
Change in surplus as a result of reinsurance		—		—			—		(229	)		(229	)
Dividends		—		—			—		—			—
Prior period corrections		—		—			—		(10	)		(10	)
Balance, December 31, 2023	$	4	$	—		$	2,297	$	235		$	2,536

See accompanying Notes to Statutory Financial Statements.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CASH FLOWS


	December 31,
(in millions)	2023		2022		2021
Cash from operations
Premium and annuity considerations, collected, net of reinsurance	$	3,580	$	3,892	$	3,954
Net investment income collected		1,778		1,987		2,121
Other income		(2,270)		196		614
Total revenue received		3,088		6,075		6,689
Benefits paid		5,506		6,548		7,455
Net transfers from (to) separate accounts		(2,379)		(1,810)		(2,353)
Commissions and expenses paid		1,066		739		687
Federal income taxes paid		316		47		304
Total benefits and expenses paid		4,509		5,524		6,093
Net cash provided by operations		(1,421)		551		596
Cash from investments
Proceeds from investments sold, matured or repaid:
Bonds		2,701		3,599		5,890
Stocks		14		26		15
Mortgage loans		691		2,662		694
Other invested assets		637		987		593
Disposal - Net gain (loss)		2		—		—
Securities lending reinvested collateral assets		—		551		151
Total proceeds from investments sold, matured or repaid		4,045		7,825		7,343
Cost of investments acquired:
Bonds		339		3,137		6,731
Stocks		3		53		6
Mortgage loans		561		3,494		465
Other invested assets		403		1,081		891
Securities lending reinvested collateral assets		—		—		(832)
Derivatives		123		(66)		—
Other, net		—		—		3
Total cost of investments acquired		1,429		7,699		7,264
Net adjustment in contract loans		(13)		(36)		(59)
Net cash provided by (used in) investing activities		2,629		162		138
Cash from financing and miscellaneous sources
Cash provided (applied):
Net deposits on (withdrawals from) deposit-type contracts		(840)		(87)		120
Dividends to parent		—		(2,700)		(394)
Change in securities lending		—		(763)		(716)
Other, net		(514)		3,082		225
Net cash provided by (used in) financing and miscellaneous activities		(1,354)		(468)		(765)
Net increase (decrease) in cash, cash equivalents and short-term investments		(146)		245		(31)
Cash, cash equivalents and short-term investments at beginning of year		185		(61)		(30)
Cash, cash equivalents and short-term investments at end of year	$	39	$	184	$	(61)

Non-cash activities, excluded from above:
Non-cash transfer from separate to general account	$	212	$	—	$	—
Non-cash transfer from collateral other invested assets to bonds		100		—		—
Non-cash transfer Modco adjustment on ceded reinsurance		—		(22,924)		—
Non-cash Fortitude Re settlement		—		—		26
Non-cash transfer from other invested assets to mortgage loans		20		260		2
Non-cash contribution to subsidiary		—		34		—
Non-cash return of capital from other invested assets to VALIC		—		2		—
Non-cash transfer from Other Invested Assets to Stocks		1		—		—

See accompanying Notes to Statutory Financial Statements.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

1. NATURE OF OPERATIONS

The Variable Annuity Life Insurance Company (“VALIC” or the “Company”) is a wholly owned subsidiary of AGC Life Insurance Company (“AGC Life” or the “Parent”), a Missouri-domiciled life insurance company, which is wholly owned by Corebridge Life Holdings, Inc. (formerly known as AIG Life Holdings, Inc.) (“Corebridge Life Holdings”). Corebridge Life Holdings is wholly owned by Corebridge Financial, Inc. (“Corebridge”), which American International Group, Inc. (“AIG”) owns 52.2% of their outstanding common stock as of December 31, 2023. AIG is a holding company, which through its subsidiaries provides a wide range of property casualty insurance, life insurance, retirement products and other financial services to commercial and individual customers in more than 190 countries and jurisdictions. The term “AIG” means American International Group, Inc. and not any of AIG’s consolidated subsidiaries.

The Company is a stock life insurance company domiciled and licensed under the laws of the State of Texas and is subject to regulation by the Texas Department of Insurance (“TDI”). The Company is also subject to regulation by the states in which it is authorized to transact business. The Company is licensed in 50 states and the District of Columbia.

The Company is a leading provider in the United States of individual term and universal life insurance solutions to middle-income and high-net-worth customers, as well as a leading provider in the United States of fixed and variable annuities. VALIC’s primary products include fixed and variable annuities, and mutual funds and plan administrative and compliance services. The Company utilizes career financial advisors and independent financial advisors to provide retirement plan participants with enrollment support and comprehensive financial planning services. No annual annuity deposits for any individual advisor in 2023 or 2022 represented more than 10 percent of total annuity deposits.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the TDI. These accounting practices vary in certain respects from accounting principles generally accepted in the United States of America (“U.S. GAAP”), as described herein.

The TDI recognizes only statutory accounting practices (“SAP”) prescribed or permitted by the State of Texas for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under the Texas Insurance Law. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual (“NAIC SAP”) has been adopted as a component of prescribed or permitted practices by the State of Texas.

The Company does not employ any prescribed or permitted accounting practices that differ from the NAIC SAP.

Certain prior year amounts have been reclassified to conform to the current year presentation.

The statement of cash flows in this report has balances that are different from those in the annual statement filed with the NAIC. The annual statement for 2023 had net cash provided by operations, investments and financing of $(1.5) billion, $2.8 billion and $(1.4) billion, respectively, while this report has $(1.4) billion, $2.6 billion and $(1.4) billion, respectively.

Use of Estimates

The preparation of financial statements in conformity with accounting practices prescribed or permitted by the TDI requires management to make estimates and assumptions that affect the reported amounts in the statutory financial statements and the accompanying notes. It also requires disclosure of contingent assets and liabilities at the date of the statutory financial statements and the reported amounts of revenue and expense during the period. The areas of significant judgments and estimates include the following:

•

application of other-than-temporary impairments;

•

estimates with respect to income taxes, including recoverability of deferred tax assets;

•

fair value measurements of certain financial assets; and

•

policy reserves for life, annuity and accident and health insurance contracts, including guarantees.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, the Company’s Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus, Statutory Statements of Operations and Statutory Statements of Cash Flows could be materially affected.

Significant Accounting Policies

Bonds not backed by other loans are carried at amortized cost except for those with a NAIC designation of “6” or “6*”. Bonds with a NAIC 6 designation are carried at the lower of amortized cost or fair value, with unrealized losses charged directly to unassigned surplus. Bonds that have not been filed and have not received a designation in over one year from the NAIC’s Investment Analysis Office (“IAO”) receive a “6*” designation and are carried at zero, with the unrealized loss charged directly to unassigned surplus. Bonds filed with the IAO which receive a “6*” designation may carry a value greater than zero. Securities are assigned a NAIC 5* designation if the Company certifies that (1) the documentation necessary to permit a full credit analysis does not exist, (2) the issuer or obligor is current on all contracted interest and principal payments and (3) the Company has an actual expectation of ultimate repayment of all contracted interest and principal. Securities with NAIC 5* designations are deemed to possess the credit characteristics of securities assigned a NAIC 5 designation. The discount or premium on bonds is amortized using the effective yield method.

Loan-backed and structured securities (“LBaSS”) include residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”), asset-backed securities (“ABS”), pass-thru securities, lease-backed securities, equipment trust certificates, loan-backed securities issued by special purpose corporations or trusts, and securities where there is not direct recourse to the issuer. LBaSS are carried on a basis consistent with that of bonds not backed

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

by loans. Income recognition for LBaSS is determined using the effective yield method and estimated cash flows. Prepayment assumptions for single-class and multi-class mortgage-backed securities (“MBS”) and ABS were obtained from an outside vendor or internal estimates. The Company uses independent pricing services and broker quotes in determining the fair value of its LBaSS. The Company uses the retrospective adjustment method to account for the effect of unscheduled payments affecting high credit quality securities, while securities with less than high credit quality and securities for which the collection of all contractual cash flows is not probable are both accounted for using the prospective adjustment method.

Reference to “non-rated residual tranches or interests” intends to capture securitization tranches, beneficial interests, interests of structured finance investments, as well as other structures, that reflect loss layers without contractual interest or principal payments. Payments to holders of these investments occur after contractual interest and principal payments have been made to other tranches or interests and are based on the remaining available funds. Although payments to holders can occur throughout an investment’s duration (and not just at maturity), such instances still reflect the residual amount permitted to be distributed after other holders have received contractual interest and principal payments.

NAIC designations are determined with a multi-step approach. The initial designation is used to determine the carrying value of the security. The final NAIC designation is used for reporting and affects risk-based capital (“RBC”). The final NAIC designation is determined for most RMBS and CMBS by financial modeling conducted by BlackRock. For credit tenant loans, equipment trust certificates, any corporate-like securities rated by the IAO, interest-only securities, and those securities with an original NAIC designation of 5, 5*, 6, or 6*, the final NAIC designation is based on the IAO or Credit Rating Provider rating and is not subject to financial modeling.

Redeemable preferred stocks with NAIC designations of “1” through “3” are carried at amortized cost. All other redeemable preferred stocks are stated at the lower of cost, amortized cost or fair value, with unrealized capital losses charged directly to unassigned surplus. Perpetual preferred stocks are valued at fair value, not to exceed any currently effective call price. Provisions made for impairment are recorded as realized capital losses when declines in fair value are determined to be other than temporary.

Unaffiliated common stocks are carried at fair value, with unrealized capital gains and losses credited or charged directly to unassigned surplus. Provisions made for impairment are recorded as realized capital losses when declines in fair value are determined to be other than temporary. For Federal Home Loan Bank (“FHLB”) capital stock, which is only redeemable at par, the fair value shall be presumed to be par, unless considered other-than-temporarily impaired.

Subsidiary, controlled, and affiliated (“SCA”) entities: The Company has no investments in insurance SCA entities.

Investments in non-insurance SCA entities are recorded based on the equity of the investee per audited financial statements prepared pursuant to U.S. GAAP, which is adjusted to a statutory basis of accounting, if applicable. All investments in non-insurance SCA entities for which audited U.S. GAAP financial statements are not available are non-admitted as assets. Undistributed equity in earnings of affiliates is included in unassigned surplus as a component of unrealized capital gains or losses. Dividends received from such affiliates are recorded as investment income when declared.

Mortgage and mezzanine real estate loans are carried at unpaid principal balances less allowances for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on performing loans is accrued as earned.

Mortgage and mezzanine real estate loans are considered impaired when collection of all amounts due under contractual terms is not probable. Impairment is measured using either i) the present value of expected future cash flows discounted at the loan’s effective interest rate, ii) the loan’s observable market price, if available, or iii) the fair value of the collateral if the loan is collateral dependent. An allowance is typically established for the difference between the impaired value of the loan and its current carrying amount. Additional allowance amounts are established for incurred but not specifically identified impairments, based on statistical models primarily driven by past due status, debt service coverage, loan-to-value ratio, property occupancy, profile of the borrower and of the major property tenants, and economic trends in the market where the property is located. When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance.

Real estate consists of properties occupied by the Company, properties held for the production of income and properties held for sale. Properties occupied by the Company and held for the production of income are carried at

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

depreciated cost, less encumbrances, unless events or circumstances indicate the carrying amount of the asset (amount prior to reduction for encumbrances) may not be recoverable. Properties held for sale are carried at the lower of its depreciated cost or fair value less estimated costs to sell the property and net of encumbrances. Real estate obtained through foreclosure, in satisfaction of a loan, is recorded at the time of foreclosure at the lower of fair value as determined by acceptable appraisal methodologies, or the carrying amount of the related loan. Land is reported at cost.

Cash, cash equivalents and short-term investments include cash on hand and amounts due from banks, highly liquid debt instruments that have original maturities within one year of date of purchase and are carried at amortized cost, interest-bearing money market funds, investment pools and other investments with original maturities within one year from the date of purchase.

Contract loans are carried at unpaid balances, which include unpaid principal plus accrued interest, including 90 days or more past due. All loan amounts in excess of the contract cash surrender value are considered non-admitted assets.

Derivative instruments used in hedging transactions that meet the criteria of a highly effective hedge are reported in a manner consistent with the hedged asset or liability (“hedge accounting”). Changes in statement value or cash flow of derivatives that qualify for hedge accounting are recorded consistently with how the changes in the statement value or cash flow of the hedged asset or liability are recorded. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge (“ineffective hedges”) are accounted for at fair value and the changes in fair value are recorded as unrealized gains or losses.

Starting in 2022, the Company designated, under Statement of Statutory Accounting Principles (“SSAP”) 86, Derivatives, certain foreign exchange derivatives as effective hedges of certain invested assets. Effective December 31, 2023, the Company elected fair value hedge accounting for the hedge of a portfolio of similar assets using the “portfolio layer method.” The portfolio layer method represents a new method of achieving hedge accounting that had recently been adopted for statutory reporting purposes pursuant to guidance in SSAP 86.

Other invested assets principally consist of investments in limited partnerships and limited liability companies. Investments in these assets, except for joint ventures, partnerships and limited liability companies with a minor ownership interest, are reported using the equity method. Under SAP, such investments are generally reported based on audited U.S. GAAP equity of the investee, with subsequent adjustment to a statutory basis of accounting, if applicable.

Joint ventures, partnerships and limited liability companies in which the Company has a minor ownership interest (i.e., less than 10 percent) or lacks control, are generally recorded based on the underlying audited U.S. GAAP equity of the investee, with some prescribed exceptions. SAP allows the use of (a) the U.S. GAAP equity as set forth in the footnote reconciliation of foreign GAAP equity and income to U.S. GAAP within audited foreign GAAP financial statements or (b) the International Financial Reporting Standards (“IFRS”) basis equity in audited IFRS financial statements as an acceptable basis for the valuation of minor/non-controlled investments. The audited U.S. tax basis equity may also be used in certain circumstances.

All other investments in entities for which audited U.S. GAAP financial statements, or another acceptable audited basis of accounting as described above were not available have been non-admitted as assets. Undistributed accumulated earnings of such entities are included in unassigned surplus as a component of unrealized capital gains or losses. Distributions received that are not in excess of the undistributed accumulated earnings are recognized as investment income. Impairments that are determined to be other than temporary are recognized as realized capital losses.

Securities lending and repurchase agreements: The Company has a securities lending program, which was approved by its Board of Directors, and lends securities from its investment portfolio to supplement liquidity or for other uses as deemed appropriate by management. Under the program, securities are lent to financial institutions, and in return the Company receives cash as collateral equal to 102 percent of the fair value of the loaned securities. The cash collateral received is invested in cash and/or short-term investments that may be sold or repledged or partially used for short-term liquidity purposes based on conservative cash flow forecasts. Securities lent by the Company under these transactions may be sold or repledged by the counterparties. The liability for cash collateral received would be reported in payable for securities lending in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus. The Company monitors the fair value of securities loaned and obtains additional collateral as necessary. At the termination of the transactions, the Company and its counterparties are obligated to return the collateral provided and the securities lent, respectively. These transactions are treated as secured financing arrangements.

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

In addition, the Company is a party to secured financing transactions involving securities sold under agreements to repurchase (repurchase agreements), in which the Company transfers securities in exchange for cash, with an agreement by the Company to repurchase the same or substantially similar securities on agreed upon dates specified in the agreements.

Investment income due and accrued is non-admitted from investment income for bonds and other invested assets when collection of interest is overdue by more than 90 days, or is uncertain, and for mortgage loans when loans are foreclosed, or delinquent in payment for greater than 180 days, or when collection of interest is uncertain.

Net realized capital gains and losses, which are determined by using the specific identification method, are reflected in income net of applicable federal income taxes and transfers to the interest maintenance reserve.

The Company regularly evaluates its investments for other-than-temporary impairment (“OTTI”) in value. The determination that a security has incurred an OTTI in value and the amount of any loss recognition requires the judgment of the Company’s management and a continual review of its investments. For bonds, other than LBaSS, an OTTI shall be considered to have occurred if it is probable that the Company will not be able to collect all amounts due under the contractual terms in effect at the acquisition date of the debt security. If it is determined an OTTI has occurred, the cost basis of bonds are written down to fair value and the amount of the write-down is recognized as a realized capital loss.

For LBaSS, a non-interest related OTTI resulting from a decline in value due to fundamental credit problems of the issuer is recognized when the projected discounted cash flows for a particular security are less than its amortized cost. When a non-interest related OTTI occurs, the LBaSS is written down to the present value of future cash flows expected to be collected. An OTTI is also deemed to have occurred if the Company intends to sell the LBaSS or does not have the intent and ability to retain the LBaSS until recovery. If the decline is interest-related, the LBaSS is written down to fair value.

In periods subsequent to the recognition of an OTTI loss, the Company generally accretes the difference between the new cost basis and the future cash flows expected to be collected, if applicable, as interest income over the remaining life of the security based on the amount and timing of estimated future cash flows.

Non-admitted assets are excluded from admitted assets and the change in the aggregate amount of such assets is reflected as a separate component of unassigned surplus. Non-admitted assets include all assets specifically designated as non-admitted and assets not designated as admitted, such as a certain portion of DTAs, prepaid expenses, electronic data processing (“EDP”) equipment assets, agents’ balances or other receivables over 90 days. Non-admitted assets were $700 million and $659 million at December 31, 2023 and 2022, respectively.

Interest maintenance reserve (“IMR”) is calculated based on methods prescribed by the NAIC and was established to prevent large fluctuations in interest-related investment gains and losses resulting from sales (net of taxes) and interest-related OTTI (net of taxes). IMR applies to all types of fixed maturity investments, including bonds, preferred stocks, MBS, ABS and mortgage loans. An OTTI occurs when the Company, at the reporting date, has the intent to sell an investment or does not have the intent and ability to hold the security before recovery of the cost of the investment. For LBaSS, if the Company recognizes an interest-related OTTI, the non-interest-related OTTI is recorded to the asset valuation reserve, and the interest-related portion to IMR. Such gains and losses are deferred into the IMR and amortized into income using the grouped method over the remaining contractual lives of the securities sold.

Asset valuation reserve (“AVR”) is used to stabilize surplus from fluctuations in the market value of bonds, stocks, mortgage loans, real estate, limited partnerships and other investments. Changes in the AVR are recorded as direct increases or decreases in surplus.

Separate account assets and liabilities generally represent funds for which the contract holder, rather than the Company, bears the investment risk. Separate account contract holders have no claim against the assets of the general account of the Company, except for certain guaranteed products. Separate account assets are generally reported at fair value. In addition, certain products with fixed guarantees and market-value-adjusted (“MVA”) fixed annuity contracts in which the assets are generally carried at amortized cost are required by certain states to be carried in a separate account. The operations of the separate accounts are excluded from the Statutory Statements of Operations and Statutory Statements of Cash Flows of the Company. The Company receives fees for assuming mortality and certain expense risks. Such fees are included in separate account fees in the Statutory Statements of Operations. Reserves for variable annuity contracts are provided in accordance with the Variable Annuity Commissioners’ Annuity Reserve

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Valuation Method (“VACARVM”) under subsection 21 of the Valuation Manual (“VM-21”). Reserves for variable universal life accounts are provided in accordance with subsection 20 of the Valuation Manual (“VM-20”) for new business issued beginning in 2020, and in accordance with the Commissioners’ Reserve Valuation Method (“CRVM”) for policies issued prior to 2020.

Policy reserves are established according to different methods.

Life, annuity, and health reserves are developed by actuarial methods and are generally determined based on published tables using specified interest rates, mortality or morbidity assumptions, and valuation methods prescribed or permitted by statutes that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash values or the amounts required by the TDI.

Principle-based reserving (“PBR”) is designed to tailor the reserving process to more closely reflect the risks of specific products, rather than the previous prescribed approach. Reserve requirements for the Company’s life insurance policies issued after January 1, 2020 are contained in VM-20, Requirements for Principle-Based Reserves for Life Products, policies issued prior to 2020 are reserved for using the CRVM. Under VM-20, these reserves are generally more sensitive to changes in actuarial assumptions.

The Company waives the deduction of deferred fractional premiums on the death of the life and annuity policy insured and returns any premium beyond the date of death. The Company reported additional reserves for surrender values in excess of the corresponding policy reserves.

The Company performs annual cash flow testing in accordance with the Actuarial Opinion and Memorandum Regulation to ensure adequacy of the reserves. Additional reserves are established where the results of cash flow testing under various interest rate scenarios indicate the need for such reserves or where the net premiums exceed the gross premiums on any insurance in force. Total cash flow testing reserves were $117 million and $46 million at December 31, 2023 and 2022, respectively.

A majority of the Company’s variable annuity products are issued with a guaranteed minimum death benefit (“GMDB”) which provides that, upon the death of a contractholder, the contractholder’s beneficiary will receive the greater of (1) the contractholder’s account value, or (2) a GMDB that varies by product. Depending on the product, the GMDB may equal the principal invested, adjusted for withdrawals; or the greatest contract value, adjusted for withdrawals, at the specified contract anniversaries; or the principal invested, adjusted for withdrawals, accumulated at the specified rate per annum. These benefits have issue age and other restrictions to reduce mortality risk exposure. The Company bears the risk that death claims following a decline in the financial markets may exceed contract holder account balances, and that the fees collected under the contract are insufficient to cover the costs of the benefit to be provided. Death benefits on GMDB policies generally reduce on a proportional basis or on a dollar-for-dollar basis when a partial withdrawal occurs.

Reserves for GMDB benefits are included in the VACARVM reserve. PBR is designed to tailor the reserving process to more closely reflect the risks of specific products, rather than the factor-based approach typically employed historically. Variable Annuity (“VA”) reserving requirements are contained in VM-21, Reserves for Variable Requirements for Principle-Based Annuities.

Life policies underwritten as substandard are charged extra premiums. Reserves are computed for a substandard policy by adding the reserve for an otherwise identical non-substandard policy plus a factor times the extra premium charge for the year. The factor varies by duration, type of plan, and underwriting. In addition, an extra mortality reserve is reported for ordinary life insurance policies classified as group conversions. Substandard structured settlement annuity reserves are determined by making a constant addition to the mortality rate of the applicable valuation mortality table so that the life expectancy on the adjusted table is equal to the life expectancy determined by the Company’s underwriters at issue.

Tabular interest, tabular less actual reserves released, and tabular cost have been determined by formula, except for universal life insurance and deferred annuity reserves, which include fund accumulations for which tabular interest has been determined from basic data. For the determination of tabular interest on funds not involving life contingencies, the actual credited interest is used.

Liabilities for deposit-type contracts, which include supplementary contracts without life contingencies and annuities certain, are based on the discounting of future payments at an annual statutory effective rate. Tabular interest on other funds not involving life contingencies is based on the interest rate at which the liability accrues.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Policy and contract claims represent the ultimate net cost of all reported and unreported claims incurred during the year. Reserves for unpaid claims are estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in claim severity and frequency. The estimates are continually reviewed and adjusted as necessary, as experience develops or new information becomes known; such adjustments are included in current operations.

Reserves for future policy benefits to be paid on life and accident and health policies, incurred in the statement period, but not yet reported, were established using historical data from claim lag experience. The data is aggregated from product specific studies performed on the Company’s business.

Premiums and annuity considerations and related expenses are recognized over different periods. Life premiums are recognized as income over the premium paying periods of the related policies. Annuity considerations are recognized as revenue when received. Premiums for deposit-type products are credited directly to the respective reserves and are not recorded in the Statutory Statement of Operations. Health premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Acquisition costs such as commissions and other expenses related to the production of new business are charged to the Statutory Statements of Operations as incurred.

Reinsurance premiums and benefits paid or provided are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts.

Annuity and deposit-type contract surrender benefits are reported on a cash basis, and include annuity benefits, payments under supplementary contracts with life contingencies, surrenders and withdrawals. Withdrawals from deposit-type contracts directly reduce the liability for deposit-type contracts and are not reported in the Statutory Statements of Operations.

General insurance expenses include allocated expenses pursuant to cost allocation agreements. The Company purchases administrative, accounting, marketing and data processing services from AIG, Corebridge and affiliates and is charged based on estimated levels of usage, transactions or time incurred in providing the respective services. The allocation of costs for investment management services purchased from affiliates is based on the level of assets under management.

Federal income tax expense (benefit) is recognized and computed on a separate company basis pursuant to tax sharing agreements, because the Company is included in the consolidated federal income tax returns of its parent company filing group. For the period prior to the Corebridge initial public offering (the “IPO”) on September 19, 2022, the Company joined in the filing of a consolidated federal income tax return with AIG. For the period following the IPO, the Company will join with AGC Life, American General Life Insurance Company (“AGL”), United States Life Insurance Company in the City of New York (“USL”), and Corebridge Insurance Company of Bermuda, Ltd. (formerly AIG Life of Bermuda, Ltd.) (“Corebridge Bermuda”), in filing a consolidated life company federal income tax return. To the extent that benefits for net operating losses, foreign tax credits, CAMT credits or net capital losses are utilized on a consolidated basis, the Company would recognize tax benefits based upon the amount of those deductions and credits utilized in the consolidated federal income tax return. The federal income tax expense or benefit reflected in the Statutory Statements of Operations represents income taxes provided on income that is currently taxable, but excludes tax on the net realized capital gains or losses.

Income taxes on capital gains or losses reflect differences in the recognition of capital gains or losses on a statutory accounting basis versus a tax accounting basis. The most significant of such differences involve impairments of investments, which are recorded as realized losses in the Statutory Statements of Operations but are not recognized for tax purposes, and the deferral of net capital gains and losses into the IMR for statutory income but not for taxable income. Capital gains and losses on certain related-party transactions are recognized for statutory financial reporting purposes but are deferred for income tax reporting purposes until the security is sold to an outside party.

A deferred tax asset (“DTA”) or deferred tax liability (“DTL”) is included in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus, which reflects the expected future tax consequences of temporary differences between the statement values of assets and liabilities for statutory financial reporting purposes and the amounts used for income tax reporting purposes. The change in the net DTA or DTL is reflected in a separate component of unassigned surplus. Net DTAs are limited in their admissibility.

The CAMT is disregarded when evaluating the need for a valuation allowance for the Company’s non-CAMT DTAs.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Accounting Changes

SSAP No. 86, Derivatives, was revised to adopt with modification derivative guidance from ASU 2017-12, Derivatives and Hedging and ASU 2022-01, Fair Value Hedging – Portfolio Layer Method, to include guidance for the portfolio layer method and partial-term hedges. These revisions were effective January 1, 2023. A partial-term hedge is a hedge for a portion of the time to maturity of a fixed rate asset (liabilities are not included contrary to U.S. GAAP). The portfolio layer method permits reporting entities to designate the portion of a closed portfolio of financial assets, beneficial interests secured by financial assets, or a combination of the two, that is not expected to be prepaid during the hedge period as the hedged item in a fair value hedge.

Substantive changes were made to SSAP 26R, Bonds, SSAP 21R, Other Admitted Assets, and SSAP 43R, Loan-Backed and Structured Securities, effective January 1, 2025. The changes provide a new principle-based bond definition to be used for determining which investments are eligible for reporting on Schedule D as a bond. The changes focus on ensuring appropriate consideration of whether an investment qualifies as an issuer credit obligation or asset-backed security prior to reporting as a bond.

Correction of Errors

SAP requires that corrections of errors related to prior periods be reported as adjustments to unassigned surplus to the extent that they are not material to prior periods.

In 2023, two out-of-period errors were identified and corrected, the largest of which was related to an understatement of reserves for variable annuities due to model implementations in 2022. The total of these corrections decreased unassigned surplus by $11 million.

In 2022, one out-of-period error was identified and corrected, which decreased unassigned surplus by $19 million.

In 2021, two out-of-period errors were identified and corrected, which decreased unassigned surplus by $34 million. The most significant was a tax correction related to 2013-2018.

The Company’s management does not believe these corrections to be material to the Company’s results of operations, financial position, or cash flow for the Company’s previously filed annual statement.

Differences in Statutory Accounting and U.S. GAAP Accounting

The accompanying statutory financial statements have been prepared in accordance with accounting practices prescribed or permitted by the TDI. These accounting practices vary in certain respects from U.S. GAAP. The primary differences between NAIC SAP and U.S. GAAP are as follows.

The objectives of U.S. GAAP differ from the objectives of SAP. U.S. GAAP is designed to measure the entity as a going concern and to produce general purpose financial statements to meet the varying needs of the different users of financial statements. SAP is designed to address the accounting requirements of regulators, who are the primary users of statutory-basis financial statements and whose primary objective is to measure solvency. As a result, U.S. GAAP stresses measurement of earnings and financial condition of a business from period to period, while SAP stresses measurement of the ability of the insurer to pay claims in the future.

Investments. Under SAP, investments in bonds and redeemable preferred stocks are generally reported at amortized cost. However, if bonds are designated category “6” and redeemable preferred stocks are designated categories “4 – 6” by the NAIC, these investments are reported at the lesser of amortized cost or fair value with a credit or charge to unrealized investment gains or losses. For U.S. GAAP, such fixed-maturity investments are designated at purchase as held-to-maturity, trading, or available-for-sale. Held-to-maturity fixed-maturity investments are reported at amortized cost, and the remaining fixed-maturity investments are reported at fair value, with unrealized capital gains and losses reported in operations for those designated as trading and as a component of other comprehensive income for those designated as available-for-sale.

Under SAP, all single- and multi-class MBS or other ABS (e.g., Collateralized Mortgage Obligations (“CMO”) are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium with respect to such securities using either the retrospective or prospective method. For LBaSS, if it is determined that a decline in fair value is other than temporary, the cost basis of the security is written down to the discounted estimated future cash flows. Bonds, other than LBaSS, that are other-than-temporarily impaired are written down to fair value. For U.S. GAAP purposes, all securities, purchased or retained, that represent beneficial interests in

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

securitized assets (e.g., CMO, MBS and ABS securities), other than high credit quality securities, would be adjusted using the prospective method when there is a change in estimated future cash flows. If high-credit quality securities must be adjusted, the retrospective method would be used. For all bonds, if it is determined that a decline in fair value is other-than-temporary, the cost basis of the security would be written down to the discounted estimated future cash flows, while the non-credit portion of the impairment would be recorded as an unrealized loss in other comprehensive income.

Under SAP, when it is probable that the insurer will be unable to collect all amounts due according to the contractual terms of the mortgage agreement, allowances are established for temporarily-impaired mortgage loans based on the difference between the unpaid loan balance and the estimated fair value of the underlying real estate, less estimated costs to obtain and sell. The initial allowance and subsequent changes in the allowance for mortgage loans are charged or credited directly to unassigned surplus rather than as a component of earnings as would be required under U.S. GAAP. If the impairment is other-than-temporary, a direct write down is recognized as a realized loss, and a new cost basis is established. Under U.S. GAAP, an allowance for credit losses is based on the expectation of lifetime credit losses.

Under SAP, joint ventures, partnerships and limited liability companies in which the insurer has a minor ownership interest (i.e., less than 10 percent) or lacks control are generally recorded based on the underlying audited U.S. GAAP basis equity of the investee. Under U.S. GAAP, joint ventures, partnerships and limited liability companies in which the insurer has a significant ownership interest or is deemed to have control are accounted for under the equity method. Where that is not the case, such investments are carried at fair value with changes in fair value recognized in earnings.

Real Estate. Under SAP, investments in real estate are reported net of related obligations; under U.S. GAAP, investments in real estate are reported on a gross basis. Under SAP, real estate owned and occupied by the insurer is included in investments; under U.S. GAAP, real estate owned and occupied by the insurer is reported as an operating asset, and operating income and expenses include rent for the insurer’s occupancy of those properties.

Derivatives. Under SAP, derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are accounted for at fair value with the changes in fair value recorded as unrealized capital gains or losses. Under U.S. GAAP, such derivative instruments are accounted for at fair value with the changes in fair value recorded as realized capital gains or losses. Under U.S. GAAP, fair value measurement for free standing derivatives incorporate either counterparty’s credit risk for derivative assets or the insurer’s credit risk for derivative liabilities by determining the explicit cost to protect against credit exposure. This credit exposure evaluation takes into consideration observable credit default swap rates. Under SAP, non-performance risk (own credit-risk) is not reflected in the fair value calculations for derivative liabilities. Under U.S. GAAP, index life insurance features in indexed universal life contracts and certain guaranteed features of variable annuities are bifurcated and accounted for separately as embedded policy derivatives and market risk benefits, respectively. Under SAP, embedded derivatives and market risk benefits are not bifurcated or accounted for separately from the host contract.

Interest Maintenance Reserve. Under SAP, the insurer is required to maintain an IMR. IMR is calculated based on methods prescribed by the NAIC and was established to prevent large fluctuations in interest-related capital gains and losses realized through sales or OTTI. IMR applies to all types of fixed maturity investments, including bonds, preferred stocks, MBS, ABS and mortgage loans. After-tax capital gains or losses realized upon the sale or impairment of such investments resulting from changes in the overall level of interest rates are excluded from current period net income and transferred to the IMR. The transferred after-tax net realized capital gains or losses are then amortized into income over the remaining period to maturity of the divested asset. Realized capital gains and losses are reported net of tax and transfers to the IMR, after net gain from operations. Any negative IMR balance is treated as non-admitted asset, unless certain criteria are met. This reserve is not required under U.S. GAAP and pre-tax realized capital gains and losses are reported as component of total revenues, with related taxes included in taxes from operations.

Asset Valuation Reserve. Under SAP, the insurer is required to maintain an AVR, which is computed in accordance with a prescribed formula and represents a provision for possible fluctuations in the value of bonds, equity securities, mortgage loans, real estate, and other invested assets. The level of AVR is based on both the type of investment and its credit rating. Under SAP, AVR is included in total adjusted capital for RBC analysis purposes. Changes to AVR are charged or credited directly to unassigned surplus. This reserve is not required under U.S. GAAP.

Subsidiaries. Under SAP, investments in insurance subsidiaries are recorded based upon the underlying audited statutory equity of a subsidiary with all undistributed earnings or losses shown as an unrealized capital gain or loss in

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

unassigned surplus. Dividends received by the parent company from its subsidiaries are recorded through net investment income. Under U.S. GAAP, subsidiaries’ financial statements are combined with the parent company’s financial statements through consolidation. All intercompany balances and transactions are eliminated under U.S. GAAP. Dividends received by the parent company from its subsidiaries reduce the parent company’s investment in the subsidiaries.

Policy Acquisition Costs and Sales Inducements. Under SAP, policy acquisition costs are expensed when incurred. Under U.S. GAAP, acquisition costs that are incremental and directly related to the successful acquisition of new and renewal of existing insurance contracts are deferred as deferred policy acquisition costs (“DAC”). DAC is amortized on a constant level basis (i.e., approximating straight line amortization with adjustments for expected terminations) over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances. Under SAP, sales inducements are expensed when incurred. Under U.S. GAAP, certain sales inducements on interest-sensitive life insurance contracts and deferred annuities are deferred and amortized over the life of the contract using the same methodology and assumptions used to amortize DAC.

Deferred Premiums. Under SAP, when deferred premiums exist, statutory deferred premiums are held as a statutory asset, while under U.S. GAAP, deferred premiums are held as a contra-liability in the future policy benefits liability.

