Lincoln Life & Annuity Company of New York Financial Statements December 31, 2023 and 2022 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
ASSETS | |||||||||||
Investments: | |||||||||||
Fixed maturity available-for-sale securities, at fair value | |||||||||||
(amortized cost: 2023 – $7,350; 2022 – $7,393; allowance for credit losses: 2023 – $2; 2022 – $3) | $ | 6,724 | $ | 6,509 | |||||||
Equity securities | 8 | 8 | |||||||||
Mortgage loans on real estate, net of allowance for credit losses | 919 | 911 | |||||||||
Policy loans | 188 | 195 | |||||||||
Derivative investments | 16 | 21 | |||||||||
Other investments | 2 | 1 | |||||||||
Total investments | 7,857 | 7,645 | |||||||||
Cash and invested cash | 75 | 46 | |||||||||
Deferred acquisition costs, value of business acquired and deferred sales inducements | 532 | 571 | |||||||||
Reinsurance recoverables, net of allowance for credit losses | 536 | 566 | |||||||||
Deposit assets, net of allowance for credit losses | 1,637 | 1,631 | |||||||||
Market risk benefit assets | 215 | 158 | |||||||||
Accrued investment income | 92 | 91 | |||||||||
Goodwill | 26 | 26 | |||||||||
Other assets | 172 | 167 | |||||||||
Separate account assets | 7,598 | 6,825 | |||||||||
Total assets | $ | 18,740 | $ | 17,726 | |||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | |||||||||||
Liabilities | |||||||||||
Policyholder account balances | $ | 4,891 | $ | 5,029 | |||||||
Future contract benefits | 2,157 | 2,092 | |||||||||
Funds withheld reinsurance liabilities | 1,638 | 1,633 | |||||||||
Market risk benefit liabilities | 57 | 75 | |||||||||
Deferred front-end loads | 178 | 177 | |||||||||
Other liabilities | 442 | 312 | |||||||||
Separate account liabilities | 7,598 | 6,825 | |||||||||
Total liabilities | 16,961 | 16,143 | |||||||||
Contingencies and Commitments (See Note 14) | |||||||||||
Stockholder’s Equity | |||||||||||
Common stock – 132,000 shares authorized, issued and outstanding | 941 | 941 | |||||||||
Retained earnings | 1,245 | 1,185 | |||||||||
Accumulated other comprehensive income (loss) | (407) | (543) | |||||||||
Total stockholder’s equity | 1,779 | 1,583 | |||||||||
Total liabilities and stockholder’s equity | $ | 18,740 | $ | 17,726 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Revenues | |||||||||||||||||
Insurance premiums | $ | 351 | $ | 329 | $ | 200 | |||||||||||
Fee income | 254 | 271 | 303 | ||||||||||||||
Net investment income | 373 | 374 | 394 | ||||||||||||||
Realized gain (loss) | 2 | (17) | – | ||||||||||||||
Other revenues | 1 | – | 1 | ||||||||||||||
Total revenues | 981 | 957 | 898 | ||||||||||||||
Expenses | |||||||||||||||||
Benefits | 525 | 495 | 422 | ||||||||||||||
Interest credited | 186 | 184 | 191 | ||||||||||||||
Market risk benefit (gain) loss | (67) | (15) | (91) | ||||||||||||||
Policyholder liability remeasurement (gain) loss | (25) | 216 | 6 | ||||||||||||||
Commissions and other expenses | 207 | 200 | 279 | ||||||||||||||
Total expenses | 826 | 1,080 | 807 | ||||||||||||||
Income (loss) before taxes | 155 | (123) | 91 | ||||||||||||||
Federal income tax expense (benefit) | 27 | (33) | 14 | ||||||||||||||
Net income (loss) | 128 | (90) | 77 | ||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Unrealized investment gain (loss) | 179 | (1,515) | (270) | ||||||||||||||
Market risk benefit non-performance risk gain (loss) | (36) | (9) | (45) | ||||||||||||||
Policyholder liability discount rate remeasurement gain (loss) | (7) | 62 | 18 | ||||||||||||||
Total other comprehensive income (loss), net of tax | 136 | (1,462) | (297) | ||||||||||||||
Comprehensive income (loss) | $ | 264 | $ | (1,552) | $ | (220) |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Common Stock | |||||||||||||||||
Balance as of beginning-of-year | $ | 941 | $ | 941 | $ | 941 | |||||||||||
Balance as of end-of-year | 941 | 941 | 941 | ||||||||||||||
Retained Earnings | |||||||||||||||||
Balance as of beginning-of-year | 1,185 | 1,313 | 1,408 | ||||||||||||||
Cumulative effect from adoption of new accounting standards | – | – | (147) | ||||||||||||||
Net income (loss) | 128 | (90) | 77 | ||||||||||||||
Dividends paid to The Lincoln National Life Insurance Company | (68) | (38) | (25) | ||||||||||||||
Balance as of end-of-year | 1,245 | 1,185 | 1,313 | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
Balance as of beginning-of-year | (543) | 919 | 990 | ||||||||||||||
Cumulative effect from adoption of new accounting standards | – | – | 226 | ||||||||||||||
Other comprehensive income (loss), net of tax | 136 | (1,462) | (297) | ||||||||||||||
Balance as of end-of-year | (407) | (543) | 919 | ||||||||||||||
Total stockholder’s equity as of end-of-year | $ | 1,779 | $ | 1,583 | $ | 3,173 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||
Net income (loss) | $ | 128 | $ | (90) | $ | 77 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) | |||||||||||||||||
operating activities: | |||||||||||||||||
Realized (gain) loss | (2) | 17 | – | ||||||||||||||
Market risk benefit (gain) loss | (67) | (15) | (91) | ||||||||||||||
Change in: | |||||||||||||||||
Deferred acquisition costs, value of business acquired, deferred sales inducements | |||||||||||||||||
and deferred front-end loads | 40 | 40 | 40 | ||||||||||||||
Accrued investment income | (1) | – | 1 | ||||||||||||||
Insurance liabilities and reinsurance-related balances | (16) | 90 | (106) | ||||||||||||||
Accrued expenses | 8 | (87) | 101 | ||||||||||||||
Federal income tax accruals | (20) | (6) | (16) | ||||||||||||||
Other | 1 | 8 | (45) | ||||||||||||||
Net cash provided by (used in) operating activities | 71 | (43) | (39) | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Purchases of available-for-sale securities and equity securities | (420) | (259) | (654) | ||||||||||||||
Sales of available-for-sale securities and equity securities | 192 | 84 | 64 | ||||||||||||||
Maturities of available-for-sale securities | 273 | 166 | 444 | ||||||||||||||
Issuance of mortgage loans on real estate | (52) | (59) | (107) | ||||||||||||||
Repayment and maturities of mortgage loans on real estate | 45 | 109 | 92 | ||||||||||||||
Repayment (issuance) of policy loans, net | 7 | 22 | 14 | ||||||||||||||
Net change in collateral on investments, certain derivatives and related settlements | (6) | 8 | 13 | ||||||||||||||
Net cash provided by (used in) investing activities | 39 | 71 | (134) | ||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Issuance (payment) of short-term debt | 5 | (38) | 39 | ||||||||||||||
Deposits of fixed account balances | 434 | 629 | 484 | ||||||||||||||
Withdrawals of fixed account balances | (419) | (555) | (334) | ||||||||||||||
Transfers from (to) separate accounts, net | (33) | (36) | (38) | ||||||||||||||
Dividends paid to The Lincoln National Life Insurance Company | (68) | (38) | (25) | ||||||||||||||
Net cash provided by (used in) financing activities | (81) | (38) | 126 | ||||||||||||||
Net increase (decrease) in cash, invested cash and restricted cash | 29 | (10) | (47) | ||||||||||||||
Cash, invested cash and restricted cash as of beginning-of-year | 46 | 56 | 103 | ||||||||||||||
Cash, invested cash and restricted cash as of end-of-year | $ | 75 | $ | 46 | $ | 56 |
Reportable Segment | Level of Aggregation | ||||
Annuities | Variable Annuities | ||||
Fixed Annuities | |||||
Payout Annuities | |||||
Life Insurance | Traditional Life | ||||
UL and Other | |||||
Group Protection | Group Protection | ||||
Retirement Plan Services | Retirement Plan Services |
Reportable Segment | Amortization Basis | Expected Amortization Period | ||||||
Annuities | Total deposits paid to date on policies in force | Between 30 to 40 years | ||||||
Life Insurance | Policy count of policies in force | On average 60 years | ||||||
Group Protection | Group certificate contracts in force | 4 years | ||||||
Retirement Plan Services | Lives in force | Between 40 to 50 years |
Standard | Description | Effective Date | Effect on Financial Statements or Other Significant Matters | ||||||||
ASU 2020-04, Reference Rate Reform (Topic 848) and related amendments | The amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions impacted by reference rate reform. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. Additionally, changes to the critical terms of a hedging relationship affected by reference rate reform will not require entities to de-designate the relationship if certain requirements are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, with certain exceptions. The amendments are effective for contract modifications made between March 12, 2020, and December 31, 2024. | March 12, 2020 through December 31, 2024 | This standard may be elected and applied prospectively. We utilized certain practical expedients under this guidance for contract modifications and to maintain hedge accounting for certain derivatives from the effective date through December 31, 2023. This ASU has not had a material impact to our financial condition and results of operations to date, and we do not expect future material impacts through the close of the ASU effective date on December 31, 2024. | ||||||||
ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts and related amendments | See Note 3 for information about ASU 2018-12. | January 1, 2023 | We adopted this ASU effective January 1, 2023, with a transition date of January 1, 2021, using a modified retrospective approach, except for MRBs for which we applied a full retrospective transition approach. See Note 3 for transition disclosures related to the adoption of this ASU. |
Retained Earnings | AOCI | Total Stockholder’s Equity | |||||||||||||||
DAC, VOBA and DSI | $ | – | $ | 284 | $ | 284 | |||||||||||
Reinsurance recoverables | – | 7 | 7 | ||||||||||||||
Other assets (1) | 115 | – | 115 | ||||||||||||||
Future contract benefits | 1 | (55) | (54) | ||||||||||||||
MRBs, net | (302) | 167 | (135) | ||||||||||||||
DFEL | – | (117) | (117) | ||||||||||||||
Other liabilities (2) | 39 | (60) | (21) | ||||||||||||||
Total | $ | (147) | $ | 226 | $ | 79 |
Balance Pre-Adoption December 31, 2020 | Impact from Removal of Shadow Balances from AOCI | Balance Post-Adoption January 1, 2021 | |||||||||||||||
DAC | |||||||||||||||||
Variable Annuities | $ | 110 | $ | 3 | $ | 113 | |||||||||||
Fixed Annuities | – | 4 | 4 | ||||||||||||||
Traditional Life | 39 | – | 39 | ||||||||||||||
UL and Other | – | 196 | 196 | ||||||||||||||
Group Protection | 5 | – | 5 | ||||||||||||||
Retirement Plan Services | 4 | 2 | 6 | ||||||||||||||
Total DAC | 158 | 205 | 363 | ||||||||||||||
VOBA | |||||||||||||||||
Traditional Life | 22 | – | 22 | ||||||||||||||
UL and Other | 167 | 79 | 246 | ||||||||||||||
Total VOBA | 189 | 79 | 268 | ||||||||||||||
DSI (1) | |||||||||||||||||
Variable Annuities | 4 | – | 4 | ||||||||||||||
Fixed Annuities | 1 | – | 1 | ||||||||||||||
Total DSI | 5 | – | 5 | ||||||||||||||
Total DAC, VOBA and DSI | $ | 352 | $ | 284 | $ | 636 |
Balance Pre-Adoption December 31, 2020 | Impact from Removal of Shadow Balances from AOCI | Balance Post-Adoption January 1, 2021 | |||||||||||||||
DFEL (1) | |||||||||||||||||
Variable Annuities | $ | 3 | $ | – | $ | 3 | |||||||||||
UL and Other | 42 | 117 | 159 | ||||||||||||||
Total DFEL | $ | 45 | $ | 117 | $ | 162 |
Balance Pre-Adoption December 31, 2020 (1) | Impact from Removal of Shadow Balances from AOCI | Single-A Discount Rate Measurement in AOCI | Cumulative Effect to Retained Earnings | Balance Post-Adoption January 1, 2021 | |||||||||||||||||||||||||
LFPB | |||||||||||||||||||||||||||||
Payout Annuities | $ | 124 | $ | – | $ | 28 | $ | 4 | $ | 156 | |||||||||||||||||||
Traditional Life | 409 | – | 52 | – | 461 | ||||||||||||||||||||||||
Liability for Future Claims | |||||||||||||||||||||||||||||
Group Protection | 94 | – | 9 | – | 103 | ||||||||||||||||||||||||
Additional Liabilities for Other | |||||||||||||||||||||||||||||
Insurance Benefits | |||||||||||||||||||||||||||||
UL and Other | 720 | (35) | – | (5) | 680 | ||||||||||||||||||||||||
Other Operations | 3 | – | 1 | – | 4 | ||||||||||||||||||||||||
Other (2) | 470 | – | – | – | 470 | ||||||||||||||||||||||||
Total future contract benefits | $ | 1,820 | $ | (35) | $ | 90 | $ | (1) | $ | 1,874 |
Balance Pre-Adoption December 31, 2020 (1) | Single-A Discount Rate Measurement in AOCI | Balance Post-Adoption January 1, 2021 | |||||||||||||||
Reinsured LFPB | |||||||||||||||||
Traditional Life | $ | 31 | $ | 6 | $ | 37 | |||||||||||
Reinsured Liability for Future | |||||||||||||||||
Claims | |||||||||||||||||
Group Protection | 4 | – | 4 | ||||||||||||||
Reinsured Additional Liabilities | |||||||||||||||||
for Other Insurance Benefits | |||||||||||||||||
UL and Other | 37 | – | 37 | ||||||||||||||
Reinsured Other Operations | 2 | 1 | 3 | ||||||||||||||
Reinsured Other (2) | 401 | – | 401 | ||||||||||||||
Total reinsurance recoverables | $ | 475 | $ | 7 | $ | 482 |
Balance Pre-Adoption December 31, 2020 (1) | Cumulative Effect of Credit Risk to AOCI | Cumulative Effect to Retained Earnings | Balance Post-Adoption January 1, 2021 | ||||||||||||||||||||
MRBs, Net | |||||||||||||||||||||||
Variable Annuities | $ | 58 | $ | (167) | $ | 302 | $ | 193 | |||||||||||||||
Total MRBs, net | $ | 58 | $ | (167) | $ | 302 | $ | 193 |
Balance Pre-Adoption December 31, 2020 (1) | Cumulative Effect to Retained Earnings | Balance Post-Adoption January 1, 2021 | |||||||||||||||
Ceded MRBs, Net | |||||||||||||||||
Variable Annuities | $ | 55 | $ | 115 | $ | 170 | |||||||||||
Total ceded MRBs, net | $ | 55 | $ | 115 | $ | 170 |
As of December 31, 2022 | |||||||||||||||||
As Previously Reported (1) | Adoption of New Accounting Standard | As Adjusted | |||||||||||||||
Deferred acquisition costs, value of business | |||||||||||||||||
acquired and deferred sales inducements (2) | $ | 692 | $ | (121) | $ | 571 | |||||||||||
Reinsurance recoverables, net of allowance | |||||||||||||||||
for credit losses (2) | 660 | (94) | 566 | ||||||||||||||
Market risk benefit assets | – | 158 | 158 | ||||||||||||||
Other assets (2) | 256 | (89) | 167 | ||||||||||||||
Total assets (2) | 17,872 | (146) | 17,726 | ||||||||||||||
Policyholder account balances (2) | 5,009 | 20 | 5,029 | ||||||||||||||
Future contract benefits (2) | 2,200 | (108) | 2,092 | ||||||||||||||
Market risk benefit liabilities | – | 75 | 75 | ||||||||||||||
Deferred front-end loads (2) | 206 | (29) | 177 | ||||||||||||||
Other liabilities (2) | 347 | (35) | 312 | ||||||||||||||
Total liabilities (2) | 16,220 | (77) | 16,143 | ||||||||||||||
Retained earnings | 1,220 | (35) | 1,185 | ||||||||||||||
Accumulated other comprehensive | |||||||||||||||||
income (loss) | (509) | (34) | (543) | ||||||||||||||
Total stockholder’s equity | 1,652 | (69) | 1,583 |
For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
As Previously Reported (1) | Adoption of New Accounting Standard | As Adjusted | As Previously Reported (1) | Adoption of New Accounting Standard | As Adjusted | ||||||||||||||||||||||||||||||
Fee income | $ | 294 | $ | (23) | $ | 271 | $ | 316 | $ | (13) | $ | 303 | |||||||||||||||||||||||
Realized gain (loss) | (21) | 4 | (17) | – | – | – | |||||||||||||||||||||||||||||
Total revenues | 976 | (19) | 957 | 911 | (13) | 898 | |||||||||||||||||||||||||||||
Benefits | 727 | (232) | 495 | 423 | (1) | 422 | |||||||||||||||||||||||||||||
Market risk benefit (gain) loss | – | (15) | (15) | – | (91) | (91) | |||||||||||||||||||||||||||||
Policyholder liability remeasurement (gain) loss | – | 216 | 216 | – | 6 | 6 | |||||||||||||||||||||||||||||
Commissions and other expenses | 188 | 12 | 200 | 348 | (69) | 279 | |||||||||||||||||||||||||||||
Total expenses | 1,099 | (19) | 1,080 | 962 | (155) | 807 | |||||||||||||||||||||||||||||
Income (loss) before taxes | (123) | – | (123) | (51) | 142 | 91 | |||||||||||||||||||||||||||||
Federal income tax expense (benefit) | (34) | 1 | (33) | (15) | 29 | 14 | |||||||||||||||||||||||||||||
Net income (loss) | (89) | (1) | (90) | (36) | 113 | 77 | |||||||||||||||||||||||||||||
Unrealized investment gain (loss) | (1,255) | (260) | (1,515) | (244) | (26) | (270) | |||||||||||||||||||||||||||||
Market risk benefit non-performance risk | |||||||||||||||||||||||||||||||||||
gain (loss) | – | (9) | (9) | – | (45) | (45) | |||||||||||||||||||||||||||||
Policyholder liability discount rate | |||||||||||||||||||||||||||||||||||
remeasurement gain (loss) | – | 62 | 62 | – | 18 | 18 | |||||||||||||||||||||||||||||
Total other comprehensive income (loss), | |||||||||||||||||||||||||||||||||||
net of tax | (1,255) | (207) | (1,462) | (244) | (53) | (297) | |||||||||||||||||||||||||||||
Comprehensive income (loss) | (1,344) | (208) | (1,552) | (280) | 60 | (220) |
As of December 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||
As Previously Reported (1) | Adoption of New Accounting Standard | As Adjusted | As Previously Reported (1) | Adoption of New Accounting Standard | As Adjusted | ||||||||||||||||||||||||||||||
Retained earnings balance as of | |||||||||||||||||||||||||||||||||||
beginning-of-year | $ | 1,347 | $ | (34) | $ | 1,313 | $ | 1,408 | $ | – | $ | 1,408 | |||||||||||||||||||||||
Cumulative effect from adoption of new | |||||||||||||||||||||||||||||||||||
accounting standards | – | – | – | – | (147) | (147) | |||||||||||||||||||||||||||||
Net income (loss) | (89) | (1) | (90) | (36) | 113 | 77 | |||||||||||||||||||||||||||||
Retained earnings balance as of end-of-year | 1,220 | (35) | 1,185 | 1,347 | (34) | 1,313 | |||||||||||||||||||||||||||||
Accumulated other comprehensive income | |||||||||||||||||||||||||||||||||||
(loss) balance as of beginning-of-year | 746 | 173 | 919 | 990 | – | 990 | |||||||||||||||||||||||||||||
Cumulative effect from adoption of new | |||||||||||||||||||||||||||||||||||
accounting standards | – | – | – | – | 226 | 226 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of | |||||||||||||||||||||||||||||||||||
tax | (1,255) | (207) | (1,462) | (244) | (53) | (297) | |||||||||||||||||||||||||||||
Accumulated other comprehensive income | |||||||||||||||||||||||||||||||||||
(loss) balance as of end-of-year | (509) | (34) | (543) | 746 | 173 | 919 | |||||||||||||||||||||||||||||
Total stockholder’s equity as of end-of-year | 1,652 | (69) | 1,583 | 3,034 | 139 | 3,173 |
For the Year Ended December 31, 2022 | |||||||||||||||||
As Previously Reported (1) | Adoption of New Accounting Standard | As Adjusted | |||||||||||||||
Net income (loss) | $ | (89) | $ | (1) | $ | (90) | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) | |||||||||||||||||
operating activities: | |||||||||||||||||
Realized (gain) loss | 21 | (4) | 17 | ||||||||||||||
Market risk benefit (gain) loss | – | (15) | (15) | ||||||||||||||
Change in: | |||||||||||||||||
Deferred acquisition costs, value of business acquired, deferred sales | |||||||||||||||||
inducements and deferred front-end loads | 7 | 33 | 40 | ||||||||||||||
Insurance liabilities and reinsurance-related balances | 107 | (17) | 90 | ||||||||||||||
Federal income tax accruals | (7) | 1 | (6) | ||||||||||||||
Other (2) | 9 | (1) | 8 |
For the Year Ended December 31, 2021 | |||||||||||||||||
As Previously Reported (1) | Adoption of New Accounting Standard | As Adjusted | |||||||||||||||
Net income (loss) | $ | (36) | $ | 113 | $ | 77 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) | |||||||||||||||||
operating activities: | |||||||||||||||||
Market risk benefit (gain) loss | – | (91) | (91) | ||||||||||||||
Change in: | |||||||||||||||||
Deferred acquisition costs, value of business acquired, deferred sales | |||||||||||||||||
inducements and deferred front-end loads | 99 | (59) | 40 | ||||||||||||||
Insurance liabilities and reinsurance-related balances | (109) | 3 | (106) | ||||||||||||||
Federal income tax accruals | (45) | 29 | (16) | ||||||||||||||
Other (2) | (42) | (3) | (45) |
As of December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | ||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 6,230 | $ | 87 | $ | 633 | $ | – | $ | 5,684 | ||||||||||||||||||||||||||||||||||
U.S. government bonds | 10 | – | – | – | 10 | |||||||||||||||||||||||||||||||||||||||
State and municipal bonds | 498 | 13 | 46 | – | 465 | |||||||||||||||||||||||||||||||||||||||
Foreign government bonds | 24 | – | 3 | – | 21 | |||||||||||||||||||||||||||||||||||||||
RMBS | 269 | 2 | 30 | – | 241 | |||||||||||||||||||||||||||||||||||||||
CMBS | 124 | 1 | 15 | – | 110 | |||||||||||||||||||||||||||||||||||||||
ABS | 153 | 6 | 8 | 2 | 149 | |||||||||||||||||||||||||||||||||||||||
Hybrid and redeemable preferred securities | 42 | 3 | 1 | – | 44 | |||||||||||||||||||||||||||||||||||||||
Total fixed maturity AFS securities | $ | 7,350 | $ | 112 | $ | 736 | $ | 2 | $ | 6,724 |
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | ||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 6,280 | $ | 55 | $ | 826 | $ | – | $ | 5,509 | ||||||||||||||||||||||||||||||||||
U.S. government bonds | 12 | – | – | – | 12 | |||||||||||||||||||||||||||||||||||||||
State and municipal bonds | 513 | 9 | 60 | – | 462 | |||||||||||||||||||||||||||||||||||||||
Foreign government bonds | 26 | 1 | 3 | – | 24 | |||||||||||||||||||||||||||||||||||||||
RMBS | 267 | 1 | 30 | – | 238 | |||||||||||||||||||||||||||||||||||||||
CMBS | 101 | – | 16 | – | 85 | |||||||||||||||||||||||||||||||||||||||
ABS | 148 | 5 | 12 | 3 | 138 | |||||||||||||||||||||||||||||||||||||||
Hybrid and redeemable preferred securities | 46 | 2 | 7 | – | 41 | |||||||||||||||||||||||||||||||||||||||
Total fixed maturity AFS securities | $ | 7,393 | $ | 73 | $ | 954 | $ | 3 | $ | 6,509 |
Amortized Cost | Fair Value | ||||||||||||||||
Due in one year or less | $ | 138 | $ | 137 | |||||||||||||
Due after one year through five years | 861 | 854 | |||||||||||||||
Due after five years through ten years | 918 | 897 | |||||||||||||||
Due after ten years | 4,887 | 4,336 | |||||||||||||||
Subtotal | 6,804 | 6,224 | |||||||||||||||
Structured securities (RMBS, CMBS, ABS) | 546 | 500 | |||||||||||||||
Total fixed maturity AFS securities | $ | 7,350 | $ | 6,724 |
As of December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than or Equal to Twelve Months | Greater Than Twelve Months | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 763 | $ | 93 | $ | 3,421 | $ | 540 | $ | 4,184 | $ | 633 | |||||||||||||||||||||||||||||||||||||||||
State and municipal bonds | 85 | 15 | 123 | 31 | 208 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign government bonds | 5 | – | 3 | 3 | 8 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||
RMBS | 50 | 6 | 148 | 24 | 198 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||
CMBS | 13 | 2 | 69 | 13 | 82 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||
ABS | 23 | – | 101 | 8 | 124 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||
Hybrid and redeemable | |||||||||||||||||||||||||||||||||||||||||||||||||||||
preferred securities | 11 | 1 | 7 | – | 18 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity AFS securities | $ | 950 | $ | 117 | $ | 3,872 | $ | 619 | $ | 4,822 | $ | 736 | |||||||||||||||||||||||||||||||||||||||||
Total number of fixed maturity AFS securities in an unrealized loss position | 1,184 |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than or Equal to Twelve Months | Greater Than Twelve Months | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 4,238 | $ | 718 | $ | 262 | $ | 108 | $ | 4,500 | $ | 826 | |||||||||||||||||||||||||||||||||||||||||
State and municipal bonds | 227 | 55 | 12 | 5 | 239 | 60 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign government bonds | 8 | – | 3 | 3 | 11 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||
RMBS | 201 | 29 | 4 | 1 | 205 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||
CMBS | 38 | 6 | 41 | 10 | 79 | 16 | |||||||||||||||||||||||||||||||||||||||||||||||
ABS | 67 | 5 | 50 | 7 | 117 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||
Hybrid and redeemable | |||||||||||||||||||||||||||||||||||||||||||||||||||||
preferred securities | 10 | – | 14 | 7 | 24 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity AFS securities | $ | 4,789 | $ | 813 | $ | 386 | $ | 141 | $ | 5,175 | $ | 954 | |||||||||||||||||||||||||||||||||||||||||
Total number of fixed maturity AFS securities in an unrealized loss position | 1,278 |
As of December 31, 2023 | ||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Number of Securities (1) | ||||||||||||||||||||||||
Less than six months | $ | 151 | $ | 55 | 54 | |||||||||||||||||||||
Six months or greater, but less than nine months | 39 | 11 | 14 | |||||||||||||||||||||||
Nine months or greater, but less than twelve months | 70 | 20 | 18 | |||||||||||||||||||||||
Twelve months or greater | 551 | 224 | 183 | |||||||||||||||||||||||
Total | $ | 811 | $ | 310 | 269 |
As of December 31, 2022 | ||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Number of Securities (1) | ||||||||||||||||||||||||
Less than six months | $ | 932 | $ | 290 | 253 | |||||||||||||||||||||
Six months or greater, but less than nine months | 389 | 202 | 126 | |||||||||||||||||||||||
Nine months or greater, but less than twelve months | 43 | 28 | 14 | |||||||||||||||||||||||
Total | $ | 1,364 | $ | 520 | 393 |
For the Year Ended December 31, 2023 | |||||||||||||||||||||||
Corporate Bonds | RMBS | Other | Total | ||||||||||||||||||||
Balance as of beginning-of-year | $ | – | $ | – | $ | 3 | $ | 3 | |||||||||||||||
Additions from purchases of PCD debt securities (1) | – | – | – | – | |||||||||||||||||||
Additions for securities for which credit losses were not | |||||||||||||||||||||||
previously recognized | 2 | – | – | 2 | |||||||||||||||||||
Additions (reductions) for securities for which credit losses | |||||||||||||||||||||||
were previously recognized | – | – | (1) | (1) | |||||||||||||||||||
Reductions for securities charged-off | (2) | – | – | (2) | |||||||||||||||||||
Balance as of end-of-year (2) | $ | – | $ | – | $ | 2 | $ | 2 |
As of December 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Current | $ | 923 | $ | 915 | |||||||||||||
30 to 59 days past due | – | – | |||||||||||||||
60 to 89 days past due | – | – | |||||||||||||||
90 or more days past due | – | – | |||||||||||||||
Allowance for credit losses | (4) | (4) | |||||||||||||||
Unamortized premium (discount) | – | – | |||||||||||||||
Mark-to-market gains (losses) | – | – | |||||||||||||||
Total carrying value | $ | 919 | $ | 911 |
As of December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 65% | Debt- Service Coverage Ratio | 65% to 75% | Debt- Service Coverage Ratio | Greater than 75% | Debt- Service Coverage Ratio | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | $ | 52 | 1.85 | $ | – | – | $ | – | – | $ | 52 | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 54 | 2.00 | 4 | 1.79 | – | – | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 103 | 3.50 | – | – | – | – | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 78 | 3.52 | – | – | – | – | 78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 175 | 3.10 | – | – | – | – | 175 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 and prior | 457 | 2.64 | – | – | – | – | 457 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 919 | $ | 4 | $ | – | $ | 923 |
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 65% | Debt- Service Coverage Ratio | 65% to 75% | Debt- Service Coverage Ratio | Greater than 75% | Debt- Service Coverage Ratio | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | $ | 59 | 1.95 | $ | – | – | $ | – | – | $ | 59 | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 104 | 3.14 | – | – | – | – | 104 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 83 | 3.19 | – | – | – | – | 83 | |||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 178 | 2.72 | – | – | – | – | 178 | |||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 95 | 2.23 | 2 | 1.55 | – | – | 97 | |||||||||||||||||||||||||||||||||||||||||||||||||
2017 and prior | 394 | 2.72 | – | – | – | – | 394 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 913 | $ | 2 | $ | – | $ | 915 |
For the Years Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
Balance as of beginning-of-year | $ | 4 | $ | 4 | $ | 8 | ||||||||||||||||||||
Additions (reductions) from provision for credit loss expense (1) | – | – | (4) | |||||||||||||||||||||||
Additions from purchases of PCD mortgage loans on real estate | – | – | – | |||||||||||||||||||||||
Balance as of end-of-year (2) | $ | 4 | $ | 4 | $ | 4 |
For the Years Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
Fixed maturity AFS securities | $ | 324 | $ | 323 | $ | 326 | ||||||||||||||||||||
Mortgage loans on real estate | 35 | 36 | 37 | |||||||||||||||||||||||
Policy loans | 12 | 12 | 12 | |||||||||||||||||||||||
Cash and invested cash | 2 | – | – | |||||||||||||||||||||||
Commercial mortgage loan prepayment | ||||||||||||||||||||||||||
and bond make-whole premiums | 2 | 3 | 20 | |||||||||||||||||||||||
Consent fees | – | 1 | – | |||||||||||||||||||||||
Other investments | 1 | 1 | 1 | |||||||||||||||||||||||
Investment income | 376 | 376 | 396 | |||||||||||||||||||||||
Investment expense | (3) | (2) | (2) | |||||||||||||||||||||||
Net investment income | $ | 373 | $ | 374 | $ | 394 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Credit Loss Benefit (Expense) | |||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||
Corporate bonds | $ | (2) | $ | – | $ | – | |||||||||||
ABS | 1 | (3) | – | ||||||||||||||
Total credit loss benefit (expense) | $ | (1) | $ | (3) | $ | – |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||||||||||||
Collateral payable for derivative investments (1) | $ | 16 | $ | 16 | $ | 22 | $ | 22 |
For the Years Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
Collateral payable for derivative investments | $ | (6) | $ | 15 | $ | (1) |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||
Notional Amounts | Fair Value | Notional Amounts | Fair Value | ||||||||||||||||||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||||||||||||||||||||
Qualifying Hedges | |||||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||
Interest rate contracts (1) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||||||||||
Foreign currency contracts (1) | 127 | 13 | 2 | 115 | 20 | 1 | |||||||||||||||||||||||||||||
Total cash flow hedges | 127 | 13 | 2 | 115 | 20 | 1 | |||||||||||||||||||||||||||||
Non-Qualifying Hedges | |||||||||||||||||||||||||||||||||||
Interest rate contracts (1) | 400 | – | – | 400 | – | – | |||||||||||||||||||||||||||||
Equity market contracts (1) | 115 | 5 | – | 113 | 2 | – | |||||||||||||||||||||||||||||
LPR ceded derivative (2) | – | 16 | – | – | 14 | – | |||||||||||||||||||||||||||||
Embedded derivatives: | |||||||||||||||||||||||||||||||||||
Fixed indexed annuity and IUL contracts (3) | – | – | 2 | – | 1 | – | |||||||||||||||||||||||||||||
Total derivative instruments | $ | 642 | $ | 34 | $ | 4 | $ | 628 | $ | 37 | $ | 1 |
Remaining Life as of December 31, 2023 | |||||||||||||||||||||||||||||||||||
Less Than 1 Year | 1 – 5 Years | 6 - 10 Years | 11 - 30 Years | Over 30 Years | Total | ||||||||||||||||||||||||||||||
Interest rate contracts | $ | – | $ | – | $ | 400 | $ | – | $ | – | $ | 400 | |||||||||||||||||||||||
Foreign currency contracts (1) | – | 3 | 27 | 87 | 10 | 127 | |||||||||||||||||||||||||||||
Equity market contracts | 115 | – | – | – | – | 115 | |||||||||||||||||||||||||||||
Total derivative instruments | |||||||||||||||||||||||||||||||||||
with notional amounts | $ | 115 | $ | 3 | $ | 427 | $ | 87 | $ | 10 | $ | 642 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Unrealized Gain (Loss) on Derivative Instruments | |||||||||||||||||
Balance as of beginning-of-year | $ | 17 | $ | 1 | $ | 2 | |||||||||||
Cumulative effect from adoption of new accounting standard | – | – | 2 | ||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Unrealized holding gains (losses) arising during the year: | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||
Interest rate contracts | – | 4 | (11) | ||||||||||||||
Foreign currency contracts | (3) | 8 | 3 | ||||||||||||||
Change in foreign currency exchange rate adjustment | (4) | 10 | 4 | ||||||||||||||
Income tax benefit (expense) | 2 | (5) | 1 | ||||||||||||||
Less: | |||||||||||||||||
Reclassification adjustment for gains (losses) | |||||||||||||||||
included in net income (loss): | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||
Foreign currency contracts (1) | 1 | 1 | – | ||||||||||||||
Balance as of end-of-year | $ | 11 | $ | 17 | $ | 1 |
Gain (Loss) Recognized in Income For the Year Ended December 31, 2023 | |||||||||||||||||
Realized Gain (Loss) | Net Investment Income | Benefits | |||||||||||||||
Total Line Items in which the Effects of Fair Value or Cash | |||||||||||||||||
Flow Hedges are Recorded | $ | 2 | $ | 373 | $ | 525 | |||||||||||
Qualifying Hedges | |||||||||||||||||
Gain or (loss) on cash flow hedging relationships: | |||||||||||||||||
Foreign currency contracts: | |||||||||||||||||
Amount of gain or (loss) reclassified from AOCI into income | – | 1 | – | ||||||||||||||
Non-Qualifying Hedges | |||||||||||||||||
Equity market contracts | 3 | – | – | ||||||||||||||
LPR ceded derivative | – | – | (2) | ||||||||||||||
Embedded derivatives: | |||||||||||||||||