Non-admitted Assets. Certain assets designated as “non-admitted,” principally any agents’ balances or unsecured loans or advances to agents, certain DTAs, furniture, equipment and computer software, receivables over 90 days and prepaid expenses, as well as other assets not specifically identified as admitted assets within the NAIC SAP, are excluded from the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus and are charged directly to unassigned surplus. Under U.S. GAAP, such assets are included in the balance sheet.

Universal Life and Annuity Policies. Under SAP, revenues for universal life and annuity policies containing mortality or morbidity risk considerations consist of the entire premium received, and benefits incurred consist of the total of death benefits paid and the change in policy reserves. Payments received on contracts that do not incorporate any mortality or morbidity risk considerations (deposit-type contracts) are credited directly to an appropriate liability for deposit-type contract account without recognizing premium income. Interest credited to deposit-type contracts is recorded as an expense in the Statutory Statements of Operations as incurred. Payments that represent a return of policyholder balances are recorded as a direct reduction of the liability for deposit-type contracts, rather than a benefit expense. Under U.S. GAAP, premiums received in excess of policy charges are not recognized as premium revenue, and benefits represent the excess of benefits paid over the policy account value and interest credited to the account values.

Benefit Reserves. Under SAP, loading is the difference between the gross and valuation net premium. Valuation net premium is calculated using valuation assumptions which are different for statutory and U.S. GAAP. Statutory valuation assumptions are set by the insurer within limits as defined by statutory law. U.S. GAAP valuation assumptions are set by the insurer based on management’s estimates and judgment.

Policyholder funds not involving life contingencies use different valuation assumptions for SAP and U.S. GAAP. Under SAP, prescribed rates of interest related to payout annuities are used in the discounting of expected benefit payments, while under U.S. GAAP, the insurer’s best estimates of interest rates are used.

Under SAP, the CRVM is used for the majority of individual insurance reserves. Under U.S. GAAP, individual insurance policyholder liabilities for traditional forms of insurance are generally established using the net premium ratio (“NPR”) method. For interest-sensitive policies, a liability for policyholder account balances is established under U.S. GAAP based on the contract value that has accrued to the benefit of the policyholder. Policy assumptions used in the estimation of policyholder liabilities are generally prescribed under SAP. Under U.S. GAAP, policy assumptions are based upon best estimates.

Under SAP, the CARVM is used for the majority of individual deferred annuity reserves, while under U.S. GAAP, individual deferred annuity policyholder liabilities are generally equal to the contract value that has accrued to the benefit of the policyholder, together with liabilities for certain contractual guarantees, if applicable. Under SAP, reserves for fixed rate deposit-type contracts are based upon their accumulated values, discounted at an annual statutory effective rate, while under U.S. GAAP, reserves for deposit-type contracts are recorded at their accumulated values.

Under GAAP, indexed interest credits and guarantees in excess of contract account values are bifurcated from the host contract as embedded derivatives and market risk benefits, respectively, and reported at fair value. Under SAP,

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

embedded derivatives and market risk benefits are not bifurcated and accounted for separately, but rather are included in the benefit reserve valuation for the host contract.

Reinsurance. Under SAP, policy and contract liabilities ceded to reinsurers are reported as reductions of the related reserves rather than as assets as required under U.S. GAAP. Under SAP, a liability for reinsurance balances has been provided for unsecured policy reserves, unearned premiums, and unpaid losses ceded to reinsurers not licensed to assume such business. Changes to these amounts are credited or charged directly to unassigned surplus. Under U.S. GAAP, an allowance for amounts deemed uncollectible would be established through a charge to earnings. Under SAP, the criteria used to demonstrate risk transfer varies from U.S. GAAP, which may result in transactions that are accounted for as reinsurance for SAP and deposit accounting for U.S. GAAP. Under SAP, the reserve credit permitted for unauthorized reinsurers is less than or equal to the amount of letter of credit or funds held in trust by the reinsurer. Under U.S. GAAP, assumed and ceded reinsurance is reflected on a gross basis in the balance sheet, and certain commissions allowed by reinsurers on ceded business are deferred and amortized generally on a basis consistent with DAC.

Policyholder Dividend Liabilities. Under SAP, policyholder dividends are recognized when declared. Under U.S. GAAP, policyholder dividends are recognized over the term of the related policies.

Separate Accounts. Under SAP, separate account surplus created through the use of the CRVM, the VACARVM or other reserving methods is reported by the general account as an unsettled transfer from the separate account. The net change on such transfers is included as a part of the net gain from operations in the general account. This is not required under U.S. GAAP.

Separate accounts include certain non-unitized assets which primarily represent MVA fixed options of variable annuity contracts issued in various states. Under SAP, these contracts are accounted for in the separate account financial statements, while under U.S. GAAP, they are accounted for in the general account.

Deferred Income Taxes. Under SAP, statutory DTAs that are more likely than not to be realized are limited to: 1) the amount of federal income taxes paid in prior years that can be recovered through loss carrybacks for existing temporary differences that reverse by the end of the subsequent calendar year, plus 2) the lesser of the remaining gross DTA expected to be realized within a maximum three years of the reporting date or a maximum 15 percent of the capital and surplus excluding any net DTA, EDP equipment and operating software and any net positive goodwill, plus 3) the amount of the remaining gross DTA that can be offset against existing gross DTLs. The remaining DTAs are non-admitted. Deferred taxes do not include amounts for state taxes. Under U.S. GAAP, state taxes are included in the computation of deferred taxes, all DTAs are recorded and a valuation allowance is established if it is more likely than not that some portion of the DTA will not be realized. Under SAP, income tax expense is based upon taxes currently payable. Changes in deferred taxes are reported in surplus and subject to admissibility limits. Under U.S. GAAP, changes in deferred taxes are recorded in income tax expense.

Offsetting of Assets and Liabilities. Under SAP, offsetting of assets and liabilities is not permitted when there are master netting agreements unless four requirements for valid right of offset are met. The requirements include 1) each of the two parties owes the other determinable amounts, 2) the reporting party has the right to set off the amount owed with the amount owed by the other party, 3) the reporting party intends to set off, and 4) the right of setoff is enforceable. The prohibition against offsetting extends to derivatives and collateral posted against derivative positions, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions, when the reporting entity does not have the intent to set off. Under U.S. GAAP, these amounts under master netting arrangements may generally be offset and presented on a net basis pursuant to an accounting election, even when the reporting entity does not have the intent to set off.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

3. INVESTMENTS

Bonds and Equity Securities

The following table presents the statement value, gross unrealized gain, gross unrealized loss and the estimated fair value of bonds and equity securities by major security type:


(in millions)	Statement Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2023
Bonds:
U.S. government obligations	$	568	$	10	$	(37)	$	541
All other governments		967		3		(142)		828
States, territories and possessions		239		—		(19)		220
Political subdivisions of states, territories and possessions		103		1		(7)		97
Special revenue		2,709		2		(304)		2,407
Industrial and miscellaneous		30,128		210		(4,180)		26,158
Hybrid securities		101		1		(7)		95
Bank loans		950		2		(35)		917
Parent, subsidiaries and affiliates		23		—		(1)		22
Total bonds		35,788		229		(4,732)		31,285
Preferred stock		9		—		—		9
Common stock*		242		—		—		242
Total equity securities		251		—		—		251
Total	$	36,039	$	229	$	(4,732)	$	31,536
December 31, 2022
Bonds:
U.S. government obligations	$	609	$	10	$	(38)	$	581
All other government		1,131		3		(158)		976
States, territories and possessions		294		—		(26)		268
Political subdivisions of states, territories and possessions		174		—		(10)		164
Special revenue		3,121		2		(374)		2,749
Industrial and miscellaneous		31,510		193		(4,994)		26,709
Hybrid securities		105		1		(10)		96
Bank loans		1,111		7		(59)		1,059
Total bonds		38,055		216		(5,669)		32,602
Preferred stock		12		—		—		12
Common stock*		208		—		—		208
Total equity securities		220		—		—		220
Total	$	38,275	$	216	$	(5,669)	$	32,822

* Common stock includes $184 million and $8 million of investments in affiliates at December 31, 2023 and 2022, respectively.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Bonds and Equity Securities in Loss Positions

The following table summarizes the fair value and gross unrealized losses (where fair value is less than amortized cost) on bonds and equity securities, including amounts on NAIC 6 and 6* bonds, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position:


	Less than 12 Months					12 Months or More					Total
(in millions)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
December 31, 2023
Bonds:
U.S. government obligations	$	2	$	—		$	209	$	(37	)	$	211	$	(37	)
All other government		44		(1	)		730		(142	)		774		(143	)
U.S. States, territories and possessions		10		—			208		(19	)		218		(19	)
Political subdivisions of states, territories and possessions		8		—			55		(6	)		63		(6	)
Special revenue		154		(9	)		2,162		(295	)		2,316		(304	)
Industrial and miscellaneous		1,835		(213	)		21,469		(3,968	)		23,304		(4,181	)
Hybrid securities		2		—			83		(7	)		85		(7	)
Bank loans		130		(5	)		526		(34	)		656		(39	)
Total bonds		2,185		(228	)		25,442		(4,508	)		27,627		(4,736	)
Preferred stock		—		—			—		—			—		—
Common stock		—		—			—		—			—		—
Total equity securities		—		—			—		—			—		—
Total	$	2,185	$	(228	)	$	25,442	$	(4,508	)	$	27,627	$	(4,736	)
December 31, 2022
Bonds:
U.S. government obligations	$	265	$	(38	)	$	—	$	—		$	265	$	(38	)
All other government		902		(158	)		—		—			902		(158	)
U.S States, territories and possessions		267		(26	)		—		—			267		(26	)
Political subdivisions of states, territories and possessions		117		(10	)		—		—			117		(10	)
Special revenue		2,668		(374	)		—		—			2,668		(374	)
Industrial and miscellaneous		23,499		(4,573	)		1,367		(428	)		24,866		(5,001	)
Hybrid securities		85		(10	)		—		—			85		(10	)
Bank loans		633		(39	)		307		(22	)		940		(61	)
Total	$	28,436	$	(5,228	)	$	1,674	$	(450	)	$	30,110	$	(5,678	)
Preferred stock		12		(1	)		—		—			12		(1	)
Common stock		—		—			—		—			—		—
Total equity securities		12		(1	)		—		—			12		(1	)
Total	$	28,448	$	(5,229	)	$	1,674	$	(450	)	$	30,122	$	(5,679	)

As of December 31, 2023 and 2022, the number of bonds and equity securities in an unrealized loss position was 3,695 and 4,250, respectively. Bonds comprised 3,695 of the total of which 3,145 were in a continuous loss position greater than 12 months at December 31, 2023. Bonds comprised 4,247 of the total of which 4,056 were in a continuous loss position greater than 12 months at December 31, 2022.

The Company did not recognize the unrealized losses in earnings on these fixed maturity securities at December 31, 2023 and 2022, respectively, because the Company neither intends to sell the securities nor does the Company believe that it is more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, the Company performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, expected defaults on underlying collateral, review of relevant industry analyst reports and forecasts and other available market data.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Contractual Maturities of Bonds

The following table presents the statement value and fair value of bonds by contractual maturity:


(in millions)	Statement Value		Fair Value
December 31, 2023
Due in one year or less	$	827	$	818
Due after one year through five years		5,158		4,998
Due after five years through ten years		4,457		4,029
Due after ten years		15,265		12,172
LBaSS		10,081		9,268
Total	$	35,788	$	31,285

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

Bonds in or near default as to payment of principal or interest had a statement value of $28 million and $74 million at December 31, 2023 and 2022, respectively, which is the fair value. At December 31, 2023 and 2022, the Company had no income excluded from due and accrued for bonds.

December 31, 2023 and 2022, the Company’s bond portfolio included bonds totaling $1.9 billion not rated investment grade by the NAIC designations (categories 3-6). These bonds accounted for 2 percent of the Company’s total assets and 4 percent of invested assets. These below investment grade securities, excluding structured securities, span across 12 industries. At December 31, 2022, the Company’s bond portfolio included bonds totaling $2.3 billion not rated investment grade by the NAIC designations (categories 3-6). These bonds accounted for 3 percent of the Company’s total assets and 5 percent of invested assets. These below investment grade securities, excluding structured securities, span across 13 industries.

December 31, 2023 and 2022 The following table presents the industries that constitute more than 10% of the below investment grade securities:


	December 31,
	2023			2022
Consumer cyclical		17.1	%		19.7%
Consumer noncyclical		17.6			17.3
Energy		11.6			12.1
Other		19.2			15.9

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

LBaSS

The Company determines fair value of LBaSS based on the amount at which a security could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The majority of the Company’s ABS, RMBS, CMBS, and collateralized debt obligations (“CDO”) are priced by approved independent third-party valuation service providers and broker dealer quotations. Small portions of the LBaSS that are not traded in active markets are priced by market standard internal valuation methodologies, which include discounted cash flow methodologies and matrix pricing. The estimated fair values are based on available market information and management’s judgments.

The following table presents the statement value and fair value of LBaSS:

December 31, 2023

December 31, 2022

(in millions)

Statement
Value

Fair Value

Statement
Value

Fair Value

Loan-backed and structured securities

10,081

9,268

10,888

10,017

Prepayment assumptions for single class, multi-class mortgage-backed and ABS were obtained from independent third-party valuation service providers or internal estimates. These assumptions are consistent with the current interest rate and economic environment.

At December 31, 2023 and 2022, the Company had exposure to a variety of LBaSS. These securities could have significant concentrations of credit risk by country, geographical region, property type, servicer or other characteristics. As part of the quarterly surveillance process, the Company takes into account many of these characteristics in making the OTTI assessment.

At December 31, 2023 and 2022, the Company did not have any LBaSS with a recognized OTTI due to the intent to sell or an inability or lack of intent to retain the security for a period of time sufficient to recover the amortized cost basis. During 2023, 2022 and 2021, the Company recognized total OTTI of $2 million, $18 million and $0.3 million, respectively, on LBaSS that were still held by the Company. In addition, at December 31, 2023 and 2022, the Company held loan-backed impaired securities (fair value is less than cost or amortized cost) for which an OTTI had not been recognized in earnings as a realized loss. Such impairments include securities with a recognized OTTI for non-interest (credit) related declines that were recognized in earnings, but for which an associated interest-related decline has not been recognized in earnings as a realized capital loss.

The following table summarizes the fair value and aggregate amount of unrealized losses on LBaSS and length of time that individual securities have been in a continuous unrealized loss position:


	Less than 12 Months				12 Months or More				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2023
LBaSS	$	1,358	$	(142)	$	6,041	$	(848)	$	7,399	$	(990)
December 31, 2022
LBaSS	$	8,287	$	(917)	$	394	$	(118)	$	8,681	$	(1,035)

In its OTTI assessment, the Company considers all information relevant to the collectability of the security, including past history, current conditions and reasonable forecasts when developing an estimate of future cash flows. Relevant analyst reports and forecasts for the asset class also receive appropriate consideration. The Company also considers how credit enhancements affect the expected performance of the security. In addition, the Company generally considers its cash and working capital requirements and expected cash flows in relation to its business plans and how such forecasts affect the intent and ability to hold such securities to recovery of their amortized cost.

The Company does not have any LBaSS for which it is not practicable to estimate fair values.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the rollforward of non-interest related OTTI for LBaSS:


	December 31,
(in millions)	2023		2022
Balance, beginning of year	$	369	$	382
Increases due to:
Credit impairment on new securities subject to impairment losses		1		5
Additional credit impairment on previously impaired investments		1		13
Reduction due to:
Credit impaired securities fully disposed for which there was no prior intent or requirement to sell		9		31
Balance, end of year	$	362	$	369

See Note 20 for a list with each LBaSS at a CUSIP level where the present value of cash flows expected to be collected is less than the amortized cost basis during the current year and a list of the Company’s structured notes holding at December 31, 2023.

Mortgage Loans

Mortgage loans had outstanding principal balances of $7.4 billion and $7.5 billion at December 31, 2023 and 2022, respectively. Contractual interest rates range from 0.00 percent to 35.00 percent. The mortgage loans at December 31, 2023 had maturity dates ranging from 2024 to 2061.

The Company’s mortgage loans are collateralized by a variety of commercial real estate property types located throughout the U.S. and Canada. The commercial mortgage loans are non-recourse to the borrower.

The following tables present the geographic and property-type distribution of the Company’s mortgage loan portfolio:


	December 31,
	2023			2022
Geographic distribution:
Mid-Atlantic		29.7	%		29.8	%
Foreign		16.1			14.9
Pacific		19.7			19.4
South Atlantic		12.8			12.8
West South Central		3.9			5.3
East North Central		6.6			6.6
New England		5.0			4.4
Mountain		3.8			4.5
East South Central		2.2			2.1
West North Central		0.2			0.2
Total		100.0	%		100.0	%
Property type distribution:
Multi-family		36.3	%		33.5	%
Office		24.1			26.5
Retail		12.2			11.9
Industrial		12.0			12.0
Hotel/Motel		7.3			8.1
Other		8.1			8.0
Total		100.0	%		100.0	%

At December 31, 2023, there were 132 mortgage loans with outstanding balances of $20 million or more, which loans collectively, aggregated approximately 74 percent of this portfolio.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the minimum and maximum lending rates for new mortgage loans during 2023 and 2022:


	Years Ended December 31,
	2023						2022
(in millions)	Maximum			Minimum			Maximum			Minimum
Office		12.00	%		3.00	%		7.83	%		3.00	%
Multi-family		8.47			7.08			8.37			3.05
Retail		8.84			8.84			—			—
Industrial		4.08			4.08			9.34			3.10
Hotel/Motel		—			—			8.68			4.04
Other		9.46			6.54			10.32			2.17

The Company did not reduce the interest rate on any loans during 2023. The Company did not reduce any interest rates during 2022.

The maximum percentage of any one loan to the value of security at the time of the loan, exclusive of insured or guaranteed or purchase money mortgage was 75.0 percent and 80.0 percent, in 2023 and 2022, respectively.

At December 31, 2023, the Company held $190 million in impaired mortgage loans with a related allowance for credit losses. There were no impaired mortgage loans without a related allowance. At December 31, 2022, the Company held $261 million in impaired mortgages with $222 million of related allowances for credit losses and $39 million in impaired loans without a related allowance. The Company’s average recorded investment in impaired loans was $194 million and $181 million, at December 31, 2023 and 2022, respectively. The Company recognized interest income of $0 million, $8 million and $4 million, in 2023, 2022 and 2021, respectively.

The following table presents a rollforward of the changes in the allowance for losses on mortgage loans receivable:


	December 31,
(in millions)	2023		2022		2021
Balance, beginning of year	$	75	$	60	$	74
Additions (reductions) charged to unrealized capital loss		30		19		(14)
Direct write-downs charged against allowance		(14)		(4)		—
Balance, end of year	$	91	$	75	$	60

During 2023, the Company did not derecognize any mortgage loans and did not recognize any real estate collateral as a result of foreclosure.

The mortgage loan portfolio has been originated by the Company under strict underwriting standards. Commercial mortgage loans on properties such as offices, hotels and shopping centers generally represent a higher level of risk than do mortgage loans secured by multi-family residences. This greater risk is due to several factors, including the larger size of such loans and the more immediate effects of general economic conditions on these commercial property types. However, due to the Company’s strict underwriting standards, the Company believes that it has prudently managed the risk attributable to its mortgage loan portfolio while maintaining attractive yields.

The following table presents the age analysis of mortgage loans:


	December 31,
(in millions)	2023		2022
Current	$	7,319	$	7,403
30 - 59 days past due		4		3
60 - 89 days past due		1		—
90 - 179 days past due		1		—
Greater than 180 days past due		—		1
Total	$	7,325	$	7,407

At December 31, 2023 and 2022, the Company had mortgage loans outstanding under participant or co-lender agreements of $5.7 billion and $5.7 billion, respectively.

The Company had $98 million and $131 million in restructured loans at December 31, 2023 and 2022, respectively.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of December 31, 2023:



(in millions)	Residential				Commercial			Agricultural

Loan-to-Value	Amount		Percentage of Total Admitted Assets		Amount		Percentage of Total Admitted Assets	Amount		Percentage of Total Admitted Assets
a. above 95%	$	—		— %	$	164	0.30	$	—	— %
b. 91% to 95%		—		—		34	0.10		—	—
c. 81% to 90%		1		—		119	0.30		—	—
d. 71% to 80%		104		0.20		851	1.80		—	—
e. below 70%		444		0.90		5,608	11.80		—	—

Troubled Debt Restructuring

The Company held no restructured debt for which impairment was recognized for both December 31, 2023 and 2022. In 2023, the Company had $2 million in outstanding commitments to debtors that hold loans with restructured terms. In 2022, the Company had $2 million in outstanding commitments to debtors that hold loans with restructured terms.

Real Estate

The following table presents the components of the Company’s investment in real estate:



	December 31,

(in millions)	2023		2022
Properties occupied by the Company	$	—	$	4
Properties held for production of income		—		—
Properties held for sale		3		—
Total	$	3	$	4

The Company recognized no gains or losses in 2023 , 2022 & 2020. The Company recognized gains of $ 1 million on the sale of real estate property in 2019. The Company recognized $2 million in impairment write-downs for its investments in real estate in 2023. The Company did not recognize any impairment write-downs for its investment in real estate during 2022 and 2021.

Other Invested Assets

The following table presents the components of the Company’s other invested assets:



	December 31,
(in millions)	2023			2022
Investments in limited liability companies	$	836		$	165
Investments in limited partnerships		703			1,438
Other unaffiliated investments		403			644
Receivable for securities		24			27
Non-admitted assets		(22	)		(6)
Total	$	1,944		$	2,268

The Company utilizes the look-through approach in valuing its investments in affiliated joint ventures or partnerships that have the characteristics of real estate investments. These affiliated real estate investments had an aggregate value of $420 million at December 31, 2023. All liabilities, commitments, contingencies, guarantees, or obligations of these holding company entities, which are required to be recorded as liabilities, commitments, contingencies, guarantees or obligations under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in each of the respective holding company entities, if applicable.

The Company recorded impairment write-downs in joint ventures was $8 million, $4 million and $7 million during 2023, 2022 and 2021, respectively.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Net Investment Income

The following table presents the components of net investment income:


	Years ended December 31,
(in millions)	2023		2022		2021
Bonds	$	1,692	$	1,589	$	1,658
Preferred stocks		—		3		—
Common stocks		3		—		—
Cash and short-term investments		8		13		5
Mortgage loans		334		307		315
Real estate*		2		2		2
Contract loans		21		22		24
Derivatives		(18)		156		42
Investment income from affiliates		75		133		97
Other invested assets		54		47		36
Gross investment income		2,171		2,272		2,179
Investment expenses		(149)		(110)		(61)
Net investment income	$	2,022	$	2,162	$	2,118

* Includes amounts for the occupancy of Company-owned property of $2 million, $2 million and $2 million in 2022, 2021 and 2020, respectively.

Net Realized and Unrealized Capital Gains (Losses)

The following table presents the components of Net realized capital gains (losses):


	Years ended December 31,
(in millions)	2023		2022		2021
Bonds	$	(83)	$	(154)	$	27
Preferred stocks		(4)		—		7
Common stocks		3		—		(2)
Cash and short-term investments		(4)		(1)		—
Mortgage loans		(13)		(25)		—
Real estate		(2)		—		—
Derivatives		(51)		(58)		(36)
Other invested assets		44		10		71
Realized capital gains (losses)		(110)		(228)		67
Federal income tax (expense) benefit		23		48		(14)
Net gains transferred to IMR		37		82		(36)
Net realized capital gains (losses)	$	(50)	$	(98)	$	17

During 2023, 2022 and 2021, the Company recognized $14 million, $43 million and $18 million, respectively, of impairment write-downs in accordance with the impairment policy described in Note 2.

The following table presents the proceeds from sales of bonds and equities and the related gross realized capital gains and gross realized capital losses:


	Years ended December 31,
(in millions)	2023		2022		2021
Proceeds	$	719	$	1,813	$	1,265

Gross realized capital gains	$	11	$	39	$	58
Gross realized capital losses		(52)		(143)		(23)
Net realized capital gains	$	(41)	$	(104)	$	35

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the net change in unrealized capital gains (losses) of investments (including foreign exchange capital gains (losses):


	Years ended December 31,
(in millions)	2023		2022		2021
Bonds	$	64	$	(111)	$	(64)
Preferred and common stocks		34		(13)		41
Mortgage loans		33		(103)		(10)
Derivatives		(36)		57		75
Other invested assets		4		44		95
Federal income tax expense		2		24		(20)
Net change in unrealized gains (losses) of investments	$	101	$	(102)	$	117

5GI Securities Measured at Aggregate Book Adjusted Carrying Value and Fair Value

The following table presents 5GI Securities measured at aggregate book adjusted carrying value (BACV) and aggregate fair value at December 31:



Investment	Number of 5GI Securities				Aggregate BACV (in millions)				Aggregate Fair Value (in millions)
	2023		2022		2023		2022		2023		2022
Bonds - AC		4	$	6		12	$	66		12	$	65
LB&SS - AC		—		12		—		2		—		1
Preferred Stock - AC		—		1		—		3		—		3
Preferred Stock - FV		—		—		—				—		—
Total	$	4	$	19		12	$	71		12	$	69

AC - Amortized Cost

FV - Fair Value

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

4. LOAN-BACKED AND STRUCTURED SECURITY IMPAIRMENTS AND STRUCTURED NOTES HOLDINGS

LBaSS

The following table presents the LBaSS held by the Company at December 31, 2023 for which it had recognized non-interest related OTTI subsequent to the adoption of SSAP 43R:


(in thousands)
CUSIP		Amortized Cost Before Current Period OTTI		Present Value of Projected Cash Flows		Recognized OTTI		Amortized Cost After OTTI		Fair Value at Time of OTTI	Date of Financial Statement Where Reported
16163HAE1	$	3,800	$	3,798	$	2	$	3,798	$	3,948	3/31/2023
05952GAA9		2,344		2,293		51		2,293		2,278	3/31/2023
45660NS22		481		479		2		479		461	3/31/2023
452559AC1		10,085		10,044		41		10,044		9,878	3/31/2023
12637HAP3		4,941		4,871		70		4,871		4,696	3/31/2023
76111XVN0		1,219		1,174		45		1,174		1,075	3/31/2023

Quarterly Total		22,870		22,659		211		22,659		22,336
126680AB3		8		—		8		—		—	6/30/2023
69372XBR2	$	—	$	—	$	—	$	—	$	—	6/30/2023

Quarterly Total		8		—		8		—		—
03927NAF0		41		17		24		17		17	9/30/2023
93364CAA6		3,965		3,924		41		3,924		4,767	9/30/2023
855541AC2		2,967		2,960		6		2,960		3,662	9/30/2023
61915YAC5		6,017		5,964		53		5,964		7,778	9/30/2023
94983JAA0		4,564		4,483		82		4,483		4,838	9/30/2023
05952EAA4		9,080		9,006		74		9,006		9,280	9/30/2023

Quarterly Total		26,634		26,354		280		26,354		30,342
67088CAA5		1,393		114		1,278		114		114	12/31/2023
02151JAA9		15,779		15,740		39		15,740		15,175	12/31/2023
151314GG0		218		205		13		205		151	12/31/2023

Quarterly Total	$	17,390	$	16,059	$	1,330	$	16,059	$	15,440
				Year-end Total	$	1,829

None of the structured notes held by the Company are defined as a Mortgage-Referenced Security by the IAO.

5. SECURITIES LENDING AND REPURCHASE AGREEMENTS

Securities Lending

At December 31, 2023, the Company had no bonds loaned pursuant to the securities lending program. At December 31, 2022, the Company had no bonds loaned pursuant to the securities lending program.

The following table presents the aggregate fair value of cash collateral received related to the securities lending program and the terms of the contractually obligated collateral positions:


	December 31,
(in millions)	2023		2022
30 days or less	$	—	$	—
31 to 60 days		—		—
61 to 90 days		—		—

Greater than 90 days		—		—
Subtotal		—		—
Securities collateral received		—		—
Total collateral received	$	—	$	—

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the aggregate amortized cost and fair value of cash collateral reinvested related to the securities lending program by maturity date:

December 31, 2023

December 31, 2022

(in millions)

Amortized

Cost

Fair Value

Amortized

Cost

Fair Value

Open positions

—

Subtotal

—

Securities collateral received

—

Total collateral reinvested

—

Repurchase Agreements

At December 31, 2023 and 2022, bonds with a fair value of approximately $0.9 billion and $1.3 billion, respectively, were subject to repurchase agreements to secure amounts borrowed by the Company.

The following table presents the aggregate fair value of cash collateral received related to the repurchase agreement program and the terms of the contractually obligated collateral positions:


	December 31,
(in millions)	2023		2022
Open positions	$	—	$	—
30 days or less		852		1,021
31 to 60 days		—		271
61 to 90 days		—		—
Greater than 90 days		—		—
Subtotal		852		1,292
Securities collateral received		—		—
Total collateral received	$	852	$	1,292

The following table presents the original (flow) and residual maturity for bi-lateral repurchase agreement transactions for the year ended December 31, 2023:



(in millions)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER

a. Maximum Amount
1. Open - No Maturity	$	6	$	6	$	6	$	5
2. Overnight		320		283		268		219
3. 2 Days to 1 Week		823		429		586		480
4. > 1 Week to 1 Month		617		308		465		881
5. > 1 Month to 3 Months		—		—		—		—
6. > 3 Months to 1 Year		—		—		—		—
7. > 1 Year		—		—		—		—

b. Ending Balance
1. Open - No Maturity	$	6	$	6	$	5	$	5
2. Overnight		—		—		—		—
3. 2 Days to 1 Week		62		258		383		480
4. > 1 Week to 1 Month		555		173		315		364
5. > 1 Month to 3 Months		—		—		—		—
6. > 3 Months to 1 Year		—		—		—		—
7. > 1 Year		—		—		—		—

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the Company’s liability to return collateral for the year ended December 31, 2023:



(in millions)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER

a. Maximum Amount
1. Cash (Collateral - All)	$	1,766	$	1,026	$	1,325	$	1,586
2. Securities Collateral (FV)		—		—		—		—
b. Ending Balance
1. Cash (Collateral - All)	$	623	$	436	$	703	$	849
2. Securities Collateral (FV)		—		—		—		—

The Company requires a minimum of 95 percent of the fair value of securities sold under the repurchase agreements to be maintained as collateral. Cash collateral received is invested in corporate bonds and the offsetting collateral liability for repurchase agreements is included in other liabilities.

The following table presents the aggregate amortized cost and fair value of cash collateral reinvested related to the repurchase agreement program by maturity date:


	December 31, 2023				December 31, 2022

(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Open positions	$	986	$	875	$	1,524	$	1,266
Greater than three years		—		—		—		—
Subtotal		986		875		1,524		1,266
Securities collateral received		—		—		—		—
Total collateral reinvested	$	986	$	875	$	1,524	$	1,266

The following table presents the fair value of securities under bi-lateral repurchase agreement transactions for the year ended December 31, 2023:



(in millions)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER

a. Maximum Amount
1. BACV	$	—	$	—	$	—	$	—
2. Nonadmitted - Subset of BACV		—		—		—		—
3. Fair Value		—		—		—		—

b. Ending Balance
1. BACV	$	710	$	504	$	857	$	986
2. Nonadmitted - Subset of BACV		—		—		—		—
3. Fair Value		632		441		700		875

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the fair value of securities under bi-lateral repurchase agreement transactions for the year ended December 31, 2023:


(in millions)	1 None		2 NAIC 1		3 NAIC 2		4 NAIC 3
Ending Balance

a. Bonds - BACV	$	—	$	434	$	552	$	—
b. Bonds - FV		—		391		485		—
c. LB & SS - BACV		—		—		—		—
d. LB & SS - FV		—		—		—		—
e. Preferred Stock - BACV		—		—		—		—
f. Preferred Stock - FV		—		—		—		—
g. Common Stock		—		—		—		—
h. Mortgage Loans - BACV		—		—		—		—
i. Mortgage Loans - FV		—		—		—		—
j. Real Estate - BACV		—		—		—		—
k. Real Estate - FV		—		—		—		—
l. Derivatives - BACV		—		—		—		—
m. Derivatives - FV		—		—		—		—
n. Other Invested Assets - BACV		—		—		—		—
o. Other Invested Assets - FV		—		—		—		—
p. Total Assets - BACV		—		434		552		—
q. Total Assets - FV		—		391		485		—

(in millions)	5 NAIC 4		6 NAIC 5		7 NAIC 6		8 Non-Admitted
Ending Balance
a. Bonds - BACV	$	—	$	—	$	—	$	—
b. Bonds - FV		—		—		—		—
c. LB & SS - BACV		—		—		—		—
d. LB & SS - FV		—		—		—		—
e. Preferred Stock - BACV		—		—		—		—
f. Preferred Stock - FV		—		—		—		—
g. Common Stock		—		—		—		—
h. Mortgage Loans - BACV		—		—		—		—
i. Mortgage Loans - FV		—		—		—		—
j. Real Estate - BACV		—		—		—		—
k. Real Estate - FV		—		—		—		—
l. Derivatives - BACV		—		—		—		—
m. Derivatives - FV		—		—		—		—
n. Other Invested Assets - BACV		—		—		—		—
o. Other Invested Assets - FV		—		—		—		—
p. Total Assets - BACV		—		—		—		—
q. Total Assets - FV		—		—		—		—

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

6. RESTRICTED ASSETS

The Company has restricted assets as detailed below. Assets under restriction are general account assets and are not part of the Separate Accounts.

The following table presents the carrying value of the Company’s restricted assets:


	December 31,
(in millions)	2023		2022
On deposit with states	$	3	$	3
Securities lending		—		—
Collateral held on securities lending		—		—
FHLB stock and collateral pledged		1,476		2,228
Subject to repurchase agreements		849		1,524
Collateral for derivatives		117		5
Other restricted assets		—		—
Total	$	2,445	$	3,760

7. SUBPRIME MORTGAGE RISK EXPOSURE

The following features are commonly recognized characteristics of subprime mortgage loans:

An interest rate above prime to borrowers who do not qualify for prime rate loans;

Borrowers with low credit ratings (FICO scores);

Interest-only or negative amortizing loans;

Unconventionally high initial loan-to-value ratios;

Low initial payments based on a fixed introductory rate that expires after a short initial period, then adjusts to a variable index rate plus a margin for the remaining term of the loan;

Borrowers with less than conventional documentation of their income and/or net assets;

Very high or no limits on how much the payment amount or the interest rate may increase at reset periods, potentially causing a substantial increase in the monthly payment amount; and/or

Substantial prepayment penalties and/or prepayment penalties that extend beyond the initial interest rate adjustment period.

Non-agency RMBS can belong to one of several different categories depending on the characteristics of the borrower, the property and the loan used to finance the property. Categorization is a function of FICO score, the type of loan, loan-to-value ratio, and property type and loan documentation.

Generally, subprime loans are made to borrowers with low FICO scores, low levels of equity and reduced income/asset documentation. Due to these characteristics, subprime borrowers pay a substantially higher interest rate than prime borrowers. In addition, they often utilize mortgage products that reduce their monthly payments in the near-term. These include adjustable-rate mortgages with low initial rates or interest-only loans. Borrowers in products like this often experience significant “payment shock” when the teaser payment resets upwards after the initial fixed period.

The primary classification mechanism the Company uses for subprime loans is FICO score. Specifically, a pool with an average FICO at origination less than 650 is considered to be subprime. However, the Company may subjectively adjust this classification based on an assessment of the other parameters mentioned above.

To monitor subprime securities, the Company uses a model with vintage-specific assumptions for delinquency roll rates, loss severities and the timing of losses. As and when needed, these vintage-based assumptions are supplemented with deal-specific information including, but not limited to, geographic distribution, realized loss severities, trigger status and scenario analysis.

The Company has no direct exposure through investments in subprime mortgage loans. The Company’s exposure is through other investments, primarily in RMBS, as described above.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents information regarding the Company’s investments with subprime exposures:

(in millions)

Actual Cost

Book

Adjusted

Statement

Value

Fair Value

OTTI

Recognized

to Date

December 31, 2023

In general account:

RMBS

258

259

299

(1)

CDOs

—

CMBS

—

Total subprime exposure

258

259

299

(1)

The Company has no underwriting exposure to subprime mortgage risk through mortgage guaranty or financial guaranty insurance coverage.

8. DERIVATIVES

The Company has taken positions in certain derivative financial instruments to mitigate or hedge the impact of changes in interest rates, foreign currencies, equity markets, swap spreads, volatility, correlations and yield curve risk on cash flows from investment income, policyholder liabilities and equity. Financial instruments used by the Company for such purposes include interest rate swaps, interest rate swaptions, cross-currency swaps, futures and futures options on equity indices, and futures and futures options on government securities. The Company does not engage in the use of derivative instruments for speculative purposes and is neither a dealer nor trader in derivative instruments.

All derivative instruments are recognized in the financial statements. The Company has determined that its derivative financial instruments do not qualify for hedge accounting. As a result, excluding the special accounting treatment for limited derivatives hedging variable annuity guarantees discussed in Note 2, derivatives are accounted for at fair value and the changes in the fair value recorded in surplus as unrealized gains or losses, net of deferred taxes. The value of the Company’s exchange traded futures contracts relates to the one day lag in the net cash settlement of these contracts.

The Company recognized a net unrealized capital loss of $38 million in 2023, unrealized capital loss of $57 million in 2022 and unrealized capital loss of $75 million in 2021, related to derivatives that did not qualify for hedge accounting.

Starting in 2022 the Company designated, under SSAP 86, Derivatives, certain foreign exchange derivatives as effective hedges of certain invested assets. Effective the period ending December 31, 2023, the Company elected fair value hedge accounting for the hedge of a portfolio of similar assets using the “portfolio layer method.” The portfolio layer method represents a new method of achieving hedge accounting that had recently been adopted for statutory reporting purposes pursuant to guidance in SSAP 86.

The Company is hedging the risk of changes in the fair value of a designated specified percentage of a closed portfolio of purchased fixed-rate investment assets that is attributable to changes in a benchmark interest rate. The Company is hedging the portfolio on a partial term basis. The hedged item is the last $1.8 billion of financial assets in a closed portfolio for a 5-year period. A proportionate amount of interest rate swaps has been designated as the hedging instruments.

For the purposes of supporting the five-year hedge relationship, portfolio assets with a term greater than five years are assumed to be five-year assets using the partial-term hedging guidance. By electing to hedge the benchmark interest rate component of the contractual cash flows, the hedged assets will have an assumed coupon based on a five-year benchmark interest rate (i.e., SOFR). As a result, the hedged components of the different tenor assets are considered similar when performing the similar asset analysis.

A haircut of approximately 20.62% was applied to the portfolio to maintain a hedged item that is projected to always exceed the notional value of the interest rate swaps. The haircut consisted of the following components:

Scheduled principal paydowns (approximately 6.62%)

Anticipated annual defaults (approximately 1%)

Anticipated annual sales (approximately 13%)

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Pursuant to fair value hedge accounting, the swaps hedging the portfolio of fixed-interest investments have been reported on the same basis (i.e., amortized cost) as the hedged target. The amortized cost basis of the interest rate swaps was zero at December 31, 2023.

Refer to Note 3 for disclosures related to net realized capital gains (losses).

Swaps, Options, and Futures

Interest rate or cross-currency swap agreements are agreements to exchange with a counterparty, at specified intervals, payments of differing character (for example, variable-rate payments exchanged for fixed-rate payments) or in different currencies, based on an underlying principal balance, notional amount. Generally no cash is exchanged at the outset of the contract and no principal payments are made by either party. A single net payment is usually made by one counterparty at each contractual payment due date, and this net payment is included in the Statutory Statement of Operations.

Options are contracts that grant the purchaser, for a premium payment, the right, but not the obligation, either to purchase or sell a financial instrument at a specified price within a specified period of time. The Company purchases call options on the S&P 500 Index to offset the risk of certain guarantees of specific equity-index annuity and universal life policy values. The Company also purchases put options on the S&P 500 Index to offset volatility risk arising from minimum guarantees embedded in variable annuities. The options are carried at fair value, with changes in fair value recognized in unrealized investment gains and losses.

Financial futures are contracts between two parties that commit one party to purchase and the other to sell a particular commodity or financial instrument at a price determined on the final settlement day of the contract. Futures contracts detail the quality and quantity of the underlying asset; they are standardized to facilitate trading on a futures exchange. Some futures contracts may call for physical delivery of the asset, while others are settled in cash. The Company uses futures contracts on Euro dollar deposits, U.S. Treasury Notes, U.S. Treasury Bonds, the S&P 500 Index, MidCap 400, Russell 2000, MSCI EAFE, foreign government debt securities, and foreign denominated equity indices to offset the risk of certain guarantees on annuity policy values.

Interest Rate Risk

Interest rate derivatives are used to manage interest rate risk associated with certain guarantees of variable annuities and equity indexed annuities and certain bonds.The Company’s interest rate hedging derivative instruments include (1) interest rate swaps and swaptions; (2) listed futures on government securities; and (3) listed futures options on government securities; and (4) unlisted swaps and swaptions in U.S. Dollar Secured Overnight Financing Rate.

Currency Risk

Foreign exchange contracts used by the Company include cross-currency swaps, which are used to reduce risks from changes in currency exchange rates with respect to investments denominated in foreign currencies that the Company holds.

Equity Risk

Equity derivatives are used to mitigate financial risk embedded in certain insurance liabilities.

Credit Risk

The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial instruments, but it does not expect any counterparties to fail to meet their obligations given their high credit ratings. For over-the-counter (“OTC”) derivatives, the Company’s net credit exposure is determined based on master netting agreements, which take into consideration all derivative positions with the counterparty, as well as collateral posted by the counterparty at the balance sheet date. The Company is exposed to credit risk when the net position with a particular counterparty results in an asset that exceeds collateral pledged by that counterparty.

For OTC contracts, the Company generally uses an International Swaps and Derivative Association Master Agreement (“ISDA Master Agreement”) and Credit Support Annexes with bilateral collateral provisions to reduce counterparty credit exposures. An ISDA Master Agreement is an agreement between two counterparties, which may cover multiple derivative transactions and such ISDA Master Agreement generally provides for the net settlement of all or a specified group of these derivative transactions, as well as transferred collateral, through a single payment, in a single currency,

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

in the event of a default affecting any one derivative transaction or a termination event affecting all or a specified group of the transactions. The Company minimizes the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and may require additional collateral to be posted upon the occurrence of certain events or circumstances. In the unlikely event of a failure to perform by any of the counterparties to these derivative transactions, there would not be a material effect on the Company’s admitted assets, liabilities or capital and surplus.

The Company has also entered into exchange-traded options and futures contracts. Under exchange-traded futures contracts, the Company agrees to purchase a specified number of contracts with other parties and to post or receive variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The parties with whom the Company enters into exchange-traded futures are regulated futures commission merchants who are members of a trading exchange. The credit risk of exchange-traded futures is partially mitigated because variation margin is settled daily in cash. Exchange-traded option contracts are not subject to daily margin settlements and amounts due to the Company based upon favorable movements in the underlying securities or indices are owed upon exercise.

The following table presents the notional amounts, statement values and fair values of the Company’s derivative instruments:


	December 31, 2023						December 31, 2022


(in millions)	Contract or Notional Amount		Statement Value		Fair Value		Contract or Notional Amount		Statement Value		Fair Value
Assets:
Interest rate contracts	$	6	$	—	$	—	$	10	$	—	$	—
Foreign exchange contracts		1,675		172		171		1,972		294		293
Equity contracts		5,961		249		249		3,097		77		77
Other contracts		300		10		8		—		—		—
Derivative assets, gross		7,942		431		428		5,079		371		370
Counter party netting*		—		(144)		(144)		—		(96)		(96)
Derivative assets, net	$	7,942	$	287	$	284	$	5,079	$	275	$	274
Liabilities:
Interest rate contracts	$	2,426	$	13	$	75	$	652	$	18	$	18
Foreign exchange contracts		1,545		41		41		1,185		58		58
Equity contracts		837		83		83		667		21		21
Other contracts		—		—		—		—		—		—
Derivative liabilities, gross		4,808		137		199		2,504		97		97
Counter party netting*		—		(144)		(144)		—		(96)		(96)
Derivative liabilities, net	$	4,808	$	(7)	$	55	$	2,504	$	1	$	1

*	Represents netting of derivative exposures covered by a qualifying master netting agreement.

The Company has a right of offset of its derivatives asset and liability positions with various counterparties. The following table presents the effect of the right of offsets:


	December 31, 2023				December 31, 2022

(in millions)	Assets		Liabilities		Assets		Liabilities
Gross amount recognized	$	431	$	137	$	371	$	(96)
Amount offset		(144)		(144)		(96)		96
Net amount presented in the Statement of Admitted Assets, Liabilities, and Capital and Surplus	$	287	$	(7)	$	275	$	—

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

9. INFORMATION ABOUT FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND FINANCIAL INSTRUMENTS WITH CONCENTRATIONS OF CREDIT RISK

The following table presents the Company’s derivative financial instruments with concentrations of credit risk:

December 31, 2023

December 31, 2022

(in millions)

Contract or

Notional

Amount

Final

Maturity

Date

Contract or

Notional

Amount

Final Maturity

Date

Derivative assets:

Interest rate contracts

2024

2023

Foreign exchange contracts

1,675

2050

1,972

2050

Equity contracts

5,961

2025

3,097

2024

Credit contracts

300

2028

—

Derivative liabilities:

Interest rate contracts

2,426

2028

652

2027

Foreign exchange contracts

1,545

2051

1,185

2051

Equity contracts

837

2025

667

2024

The credit exposure to the Company’s derivative contracts is limited to the fair value of such contracts that are favorable to the Company at the reporting date.

The credit exposure to the Company’s derivative contracts aggregated $369 million and $52 million at December 31, 2023 and 2022, respectively.

10. FAIR VALUE INSTRUMENTS

Fair Value Measurements

The Company carries certain financial instruments at fair value. The Company defines the fair value of a financial instrument as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of the value of the investments carried at fair value and the supporting methodologies and assumptions.

The degree of judgment used in measuring the fair value of financial instruments generally inversely correlates with the level of observable valuation inputs. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Conversely, financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, liquidity and general market conditions

Fair Value Hierarchy

Assets and liabilities recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that the Company has the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. The Company does not adjust the quoted price for such instruments.

Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, the Company must make certain assumptions as to the inputs a hypothetical market participant would use to value that asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In those cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.

Bonds: Fair value is based principally on value from independent third-party valuation service providers, broker quotes and other independent information.

Preferred stocks: Fair value of unaffiliated preferred stocks is based principally on value from independent third-party service providers, broker quotes and other independent information.

Cash, cash equivalents and short term investments: Carrying amount approximate fair value because of the relatively short period of time between origination and expected realization and their limited exposure to credit risk.

Mortgage loans: Fair values are primarily determined by discounting future cash flows to the present at current market rates, using expected prepayment rates.

Contract loans: Carrying amounts, which approximate fair value, are generally equal to unpaid principal amount as of each reporting date. No consideration is given to credit risk because contract loans are effectively collateralized by the cash surrender value of the policies.

Securities lending reinvested collateral assets: Securities lending assets are generally invested in short-term investments and thus carrying amounts approximate fair values because of the relatively short period of time between origination and expected realizations.

Separate account assets: Variable annuity and variable universal life assets are carried at the market value of the underlying securities. Certain separate account assets related to market value adjustment fixed annuity contracts are carried at book value. Fair value is based principally on the value from independent third-party valuation service providers, broker quotes and other independent information.

Policy reserves and contractual liabilities: Fair value for investment contracts (those without significant mortality risk) not accounted for at fair value were estimated for disclosure purposes using discounted cash flow calculations based upon interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued. When no similar contracts are being offered, the discount rate is the appropriate swap rates (if available) or current risk-free interest rates consistent with the currency in which cash flows are denominated.

Payable for securities lending: Cash collateral received from the securities lending program is invested in short-term investments and the offsetting liability is included in payable for securities lending. The carrying amount of this liability approximates fair value because of the relatively short period between origination of the liability and expected settlement.

Receivables/payables for securities: Such amounts represent transactions of a short-term nature for which the statement value is considered a reasonable estimate of fair value.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Fair Value Information about Financial Instruments Not Measured at Fair Value

The following table presents the aggregate fair values of the Company’s financial instruments not measured at fair value compared to their statement values:



(in millions)	Aggregate Fair Value		Admitted Assets or Liabilities		Level 1		Level 2		Level 3

December 31, 2023
Assets:
Bonds	$	31,260	$	35,763	$	—	$	27,506	$	3,754
Preferred stocks		9		9		—		9		—
Common stocks		58		58		—		58		—
Cash, cash equivalents and short-term investments		39		39		(185)		224		—
Mortgage loans		6,679		7,325		—		—		6,679
Contract loans		409		409		—		—		409
Derivatives		(1)		—		—		(1)		—
Receivables for securities		24		24		—		24		—
Securities lending reinvested collateral assets		—		—		—		—		—
Separate account assets		689		689		—		689		—
Liabilities:
Policy reserves and contractual liabilities		44,951		42,010		—		—		44,951
Payable for securities		1		1		—		1		—
Payable for securities lending		—		—		—		—		—
Derivatives		(55)		9		—		(55)		—

December 31, 2022
Assets:
Bonds	$	32,572	$	38,026	$	—	$	28,740	$	3,831
Preferred stocks		9		9		—		9		—
Common stocks		55		55		—		55		—
Cash, cash equivalents and short-term investments		185		185		(156)		341		—
Mortgage loans		6,665		7,407		—		—		6,665
Contract loans		422		422		—		—		422
Derivatives		(18)		(16)		—		(18)		—
Receivables for securities		17		17		—		17		—
Securities lending reinvested collateral assets		—		—		—		—		—
Separate account assets		513		513		—		513		—
Liabilities:
Policy reserves and contractual liabilities		46,810		44,256		—		—		46,810
Payable for securities		5		5		—		5		—
Payable for securities lending		—		—		—		—		—

Valuation Methodologies of Financial Instruments Measured at Fair Value

Bonds

Bonds with NAIC 6 or 6* designations and redeemable preferred stocks with NAIC 4, 5 or 6 designations are carried at the lower of amortized cost or fair value. Perpetual preferred stocks are carried at fair value, not to exceed any currently effective call rate. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Whenever available, the Company obtains quoted prices in active markets for identical assets at the balance sheet date to measure bonds at fair value. Market price data generally is obtained from exchange or dealer markets.

The Company estimates the fair value of securities not traded in active markets, by referring to traded securities with similar attributes, using dealer quotations, a matrix pricing methodology, discounted cash flow analyses or internal valuation models. This methodology considers such factors as the issuer’s industry, the security’s rating and tenor, its coupon rate, its position in the capital structure of the issuer, yield curves, credit curves, prepayment rates and other relevant factors. For bonds that are not traded in active markets or that are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments generally are based on available market evidence. In the absence of such evidence, management’s best estimate is used.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Fair values for bonds and preferred stocks based on observable market prices for identical or similar instruments implicitly include the incorporation of counterparty credit risk. Fair values for bonds and preferred stocks based on internal models incorporate counterparty credit risk by using discount rates that take into consideration cash issuance spreads for similar instruments or other observable information.

Common Stocks (Unaffiliated)

Whenever available, the Company obtains quoted prices in active markets for identical assets at the balance sheet date to measure equity securities at fair value. Market price data is generally obtained from exchanges or dealer markets.

Freestanding Derivatives

Derivative assets and liabilities can be exchange-traded or traded OTC. The Company generally values exchange-traded derivatives, such as futures and options, using quoted prices in active markets for identical derivatives at the balance sheet date.

OTC derivatives are valued using market transactions and other observable market evidence whenever possible, including market-based inputs to models, model calibration to market clearing transactions, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. When models are used, the selection of a particular model to value an OTC derivative depends on the contractual terms of, and specific risks inherent in, the instrument as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models can require a variety of inputs, including contractual terms, market prices and rates, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, such as generic forwards, swaps and options, model inputs can generally be corroborated by observable market data by correlation or other means, and model selection does not involve significant management judgment.

Certain OTC derivatives trade in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. When the Company does not have corroborating market evidence to support significant model inputs and cannot verify the model using market transactions, the transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so the model value at inception equals the transaction price. Subsequent to initial recognition, the Company updates valuation inputs when corroborated by evidence such as similar market transactions, independent third-party valuation services and/or broker or dealer quotations, or other empirical market data. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used.

Separate Account Assets

Separate account assets are comprised primarily of registered and open-ended variable funds that trade daily and are measured at fair value using quoted prices in active markets for identical assets. Certain separate account assets are carried at amortized cost.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Assets and Liabilities Measured at Fair Value

The following table presents information about assets and liabilities measured at fair value:



(in millions)	Level 1		Level 2		Level 3		Counterparty Netting*			Total
December 31, 2023
Assets at fair value:
Bonds
Industrial and miscellaneous	$	—	$	25	$	—	$	—		$	25
Total bonds		—		25		—		—			25
Preferred stock
Industrial and miscellaneous		—		—		—		—			—
Total preferred stock		—		—		—		—			—
Common stock
Industrial and miscellaneous		—		—		—		—			—
Total common stock		—		—		—		—			—
Derivative assets:
Interest rate contracts		—		—		—		—			—
Foreign exchange contracts		—		172		—		—			172
Equity contracts		—		131		118		—			249
Counterparty netting		—		—		—		(144	)		(144	)
Total derivative assets		—		303		118		(144	)		277
Separate account assets		38,087		103		—		—			38,190
Total assets at fair value	$	38,087	$	431	$	118	$	(144	)	$	38,492
Liabilities at fair value:
Derivative liabilities:
Interest rate contracts	$	—	$	12	$	—	$	—		$	12
Foreign exchange contracts		—		40		—		—			40
Equity contracts		—		83		—		—			83
Credit contracts		—		—		—		—			—
Other contracts		—		—		—		—			—
Counterparty netting		—		—		—		(144	)		(144	)
Total derivative liabilities		—		135		—		(144	)		(9	)
Total liabilities at fair value	$	—	$	135	$	—	$	(144	)	$	(9	)
December 31, 2022
Assets at fair value:
Bonds
Industrial and miscellaneous	$	—	$	29	$	1	$	—		$	30
Total bonds		—		29		1		—			30
Preferred stock
Industrial and miscellaneous		—		—		3		—			3
Total preferred stock		—		—		3		—			3
Common stock
Industrial and miscellaneous		3		—		—		—			3
Total common stock		3		—		—		—			3
Derivative assets:
Interest rate contracts		—		—		—		—			—
Foreign exchange contracts		—		293		—		—			293
Equity contracts		—		33		43		—			76
Counterparty netting		—		—		—		(96	)		(96	)
Total derivative assets		—		326		43		(96	)		273
Separate account assets		34,198		104		—		—			34,302
Total assets at fair value	$	34,201	$	459	$	47	$	(96	)	$	34,611
Liabilities at fair value:
Derivative liabilities:
Interest rate contracts	$	—	$	18	$	—	$	—		$	18
Foreign exchange contracts	$	—	$	41	$	—	$	—		$	41
Equity contracts		—		21		—		—			21
Counterparty netting		—		—		—		(96	)		(96	)
Total derivative liabilities		—		80		—		(96	)		(16	)
Total liabilities at fair value	$	—	$	80	$	—	$	(96	)	$	(16	)

*	Represents netting of derivative exposures covered by a qualifying master netting agreement.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Changes in Level 3 Fair Value Measurements

The following tables present changes in Level 3 assets and liabilities measured at fair value and the gains (losses) related to the Level 3 assets and liabilities that remained on the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus:




(in millions)	Bonds			Preferred Stocks			Common Stocks		Derivative Assets			Total Assets
Balance, January 1, 2022	$	18		$	3		$	—	$	70		$	91
Total realized/unrealized capital gains or losses:
Included in net (loss) income		5			—			—		(43	)		(38	)
Included in surplus		(5	)		(1	)		—		(54	)		(60	)
Purchases, issuances and settlements		(45	)		1			—		70			26
Transfers into Level 3		53			—			—		—			53
Transfers out of Level 3		(24	)		—			—		—			(24	)
Balance, December 31, 2022	$	2		$	3		$	—	$	43		$	48
Total realized/unrealized capital gains or losses:
Included in net (loss) income		(2	)		(3	)		—		(54	)		(59	)
Included in surplus		—			—			—		44			44
Purchases, issuances and settlements		—			—			—		85			85
Transfers into Level 3		—			—			—		—			—
Transfers out of Level 3		—			—			—		—			—
Balance, December 31, 2023	$	—		$	—		$	—	$	118		$	118

Assets are transferred out of Level 3 when circumstances change such that significant inputs can be corroborated with market observable data or when the asset is no longer carried at fair value. This may be due to a significant increase in market activity for the asset, a specific event, one or more significant inputs becoming observable or when a long-term interest rate significant to a valuation becomes short-term and thus observable. Transfers out of level 3 can also occur due to favorable credit migration resulting in a higher NAIC designation. Securities are generally transferred into Level 3 due to a decrease in market transparency, downward credit migration and an overall increase in price disparity for certain individual security types. The Company’s policy is to recognize transfers in and out at the end of the reporting period, consistent with the date of the determination of fair value.

In both 2023 and 2022, there were no transfers between Level 1 and Level 2 securities.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized capital gains (losses) on instruments held at December 31, 2023 and 2022 may include changes in fair value that were attributable to both observable and unobservable inputs.

Quantitative Information About Level 3 Fair Value Measurements

The Company had no quantitative information about level 3 fair value measurements to report at December 31, 2023.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Gross Basis Fair Value Measurements

The following table presents the Company’s derivative assets and liabilities measured at fair value, on a gross basis, before counterparty and cash collateral netting:


(in millions)	Level 1		Level 2		Level 3		Total
December 31, 2023
Derivative assets at fair value	$	—	$	303	$	118	$	421
Derivative liabilities at fair value		—		(136)		—		(136)

December 31, 2022
Derivative assets at fair value	$	—	$	327	$	43	$	370
Derivative liabilities at fair value		—		(80)		—		(80)

11. AGGREGATE POLICY RESERVES AND DEPOSIT FUND LIABILITIES

The following table presents the Company’s reserves by major category:


	Years ended December 31,
(in millions)	2023		2022
Life insurance	$	—	$	—
Annuities (excluding supplementary contracts with life contingencies)		35,583		37,172
Supplementary contracts with life contingencies		270		278
Accidental death benefits		—		—
Disability - active lives		—		—
Disability - disabled lives		—		—
Excess of VM-21 reserves over basic reserves		61		54
Deficiency reserves		—		—
Other miscellaneous reserve		117		46
Gross life and annuity reserves		36,031		37,550
Reinsurance ceded		—		—
Net life and annuity reserves		36,031		37,550
Accident and health reserves
Unearned premium reserves		—		—
Present value of amounts not yet due on claims		—		—
Additional contract reserves		—		—
Gross accident and health reserves		—		—
Reinsurance ceded		—		—
Net accident and health reserves		—		—
Aggregate policy reserves	$	36,031	$	37,550

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the withdrawal characteristics of annuity actuarial reserves and deposit-type contract funds and other liabilities without life contingencies:

A. Individual Annuities:


	December 31, 2023

(in millions)	General account		Separate account with guarantees		Separate account nonguaranteed		Total		% of Total
(1) Subject to discretionary withdrawal :

a. With market value adjusted	$	6,053	$	939	$	—	$	6,992	15.75%

b. At book value less current surrender charge of 5% or more		1,929		—		—		1,929	4.34%

c. At fair value		—		—		19,209		19,209	43.27%
d. Total with market adjustment or at fair value		7,982		939		19,209		28,130	63.36%

e. At book value without adjustment
(minimal or no charge or adjustment)		15,558		—		—		15,558	35.04%

(2) Not subject to discretionary withdrawal		683		—		25		708	1.60%
(3) Total (gross: direct + assumed)	$	24,223	$	939	$	19,234	$	44,396	100.00%
(4) Reinsurance ceded		—		—		—		—
(5) Total (net)* (3) - (4)	$	24,223	$	939	$	19,234	$	44,396
(6) Amount included in A(1)b above that will move to A(1)e in the year after statement date:	$	443	$	37	$	—	$	480

* Reconciliation of total annuity actuarial reserves and deposit fund liabilities.

B. Group Annuities:


	December 31, 2023

(in millions)	General account		Separate account with guarantees		Separate account nonguaranteed		Total		% of Total
(1) Subject to discretionary withdrawal :

a. With market value adjusted	$	931	$	—	$	2,051	$	2,982	9.77%

b. At book value less current surrender charge of 5% or more		3,395		—		—		3,395	11.12%

c. At fair value		—		102		16,629		16,731	54.80%
d. Total with market adjustment or at fair value		4,326		102		18,680		23,108	75.69%

e. At book value without adjustment
(minimal or no charge or adjustment)		7,310		—		—		7,310	23.94%

(2) Not subject to discretionary withdrawal		111		—		—		111	0.37%
(3) Total (gross: direct + assumed)	$	11,747	$	102	$	18,680	$	30,529	100.00%
(4) Reinsurance ceded		—		—		—		—
(5) Total (net)* (3) - (4)	$	11,747	$	102	$	18,680	$	30,529
(6) Amount included in B(1)b above that will move to B(1)e in the year after statement date:	$	516	$	—	$	—	$	516

* Reconciliation of total annuity actuarial reserves and deposit fund liabilities.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

C. Deposit-Type Contracts (no life contingencies):


	December 31, 2023

(in millions)	General account		Separate account with guarantees		Separate account nonguaranteed		Total		% of Total
(1) Subject to discretionary withdrawal :

a. With market value adjusted	$	4,022	$	—	$	—	$	4,022		64.94	%

b. At book value less current surrender charge of 5% or more		6		—		—		6		0.10	%

c. At fair value		—		—		—		—		—	%
d. Total with market adjustment or at fair value		4,028		—		—		4,028		65.04	%

e. At book value without adjustment
(minimal or no charge or adjustment)		1,209		—		—		1,209		19.52	%

(2) Not subject to discretionary withdrawal		956		—		—		956		15.44	%
(3) Total (gross: direct + assumed)	$	6,193	$	—	$	—	$	6,193		100.00	%
(4) Reinsurance ceded		—		—		—		—
(5) Total (net)* (3) - (4)	$	6,193	$	—	$	—	$	6,193
(6) Amount included in C(1)b above that will move to C(1)e in the year after statement date:	$	1	$	—	$	—	$	1

*	Represents annuity reserves reported in separate accounts liabilities.

Withdrawal characteristics of Life Actuarial Reserves as of December 31, 2023:

December 31, 2023

General Account

Separate Account - Nonguaranteed

(in millions)

Account

value

Cash value

Reserve

Account

value

Cash value

Reserve

A. Subject to discretionary withdrawal, surrender values, or policy loans:

(1) Term policies with cash value

—

(2) Universal life

—

(3) Universal life with secondary guarantees

—

(4) Indexed universal life

—

(5) Indexed universal life with secondary guarantees

—

(6) Indexed life

—

(7) Other permanent cash value life insurance

—

(8) Variable life

—

(9) Variable universal life

—

(10) Miscellaneous reserves

—

B. Not subject to discretionary withdrawal or no cash values

(1) Term policies without cash value

—

(2) Accidental death benefits

—

(3) Disability - active lives

—

(4) Disability - disabled lives

—

(5) Miscellaneous reserves

—

C. Total (gross: direct + assumed)

—

D. Reinsurance ceded

—

E. Total (net) (C) - (D)

—

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

12. SEPARATE ACCOUNTS

Separate Accounts

The separate accounts held by the Company consist primarily of variable annuities. These contracts generally are non-guaranteed in nature such that the benefit is determined by the performance and/or market value of the investments held in the separate account. The net investment experience of the separate account is credited directly to the policyholder and can be positive or negative.

Certain other separate accounts relate to MVA fixed annuity contracts in which the assets are carried at amortized cost. These policies are required to be held in the Company’s separate account by certain states, including Texas.

The Company does not engage in securities lending transactions within the separate accounts.

In accordance with the products/transactions recorded within the separate account, some assets are considered legally insulated whereas others are not legally insulated from the general account. The legal insulation of the separate account assets prevents such assets from being generally available to satisfy claims resulting from the general account.

The following table presents separate account assets by product or transaction:


	December 31, 2023				December 31, 2022

(in millions)	Legally Insulated Assets		Separate Accounts Assets (Not Legally Insulated)		Legally Insulated Assets		Separate Accounts Assets (Not Legally Insulated)
Variable annuity products	$	38,408	$	—	$	34,258	$	—
Annuities with MVA features		—		463		—		446
DeKalb separate account		103		—		113		—
Total	$	38,511	$	463	$	34,371	$	446

Some separate account liabilities are guaranteed by the general account. To compensate the general account for the risks taken, the separate accounts pay risk charges to the general account.

If claims were filed on all contracts, the current total maximum guarantee the general account would provide to the separate account as of December 31, 2023 and 2022 is $596 million and $928 million, respectively.

The following table presents the risk charges paid by the separate accounts and the guarantees paid by the general account:



(in millions)	Risk Charge paid by the Separate Account	Guarantees Paid by the General Account
2023	$ 14	$	2
2022	16		2
2021	16		2
2020	16		2
2019	16		1

Certain separate accounts relate to experience-rated group annuity contracts that fund defined contribution pension plans. These contracts provide guaranteed interest returns for one quarter only, where the guaranteed interest rate is re-established each quarter based on the investment experience of the separate account. In no event can the interest rate be less than 3 percent. There are guarantees of principal and interest for purposes of plan participant transactions (e.g., participant-directed withdrawals and fund transfers done at market value). The assets and liabilities of these separate accounts are carried at the quoted market value of the underlying assets. This business has been included in Column 1 of the table below.

There was no separate account business seed money at December 31, 2023 and 2022.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents information regarding the separate accounts:



			Non-
			indexed		Non-
			guarantee		indexed		Non-
			less than		guarantee		guaranteed
			or equal		more		separate
(in millions)	Indexed		to 4%		than 4%		accounts		Total
December 31, 2023
Premiums, considerations or deposits	$	—	$	283	$	—	$	1,373	$	1,656
Reserves for accounts with assets at:
Market value	$	—	$	102	$	—	$	38,134	$	38,236
Amortized costs		—		462		—		—		462
Total reserves	$	—	$	564	$	—	$	38,134	$	38,698
By withdrawal characteristics:
Subject to discretionary withdrawal with MVA	$	—	$	462	$	—	$	14,794	$	15,256
At market value		—		102		—		23,316		23,418
Subtotal		—		564		—		38,110		38,674
Not subject to discretionary withdrawal		—		—		—		25		25
Total reserves	$	—	$	564	$	—	$	38,135	$	38,699
December 31, 2022
Premiums, considerations or deposits	$	—	$	140	$	—	$	1,611	$	1,751
Reserves for accounts with assets at:
Market value	$	—	$	105	$	—	$	34,092	$	34,197
Amortized costs		—		513		—		—		513
Total reserves	$	—	$	618	$	—	$	34,092	$	34,710
By withdrawal characteristics:
Subject to discretionary withdrawal with MVA	$	—	$	513	$	—	$	13,407	$	13,920
At market value		—		105		—		20,661		20,766
Subtotal		—		618		—		34,068		34,686
Not subject to discretionary withdrawal		—		—		—		23		23
Total reserves	$	—	$	618	$	—	$	34,091	$	34,709

Reconciliation of Net Transfers to or from Separate Accounts

The following table presents a reconciliation of the net transfers to (from) separate accounts:


	Years Ended December 31,
(in millions)	2023		2022		2021
Transfers to separate accounts	$	1,899	$	1,751	$	2,017
Transfers from separate accounts		(3,884)		(3,462)		(4,387)
Net transfers to (from) separate accounts		(1,985)		(1,711)		(2,370)
Transfers as reported in the Statutory Statements of Operations	$	(1,985)	$	(1,711)	$	(2,370)

13. RESERVES FOR GUARANTEED POLICY BENEFITS AND ENHANCEMENTS

Variable annuity contracts may include certain contractually guaranteed benefits to the contract holder. These guaranteed features include GMDB that are payable in the event of death, and living benefits that are payable in the event of annuitization, or, in other instances, at specified dates during the accumulation period. Living benefits include guaranteed minimum withdrawal benefits (“GMWB”) and, to a lesser extent, guaranteed minimum accumulation benefits (“GMAB”), which are no longer offered. A variable annuity contract may include more than one type of guaranteed benefit feature; for example, it may have both a GMDB and a GMWB. However, a policyholder generally can only receive payout from one guaranteed feature on a contract containing a death benefit and a living benefit, i.e. the features are mutually exclusive. A policyholder cannot purchase more than one living benefit on one contract.

Reserves for GMDB and GMWB were included in the VACARVM reserves. Total reserves in excess of basic reserves were $61 million and $54 million at December 31, 2023 and 2022, respectively.

GMDB

Depending on the product, the GMDB feature may provide a death benefit of either (a) total deposits made to the contract less any partial withdrawals plus a minimum return or (b) the highest contract value attained, typically on any anniversary date minus any subsequent withdrawals following the contract anniversary.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

GMWB

Certain of the Company’s variable annuity contracts offer optional GMWB. With a GMWB, the contract holder can monetize the excess of the guaranteed amount over the account value of the contract only through a series of withdrawals that do not exceed a specific percentage per year of the guaranteed amount. If, after the series of withdrawals, the account value is exhausted, the contract holder will receive a series of annuity payments equal to the remaining guaranteed amount, and, for lifetime GMWB products, the annuity payments continue as long as the covered person(s) are living.

14. REINSURANCE

At December 31, 2023 and 2022, policy reserves on reinsurance assumed were $88 million and $93 million, respectively.