Fixed indexed annuity and IUL contracts | (3) | – | – |
Gain (Loss) Recognized in Income For the Year Ended December 31, 2022 | |||||||||||||||||
Realized Gain (Loss) | Net Investment Income | Benefits | |||||||||||||||
Total Line Items in which the Effects of Fair Value or Cash | |||||||||||||||||
Flow Hedges are Recorded | $ | (17) | $ | 374 | $ | 495 | |||||||||||
Qualifying Hedges | |||||||||||||||||
Gain or (loss) on cash flow hedging relationships: | |||||||||||||||||
Foreign currency contracts: | |||||||||||||||||
Amount of gain or (loss) reclassified from AOCI into income | – | 1 | – | ||||||||||||||
Non-Qualifying Hedges | |||||||||||||||||
Equity market contracts | (4) | – | – | ||||||||||||||
LPR ceded derivative | – | – | 5 | ||||||||||||||
Embedded derivatives: | |||||||||||||||||
Fixed indexed annuity and IUL contracts | 3 | – | – |
Gain (Loss) Recognized in Income For the Year Ended December 31, 2021 | |||||||||||||||||
Realized Gain (Loss) | Net Investment Income | Benefits | |||||||||||||||
Total Line Items in which the Effects of Fair Value or Cash | |||||||||||||||||
Flow Hedges are Recorded | $ | – | $ | 394 | $ | 422 | |||||||||||
Qualifying Hedges | |||||||||||||||||
Gain or (loss) on fair value hedging relationships: | |||||||||||||||||
Foreign currency contracts: | |||||||||||||||||
Amount of gain or (loss) reclassified from AOCI into income | 1 | – | – | ||||||||||||||
Non-Qualifying Hedges | |||||||||||||||||
Interest rate contracts | (6) | – | – | ||||||||||||||
Equity market contracts | 3 | – | – | ||||||||||||||
LPR ceded derivative | – | – | 1 | ||||||||||||||
Embedded derivatives: | |||||||||||||||||
Fixed indexed annuity and IUL contracts | (2) | – | – |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
S&P Credit Rating of Counterparty | Collateral Posted by Counter- Party (Held by LLANY) | Collateral Posted by LLANY (Held by Counter- Party) | Collateral Posted by Counter- Party (Held by LLANY) | Collateral Posted by LLANY (Held by Counter- Party) | |||||||||||||||||||
AA- | $ | 6 | $ | – | $ | 6 | $ | – | |||||||||||||||
A+ | 10 | – | 16 | – | |||||||||||||||||||
$ | 16 | $ | – | $ | 22 | $ | – |
As of December 31, 2023 | |||||||||||||||||
Derivative Instruments | Embedded Derivative Instruments | Total | |||||||||||||||
Financial Assets | |||||||||||||||||
Gross amount of recognized assets | $ | 18 | $ | – | $ | 18 | |||||||||||
Gross amounts offset | (2) | – | (2) | ||||||||||||||
Net amount of assets | 16 | – | 16 | ||||||||||||||
Gross amounts not offset: | |||||||||||||||||
Cash collateral (1) | (16) | – | (16) | ||||||||||||||
Net amount | $ | – | $ | – | $ | – | |||||||||||
Financial Liabilities | |||||||||||||||||
Gross amount of recognized liabilities | $ | – | $ | 2 | $ | 2 | |||||||||||
Gross amounts offset | – | – | – | ||||||||||||||
Net amount of liabilities | – | 2 | 2 | ||||||||||||||
Gross amounts not offset: | |||||||||||||||||
Cash collateral (2) | – | – | – | ||||||||||||||
Net amount | $ | – | $ | 2 | $ | 2 |
As of December 31, 2022 | |||||||||||||||||
Derivative Instruments | Embedded Derivative Instruments | Total | |||||||||||||||
Financial Assets | |||||||||||||||||
Gross amount of recognized assets | $ | 22 | $ | 1 | $ | 23 | |||||||||||
Gross amounts offset | (1) | – | (1) | ||||||||||||||
Net amount of assets | 21 | 1 | 22 | ||||||||||||||
Gross amounts not offset: | |||||||||||||||||
Cash collateral (1) | (21) | – | (21) | ||||||||||||||
Net amount | $ | – | $ | 1 | $ | 1 | |||||||||||
Financial Liabilities | |||||||||||||||||
Gross amount of recognized liabilities | $ | – | $ | – | $ | – | |||||||||||
Gross amounts offset | – | – | – | ||||||||||||||
Net amount of liabilities | – | – | – | ||||||||||||||
Gross amounts not offset: | |||||||||||||||||
Cash collateral (2) | – | – | – | ||||||||||||||
Net amount | $ | – | $ | – | $ | – |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
DAC, VOBA and DSI | |||||||||||
Variable Annuities | $ | 100 | $ | 106 | |||||||
Fixed Annuities | 4 | 4 | |||||||||
Traditional Life | 47 | 53 | |||||||||
UL and Other | 366 | 393 | |||||||||
Group Protection | 9 | 8 | |||||||||
Retirement Plan Services | 6 | 7 | |||||||||
Total DAC, VOBA and DSI | $ | 532 | $ | 571 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
DFEL | |||||||||||
Variable Annuities | $ | 2 | $ | 3 | |||||||
UL and Other | 176 | 174 | |||||||||
Total DFEL | $ | 178 | $ | 177 |
For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Variable Annuities | Fixed Annuities | Traditional Life | UL and Other | Group Protection | Retirement Plan Services | ||||||||||||||||||||||||||||||
Balance as of beginning-of-year | $ | 103 | $ | 3 | $ | 39 | $ | 192 | $ | 8 | $ | 7 | |||||||||||||||||||||||
Deferrals | 3 | – | 1 | 3 | 6 | – | |||||||||||||||||||||||||||||
Amortization | (9) | – | (5) | (11) | (5) | (1) | |||||||||||||||||||||||||||||
Balance as of end-of-year | $ | 97 | $ | 3 | $ | 35 | $ | 184 | $ | 9 | $ | 6 |
For the Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Variable Annuities | Fixed Annuities | Traditional Life | UL and Other | Group Protection | Retirement Plan Services | ||||||||||||||||||||||||||||||
Balance as of beginning-of-year | $ | 108 | $ | 3 | $ | 42 | $ | 196 | $ | 5 | $ | 6 | |||||||||||||||||||||||
Deferrals | 5 | – | 2 | 7 | 7 | 2 | |||||||||||||||||||||||||||||
Amortization | (10) | – | (5) | (11) | (4) | (1) | |||||||||||||||||||||||||||||
Balance as of end-of-year | $ | 103 | $ | 3 | $ | 39 | $ | 192 | $ | 8 | $ | 7 |
For the Year Ended December 31, 2023 | |||||||||||
Traditional Life | UL and Other | ||||||||||
Balance as of beginning-of-year | $ | 14 | $ | 201 | |||||||
Amortization | (2) | (19) | |||||||||
Balance as of end-of-year | $ | 12 | $ | 182 |
For the Year Ended December 31, 2022 | |||||||||||
Traditional Life | UL and Other | ||||||||||
Balance as of beginning-of-year | $ | 18 | $ | 222 | |||||||
Amortization | (4) | (21) | |||||||||
Balance as of end-of-year | $ | 14 | $ | 201 |
2024 | $ | 20 | |||
2025 | 19 | ||||
2026 | 17 | ||||
2027 | 13 | ||||
2028 | 12 |
For the Year Ended December 31, 2023 | |||||||||||
Variable Annuities | Fixed Annuities | ||||||||||
Balance as of beginning-of-year | $ | 3 | $ | 1 | |||||||
Balance as of end-of-year | $ | 3 | $ | 1 |
For the Year Ended December 31, 2022 | |||||||||||
Variable Annuities | Fixed Annuities | ||||||||||
Balance as of beginning-of-year | $ | 3 | $ | 1 | |||||||
Balance as of end-of-year | $ | 3 | $ | 1 |
For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | ||||||||||||||||||||||
Variable Annuities | UL and Other | Variable Annuities | UL and Other | ||||||||||||||||||||
Balance as of beginning-of-year | $ | 3 | $ | 174 | $ | 3 | $ | 168 | |||||||||||||||
Deferrals | – | 11 | – | 16 | |||||||||||||||||||
Amortization | (1) | (9) | – | (10) | |||||||||||||||||||
Balance as of end-of-year | $ | 2 | $ | 176 | $ | 3 | $ | 174 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Direct insurance premiums and fee income | $ | 810 | $ | 811 | $ | 709 | |||||||||||
Reinsurance ceded | (205) | (211) | (206) | ||||||||||||||
Total insurance premiums and fee income | $ | 605 | $ | 600 | $ | 503 | |||||||||||
Direct insurance benefits | $ | 694 | $ | 694 | $ | 616 | |||||||||||
Reinsurance ceded | (169) | (199) | (194) | ||||||||||||||
Total benefits | $ | 525 | $ | 495 | $ | 422 | |||||||||||
Direct market risk benefit (gain) loss | $ | (121) | $ | (148) | $ | (197) | |||||||||||
Reinsurance ceded | 54 | 133 | 106 | ||||||||||||||
Total market risk benefit (gain) loss | $ | (67) | $ | (15) | $ | (91) | |||||||||||
Direct policyholder liability remeasurement (gain) loss | $ | (46) | $ | 343 | $ | 14 | |||||||||||
Reinsurance ceded | 21 | (127) | (8) | ||||||||||||||
Total policyholder liability remeasurement (gain) loss | $ | (25) | $ | 216 | $ | 6 | |||||||||||
For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
Gross Goodwill as of Beginning- of-Year | Accumulated Impairment as of Beginning- of-Year | Net Goodwill as of Beginning- of-Year | Impairment | Net Goodwill as of End- of-Year | |||||||||||||||||||||||||
Annuities | $ | 26 | $ | – | $ | 26 | $ | – | $ | 26 | |||||||||||||||||||
Total goodwill | $ | 26 | $ | – | $ | 26 | $ | – | $ | 26 |
For the Year Ended December 31, 2022 | |||||||||||||||||||||||||||||
Gross Goodwill as of Beginning- of-Year | Accumulated Impairment as of Beginning- of-Year | Net Goodwill as of Beginning- of-Year | Impairment | Net Goodwill as of End- of-Year | |||||||||||||||||||||||||
Annuities | $ | 26 | $ | – | $ | 26 | $ | – | $ | 26 | |||||||||||||||||||
Total goodwill | $ | 26 | $ | – | $ | 26 | $ | – | $ | 26 |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
Life Insurance: | |||||||||||||||||||||||
Sales force | $ | 7 | $ | 5 | $ | 7 | $ | 5 |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||
Assets | Liabilities | Net (Assets) Liabilities | Assets | Liabilities | Net (Assets) Liabilities | ||||||||||||||||||||||||||||||
Variable Annuities | $ | 215 | $ | 57 | $ | (158) | $ | 158 | $ | 75 | $ | (83) | |||||||||||||||||||||||
Total MRBs | $ | 215 | $ | 57 | $ | (158) | $ | 158 | $ | 75 | $ | (83) |
Variable Annuities | |||||||||||
As of or For the Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Balance as of beginning-of-year | $ | (83) | $ | 53 | |||||||
Less: Effect of cumulative changes in | |||||||||||
non-performance risk | (99) | (110) | |||||||||
Balance as of beginning-of-year, before the effect | |||||||||||
of changes in non-performance risk | 16 | 163 | |||||||||
Attributed fees collected | 80 | 84 | |||||||||
Benefit payments | (2) | (2) | |||||||||
Effect of changes in interest rates | (13) | (451) | |||||||||
Effect of changes in equity markets | (158) | 220 | |||||||||
Effect of changes in equity index volatility | (29) | (14) | |||||||||
In-force updates and other changes in MRBs (1) | 8 | 19 | |||||||||
Effect of assumption review: | |||||||||||
Effect of changes in future expected | |||||||||||
policyholder behavior | (2) | – | |||||||||
Effect of changes in other future expected | |||||||||||
assumptions (2) | (5) | (3) | |||||||||
Balance as of end-of-year, before the effect of | |||||||||||
changes in non-performance risk | (105) | 16 | |||||||||
Effect of cumulative changes in | |||||||||||
non-performance risk | (53) | (99) | |||||||||
Balance as of end-of-year | (158) | (83) | |||||||||
Less: ceded MRB assets (liabilities) | (123) | (68) | |||||||||
Balance as of end-of-year, net of reinsurance | $ | (35) | $ | (15) | |||||||
Weighted-average age of policyholders (years) | 71 | 71 | |||||||||
Net amount at risk (3) | $ | 141 | $ | 370 |
As of December 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Mutual funds and collective investment trusts | $ | 7,578 | $ | 6,804 | |||||||||||||
Exchange-traded funds | 20 | 15 | |||||||||||||||
Cash and invested cash | – | 6 | |||||||||||||||
Total separate account assets | $ | 7,598 | $ | 6,825 |
As of December 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Variable Annuities | $ | 5,487 | $ | 5,054 | |||||||||||||
UL and Other | 709 | 604 | |||||||||||||||
Retirement Plan Services | 1,402 | 1,167 | |||||||||||||||
Total separate account liabilities | $ | 7,598 | $ | 6,825 |
As of or For the Year Ended December 31, 2023 | As of or For the Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Annuities | UL and Other | Retirement Plan Services | Variable Annuities | UL and Other | Retirement Plan Services | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of beginning-of-year | $ | 5,054 | $ | 604 | $ | 1,167 | $ | 6,311 | $ | 726 | $ | 1,438 | |||||||||||||||||||||||||||||||||||||||||
Gross deposits | 192 | 16 | 164 | 246 | 25 | 168 | |||||||||||||||||||||||||||||||||||||||||||||||
Withdrawals | (436) | (6) | (159) | (393) | (6) | (156) | |||||||||||||||||||||||||||||||||||||||||||||||
Policyholder assessments | (128) | (15) | (9) | (130) | (15) | (9) | |||||||||||||||||||||||||||||||||||||||||||||||
Change in market performance | 767 | 112 | 237 | (1,037) | (123) | (263) | |||||||||||||||||||||||||||||||||||||||||||||||
Net transfers from (to) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
general account | 38 | (2) | 2 | 57 | (3) | (11) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of end-of-year | $ | 5,487 | $ | 709 | $ | 1,402 | $ | 5,054 | $ | 604 | $ | 1,167 | |||||||||||||||||||||||||||||||||||||||||
Cash surrender value | $ | 5,383 | $ | 706 | $ | 1,402 | $ | 4,941 | $ | 600 | $ | 1,166 |
As of December 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Variable Annuities | $ | 21 | $ | 27 | |||||||||||||
Fixed Annuities | 401 | 488 | |||||||||||||||
UL and Other | 2,677 | 2,735 | |||||||||||||||
Retirement Plan Services | 1,562 | 1,540 | |||||||||||||||
Other (1) | 230 | 239 | |||||||||||||||
Total policyholder account balances | $ | 4,891 | $ | 5,029 |
As of or For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Variable Annuities | Fixed Annuities | UL and Other | Retirement Plan Services | ||||||||||||||||||||||||||||||||
Balance as of beginning-of-year | $ | 27 | $ | 488 | $ | 2,735 | $ | 1,540 | |||||||||||||||||||||||||||
Gross deposits | 33 | 5 | 207 | 190 | |||||||||||||||||||||||||||||||
Withdrawals | (2) | (105) | (90) | (223) | |||||||||||||||||||||||||||||||
Policyholder assessments | – | – | (291) | – | |||||||||||||||||||||||||||||||
Net transfers from (to) separate account | (38) | – | 3 | 3 | |||||||||||||||||||||||||||||||
Interest credited | 1 | 13 | 110 | 52 | |||||||||||||||||||||||||||||||
Change in fair value of embedded derivative | |||||||||||||||||||||||||||||||||||
instruments | – | – | 3 | – | |||||||||||||||||||||||||||||||
Balance as of end-of-year | $ | 21 | $ | 401 | $ | 2,677 | $ | 1,562 | |||||||||||||||||||||||||||
Weighted-average crediting rate | 4.0 | % | 2.8 | % | 4.1 | % | 3.4 | % | |||||||||||||||||||||||||||
Net amount at risk (1)(2) | $ | 141 | $ | – | $ | 17,528 | $ | – | |||||||||||||||||||||||||||
Cash surrender value | 21 | 400 | 2,466 | 1,561 |
As of or For the Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Variable Annuities | Fixed Annuities | UL and Other | Retirement Plan Services | ||||||||||||||||||||||||||||||||
Balance as of beginning-of-year | $ | 27 | $ | 534 | $ | 2,800 | $ | 1,529 | |||||||||||||||||||||||||||
Gross deposits | 58 | 6 | 248 | 169 | |||||||||||||||||||||||||||||||
Withdrawals | (2) | (66) | (110) | (229) | |||||||||||||||||||||||||||||||
Policyholder assessments | – | – | (313) | – | |||||||||||||||||||||||||||||||
Net transfers from (to) separate account | (57) | – | 3 | 21 | |||||||||||||||||||||||||||||||
Interest credited | 1 | 14 | 110 | 50 | |||||||||||||||||||||||||||||||
Change in fair value of embedded derivative | |||||||||||||||||||||||||||||||||||
instruments | – | – | (3) | – | |||||||||||||||||||||||||||||||
Balance as of end-of-year | $ | 27 | $ | 488 | $ | 2,735 | $ | 1,540 | |||||||||||||||||||||||||||
Weighted-average crediting rate | 3.2 | % | 2.7 | % | 4.0 | % | 3.2 | % | |||||||||||||||||||||||||||
Net amount at risk (1)(2) | $ | 370 | $ | — | $ | 18,424 | $ | — | |||||||||||||||||||||||||||
Cash surrender value | 26 | 487 | 2,509 | 1,539 |
As of December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
At Guaranteed Minimum | 1-50 Basis Basis Points Above | 51-100 Basis Points Above | 101-150 Basis Points Above | Greater Than 150 Basis Points Above | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Range of Guaranteed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum Crediting Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Annuities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||||||||||||||||||||||||||||
1.01% - 2.00% | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||||||||||||||
2.01% - 3.00% | 10 | – | – | – | – | 10 | |||||||||||||||||||||||||||||||||||||||||||||||
3.01% - 4.00% | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||||||||||||||
4.01% and above | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||||||||||||||
Other (1) | – | – | – | – | – | 11 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 10 | $ | – | $ | – | $ | – | $ | – | $ | 21 | |||||||||||||||||||||||||||||||||||||||||
Fixed Annuities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | 2 | $ | 3 | $ | 6 | $ | 7 | $ | 2 | $ | 20 | |||||||||||||||||||||||||||||||||||||||||
1.01% - 2.00% | 11 | 1 | 2 | 2 | – | 16 | |||||||||||||||||||||||||||||||||||||||||||||||
2.01% - 3.00% | 186 | 24 | – | – | – | 210 | |||||||||||||||||||||||||||||||||||||||||||||||
3.01% - 4.00% | 79 | – | – | – | – | 79 | |||||||||||||||||||||||||||||||||||||||||||||||