The Company has modified coinsurance and coinsurance reinsurance agreements with MetLife in Japan, pertaining to certain policies written via its branch in Japan. Under the agreements, the Company assumes liability for a quota share portion of contracts issued by MetLife in Japan that include guaranteed minimum income benefits (“GMIB”) and GMWB. The contracts assumed also include a GMDB provision. The GMIB (prior to its utilization date), GMWB and the GMDB have a 100 percent quota share and are assumed under coinsurance agreements. The GMIB (after its utilization date) has a 100 percent quota share and is assumed under the modified coinsurance provisions. The benefits provided by the reinsured contracts are assumed with a 50 percent quota share and varied quota share under the modified coinsurance agreements. The agreements are unlimited in duration, but were terminated for new business after March 31, 2009.

The Company calculates total policy reserves for contracts assumed by MetLife in Japan pursuant to AG 43, which includes all assumed GMIB, GMWB and GMDB benefits. MetLife in Japan holds a modified coinsurance reserve for the contracts under the agreements. The Company holds a reserve equal to the excess, if any, of the AG 43 reserve above the modified coinsurance reserve.

The Company has a modified coinsurance reinsurance agreement with AGL, pursuant to which certain blocks of the Company’s VA business are ceded to AGL. At December 31, 2023 and 2022, the liabilities subject to this agreement were $19.9 billion and $22.4 billion, respectively. In 2023 and 2022, the agreement decreased the Company’s pre-tax earnings by $90 million and $65 million (excluding initial accounting), respectively.

As of December 31, 2023, $408 million of the Company’s reserves representing a mix of run-off life and annuity risks were ceded to Fortitude Reinsurance Company Ltd.(“Fortitude Re”) under modified coinsurance agreements.

15. FEDERAL INCOME TAXES

Recent U.S. Tax Law Changes

On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022, which finances climate and energy provisions and an extension of enhanced subsidies under the Affordable Care Act with a 15%, CAMT, on adjusted financial statement income for corporations with profits over $1 billion, a 1% stock buyback tax, increased Internal Revenue Service (“IRS”) enforcement funding, and Medicare’s new ability to negotiate prescription drug prices. The AGC Life

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Insurance Company consolidated federal income tax return group, of which the Company is a member, has determined that as of the reporting date it is an applicable reporting entity for the CAMT.

Although the U.S. Treasury and IRS issued interim CAMT guidance during 2023, many details and specifics of application of the CAMT remain subject to future guidance. Our estimated CAMT liability will continue to be refined based on future guidance.

The following table presents the components of the net deferred tax assets and liabilities:


	December 31, 2023						December 31, 2022						Change

(in millions)	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total
Gross DTA	$	569	$	298	$	867	$	521	$	379	$	900	$	48		$	(81	)	$	(33	)
Statutory valuation allowance adjustment		—		58		58		—		82		82		—			(24	)		(24	)
Adjusted gross DTA		569		240		809		521		297		818		48			(57	)		(9	)
DTA non-admitted		364		240		604		302		297		599		62			(57	)		5
Net admitted DTA		205		—		205		219		—		219		(14	)		—			(14	)
DTL		5		—		5		6		—		6		(1	)		—			(1	)
Total	$	200	$	—	$	200	$	213	$	—	$	213	$	(13	)	$	—		$	(13	)

The following table presents the ordinary and capital DTA admitted assets as the result of the application of SSAP 101:


	December 31, 2023						December 31, 2022						Change

(in millions)	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital		Total
Admission calculation components
SSAP 101

Federal income taxes paid in prior years recoverable through loss carry backs	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—	$	—

Adjusted gross DTA expected to be realized (excluding amount of DTA from above) after application of the threshold limitation		200		—		200		213		—		213		(13	)		—		(13	)

1. Adjusted gross DTA expected to be realized following the reporting date		200		—		200		213		—		213		(13	)		—		(13	)

2. Adjusted gross DTA allowed per limitation threshold		—		—		350		—		—		441		—			—		(91	)

Adjusted gross DTA (excluding the amount of DTA from above) offset by gross DTL		5		—		5		6		—		6		(1	)		—		(1	)
DTA admitted as the result of application of SSAP 101	$	205	$	—	$	205	$	219	$	—	$	219	$	(14	)	$	—	$	(14	)

The following table presents the ratio percentage and amount of adjusted capital to determine the recovery period and threshold limitation amount:

The Company has no tax planning strategies used in the determination of adjusted gross DTA’s or net admitted DTA’s.

The Company’s planning strategy does not include the use of reinsurance.

The Company is not aware of any significant DTLs that are not recognized in the statutory financial statements.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following tables present the major components of the current income tax expense and net deferred tax assets (liabilities):



	Years Ended December 31,

(in millions)	2023		2022		2021

Current income tax expense
Federal	$	(73)	$	301	$	272
Federal income tax on net capital gains (losses)		(23)		(48)		14

Federal income tax incurred		(96)		253		286



	Years Ended December 31,

(in millions)	2023		2022		Change

Deferred tax assets:
Ordinary:
Policyholder reserves	$	120	$	142	$	(22)
Investments		89		99		(10)
Deferred acquisition costs		253		251		2
Fixed assets		104		27		77
Tax credit carryforward		—		—		—
Other (including items less than 5% of total ordinary tax assets)		3		2		1

Subtotal		569		521		48

Non-admitted		364		302		62

Admitted ordinary deferred tax assets		205		219		(14)

Capital:
Investments		298		379		(81)

Subtotal		298		379		(81)
Statutory valuation allowance adjustment		58		82		(24)
Non-admitted		240		297		(57)

Admitted capital deferred tax assets		—		—		—

Admitted deferred tax assets		205		219		(14)

Deferred tax liabilities:
Ordinary:
Investments		—		—		—
Policyholder reserves		5		6		(1)
Other (including items less than 5% of total ordinary tax liabilities)		—		—		—

Subtotal		5		6		(1)

Capital:
Other (including items less than 5% of total capital tax liabilities)		—		—		—

Subtotal		—	$	—		—

Deferred tax liabilities		5		6		(1)


Net deferred tax assets	$	200	$	213		(13)

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The change in net deferred income taxes is comprised of the following (this analysis is exclusive of non-admitted assets as the change in non-admitted assets and the change in net deferred income taxes are reported in separate components of capital and surplus):


	Years Ended December 31,
(in millions)	2023		2022		Change
Total adjusted deferred tax assets	$	809	$	818	$	(9	)

Total deferred tax liabilities		5		6	$	(1	)
Net adjusted deferred tax assets	$	804	$	812	$	(8	)
Tax effect of unrealized gains (losses)					$	(2	)
Change in net deferred income tax					$	(10	)

The provision for incurred federal taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The following table presents the significant items causing this difference:


	December 31, 2023							December 31, 2022							December 31, 2021

(in millions)	Amount			Effective Tax Rate				Amount			Effective Tax Rate				Amount			Effective Tax Rate
Income tax expense at applicable rate	$	53			21.0		%	$	190			21.0		%	$	205			21.0		%
Change in valuation adjustment		(24	)		(9.5	)			82			9.1				—			—
Dividend received deduction		(44	)		(17.3	)			(42	)		(4.6	)			(34	)		(3.4	)
Prior year return true-ups and adjustments		(9	)		(3.8	)			(30	)		(3.4	)			(16	)		(1.7	)
Amortization of interest maintenance reserve		(7	)		(2.9	)			(20	)		(2.2	)			3			0.3
Tax credit expiration		—			—				(16	)		(1.8	)			10			1.0
Surplus adjustments		(50	)		(20.0	)			241			26.6				2			0.2
Change in non-admitted assets		(4	)		(1.5	)			—			—							0.1
Other permanent adjustments		(1	)		(0.2	)			1			0.1				—			—
Disregarded entities		—			—				—			—				—			—
Statutory income tax expense (benefit)	$	(86	)		(34.2	)	%	$	406			44.8		%	$	170			17.5		%

Federal income taxes incurred	$	(96	)		(38.0	)	%	$	253			27.9		%	$	286			29.4		%
Change in net deferred income taxes		10			3.8				153			16.9				(116	)		(11.9	)
Total statutory income taxes	$	(86	)		(34.2	)	%	$	406			44.8		%	$	170			17.5		%

At December 31, 2023, the Company had no foreign tax credits carryforwards.

At December 31, 2023, the Company had no U.S federal operating loss carryforwards.

At December 31, 2023, the Company had no capital loss carryforwards.

At December 31, 2023, the Company had no general business credit carryforwards.

At December 31, 2023, the Company had no alternative minimum tax credits.

At December 31, 2023, the Company had no CAMT credits.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents income tax incurred that is available for recoupment in the event of future net losses:


(in millions) December 31,	Capital
2021	$	143
2022		—
2023		—
Total	$	143

In general, realization of DTAs depends on a company’s ability to generate sufficient taxable income of the appropriate character within the carryforward periods in the jurisdictions in which the net operating losses and deductible temporary differences were incurred. In accordance with the requirements established in SSAP 101, the Company assessed its ability to realize DTAs of $867 million and concluded that a $58 million valuation allowance was required at December 31, 2023. The Company concluded that a $82 million was required on the DTAs of $900 million at December 31, 2022.

The Company had no deposits admitted under Internal Revenue Code Section 6603.

The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, excluding interest and penalties:


	Years Ended December 31,
(in millions)	2023		2022
Gross unrecognized tax benefits at beginning of year	$	11	$	11
Increases in tax position for prior years		—		—
Decreases in tax position for prior years		—		—
Gross unrecognized tax benefits at end of year	$	11	$	11

At December 31, 2023, and 2022, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $11 million and $11 million.

Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At December 31, 2023 and 2022, the Company had accrued less than $1 million for the payment of interest (net of the federal benefit) and penalties. At December 31, 2023 the Company did not recognize any expense of interest (net of the federal benefit) and penalties. In 2022 and 2021, the Company recognized a benefit of less than $1 million of interest (net of the federal benefit) and penalties.

The Company regularly evaluates proposed adjustments by taxing authorities. At December 31, 2023, such proposed adjustments would not have resulted in a material change to the Company’s financial condition, although it is possible that the effect could be material to the Company’s results of operations for an individual reporting period. Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next twelve months, based on the information currently available, the Company does not expect any change to be material to its financial condition.

The Company is currently under IRS examinations for the taxable years 2011-2019 and engaging in the IRS Appeals process in regard to years 2007-2010. Although the final outcome of possible issues raised in any future examination are uncertain, the Company believes that the ultimate liability, including interest, will not materially exceed amounts recorded in the financial statements. The Company’s taxable years 2007-2022 remain subject to examination by major tax jurisdictions.

The Company is not subject to the repatriation transition tax for the year ended December 31, 2023.

For the period prior to the Corebridge IPO on September 19, 2022, the Company joined in the filing of a consolidated federal income tax return with AIG.

For the period following the IPO, the Company will join with AGC Life Insurance Company (“AGC Life”), The American General Life Insurance Company (“AGL’’), The United States Life Insurance Company in the City of New York (“USL”), and Corebridge Insurance Company of Bermuda, Ltd. (“Corebridge Bermuda”), in filing a consolidated life company federal income tax return.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The Company has written agreements with both parent entities, AIG and AGC Life, under which each subsidiary agrees to pay the parent company an amount equal to the consolidated federal income tax expense multiplied by the ratio that the subsidiary’s separate return tax liability bears to the consolidated tax liability, plus one hundred percent of the excess of the subsidiary’s separate return tax liability over the allocated consolidated tax liability. Both AIG and AGC Life agree to pay each subsidiary for the tax benefits, if any, of net operating losses, net capital losses and tax credits which are not usable by the subsidiary but which are used by other members of the consolidated group.

The Company may be charged with a portion of CAMT incurred by the AGC Life consolidated group (or credited with a portion of the consolidated group’s CAMT credit utilization).

16. CAPITAL AND SURPLUS

RBC standards are designed to measure the adequacy of an insurer’s statutory capital and surplus in relation to the risks inherent in its business. The RBC standards consist of formulas that establish capital requirements relating to asset, insurance, business and interest rate risks. The standards are intended to help identify companies that are under-capitalized, and require specific regulatory actions in the event an insurer’s RBC is deficient. The RBC formula develops a risk-adjusted target level of adjusted statutory capital and surplus by applying certain factors to various asset, premium and reserve items. Higher factors are applied to more risky items and lower factors are applied to less risky items. Thus, the target level of statutory surplus varies not only because of the insurer’s size, but also on the risk profile of the insurer’s operations. At December 31, 2023, the Company exceeded RBC requirements that would require any regulatory action.

The Company is subject to the Texas Insurance Code (“TIC”), which imposes certain restrictions on shareholder dividends. Pursuant to TIC 823.107, the maximum amount of dividends in a 12-month period, measured retrospectively from the date of payment, which can be paid by the Company without prior approval of the Texas Insurance Commissioner (the “Commissioner”), is the greater of (i) 10% of its policyholder surplus as of the end of the immediately preceding calendar year; or (ii) its net gain from operations for the immediately preceding calendar year (excluding realized gains), not including pro rata distributions of such insurance company’s own securities. The Company will be permitted to pay a dividend to its shareholder in excess of the greater of such two amounts (i.e., an extraordinary dividend) only if it files notice of the declaration of such an extraordinary dividend and the amount thereof with the Commissioner and the Commissioner either approves the distribution of the extraordinary dividend or does not disapprove the distribution within 30 days of its filing. In addition, any dividend that exceeds earned surplus (“unassigned funds (surplus)”) calculated as of the most recent financial information available would require the filing of a notice of an extraordinary dividend with the Commissioner.

The maximum amount of dividends that the Company may pay to AGC Life (as immediate parent company) without prior approval of the Texas Insurance Commissioner in 2024 is $235 million, subject to availability of earned surplus. Dividend payments in excess of positive retained earnings are classified and reported as a return of capital.

Dividends are paid as determined by the Board of Directors and are noncumulative. The following table presents the dividends paid by the Company during 2023, 2022 and 2021:



Date	Type	Cash or Non-cash		Amount (in millions)

2023
—	—	—	$	—

2022
March 28, 2022	Ordinary	Cash	$	100
June 24, 2022	Ordinary	Cash		100
September 28, 2022	Extraordinary	Cash		400
December 27, 2022	Extraordinary	Cash		2,100

2021
June 15, 2021	Ordinary	Cash	$	34
September 24, 2021	Ordinary	Cash		86
December 27, 2021	Ordinary	Cash		274

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

17. RETIREMENT AND SHARE-BASED AND DEFERRED COMPENSATION

The Company does not directly sponsor any defined benefit or defined contribution plans and does not participate in any multi-employer plans.

Employee Retirement and Postretirement Benefit Plans

Certain employees and retirees of the Company participated in various AIG-sponsored defined benefit pension and postretirement plans. AIG, as sponsor, is ultimately responsible for the maintenance of these plans in compliance with applicable laws. The Company is not directly liable for obligations under these plans; its obligation results from AIG’s allocation of the Company’s share of expenses from the plans based on participants’ earnings for the pension plans and on estimated claims less contributions from participants for the postretirement plans.

The following table presents information about employee-related costs (expense credits) allocated to the Company:


	Years Ended December 31,
(in millions)	2023	2022	2021
Defined benefit plans	$ 3	$ (9)	$ (15)

Defined Contribution Plan

Prior to August 22, 2022, the Company’s employees participated in AIG’s qualified defined contribution plan that provided for contributions by employees, as well as an employer contribution. On August 22, 2022, participants’ accounts in the AIG plan were transferred to the Corebridge Financial Inc. Retirement Savings 401(k) Plan.

The 401(k) plan provides for pre-tax salary reduction contributions by its U.S. employees.Employer matching contributions of 100 percent were made on the first six percent of participant contributions, subject to IRS-imposed limitations, and an additional fully vested, non-elective, non-discretionary employer contribution equal to three percent of the participant’s annual base compensation for the plan year, paid each pay period regardless of whether the participant currently contributes to the plan, and subject to the IRS-imposed limitations.

The Company’s pre-tax expense associated with this plan was $23 million, $25 million and $23 million in 2023, 2022 and 2021, respectively.

Share-based and Deferred Compensation Plans

Prior to the IPO, certain Corebridge employees received grants of equity awards under the AIG Long Term Incentive Plan (as amended) and its predecessor plan, the AIG 2013 Long Term Incentive Plan, which are governed by the AIG 2013 Omnibus Incentive Plan. The value of AIG equity awards are linked to the performance of AIG’s common stock. AIG granted equity awards to the Company’s employees primarily in the form of AIG restricted stock units (“RSUs”) but also granted AIG performance share units (“PSUs”) and AIG stock options to certain executives. AIG RSUs that were held by the Company’s active employees on September 14, 2022 (the pricing date for the IPO) were converted into RSUs linked to the performance of Corebridge stock (“Corebridge RSUs”), on terms and conditions that are substantially the same as the corresponding AIG RSUs, with the number of AIG RSUs adjusted in a manner intended to preserve their intrinsic value as of immediately before and immediately following the conversion (subject to rounding).

Following the IPO, the Company’s employees participate in several stock compensation programs under the Corebridge Financial, Inc. Long-term Incentive Plan (each as applicable, the “LTIP”), which are governed by the Corebridge Financial, Inc. 2022 Omnibus Incentive Plan, as amended and restated on February 16, 2023. Corebridge’s LTIP provides for an annual award to certain employees, including senior executive officers and other highly compensated employees, that may comprise a combination of one or more of the following units: RSUs or stock options. RSUs and stock options are earned based solely on continued service by the participant and vesting occurs in three equal installments on the first, second and third anniversaries of the grant date.

The Company recognized compensation expenses of $2 million , $12 million and $10 million for the years ending December 31, 2023, 2022 and 2021, respectively, on the grant date of the awards.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

18. DEBT

The Company is a member of the Federal Home Loan Bank (“FHLB”) of Dallas.

Membership with the FHLB provides the Company with collateralized borrowing opportunities, primarily as an additional source of liquidity or for other uses deemed appropriate by management. The Company’s ownership in the FHLB stock is reported as common stock. Pursuant to the membership terms, the Company elected to pledge such stock to the FHLB as collateral for the Company’s obligations under agreements entered into with the FHLB.

Cash advances obtained from the FHLB are reported in and accounted for as borrowed money. The Company may periodically obtain cash advances on a same-day basis, up to a limit determined by management and applicable laws. The Company is required to pledge certain mortgage-backed securities, government and agency securities and other qualifying assets to secure advances obtained from the FHLB. To provide adequate collateral for potential advances, the Company has pledged securities to the FHLB in excess of outstanding borrowings. Upon any event of default by the Company, the recovery by the FHLB would generally be limited to the amount of the Company’s liability under advances borrowed.

The following table presents the aggregate carrying value of stock held with the FHLB of Dallas and the classification of the stock:



	December 31,

(in millions)	2023		2022

Membership stock - Class B	$	7	$	7
Activity stock		37		37
Excess stock		13		10

Total	$	57	$	54


Actual or estimated borrowing capacity as determined by the insurer	$	1,902	$	2,488

The Company did not hold any Class A at December 31, 2023 or 2022.

The following table presents the amount of collateral pledged, including FHLB common stock held, to secure advances from the FHLB:

December 31, 2023

December 31, 2022

(in millions)

Amortized

Cost

Fair Value

Amortized

Cost

Fair Value

Amount pledged

1,476

1,300

2,228

2,017

Maximum amount pledged during reporting period

1,918

1,732

2,228

2,017

The Company’s borrowing capacity determined quarterly based upon the borrowing limit imposed by statute in the state of domicile.

The following table presents the outstanding funding agreements and maximum borrowings from the FHLB:



	December 31,

(in millions)	2023	2022


Maximum amount borrowed during reporting period	$ 909	$ 909

While the funding agreements are presented herein to show all amounts received from FHLB, the funding agreements are treated as deposit-type contracts, consistent with the other funding agreements for which the Company’s intent is to earn a spread and not to fund operations. The Company had no debt outstanding with the FHLB at December 31, 2023 or 2022.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table reflects the principal amounts of the funding agreements issued to the FHLB :


(in millions)
Funding Agreements	Date Issued	Amounts
10-year floating rate	February 15, 2018	$	209
5-year fixed rate	August 25, 2022		700

19. COMMITMENTS AND CONTINGENCIES

Commitments

The Company had commitments to provide funding to various limited partnerships totaling $1,019 million and $1,029 million at December 31, 2023 and 2022, respectively. The commitments to invest in limited partnerships and other funds may be called at the discretion of each fund, as needed and subject to the provisions of such fund’s governing documents, for funding new investments, follow-on investments and/or fees and other expenses of the fund. Of the total commitments at December 31, 2023, $471 million are currently expected to expire in 2024, and the remainder by 2029 based on the expected life cycle of the related funds and the Company’s historical funding trends for such commitments.

At December 31, 2023 and 2022, the Company had $439 million and $731 million, respectively, of outstanding commitments related to various funding obligations associated with its investments in commercial mortgage loans. Of the total current commitments, $68 million are expected to expire in 2024 and the remainder by 2036, based on the expected life cycle of the related loans and the Company’s historical funding trends for such commitments.

The Company has various long-term, noncancelable operating leases, primarily for office space and equipment, which expire at various dates over the next several years. At December 31, 2023, the future minimum lease payments under the operating leases are as follows:


(in millions)
2024	$	3
2025		2
2026		1
2027		1
2028		—
Remaining years after 2028		—
Total	$	7

Rent expense was $3 million in 2023, 2022 and 2021, respectively.

Contingencies

Legal Matters

Various lawsuits against the Company have arisen in the ordinary course of business. The Company believes it is unlikely that contingent liabilities arising from such lawsuits will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Regulatory Matters

Various federal, state or other regulatory agencies may from time to time review, examine or inquire into the operations, practices and procedures of the Company, such as through financial examinations, subpoenas, investigations, market conduct exams or other regulatory inquiries. Based on the current status of pending regulatory examinations, investigations, and inquiries involving the Company, the Company believes it is not likely that these regulatory examinations, investigations, or inquiries will have a material adverse effect on the financial position, results of operations or cash flows of the Company.

Other Contingencies

All fifty states and the District of Columbia have laws requiring solvent life insurance companies, through participation in guaranty associations, to pay assessments to protect the interests of policyholders of insolvent life insurance companies. These state insurance guaranty associations generally levy assessments, up to prescribed limits, on member insurers in a particular state based on the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer is engaged. Such assessments are used to pay certain contractual insurance benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets. The Company accrues liabilities for guaranty fund assessments (“GFA”) when an assessment is probable and can be reasonably estimated. The Company estimates the liability using the latest information available from the National Organization of Life and Health Insurance Guaranty Associations. While the Company cannot predict the amount and timing of any future GFA, the Company has established reserves it believes are adequate for assessments relating to insurance companies that are currently subject to insolvency proceedings.

The Company accrued $8 million and $8 million for GFA at December 31, 2023 and 2022, respectively. The Company has recorded receivables of $4 million and $3 million at December 31, 2023 and 2022, respectively, for expected recoveries against the payment of future premium taxes.

The Company is not subject to the risk-sharing provisions of the Affordable Care Act.

20. RELATED PARTY TRANSACTIONS

Events Related to AIG and Corebridge

Separation of Life and Retirement Business from AIG and Relationship with Blackstone

On September 19, 2022, Corebridge completed an IPO in which AIG sold 80 million shares of Corebridge common stock to the public. Since the IPO, AIG has sold 159.8 million shares of Corebridge common stock and Corebridge has repurchased 17.2 million shares of its common stock from AIG. As of December 31, 2023, AIG owns 52.2% of outstanding common stock of Corebridge.

On November 2, 2021, Argon Holdco LLC (“Argon”), a wholly-owned subsidiary of Blackstone, Inc. (“Blackstone”), acquired a 9.9% equity stake in Corebridge and Corebridge entered into a long-term asset management relationship with Blackstone ISG-1 Advisors L.L.C (“Blackstone IM”). Pursuant to the partnership, Corebridge initially transferred $50 billion in book value of assets in its consolidated investment portfolio to Blackstone IM, with that amount to increase to an aggregate of $92.5 billion by the third quarter of 2027. As of December 31, 2023, Blackstone IM managed approximately $55.4 billion in book value of assets in Corebridge’s investment portfolio.

Pursuant to the Stockholders’ Agreement that Corebridge entered into with AIG and Argon at the time of acquisition of Argon’s Corebridge equity stake, Argon may not sell its ownership interest in Corebridge subject to exceptions permitting Argon to sell 25%, 67% and 75% of its shares after the first, second and third anniversaries, respectively, of the IPO, with the transfer restrictions terminating in full on the fifth anniversary of the IPO. Also, until Argon no longer owns at least 50% of its initial investment in Corebridge, it will have the right to designate for nomination for election one member of the Corebridge Board of Directors.

Prior to the IPO, Corebridge and certain U.S. subsidiaries were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a combined or unitary basis. The provision for income taxes is calculated on a separate return basis. Following the IPO, AIG owns a less than 80% interest in Corebridge, resulting in tax deconsolidation of Corebridge from the AIG Consolidated Tax Group and in a small minority of state jurisdictions which follow federal consolidation rules, the most significant being Florida. In addition, under the applicable law, AGC

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Life and its directly owned life insurance subsidiaries (the “AGC Group”) will not be permitted to join in the filing of a U.S. consolidated federal income tax return with other subsidiaries (collectively, the “Non-Life Group”) for the five year waiting period. Instead, the AGC Group is expected to file separately as members of the AGC consolidated U.S. federal income tax return during the five-year waiting period. Following the five-year waiting period, the AGC Group is expected to join the U.S. consolidated federal income tax return with the Non-Life Group.

Investment Management Agreements with BlackRock

Since April 2022, certain of the Corebridge insurers, including the Company, entered into investment management agreements with BlackRock Financial Management, Inc. (“BlackRock”) and its investment advisory affiliates. Under the investment management agreements with BlackRock, Corebridge completed the transfer of the management of liquid fixed income and certain private placement assets to BlackRock in 2022. As of December 31, 2023, BlackRock managed approximately $85.3 billion in book value of assets in Corebridge’s consolidated investment portfolio. In addition, liquid fixed income assets associated with the Fortitude Re portfolio were separately transferred to BlackRock for management in 2023. The investment management agreements contain detailed investment guidelines and reporting requirements. These agreements also contain reasonable and customary representations and warranties, standard of care, expense reimbursement, liability, indemnity and other provisions.

American Home Guarantee

The Company has a General Guarantee Agreement with American Home Assurance Company (“American Home”), an indirect wholly owned subsidiary of AIG. Pursuant to the terms of the agreement, American Home has unconditionally and irrevocably guaranteed insurance policies the Company issued between March 3, 2003 and December 29, 2006.

Affiliate Transactions

Effective October 1, 2022, the Company entered into a modified coinsurance reinsurance agreement with AGL, pursuant to which certain blocks of the Company’s VA business were ceded to AGL. The ceded reserves and assets supporting the reserves remain on the Company’s balance sheet, pursuant to the modified coinsurance structure. The business covered by the agreement includes substantially all of the Company’s VA contracts, excluding those issued by the Company in the State of New York and those that have been previously assumed (through reinsurance) by the Company. At inception, the Company ceded approximately $22.9 billion of reserves and received a ceding commission of $1.5 billion from AGL representing the embedded profits in the business ceded. The majority of the initial ceding commission was recognized directly in surplus on an after-tax basis, while a portion of the ceding commission ($0.3 billion) was recognized as Commission and expense allowances on reinsurance ceded in the Summary of Operations as an offset to the related tax expense. The after-tax surplus impact will be amortized over the life of the treaty as the after-tax profits emerge on the reinsured business and will be recognized as Commission and expense allowances on reinsurance ceded in the Summary of Operations, offset by a corresponding charge to change in surplus as a result of reinsurance with no net impact on capital and surplus. After contract inception, AGL will pay a ceding commission and expense allowance to reimburse the Company for its commissions, related issue and policy administration expenses. The agreement was non-disapproved by the TDI. The agreement allows the Company and AGL to more efficiently manage the reserve and capital requirements for their VA business.

During 2023, the Company purchased $21 million and sold $223 million of securities, at fair market value, from or to one or more of its affiliates in the ordinary course of business.

At December 31, 2023, the Company’s unfunded capital commitment to US Fund I, US Fund II, US Fund III, US Fund IV, Europe Fund I and Europe Fund II (which are managed by an affiliate) were approximately $10.8 million, $11.8 million, $34 million, $83.5 million, $5.1 million and $62.9 million, respectively.

At December 31, 2022, the Company’s unfunded capital commitment to US Fund I, US Fund II, US Fund III, US Fund IV, Europe Fund I and Europe Fund II were approximately $10.9 million, $12.7 million, $35 million, $112.3 million, $4.9 million and $80.5 million, respectively.

Financing Agreements

On May 17, 2022, the Company and certain of its affiliates entered into a revolving loan facility with Corebridge, pursuant to which the Company and each such affiliate can, on a several basis, borrow monies from Corebridge (as lender) subject to the terms and conditions stated therein. Principal amounts borrowed under this facility may be repaid and re-borrowed, in whole or in part, from time to time, without penalty. However, the total aggregate amount of loans

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

borrowed by all borrowers under the facility cannot exceed $500 million. The loan facility also sets forth individual borrowing limits for each borrower, with the Company’s maximum borrowing limit being $500 million.

At both December 31, 2023 and 2022, the Company did not have a balance outstanding under this facility.

Investments in Subsidiary, Controlled and Affiliated Entities

The following table presents information regarding the Company’s investments in non-insurance SCA entities as of December 31, 2023:


(in millions)	Gross Amount		Non- admitted Amount		Admitted Asset Amount		Date of NAIC Filing
VALIC Retirement Services Company	$	99	$	—	$	99		N/A
VALIC Finl Advisors Inc		85		—		85		N/A
AG Insurance Agency		—		—		—		N/A
American Gen Asnmt Corp NY		—		—		—		N/A
VALIC Alternative Holdings, LLC		733		—		733		N/A
HRA Administrator LLC		—		—		—		N/A
Broadstone Juniper LLC		1		—		1		N/A
CIBANCO SA IBM Fideicomiso CIB/2133 (Mexico Industrial Puebla)		9		9		—		N/A
AIG LIQUID ALTERNATIVE EQUITY ALPHA FUND, LLC		1		—		1		N/A
Corebridge Europe Real Estate Fund II LR Feeder, LLC		66		—		66		N/A
Bayshore PII Company LLC		6		—		6		N/A
2 North 6th JV LLC		—		—		—		N/A
Corebridge U.S. Real Estate Fund IV Development Sidecar LP		29		—		29		N/A
GRE LB Industrial Joint Venture II, LP		13		—		13		N/A
Corebridge REI LB Southeast Industrial JV LLC		74		—		74		N/A
Corebridge U.S. Real Estate Fund IV, LP		105		—		105		N/A
Bayshore Shopping Center JV LLC		16		—		16		N/A
Corebridge U.S. Real Estate Fund III, LP		71		—		71		N/A
Branch Retail Partners II, LP		(1)		—		(1)		N/A
Corebridge Bartlett Investor I LLC		1		—		1		N/A
Corebridge Papermill Investor I LLC		1		—		1		N/A
Corebridge U.S. LT Apartments JV, LP		21		—		21		N/A
Corebridge U.S. Real Estate Fund II, LP		19		—		19		N/A
Corebridge Europe Real Estate Fund I S.C.SP		2		—		2		N/A
Corebridge U.S. Real Estate Fund I, LP		2		—		2		N/A
Corebridge Commercial Real Estate Lending Holdings, LLC		—		—		—		N/A
Total	$	1,353		9	$	1,344

Operating Agreements

The Company has investments in a Liquidity Pool in which funds are managed by an affiliate, AIG Asset Management (U.S.), LLC, in the amount of $220 million and $240 million at December 31, 2023 and 2022, respectively.

Pursuant to service and expense agreements, AIG, Corebridge and affiliates provide, or cause to be provided, administrative, marketing, investment management, accounting, occupancy, and data processing services to the Company. The allocation of costs for services is based generally on estimated levels of usage, transactions or time incurred in providing the respective services. Generally, these agreements provide for the allocation of costs upon either the specific identification basis or a proportional cost allocation basis which management believes to be reasonable. In all cases, billed amounts pursuant to these agreements do not exceed the cost to AIG, Corebridge or the affiliate

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

providing the service. The Company was charged $434 million, $413 million and $419 million under such agreements in 2023, 2022 and 2021, respectively.

Pursuant to an amended and restated investment advisory agreement, the majority of the Company’s invested assets are managed by an affiliate. The investment management fees incurred were $35 million in 2023, $34 million in 2022 and $39 million in 2021.

21. SUBSEQUENT EVENTS

Management considers events or transactions that occur after the reporting date, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosures. The Company has evaluated subsequent events through April 18, 2024, the date the financial statements were issued.

On March 11, 2024, Corebridge entered into an Amendment and Waiver of Consent and Voting Rights (the “Amendment and Waiver”) with AIG and certain affiliates of Argon and Blackstone that (i) amends the Stockholders Agreement, dated as of November 2, 2021, between Corebridge, AIG and Argon such that Argon shall have no right to consent to any repurchase of shares of common stock of Corebridge, par value $0.01 per share (“Corebridge Common Stock”) if such repurchase would result in Argon owning, of record, more than 9.9% of the then-outstanding Corebridge Common Stock, provided that, no such repurchase will be permitted if it would result in Argon owning, of record, more than 14.9% of the then-outstanding Corebridge Common Stock and (ii) waives the right of Argon, Blackstone and certain of their affiliates to vote or act by written consent with respect to any shares of Corebridge Common Stock owned by them from time to time.

The Company paid an ordinary cash dividend of $80 million to AGC Life on March 25, 2024.