4.01% and above | 32 | – | – | – | – | 32 | |||||||||||||||||||||||||||||||||||||||||||||||
Other (1) | – | – | – | – | – | 44 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 310 | $ | 28 | $ | 8 | $ | 9 | $ | 2 | $ | 401 | |||||||||||||||||||||||||||||||||||||||||
UL and Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | – | $ | – | $ | 8 | $ | – | $ | – | $ | 8 | |||||||||||||||||||||||||||||||||||||||||
1.01% - 2.00% | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||||||||||||||
2.01% - 3.00% | 812 | – | – | – | – | 812 | |||||||||||||||||||||||||||||||||||||||||||||||
3.01% - 4.00% | 1,295 | – | – | – | – | 1,295 | |||||||||||||||||||||||||||||||||||||||||||||||
4.01% and above | 315 | – | – | – | – | 315 | |||||||||||||||||||||||||||||||||||||||||||||||
Other (1) | – | – | – | – | – | 247 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,422 | $ | – | $ | 8 | $ | – | $ | – | $ | 2,677 | |||||||||||||||||||||||||||||||||||||||||
Retirement Plan Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | 1 | $ | 15 | $ | 9 | $ | 386 | $ | 123 | $ | 534 | |||||||||||||||||||||||||||||||||||||||||
1.01% - 2.00% | 1 | 23 | 67 | 7 | – | 98 | |||||||||||||||||||||||||||||||||||||||||||||||
2.01% - 3.00% | 67 | – | – | – | – | 67 | |||||||||||||||||||||||||||||||||||||||||||||||
3.01% - 4.00% | 162 | – | – | – | – | 162 | |||||||||||||||||||||||||||||||||||||||||||||||
4.01% and above | 701 | – | – | – | – | 701 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 932 | $ | 38 | $ | 76 | $ | 393 | $ | 123 | $ | 1,562 |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater Than 150 Basis Points Above | |||||||||||||||||||||||||||||||||||||||||||||||||||||
At Guaranteed Minimum | 1-50 Basis Points Above | 51-100 Basis Points Above | 101-150 Basis Points Above | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Range of Guaranteed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum Crediting Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Annuities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||||||||||||||||||||||||||||
1.01% - 2.00% | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||||||||||||||
2.01% - 3.00% | 11 | – | – | – | – | 11 | |||||||||||||||||||||||||||||||||||||||||||||||
3.01% - 4.00% | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||||||||||||||
4.01% and above | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||||||||||||||
Other (1) | – | – | – | – | – | 16 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 11 | $ | – | $ | – | $ | – | $ | – | $ | 27 | |||||||||||||||||||||||||||||||||||||||||
Fixed Annuities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | 3 | $ | 4 | $ | 10 | $ | 10 | $ | 6 | $ | 33 | |||||||||||||||||||||||||||||||||||||||||
1.01% - 2.00% | 23 | 14 | 20 | 24 | – | 81 | |||||||||||||||||||||||||||||||||||||||||||||||
2.01% - 3.00% | 202 | – | – | – | – | 202 | |||||||||||||||||||||||||||||||||||||||||||||||
3.01% - 4.00% | 92 | – | – | – | – | 92 | |||||||||||||||||||||||||||||||||||||||||||||||
4.01% and above | 33 | – | – | – | – | 33 | |||||||||||||||||||||||||||||||||||||||||||||||
Other (1) | – | – | – | – | – | 47 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 353 | $ | 18 | $ | 30 | $ | 34 | $ | 6 | $ | 488 | |||||||||||||||||||||||||||||||||||||||||
UL and Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | – | $ | – | $ | 9 | $ | – | $ | – | $ | 9 | |||||||||||||||||||||||||||||||||||||||||
1.01% - 2.00% | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||||||||||||||
2.01% - 3.00% | 837 | – | – | – | – | 837 | |||||||||||||||||||||||||||||||||||||||||||||||
3.01% - 4.00% | 1,324 | – | – | – | – | 1,324 | |||||||||||||||||||||||||||||||||||||||||||||||
4.01% and above | 329 | – | – | – | – | 329 | |||||||||||||||||||||||||||||||||||||||||||||||
Other (1) | – | – | – | – | – | 236 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,490 | $ | – | $ | 9 | $ | – | $ | – | $ | 2,735 | |||||||||||||||||||||||||||||||||||||||||
Retirement Plan Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | 19 | $ | 17 | $ | 361 | $ | 124 | $ | – | $ | 521 | |||||||||||||||||||||||||||||||||||||||||
1.01% - 2.00% | 7 | 95 | 4 | – | – | 106 | |||||||||||||||||||||||||||||||||||||||||||||||
2.01% - 3.00% | 9 | – | – | – | – | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
3.01% - 4.00% | 169 | 1 | – | – | – | 170 | |||||||||||||||||||||||||||||||||||||||||||||||
4.01% and above | 734 | – | – | – | – | 734 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 938 | $ | 113 | $ | 365 | $ | 124 | $ | – | $ | 1,540 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Payout Annuities (1) | $ | 122 | $ | 111 | |||||||
Traditional Life (1) | 383 | 399 | |||||||||
Group Protection (2) | 105 | 94 | |||||||||
UL and Other (3) | 1,091 | 1,051 | |||||||||
Other (4) | 456 | 437 | |||||||||
Total future contract benefits | $ | 2,157 | $ | 2,092 |
As of or For the Year Ended December 31, 2023 | As of or For the Year Ended December 31, 2022 | ||||||||||||||||||||||
Payout Annuities | Traditional Life | Payout Annuities | Traditional Life | ||||||||||||||||||||
Present Value of Expected Net Premiums | |||||||||||||||||||||||
Balance as of beginning-of-year | $ | – | $ | 140 | – | 210 | |||||||||||||||||
Less: Effect of cumulative changes in discount | – | – | |||||||||||||||||||||
rate assumptions | – | (4) | – | 35 | |||||||||||||||||||
Beginning balance at original discount rate | – | 144 | – | 175 | |||||||||||||||||||
Effect of changes in cash flow assumptions | – | (2) | – | (16) | |||||||||||||||||||
Effect of actual variances from expected experience | – | (3) | – | (3) | |||||||||||||||||||
Adjusted balance as of beginning-of-year | – | 139 | – | 156 | |||||||||||||||||||
Issuances | – | – | – | – | |||||||||||||||||||
Interest accrual | – | 7 | – | 7 | |||||||||||||||||||
Net premiums collected | – | (17) | – | (19) | |||||||||||||||||||
Flooring impact of LFPB | – | – | – | – | |||||||||||||||||||
Ending balance at original discount rate | – | 129 | – | 144 | |||||||||||||||||||
Effect of cumulative changes in discount rate assumptions | – | 1 | – | (4) | |||||||||||||||||||
Balance as of end-of-year | $ | – | $ | 130 | – | 140 | |||||||||||||||||
Present Value of Expected LFPB | |||||||||||||||||||||||
Balance as of beginning-of-year | $ | 111 | $ | 539 | 143 | 655 | |||||||||||||||||
Less: Effect of cumulative changes in discount | |||||||||||||||||||||||
rate assumptions | (10) | (2) | 20 | 76 | |||||||||||||||||||
Beginning balance at original discount rate (1) | 121 | 541 | 123 | 579 | |||||||||||||||||||
Effect of changes in cash flow assumptions | – | (2) | – | (15) | |||||||||||||||||||
Effect of actual variances from expected experience | 1 | (5) | – | (2) | |||||||||||||||||||
Adjusted balance as of beginning-of-year | 122 | 534 | 123 | 562 | |||||||||||||||||||
Issuances | 12 | – | 6 | – | |||||||||||||||||||
Interest accrual | 5 | 15 | 5 | 16 | |||||||||||||||||||
Benefit payments | (11) | (42) | (13) | (37) | |||||||||||||||||||
Ending balance at original discount rate (1) | 128 | 507 | 121 | 541 | |||||||||||||||||||
Effect of cumulative changes in discount rate assumptions | (6) | 6 | (10) | (2) | |||||||||||||||||||
Balance as of end-of-year | $ | 122 | $ | 513 | 111 | 539 | |||||||||||||||||
Net balance as of end-of-year | $ | 122 | $ | 383 | 111 | 399 | |||||||||||||||||
Less: reinsurance recoverables | 1 | 21 | 1 | 29 | |||||||||||||||||||
Net balance as of end-of-year, net of reinsurance | $ | 121 | $ | 362 | 110 | 370 | |||||||||||||||||
Weighted-average duration of future policyholder | |||||||||||||||||||||||
benefit liability (years) | 9 | 6 | 9 | 7 |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Undiscounted | Discounted | Undiscounted | Discounted | ||||||||||||||||||||
Payout Annuities | |||||||||||||||||||||||
Expected future gross premiums | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
Expected future benefit payments | 202 | 122 | 194 | 111 | |||||||||||||||||||
Traditional Life | |||||||||||||||||||||||
Expected future gross premiums | 404 | 290 | 447 | 310 | |||||||||||||||||||
Expected future benefit payments | 617 | 513 | 666 | 539 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Payout Annuities | |||||||||||||||||
Gross premiums | $ | 12 | $ | 6 | $ | 1 | |||||||||||
Interest accretion | 5 | 5 | 5 | ||||||||||||||
Traditional Life | |||||||||||||||||
Gross premiums | 38 | 41 | 44 | ||||||||||||||
Interest accretion | 8 | 9 | 8 |
For the Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Payout Annuities | |||||||||||
Interest accretion rate | 4.4 | % | 4.3 | % | |||||||
Current discount rate | 4.9 | % | 5.3 | % | |||||||
Traditional Life | |||||||||||
Interest accretion rate | 5.6 | % | 5.6 | % | |||||||
Current discount rate | 4.6 | % | 5.1 | % |
Group Protection | |||||||||||
As of or For the Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Balance as of beginning-of-year | $ | 94 | $ | 101 | |||||||
Less: Effect of cumulative changes in discount | |||||||||||
rate assumptions | (10) | 6 | |||||||||
Beginning balance at original discount rate | 104 | 95 | |||||||||
Effect of changes in cash flow assumptions | – | (1) | |||||||||
Effect of actual variances from expected | |||||||||||
experience | (2) | 5 | |||||||||
Adjusted beginning-of-year balance | 102 | 99 | |||||||||
New incidence | 30 | 20 | |||||||||
Interest | 3 | 3 | |||||||||
Benefit payments | (22) | (18) | |||||||||
Ending balance at original discount rate | 113 | 104 | |||||||||
Effect of cumulative changes in discount | |||||||||||
rate assumptions | (8) | (10) | |||||||||
Balance as of end-of-year | 105 | 94 | |||||||||
Less: reinsurance recoverables | 3 | 3 | |||||||||
Balance as of end-of-year, net of reinsurance | $ | 102 | $ | 91 | |||||||
Weighted-average duration of liability for future | |||||||||||
claims (years) | 5 | 4 |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Undiscounted | Discounted | Undiscounted | Discounted | ||||||||||||||||||||
Group Protection | |||||||||||||||||||||||
Expected future benefit payments | $ | 134 | $ | 113 | $ | 123 | $ | 104 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Group Protection | |||||||||||||||||
Gross premiums | $ | 84 | $ | 62 | $ | 48 | |||||||||||
Interest accretion | 3 | 3 | 3 |
For the Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Group Protection | |||||||||||
Interest accretion rate | 3.0 | % | 2.8 | % | |||||||
Current discount rate | 4.7 | % | 5.1 | % |
UL and Other | |||||||||||
As of or For the Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Balance as of beginning-of-year | $ | 1,051 | $ | 756 | |||||||
Less: Effect of cumulative changes in shadow | |||||||||||
balance in AOCI | (33) | 30 | |||||||||
Balance as of beginning-of-year, excluding | |||||||||||
shadow balance in AOCI | 1,084 | 726 | |||||||||
Effect of changes in cash flow assumptions | (25) | 321 | |||||||||
Effect of actual variances from expected | |||||||||||
experience | (17) | 16 | |||||||||
Adjusted beginning-of-year balance | 1,042 | 1,063 | |||||||||
Interest accrual | 46 | 38 | |||||||||
Net assessments collected | 74 | 64 | |||||||||
Benefit payments | (50) | (81) | |||||||||
Balance as of end-of-year, excluding | |||||||||||
shadow balance in AOCI | 1,112 | 1,084 | |||||||||
Effect of cumulative changes in shadow | |||||||||||
balance in AOCI | (21) | (33) | |||||||||
Balance as of end-of-year | 1,091 | 1,051 | |||||||||
Less: reinsurance recoverables | 114 | 148 | |||||||||
Balance as of end-of-year, net of reinsurance | $ | 977 | $ | 903 | |||||||
Weighted-average duration of additional liabilities | |||||||||||
for other insurance benefits (years) | 15 | 15 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
UL and Other | |||||||||||||||||
Gross assessments | $ | 186 | $ | 173 | $ | 197 | |||||||||||
Interest accretion | 46 | 38 | 28 |
For the Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
UL and Other | |||||||||||
Interest accretion rate | 4.8 | % | 4.7 | % |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities | $ | 6,724 | $ | 6,724 | $ | 6,509 | $ | 6,509 | |||||||||||||||||||||||||||
Equity securities | 8 | 8 | 8 | 8 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate | 919 | 826 | 911 | 812 | |||||||||||||||||||||||||||||||
Derivative investments | 16 | 16 | 21 | 21 | |||||||||||||||||||||||||||||||
Other investments | 2 | 2 | 1 | 1 | |||||||||||||||||||||||||||||||
Cash and invested cash | 75 | 75 | 46 | 46 | |||||||||||||||||||||||||||||||
MRB assets | 215 | 215 | 158 | 158 | |||||||||||||||||||||||||||||||
Other assets – LPR ceded derivative | 16 | 16 | 14 | 14 | |||||||||||||||||||||||||||||||
Separate account assets | 7,598 | 7,598 | 6,825 | 6,825 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||||||||||||||
Account balances of certain investment contracts | (1,278) | (949) | (1,302) | (1,021) | |||||||||||||||||||||||||||||||
Fixed annuity and IUL contracts | (2) | (2) | 1 | 1 | |||||||||||||||||||||||||||||||
MRB liabilities | (57) | (57) | (75) | (75) | |||||||||||||||||||||||||||||||
Other liabilities: | |||||||||||||||||||||||||||||||||||
Short-term debt | (6) | (6) | (1) | (1) | |||||||||||||||||||||||||||||||
Ceded MRBs | (123) | (123) | (68) | (68) | |||||||||||||||||||||||||||||||
Remaining guaranteed interest and similar contracts | (13) | (13) | (17) | (17) |
As of December 31, 2023 | |||||||||||||||||||||||||||||||||||
Quoted | |||||||||||||||||||||||||||||||||||
Prices | |||||||||||||||||||||||||||||||||||
in Active | |||||||||||||||||||||||||||||||||||
Markets for | Significant | Significant | |||||||||||||||||||||||||||||||||
Identical | Observable | Unobservable | Total | ||||||||||||||||||||||||||||||||
Assets | Inputs | Inputs | Fair | ||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Value | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||
Corporate bonds | $ | – | $ | 5,670 | $ | 14 | $ | 5,684 | |||||||||||||||||||||||||||
ABS | – | 139 | 10 | 149 | |||||||||||||||||||||||||||||||
U.S. government bonds | 10 | – | – | 10 | |||||||||||||||||||||||||||||||
Foreign government bonds | – | 21 | – | 21 | |||||||||||||||||||||||||||||||
RMBS | – | 238 | 3 | 241 | |||||||||||||||||||||||||||||||
CMBS | – | 110 | – | 110 | |||||||||||||||||||||||||||||||
State and municipal bonds | – | 465 | – | 465 | |||||||||||||||||||||||||||||||
Hybrid and redeemable preferred securities | – | 44 | – | 44 | |||||||||||||||||||||||||||||||
Equity securities | – | 8 | – | 8 | |||||||||||||||||||||||||||||||
Derivative investments (1) | – | 18 | – | 18 | |||||||||||||||||||||||||||||||
Cash and invested cash | – | 75 | – | 75 | |||||||||||||||||||||||||||||||
MRB assets | – | – | 215 | 215 | |||||||||||||||||||||||||||||||
Other assets – LPR ceded derivative | – | – | 16 | 16 | |||||||||||||||||||||||||||||||
Separate account assets | 20 | 7,578 | – | 7,598 | |||||||||||||||||||||||||||||||
Total assets | $ | 30 | $ | 14,366 | $ | 258 | $ | 14,654 | |||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Policyholder account balances – fixed annuity | |||||||||||||||||||||||||||||||||||
and IUL contracts | $ | – | $ | – | $ | (2) | $ | (2) | |||||||||||||||||||||||||||
MRB liabilities | – | – | (57) | (57) | |||||||||||||||||||||||||||||||
Other liabilities: | |||||||||||||||||||||||||||||||||||
Ceded MRBs | – | – | (123) | (123) | |||||||||||||||||||||||||||||||
Derivative liabilities (1) | – | (2) | – | (2) | |||||||||||||||||||||||||||||||
Total liabilities | $ | – | $ | (2) | $ | (182) | $ | (184) |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
Quoted | |||||||||||||||||||||||||||||||||||
Prices | |||||||||||||||||||||||||||||||||||
in Active | |||||||||||||||||||||||||||||||||||
Markets for | Significant | Significant | |||||||||||||||||||||||||||||||||
Identical | Observable | Unobservable | Total | ||||||||||||||||||||||||||||||||
Assets | Inputs | Inputs | Fair | ||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Value | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||
Corporate bonds | $ | – | $ | 5,498 | $ | 11 | $ | 5,509 | |||||||||||||||||||||||||||
ABS | – | 129 | 9 | 138 | |||||||||||||||||||||||||||||||
U.S. government bonds | 12 | – | – | 12 | |||||||||||||||||||||||||||||||
Foreign government bonds | – | 24 | – | 24 | |||||||||||||||||||||||||||||||
RMBS | – | 238 | – | 238 | |||||||||||||||||||||||||||||||
CMBS | – | 85 | – | 85 | |||||||||||||||||||||||||||||||
State and municipal bonds | – | 462 | – | 462 | |||||||||||||||||||||||||||||||
Hybrid and redeemable preferred securities | – | 37 | 4 | 41 | |||||||||||||||||||||||||||||||
Equity securities | – | 8 | – | 8 | |||||||||||||||||||||||||||||||