Supplemental Information

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA


(in millions)	December 31, 2023
Investment income earned:
Government bonds	$	23
Other bonds (unaffiliated)		1,670
Bonds of affiliates		—
Preferred stocks (unaffiliated)		—
Common stocks (unaffiliated)		3
Common stocks of affiliates		55
Cash and short-term investments		8
Mortgage loans		336
Real estate		2
Contract loans		21
Other invested assets		71
Derivative instruments		(18)
Miscellaneous income		—
Gross investment income	$	2,171

Real estate owned - book value less encumbrances	$	3

Mortgage loans - book value:
Commercial mortgages	$	6,700
Residential mortgages		550
Mezzanine loans		166
Affiliated residential mortgages
Total mortgage loans	$	7,416

Mortgage loans by standing - book value:
Good standing	$	7,317
Good standing with restructured terms		98
Interest overdue more than 90 days, not in foreclosure		1
Foreclosure in process		—
Total mortgage loans	$	7,416

Partnerships - statement value	$	1,920

Bonds and stocks of parents, subsidiaries and affiliates - statement value:
Bonds	$	35,788
Common stocks		242

Bonds, short-term and cash equivalent bond investments by class and maturity:
Bonds, short-term and cash equivalent bond investments by maturity - statement value:
Due within one year or less	$	2,033
Over 1 year through 5 years		9,645
Over 5 years through 10 years		7,945
Over 10 years through 20 years		7,044
Over 20 years		9,124
Total maturity	$	35,791

Bonds, short-term and cash equivalent bond investments by class - statement value:
Class 1	$	20,540
Class 2		13,088
Class 3		1,096
Class 4		794
Class 5		245
Class 6		28
Total by class	$	35,791

Total bonds, short-term and cash equivalent bond investments publicly traded	$	19,665
Total bonds, short-term and cash equivalent bond investments privately traded		16,126

Preferred stocks - statement value	$	9
Common stocks - market value		242
Short-term investments - book value		3
Cash equivalents - book value		221
Options, caps and floors owned - statement value		165
Collar, swap and forward agreements open - statement value		129
Futures contracts open - current value		—
Cash on deposit		(185)

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA (Continued)


(in millions)	December 31, 2023
Life insurance in-force:
Industrial	$	—
Ordinary		2
Credit		—
Group		—

Amount of accidental death insurance in-force under ordinary policies		—

Life insurance policies with disability provisions in-force:
Industrial		—
Ordinary		—
Group life		—

Supplementary contracts in-force:
Ordinary - not involving life contingencies:
Amount on deposit		24
Income payable		6

Ordinary - involving life contingencies:
Amount on deposit		273
Income payable		30

Group - not involving life contingencies:
Amount on deposit		—

Annuities:
Ordinary:
Immediate - amount of income payable	$	17
Deferred, fully paid - account balance		22,525
Deferred, not fully paid - account balance		—

Group:
Amount of income payable		11
Fully paid - account balance		17,143
Not fully paid - account balance		—

Accident and health insurance - premiums in-force:
Other	$	—
Group		—
Credit		—

Deposit funds and dividend accumulations:
Deposit funds - account balance	$	704
Dividend accumulations - account balance		—

Claim payments in 2022
Group accident & health:
2023	$	—
2022		—
2021		—
2020		—
2019		—
Prior		—

Other accident & health:
2023		—
2022		—
2021		—
2020		—
2019		—
Prior		—

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES

DECEMBER 31, 2023

(in millions)

1. The Company’s total admitted assets as of December 31, 2023 are $86.2 billion.

The Company’s total admitted assets, excluding separate accounts, as of December 31, 2023 are $47.3 billion.

2. Following are the 10 largest exposures to a single issuer/borrower/investment, by investment category, excluding: (i) U.S. Government, U.S. Government agency securities and those U.S. Government money market funds listed in the Appendix to the IAO Practices and Procedures Manual as exempt, (ii) property occupied by the Company, and (iii) policy loans:



	Issuer	Description of Exposure	Amount		Percentage of Total Admitted Assets
a.	Corebridge Real Estate Investors Inc.	OIA	$	438	0.90 %

b.	Amazon.com, Inc.	BONDS		235	0.50
c.	Oracle Corporation	BONDS		231	0.50
d.	Verizon Communications Inc.	BONDS		197	0.40
e.	Duke Energy Corporation	BONDS		188	0.40
f.	JPMorgan Chase & Co.	BONDS		176	0.40
g.	Microsoft Corporation	BONDS		171	0.40
h.	Walt Disney Company, The	BONDS		170	0.40
i.	Sempra Energy	BONDS		167	0.40
j.	Boeing Company, The	BONDS		161	0.30

3. The Company’s total admitted assets held in bonds and preferred stocks, by NAIC rating, are:

Bonds and Short-Term Investments

Preferred Stocks

NAIC Rating

Amount

Percentage of

Total Admitted

Assets

NAIC Rating

Amount

Percentage of

Total Admitted

Assets

NAIC - 1

20,540

43.40 %

P/RP - 1

— %

NAIC - 2

13,088

27.70

P/RP - 2

—

NAIC - 3

1,096

2.30

P/RP - 3

—

NAIC - 4

794

1.70

P/RP - 4

—

NAIC - 5

245

0.50

P/RP - 5

—

NAIC - 6

0.10

P/RP - 6

—

4. Assets held in foreign investments:


		Amount		Percentage of Total Admitted Assets
a.	Total admitted assets held in foreign investments	$	7,811	16.50 %
b.	Foreign currency denominated investments		2,479	5.20
c.	Insurance liabilities denominated in that same foreign currency		—	—

5. Aggregate foreign investment exposure categorized by NAIC sovereign rating:


		Amount		Percentage of Total Admitted Assets
a.	Countries rated NAIC - 1	$	6,822	14.40 %
b.	Countries rated NAIC - 2		733	1.50
c.	Countries rated NAIC - 3 or below		257	0.50

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2023

(in millions)

6. Two largest foreign investment exposures to a single country, categorized by the country’s NAIC sovereign rating:



		Amount		Percentage of Total Admitted Assets
a.	Countries rated NAIC - 1

	Country 1: United Kingdom	$	1,441	3.00 %
	Country 2: Australia		1,137	2.40
b.	Countries rated NAIC - 2
	Country 1: Mexico		235	0.50
	Country 2: Indonesia		143	0.30
c.	Countries rated NAIC - 3 or below
	Country 1: Colombia		113	0.20
	Country 2: British Virgin Isles		68	0.10

7. Aggregate unhedged foreign currency exposure:

Amount

Percentage
of Total
Admitted
Assets

Aggregate unhedged foreign currency exposure

2,479

5.20 %

8. Aggregate unhedged foreign currency exposure categorized by NAIC sovereign rating:


		Amount		Percentage of Total Admitted Assets
a.	Countries rated NAIC - 1	$	2,474	5.20 %
b.	Countries rated NAIC - 2		4	—
c.	Countries rated NAIC - 3 or below		1	—

9. Two largest unhedged foreign currency exposures to a single country, categorized by the country’s NAIC sovereign rating:


		Amount		Percentage of Total Admitted Assets
a.	Countries rated NAIC - 1
	Country 1: United Kingdom	$	819	1.70 %
	Country 2: Ireland		450	1.00
b.	Countries rated NAIC - 2
	Country 1: Peru		2	—
	Country 2: Mexico		2	—
c.	Countries rated NAIC - 3 or below
	Country 1: Brazil		1	—
	Country 2: Turkey		—	—

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2023

(in millions)

10. Ten largest non-sovereign (i.e. non-governmental) foreign issues:


		NAIC Rating	Amount		Percentage of Total Admitted Assets
		MORTGAGE
a.	5555187	LOAN	$	127	0.30 %

b.	Dexus	NAIC 1 - Bonds		122	0.30

		MORTGAGE
c.	5555143	LOAN		96	0.20

d.	Vodafone Group Plc	NAIC 2 - Bonds		95	0.20

		MORTGAGE
e.	5555149	LOAN		89	0.20

f.	GPT Group, The	NAIC 1 - Bonds		85	0.20

g.	Royal Dutch Shell plc	NAIC 1 - Bonds		85	0.20

		MORTGAGE
h.	5555229	LOAN		83	0.20

		MORTGAGE
i.	5555233	LOAN		81	0.20

		COLLATERAL
		LOAN, STAT
j.	Silver (BREDS)	OIA - LOML		75	0.20

11. Assets held in Canadian investments are less than 2.5% of the reporting entity’s total admitted assets.

12. Assets held in investments with contractual sales restrictions are less than 2.5 percent of the Company’s total admitted assets.

13. The Company’s admitted assets held in the ten largest equity interests (including investments in the shares of mutual funds, preferred stocks, publicly traded equity securities, and other equity securities and excluding money market and bond mutual funds listed in the Appendix to the SVO Practices and Procedures Manual as exempt or Class 1) are:


		Amount		Percentage of Total Admitted Assets
a.	Corebridge Real Estate Investors Inc.	$	438	0.90 %
b.	Platinum Equity LLC		105	0.20
c.	Apollo Global Management		98	0.20
d.	The Spiral		82	0.20
e.	Silver (BREDS)		75	0.20
f.	Solum		72	0.20
g.	Carlyle Group		54	0.10
h.	BLACKSTONE GROUP		40	0.10
i.	1105 West Peachtree Loan-on-Loan		35	0.10
j.	HPS Investment Partners LLC		33	0.10

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2023

(in millions)

14.	Assets held in nonaffiliated, privately placed equities:



		Amount		Percentage of Total Admitted Assets

Aggregate statement value of investment held in nonaffiliated, privately placed equities:		$	400	0.80 %

Largest three investments held in nonaffiliated, privately placed equities:
a.	The Spiral	$	82	0.20
b.	Silver (BREDS)		75	0.20
c.	Platinum Equity Capital Partners V L.P.		54	0.10

Ten largest fund managers:



	Fund Manager	Total Invested		Diversified		Non- diversified
a.	Corebridge Real Estate Investors Inc.	$	438	$	—	$	438
b.	Platinum Equity LLC		105		105		—
c.	Apollo Global Management		98		98		—
d.	The Spiral		82		—		82
e.	Silver (BREDS)		75		—		75
f.	Solum		72		72		—
g.	Carlyle Group		54		54		—
h.	BLACKSTONE GROUP		40		40		—
i.	1105 West Peachtree Loan-on-Loan		35		—		35
j.	HPS Investment Partners LLC		33		33		—

15. Assets held in general partnership interests are less than 2.5 percent of the Company’s total admitted assets.

16. Mortgage loans reported in Schedule B, include the following ten largest aggregate mortgage interests. The aggregate mortgage interest represents the combined value of all mortgages secured by the same property or same group of properties:



		Amount		Percentage of Total Admitted Assets
a.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555187, GBR	$	127	0.30 %
b.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002642, FL		100	0.20
c.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002930, CA		100	0.20
d.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002917, NY		96	0.20
e.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555143, GBR		96	0.20
f.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002626, NY		93	0.20
g.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555149, GBR		89	0.20
h.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002282, HI		85	0.20
i.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002157, NY		84	0.20
j.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555229, FIN		83	0.20

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2023

(in millions)

Amount and percentage of the reporting entity’s total admitted assets held in the following categories of mortgage loans:



		Amount		Percentage of Total Admitted Assets
a.	Construction loans	$	295	0.60 %
b.	Mortgage loans over 90 days past due		1	—
c.	Mortgage loans in the process of foreclosure		—	—
d.	Mortgage loans foreclosed		—	—
e.	Restructured mortgage loans		16	—

17. Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date:

Residential

Commercial

Agricultural

Loan-to-Value

Amount

Percentage
of Total
Admitted
Assets

Amount

Percentage
of Total
Admitted
Assets

Amount

Percentage
of Total
Admitted
Assets

above 95%

—

— %

164

0.30 %

—

— %

91% to 95%

—

0.10

—

81% to 90%

—

119

0.30

—

71% to 80%

104

0.20

851

1.80

—

below 70%

444

0.90

5,608

11.80

—

18. Assets held in each of the five largest investments in one parcel or group of contiguous parcels of real estate reported in Schedule A are less than 2.5 percent of the Company’s total admitted assets.

19. Assets held in mezzanine real estate loans are less than 2.5 percent of the Company’s total admitted assets.

20. The Company’s total admitted assets subject to the following types of agreements as of the following dates:

Unaudited At End of Each Quarter

At Year-End

Quarter

Amount

Percentage
of Total
Admitted
Assets

Amount

Securities lending (do not include assets

held as collateral for such transactions)

—

— %

—

Repurchase agreements

986

2.10

710

504

857

Reverse repurchase agreements

—

Dollar repurchase agreements

—

Dollar reverse repurchase agreements

—

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2023

(in millions)

21. The Company’s potential exposure to warrants not attached to other financial instruments, options, caps, and floors:

Owned

Written

Amount

Percentage
of Total
Admitted
Assets

Amount

Percentage
of Total
Admitted
Assets

Hedging

$ —

— %

$ —

— %

Income generation

—

Other

—

22. The Company’s potential exposure (defined as the amount determined in accordance with the NAIC Annual Statement Instructions) for collars, swaps, and forwards as of the following dates:


							Unaudited At End of Each Quarter
		At Year-End					1st Quarter		2nd Quarter		3rd Quarter
		Amount		Percentage of Total Admitted Assets			Amount		Amount		Amount
a.	Hedging	$	365		0.80	%	$	47	$	47	$	45
b.	Income generation		—		—			—		—		—
c.	Replications		—		—			—		—		—
d.	Other		—		—			—		—		—

23. The Company’s potential exposure (defined as the amount determined in accordance with the NAIC Annual Statement Instructions) for futures contracts as of the following dates:


							Unaudited At End of Each Quarter
		At Year-End					1st Quarter		2nd Quarter		3rd Quarter
		Amount		Percentage of Total Admitted Assets			Amount		Amount		Amount
a.	Hedging	$	71		0.20	%	$	6	$	4	$	5
b.	Income generation		—		—			—		—		—
c.	Replications		—		—			—		—		—
d.	Other		—		—			—		—		—

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

SUPPLEMENTAL SUMMARY INVESTMENT SCHEDULE

DECEMBER 31, 2023


(in millions)	Gross Investment Holdings						Admitted Assets as Reported in the Annual Statement
Investment Categories	Amount			Percentage			Amount					Total Amount			Percentage
Bonds:
U.S. governments	$	568			1.2	%	$	568		$	—	$	568			1.2 %
All other governments		967			2.1			967			—		967			2.1
U.S. states, territories and possessions, etc. guaranteed		239			0.5			239			—		239			0.5
U.S. political subdivisions of states, territories,and possessions, guaranteed		103			0.2			103			—		103			0.2
U.S. special revenue and special assessment obligations, etc. non-guaranteed		2,709			5.9			2,709			—		2,709			5.9
Industrial and miscellaneous		30,129			65.2			30,129			—		30,129			65.3
Hybrid securities		101			0.2			101			—		101			0.2
Parent, subsidiaries and affiliates		23			0.1			23			—		23			0.1
SVO identified funds		—			—			—			—		—			—
Unaffiliated Bank loans		950			2.1			950			—		950			2.1
Total long-term bonds	$	35,789			77.5		$	35,789		$	—	$	35,789			77.5
Preferred stocks:
Industrial and miscellaneous (Unaffiliated)	$	9			—		$	9		$	—	$	9			—
Parent, subsidiaries and affiliates		—			—			—			—		—			—
Total preferred stocks	$	9			—		$	9		$	—	$	9			—
Common stocks:
Industrial and miscellaneous Publicly traded
(Unaffiliated)	$	—			—		$	—		$	—	$	—			—
Industrial and miscellaneous Other (Unaffiliated)		58			0.1			58			—		58			0.1
Parent, subsidiaries and affiliates Publicly traded		—			—			—			—		—			—
Parent, subsidiaries and affiliates Other		184			0.4			184			—		184			0.4
Mutual funds		—			—			—			—		—			—
Total common stocks	$	242			0.5		$	242		$	—	$	242			0.5
Mortgage loans:
Farm mortgages	$	—			—		$	—		$	—	$	—			—
Residential mortgages		549			1.2			549			—		549			1.2
Commercial mortgages		6,700			14.5			6,700			—		6,700			14.5
Mezzanine real estate loans		166			0.4			166			—		166			0.4
Total valuation allowance		(91	)		(0.2)			(91	)		—		(91	)		(0.2)
Total mortgage loans	$	7,324			15.9		$	7,324		$	—	$	7,324			15.9
Real estate:
Properties occupied by company	$	—			—		$	—		$	—	$	—			—
Properties held for production of income		—			—			—			—		—			—
Properties held for sale		3			—			3			—		3			—
Total real estate	$	3			—		$	3		$	—	$	3			—
Cash, cash equivalents and short-term investments:
Cash	$	(185	)		(0.4)		$	(185	)	$	—	$	(185	)		(0.4)
Cash equivalents		221			0.5			221			—		221			0.5
Short-term investments		3			—			3			—		3			—
Total cash, cash equivalents and short-term investments	$	39			0.1		$	39		$	—	$	39			0.1
Contract loans	$	409			0.9		$	409		$	—	$	409			0.9
Derivatives		287			0.6			287			—		287			0.6
Other invested assets		1,942			4.2			1,920			—		1,920			4.2
Receivables for securities		24			0.1			24			—		24			0.1
Securities Lending		—			—			—			XXX		XXX			XXX
Other invested assets		117			0.3			117			—		117			0.3
Total invested assets	$	46,185			100.0	%	$	46,163		$	—	$	46,163			100 %

THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF REINSURANCE DISCLOSURES

DECEMBER 31, 2023

The following information regarding reinsurance contracts is presented to satisfy the disclosure requirements in SSAP No. 61R, Life, Deposit-Type and Accident and Health Reinsurance, which apply to reinsurance contracts entered into, renewed or amended on or after January 1, 1996.

Has the Company reinsured any risk with any other entity under a reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) that is subject to Appendix A-791, Life and Health Reinsurance Agreements, and includes a provision that limits the reinsurer’s assumption of significant risks identified in Appendix A-791?

Yes [ ] No [ X ]

If yes, indicate the number of reinsurance contracts to which such provisions apply:

If yes, indicate if deposit accounting was applied for all contracts subject to Appendix A-791 that limit significant risks.

Yes [ ] No [ ] N/A [ X ]

Has the Company reinsured any risk with any other entity under a reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) that is not subject to Appendix A-791, for which reinsurance accounting was applied and includes a provision that limits the reinsurer’s assumption of risk?

Yes [ ] No [ X ]

If yes, indicate the number of reinsurance contracts to which such provisions apply:

If yes, indicate whether the reinsurance credit was reduced for the risk-limiting features. Yes [ ] No [ ] N/A [ X ]

3.	Does the Company have any reinsurance contracts (other than reinsurance contracts with a federal or state facility) that contain one or more of the following features which may result in delays in payment in form or in fact:

(a)

Provisions that permit the reporting of losses to be made less frequently than quarterly;

(b)

Provisions that permit settlements to be made less frequently than quarterly;

(c)

Provisions that permit payments due from the reinsurer to not be made in cash within ninety (90) days of the settlement date (unless there is no activity during the period); or

(d)

The existence of payment schedules, accumulating retentions from multiple years, or any features inherently designed to delay timing of the reimbursement to the ceding entity.

Yes [ ] No [ X ]

4.	Has the Company reflected reinsurance accounting credit for any contracts that are not subject to Appendix A-791 and not yearly renewable term reinsurance, which meet the risk transfer requirements of SSAP No. 61R?


Type of contract:	Response:	Identify reinsurance contract(s):	Has the insured event(s) triggering contract coverage been recognized?
Assumption reinsurance – new for the reporting period	Yes [ ] No [ X ]		N/A
Non-proportional reinsurance, which does not result in significant surplus relief	Yes [ ] No [ X ]		N/A

5.	Has the Company ceded any risk, which is not subject to Appendix A-791 and not yearly renewable term reinsurance, under any reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) during the period covered by the financial statements, and either:

(a) Accounted for that contract as reinsurance under statutory accounting principles (SAP) and as a deposit under generally accepted accounting principles (GAAP); or Yes [ ] No [ X ] N/A [ ]

(b) Accounted for that contract as reinsurance under GAAP and as a deposit under SAP?

Yes [ ] No [ X ] N/A [ ]

If the answer to item (a) or item (b) is yes, include relevant information regarding GAAP to SAP differences from the accounting policy footnote to the audited statutory-basis financial statements to explain why the contract(s) is treated differently for GAAP and SAP below:

American Home Assurance Company

An AIG Company

NAIC Code: 19380

Statutory Basis Financial Statements

As of December 31, 2023 and 2022

and for the years ended December 31, 2023, 2022 and 2021

LOGO

AMERICAN HOME ASSURANCE COMPANY

Statutory Basis Financial Statements

As of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021

TABLE OF CONTENTS


	Report of Independent Auditors	3

	Statements of Admitted Assets	5

	Statements of Liabilities, Capital and Surplus	6

	Statements of Operations and Changes in Capital and Surplus	7

	Statements of Cash Flows	8

Note 1	Organization and Summary of Significant Statutory Basis Accounting Policies	9

Note 2	Accounting Adjustments to Statutory Basis Financial Statements	21

Note 3	Investments	23

Note 4	Fair Value of Financial Instruments	27

Note 5	Reserves for Losses and Loss Adjustment Expenses	29

Note 6	Related Party Transactions	33

Note 7	Reinsurance	35

Note 8	Income Taxes	38

Note 9	Capital and Surplus and Dividend Restrictions	42

Note 10	Contingencies	43

Note 11	Other Significant Matters	46

Note 12	Subsequent Events	48

LOGO

Report of Independent Auditors

To the Board of Directors of American Home Assurance Company:

Opinions

We have audited the accompanying statutory basis financial statements of American Home Assurance Company (the “Company”), which comprise the statements of admitted assets, and of liabilities, capital and surplus as of December 31, 2023 and 2022, and the related statements of operations and changes in capital and surplus, and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2023 and 2022, and the results of its operations and changes in capital and surplus, and its cash flows for each of the three years in the period ended December 31, 2023, in accordance with the accounting practices prescribed or permitted by the New York State Department of Financial Services described in Note 1.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the accompanying financial statements referred to above do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2023 and 2022, or the results of its operations and changes in capital and surplus, or its cash flows for each of the three years in the period ended December 31, 2023.

Basis for Opinions

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 1 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the New York State Department of Financial Services, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017

T: (646) 471 3000, F: (813) 286 6000, www.pwc.com/us

LOGO

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the New York State Department of Financial Services. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibilities for the Audit of the Financial Statements

In performing an audit in accordance with US GAAS, we:

●

Exercise professional judgment and maintain professional skepticism throughout the audit.

●

Emphasis of Matter

As discussed in Notes 1, 6 and 7 to the financial statements, the Company has entered into significant transactions with certain affiliated entities. Our opinion is not modified with respect to this matter.

/s/ PricewaterhouseCoopers LLP

New York, NY

April 23, 2024

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Statements of Admitted Assets


	December 31, 2023			December 31, 2022

Cash and invested assets:
Bonds, primarily at amortized cost (fair value: 2023 - $13,079; 2022 - $13,386)	$	13,642		$	14,424
Common stocks, at carrying value (cost: 2023 - $306; 2022 - $250)		307			244
Preferred stocks, at carrying value (cost: 2023 - $17; 2022 - $26)		19			29
Other invested assets (cost: 2023 - $1,477; 2022 - $1,694)		1,711			1,981
Mortgage loans		1,142			1,244
Derivative instruments		23			32
Short-term investments, at amortized cost (approximates fair value)		8			141
Cash and cash equivalents		433			579
Receivable for securities sold		36			31
Total cash and invested assets	$	17,321		$	18,705

Investment income due and accrued	$	112		$	101
Agents’ balances or uncollected premiums:
Premiums in course of collection		1,229			1,288
Premiums and installments booked but deferred and not yet due		243			174
Accrued retrospective premiums		213			264
High deductible recoverable on paid losses		20			21
Reinsurance recoverable on paid losses		726			616
Funds held by or deposited with reinsurers		219			289
Net deferred tax assets		223			346
Receivables from parent, subsidiaries and affiliates		473			53
Other assets		183			165
Allowance for uncollectible accounts		(17	)		(32	)
Total admitted assets	$	20,945		$	21,990

See Notes to Statutory Basis Financial Statements



5		STATEMENTS OF ADMITTED ASSETS – As of December 31, 2023 and 2022

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions, Except Share Information)

Statements of Liabilities, Capital and Surplus


	December 31, 2023		December 31, 2022
Liabilities
Reserves for losses and loss adjustment expenses	$	7,919	$	8,172
Unearned premium reserves		2,422		2,498
Commissions, premium taxes, and other expenses payable		111		97
Reinsurance payable on paid loss and loss adjustment expenses		496		429
Current federal and foreign taxes payable to parent		20		26
Funds held by company under reinsurance treaties		1,239		1,419
Provision for reinsurance		44		46
Ceded reinsurance premiums payable, net of ceding commissions		933		629
Collateral deposit liability		262		416
Payable for securities purchased		10		49
Payable to parent, subsidiaries and affiliates		14		12
Other liabilities		364		339
Total liabilities	$	13,834	$	14,132

Capital and Surplus
Common capital stock, $20 par value, 1,758,158 shares authorized, 1,367,826 shares issued and outstanding	$	27	$	31
Capital in excess of par value		5,783		6,730
Unassigned surplus		668		427
Special surplus funds from reinsurance		633		670
Total capital and surplus	$	7,111	$	7,858
Total liabilities, capital and surplus	$	20,945	$	21,990

See Notes to Statutory Basis Financial Statements



6		STATEMENTS OF LIABILITIES, CAPITAL and SURPLUS - As of December 31, 2023 and 2022

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Statements of Operations and Changes in Capital and Surplus


	For the Years Ended December 31,
	2023			2022			2021
Statements of Operations
Underwriting income:
Premiums earned	$	4,252		$	4,293		$	4,110
Underwriting deductions:
Losses incurred		2,345			2,529			2,596
Loss adjustment expenses		352			258			196
Other underwriting expenses		1,425			1,499			1,391
Total underwriting deductions		4,122			4,286			4,183
Net underwriting income (loss)		130			7			(73	)
Investment gain:
Net investment income earned		781			679			806
Net realized capital (loss) gain (net of capital gains tax expense: 2023 - $(4); 2022 - $39; 2021 - $26)		(153	)		(176	)		260
Net investment gain		628			503			1,066
Net loss from agents’ or premium balances charged-off		(1	)		(2	)		4
Other expense		(19	)		(19	)		(74	)
Net Income after capital gains taxes and before federal income taxes		738			489			923
Federal and foreign income tax benefit		16			(24	)		(20	)
Net Income	$	722		$	513		$	943

Changes in Capital and Surplus
Capital and surplus, as of December 31, previous year	$	7,858		$	7,662		$	6,696
Adjustment to beginning surplus (Note 2)		25			(15	)		-
Capital and surplus, as of January 1,		7,883			7,647			6,696
Changes in accounting principles (refer to Note 2)
Cumulative effect of changes in accounting principles		14			-			-
Other changes in capital and surplus:
Net Income		722			513			943

Change in net unrealized capital gain (net of capital gain (loss) tax expense (benefit): 2023 - $(7); 2022 - $(12); 2021 - $25		2			(221	)		52
Change in net deferred income tax		(136	)		(125	)		(169	)
Change in nonadmitted assets		2			(48	)		52
Change in provision for reinsurance		(7	)		(22	)		1
Return of capital		(946	)		-			-
Change in par value of common stock		(4	)		-			-
Dividends to stockholder		(450	)		-			-
Foreign exchange translation		31			114			90
Change in assumed mortgage guaranty contingency reserve		(4	)		(6	)		4
Change in ceded mortgage guaranty contingency reserve		4			6			(4	)
Other surplus adjustments		-			-			(3	)
Total changes in capital and surplus		(772	)		211			966
Capital and Surplus, as of December 31,	$	7,111		$	7,858		$	7,662

See Notes to Statutory Basis Financial Statements



7		STATEMENTS OF OPERATIONS and CHANGES IN CAPITAL AND SURPLUS - for the years ending December 31, 2023, 2022 and 2021

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Statements of Cash Flows


	For the Years Ended December 31,
	2023			2022			2021
Cash from Operations:
Premiums collected, net of reinsurance	$	4,589		$	4,178		$	4,239
Net investment income		696			588			744
Miscellaneous income		26			1			13
Sub-total		5,311			4,767			4,996
Benefit and loss related payments		2,663			2,481			2,747
Commission and other expense paid		1,797			1,844			1,778
Federal and foreign income taxes recovered		7			1			(2	)
Net cash provided from operations		844			441			473
Cash from Investments:
Proceeds from investments sold, matured, or repaid:
Bonds		4,458			2,744			5,415
Stocks		55			91			1
Mortgage loans		373			669			465
Other investments		345			824			1,180
Total proceeds from investments sold, matured, or repaid		5,231			4,328			7,061
Cost of investments acquired:
Bonds		3,984			3,665			6,223
Stocks		119			104			68
Mortgage loans		289			55			365
Other investments		163			361			869
Total cost of investments acquired		4,555			4,185			7,525
Net cash provided from (used in) investing activities		676			143			(464	)
Cash from Financing and Miscellaneous Sources:
Return of capital		(946	)		-			-
Change in par value of common stock		(4	)		-			-
Intercompany payments		(293	)		(574	)		(265	)
Dividends to stockholder		(450	)		-			-
Net deposit activity on deposit-type contracts and other insurance		(2	)		(1	)		(10	)
Collateral deposit liability receipts		(154	)		17			147
Other receipt		50			67			181
Net cash provided from (used in) financing and miscellaneous activities		(1,799	)		(491	)		53
Net change in cash and short-term investments		(279	)		93			62
Cash, cash equivalents, and short-term investments
Beginning of year		720			627			565
End of year	$	441		$	720		$	627

Refer to Note 11D for description of non-cash items.

See Notes to Statutory Basis Financial Statements



8		STATEMENTS OF CASH FLOW – for the years ended December 31, 2023, 2022 and 2021

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

1.	Organization and Summary of Significant Statutory Basis Accounting Policies

A.	*Basis of Organization and Presentation*

Organization

American Home Assurance Company (“the Company” or “American Home”) is a direct wholly-owned subsidiary of AIG Property Casualty U.S., Inc. (“AIG PC US”), a Delaware corporation, which is in turn owned by AIG Property Casualty Inc. (“AIG PC”), a Delaware corporation. The Company’s ultimate parent is American International Group, Inc. (the “Ultimate Parent” or “AIG”). AIG conducts its property and casualty operations through multiple line companies writing substantially all commercial (casualty, property, specialty and financial liability) and consumer (accident & health and personal lines) insurance both domestically and abroad.

The Company is party to an inter-company pooling agreement (the “Combined Pooling Agreement”), among the twelve companies listed below; collectively named the Combined Pool. The member companies of the Combined Pool, their National Association of Insurance Commissioners (“NAIC”) company codes, inter-company pooling percentages under the Combined Pooling Agreement, and states of domicile, are as follows:


Company	NAIC Company	Pool Participation Percentage	State of Domicile
National Union *	19445	35%	Pennsylvania
American Home	19380	32%	New York
Lexington	19437	30%	Delaware
C&I	19410	3%	New York
APCC	19402	0%	Illinois
ISOP	19429	0%	Illinois
New Hampshire	23841	0%	Illinois
Specialty	26883	0%	Illinois
Assurance	40258	0%	Illinois
Granite	23809	0%	Illinois
Illinois National	23817	0%	Illinois
AIU	19399	0%	New York

* Lead Company of the Combined Pool

Refer to Note 6 for additional information on the Combined Pool and effects of the changes in the intercompany pooling arrangements in 2021 (the “2021 Repooling Transaction”). The Company decreased its participation from 35% to 32% as a result of the 2021 Repooling Transaction.

The Company accepts commercial business primarily through a network of independent retail and wholesale brokers and through independent agency networks. In addition, the Company accepts consumer business primarily through agents and brokers, as well as through direct marketing and partner organizations. There were no Managing Agents or Third Party Administrators who placed direct written premium with the Company in an amount exceeding more than 5.0 percent of surplus of the Company for the years ending December 31, 2023, 2022, and 2021.

The Company is diversified in terms of classes of its business, distribution network and geographic locations. The Company has direct written premium concentrations of 5.0 percent or more in the following locations:


State / Location	2023		2022		2021
California	$	58	$	50	$	57
Florida		54		55		69
United Arab Emirates		80		83		78
New York		46		41		36
Texas*		24		37		14
*Texas was below 5% in 2021.

Basis of Presentation

The accompanying financial statements of the Company have been prepared in conformity with accounting practices prescribed or permitted by the New York State Department of Financial Services (“NY SAP”). Certain balances relating to prior periods have been reclassified to conform to the current year’s presentation.

Additionally, the financial statements include the Company’s U.S. and foreign operations, along with its Dubai, Caribbean, Jamaica and Argentina branch operations.



9		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

The Company’s financial information as of and for the years ended December 31, 2023, 2022 and 2021 have been presented in accordance with the terms of the Combined Pooling Agreement.

Permitted and Prescribed Practices

NY SAP recognizes only statutory accounting practices prescribed or permitted by the New York State Department of Financial Services (“NY DFS”) for determining and reporting the financial position and results of operations of an insurance company and for the purpose of determining its solvency under the New York Insurance Code. The NAIC Statutory Accounting Principles included within the Accounting Practices and Procedures Manual (“NAIC SAP”) have been adopted as a component of prescribed practices by the NY DFS. The Superintendent of the NY DFS (the “Superintendent”) has the right to permit other specific practices that differ from prescribed practices.

NY SAP has prescribed the practice of discounting workers’ compensation known case loss reserves on a non-tabular basis. This practice is not prescribed under NAIC SAP.

Accounting practices prescribed by the Insurance Department of the Commonwealth of Pennsylvania (“PA SAP”) provide for the availability of certain offsets in the calculation of the Provision for reinsurance, which offsets are not prescribed under NAIC SAP. The Company applied PA SAP with concurrence from the NY DFS to reflect the transfer of collection risk on certain of the Company’s asbestos related reinsurance recoverable balances, to an authorized third party reinsurer, as another form of collateral acceptable to the Commissioner with respect to the reinsurance recoverable balance from the original reinsurers.

In 2021, the Company received a permitted practice to present the consideration received in relation to loss reserves transferred other than via commutation as part of 2021 Repooling transaction within paid loss rather than as premium written and earned. The classification had no effect on net income or surplus.

The Company applied a permitted practice to account for the retroactive aggregate excess of loss reinsurance arrangement entered into with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway, Inc., (the “ADC”) as prospective reinsurance. However, any gain associated with the ADC has been reported in a segregated surplus account and does not form part of the Company’s Unassigned surplus, subject to the applicable dividend restrictions; such amounts must be restricted in surplus until such time as payments received from NICO exceed premiums paid for the retrocession. Segregated surplus balances were $627, $664 and $685 at December 31, 2023, 2022 and 2021, respectively. The effects of the ADC comprise the majority of total segregated surplus; accordingly, Statutory surplus, NAIC SAP, excluding segregated surplus was $6,285, $7,008, $6,763, at December 31, 2023, 2022 and 2021, respectively. For more information, see Note 7.

The use of the aforementioned permitted and prescribed practices has not affected the Company’s ability to comply with the NY DFS’s risk based capital (“RBC”) and surplus requirements for the 2023, 2022 and 2021 reporting periods.

A reconciliation of the net income (loss) and capital and surplus between NAIC SAP and practices prescribed or permitted by NY SAP is shown below:


*December 31,*	SSAP #	FS Ref	2023		2022		2021
Net Income, NY SAP			$	722	$	513	$	943
State prescribed or permitted practices - addition (charge):
Change in non-tabular discounting	65	(a)		15		(27)		49
Adverse Development Cover	62R	(a)		-		-		-
Present the consideration received/paid in relation to the loss reserves within paid losses	62R	(b)		-		-		-
Net Income , NAIC SAP			$	707	$	540	$	894
Statutory surplus, NY SAP			$	7,111	$	7,858	$	7,662
State prescribed or permitted practices - addition (charge):
Non-tabular discounting	65	(a)		152		138		165
Credits for collection risk on certain asbestos reinsurance recoveries	62R	(c)		40		42		43
Present the consideration received/paid in relation to the loss reserves within paid losses	62R	(b)		-		-		-
Statutory surplus, NAIC SAP			$	6,919	$	7,678	$	7,454

(a)	Impacts Reserves for losses and loss adjustment expenses within the Statements of Liabilities, Capital and Surplus and Losses incurred within the Statements of Operations and Changes in Capital and Surplus.

(b)	Impacts Losses incurred and Premiums earned within the Statements of Operations and Changes in Capital and Surplus.

(c)	Impacts Provision for reinsurance within the Statements of Liabilities, Capital and Surplus and the change in Provision for reinsurance within the Statements of Operations and Changes in Capital and Surplus.



10		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Use of Estimates in the Preparation of the Financial Statements

The preparation of statutory financial statements in accordance with NY SAP requires the application of accounting policies that often involve a significant degree of judgment. The Company’s accounting policies that are most dependent on the application of estimates and assumptions are considered critical accounting estimates and are related to the determination of:

•

Reserves for losses and loss adjustment expenses (“LAE”) including estimates and recoverability of the related reinsurance assets;

•

Reinsurance Assets;

•

Other than temporary impairment (“OTTI”) losses on investments;

•

Fair value of certain financial assets, impacting those investments measured at fair value in the Statements of Admitted Assets and Liabilities, Capital and Surplus, as well as unrealized gains (losses) included in Capital and Surplus; and

•

Income tax assets and liabilities, including the recoverability and admissibility of net deferred tax assets and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset.

These accounting estimates require the use of assumptions, including some that are highly uncertain at the time of estimation. It is reasonably possible that actual experience may materially differ from the assumptions used and therefore the Company’s statutory financial condition, results of operations and cash flows could be materially affected.

Accounting Policy Differences

NAIC SAP is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (“US GAAP”). NAIC SAP varies from US GAAP in certain significant respects, including:


Transactions	NAIC SAP Treatment	US GAAP Treatment
Policy Acquisition Costs Principally brokerage commissions and premium taxes arising from the issuance of insurance contracts.	Costs are immediately expensed and are included in Other Underwriting Expenses, except for reinsurance ceding commissions received in excess of the cost to acquire business which are recognized as a deferred liability and amortized over the period of the reinsurance agreement.	Costs directly related to the successful acquisition of new or renewal insurance contracts are deferred and amortized over the term of the related insurance coverage.
Unearned Premiums, Unpaid Losses and Loss Expense Liabilities	Presented net of reinsurance.	Presented gross of reinsurance with corresponding reinsurance recoverable assets for ceded unearned premiums and reinsurance recoverable on unpaid losses.
Retroactive reinsurance contracts	Gains and losses are recognized in earnings immediately and surplus is segregated to the extent pretax gains are recognized. Certain retroactive affiliate or related party reinsurance contracts are accounted for as prospective reinsurance if there is no gain in surplus as a result of the transaction.	Gains are deferred and amortized over the settlement period of the ceded claim recoveries. Losses are immediately recognized in the Statements of Operations.
Investments in Bonds held as: 1) available for sale 2) fair value option	Investment grade securities (rated by NAIC as class 1 or 2) are carried at amortized cost. Non-investment grade securities (NAIC rated 3 to 6) are carried at the lower of amortized cost or fair value.	All available for sale investments are carried at fair value with changes in fair value, net of applicable taxes, reported in accumulated other comprehensive income within shareholder’s equity. Fair value option investments are carried at fair value with changes in fair value, net of applicable projected income taxes, reported in Net Investment Income.
Investments in Common Stocks	Carried at fair value with unrealized gains and losses reported, net of applicable taxes, in the Statements of Changes in Capital and Surplus.	All equity securities that do not follow the equity method of accounting, are measured at fair value with changes in fair value recognized in earnings.



11		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)


Transactions	NAIC SAP Treatment	US GAAP Treatment
Investments in Limited Partnerships, Hedge Funds and Private Equity Interests	Carried at the underlying US GAAP equity with results from the investment’s operations recorded, net of applicable taxes, as unrealized gains (losses) directly in the Statements of Changes in Capital and Surplus.	If aggregate interests allow the holding entity to exercise more than significant influence (typically more than 3%), the investment is recorded as an equity method investment wherein the Company’s pro rata share of income or loss for the period, is recorded as net investment income and adjusted against the carrying value of the asset. Similar equity method investments in investment company entities (e.g.: hedge funds) is adjusted for the Company’s pro rata share of income or loss for the period which is based on the Net Asset Value (“NAV”) with changes in value recorded to Net Investment Income. Where the aggregate interests do not allow the entity to exercise significant influence (typically less than 3%), the investment is recorded as equity investment fair valued through net investment income. Similar equity investment in investment companies (e.g.: hedge funds) are recorded at NAV with changes in value recorded to Net Investment Income.
Investments in Subsidiary, Controlled and Affiliated Entities (SCAs)	Subsidiaries are not consolidated. The equity investment in SCAs is accounted for under the equity method and recorded as Common stock investments. Dividends are recorded within Net Investment Income.	Consolidation is required when there is a determination that the affiliated entity is a variable interest entity (“VIE”) and the reporting entity has a variable interest and the power to direct the activities of the VIE. The VIE assessment would consider various factors including limited partnership (LP) status and inherent rights of equity investors. Investments in SCAs that are voting interest entities (VOE) with majority voting rights are generally consolidated. Investments in SCAs where the holding entity exercises significant influence (generally ownership of >3% voting interests for LPs and similar entities and between 20 percent and 50 percent for other entities) are recorded at equity value. The change in equity is included within Net Investment Income.
Other-than-temporary impairments	Bonds, other than loan-backed and structured securities, which are considered to be other-than-temporarily impaired, are written down to fair value with a realized loss recognized in the Statements of Operations.	The non-credit portion of impairments relating to debt securities that the entity does not intend to sell and for which it is not more likely than not that the entity will be required to sell before anticipated recovery is recorded in other comprehensive income.
Derivatives	Embedded derivatives are not separated from the host contract and not accounted for separately as derivative instruments.	Contracts may include embedded derivatives that are bifurcated from the host contracts and accounted for separately at fair value.
Statement of Cash Flows	Statutory Statements of Cash Flows must be presented using the direct method. Changes in cash, cash equivalents, and short-term investments and certain sources of cash are excluded from operational cash flows.	The Statements of Cash Flows can be presented using the direct or indirect methods, however are typically presented using the indirect method. Presentation is limited to changes in cash and cash equivalents (short-term investments are excluded).


12		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)


Transactions	NAIC SAP Treatment	US GAAP Treatment
Deferred Federal Income Taxes	Deferred income taxes are established for the temporary differences between tax and book assets and liabilities, subject to limitations on admissibility of tax assets. Changes in deferred income taxes are recorded within capital and surplus and have no impact on the Statements of Operations.	The provision for deferred income taxes is recorded as a component of income tax expense, as a component of the Statements of Operations, except for changes associated with items that are included within other comprehensive income where such items are recorded net of applicable income taxes.
Statutory Adjustments (applied to certain assets including goodwill, furniture and equipment, prepaid expenses, overdue receivable balances and unsecured reinsurance amounts)	Certain asset balances designated as nonadmitted, such as some intangible assets and certain investments in affiliated entities are excluded from the Statements of Admitted Assets and are reflected as deductions from capital and surplus.	All assets and liabilities are included in the financial statements. Provisions for uncollectible receivables are established as valuation allowances and are recognized as expense within the Statements of Operations.
Stock Repurchase	When a reporting entity’s stock is acquired and retired the cost of the acquired and retired stock reduces statutory surplus. The capital stock account shall be reduced by the par value of the acquired and retired stock and the paid-in or contributed surplus is reduced by the excess of cost over par value or stated value.	The cost of a repurchase of shares in excess of par is allocated between additional paid-in capital and retained earnings or the excess may be charged entirely to retained earnings.

The effects on the financial statements of the variances between NAIC SAP and US GAAP, although not reasonably determinable, are presumed to be material.

E.	*Significant Statutory Accounting Policies*

Premiums

Premiums for insurance and reinsurance contracts are recorded as gross premiums written as of the effective date of the policy. Premiums are earned primarily on a pro-rata basis over the term of the related insurance coverage. Premiums collected prior to the effective date of the policy are recorded as an advance premium liability and not considered income until due. Extended reporting endorsements are reflected as premiums written and are earned on a pro-rata basis over the stated term of the endorsement unless the term of the endorsement is indefinite, in which case premiums are fully earned at inception of the endorsement along with the recognition of associated loss and LAE.

Unearned premium reserves are established on an individual policy basis, reflecting the terms and conditions of the coverage being provided. Unearned premium reserves represent the portion of premiums written relating to the unexpired terms of coverage as of the date of the financial statements. For policies with coverage periods equal to or greater than thirteen months and generally not subject to cancellation or modification by the Company, premiums are earned using a prescribed percentage of completion method. Additional unearned premium reserves for policies exceeding thirteen months are established as greater of three prescribed tests.

Reinsurance premiums are typically earned over the same period as the underlying policies, or risks, covered by the contracts. As a result, the earnings pattern of a reinsurance contract generally written for a 12 month term may extend up to 24 months, reflecting the inception dates of the underlying attaching policies throughout the 12 month period of the reinsurance contract. Reinsurance premiums ceded are recognized as a reduction in revenues over the period reinsurance coverage is provided.

Insurance premiums billed and outstanding for 90 days or more are nonadmitted and charged against Unassigned funds (surplus).

Premiums for retrospectively rated contracts are initially recorded based on the expected loss experience and are earned on a pro-rata basis over the term of the related insurance coverage. Additional or returned premium is recorded if the estimated loss experience differs from the initial estimate and is immediately recognized in earned premium. The Company records accrued retrospectively rated premiums as written premiums. Adjustments to premiums for changes in the level of exposure to insurance risk are generally determined based upon audits conducted after the policy expiration date.


13		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Gross written premiums net of ceded written premiums (“Net written premiums”) that were subject to retrospective rating features as of December 31, 2023, 2022 and 2021 were as follows:


Years ended December 31,	2023		2022		2021
Net written premiums subject to retrospectively rated contracts	$	40	$	45	$	49
Percentage of total net written premiums		0.9%		1.1 %		1.2 %

As of December 31, 2023 and 2022, the admitted portion of accrued premiums related to the Company’s retrospectively rated contracts were $213 and $264, respectively, which will be billed in future periods based primarily on the payment of the underlying expected losses and LAE. Unsecured amounts associated with these accrued retrospective premiums were $29 and $28 as of December 31, 2023 and 2022, respectively. Ten percent of the amount of accrued retrospective premiums receivable not offset by retrospective return premiums or other liabilities to the same party, other than loss and LAE reserves, or collateral (collectively referred to as the unsecured amount) have been nonadmitted in the amount of $4 and $4 as of December 31, 2023 and 2022, respectively.

High Deductible

The Company establishes loss reserves for high deductible policies net of the insured’s contractual deductible (such deductibles are referred to as “reserve credits”). The Company establishes a nonadmitted asset for ten percent of paid losses recoverable in excess of collateral held on an individual insured basis, or for one hundred percent of paid losses recoverable where no collateral is held and amounts are outstanding for more than ninety days. Additionally, the Company establishes an allowance for doubtful accounts for such paid losses recoverable in excess of collateral and after nonadmitted assets. Similarly, the Company does not recognize reserve credit offsets to its estimate of loss reserves where such credits are deemed uncollectible, as the Company ultimately bears credit risk on the underlying policies’ insurance obligations.

The following table shows the counterparty exposure on unpaid claims and billed recoverable on paid claims for high deductibles by line of business as of December 31, 2023 and 2022:

December 31, 2023

Gross Loss Reserves

Reserve Credits on

Unpaid Claims

Recoverable on Paid

Claims

Total

Auto Liability

545

467

470

General Liabilities

533

498

501

Workers Compensation

3,373

2,868

2,884

Total

4,451

3,833

3,855

As of December 31, 2023, both on-balance sheet and off-balance sheet collateral pledged to the Company related to deductible and paid recoverables was $117 and $2,674, respectively. Unsecured high deductible amounts related to unpaid claims and for paid recoverables for 2023 were $1,063, or 28% of the total high deductible. Additionally, as of December 31, 2023, the Company had recoverables on paid claims greater than 90 days overdue of $9, of which $2 have been nonadmitted.


December 31, 2022	Gross Loss Reserves*		Reserve Credits on Unpaid Claims		Recoverable on Paid Claims		Total
Auto Liability	$	543	$	469	$	4	$	473
General Liabilities		519		485		3		488
Workers Compensation		3,357		2,901		18		2,919
Total	$	4,419	$	3,855	$	25	$	3,880

*In the prior year statutory basis financial statements, Gross Loss Reserves as disclosed represented loss reserves within the insured’s contractual layer and were stated as such. To conform to the current year presentation, the December 31, 2022 Gross Loss Reserves include both the Company’s layer as well as the insured’s contractual layer.

As of December 31, 2022, both on-balance sheet and off-balance sheet collateral pledged to the Company related to deductible and paid recoverables was $151 and $2,622, respectively. Unsecured high deductible amounts related to unpaid claims and for paid recoverables for 2022 were $1,107, or 28.52% of the total high deductible. Additionally, as of December 31, 2022, the Company had recoverables on paid claims greater than 90 days overdue of $11, of which $4 have been nonadmitted.



14		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

The following table shows the deductible amounts for the highest ten unsecured high deductible policies as of December 31, 2023 and 2022:


Counterparty*	Unsecured High Deductible Amounts
December 31,	2023		2022
Counterparty 1	$	112	$	149
Counterparty 2		83		126
Counterparty 3		77		83
Counterparty 4		58		70
Counterparty 5		38		44
Counterparty 6		37		33
Counterparty 7		30		29
Counterparty 8		25		27
Counterparty 9		23		27
Counterparty 10		16		20

*Actual counterparty is not named and may vary year over year. Additionally, a group of entities under common control is regarded as a single counterparty.

Deposit Accounting

Direct insurance transactions where management determines there is insufficient insurance risk transfer are recorded as deposits unless the policy was issued (i) in respect of the insured’s requirement for evidence of coverage pursuant to applicable statutes (insurance statutes or otherwise), contractual terms or normal business practices, (ii) in respect of an excess insurer’s requirement for an underlying primary insurance policy in lieu of self-insurance, or (iii) in compliance with filed forms, rates and/or rating plans.

Assumed and ceded reinsurance contracts, which do not transfer a sufficient amount of insurance risk are recorded as deposits with the net consideration paid or received recognized as a deposit asset or liability, respectively. Deposit assets are admitted if (i) the assuming company is licensed, accredited or qualified by the PA DOI, or (ii) the collateral (i.e., funds withheld, letters of credit or trusts) provided by the reinsurer meets all the requirements of the NY SAP, as applicable. The deposit asset or liability is adjusted by calculating the effective yield on the deposit to reflect the actual payments made or received to date and expected future payments with a corresponding credit or charge to Other Income (Expense) in the Statements of Operations.

Deposit assets are recorded to Other assets within the Statements of Admitted Assets, refer to Note 11A. Deposit liabilities are recorded to Other liabilities within the Statements of Liabilities, Capital and Surplus, refer to Note 11B.

Premium Deficiency

The Company periodically reviews its expected ultimate losses with respect to its unearned premium reserves. A premium deficiency loss and related liability are established if the unearned premium reserves and related future investment income are collectively not sufficient to cover the expected ultimate loss projection. For purposes of premium deficiency tests, contracts are grouped in a manner consistent with how policies are marketed, serviced, and measured for the profitability of such contracts. As of December 31, 2023 and 2022, the Company did not incur any premium deficiency losses.

Retroactive Reinsurance

Reinsurance transactions involving the transfer of loss and LAE reserves associated with loss events that occurred prior to the effective date of the transfer are recorded as retroactive reinsurance and reported separately from Reserves for losses and loss adjustment expenses in the Statements of Liabilities, Capital and Surplus. Initial pre-tax gains or losses are recorded in Retroactive reinsurance gain within the Statements of Operations and Changes in Capital and Surplus with surplus gains recorded as Special surplus funds from reinsurance, which is a component of Capital and Surplus that is restricted from dividend payment. Amounts recorded in Special surplus funds from reinsurance are considered to be earned surplus (i.e., transferred to Unassigned surplus) only when, and to the extent that, cash recoveries from the assuming entity exceed the consideration paid by the ceding entity. Special surplus funds from retroactive reinsurance are maintained separately for each respective retroactive reinsurance agreement; Special surplus funds from retroactive reinsurance account write-in entry on the balance sheet is adjusted, upward or downward, to reflect any subsequent increase or reduction in reserves ceded. The reduction in the special surplus funds is limited to the lesser of amounts recovered by the Company in excess of consideration paid or the surplus gain in relation to such agreement.

To the extent that the transfer of loss and LAE reserves associated with loss events that occurred prior to the effective date of the transfer is between affiliated entities and neither entity records a gain or loss in surplus, the transaction qualifies as an exception in the NAIC SAP accounting guidance and is accounted for as prospective reinsurance.



15		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Insurance Related Acquisition Costs

Commissions, premium taxes, and certain underwriting costs are expensed as incurred and are included in Other underwriting expenses. The Company records an unearned ceding commission accrual equal to the excess of the ceding commissions received from reinsurers compared to the anticipated acquisition cost of the business ceded. This amount is amortized as an increase to income over the effective period of the reinsurance agreement in proportion to the amount of insurance coverage provided.

Provisions for Allowances and Unauthorized or Overdue Reinsurance

The recoverability of certain assets, including insurance receivables with counterparties, is reviewed periodically by management. A minimum reserve, as required under the NAIC Annual Statement Instructions for Property and Casualty Companies for Schedule F–Provision for Overdue Reinsurance for uncollectible reinsurance is recorded with an additional reserve required if an entity’s experience indicates that a higher amount should be provided. The minimum reserve is recorded as a liability and the change between years is recorded as a gain or loss directly to Unassigned fund (surplus) in the Statement of Liabilities, Capital and Surplus. Any reserve over the minimum amount is recorded on the statement of operations by reversing the accounts previously utilized to establish the reinsurance recoverable. Various factors are taken into consideration when assessing the recoverability of these asset balances including: the age of the related amounts due and the nature of the unpaid balance; disputed balances, historical recovery rates and any significant decline in the credit standing of the counterparty. PA SAP is applied in the determination of the Company’s Provision for reinsurance with concurrence from the NY DFS.

Reserves for Losses and Loss Adjustment Expenses

Reserves for case IBNR and LAE losses are determined on the basis of actuarial specialists’ evaluations and other estimates, including historical loss experience. The methods of making such estimates and for establishing the resulting reserves are reviewed and updated based on available information, and any resulting adjustments are recorded in the current period. Accordingly, newly established reserves for losses and LAE, or subsequent changes, are charged to income as incurred. In the event of loss recoveries through reinsurance agreements, loss and LAE reserves are reported net of reinsurance amounts recoverable for unpaid losses and LAE. Losses and LAE ceded through reinsurance are netted against losses and LAE incurred. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsurance policy based upon the terms of the underlying contract. See Note 5 for further discussion of policies and methodologies for estimating the liabilities and losses.

Workers’ compensation reserves are discounted in accordance with NY DFS statutes; see Note 5 for further details.

Salvage and subrogation recoverables are estimated using past experience adjusted for current trends, and any other factors that would modify past experience. Estimated salvage and subrogation recoveries (net of associated expenses) are deducted from the liability for unpaid claims or losses.

Structured Settlements

In the ordinary course of business, the Company enters into structured settlements to settle certain claims. Structured settlements involve the purchase of an annuity to fund future claim obligations. In the event the life insurers providing the annuity, on certain structured settlements, are not able to meet their obligations, the Company would be liable for the payments of benefits. As of December 31, 2023, the Company has not incurred a loss and there has been no default by any of the life insurers included in the transactions. Management believes that based on the financial strength of the life insurers involved in these structured settlements (mostly affiliates) the likelihood of a loss is remote.

The estimated loss reserves eliminated by such structured settlement annuities and the unrecorded loss contingencies as of December 31, 2023 and 2022 were $1,082 and $1,104, respectively.

As of December 31, 2023, the Company had annuities with aggregate statement values in excess of one percent of its policyholders’ surplus with life insurer affiliates as follows:


Life Insurance Company	State of Domicile	Licensed in New York	Statement Value
American General Life Insurance Company	Texas	No	$	128
American General Life Insurance Company of Delaware	Delaware	No		212
The United State Life Insurance Company in the City of New York	New York	Yes		698



16		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Fair Value of Financial Instruments

Assets and liabilities recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of three ‘levels’ based upon the observability of inputs available in the marketplace as discussed below:

•

Level 1: Fair value measurements that are based upon quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. The quoted price for such instruments is not subject to adjustment.

•

Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•

Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions as to the inputs a hypothetical market participant would use to value that asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The Company’s policy is to recognize transfers in and out at the end of the reporting period, consistent with the date of the determination of fair value (See Note 4 for the balance and activity of financial instruments). The valuation methods and assumptions used in estimating the fair values of financial instruments are as follows:

•

The fair values of bonds, mortgage loans, unaffiliated common stocks and preferred stocks are based on fair values that reflect the price at which a security would sell in an arm’s length transaction between a willing buyer and seller. As such, sources of valuation include third party pricing sources, stock exchanges, brokers or custodians or the NAIC Capital Markets and Investment Analysis Office (“NAIC IAO”).

•

The fair value of derivatives is determined using quoted prices in active markets and other market evidence whenever possible, including market-based updates, broker or dealer quotations or alternative pricing sources.

•

The carrying value of all other financial instruments approximates fair value due to the short term nature.

Cash Equivalents and Short-Term Investments

Cash equivalents are short-term, highly liquid investments, with original maturities of three months or less, that are both; (a) readily convertible to known amounts of cash; and (b) so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Highly liquid debt securities with maturities of greater than three months but less than twelve months from the date of purchase are classified as short-term investments. Short-term investments are carried at amortized cost which approximates fair value.

Bonds and Loan Backed and Structured Securities (excluding non-rated residual tranches or interests)

Bonds include any securities representing a creditor relationship, whereby there is a fixed schedule for one or more future payments such as US government agency securities, municipal securities, corporate and convertible bonds, and fixed income instruments. Loan-backed and structured securities (“LBaSS”) include residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”), asset-backed securities (“ABS”), pass-through securities, lease-backed securities, equipment trust certificates, loan-backed securities issued by special purpose corporations or trusts, and securities where there is not direct recourse to the issuer.

Bonds and LBaSS with an NAIC IAO designation of “1” or “2” (considered to be investment grade) are carried at amortized cost. Bonds and LBaSS with an NAIC designation of “3”, “4”, “5”, “5GI”, “6” or “6*” (considered to be non-investment grade) are carried at the lower of amortized cost or fair value. LBaSS fair values are primarily determined using independent pricing services and broker quotes. Bonds and LBaSS that have not been filed with the NAIC IAO, and have not received a designation in over a year, are assigned a 5GI or 6* designation depending on if the obligor is current on contracted principal and interest. Bond and LBaSS securities are assigned a 5GI designation when the following conditions are met: a) the documentation required for a full credit analysis did not exist, b) the issuer/obligor has made all contractual interest and principal payments, and c) an expectation of repayment of interest and principal exists. Amortization of premium or discount on bonds and LBaSS is calculated using the effective yield method.


17		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Additionally, mortgage-backed securities (“MBS”) and ABS prepayment assumptions are obtained from an outside vendor or internal estimates. The retrospective adjustment method is used to account for the effect of unscheduled payments affecting high credit quality securities, while securities with less than high credit quality and securities for which the collection of all contractual cash flows is not probable are both accounted for using the prospective adjustment method.

Non-rated residual tranches or interests

Non-rated residual tranches or interests are carried at the lower of cost or fair value. Changes in carrying value are record as Unrealized gains or (losses) in the Statement of Changes in Capital and Surplus.

Mortgage Loans

Mortgage loans on real estate are carried at unpaid principal balances, net of unamortized premiums, discounts and impairments. Pre-payments of principal are recorded as a reduction in the mortgage loan balance. If a mortgage loan provides for a prepayment penalty or acceleration fee in the event the loan is liquidated prior to its scheduled termination date, such fees are reported as investment income when received. Interest income includes interest collected, the change in interest income due and accrued, the change in unearned interest income, and the amortization of premiums, discounts, and deferred fees.

Impaired loans are identified by management as loans in which it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. The Company accrues income on impaired loans to the extent it is deemed collectible and the loan continues to perform under its original or restructured contractual terms. Non-performing loan interest income that is delinquent more than 90 days is generally recognized on a cash basis.

Mortgage loans are considered impaired when collection of all amounts due under contractual terms is not probable. Impairment is measured using either i) the present value of expected future cash flows discounted at the loan’s effective interest rate, ii) the loan’s observable market price, if available, or iii) the fair value of the collateral if the loan is collateral dependent. An allowance is typically established for the difference between the impaired value of the loan and its current carrying amount. Additional allowance amounts are established for incurred but not specifically identified impairments, based on statistical models primarily driven by past due status, debt service coverage, loan-to-value ratio, property occupancy, profile of the borrower and of the major property tenants, and economic trends in the market where the property is located. When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance.

Preferred Stocks

Perpetual preferred stocks with an NAIC rating of “P1” or “P2”, having characteristics of equity securities are carried at fair value. Redeemable preferred stocks with an NAIC rating of “RP1” or “RP2”, which have characteristics of debt securities, are carried at book value. All preferred stocks with an NAIC rating of “3” through “6” are carried at the lower of book or fair value.

Unaffiliated Common Stock Securities

Unaffiliated common stock investments are carried at fair value with changes in fair value recorded as Unrealized gains or (losses) in Unassigned funds (surplus), or as realized losses in the event a decline in value is determined to be other than temporary. For FHLB capital stock, which is only redeemable at par, the fair value shall be presumed to be par, unless considered other-than-temporarily impaired.

Investments in subsidiaries and affiliated companies

Investments in non-publicly traded affiliates are recorded based on the underlying equity of the respective entity’s financial statements as presented on a basis consistent with the nature of the affiliates’ operations (including any nonadmitted amounts). The Company’s share of undistributed earnings and losses of affiliates is recorded as unrealized gains (losses) in Unassigned surplus.

Investments in joint ventures, partnerships and limited liability companies

Other invested assets include joint ventures and partnerships and are accounted for under the equity method, based on the most recent financial statements of the entity. Changes in carrying value are recorded as unrealized gains (losses). Additionally, other invested assets include investments in collateralized loans that are recorded at the lower of amortized cost and the fair value of the underlying collateral. Changes in carrying value resulting from adjustments where the fair value is less than amortized cost are recorded as unrealized gains (losses) in Unassigned surplus, while changes resulting from amortization are recorded as Net investment income.


18		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Derivatives

Derivative financial instruments are accounted for at fair value using quoted prices in active markets and other market evidence whenever possible, including market-based inputs to valuation models, broker or dealer quotations or alternative pricing sources, reduced by the amount of collateral held or posted by the Company with respect to the derivative position. Changes in carrying value are recorded as unrealized gains (losses) in Unassigned surplus.

Net investment income and gain/loss

Investment income is recorded as earned and includes interest, dividends and earnings from subsidiaries, loans and joint ventures. Realized gains or losses on the disposition or impairment of investments are determined on the basis of specific identification.

Investment income due and accrued is assessed for collectability. The Company records a valuation allowance on investment income receivable when it is probable that an amount is uncollectible by recording a charge against investment income in the period such determination is made. Any amounts receivable over 90 days past due, or 180 days past due for mortgage loans, that do not have a valuation allowance are nonadmitted by the Company.

Evaluating Investments for Other-Than-Temporary Impairment

If a bond is determined to have an OTTI in value the cost basis is written down to fair value as its new cost basis, with the corresponding charge to Net realized capital gains (losses) as a realized loss.

For bonds, other than loan-backed and structured securities, an OTTI shall be considered to have occurred if it is probable that the Company will not be able to collect all amounts due under the original contractual terms.

For loan-backed and structured securities, an OTTI shall be considered to have occurred if the fair value of a security is below its amortized cost and management intends to sell or does not have the ability and intent to retain the security until recovery of the amortized cost (i.e., intent based impairment). When assessing the intent to sell a security, management evaluates relevant facts and circumstances including, but not limited to, decisions to rebalance the investment portfolio, sales of securities to meet cash flow needs and sales of securities to take advantage of favorable pricing.

In general, a security is considered for OTTI if it meets any of the following criteria:

•

The Company may not realize a full recovery on their investment based on lack of ability or intent to hold a security to recovery;

•

Fundamental credit risk of the issuer exists; or

•

Other qualitative/quantitative factors exist indicating an OTTI has occurred.

When a credit-related OTTI is present, the amount of OTTI recognized as a realized capital loss is equal to the difference between the investment’s amortized cost basis and the present value of cash flows expected to be collected regardless of management’s ability or intent to hold the security.

Common and preferred stock investments whose fair value is less than their carrying value or is at a significant discount to acquisition value are considered to be potentially impaired. For securities with unrealized losses, an analysis is performed. Factors include:

•

If management intends to sell a security that is in an unrealized loss position then an OTTI loss is considered to have occurred;

•

If the investments are trading at a significant (25 percent or more) discount to par, amortized cost (if lower) or cost for an extended period of time based on facts and circumstances of the investment; or

•

If a discrete credit event occurs resulting in: (i) the issuer defaulting on a material outstanding obligation; (ii) the issuer seeking protection from creditors under bankruptcy law or any similar laws intended for court supervised reorganization of insolvent enterprises; or, (iii) the issuer proposing a voluntary reorganization pursuant to which creditors are asked to exchange their claims for cash or securities having a fair value substantially lower than par value of their claims; or

•

If there are other factors precluding a full recovery of the investment.

Limited partnership investments whose fair value is less than its book value with a significant unrealized loss are considered for OTTI. OTTI factors that are periodically considered include:

•

If an order of liquidation or other fundamental credit issues with the partnership exists;

•

If there is a significant reduction in scheduled cash flow activities between the Company and the partnership or fund during the year;

•

If there is an intent to sell, or the Company may be required to sell, the investment prior to the recovery of cost of the investment; or

•

If other qualitative/quantitative factors indicating an OTTI exist based on facts and circumstances of the investment.



19		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Foreign Currency Translation

Foreign currency denominated assets and liabilities are translated into U.S. dollars using rates of exchange prevailing at the period end date. Revenues, expenses, gains, losses and surplus adjustments, of non-U.S. operations are translated into U.S. dollars based on weighted average exchange rate for the period. All gains or losses due to translation adjustments are recorded as unrealized gains (losses) within Unassigned surplus in the Statements of Liabilities, Capital and Surplus. All realized gains and losses due to exchange differences between settlement date and transaction date resulting from foreign currency transactions, not in support of foreign insurance operations, are included in Net realized capital gains (losses) in the Statements of Operations and Changes in Capital and Surplus.

Retirement Plans, Deferred Compensation, Postemployment Benefits and Compensated Absences and Other Postretirement Benefit Plans

The Company’s employees participate in various AIG-sponsored defined benefit pension and postretirement plans. AIG, as sponsor, is ultimately responsible for the maintenance of these plans in compliance with applicable laws. The Company is not directly liable for obligations under these plans. AIG charges the Company and its insurance company affiliates pursuant to intercompany expense sharing agreements; the expenses are then shared by the pool participants in accordance with the pooling agreement.

The Company incurred employee related costs related to defined benefit and defined contribution plans during 2023, 2022 and 2021 of $11, $6 and $4, respectively.

Income Taxes

The Company files a consolidated U.S. federal income tax return with AIG. AIG has more than 200 subsidiaries which form part of this tax return. A complete listing of the participating subsidiaries is included in Note 8.

The Company is allocated U.S. federal income taxes based upon an amended and restated tax sharing agreement (the “Tax Sharing Agreement”) with AIG, effective January 1, 2023, and approved by the Company’s Board of Directors. This agreement provides that the Company shall incur tax results that would have been paid or received by such company if it had filed a separate federal income tax return, with limited exceptions.

Additionally, while the agreement described above governs the current and deferred income tax recorded in the income tax provision, the amount of cash that will be paid or received for U.S. federal income taxes may at times be different. The terms of this agreement are based on principles consistent with the allocation of income tax expense or benefit on a separate company basis, except that:

•

The sections of the Internal Revenue Code relating to the Base Erosion Anti-abuse Tax (“BEAT”) are applied, but only if the AIG consolidated group is subject to BEAT in the Consolidated Tax Liability,

•

The impact of Deferred Intercompany Transactions (as defined in Treas. Reg. §1.1502-13(b)(1), if the “intercompany items” from such transaction, as defined in Treas. Reg. §1.1502-13(b)(2), have not been taken into account pursuant to the “matching rule” of Treas. Reg. §1.1502-13(c)), are excluded from current taxation, provided however, that the Company records the appropriate deferred tax asset and/or deferred tax liability related to the gain or loss and includes such gain or loss in its separate return tax liability in the subsequent tax year when the deferred tax liability or deferred tax asset becomes current; and

•

Regarding the CAMT, the Company (i) is excluded from charges for any portion of AIG’s CAMT, (ii) is not allocated any portion of AIG’s CAMT credit carryover (if any), and (iii) reasonably expects that AIG (and/or other members of the consolidated tax group) is meeting any CAMT obligations.

The Company has an enforceable right to recoup federal income taxes in the event of future net losses that it may incur or to recoup its net losses carried forward as an offset to future net income subject to federal income taxes.

Under the Tax Sharing Agreement, income tax liabilities related to uncertain tax positions and tax authority audit adjustments (“TAAAs”) shall remain with the Company for which the income tax liabilities relate. Furthermore, if and when such income tax liabilities are realized or determined to no longer be necessary, the responsibility for any additional income tax liabilities, benefits or rights to any refunds due, remains with the Company.

In accordance with Circular Letter 1979-33 issued by the NY DFS, AIG shall establish and maintain an escrow account for amounts where the Company’s separate return liability exceeds the AIG consolidated tax liability. As of December 31, 2023, the Company’s separate return liability did not exceed the AIG consolidated tax liability and therefore no amounts were maintained in escrow.



20		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Deferred Taxes

The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance, if necessary, to reduce the deferred tax asset to an amount that is more likely than not to be realized (“adjusted gross deferred tax asset”). The evaluation of the recoverability of the deferred tax asset and the need for a valuation allowance requires management to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it would be to support a conclusion that a valuation allowance is not needed.

The Company’s framework for assessing the recoverability of deferred tax assets requires it to consider all available evidence, including:

•

the nature, frequency, and amount of cumulative financial reporting income and losses in recent years;

•

the sustainability of recent operating profitability of our subsidiaries;

•

the predictability of future operating profitability of the character necessary to realize the net deferred tax asset;

•

the carryforward periods for the net operating loss, capital loss and foreign tax credit carryforwards, including the effect of reversing taxable temporary differences; and

•

prudent and feasible actions and tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset.

The adjusted gross deferred tax asset is then assessed for statutory admissibility. The reversing amount eligible for loss carryback or the amount expected to be realized in three years is admissible, subject to the defined surplus limitation. The remaining adjusted gross deferred tax asset can be admitted to the extent of offsetting deferred tax liabilities.

2.	Accounting Adjustments to Statutory Basis Financial Statements

Change in Accounting Principles

In 2023, 2022 and 2021, there were no significant changes or modifications in the Statements of Statutory Accounting Principles (“SSAP”).