Derivative investments (1) | – | 22 | – | 22 | |||||||||||||||||||||||||||||||
Cash and invested cash | – | 46 | – | 46 | |||||||||||||||||||||||||||||||
MRB assets | – | – | 158 | 158 | |||||||||||||||||||||||||||||||
Other assets – LPR ceded derivative | – | – | 14 | 14 | |||||||||||||||||||||||||||||||
Separate account assets | 22 | 6,803 | – | 6,825 | |||||||||||||||||||||||||||||||
Total assets | $ | 34 | $ | 13,352 | $ | 196 | $ | 13,582 | |||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Policyholder account balances – indexed annuity | |||||||||||||||||||||||||||||||||||
and IUL contracts embedded derivatives | $ | – | $ | – | $ | 1 | $ | 1 | |||||||||||||||||||||||||||
MRB liabilities | – | – | (75) | (75) | |||||||||||||||||||||||||||||||
Other liabilities: | |||||||||||||||||||||||||||||||||||
Ceded MRBs | – | – | (68) | (68) | |||||||||||||||||||||||||||||||
Derivative liabilities (1) | – | (1) | – | (1) | |||||||||||||||||||||||||||||||
Total liabilities | $ | – | $ | (1) | $ | (142) | $ | (143) | |||||||||||||||||||||||||||
For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains | Issuances, | Transfers | |||||||||||||||||||||||||||||||||||||||||||||||||||
Items | (Losses) | Sales, | Into or | ||||||||||||||||||||||||||||||||||||||||||||||||||
Included | in | Maturities, | Out | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | in | OCI | Settlements, | of | Ending | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair | Net | and | Calls, | Level 3, | Fair | ||||||||||||||||||||||||||||||||||||||||||||||||
Value | Income | Other (1) | Net | Net | Value | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments: (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 11 | $ | – | $ | – | $ | (4) | $ | 7 | $ | 14 | |||||||||||||||||||||||||||||||||||||||||
ABS | 9 | – | – | 6 | (5) | 10 | |||||||||||||||||||||||||||||||||||||||||||||||
RMBS | – | – | – | – | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||
Hybrid and redeemable | |||||||||||||||||||||||||||||||||||||||||||||||||||||
preferred securities | 4 | – | (1) | – | (3) | – | |||||||||||||||||||||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
LPR ceded derivative (5) | 14 | 2 | – | – | – | 16 | |||||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances – fixed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
annuity and IUL contracts (4) | 1 | (3) | – | – | – | (2) | |||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities – ceded MRBs (3) | (68) | (55) | – | – | – | (123) | |||||||||||||||||||||||||||||||||||||||||||||||
Total, net | $ | (29) | $ | (56) | $ | (1) | $ | 2 | $ | 2 | $ | (82) |
For the Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains | Issuances, | Transfers | |||||||||||||||||||||||||||||||||||||||||||||||||||
Items | (Losses) | Sales, | Into or | ||||||||||||||||||||||||||||||||||||||||||||||||||
Included | in | Maturities, | Out | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | in | OCI | Settlements, | of | Ending | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair | Net | and | Calls, | Level 3, | Fair | ||||||||||||||||||||||||||||||||||||||||||||||||
Value | Income | Other (1) | Net | Net | Value | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments: (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 100 | $ | – | $ | (44) | $ | 8 | $ | (53) | $ | 11 | |||||||||||||||||||||||||||||||||||||||||
ABS | 10 | – | (1) | – | – | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign government bonds | 6 | – | (3) | – | (3) | – | |||||||||||||||||||||||||||||||||||||||||||||||
Hybrid and redeemable | |||||||||||||||||||||||||||||||||||||||||||||||||||||
preferred securities | 5 | – | (1) | – | – | 4 | |||||||||||||||||||||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ceded MRBs (3) | 83 | (83) | – | – | – | – | |||||||||||||||||||||||||||||||||||||||||||||||
LPR ceded derivative (5) | 19 | (5) | – | – | – | 14 | |||||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances – | |||||||||||||||||||||||||||||||||||||||||||||||||||||
indexed annuity and IUL contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||
embedded derivatives (4) | (3) | 3 | – | 1 | – | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities – ceded MRBs (3) | (19) | (49) | – | – | – | (68) | |||||||||||||||||||||||||||||||||||||||||||||||
Total, net | $ | 201 | (134) | (49) | 9 | (56) | (29) |
For the Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains | Issuances, | Transfers | |||||||||||||||||||||||||||||||||||||||||||||||||||
Items | (Losses) | Sales, | Into or | ||||||||||||||||||||||||||||||||||||||||||||||||||
Included | in | Maturities, | Out | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | in | OCI | Settlements, | of | Ending | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair | Net | and | Calls, | Level 3, | Fair | ||||||||||||||||||||||||||||||||||||||||||||||||
Value | Income | Other (1) | Net | Net | Value | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments: (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 87 | $ | – | $ | (5) | $ | 25 | $ | (7) | $ | 100 | |||||||||||||||||||||||||||||||||||||||||
ABS | 10 | – | (1) | 2 | (1) | 10 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign government bonds | – | – | (1) | 7 | – | 6 | |||||||||||||||||||||||||||||||||||||||||||||||
RMBS | 1 | – | – | (1) | – | – | |||||||||||||||||||||||||||||||||||||||||||||||
Hybrid and redeemable | |||||||||||||||||||||||||||||||||||||||||||||||||||||
preferred securities | 6 | – | 1 | (2) | – | 5 | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative investments | 5 | 1 | – | (1) | (5) | – | |||||||||||||||||||||||||||||||||||||||||||||||
Other assets: | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||||||||||||||
Ceded MRBs (3) | – | 83 | – | – | – | 83 | |||||||||||||||||||||||||||||||||||||||||||||||
LPR ceded derivative (5) | – | 1 | – | – | 18 | 19 | |||||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances – | |||||||||||||||||||||||||||||||||||||||||||||||||||||
indexed annuity and IUL contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||
embedded derivatives (4) | (2) | (4) | – | 3 | – | (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities – ceded MRBs (3) | – | (19) | – | – | – | (19) | |||||||||||||||||||||||||||||||||||||||||||||||
Total, net | $ | 107 | $ | 62 | $ | (6) | $ | 33 | $ | 5 | $ | 201 |
For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances | Sales | Maturities | Settlements | Calls | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 1 | $ | – | $ | – | $ | – | $ | (5) | $ | (4) | |||||||||||||||||||||||||||||||||||||||||
ABS | 8 | – | – | (2) | – | 6 | |||||||||||||||||||||||||||||||||||||||||||||||
Total, net | $ | 9 | $ | – | $ | – | $ | (2) | $ | (5) | $ | 2 |
For the Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances | Sales | Maturities | Settlements | Calls | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 11 | $ | (2) | $ | – | $ | (1) | $ | – | $ | 8 | |||||||||||||||||||||||||||||||||||||||||
ABS | 1 | – | – | (1) | – | – | |||||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances – | |||||||||||||||||||||||||||||||||||||||||||||||||||||
indexed annuity and IUL contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||
embedded derivatives | – | – | – | 1 | – | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Total, net | $ | 12 | $ | (2) | $ | – | $ | (1) | $ | – | $ | 9 |
For the Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances | Sales | Maturities | Settlements | Calls | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 45 | $ | (1) | $ | (15) | $ | (4) | $ | – | $ | 25 | |||||||||||||||||||||||||||||||||||||||||
ABS | 6 | – | – | (4) | – | 2 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign government bonds | 7 | – | – | – | – | 7 | |||||||||||||||||||||||||||||||||||||||||||||||
RMBS | – | – | – | (1) | – | (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Hybrid and redeemable preferred | |||||||||||||||||||||||||||||||||||||||||||||||||||||
securities | – | – | – | – | (2) | (2) | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative investments | 1 | – | (2) | – | – | (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances – | |||||||||||||||||||||||||||||||||||||||||||||||||||||
indexed annuity and IUL contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||
embedded derivatives | – | – | – | 3 | – | 3 | |||||||||||||||||||||||||||||||||||||||||||||||
Total, net | $ | 59 | $ | (1) | $ | (17) | $ | (6) | $ | (2) | $ | 33 |
For the Years Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
Derivative investments (1) | $ | – | $ | – | $ | 1 | ||||||||||||||||||||
MRBs (2) | 65 | 13 | 90 | |||||||||||||||||||||||
Other assets – LPR ceded derivative (3) | 2 | (5) | 1 | |||||||||||||||||||||||
Total, net | $ | 67 | $ | 8 | $ | 92 |
For the Years Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
Fixed maturity AFS securities: | ||||||||||||||||||||||||||
Corporate bonds | $ | – | $ | (44) | $ | (6) | ||||||||||||||||||||
ABS | – | (1) | – | |||||||||||||||||||||||
Foreign government bonds | – | (3) | (1) | |||||||||||||||||||||||
Hybrid and redeemable preferred securities | – | (1) | 1 | |||||||||||||||||||||||
Total, net | $ | – | $ | (49) | $ | (6) |
For the Year Ended December 31, 2023 | ||||||||||||||||||||||||||
Transfers | Transfers | |||||||||||||||||||||||||
Into | Out of | |||||||||||||||||||||||||
Level 3 | Level 3 | Total | ||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||
Fixed maturity AFS securities: | ||||||||||||||||||||||||||
Corporate bonds | $ | 9 | $ | (2) | $ | 7 | ||||||||||||||||||||
ABS | – | (5) | (5) | |||||||||||||||||||||||
RMBS | 3 | – | 3 | |||||||||||||||||||||||
Hybrid and redeemable preferred securities | 1 | (4) | (3) | |||||||||||||||||||||||
Total, net | $ | 13 | $ | (11) | $ | 2 |
For the Year Ended December 31, 2022 | ||||||||||||||||||||||||||
Transfers | Transfers | |||||||||||||||||||||||||
Into | Out of | |||||||||||||||||||||||||
Level 3 | Level 3 | Total | ||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||
Fixed maturity AFS securities: | ||||||||||||||||||||||||||
Corporate bonds | $ | 3 | $ | (56) | $ | (53) | ||||||||||||||||||||
Foreign government bonds | – | (3) | (3) | |||||||||||||||||||||||
Total, net | $ | 3 | $ | (59) | $ | (56) |
For the Year Ended December 31, 2021 | ||||||||||||||||||||||||||
Transfers | Transfers | |||||||||||||||||||||||||
Into | Out of | |||||||||||||||||||||||||
Level 3 | Level 3 | Total | ||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||
Fixed maturity AFS securities: | ||||||||||||||||||||||||||
Corporate bonds | $ | 2 | $ | (9) | $ | (7) | ||||||||||||||||||||
ABS | – | (1) | (1) | |||||||||||||||||||||||
Derivative investments | – | (5) | (5) | |||||||||||||||||||||||
Other assets – LPR ceded derivative | 18 | – | 18 | |||||||||||||||||||||||
Total, net | $ | 20 | $ | (15) | $ | 5 |
Weighted | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair | Valuation | Significant | Assumption or | Input | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Technique | Unobservable Inputs | Input Ranges | Range (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity AFS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
securities – | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 1 | Discounted cash flow | Liquidity/duration adjustment (2) | 2.1 | % | - | 2.1 | % | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
MRB assets | 215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets – LPR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ceded derivative | 16 | Discounted cash flow | Lapse (3) | 0.1 | % | - | 2.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-performance risk (6) | 0.51 | % | - | 2.13 | % | 1.58 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policyholder account | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
balances – indexed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
annuity contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
embedded derivatives | $ | (1) | Discounted cash flow | Lapse (3) | 0 | % | - | 9 | % | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MRB liabilities | (57) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities – | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ceded MRBs | (123) | Discounted cash flow | Lapse (3) | 1 | % | - | 30 | % | (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Utilization of GLB withdrawals (4) | 85 | % | - | 100 | % | 94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Claims utilization factor (5) | 60 | % | - | 100 | % | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums utilization factor (5) | 80 | % | - | 115 | % | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-performance risk (6) | 0.51 | % | - | 2.13 | % | 1.78 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volatility (8) | 1 | % | - | 29 | % | 13.92 | % |
Weighted | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair | Valuation | Significant | Assumption or | Input | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Technique | Unobservable Inputs | Input Ranges | Range (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity AFS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
securities – | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 1 | Discounted cash flow | Liquidity/duration adjustment (2) | 1.5 | % | - | 2.4 | % | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
MRB assets | 158 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets – LPR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ceded derivative | 14 | Discounted cash flow | Lapse (3) | 0 | % | - | 1.55 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-performance risk (6) | 0.35 | % | - | 2.41 | % | 1.75 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policyholder account | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
balances – indexed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
annuity contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
embedded derivatives | $ | (1) | Discounted cash flow | Lapse (3) | 0 | % | - | 9 | % | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MRB liabilities | (75) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities – | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ceded MRBs | (68) | Discounted cash flow | Lapse (3) | 1 | % | - | 30 | % | (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Utilization of GLB withdrawals (4) | 85 | % | - | 100 | % | 94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Claims utilization factor (5) | 60 | % | - | 100 | % | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums utilization factor (5) | 80 | % | - | 115 | % | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-performance risk (6) | 0.35 | % | - | 2.41 | % | 1.73 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volatility (8) | 1 | % | - | 28 | % | 14.47 | % |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain Other Investments | |||||||||||||||||
Balance as of beginning-of-year | $ | (652) | $ | 879 | $ | 988 | |||||||||||
Cumulative effect from adoption of new accounting standards | – | – | 158 | ||||||||||||||
Unrealized holding gains (losses) arising during the year | 251 | (2,102) | (362) | ||||||||||||||
Change in foreign currency exchange rate adjustment | 4 | (10) | (3) | ||||||||||||||
Change in future contract benefits and policyholder account balances, net of reinsurance | (27) | 174 | 25 | ||||||||||||||
Income tax benefit (expense) | (48) | 407 | 71 | ||||||||||||||
Less: | |||||||||||||||||
Reclassification adjustment for gains (losses) included in net income (loss) | (6) | – | (2) | ||||||||||||||
Income tax benefit (expense) | 1 | – | – | ||||||||||||||
Balance as of end-of-year | $ | (467) | $ | (652) | $ | 879 | |||||||||||
Unrealized Gain (Loss) on Derivative Instruments | |||||||||||||||||
Balance as of beginning-of-year | $ | 17 | $ | 1 | $ | 2 | |||||||||||
Cumulative effect from adoption of new accounting standard | – | – | 2 | ||||||||||||||
Unrealized holding gains (losses) arising during the year | (3) | 12 | (8) | ||||||||||||||
Change in foreign currency exchange rate adjustment | (4) | 10 | 4 | ||||||||||||||
Income tax benefit (expense) | 2 | (5) | 1 | ||||||||||||||
Less: | |||||||||||||||||
Reclassification adjustment for gains (losses) included in net income (loss) | 1 | 1 | – | ||||||||||||||
Balance as of end-of-year | $ | 11 | $ | 17 | $ | 1 | |||||||||||
Market Risk Benefit Non-Performance Risk Gain (Loss) | |||||||||||||||||
Balance as of beginning-of-year | $ | 78 | $ | 87 | $ | – | |||||||||||