Prior to the first quarter ended March 31, 2023, certain of the Company’s foreign property and casualty affiliates for which the Company provides internal reinsurance reported on the basis of a fiscal year ending November 30. Effective with the first quarter of the year ending December 31, 2023, these foreign property and casualty affiliates now report on a calendar year ending December 31. The elimination of a one-month reporting lag of these affiliates is considered a change in accounting principle and requires an adjustment to beginning surplus to record the cumulative effect of such change. Accordingly, in the twelve months ended December 31, 2023, the Company recorded an adjustment of $14 to surplus.

In 2021, the Company changed its method of accounting from insurance to deposit accounting with respect to a specific insurance program. As a result of the change in accounting, any previously established reserves associated with the program were reversed resulting in favorable development and a new deposit liability was established. However, whether accounted for as insurance or deposit, there is no net impact to the Company’s net income, surplus, total assets and total liabilities given the underlying nature and structure of the program. The Company assessed the impact of the change in accounting on prior years and has concluded that the cumulative effect of the change had no net effect on net income or surplus. Refer to Note 5 for additional details around prior year development.

Adjustments to Surplus

During 2023, 2022 and 2021 the Company identified corrections that resulted in after-tax statutory adjustments to beginning capital and surplus of $25, $(15) and $0, respectively. In accordance with SSAP No. 3, Accounting Changes and Corrections of Errors (“SSAP 3”), the corrections of errors have been reported in the 2023, 2022 and 2021 statutory financial statements as adjustments to Unassigned surplus. The impact of the 2023 corrections would have increased the 2022 pre-tax income by $21 and did not impact the 2021 pre-tax income.. Management has concluded that the effects of these errors on the previously issued financial statements were immaterial based on a quantitative and qualitative analysis. The impact to surplus, assets and liabilities as of January 1, 2023, 2022 and 2021 is presented in the following tables:


*2023 Adjustments*	Policyholders’ Surplus			Total Admitted Assets			Total Liabilities
Balance At December 31, 2022	$	7,858		$	21,990		$	14,132
Adjustments to beginning Capital and Surplus:
Asset corrections		-			-			-
Liability corrections		29			-			(29	)
Income tax corrections		(4	)		(3	)		1
Total adjustments to beginning Capital and Surplus		25			(3	)		(28	)
Balance at January 1, 2023 as adjusted	$	7,883		$	21,987		$	14,104



21		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

An explanation for each of the adjustments for prior period corrections is described below:

Liability corrections - The decrease in total liabilities is primarily due to (a) an overstatement of assumed Loss reserves and (b) an overstatement of Unearned premium reserve.

Income tax corrections - The decrease in the tax assets and increase in tax liability is primarily the result of (a) corrections to prior period balances for adjustments to the current and deferred tax assets and liabilities and (b) the tax effect of the corresponding change in asset realization and liability corrections.


*2022 Adjustments*	Policyholders’ Surplus		Total Admitted Assets		Total Liabilities
Balance At December 31, 2021	$	7,662	$	22,070	$	14,408
Adjustments to beginning Capital and Surplus:
Asset corrections		-		-		-
Liability corrections		(8)		-		8
Income tax corrections		(7)		(6)		1
Total adjustments to beginning Capital and Surplus		(15)		(6)		9
Balance at January 1, 2022 as adjusted	$	7,647	$	22,064	$	14,417

An explanation for each of the adjustments for prior period corrections is described below:

Liability Corrections - The increase in total liabilities is primarily due the result of an adjustment in deferred commission earning.

Income tax corrections – The decrease in the tax assets and liabilities is primarily the result of (a) corrections to prior period balances for adjustments to the current and deferred tax assets and liabilities and (b) the tax effect of the corresponding change in asset realization and liability corrections.


*2021 Adjustments*	Policyholders’ Surplus		Total Admitted Assets		Total Liabilities
Balance At December 31, 2020	$	6,696	$	22,828	$	16,132
Adjustments to beginning Capital and Surplus:
Asset corrections		-		-		-
Liability corrections		-		-		-
Income tax corrections		-		2		2
Total adjustments to beginning Capital and Surplus		-		2		2
Balance at January 1, 2021 as adjusted	$	6,696	$	22,830	$	16,134

An explanation for each of the adjustments for prior period corrections is described below:

Income tax corrections – The increase in the tax assets and liabilities is primarily the result of corrections to prior period balances for adjustments to the current and deferred tax assets and liabilities.



22		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

3.	Investments

Bond Investments

The reconciliations from carrying value to fair value of the Company’s bond investments as of December 31, 2023 and 2022 are outlined in the tables below:


December 31, 2023	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. governments	$	821	$	11	$	(22	)	$	810

All other governments		115		3		(4	)		114

States, territories and possessions		242		8		(9	)		241

Political subdivisions of states, territories and possessions		290		2		(12	)		280
Special revenue and special assessment obligations and all non-guaranteed obligations of agencies and authorities and their political subdivisions		2,164		8		(210	)		1,962

Industrial and miscellaneous		10,010		230		(568	)		9,672

Total	$	13,642	$	262	$	(825	)	$	13,079

December 31, 2022	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. governments	$	644	$	-	$	(51	)	$	593
All other governments		131		-		(7	)		124
States, territories and possessions		285		7		(14	)		278

Political subdivisions of states, territories and possessions		303		-		(19	)		284

Special revenue and special assessment obligations and all non-guaranteed obligations of agencies and authorities and their political subdivisions		2,752		9		(275	)		2,486

Industrial and miscellaneous		10,309		193		(881	)		9,621
Total	$	14,424	$	209	$	(1,247	)	$	13,386

The carrying values and fair values of bonds at December 31, 2023, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.


December 31, 2023	Carrying Value		Fair Value
Due in one year or less	$	276	$	274

Due after one year through five years		3,223		3,155

Due after five years through ten years		4,155		3,872

Due after ten years		990		889

Structured securities		5,005		4,896
Total	$	13,649	$	13,086



23		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Mortgage Loan Investments

The minimum and maximum lending rates for mortgage loans during 2023 were:


Category	Minimum Lending Rate %	Maximum Lending Rate %
Office	6.0%	9.4%

Industrial	6.2%	6.2%

Multi-Family	5.8%	7.2%

Hotel/Motel	7.0%	7.4%

The maximum percentage of any one loan to the value of security at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages was 109 percent. The Company’s mortgage loan portfolio is current as to payments of principal and interest, for both periods presented. There were no significant amounts of nonperforming mortgages (defined as those loans where payment of contractual principal or interest is more than 90 days past due) during any of the periods presented. The Company did not have any advanced amounts for taxes or assessments.

The following table details an analysis of mortgage loans as of December 31, 2023 and 2022:


			Residential				Commercial
	Farm		Insured		All Other		Insured		All Other		Mezzanine		Total
2023
Recorded Investment
Current	$	-	$	-	$	-	$	-	$	1,068	$	66	$	1,134
30 - 59 days past due		-		-		-		-		8		-		8
60 - 89 days past due		-		-		-		-		-		-		-
90 - 179 days past due		-		-		-		-		-		-		-
Greater than 180 days past due		-		-		-		-		-		-		-
Total	$	-	$	-	$	-	$	-	$	1,076	$	66	$	1,142
2022
Recorded Investment
Current	$	-	$	-	$	-	$	-	$	1,244	$	-	$	1,244
30 - 59 days past due		-		-		-		-		-		-		-
60 - 89 days past due		-		-		-		-		-		-		-
90 - 179 days past due		-		-		-		-		-		-		-
Greater than 180 days past due		-		-		-		-		-		-		-
Total	$	-	$	-	$	-	$	-	$	1,244	$	-	$	1,244

Loan-Backed and Structured Securities

The Company did not record any non-credit OTTI losses during 2023, 2022 and 2021 for LBaSS.

As of December 31, 2023, 2022 and 2021, the Company held LBaSS for which it recognized $5, $39 and $0, respectively, of credit-related OTTI based on the present value of projected cash flows being less than the amortized cost of the securities.

The following table shows the aggregate unrealized losses and related fair value relating to those securities for which an OTTI has not been recognized as of the reporting date and the length of time that the securities have been in a continuous unrealized loss position:


Years Ended December 31,	2023			2022
Aggregate unrealized losses:
Less than 12 Months	$	(112	)	$	412
12 Months or longer		(196	)	$	15
Aggregate related fair value of securities with unrealized losses:
Less than 12 Months	$	1,074		$	3,834
12 Months or longer		1,959		$	95



24		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Unrealized losses

The fair value of the Company’s bonds and stocks that had gross unrealized losses (where fair value is less than amortized cost) as of December 31, 2023 and 2022 are set forth in the tables below:


December 31, 2023	Less than 12 Months					12 Months or Longer					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. governments	$	46	$	(1	)	$	75	$	(21	)	$	121	$	(22	)
All other governments		56		(1	)		35		(6	)		91		(7	)
States, territories and possessions		32		(1	)		89		(8	)		121		(9	)
Political subdivisions of states, territories and possessions		47		(2	)		134		(10	)		181		(12	)
Special revenue and special assessment obligations and all non-guaranteed obligations of agencies and authorities and their political subdivisions		540		(78	)		977		(132	)		1,517		(210	)
Industrial and miscellaneous		1,232		(79	)		4,849		(533	)		6,081		(612	)
Total bonds	$	1,953	$	(162	)	$	6,159	$	(710	)	$	8,112	$	(872	)
Non-affiliated		10		(1	)		-		-			10		(1	)
Total common stocks	$	10	$	(1	)	$	-	$	-		$	10	$	(1	)
Preferred stocks		2		(1	)		-		-			2		(1	)
Total Preferred stocks	$	2	$	(1	)	$	-	$	-		$	2	$	(1	)
Total bonds and stocks	$	1,965	$	(164	)	$	6,159	$	(710	)	$	8,124	$	(874	)


December 31, 2022	Less than 12 Months					12 Months or Longer					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. governments	$	590	$	(31	)	$	-	$	-		$	590	$	(31	)
All other governments		77		(10	)		38		(16	)		115		(26	)
States, territories and possessions		150		(14	)		-		-			150		(14	)
Political subdivisions of states, territories and possessions		249		(20	)		-		-			249		(20	)
Special revenue and special assessment obligations and all non-guaranteed obligations of agencies and authorities and their political subdivisions		2,070		(268	)		45		(7	)		2,115		(275	)
Industrial and miscellaneous		7,689		(869	)		441		(87	)		8,130		(956	)
Total bonds	$	10,825	$	(1,212	)	$	524	$	(110	)	$	11,349	$	(1,322	)
Non-affiliated		34		(9	)		-		-			34		(9	)
Total common stocks	$	34	$	(9	)	$	-	$	-		$	34	$	(9	)
Total bonds and stocks	$	10,859	$	(1,221	)	$	524	$	(110	)	$	11,383	$	(1,331	)

Realized Gains Losses

Proceeds from sales and associated gross realized gains (losses) for the years ended December 31, 2023, 2022 and 2021 were as follows:



Years ended December 31,	2023					2022				2021
	Bonds			Equity Securities		Bonds		Equity Securities		Bonds		Equity Securities
Proceeds from sales	$	3,813		$	117	$	1,458	$	19	$	2,669	$	2

Gross realized gains		55			16		55		3		151		1

Gross realized losses		(186	)		-		145		1		30		-



25		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Derivative Financial Instruments

The Company holds currency derivatives, interest rate derivatives and credit default swaps. Derivative products include currency swaps, interest rate swaps, currency forwards and default swaps. The Company’s currency derivative were entered into to manage risk from currency exchange rate fluctuations, and the impact of such fluctuations to surplus and cash flows on investments or loss reserves. While not accounted for under hedge accounting, the currency derivatives are economic hedges of the Company’s exposure to fluctuations in the value of receipts on certain investments held by the Company denominated in foreign currencies (primarily GBP and EUR), or of the Company’s exposure to fluctuations in recorded amounts of loss reserves denominated in foreign currencies (primarily JPY). Additionally, interest rate derivatives were entered into to manage risk from fluctuating interest rates in the market, and the impact of such fluctuations to surplus and cash flows on investments or loss reserves. The interest rate derivatives are cash flow hedges of the Company’s exposure to fluctuations in interest rates on investments in collateralized loan obligations. The Company’s credit default swaps were entered into to manage credit risk exposure to reinsurance counterparties.

Market Risk

The Company is exposed under these types of contracts to fluctuations in value of the swaps and forwards and variability of cash flows due to changes in interest rates and exchange rates.

Credit Risk

The current credit exposure of the Company’s derivative contracts is limited to the fair value of such contracts. Credit risk is managed by entering into transactions with creditworthy counterparties and obtaining collateral.

Cash Requirements

The Company is subject to collateral requirements on some of the Company’s derivative contracts. Additionally, the Company is required to make currency exchanges on fixed dates and fixed amounts or fixed exchange rates, or make a payment in the amount of foreign currency physically received on certain foreign denominated investments. For interest rate swaps, the Company is required to either make payments based on benchmark interest rates and in exchange receive fixed rate payments or make fixed rate payments and in exchange receive payments based on benchmark interest rates. For credit default swaps, the Company is required to make premium payments on a fixed payment date.

The Company has determined that the currency and interest rate derivatives do not qualify for hedge accounting under the criteria set forth in SSAP No. 86, Accounting for Derivative Instruments and Hedging Transactions (“SSAP 86”). As a result, the Company’s currency and interest rate contracts are accounted for at fair value and the changes in fair value are recorded as unrealized gains (losses) within the Statements of Operations and Changes in Capital and Surplus until the contract expires, paid down or is redeemed early. In the event a contract is fully redeemed before its expiration, the related unrealized amounts will be recognized in Net realized capital gains (losses). Furthermore, if the contract has periodic payments or fully matures, any related unrealized amounts are recognized in Net investment income earned.

The Company did not apply hedge accounting to any of its derivatives for any period in these financial statements. The following tables summarize the outstanding notional amounts, the fair values and the realized and unrealized gains or losses of the derivative financial instruments held by the Company for the years ended December 31, 2023 and 2022:


	December 31, 2023					Years ended December 31, 2023
Derivative Financial Instrument	Outstanding Notional Amount		Fair Value			Realized capital gains/ (losses)		Unrealized capital gains / (losses)
Swaps	$	862	$	(1	)	$	3	$	(7	)
Forwards		606		24			-		(4	)
Total	$	1,468	$	23		$	3	$	(11	)


	December 31, 2022					Years ended December 31, 2022
Deriva tive Financial Instrument	Outstanding Notional Amount		Fair Value			Realized Capital gains/(losses)		Unrealized capital gains / losses
Swaps	$	1,108	$	3		$	15	$	(8	)
Forwards		680		29			-		39
Total	$	1,788	$	32		$	15	$	31

Other Invested Assets

During 2023, 2022 and 2021, the Company recorded OTTI losses on investments in joint ventures and partnerships of $14, $15, and $18, respectively.



26		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Investment Income

Investment income due and accrued over 90 days past due of $1 was non-admitted in December 31, 2023 and December 31, 2022. Investment expenses of $45, $34 and $30 were included in Net investment income earned for the years ended December 31, 2023, 2022 and 2021, respectively.

The gross, nonadmitted assets and admitted amounts for interest income due and accrued were as follows:



Interest Income Due and Accrued	Amount
Gross	$	113

Nonadmitted	$	1

Admitted	$	112

Restricted Assets

The Company had securities deposited with regulatory authorities, as required by law, with a carrying value of $2,073 and $1,788 as of December 31, 2023 and 2022, respectively.

4.	Fair Value of Financial Instruments

The following tables present information about financial instruments carried at fair value on a recurring basis and indicate the level of the fair value measurement as of December 31, 2023 and 2022:


December 31, 2023	Level 1		Level 2			Level 3		Total
Bonds	$	-	$	343		$	111	$	454
Common stocks		3		6			109		118
Preferred stock		-		-			19		19
Mutual funds		-		-			11		11
Derivative assets		-		38			-		38
Derivative liabilities		-		(15	)		-		(15	)
Total	$	3	$	373		$	250	$	626


December 31, 2022	Level 1		Level 2			Level 3		Total
Bonds	$	-	$	549		$	137	$	686
Common stocks		20		-			4		24
Preferred Stock		-		-			29		29
Mutual funds		-		-			31		31
Derivative assets		-		58			-		58
Derivative liabilities		-		(27	)		-		(27	)
Total	$	20	$	580		$	201	$	801



27		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Fair Value Measurements in Level 3 of the Fair Value Hierarchy

The following tables show the balance and activity of financial instruments classified as level 3 in the fair value hierarchy for the years ended December 31, 2023 and 2022:


	Beginning Balance at January 1, 2023		Transfers into Level 3		Transfers out of Level 3			Total Gains (Losses) included in Net Income			Total Gains (Losses) Included in Surplus			Purchases, Sales, Issuances, Settlements, Net			Balance at December 31, 2023
Bonds	$	138	$	149	$	(57	)	$	(3	)	$	16		$	(132	)	$	111
Preferred stocks		29		-		-			3			-			(13	)		19
Common stocks		4		-		-			(1	)		-			105			109
Mutual funds		31		-		(17	)		7			(4	)		(6	)		11
Total	$	202	$	149	$	(74	)	$	6		$	13		$	(46	)	$	250

	Beginning Balance at January 1, 2022		Transfers into Level 3		Transfers out of Level 3			Total Gains (Losses) included in Net Income			Total Gains (Losses) included in Surplus			Purchases, Sales, Issuances, Settlements, Net			Balance at December 31, 2022
Bonds	$	73	$	127	$	(55	)	$	1		$	(6	)	$	(3	)	$	137
Preferred Stocks		-		-		-			-			2			27			29
Common stocks		-		-		-			-			-			4			4
Mutual funds		34		-		-			3			(8	)		2			31
Total	$	107	$	127	$	(55	)	$	4		$	(12	)	$	30		$	201

Assets are transferred out of Level 3 when circumstances change such that significant inputs can be corroborated with market observable data or when the asset is no longer carried at fair value. This may be due to a significant increase in market activity for the asset, a specific event, one or more significant inputs becoming observable or when a long-term interest rate significant to a valuation becomes short-term and this observable. Transfers out of Level 3 can also occur due to favorable credit migration resulting in a higher NAIC designation. Securities are generally transferred into Level 3 due to a decrease in market transparency, downward credit migration and an overall increase in price disparity for certain individual security types. The Company’s policy is to recognize transfers in and out at the end of the reporting period, consistent with the date of the determination of fair value.

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers and from internal valuation models. Because input information from third-parties with respect to certain Level 3 instruments may not be reasonably available to the Company, balances shown below may not equal total amounts reported for such Level 3 assets.


	Fair Value at December 31, 2023		Valuation Technique	Unobservable Input	Range (Weighted Average)
Assets:
Bonds	$	1,225	Discounted cash flow	Yield	5.65% - 7.64% (6.65%)



28		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

B.	*Fair Value of all Financial Instruments*

The table below details the fair value of all financial instruments except for those accounted for under the equity method as of December 31, 2023 and 2022:



December 31, 2023	Aggregate Fair Value			Admitted Assets			Level 1		Level 2			Level 3		Not Practicable (Carry Value)

Bonds	$	13,078		$	13,642		$	-	$	11,621		$	1,458	$	-

Cash equivalents and short term investments		34			34			26		8			-		-

Common stocks		118			118			3		6			109		-

Derivative assets		38			38			-		38			-		-

Derivative liabilities		(15)			(15)			-		(15)			-		-

Mortgage loans		1,129			1,142			-		-			1,129		-

Mutual funds		11			11			-		-			11		-

Preferred stocks		19			19			-		-			19		-

Total	$	14,412		$	14,989		$	29	$	11,658		$	2,726	$	-


December 31, 2022	Aggregate Fair Value			Admitted Assets			Level 1		Level 2			Level 3		Not Practicable (Carry Value)

Bonds	$	13,386		$	14,424		$	9	$	11,639		$	1,738	$	-

Cash equivalents and short term investments		213			213			72		70			71		-

Common stocks		32			32			20		8			4		-

Derivative assets		58			58			-		58			-		-

Derivative liabilities		(27	)		(27	)		-		(27	)		-		-

Mortgage loans		1,198			1,244			-		-			1,198		-

Mutual funds		31			31			-		-			31		-

Preferred Stocks		29			29			-		-			29		-

Total	$	14,920		$	16,004		$	101	$	11,748		$	3,071	$	-

5.	Reserves for Losses and Loss Adjustment Expenses

A roll forward of the Company’s net reserves for losses and LAE as of December 31, 2023, 2022 and 2021, is set forth in the table below:



December 31,	2023			2022			2021

Reserves for losses and LAE, end of prior year	$	8,172		$	8,216		$	8,979

Cumulative effect of accounting change*		-			-			(51	)

Incurred losses and LAE related to:

Current accident year		2,726			2,764			2,856

Prior accident year		(29	)		23			(64	)

Total incurred losses and LAE	$	2,697		$	2,787		$	2,792

Paid losses and LAE related to:

Current accident year		(868	)		(838	)		(759	)

Prior accident year		(2,082	)		(1,993	)		(2,745	)

Total paid losses and LAE		(2,950	)		(2,831	)		(3,504	)

Reserves for losses and LAE, end of current year	$	7,919		$	8,172		$	8,216

*Accounting reclassification from insurance to deposit accounting with respect to a specific commercial insurance program (Refer to Note 2A).

During 2023, after applying the impact of the ADC, the Company reported net favorable incurred loss and LAE of approximately $29. This favorable incurred includes $8 favorable due to changes in discount as a result of interest rate fluctuation. This results in a favorable prior year development (“PYD”) of $21.

The favorable PYD was mostly driven by favorable development in Workers Compensation and Personal Insurance, partially offset by adverse development in Other Liability Claims Made and Special Property.



29		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

During 2022, after applying the impact of the ADC, the Company reported net unfavorable incurred loss and LAE of approximately $23. This unfavorable incurred includes $50 unfavorable due to changes in discount as a result of interest rate fluctuation. This results in a favorable PYD of $27.

The favorable PYD was driven by favorable development in Personal Insurance, partially offset by adverse development in Commercial Insurance.

During 2021, after applying the impact of the ADC, the Company reported net favorable incurred loss and LAE of approximately $64. This favorable incurred includes $22 favorable due to changes in discount as a result of interest rate fluctuation. This results in a net favorable PYD of $42.

The favorable PYD is generally a result of the following:

•

Strong favorable development in Personal Insurance, primarily attributable to subrogation recovery related to the 2017 and 2018 California wildfires;

•

Favorable development on U.S. Workers Compensation and short-tailed commercial lines within Other Product Lines, reflecting lower frequency and severity in recent calendar years;

The above favorable development is partially offset by unfavorable development as a result of the following:

•

U.S. Property and Special Risk Commercial lines were adversely impacted by the impact of dropping below the attachment point of the 2018 catastrophe aggregate treaty;

•

Reserve strengthening within U.S. Financial Lines, reflecting higher severity of claims in Directors & Officers and cyber risk;

•

Unfavorable development primarily attributed to the Blackboard insurance portfolio due to increased severity on reported claims.

The Company’s reserves for losses and LAE have been reduced for anticipated salvage and subrogation of $202, $204 and $214 for the years ended December 31, 2023, 2022 and 2021, respectively. The Company paid $8, $8 and $15 in the reporting period to settle 86, 98 and 112 claims related to extra contractual obligations or bad faith claims stemming from lawsuits for the years ended December 31, 2023, 2022 and 2021, respectively.

A.	Asbestos/Environmental Reserves

The Company has indemnity claims asserting injuries from toxic waste, hazardous substances, asbestos and other environmental pollutants and alleged damages to cover the clean-up costs of hazardous waste dump sites (environmental claims). Estimation of environmental claims loss reserves is a difficult process, as these claims, which emanate from policies written in 1986 and prior years, cannot be estimated by conventional reserving techniques. Environmental claims development is affected by factors such as inconsistent court resolutions, the broadening of the intent of policies and scope of coverage and increasing number of new claims. The Company and other industry members have and will continue to litigate the broadening judicial interpretation of policy coverage and the liability issues. If the courts continue in the future to expand the intent of the policies and the scope of the coverage, as they have in the past, additional liabilities would emerge for amounts in excess of reserves held. This emergence cannot now be reasonably estimated, but could have a material impact on the Company’s future operating results or financial position.



30		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

The Company has exposure to asbestos and/or environmental losses and LAE costs arising from pre-1986 general liability, product liability, commercial multi-peril and excess liability insurance or reinsurance policies as noted below:


	Asbestos Losses									Environmental Losses

December 31,	2023			2022			2021			2023			2022			2021

Direct

Loss and LAE reserves, beginning of year	$	537		$	550		$	618		$	219		$	240		$	286

Incurred losses and LAE		29			33			46			-			(3	)		-

Calendar year paid losses and LAE		(44	)		(46	)		(114	)		(15	)		(18	)		(46	)

Loss and LAE Reserves, end of year	$	522		$	537		$	550		$	204		$	219		$	240

Assumed reinsurance

Loss and LAE reserves, beginning of year	$	244		$	257		$	292		$	16		$	16		$	18

Incurred losses and LAE		(4	)		(4	)		6			-			-			-

Calendar year paid losses and LAE		(6	)		(9	)		(41	)		(1	)		-			(2	)

Loss and LAE Reserves, end of year	$	234		$	244		$	257		$	15		$	16		$	16

Net of reinsurance

Loss and LAE reserves, beginning of year	$	1		$	1		$	1		$	-		$	-		$	-

Incurred losses and LAE		-			-			-			-			-			-

Calendar year paid losses and LAE		-			-			-			-			-			-

Loss and LAE Reserves, end of year	$	1		$	1		$	1		$	-		$	-		$	-

The Company estimates the full impact of the asbestos and environmental exposure by establishing case basis reserves on all known losses and establishes bulk reserves for IBNR losses and LAE based on management’s judgment after reviewing all the available loss, exposure, and other information.

Included in the above table are loss and LAE - IBNR and bulk reserves arising from pre-1986 general liability, product liability, commercial multi-peril and excess liability insurance or reinsurance policies as noted below:



Asbestos	Loss Reserves				LAE Reserves

December 31,	2023		2022		2023		2022

Direct basis:	$	220	$	232	$	20	$	19

Assumed reinsurance basis:		95		84		6		7

Net of ceded reinsurance basis:		-		-		-		-



Environmental	Loss Reserves				LAE Reserves

December 31,	2023		2022		2023		2022

Direct basis:	$	80	$	83	$	42	$	50

Assumed reinsurance basis:		5		5		3		3

Net of ceded reinsurance basis:		-		-		-		-

B.	*Discounting of Liabilities for Unpaid Losses or Unpaid Loss Adjustment Expenses*

The Company discounts its workers’ compensation (both tabular and non-tabular) reserves.

The calculation of the Company’s tabular discount is based upon the mortality table used in the 2007 US Decennial Life Table, and applying a weighted average discount rate of 3.70 percent and 3.76 percent interest rate as of December 31, 2023 and 2022. The tabular reserve is capped at 45% of total outstanding reserve discount. Only case basis reserves are subject to tabular discounting. The December 31, 2023 and 2022 liabilities include $538 and $616 of such discounted reserves, respectively.


31		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Tabular Reserve Discount

The table below presents the amount of tabular discount applied to the Company’s reserves as of December 31, 2023, 2022 and 2021.



Lines of Business	2023		2022		2021

Workers’ Compensation

Case Reserves	$	98	$	104	$	119

As of December 31, 2023, 2022 and 2021, the tabular case reserve discount is presented net of the ceded discount related to the ADC of $95, $101, and $116, respectively.

Non-Tabular Discount

The Company’s non-tabular workers’ compensation case reserves are discounted using the Company’s own payout pattern and a 5 percent interest rate, as prescribed by NY SAP. The table below presents the amount of non-tabular discount applied to the Company’s reserves as of December 31, 2023, 2022 and 2021.



Lines of Business	2023		2022		2021

Workers’ Compensation

Case Reserves	$	152	$	138	$	165

As of December 31, 2023, 2022 and 2021, the non-tabular case reserve discount is presented net of the ceded discount related to the ADC of $116, $123, and $142,respectively.



32		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

6.	Related Party Transactions

A.	*Combined Pooling Agreement*

As described in Note 1, effective January 1, 2021, the Combined Pooling Agreement was amended and restated among the twelve member companies.

The following table shows the changes in assets, liabilities and surplus as a result of the 2021 Repooling Transaction:



	Amount
Assets:
Agents’ balances or uncollected premiums	$	(151	)
Amounts recoverable from reinsurers		(52	)
Funds held by or deposited with reinsured companies		(22	)
Other insurance assets		(16	)

Total Assets	$	(241	)

Liabilities
Unearned premium reserves (net)		(233	)
Reinsurance payable on paid losses and loss adjustment expenses		(70	)
Reserves for losses and loss adjustment expenses (net)		(789	)
Funds held by company under reinsurance treaties		(156	)
Ceded reinsurance premiums payable		(40	)
Payable to parent, subsidiaries and affiliates		(15	)
Other insurance liabilities		(68	)

Total Liabilities	$	(1,371	)


Statements of Operations and Changes in Surplus
Net premiums written	$	(233	)
Change in unearned premium reserves		233

Premiums earned		-


Other underwriting expenses incurred		(54	)


Net income		(54	)




Total change in Surplus		(54	)


Net Impact Corresponding to Consideration Receivable / (Payable)	$	(1,076	)

Other underwriting expenses incurred represent the net expense allowance impact to the Company pursuant to the Combined Pooling Agreement.

Under the terms of the Combined Pooling Agreement, certain insurance assets and liabilities were transferred gross of admissibility, recoverability allowances, provisions and discount amounts. As a result of the transaction, the Company recorded an increase/(decrease) in its Assets, Liabilities and Surplus related to the following:


Line Description		Change in Surplus			Impact to Net Income
Change in nonadmitted assets	$	5		$	-
Workers’ compensation discount		(24	)		(24	)
Other allocations		5			4
Total	$	(14	)	$	(20	)

The Company became a thirty two percent participant in the Combined Pool pursuant to the aforementioned amendment to the Combined Pooling Agreement. As a result, the special surplus of $69 on the gain from retroactive reinsurance ceded related to the decreased pool participation percentage reduced aggregate write-ins for special surplus funds with a corresponding increase in Unassigned surplus.


33		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

B. Significant Transactions

The following table summarizes transactions (excluding reinsurance and cost allocation transactions) that occurred during 2023, 2022 and 2021 between the Company and affiliated companies in which the value exceeded one-half of one percent of the Company’s admitted assets as of December 31, 2023, 2022 and 2021:

2023

Assets Received by

the Company

Assets Transferred by

the Company

Date of

Transaction

Explanation of

Transaction

Name of Affiliate

Statement

Value

Description

Statement

Value

Description

3/21/2023

PC Dividend

AIG PC US

200

Cash

9/21/2023

PC Dividend

AIG PC US

150

Cash

12/21/2023

Return of Capital

AIG PC US

946

Cash

12/21/2023

Common Capital Stock

AIG PC US

Cash

2022

Assets Received by

the Company

Assets Transferred by

the Company

Date of

Transaction

Explanation of

Transaction

Name of Affiliate

Statement

Value

Description

Statement

Value

Description

9/9/2022

Sale of Securities

US Life NY

165

Cash

165

Securities

2021

Assets Received by

the Company

Assets Transferred by

the Company

Date of

Transaction

Explanation of

Transaction

Name of Affiliate

Statement

Value

Description

Statement

Value

Description

11/22/2021

Purchase of Securities

AG Life

129

Securities

129

Cash

11/22/2021

Sale of Securities

AG Life

510

Cash

510

Securities

Share Repurchase

On December 21, 2023, the Company repurchased 188,228 shares of its authorized and outstanding shares of common stock at a book value of $5,047.10 per share (in whole dollars) for a total repurchase price of $950, which was distributed in cash to its immediate parent. As a result of this transaction, the Company’s capital stock was decreased by $4 and its gross paid in and contributed surplus was decreased by $946. The transaction was approved by the Company’s board of directors and NY DFS.

C. Amounts Due to or from Related Parties

At December 31, 2023 and 2022, the Company reported the following receivables/payables balances from/to its Ultimate Parent, subsidiaries and affiliates (excluding reinsurance transactions). Intercompany agreements have defined settlement terms and related receivables are reported as nonadmitted if balances due remain outstanding more than ninety days past the due date as specified in the agreement.


As of December 31,	2023		2022

Balances with National Union	$	407	$	13

Balances with other member pool companies		42		26

Balances with other affiliates		24		14

Receivable from parent, subsidiaries and affiliates	$	473	$	53

Balances with other member pool companies		-		3

Balances with other affiliates		14		9

Payable to parent, subsidiaries and affiliates	$	14	$	12

Current federal and foreign taxes payable under the Tax Sharing Agreement at December 31, 2023 and 2022 were $(20) and $(26), respectively.



34		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

The Company did not change its methods of establishing terms regarding any transactions with its affiliates during the years ended December 31, 2023 or 2022.

D. Guarantees or Contingencies for Related Parties

The Company has issued guarantees whereby it unconditionally and irrevocably guarantees all present and future obligations and liabilities arising from the policies of insurance issued by certain insurers who, as of the guarantee issue date, were members of the AIG holding company group. The guarantees were provided in order to secure or maintain the guaranteed companies’ rating status issued by certain rating agencies, as disclosed in Note 10.

E. Management, Service Contract and Cost Sharing Arrangements

As an affiliated company of AIG, the Company utilizes centralized services from AIG and its affiliates. The Company is allocated a charge for these services, based on the amount of incremental expense associated with operating the Company as a separate legal entity. The amount of expense allocated to the Company each period was determined based on an analysis of services provided to the Company.

The following table summarizes fees incurred related to affiliates that exceeded one-half of one percent of the Company’s admitted assets during 2023, 2022 and 2021:


Affiliates	2023		2022		2021
AIG Claims Inc.	$	134	$	126	$	129
AIG PC Global Services, Inc.*		165		411		102
Total	$	299	$	537	$	231

*AIG PC Global Services, Inc. is below one-half of one percent in 2021.

F. Borrowed Money

The Company (among other affiliates) is a borrower under a Loan Agreement, with AIG, as lender, pursuant to which the Company may borrow funds from AIG from time to time (the “Loan Facility”). The aggregate amount of all loans that may be outstanding under the Loan Facility at a given time is $500. As of December 31, 2023 and 2022, the Company had no outstanding liability pursuant to this Loan Facility.

Significant debt terms and covenants include the following:

•

The Company must preserve and maintain its legal existence while maintaining all rights, privileges and franchises necessary to the normal conduct of its business;

•

The Company must take, or cause to be taken, all other actions reasonably necessary or desirable to preserve and defend the rights of the Lender to payment hereunder, and to assure to the Lender the benefits hereof; and

•

The Company must not merge with or into or consolidate with any other person, sell, transfer or dispose of all or substantially all of its assets or undergo any change in the control of its voting stock unless (a) such merger or consolidation is with or into a wholly-owned subsidiary of Lender, (b) such sale or transfer is to a wholly-owned subsidiary of the Lender or (c) The Company receives the prior written authorization from the Lender.

There have been no violations of the terms and covenants associated with the debt issuance.

Refer to Note 11 E regarding funds borrowed from FHLB.

7. Reinsurance

In the ordinary course of business, the Company may use both treaty and facultative reinsurance to minimize its net loss exposure to a) any single catastrophic loss event; b) an accumulation of losses from a number of smaller events; or c) provide greater risk diversification. Based on the terms of the reinsurance contracts, a portion of expected IBNR losses will be recoverable in accordance with terms of the reinsurance protection purchased. This determination is necessarily based on the estimate of IBNR and accordingly, is subject to the same uncertainties as the estimate of IBNR. Ceded amounts related to paid and unpaid losses and loss expenses with respect to these reinsurance agreements are generally substantially collateralized. The Company remains liable to the extent that the reinsurers do not meet their obligation under the reinsurance contracts after any collateral is exhausted, and as such, the financial condition of the reinsurers is regularly evaluated and monitored for concentration of credit risk. In addition, the Company assumes reinsurance from other insurance companies.



35		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

The following table presents direct, assumed reinsurance and ceded reinsurance written and earned premiums for the years ended December 31, 2023, 2022 and 2021:


Years Ended December 31,	2023				2022				2021
									Written		Earned
Direct premiums	$	460	$	388	$	411	$	400	$	410	$	401
Reinsurance premiums assumed:
Affiliates		7,649		7,642		7,400		7,236		6,874		6,951
Non-affiliates		200		158		198		200		166		178
Gross Premiums	$	8,309	$	8,188	$	8,009	$	7,836	$	7,450	$	7,530

Reinsurance premiums ceded:
Affiliates		1,546		1,341		1,261		1,251		1,276		1,275
Non-affiliates		2,544		2,595		2,425		2,291		2,165		2,145
Net Premiums	$	4,219	$	4,252	$	4,323	$	4,294	$	4,009	$	4,110

As of December 31, 2023 and 2022, and for the years then ended, the Company’s unearned premium reserves, paid losses and LAE, and reserves for losses and LAE (including IBNR), have been reduced for reinsurance ceded as follows:



December 31, 2023:
Affiliates	$	706	$	116	$	6,162
Non-affiliates		921		610		6,955
Total	$	1,627	$	726	$	13,117

December 31, 2022:
Affiliates	$	616	$	80	$	6,565
Non-affiliates		972		536		7,332
Total	$	1,588	$	616	$	13,897

A. Reinsurance Return Commission

The maximum amount of return commission which would have been due to reinsurers if all of the Company’s reinsurance had been cancelled as of December 31, 2023 and 2022 with the return of the unearned premium reserve is as follows:


	Assumed Reinsurance				Ceded Reinsurance				Net
	Premium Reserve		Commission Equity		Premium Reserve		Commission Equity		Premium Reserve			Commission Equity
December 31, 2023
Affiliates	$	3,701	$	763	$	726	$	137	$	2,975		$	626
All Other		140		29		901		170		(760	)		(141	)
Total	$	3,841	$	792	$	1,627	$	307	$	2,215		$	485

December 31, 2022
Affiliates	$	3,822	$	814	$	616	$	114	$	3,206		$	700
All Other		75		16		972		180		(897	)		(164	)
Total	$	3,897	$	830	$	1,588	$	294	$	2,309		$	536



36		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Unsecured Reinsurance Recoverable

The aggregate unsecured reinsurance balances (comprising recoverables for paid and unpaid losses and LAE and unearned premium reserves) in excess of three percent of policyholders’ surplus at December 31, 2023 and 2022 with respect to an individual reinsurer, and each of such reinsurer’s related group members having an unsecured aggregate reinsurance balance with the Company, are as follows:


Reinsurer	2023		2022
Affiliates:
Combined Pool*	$	6,101	$	6,297
Eaglestone		444		513
Other affiliates		310		311
Total affiliates	$	6,855	$	7,121
Berkshire Hathaway Group		143		167
Swiss Reinsurance Group		366		426
Munich Reinsurance Group		284		271
Hannover Re Group**		277		232
Total Non-affiliates		1,070		1,096
Total affiliates and non-affiliates	$	7,925	$	8,217

* Includes intercompany pooling impact of $533 related to Unearned Premium Reserve, $5,450 related to Reserves for Losses and LAE and $27 related to Paid losses and LAE as of and for the year ended December 31, 2023, and $437, $5,709, and $9, respectively, as of and for the year ended December 31, 2022.

** Hannover Re Group is below 3% threshold for 2022.

Reinsurance Recoverable in Dispute

At December 31, 2023 and 2022, the aggregate of all disputed items did not exceed ten percent of capital and surplus and there were no amounts in dispute for any single reinsurer that exceeded five percent of capital and surplus. The total reinsurance recoverable balances in dispute are $35 and $16 as of December 31, 2023 and 2022, respectively.

Retroactive Reinsurance

On January 20, 2017, the Combined Pool entered into an adverse development reinsurance agreement with NICO under which the Combined Pool ceded to NICO eighty percent of its reserve risk above an attachment point on substantially all of its U.S. Commercial long-tail exposures for accident years 2015 and prior. Under this agreement, the Combined Pool ceded to NICO eighty percent of net paid losses on subject business on or after January 1, 2016 in excess of $25,000 of net paid losses, up to an aggregate limit of $25,000. At NICO’s 80 percent share, NICO’s limit of liability under the contract is $20,000. The Combined Pool paid consideration of approximately $10,188 in February 2017, including interest at 4 percent per annum from January 1, 2016 through date of payment. American Home’s share of the consideration paid was $3,566. NICO placed the consideration received into a collateral trust account as security for NICO’s claim payment obligations, and Berkshire Hathaway Inc. has provided a parental guarantee to secure NICO’s obligations under the agreement.

American Home accounted for this transaction as prospective reinsurance, except that the surplus gain associated with the ADC has been reported in a segregated surplus account and does not form a part of the Company’s Unassigned surplus.

The total surplus gain recognized by the Combined Pool as of December 31, 2023, 2022 and 2021 was $1,514, $1,522, and $1,996, respectively. American Home’s share of this gain as of December 31, 2023, 2022 and 2021 was $627, $664 and $685, respectively. The surplus gain is presented as segregated surplus and subject to the applicable dividend restrictions. This amount must be restricted in surplus until such time as the actual retroactive reinsurance recovered from NICO exceeds the consideration paid for the cession.

Reinsurance Agreements Qualifying for Reinsurer Aggregation

In 2011, the Combined Pool companies entered into a loss portfolio transfer reinsurance agreement with Eaglestone, an affiliate, which provides coverage up to a limit of $5,000 for the Pool’s net asbestos exposures. Effective the same date, Eaglestone retroceded the majority of this exposure to NICO, an unaffiliated company. NICO provides coverage up to a limit of $3,500 for subject business covered under the agreement. NICO administers claims and pursues amounts recoverable from the Combined Pool companies’ reinsurers with respect to paid losses and loss adjustment expenses. To the extent that the prior reinsurers pay, the amounts are collected and retained by NICO. NICO maintains funds in trust for the benefit of Eaglestone under the contract; as of December 31, 2023 and 2022 the amount in trust was $4,764 and $4,282 , respectively. The amount of the unexhausted limit under the NICO agreement as of December 31, 2023 and 2022 was $990 and $1,004 , respectively. The Company has accounted for its cession to Eaglestone as prospective reinsurance.



37		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

8.	Income Taxes

U.S. TAX LAW CHANGES

On August 16, 2022, the U.S. enacted the Inflation Reduction Act (“IRA”) of 2022 (H.R. 5376), which finances climate and energy provisions and an extension of enhanced subsidies under the Affordable Care Act. Key provisions include a 15 percent corporate alternative minimum tax (“CAMT”) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period, a 1 percent stock buyback tax, increased IRS enforcement funding, and Medicare’s new ability to negotiate prescription drug prices. CAMT and the stock buyback tax are effective for tax years beginning after December 31, 2022. As of December 31, 2023, the Company is considered an applicable reporting entity with tax allocation agreement exclusions. Therefore, the Company is not required to calculate or recognize CAMT in its current or deferred tax computations, and there is no impact of the CAMT included in the fourth quarter 2023 financial statements.

The components of the Company’s net deferred tax assets/liabilities (“DTA”/“DTL”) as of December 31, 2023 and 2022 are as follows:


	12/31/2023						12/31/2022						Change
	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total

Gross DTA	$	336	$	250	$	586	$	480	$	266	$	746	$	(144	)	$	(16	)	$	(160	)
Statutory Valuation Allowance		-		43		43		-		23		23		-			20			20
Adjusted Gross DTA		336		207		543		480		243		723		(144	)		(36	)		(180	)
Nonadmitted DTA		6		-		6		14		-		14		(8	)		-			(8	)
Subtotal Admitted DTA		330		207		537		466		243		709		(136	)		(36	)		(172	)
DTL		107		207		314		120		243		363		(13	)		(36	)		(49	)
Net Admitted DTA/(DTL)	$	223	$	-	$	223	$	346	$	-	$	346	$	(123	)	$	-		$	(123	)

At December 31, 2023, the Company recorded gross deferred tax assets (“DTA”) of $586. A valuation allowance was established on deferred tax assets net of liabilities of $43 as it is management’s belief that certain assets will not be realized in the foreseeable future. Tax planning strategies had no impact on the determination of the net admitted DTA.

The following table shows the summary of the calculation for the net admitted DTA as of December 31, 2023 and 2022:


	12/31/2023						12/31/2022						Change
	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total

Adjusted gross DTAs realizable within 36 months or 15 percent of statutory surplus (the lesser of 1 and 2 below)		223		-		223		346		-		346		(123	)		-			(123	)
1. Adjusted gross DTAs realizable within 36 months		223		-		223		346		-		346		(123	)		-			(123	)
2. 15 percent of statutory surplus		NA		NA		1,033		NA		NA		1,127		NA			NA			1,127
Adjusted gross DTAs that can be offset against DTLs		107		207		314		120		243		363		(13	)		(36	)		(49	)
Total DTA admitted as the result of application of SSAP 101	$	330	$	207	$	537	$	466	$	243	$	709	$	(136	)	$	(36	)	$	(172	)


	2023			2022
Ratio percentage used to determine recovery period and threshold limitation amount		573	%		638	%
Amount of adjusted capital and surplus used to determine recovery period and threshold limitation in (2) above.	$	6,887		$	7,511

The following table shows the components of the current income tax expense (benefit) for the periods listed:


For the Years Ended December 31,	2023			2022			Change
Federal income tax	$	4		$	(32	)	$	36
Foreign income tax		12			7			5
Subtotal		16			(25	)		41
Federal income tax on net capital gains		(4	)		39			(43	)
Federal and foreign income taxes incurred	$	12		$	14		$	(2	)



38		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

The following table shows the components of the DTA split between ordinary and capital DTA as of December 31, 2023 and 2022:


	2023		2022		Change
Ordinary
Discounting of unpaid losses	$	107	$	109	$	(2)
Nonadmitted assets		21		19		2
Unearned premium reserve		108		117		(9)
Bad debt expense		4		7		(3)
Net operating loss carry forward		-		52		(52)
Foreign tax credit carry forward		28		86		(58)
Investments		26		40		(14)
Intangible assets		4		6		(2)
Compensation and benefits accrual		9		10		(1)
Deferred ceding commission liability		17		-		17
Other temporary differences		12		35		(23)
Subtotal		336		480		(145)
Nonadmitted		6		14		(8)
Admitted ordinary deferred tax assets	$	330	$	466	$	(137)
Capital
Investments	$	223	$	238	$	(15)
Unrealized capital losses		27		28		(1)
Subtotal		250		266		(16)
Statutory valuation allowance adjustment		43		23		20
Admitted capital deferred tax assets		207		243		(36)
Admitted deferred tax assets	$	537	$	709	$	(172)

The following table shows the components of the DTL split between ordinary and capital DTL as of December 31, 2023 and 2022:


	2023		2022		Change
Ordinary
Investments	$	85	$	86	$	(1)
Tax Act adjustment to discounting of unpaid losses		11		16		(5)
Compensation and benefits accrual		9		17		(8)
Other temporary differences		1		-		1
Section 481(a) adjustment		1		1		-
Subtotal		107		120		(13)
Capital
Investments	$	141	$	140	$	1
Unrealized capital gains (losses)		65		102		(37)
Other temporary differences		1		1		-
Subtotal		207		243		(36)
Deferred tax liabilities		314		363		(49)
Net deferred tax assets/liabilities	$	223	$	346	$	(123	)


39		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

The change in net deferred tax assets is comprised of the following:


	2023			2022			Change
Adjusted gross deferred tax assets	$	543		$	723		$	(180)
Total deferred tax liabilities		(314	)		(363	)		49
Net deferred tax assets/ (liabilities)		229			360			(131)
Tax effect of unrealized gains (losses)								37
Total change in net deferred tax							$	(168)

Change in deferred tax - current year								(125)
Change in deferred tax - current year - other surplus items								(11)
Change in deferred tax - current year - total								(136)
Change in deferred tax – prior period correction								(31)
Total change in deferred tax - current year							$	(168)

The following table shows the components of opening surplus adjustments on current and deferred taxes for the year ended December 31, 2023:


	Current			Deferred			Total
SSAP 3 impact:
SSAP 3 - general items	$	(1	)	$	(4	)	$	(5)
SSAP 3 - statutory valuation allowance		-			(27	)		(27)
Subtotal SSAP 3		(1	)		(31	)		(32)
SSAP 3 - unrealized gain/loss		-			29			29
SSAP 3 - adjusted tax assets and liabilities		(1	)		(2	)		(3)
SSAP 3 - nonadmitted impact		-			(1	)		(1)
Total SSAP 3 impact	$	(1	)	$	(3	)	$	(4)


40		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

The provision for federal and foreign income taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The following table presents a reconciliation of such differences in arriving at total taxes related to the Company for the years ended December 31, 2023, 2022 and 2021:


	2023						2022						2021
Description	Amount			Tax Effect			Amount			Tax Effect			Amount			Tax Effect
Net Income (Loss) Before Federal Income Taxes and Capital Gains Taxes	$	734		$	154		$	528		$	111		$	949		$	199
Book to Tax Adjustments:
Tax Exempt Income, Net of Proration		(6	)		(1	)		(8	)		(2	)		(9	)		(2)
Stock Options And Other Compensation		(4	)		(1	)		(3	)		(1	)		4			1
Change in Nonadmitted Assets		(9	)		(2	)		(34	)		(7	)		2			-
Change in Other Surplus items		49			10			88			18			31			7
Intercompany Dividends		(42	)		(9	)		(22	)		(5	)		(52	)		(11)
Attribute Expiration		-			-			-			5			-			10
Change in Tax Position		-			-			-			-			-			(1)
Statutory Valuation Allowance		-			(8	)		-			18			-			(25)
Return to Provision		-			-			-			1			-			(4)
Lag Elimination Impact		13			3			-			-			-			-
Other		4			2			4			2			2			1
Total Book to Tax Adjustments		5			(6	)		25			29			(22	)		(24)
Total Income Tax	$	739		$	148		$	553		$	140		$	927		$	175

Federal and Foreign Income Taxes Incurred		-			16			-			(24	)		-			(20)
Federal Income Tax on Net Capital Gains		-			(4	)		-			39			-			26
Change in Net Deferred Income Taxes		-			136			-			125			-			169
Total Income Tax	$	-		$	148		$	-		$	140		$	-		$	175


Operating loss and tax credit carry-forwards
At December 31, 2023 the Company had foreign tax credits expiring through the year 2033 of:	$	28

There were no deposits reported as admitted assets under Section 6603 of the Internal Revenue Service (IRS) Code as of December 31, 2023. The Company does not believe that the liability related to any federal or foreign tax loss contingencies will significantly change within the next 12 months. A reasonable estimate of such change cannot be made at this time.

As of December 31, 2023, there was a $3 liability related to tax return errors and omissions and a $17 liability related to uncertain tax positions.

The U.S. is the only major tax jurisdiction of the Company. The Company is currently under examination by the IRS for the tax years 2011 through 2019 and are engaging in the Appeals process for certain disagreed issues related to tax years 2007 through 2010.

The following table lists those companies that form part of the 2023 AIG consolidated federal income tax return:



41		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)



Company	Company	Company	Company	Company

AH SubGP 693 Parkland Pointe, LLC	AH SubGP 716 Villas of Mission Bend, LLC	AIG Aerospace Adjustment Services, Inc.	AIG Aerospace Insurance Services, Inc.	AIG Assurance Company
AIG BG Holdings LLC	AIG Capital Corporation	AIG Claims, Inc.	AIG Commercial Equipment Finance, Inc.	AIG Employee Services, Inc.
AIG FCOE, Inc.	AIG Federal Savings Bank	AIG Financial Products Corp.	AIG Global Operations (Ireland) Limited	AIG Home Protection Company, Inc.
AIG Insurance Management Services, Inc.	AIG International Inc.	AIG Liquidity Management LLC	AIG Markets, Inc.	AIG Matched Funding Corp.
AIG MEA Investments and Services, LLC	AIG MGU Holdings Inc.	AIG North America, Inc.	AIG PC Global Services Inc.	AIG Procurement Services, Inc.
AIG Property Casualty Company	AIG Property Casualty International, LLC	AIG Property Casualty U.S., Inc.	AIG Property Casualty, Inc.	AIG Securities Lending Corp.
AIG Shared Services	AIG Shared Services Corporation	AIG Shared Services Corporation - Management	AIG Shared Services Corporation (Philippines)	AIG Specialty Insurance Company
AIG Travel Assist, Inc.	AIG Travel, Inc.	AIG UNITED GUARANTY AGENZIA DI ASSICURAZIONE	AIG Warranty Services of Florida, Inc.	AIG WarrantyGuard, Inc.
AIG.COM, Inc.	AIG-FP Capital Preservation Corp.	AIG-FP Matched Funding Corp.	AIG-FP Pinestead Holdings Corp.	AIGGRE DC Ballpark Investor, LLC
AIGGRE Europe Real Estate Fund I	AIGGRE U.S. LT Apartments Investor Lexington	AIGGRE U.S. Real Estate Fund I	AIGGRE U.S. Real Estate Fund II	AIGGRE U.S. Real Estate Fund III
AIGGRE U.S. Real Estate Fund IV Lexington	AIGGRE U.S. Real Estate Fund IV Sidecar	AIGGRE VISTA, LLC	AIU Insurance Company	Akita, Inc.
AlphaCat Capital Inc.	AM Holdings LLC	American Home Assurance Company	American International Facilities Management	American International Group, Inc.
American International Reinsurance	Arthur J. Glatfelter Agency, Inc.	Blackboard Customer Care Insurance Services	Blackboard Insurance Company	Blackboard Services, LLC
Blackboard Specialty Insurance Company	Blackboard U.S. Holdings, Inc.	Commerce and Industry Insurance Company	Corebridge REI Bartlett Investor III LLC	Corebridge REI Lexington Holdco LLC
Corebridge REI Papermill Investor III LLC	Crop Risk Services, Inc.	Design Professionals Association	Eaglestone Reinsurance Company	First Principles Capital Management, LLC
GIG of Missouri, Inc.	Glatfelter Claims Management, Inc.	Glatfelter Properties, LLC	Glatfelter Underwriting Services, Inc.	Global Loss Prevention, Inc.
Global Loss Prevention, Inc. [Canada]	Granite State Insurance Company	Health Direct, Inc.	Illinois National Insurance Co.	LBMA Equipment Services, Inc.
Lexington Insurance Company	Lexington Specialty Insurance Agency, Inc.	Livetravel, Inc.	LSTREET I, LLC	LSTREET II, LLC
MG Reinsurance Limited	MIP PE Holdings, LLC	Morefar Marketing, Inc.	Mt. Mansfield Company, Inc.	National Union Fire Insurance
National Union Fire Insurance Company	New Hampshire Insurance Company	NF Seven (Cayman) Limited	PCG 2019 Corporate Member Limited	Pine Street Real Estate Holdings Corp.
Risk Specialists Companies	Service Net Solutions of Florida, LLC	SNW Insurance Agency, LLC	Spruce Peak Realty, LLC	Stowe Mountain Holdings, Inc.
Stratford Insurance Company	Susquehanna Agents Alliance, LLC	The Glatfelter Agency, Inc.	The Insurance Company of the State of Pennsylvania	Travel Guard Americas LLC Sucursal Mexico
Travel Guard Americas, LLC	Travel Guard Americas, LLC [Argentina]	Travel Guard Group, Inc.	Tudor Insurance Company	VALIC Trust Company
Validus America, Inc.	Validus Re Americas (New Jersey), Inc.	Validus Reaseguros, Inc.	Validus Services, Inc.	Validus Specialty Underwriting Services, Inc.
Validus Specialty, LLC	Volunteer Firemen’s Insurance Services, Inc.	Western World Insurance Company



42		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

9.	Capital and Surplus and Dividend Restrictions

A.	*Dividend Restrictions*

Under New York law, the Company may pay dividends only from Unassigned surplus determined on a statutory basis.

New York domiciled companies are restricted (on the basis of the lower of 10 percent of statutory earned surplus as defined in NY Insurance Law section 4105, adjusted for special surplus items, as of the last statement on file with the Superintendent, or 100 percent of adjusted net investment income for the preceding thirty-six month period ended as of the last statement on file with the Superintendent) as to the amount of ordinary dividends they may declare or pay in any twelve-month period without the prior approval of the NY DFS. The maximum dividend amount the Company can pay in 2023, as of December 31, 2023 is $483.

Other than the limitations above, there are no restrictions placed on the portion of Company profits that may be paid as ordinary dividends to the stockholders.

The Company paid the following dividends during 2023.



2023				State approval

Date paid	Amount		Type of Dividend	Required	Obtained

3/21/2023	$	200	Ordinary	No	No
6/9/2023		100	Ordinary	No	No
9/21/2023		150	Ordinary	No	No

Total dividends paid	$	450

The Company did not pay any dividends in 2022.

B.	*Capital & Surplus*

Changes in balances of special surplus funds are due to adjustments in the amounts of reserves transferred under retroactive reinsurance agreements and when cash recoveries exceed the consideration paid.

The portion of Unassigned surplus at December 31, 2023, 2023 and 2022 represented or reduced by each item below is as follows:



	2023			As Adjusted * 2022			2022

Unrealized gains and losses (net of taxes)	$	145		$	142		$	113
Nonadmitted asset values		(106	)		(107	)		(106)
Provision for reinsurance		(44	)		(37	)		(46)

* As Adjusted includes SSAP 3 prior year adjustments

The Company exceeded minimum RBC requirements at both December 31, 2023 and 2022.

10.

Contingencies

A.	*Legal Proceedings*

In the normal course of business, AIG and its subsidiaries are, like others in the insurance and financial services industries in general, subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in a large number of proceedings pending in various domestic and foreign jurisdictions. Certain of these matters involve potentially significant risk of loss due to potential for significant jury awards and settlements, punitive damages or other penalties. Many of these matters are also highly complex and seek recovery on behalf of a class or similarly large number of plaintiffs. It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters. In AIG’s insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which its subsidiaries defend or indemnify their insureds under insurance contracts, are generally considered in the establishment of loss reserves. Separate and apart from the foregoing matters involving insurance and reinsurance coverage, AIG, its subsidiaries and their respective officers and directors are subject to a variety of additional types of legal proceedings brought by holders of AIG securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith and violations of federal and state statutes and regulations. With respect to these other categories of matters not arising out of claims for insurance or reinsurance coverage, the Company establishes reserves for loss contingencies when it is probable that a loss will be incurred and the amount of the loss can be reasonably estimated. In many instances, the Company is unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that has been recorded in its financial statements covering these matters. While such potential future charges could be material, based on information currently known to management, management does not



43		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

believe, other than may be discussed below, that any such charges are likely to have a material adverse effect on the Company’s financial position or results of operation.

Additionally, from time to time, various regulatory and governmental agencies review the transactions and practices of AIG and its subsidiaries in connection with industry-wide and other inquiries into, among other matters, the business practices of current and former operating insurance subsidiaries. The Company has cooperated, and will continue to cooperate, in producing documents and other information in response to such requests.

B. Leases

Lease expenses are allocated to the Company based upon the percentage of space occupied with the final share of cost based upon its percentage participation in the Combined Pool.

C. Other Commitments

As part of its hedge fund, private equity and real estate equity portfolio investments, as of December 31, 2023, the Company may be called upon for additional capital investments of up to $486.

At December 31, 2023 the Company had $28 of outstanding commitments related to various funding obligations associated with investments in commercial and residential mortgage loans.

Guarantees

The Company had issued guarantees whereby it unconditionally and irrevocably guaranteed all present and future obligations and liabilities arising from the policies of insurance issued by certain insurers who, as of the guarantee issue date, were members of the AIG holding company group. The guarantees were provided in order to secure or maintain the guaranteed companies’ rating status issued by certain rating agencies. The Company would be required to perform under the guarantee in the event that a guaranteed entity failed to make payments due under policies of insurance issued during the period of the guarantee. The Company has not been required to perform under any of the guarantees. The Company remains contingently liable for all policyholder obligations associated with insurance policies issued by the guaranteed entity during the period in which the guarantee was in force.

Each guaranteed entity has reported invested assets in excess of their direct (prior to reinsurance) policyholder liabilities. Additionally, the Company is party to an agreement with AIG whereby AIG has agreed to make any payments due under the guarantees in the Company’s place and stead. Furthermore, for any former affiliate that has been sold, the purchaser has provided the Company with hold harmless agreements relative to the guarantee of the divested affiliate. Accordingly, management believes that the likelihood of payment under any of the guarantees is remote.



44		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

The following schedule sets forth the effective and termination dates (agreements with guarantees in run off), of each guarantee, the amount of direct policyholder obligations guaranteed, the invested assets and policyholder surplus for each guaranteed entity as of December 31, 2023:

Guaranteed Company

Date Issued

Date

Terminated

Policyholder

Obligations @

12/31/2023

Invested Assets

@ 12/31/2023

Estimated

Loss @

12/31/2023

Policyholders’

Surplus

12/31/2023

21st Century Advantage Insurance Company (f/k/a AIG Advantage Insurance Company )

12/15/1997

8/31/2009

21st Century North America Insurance Company (f/k/a American International Insurance Company )

11/5/1997

8/31/2009

642

655

21st Century Pinnacle Insurance Company (f/k/a American International Insurance Company of New Jersey)

12/15/1997

8/31/2009

AIG Edison Life Insurance Company (f/k/a GE Edison Life Insurance Company)

8/29/2003

3/31/2011

5,717

69,614

2,161

American General Life and Accident Insurance Company

3/3/2003

9/30/2010

1,449

222,128

8,929

American General Life Insurance Company

3/3/2003

12/29/2006

6,509

222,128

8,929

American International Assurance Company (Australia) Limited

11/1/2002

10/31/2010

443

1,799

574

Chartis Europe, S.A. (f/k/a AIG Europe, S.A.)

9/15/1998

12/31/2012

6,211

8,690

2,391

AIG Seguros Mexico, S.A. de C.V. (f/k/a AIG Mexico Seguros Interamericana, S.A. de C.V.)

12/15/1997

3/31/2015

130

187

194

Chartis UK (f/k/a Landmark Insurance Company, Limited (UK))

3/2/1998

11/30/2007

139

6,168

2,344

Farmers Insurance Hawaii (f/k/a AIG Hawaii Insurance Company, Inc.)

11/5/1997

8/31/2009

Lloyd’s Syndicate (1414) Ascot (Ascot Underwriting Holdings Ltd.)

1/20/2005

10/31/2007

1,700

134

SunAmerica Annuity and Life Assurance Company (Anchor National Life Insurance Company)

1/4/1999

12/29/2006

566

222,128

8,929

SunAmerica Life Insurance Company

1/4/1999

12/29/2006

1,817

222,128

8,929

The United States Life Insurance Company in the City of New York

3/3/2003

4/30/2010

2,575

30,985

2,237

The Variable Annuity Life Insurance Company

3/3/2003

12/29/2006

3,605

84,982

2,537

Total

29,173

1,093,322

48,989

* Current affiliates

**AIA was formerly as subsidiary of AIG, Inc. In previous years AIA provided the direct policyholder obligations as of each year end. However, starting in 2014 AIA declined to provide financial information related to these guarantees. The financial information reflects amounts as of December 31, 2012, at which time the guaranteed entities had invested assets in excess of direct policyholder obligations and were in a positive surplus position. Such amounts continue to remain the Company’s best estimate given available financial information. The guaranteed policyholder obligations will decline as the policies expire.

E. Joint and Several Liabilities

AIUI and the Company are jointly and severally obligated to the policyholders of their Japan branches, in connection with transfers of the business of those Japan branches to Japan-domiciled affiliates in 2013 and 2014, respectively. Under the terms of the transfer agreement, the Japan affiliates have agreed to be responsible for 100% of the obligations associated with such policies, and management expects such companies to satisfy their obligation. The Company carries no reserves with respect to such liabilities. The Japanese affiliates carried $4 and $7 of loss reserves in respect of such policies as of December 31, 2023 and 2022, respectively. As of December 31, 2023, if the Japan affiliates were to fail to satisfy their obligations, the Company’s share of the aggregate exposure under the pooling agreement is $2.

Each Pool member is also jointly and severally obligated to the other Pool members, in proportion to their pool share, in the event any other Pool member fails.



45		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

11. Other Significant Matters

Other Assets

As of December 31, 2023 and 2022, other admitted assets as reported in the accompanying Statements of Admitted Assets were comprised of the following balances:


Other admitted assets		2023		2022
Deposit accounting assets	$	9	$	9
Equities in underwriting pools and associations		5		7
Guaranty funds receivable on deposit		3		3
Loss funds on deposit		86		84
Contra Investments		30		46
Other assets		50		16
Total other admitted assets	$	183	$	165

Other Liabilities

As of December 31, 2023 and 2022, other liabilities as reported in the accompanying Statements of Liabilities, Capital and Surplus were comprised of the following balances:


Other liabilities		2023			2022
Assumed Mortgage Guaranty Contingency Reserve	$	189		$	185
Ceded Mortgage Guaranty Contingency Reserve		(189	)		(185	)
Escrow Deposit Liability		105			98
Other accrued liabilities		138			97
Retroactive reinsurance reserves - assumed		43			53
Retroactive reinsurance reserves - ceded		(27	)		(22	)
Deferred commission earnings		79			85
Escrow funds (NICO)		35			38
Servicing carrier liability		9			8
Collateral on derivative assets		17			25
Paid loss clearing contra liability (loss reserve offset for paid claims)		(35	)		(43	)
Total other liabilities	$	364		$	339

Other (Expense) Income

For the years ended December 31, 2023, 2022 and 2021, other (expense) income as reported in the accompanying Statements of Operations and Changes in Capital and Surplus were comprised of the following balances:


Other (expense) income		2023			2022			2021
Fee income on deposit programs	$	3		$	3		$	3
Interest expense on reinsurance program		(29	)		(29	)		(79	)
Other income		7			7			2
Total other expense	$	(19	)	$	(19	)	$	(74	)



46		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

Non-Cash items

For the years ended December 31, 2023, 2022 and 2021, the amounts reported in the Statements of Cash Flow are net of the following non-cash items:


Non-cash transactions	2023			2022			2021
Funds Held:
Premiums collected		(8	)		(18	)		(18	)
Benefit and loss related payments		23			39			44
Interest		(26	)		(30	)		(80	)
Commission and other expense paid		9			10			15
Funds held		(1	)		2			(39	)
Securities received/transferred:
Securities received		308			760			521
Securities transferred		(596	)		(430	)		(666	)
AESA Commutation:
Premiums collected		-			-			-
Benefit and loss related payments		-			-			215
Commissions		-			-			-
2021 Repooling Transaction:
Premiums collected		-			-			121
Miscellaneous income		-			-			(28	)
Benefit and loss related payments		-			-			717
Commission and other expense paid		-			-			46
Net deposits		-			-			(1	)
Other receipts		-			-			163
Securities transferred		-			-			(1,018	)

Federal Home Loan Bank (“FHLB”) Agreements

The Company is a member of the FHLB of New York. Such membership requires ownership of stock in the FHLB. The Company owned an aggregate of $6 and $8 of stock in the FHLB at December 31, 2023 and 2022, respectively.

Through its membership, the Company has conducted business activity (borrowings) with the FHLB. The Company utilizes the FHLB facility to supplement liquidity or for other uses deemed appropriate by management. The outstanding borrowings are being used primarily for interest rate risk management purposes in connection with certain reinsurance arrangements, and the balances are expected to decline as underlying premiums are collected. The Company is required to pledge certain mortgage-backed securities, government and agency securities and other qualifying assets to secure advances obtained from the FHLB. The FHLB applies a haircut to collateral pledged to determine the amount of borrowing capacity it will provide to its member. As of December 31, 2023, the Company had an actual borrowing capacity of $1,122 based on qualified pledged collateral. At December 31, 2023, the Company had borrowings of $0 from the FHLB.

Insurance-Linked Securities

As of December 31, 2023 and 2022, the Company was not a ceding insurer in catastrophe bond reinsurance transactions in force.



47		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.

American Home Assurance Company

Statutory Basis Financial Statements

(Dollars in Millions)

12.

Subsequent Events

Subsequent events have been considered through April 23, 2024 for these Financial Statements issued on April 23, 2024.

Type I – Recognized Subsequent Events:

None.

Type II – Nonrecognized Subsequent Events:

Effective January 1, 2024, the Combined Pooling Agreement was amended and restated to include two new Pool members. The Company’s participation in the pool remained the same. The new pool participation percentages of the Pool members, as compared to those as of December 31, 2023, are as follows:


Company	NAIC Company Code	Pool Participation Percentage as of January 1, 2024	Pool Participation Percentage as of December 31, 2023	State of Domicile
National Union Fire Insurance Company of Pittsburgh, Pa. (National Union)*	19445	35%	35%	Pennsylvania
American Home Assurance Company (American Home)	19380	32%	32%	New York
Lexington Insurance Company (Lexington)	19437	30%	30%	Delaware
Commerce and Industry Insurance Company (C&I)	19410	3%	3%	New York
AIG Property Casualty Company (APCC)	19402	0%	0%	Illinois
The Insurance Company of the State of Pennsylvania (ISOP)	19429	0%	0%	Illinois
New Hampshire Insurance Company (New Hampshire)	23841	0%	0%	Illinois
AIG Specialty Insurance Company (Specialty)	26883	0%	0%	Illinois
AIG Assurance Company (Assurance)	40258	0%	0%	Illinois
Granite State Insurance Company (Granite)	23809	0%	0%	Illinois
Illinois National Insurance Co. (Illinois National)	23817	0%	0%	Illinois
AIU Insurance Company (AIU)	19399	0%	0%	New York
Blackboard Insurance Company (BIC)	26611	0%	N/A	Delaware
Blackboard Specialty Insurance Company (BSIC)	13551	0%	N/A	Delaware

* Lead Company of the Combined Pool

There were no changes to the Company’s Total Capital and Surplus on January 1, 2024 as a consequence of the amendment to the Combined Pooling Agreement.



48		NOTES TO FINANCIAL STATEMENTS - As of December 31, 2023 and 2022 and for years ended December 31, 2023, 2022 and 2021.