Cumulative effect from adoption of new accounting standard | – | – | 132 | ||||||||||||||
Adjustment arising during the year | (46) | (11) | (57) | ||||||||||||||
Income tax benefit (expense) | 10 | 2 | 12 | ||||||||||||||
Balance as of end-of-year | $ | 42 | $ | 78 | $ | 87 | |||||||||||
Policyholder Liability Discount Rate Remeasurement Gain (Loss) | |||||||||||||||||
Balance as of beginning-of-year | $ | 14 | $ | (48) | $ | – | |||||||||||
Cumulative effect from adoption of new accounting standard | – | – | (66) | ||||||||||||||
Adjustment arising during the year | (9) | 79 | 23 | ||||||||||||||
Income tax benefit (expense) | 2 | (17) | (5) | ||||||||||||||
Balance as of end-of-year | $ | 7 | $ | 14 | $ | (48) |
For the Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Unrealized Gain (Loss) on Fixed Maturity AFS | ||||||||||||||||||||
Securities and Certain Other Investments | ||||||||||||||||||||
Reclassification | $ | (6) | $ | – | $ | (2) | Realized gain (loss) | |||||||||||||
Reclassification before income tax benefit (expense) | (6) | – | (2) | Income (loss) before taxes | ||||||||||||||||
Income tax benefit (expense) | 1 | – | – | Federal income tax expense (benefit) | ||||||||||||||||
Reclassification, net of income tax | $ | (5) | $ | – | $ | (2) | Net income (loss) | |||||||||||||
Unrealized Gain (Loss) on Derivative Instruments | ||||||||||||||||||||
Foreign currency contracts | $ | 1 | $ | 1 | $ | – | Net investment income | |||||||||||||
Reclassifications, net of income tax | $ | 1 | $ | 1 | $ | – | Net income (loss) |
For the Years Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||
Annuities | $ | 100 | $ | 107 | $ | 122 | ||||||||||||||||||||
Life Insurance | 486 | 500 | 527 | |||||||||||||||||||||||
Group Protection | 298 | 276 | 147 | |||||||||||||||||||||||
Retirement Plan Services | 73 | 72 | 79 | |||||||||||||||||||||||
Other Operations | 22 | 19 | 23 | |||||||||||||||||||||||
Revenue adjustments from annuity and life insurance product features | 43 | 39 | 41 | |||||||||||||||||||||||
Credit loss-related adjustments | – | (20) | 4 | |||||||||||||||||||||||
Investment gains (losses) | (6) | – | (9) | |||||||||||||||||||||||
GLB rider fees ceded to LNL | (35) | (36) | (36) | |||||||||||||||||||||||
Total revenues | $ | 981 | $ | 957 | $ | 898 |
For the Years Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
Net Income (Loss) | ||||||||||||||||||||||||||
Income (loss) from operations: | ||||||||||||||||||||||||||
Annuities | $ | 19 | $ | 33 | $ | 42 | ||||||||||||||||||||
Life Insurance | 12 | (166) | 5 | |||||||||||||||||||||||
Group Protection | 22 | 24 | 4 | |||||||||||||||||||||||
Retirement Plan Services | 5 | 6 | 10 | |||||||||||||||||||||||
Other Operations | 17 | 15 | (56) | |||||||||||||||||||||||
Net annuity product features, after-tax | 85 | 42 | 105 | |||||||||||||||||||||||
Net life insurance product features, after-tax | – | (1) | – | |||||||||||||||||||||||
Credit loss-related adjustments, after-tax | – | (15) | 3 | |||||||||||||||||||||||
Investment gains (losses), after-tax | (5) | – | (7) | |||||||||||||||||||||||
GLB rider fees ceded to LNL, after-tax | (27) | (28) | (29) | |||||||||||||||||||||||
Net income (loss) | $ | 128 | $ | (90) | $ | 77 |
For the Years Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
Net Investment Income | ||||||||||||||||||||||||||
Annuities | $ | 22 | $ | 27 | $ | 32 | ||||||||||||||||||||
Life Insurance | 257 | 260 | 267 | |||||||||||||||||||||||
Group Protection | 9 | 6 | 5 | |||||||||||||||||||||||
Retirement Plan Services | 63 | 62 | 67 | |||||||||||||||||||||||
Other Operations | 22 | 19 | 23 | |||||||||||||||||||||||
Total net investment income | $ | 373 | $ | 374 | $ | 394 |
For the Years Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
Federal Income Tax Expense (Benefit) | ||||||||||||||||||||||||||
Annuities | $ | – | $ | 2 | $ | 7 | ||||||||||||||||||||
Life Insurance | 3 | (45) | 1 | |||||||||||||||||||||||
Group Protection | 6 | 7 | 1 | |||||||||||||||||||||||
Retirement Plan Services | – | 1 | 1 | |||||||||||||||||||||||
Other Operations | 5 | 4 | (15) | |||||||||||||||||||||||
Net annuity product features | 22 | 10 | 28 | |||||||||||||||||||||||
Credit loss-related adjustments | – | (4) | 1 | |||||||||||||||||||||||
Investment gains (losses) | (1) | – | (2) | |||||||||||||||||||||||
GLB rider fees ceded to LNL | (8) | (8) | (8) | |||||||||||||||||||||||
Total federal income tax expense (benefit) | $ | 27 | $ | (33) | $ | 14 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Assets | |||||||||||||||||
Annuities | $ | 6,442 | $ | 6,079 | |||||||||||||
Life Insurance | 8,520 | 8,248 | |||||||||||||||
Group Protection | 248 | 219 | |||||||||||||||
Retirement Plan Services | 2,937 | 2,659 | |||||||||||||||
Other Operations | 593 | 521 | |||||||||||||||
Total assets | $ | 18,740 | $ | 17,726 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||
Gross gains | $ | 1 | $ | 1 | $ | – | |||||||||||
Gross losses | (7) | (1) | (2) | ||||||||||||||
Credit loss benefit (expense) (1) | (1) | (3) | – | ||||||||||||||
Credit loss benefit (expense) on mortgage loans on real estate | – | – | 4 | ||||||||||||||
Credit loss benefit (expense) on reinsurance-related assets | – | (17) | – | ||||||||||||||
Realized gain (loss) on the mark-to-market on certain instruments (2) | – | – | (6) | ||||||||||||||
Indexed product derivative results (3) | – | (1) | – | ||||||||||||||
GLB rider fees ceded to LNL and attributed fees | 9 | 4 | 5 | ||||||||||||||
Other realized gain (loss) | – | – | (1) | ||||||||||||||
Total realized gain (loss) | $ | 2 | $ | (17) | $ | – |
For the Years Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
Commissions | $ | 52 | $ | 55 | $ | 63 | ||||||||||||||||||||
General and administrative expenses | 77 | 70 | 153 | |||||||||||||||||||||||
Expenses associated with reserve financing and LOCs | 20 | 19 | 17 | |||||||||||||||||||||||
DAC and VOBA deferrals, net of amortization | 39 | 33 | 29 | |||||||||||||||||||||||
Taxes, licenses and fees | 19 | 23 | 17 | |||||||||||||||||||||||
Total | $ | 207 | $ | 200 | $ | 279 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Current | $ | 37 | $ | (13) | $ | 39 | |||||||||||
Deferred | (10) | (20) | (25) | ||||||||||||||
Federal income tax expense (benefit) | $ | 27 | $ | (33) | $ | 14 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Income (loss) before taxes | $ | 155 | $ | (123) | $ | 91 | |||||||||||
Federal statutory rate | 21 | % | 21 | % | 21 | % | |||||||||||
Federal income tax expense (benefit) at federal statutory rate | 33 | (26) | 19 | ||||||||||||||
Effect of: | |||||||||||||||||
Tax-preferred investment income (1) | (4) | (5) | (3) | ||||||||||||||
Tax credits | (2) | (2) | (1) | ||||||||||||||
Other items | – | – | (1) | ||||||||||||||
Federal income tax expense (benefit) | $ | 27 | $ | (33) | $ | 14 | |||||||||||
Effective tax rate | 17 | % | 27 | % | 15 | % |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Current | $ | (5) | $ | (15) | |||||||
Deferred | (12) | 15 | |||||||||
Total federal income tax asset (liability) | $ | (17) | $ | – |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Deferred Tax Assets | |||||||||||
Net unrealized loss on fixed maturity AFS securities | $ | 131 | $ | 185 | |||||||
Tax credits | 2 | – | |||||||||
Other | 1 | – | |||||||||
Total deferred tax assets | $ | 134 | $ | 185 | |||||||
Deferred Tax Liabilities | |||||||||||
DAC and VOBA | 83 | 91 | |||||||||
Insurance liabilities and reinsurance-related balances | 49 | 71 | |||||||||
Investment activity | 12 | – | |||||||||
Other | 2 | 8 | |||||||||
Total deferred tax liabilities | $ | 146 | $ | 170 | |||||||
Net deferred tax asset (liability) | $ | (12) | $ | 15 |
For the Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Balance as of beginning-of-year | $ | 3 | $ | 3 | |||||||
Increases for prior year tax positions | 6 | – | |||||||||
Balance as of end-of-year | $ | 9 | $ | 3 |
As of December 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
U.S. capital and surplus | $ | 1,033 | $ | 971 |
For the Years Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
U.S. net gain (loss) from operations, after-tax | $ | 165 | $ | 72 | $ | 39 | ||||||||||||||||||||
U.S. net income (loss) | 159 | 68 | 41 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
State Prescribed Practices | |||||||||||||||||
Conservative valuation rate on certain annuities | $ | (2) | $ | (2) | |||||||||||||
Calculation of reserves using continuous CARVM | (1) | (1) | |||||||||||||||
Conservative Reg 213 reserves on variable annuity and individual life | |||||||||||||||||
insurance contracts | (31) | (37) | |||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
Income taxes paid (received) | $ | 47 | $ | (27) | $ | 30 |
As of December 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Assets with affiliates: | |||||||||||||||||
Ceded reinsurance contracts | $ | 100 | $ | 111 | Reinsurance recoverables, net of | ||||||||||||
allowance for credit losses | |||||||||||||||||
Ceded reinsurance contracts | 22 | 21 | Other assets | ||||||||||||||
Service agreement receivable | 4 | 1 | Other assets | ||||||||||||||
Liabilities with affiliates: | |||||||||||||||||
Inter-company short-term debt | 6 | 1 | Other liabilities | ||||||||||||||
Ceded reinsurance contracts | 135 | 74 | Other liabilities | ||||||||||||||
Service agreement payable | 13 | 8 | Other liabilities |
For the Years Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||
Revenues with affiliates: | |||||||||||||||||||||||
Premiums received on assumed (paid on ceded) | |||||||||||||||||||||||
reinsurance contracts | $ | (44) | $ | (41) | $ | (36) | Insurance premiums | ||||||||||||||||
Realized gains (losses) on ceded reinsurance | |||||||||||||||||||||||
contracts – | |||||||||||||||||||||||
Other gains (losses) | (34) | (36) | (36) | Realized gain (loss) | |||||||||||||||||||
Benefits and expenses with affiliates: | |||||||||||||||||||||||
Interest credited on ceded reinsurance contracts | (1) | (1) | (1) | Interest credited | |||||||||||||||||||
Reinsurance (recoveries) benefits on ceded | |||||||||||||||||||||||
reinsurance contracts | (2) | 5 | – | Benefits | |||||||||||||||||||
Market risk benefit (gain) loss on ceded | |||||||||||||||||||||||
reinsurance contracts | 54 | 132 | 106 | Market risk benefit (gain) loss | |||||||||||||||||||
Ceded reinsurance contracts | (14) | (17) | (19) | Commissions and other expenses | |||||||||||||||||||
Service agreement payments | 82 | 72 | 63 | Commissions and other expenses | |||||||||||||||||||
LLANY Separate Account R For Flexible Premium Variable Life Insurance
R-1
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Statements of assets and liabilities
December 31, 2023
Subaccount |
Investments |
Total Assets |
Net Assets |
||||||||||||
AB VPS Discovery Value Portfolio - Class A |
$ |
1,080,842 |
$ |
1,080,842 |
$ |
1,080,842 |
|||||||||
AB VPS International Value Portfolio - Class A |
65,052 |
65,052 |
65,052 |
||||||||||||
AB VPS Large Cap Growth Portfolio - Class A |
254,732 |
254,732 |
254,732 |
||||||||||||
AB VPS Relative Value Portfolio - Class A |
695,813 |
695,813 |
695,813 |
||||||||||||
AB VPS Sustainable Global Thematic Portfolio - Class A |
614,385 |
614,385 |
614,385 |
||||||||||||
American Century VP Balanced Fund - Class I |
454,439 |
454,439 |
454,439 |
||||||||||||
American Century VP Inflation Protection Fund - Class I |
194,877 |
194,877 |
194,877 |
||||||||||||
American Funds Global Growth Fund - Class 2 |
2,332,957 |
2,332,957 |
2,332,957 |
||||||||||||
American Funds Global Small Capitalization Fund - Class 2 |
337,436 |
337,436 |
337,436 |
||||||||||||
American Funds Growth Fund - Class 2 |
4,009,453 |
4,009,453 |
4,009,453 |
||||||||||||
American Funds Growth-Income Fund - Class 2 |
2,432,521 |
2,432,521 |
2,432,521 |
||||||||||||
American Funds International Fund - Class 2 |
1,323,257 |
1,323,257 |
1,323,257 |
||||||||||||
ClearBridge Variable Mid Cap Portfolio - Class I |
1,788 |
1,788 |
1,788 |
||||||||||||
Delaware VIP® Emerging Markets Series - Standard Class |
1,543,029 |
1,543,029 |
1,543,029 |
||||||||||||
Delaware VIP® Small Cap Value Series - Standard Class |
1,231,179 |
1,231,179 |
1,231,179 |
||||||||||||
DWS Equity 500 Index VIP Portfolio - Class A |
1,037,619 |
1,037,619 |
1,037,619 |
||||||||||||
DWS Small Cap Index VIP Portfolio - Class A |
530,762 |
530,762 |
530,762 |
||||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class |
2,465,939 |
2,465,939 |
2,465,939 |
||||||||||||
Fidelity® VIP Equity-Income Portfolio - Service Class |
370,976 |
370,976 |
370,976 |
||||||||||||
Fidelity® VIP Growth Opportunities Portfolio - Service Class |
68,139 |
68,139 |
68,139 |
||||||||||||
Fidelity® VIP Growth Portfolio - Service Class |
992,792 |
992,792 |
992,792 |
||||||||||||
Fidelity® VIP High Income Portfolio - Service Class |
29,431 |
29,431 |
29,431 |
||||||||||||
Fidelity® VIP Mid Cap Portfolio - Service Class |
731,515 |
731,515 |
731,515 |
||||||||||||
Fidelity® VIP Overseas Portfolio - Service Class |
232,843 |
232,843 |
232,843 |
||||||||||||
Franklin Income VIP Fund - Class 1 |
1,096,656 |
1,096,656 |
1,096,656 |
||||||||||||
Franklin Mutual Shares VIP Fund - Class 1 |
964,305 |
964,305 |
964,305 |
||||||||||||
Franklin Small-Mid Cap Growth VIP Fund - Class 1 |
366,324 |
366,324 |
366,324 |
||||||||||||
Invesco V.I. American Franchise Fund - Series I Shares |
463,484 |
463,484 |
463,484 |
||||||||||||
Invesco V.I. Core Equity Fund - Series I Shares |
146,672 |
146,672 |
146,672 |
||||||||||||
Invesco V.I. EQV International Equity Fund - Series I Shares |
75,546 |
75,546 |
75,546 |
||||||||||||
Janus Henderson Balanced Portfolio - Institutional Shares |
401,236 |
401,236 |
401,236 |
||||||||||||
Janus Henderson Balanced Portfolio - Service Shares |
52,311 |
52,311 |
52,311 |
||||||||||||
Janus Henderson Enterprise Portfolio - Service Shares |
194,339 |
194,339 |
194,339 |
||||||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
244,730 |
244,730 |
244,730 |
||||||||||||
Janus Henderson Global Research Portfolio - Service Shares |
30,336 |
30,336 |
30,336 |
||||||||||||
Janus Henderson Global Technology and Innovation Portfolio - Service Shares |
16,165 |
16,165 |
16,165 |
||||||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
987,419 |
987,419 |
987,419 |
||||||||||||
LVIP Baron Growth Opportunities Fund - Standard Class |
169,041 |
169,041 |
169,041 |
||||||||||||
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class |
457,449 |
457,449 |
457,449 |
||||||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
1,812,845 |
1,812,845 |
1,812,845 |
||||||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
136,672 |
136,672 |
136,672 |
||||||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
172,486 |
172,486 |
172,486 |
||||||||||||
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class |
24,520 |
24,520 |
24,520 |
||||||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
238,177 |
238,177 |
238,177 |
||||||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
142,248 |
142,248 |
142,248 |
||||||||||||
LVIP Delaware Bond Fund - Standard Class |
957,688 |
957,688 |
957,688 |
||||||||||||
LVIP Delaware Diversified Floating Rate Fund - Standard Class |
1,143,787 |
1,143,787 |
1,143,787 |
||||||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
739,100 |
739,100 |
739,100 |
||||||||||||
LVIP Delaware High Yield Fund - Standard Class |
239,435 |
239,435 |
239,435 |
||||||||||||
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class |
162,916 |
162,916 |
162,916 |
||||||||||||
LVIP Delaware Mid Cap Value Fund - Standard Class |
15,462 |
15,462 |
15,462 |
||||||||||||
LVIP Delaware SMID Cap Core Fund - Standard Class |
762,624 |
762,624 |
762,624 |
||||||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
43,750 |
43,750 |
43,750 |
||||||||||||
LVIP Delaware U.S. Growth Fund - Standard Class |
353,197 |
353,197 |
353,197 |
||||||||||||
LVIP Delaware U.S. REIT Fund - Standard Class |
613,088 |
613,088 |
613,088 |
||||||||||||
LVIP Delaware Value Fund - Standard Class |
398,858 |
398,858 |
398,858 |
||||||||||||
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class |
243,288 |
243,288 |
243,288 |
||||||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
95,750 |
95,750 |
95,750 |
||||||||||||
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class |
445,442 |
445,442 |
445,442 |
||||||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
26,923 |
26,923 |
26,923 |
||||||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
454,412 |
454,412 |
454,412 |
See accompanying notes.
R-2
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Statements of assets and liabilities (continued)
December 31, 2023
Subaccount |
Investments |
Total Assets |
Net Assets |
||||||||||||
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class |
$ |
135,292 |
$ |
135,292 |
$ |
135,292 |
|||||||||
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class |
1,081,544 |
1,081,544 |
1,081,544 |
||||||||||||
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class |
90,294 |
90,294 |
90,294 |
||||||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
183,766 |
183,766 |
183,766 |
||||||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
932,457 |
932,457 |
932,457 |
||||||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
1,333,123 |
1,333,123 |
1,333,123 |
||||||||||||
LVIP Government Money Market Fund - Standard Class |
5,804,754 |
5,804,754 |
5,804,754 |
||||||||||||
LVIP JPMorgan High Yield Fund - Standard Class |
238,988 |
238,988 |
238,988 |
||||||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
84,816 |
84,816 |
84,816 |
||||||||||||
LVIP MFS International Growth Fund - Standard Class |
882,347 |
882,347 |
882,347 |
||||||||||||
LVIP MFS Value Fund - Standard Class |
734,119 |
734,119 |
734,119 |
||||||||||||
LVIP Mondrian Global Income Fund - Standard Class |
571,059 |
571,059 |
571,059 |
||||||||||||
LVIP Mondrian International Value Fund - Standard Class |
590,229 |
590,229 |
590,229 |
||||||||||||
LVIP SSGA Bond Index Fund - Standard Class |
280,453 |
280,453 |
280,453 |
||||||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
441,666 |
441,666 |
441,666 |
||||||||||||
LVIP SSGA International Index Fund - Standard Class |
41,587 |
41,587 |
41,587 |
||||||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
6,199 |
6,199 |
6,199 |
||||||||||||
LVIP SSGA Moderate Index Allocation Fund - Standard Class |
1,488,388 |
1,488,388 |
1,488,388 |
||||||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
3,383,725 |
3,383,725 |
3,383,725 |
||||||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
700,969 |
700,969 |
700,969 |
||||||||||||
LVIP Structured Moderate Allocation Fund - Standard Class |
87,510 |
87,510 |
87,510 |
||||||||||||
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class |
427,115 |
427,115 |
427,115 |
||||||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
9,683 |
9,683 |
9,683 |
||||||||||||
LVIP T. Rowe Price Growth Stock Fund - Standard Class |
208,740 |
208,740 |
208,740 |
||||||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
282,345 |
282,345 |
282,345 |
||||||||||||
LVIP Vanguard Bond Allocation Fund - Standard Class |
87,381 |
87,381 |
87,381 |
||||||||||||
LVIP Vanguard Domestic Equity ETF Fund - Standard Class |
53,414 |
53,414 |
53,414 |
||||||||||||
LVIP Vanguard International Equity ETF Fund - Standard Class |
1,046,964 |
1,046,964 |
1,046,964 |
||||||||||||
LVIP Wellington Capital Growth Fund - Standard Class |
283,029 |
283,029 |
283,029 |
||||||||||||
LVIP Wellington SMID Cap Value Fund - Standard Class |
167,150 |
167,150 |
167,150 |
||||||||||||
MFS® VIT Growth Series - Initial Class |
611,966 |
611,966 |
611,966 |
||||||||||||
MFS® VIT Total Return Series - Initial Class |
273,260 |
273,260 |
273,260 |
||||||||||||
MFS® VIT Utilities Series - Initial Class |
820,243 |
820,243 |
820,243 |
||||||||||||
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class |
1,073,067 |
1,073,067 |
1,073,067 |
||||||||||||
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class |
60,554 |
60,554 |
60,554 |
||||||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
38,525 |
38,525 |
38,525 |
||||||||||||
PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class |
442,070 |
442,070 |
442,070 |
||||||||||||
Putnam VT Large Cap Value Fund - Class IB |
32,632 |
32,632 |
32,632 |
||||||||||||
Templeton Foreign VIP Fund - Class 2 |
76,106 |
76,106 |
76,106 |
||||||||||||
Templeton Global Bond VIP Fund - Class 1 |
124,048 |
124,048 |
124,048 |
||||||||||||
Templeton Growth VIP Fund - Class 1 |
161,735 |
161,735 |
161,735 |
||||||||||||
Templeton Growth VIP Fund - Class 2 |
24,076 |
24,076 |
24,076 |
See accompanying notes.
R-3
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Statements of operations
Year Ended December 31, 2023
Subaccount |
Dividends from Investment Income |
Mortality and Expense Guarantee Charges |
Net Investment Income (Loss) |
Net Realized Gain (Loss) on Investments |
|||||||||||||||
AB VPS Discovery Value Portfolio - Class A |
$ |
10,188 |
$ |
(4,302 |
) |
$ |
5,886 |
$ |
(4,285 |
) |
|||||||||
AB VPS International Value Portfolio - Class A |
520 |
(326 |
) |
194 |
312 |
||||||||||||||
AB VPS Large Cap Growth Portfolio - Class A |
— |
(1,750 |
) |
(1,750 |
) |
349 |
|||||||||||||
AB VPS Relative Value Portfolio - Class A |
9,699 |
(4,519 |
) |
5,180 |
4,101 |
||||||||||||||
AB VPS Sustainable Global Thematic Portfolio - Class A |
1,634 |
(2,806 |
) |
(1,172 |
) |
8,453 |
|||||||||||||
American Century VP Balanced Fund - Class I |
8,185 |
(2,528 |
) |
5,657 |
(503 |
) |
|||||||||||||
American Century VP Inflation Protection Fund - Class I |
6,824 |
(937 |
) |
5,887 |
(6,452 |
) |
|||||||||||||
American Funds Global Growth Fund - Class 2 |
19,318 |
(7,570 |
) |
11,748 |
48,599 |
||||||||||||||
American Funds Global Small Capitalization Fund - Class 2 |
824 |
(1,053 |
) |
(229 |
) |
(8,844 |
) |
||||||||||||
American Funds Growth Fund - Class 2 |
12,921 |
(15,314 |
) |
(2,393 |
) |
28,974 |
|||||||||||||
American Funds Growth-Income Fund - Class 2 |
30,389 |
(9,573 |
) |
20,816 |
26,140 |
||||||||||||||
American Funds International Fund - Class 2 |
16,415 |
(4,472 |
) |
11,943 |
(10,567 |
) |
|||||||||||||
ClearBridge Variable Mid Cap Portfolio - Class I |
2 |
(1 |
) |
1 |
— |
||||||||||||||
Delaware VIP® Emerging Markets Series - Standard Class |
21,503 |
(3,712 |
) |
17,791 |
(62,959 |
) |
|||||||||||||
Delaware VIP® Small Cap Value Series - Standard Class |
10,697 |
(7,345 |
) |
3,352 |
8,275 |
||||||||||||||
DWS Equity 500 Index VIP Portfolio - Class A |
12,916 |
(5,994 |
) |
6,922 |
60,324 |
||||||||||||||
DWS Small Cap Index VIP Portfolio - Class A |
5,159 |
(2,928 |
) |
2,231 |
(15,109 |
) |
|||||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class |
8,704 |
(12,018 |
) |
(3,314 |
) |
61,312 |
|||||||||||||
Fidelity® VIP Equity-Income Portfolio - Service Class |
6,528 |
(2,585 |
) |
3,943 |
3,472 |
||||||||||||||
Fidelity® VIP Growth Opportunities Portfolio - Service Class |
— |
(468 |
) |
(468 |
) |
804 |
|||||||||||||
Fidelity® VIP Growth Portfolio - Service Class |
333 |
(3,230 |
) |
(2,897 |
) |
(137,820 |
) |
||||||||||||
Fidelity® VIP High Income Portfolio - Service Class |
1,594 |
(222 |
) |
1,372 |
(429 |
) |
|||||||||||||
Fidelity® VIP Mid Cap Portfolio - Service Class |
3,541 |
(2,454 |
) |
1,087 |
(3,815 |
) |
|||||||||||||
Fidelity® VIP Overseas Portfolio - Service Class |
2,082 |
(1,629 |
) |
453 |
2,051 |
||||||||||||||
Franklin Income VIP Fund - Class 1 |
52,256 |
(3,122 |
) |
49,134 |
(16,112 |
) |
|||||||||||||
Franklin Mutual Shares VIP Fund - Class 1 |
18,619 |
(2,181 |
) |
16,438 |
(27,619 |
) |
|||||||||||||
Franklin Small-Mid Cap Growth VIP Fund - Class 1 |
— |
(1,320 |
) |
(1,320 |
) |
(98,126 |
) |
||||||||||||
Invesco V.I. American Franchise Fund - Series I Shares |
— |
(3,290 |
) |
(3,290 |
) |
(70 |
) |
||||||||||||
Invesco V.I. Core Equity Fund - Series I Shares |
1,012 |
(1,098 |
) |
(86 |
) |
(828 |
) |
||||||||||||
Invesco V.I. EQV International Equity Fund - Series I Shares |
135 |
(489 |
) |
(354 |
) |
(889 |
) |
||||||||||||
Janus Henderson Balanced Portfolio - Institutional Shares |
7,969 |
(2,992 |
) |
4,977 |
2,673 |
||||||||||||||
Janus Henderson Balanced Portfolio - Service Shares |
887 |
(325 |
) |
562 |
614 |
||||||||||||||
Janus Henderson Enterprise Portfolio - Service Shares |
170 |
(1,299 |
) |
(1,129 |
) |
459 |
|||||||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
2,078 |
(1,796 |
) |
282 |
4,265 |
||||||||||||||
Janus Henderson Global Research Portfolio - Service Shares |
212 |
(217 |
) |
(5 |
) |
179 |
|||||||||||||
Janus Henderson Global Technology and Innovation Portfolio - Service Shares |
— |
(111 |
) |
(111 |
) |
198 |
|||||||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
— |
(3,669 |
) |
(3,669 |
) |
22,236 |
|||||||||||||
LVIP Baron Growth Opportunities Fund - Standard Class |
— |
(908 |
) |
(908 |
) |
793 |
|||||||||||||
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class |
11,725 |
(1,999 |
) |
9,726 |
17,934 |
||||||||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
47,818 |
(5,726 |
) |
42,092 |
(4,199 |
) |
|||||||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
3,214 |
(232 |
) |
2,982 |
(3,934 |
) |
|||||||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
4,734 |
(364 |
) |
4,370 |
(6,603 |
) |
|||||||||||||
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class |
455 |
(20 |
) |
435 |
(47 |
) |
|||||||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
875 |
(1,514 |
) |
(639 |
) |
4,037 |
|||||||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
376 |
(265 |
) |
111 |
1,120 |
||||||||||||||
LVIP Delaware Bond Fund - Standard Class |
29,656 |
(6,182 |
) |
23,474 |
(20,848 |
) |
|||||||||||||
LVIP Delaware Diversified Floating Rate Fund - Standard Class |
58,831 |
(3,875 |
) |
54,956 |
7,573 |
||||||||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
29,102 |
(1,828 |
) |
27,274 |
(19,483 |
) |
|||||||||||||
LVIP Delaware High Yield Fund - Standard Class |
15,555 |
(1,585 |
) |
13,970 |
(9,665 |
) |
|||||||||||||
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class |
5,705 |
(290 |
) |
5,415 |
(484 |
) |
|||||||||||||
LVIP Delaware Mid Cap Value Fund - Standard Class |
240 |
(84 |
) |
156 |
19 |
||||||||||||||
LVIP Delaware SMID Cap Core Fund - Standard Class |
7,914 |
(4,478 |
) |
3,436 |
2,466 |
||||||||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
407 |
(327 |
) |
80 |
769 |
||||||||||||||
LVIP Delaware U.S. Growth Fund - Standard Class |
— |
(1,914 |
) |
(1,914 |
) |
(39 |
) |
||||||||||||
LVIP Delaware U.S. REIT Fund - Standard Class |
19,697 |
(3,070 |
) |
16,627 |
(1,170 |
) |
|||||||||||||
LVIP Delaware Value Fund - Standard Class |
6,643 |
(2,185 |
) |
4,458 |
(1,778 |
) |
|||||||||||||
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class |
7,969 |
(349 |
) |
7,620 |
(183 |
) |
See accompanying notes.
R-4
Subaccount |
Dividends from Net Realized Gain on Investments |
Total Net Realized Gain (Loss) on Investments |
Net Change in Unrealized Appreciation or Depreciation on Investments |
Net Increase (Decrease) in Net Assets Resulting from Operations |
|||||||||||||||
AB VPS Discovery Value Portfolio - Class A |
$ |
80,236 |
$ |
75,951 |
$ |
72,754 |
$ |
154,591 |
|||||||||||
AB VPS International Value Portfolio - Class A |
— |
312 |
8,455 |
8,961 |
|||||||||||||||
AB VPS Large Cap Growth Portfolio - Class A |
14,582 |
14,931 |
50,504 |
63,685 |
|||||||||||||||
AB VPS Relative Value Portfolio - Class A |
51,005 |
55,106 |
9,860 |
70,146 |
|||||||||||||||
AB VPS Sustainable Global Thematic Portfolio - Class A |
33,804 |
42,257 |
41,849 |
82,934 |
|||||||||||||||
American Century VP Balanced Fund - Class I |
— |
(503 |
) |
56,768 |
61,922 |
||||||||||||||
American Century VP Inflation Protection Fund - Class I |
— |
(6,452 |
) |
6,149 |
5,584 |
||||||||||||||
American Funds Global Growth Fund - Class 2 |
155,961 |
204,560 |
195,846 |
412,154 |
|||||||||||||||
American Funds Global Small Capitalization Fund - Class 2 |
3,910 |
(4,934 |
) |
50,869 |
45,706 |
||||||||||||||
American Funds Growth Fund - Class 2 |
201,791 |
230,765 |
908,612 |
1,136,984 |
|||||||||||||||
American Funds Growth-Income Fund - Class 2 |
114,876 |
141,016 |
339,282 |
501,114 |
|||||||||||||||
American Funds International Fund - Class 2 |
— |
(10,567 |
) |
176,044 |
177,420 |
||||||||||||||
ClearBridge Variable Mid Cap Portfolio - Class I |
10 |
10 |
192 |
203 |
|||||||||||||||
Delaware VIP® Emerging Markets Series - Standard Class |
— |
(62,959 |
) |
224,592 |
179,424 |
||||||||||||||
Delaware VIP® Small Cap Value Series - Standard Class |
47,257 |
55,532 |
41,407 |
100,291 |
|||||||||||||||
DWS Equity 500 Index VIP Portfolio - Class A |
48,735 |
109,059 |
96,661 |
212,642 |
|||||||||||||||
DWS Small Cap Index VIP Portfolio - Class A |
11,059 |
(4,050 |
) |
74,972 |
73,153 |
||||||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class |
79,174 |
140,486 |
491,144 |
628,316 |
|||||||||||||||
Fidelity® VIP Equity-Income Portfolio - Service Class |
10,338 |
13,810 |
14,831 |
32,584 |
|||||||||||||||
Fidelity® VIP Growth Opportunities Portfolio - Service Class |
— |
804 |
20,851 |
21,187 |
|||||||||||||||
Fidelity® VIP Growth Portfolio - Service Class |
41,858 |
(95,962 |
) |
371,276 |
272,417 |
||||||||||||||
Fidelity® VIP High Income Portfolio - Service Class |
— |
(429 |
) |
1,641 |
2,584 |
||||||||||||||
Fidelity® VIP Mid Cap Portfolio - Service Class |
19,151 |
15,336 |
76,676 |
93,099 |
|||||||||||||||
Fidelity® VIP Overseas Portfolio - Service Class |
583 |
2,634 |
35,475 |
38,562 |
|||||||||||||||
Franklin Income VIP Fund - Class 1 |
60,185 |
44,073 |
(8,406 |
) |
84,801 |
||||||||||||||
Franklin Mutual Shares VIP Fund - Class 1 |
74,654 |
47,035 |
51,122 |
114,595 |
|||||||||||||||
Franklin Small-Mid Cap Growth VIP Fund - Class 1 |
— |
(98,126 |
) |
176,770 |
77,324 |
||||||||||||||
Invesco V.I. American Franchise Fund - Series I Shares |
9,184 |
9,114 |
130,581 |
136,405 |
|||||||||||||||
Invesco V.I. Core Equity Fund - Series I Shares |
3,265 |
2,437 |
25,107 |
27,458 |
|||||||||||||||
Invesco V.I. EQV International Equity Fund - Series I Shares |
51 |
(838 |
) |
11,970 |
10,778 |
||||||||||||||
Janus Henderson Balanced Portfolio - Institutional Shares |
— |
2,673 |
43,571 |
51,221 |
|||||||||||||||
Janus Henderson Balanced Portfolio - Service Shares |
— |
614 |
5,483 |
6,659 |
|||||||||||||||
Janus Henderson Enterprise Portfolio - Service Shares |
12,933 |
13,392 |
15,054 |
27,317 |
|||||||||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
6,276 |
10,541 |
40,623 |
51,446 |
|||||||||||||||
Janus Henderson Global Research Portfolio - Service Shares |
789 |
968 |
5,161 |
6,124 |
|||||||||||||||
Janus Henderson Global Technology and Innovation Portfolio - Service Shares |
— |
198 |
5,458 |
5,545 |
|||||||||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
14,249 |
36,485 |
114,276 |
147,092 |
|||||||||||||||
LVIP Baron Growth Opportunities Fund - Standard Class |
2,255 |
3,048 |
21,929 |
24,069 |
|||||||||||||||
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class |
32,343 |
50,277 |
(21,970 |
) |
38,033 |
||||||||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
— |
(4,199 |
) |
165,686 |
203,579 |
||||||||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
— |
(3,934 |
) |
7,041 |
6,089 |
||||||||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
— |
(6,603 |
) |
22,078 |
19,845 |
||||||||||||||
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class |
— |
(47 |
) |
2,215 |
2,603 |
||||||||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
— |
4,037 |
57,782 |
61,180 |
|||||||||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
890 |
2,010 |
19,532 |
21,653 |
|||||||||||||||
LVIP Delaware Bond Fund - Standard Class |
— |
(20,848 |
) |
44,655 |
47,281 |
||||||||||||||
LVIP Delaware Diversified Floating Rate Fund - Standard Class |
— |
7,573 |
(11,624 |
) |
50,905 |
||||||||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
— |
(19,483 |
) |
32,993 |
40,784 |
||||||||||||||
LVIP Delaware High Yield Fund - Standard Class |
— |
(9,665 |
) |
21,483 |
25,788 |
||||||||||||||
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class |
— |
(484 |
) |
2,451 |
7,382 |
||||||||||||||
LVIP Delaware Mid Cap Value Fund - Standard Class |
1,166 |
1,185 |
136 |
1,477 |
|||||||||||||||
LVIP Delaware SMID Cap Core Fund - Standard Class |
35,306 |
37,772 |
63,141 |
104,349 |
|||||||||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
2,990 |
3,759 |
6,650 |
10,489 |
|||||||||||||||
LVIP Delaware U.S. Growth Fund - Standard Class |
— |
(39 |
) |
117,655 |
115,702 |
||||||||||||||
LVIP Delaware U.S. REIT Fund - Standard Class |
— |
(1,170 |
) |
50,664 |
66,121 |
||||||||||||||
LVIP Delaware Value Fund - Standard Class |
17,570 |
15,792 |
(9,324 |
) |
10,926 |
||||||||||||||
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class |
— |
(183 |
) |
25,657 |
33,094 |
R-5
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Statements of operations (continued)
Year Ended December 31, 2023
Subaccount |
Dividends from Investment Income |
Mortality and Expense Guarantee Charges |
Net Investment Income (Loss) |
Net Realized Gain (Loss) on Investments |
|||||||||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
$ |
1,212 |
$ |
(171 |
) |
$ |
1,041 |
$ |
1,651 |
||||||||||
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class |
5,054 |
(605 |
) |
4,449 |
(715 |
) |
|||||||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
416 |
(25 |
) |
391 |
44 |
||||||||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
14,391 |
(1,786 |
) |
12,605 |
(15,873 |
) |
|||||||||||||
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class |
5,399 |
(836 |
) |
4,563 |
(185 |
) |
|||||||||||||
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class |
16,492 |
(3,222 |
) |
13,270 |
(154,175 |
) |
|||||||||||||
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class |
1,397 |
(197 |
) |
1,200 |
(7,103 |
) |
|||||||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
3,567 |
(870 |
) |
2,697 |
(2,669 |
) |
|||||||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
17,042 |
(1,187 |
) |
15,855 |
(6,414 |
) |
|||||||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
24,790 |
(2,798 |
) |
21,992 |
(33,594 |
) |
|||||||||||||
LVIP Government Money Market Fund - Standard Class |
265,879 |
(34,277 |
) |
231,602 |
— |
||||||||||||||
LVIP JPMorgan High Yield Fund - Standard Class |
10,899 |
(714 |
) |
10,185 |
(16,136 |
) |
|||||||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
1,245 |
(304 |
) |
941 |
2,654 |
||||||||||||||
LVIP MFS International Growth Fund - Standard Class |
17,770 |
(2,333 |
) |
15,437 |
(5,604 |
) |
|||||||||||||
LVIP MFS Value Fund - Standard Class |
12,617 |
(1,828 |
) |
10,789 |
60,140 |
||||||||||||||
LVIP Mondrian Global Income Fund - Standard Class |
— |
(931 |
) |
(931 |
) |
(6,969 |
) |
||||||||||||
LVIP Mondrian International Value Fund - Standard Class |
18,359 |
(3,278 |
) |
15,081 |
(1,009 |
) |
|||||||||||||
LVIP SSGA Bond Index Fund - Standard Class |
7,548 |
(565 |
) |
6,983 |
(7,912 |
) |
|||||||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
10,574 |
(1,727 |
) |
8,847 |
(13,812 |
) |
|||||||||||||
LVIP SSGA International Index Fund - Standard Class |
1,242 |
(61 |
) |
1,181 |
110 |
||||||||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
175 |
(7 |
) |
168 |
5 |
||||||||||||||
LVIP SSGA Moderate Index Allocation Fund - Standard Class |
33,028 |
(10,238 |
) |
22,790 |
20,328 |
||||||||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
45,546 |
(13,702 |
) |
31,844 |
239,610 |
||||||||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
8,333 |
(2,112 |
) |
6,221 |
(138,826 |
) |
|||||||||||||
LVIP Structured Moderate Allocation Fund - Standard Class |
2,181 |
(155 |
) |
2,026 |
(514 |
) |
|||||||||||||
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class |
10,383 |
(1,122 |
) |
9,261 |
(17,766 |
) |
|||||||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
154 |
(53 |
) |
101 |
(2 |
) |
|||||||||||||
LVIP T. Rowe Price Growth Stock Fund - Standard Class |
— |
(605 |
) |
(605 |
) |
314 |
|||||||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
86 |
(441 |
) |
(355 |
) |
290 |
|||||||||||||
LVIP Vanguard Bond Allocation Fund - Standard Class |
2,714 |
(128 |
) |
2,586 |
(107 |
) |
|||||||||||||
LVIP Vanguard Domestic Equity ETF Fund - Standard Class |
661 |
(99 |
) |
562 |
644 |
||||||||||||||
LVIP Vanguard International Equity ETF Fund - Standard Class |
30,321 |
(4,523 |
) |
25,798 |
5,895 |
||||||||||||||
LVIP Wellington Capital Growth Fund - Standard Class |
— |
(1,675 |
) |
(1,675 |
) |
(1,089 |
) |
||||||||||||
LVIP Wellington SMID Cap Value Fund - Standard Class |
1,528 |
(510 |
) |
1,018 |
(1,305 |
) |
|||||||||||||
MFS® VIT Growth Series - Initial Class |
— |
(3,014 |
) |
(3,014 |
) |
6,697 |
|||||||||||||
MFS® VIT Total Return Series - Initial Class |
5,180 |
(1,245 |
) |
3,935 |
(113 |
) |
|||||||||||||
MFS® VIT Utilities Series - Initial Class |
27,763 |
(3,302 |
) |
24,461 |
2,386 |
||||||||||||||
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class |
— |
(6,504 |
) |
(6,504 |
) |
(2,613 |
) |
||||||||||||
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class |
571 |
(304 |
) |
267 |
1,201 |
||||||||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
118 |
(283 |
) |
(165 |
) |
246 |
|||||||||||||
PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class |
65,017 |
(736 |
) |
64,281 |
(6,527 |
) |
|||||||||||||
Putnam VT Large Cap Value Fund - Class IB |
626 |
(246 |
) |
380 |
231 |
||||||||||||||
Templeton Foreign VIP Fund - Class 2 |
2,373 |
(588 |
) |
1,785 |
(138 |
) |
|||||||||||||
Templeton Global Bond VIP Fund - Class 1 |
— |
(600 |
) |
(600 |
) |
(1,479 |
) |
||||||||||||
Templeton Growth VIP Fund - Class 1 |
5,227 |
(688 |
) |
4,539 |
(755 |
) |
|||||||||||||
Templeton Growth VIP Fund - Class 2 |
787 |
(185 |
) |
602 |
(111 |
) |
See accompanying notes.
R-6
Subaccount |
Dividends from Net Realized Gain on Investments |
Total Net Realized Gain (Loss) on Investments |
Net Change in Unrealized Appreciation or Depreciation on Investments |
Net Increase (Decrease) in Net Assets Resulting from Operations |
|||||||||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
$ |
3,972 |
$ |
5,623 |
$ |
11,337 |
$ |
18,001 |
|||||||||||
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class |
45,745 |
45,030 |
30,000 |
79,479 |
|||||||||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
1,138 |
1,182 |
2,377 |
3,950 |
|||||||||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
— |
(15,873 |
) |
42,726 |
39,458 |
||||||||||||||
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class |
— |
(185 |
) |
16,097 |
20,475 |
||||||||||||||
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class |
106,688 |
(47,487 |
) |
191,117 |
156,900 |
||||||||||||||
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class |
4,325 |
(2,778 |
) |
13,468 |
11,890 |
||||||||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
5,010 |
2,341 |
10,830 |
15,868 |
|||||||||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
— |
(6,414 |
) |
98,240 |
107,681 |
||||||||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
— |
(33,594 |
) |
147,282 |
135,680 |
||||||||||||||
LVIP Government Money Market Fund - Standard Class |
— |
— |
— |
231,602 |
|||||||||||||||
LVIP JPMorgan High Yield Fund - Standard Class |
— |
(16,136 |
) |
29,798 |
23,847 |
||||||||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
5,746 |
8,400 |
(174 |
) |
9,167 |
||||||||||||||
LVIP MFS International Growth Fund - Standard Class |
28,461 |
22,857 |
69,179 |
107,473 |
|||||||||||||||
LVIP MFS Value Fund - Standard Class |
42,911 |
103,051 |
(61,099 |
) |
52,741 |
||||||||||||||
LVIP Mondrian Global Income Fund - Standard Class |
— |
(6,969 |
) |
30,002 |
22,102 |
||||||||||||||
LVIP Mondrian International Value Fund - Standard Class |
— |
(1,009 |
) |
85,885 |
99,957 |
||||||||||||||
LVIP SSGA Bond Index Fund - Standard Class |
— |
(7,912 |
) |
13,872 |
12,943 |
||||||||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
— |
(13,812 |
) |
55,134 |
50,169 |
||||||||||||||
LVIP SSGA International Index Fund - Standard Class |
— |
110 |
4,978 |
6,269 |
|||||||||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
— |
5 |
748 |
921 |
|||||||||||||||
LVIP SSGA Moderate Index Allocation Fund - Standard Class |
34,005 |
54,333 |
89,606 |
166,729 |
|||||||||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
79,865 |
319,475 |
338,966 |
690,285 |
|||||||||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
6,919 |
(131,907 |
) |
223,141 |
97,455 |
||||||||||||||
LVIP Structured Moderate Allocation Fund - Standard Class |
1,798 |
1,284 |
6,273 |
9,583 |
|||||||||||||||
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class |
8,678 |
(9,088 |
) |
50,768 |
50,941 |
||||||||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
349 |
347 |
1,066 |
1,514 |
|||||||||||||||
LVIP T. Rowe Price Growth Stock Fund - Standard Class |
— |
314 |
65,883 |
65,592 |
|||||||||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
— |
290 |
49,599 |
49,534 |
|||||||||||||||
LVIP Vanguard Bond Allocation Fund - Standard Class |
— |
(107 |
) |
1,891 |
4,370 |
||||||||||||||
LVIP Vanguard Domestic Equity ETF Fund - Standard Class |
310 |
954 |
9,664 |
11,180 |
|||||||||||||||
LVIP Vanguard International Equity ETF Fund - Standard Class |
— |
5,895 |
98,897 |
130,590 |
|||||||||||||||
LVIP Wellington Capital Growth Fund - Standard Class |
3,988 |
2,899 |
79,109 |
80,333 |
|||||||||||||||
LVIP Wellington SMID Cap Value Fund - Standard Class |
19,178 |
17,873 |
6,167 |
25,058 |
|||||||||||||||
MFS® VIT Growth Series - Initial Class |
42,426 |
49,123 |
117,831 |
163,940 |
|||||||||||||||
MFS® VIT Total Return Series - Initial Class |
10,788 |
10,675 |
10,029 |
24,639 |
|||||||||||||||
MFS® VIT Utilities Series - Initial Class |
42,959 |
45,345 |
(86,908 |
) |
(17,102 |
) |
|||||||||||||
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class |
— |
(2,613 |
) |
169,779 |
160,662 |
||||||||||||||
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class |
2,883 |
4,084 |
1,530 |
5,881 |
|||||||||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
558 |
804 |
7,445 |
8,084 |
|||||||||||||||
PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class |
— |
(6,527 |
) |
(89,255 |
) |
(31,501 |
) |
||||||||||||
Putnam VT Large Cap Value Fund - Class IB |
1,754 |
1,985 |
1,911 |
4,276 |
|||||||||||||||
Templeton Foreign VIP Fund - Class 2 |
— |
(138 |
) |
11,522 |
13,169 |
||||||||||||||
Templeton Global Bond VIP Fund - Class 1 |
— |
(1,479 |
) |
5,408 |
3,329 |
||||||||||||||
Templeton Growth VIP Fund - Class 1 |
— |
(755 |
) |
24,563 |
28,347 |
||||||||||||||
Templeton Growth VIP Fund - Class 2 |
— |
(111 |
) |
3,623 |
4,114 |
R-7
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Statements of changes in net assets
Years Ended December 31, 2022 and 2023
AB VPS Discovery Value Portfolio - Class A Subaccount |
AB VPS International Value Portfolio - Class A Subaccount |
AB VPS Large Cap Growth Portfolio - Class A Subaccount |
AB VPS Relative Value Portfolio - Class A Subaccount |
AB VPS Sustainable Global Thematic Portfolio - Class A Subaccount |
American Century VP Balanced Fund - Class I Subaccount |
American Century VP Inflation Protection Fund - Class I Subaccount |
|||||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
998,940 |
$ |
71,555 |
$ |
256,435 |
$ |
657,085 |
$ |
698,541 |
$ |
484,112 |
$ |
214,972 |
|||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
5,330 |
2,610 |
(1,605 |
) |
4,185 |
(3,330 |
) |
2,565 |
8,812 |
||||||||||||||||||||||
• Net realized gain (loss) on investments |
138,140 |
(99 |
) |
24,104 |
101,850 |
59,070 |
64,555 |
1,034 |
|||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(303,257 |
) |
(12,714 |
) |
(96,862 |
) |
(138,107 |
) |
(248,959 |
) |
(153,008 |
) |
(37,602 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(159,787 |
) |
(10,203 |
) |
(74,363 |
) |
(32,072 |
) |
(193,219 |
) |
(85,888 |
) |
(27,756 |
) |
|||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
23,647 |
1,602 |
4,521 |
(3,237 |
) |
20,906 |
(2,537 |
) |
(8,345 |
) |
|||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
23,647 |
1,602 |
4,521 |
(3,237 |
) |
20,906 |
(2,537 |
) |
(8,345 |
) |
|||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(136,140 |
) |
(8,601 |
) |
(69,842 |
) |
(35,309 |
) |
(172,313 |
) |
(88,425 |
) |
(36,101 |
) |
|||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
862,800 |
62,954 |
186,593 |
621,776 |
526,228 |
395,687 |
178,871 |
||||||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
5,886 |
194 |
(1,750 |
) |
5,180 |
(1,172 |
) |
5,657 |
5,887 |
||||||||||||||||||||||
• Net realized gain (loss) on investments |
75,951 |
312 |
14,931 |
55,106 |
42,257 |
(503 |
) |
(6,452 |
) |
||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
72,754 |
8,455 |
50,504 |
9,860 |
41,849 |
56,768 |
6,149 |
||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
154,591 |
8,961 |
63,685 |
70,146 |
82,934 |
61,922 |
5,584 |
||||||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
63,451 |
(6,863 |
) |
4,454 |
3,891 |
5,223 |
(3,170 |
) |
10,422 |
||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
63,451 |
(6,863 |
) |
4,454 |
3,891 |
5,223 |
(3,170 |
) |
10,422 |
||||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
218,042 |
2,098 |
68,139 |
74,037 |
88,157 |
58,752 |
16,006 |
||||||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
1,080,842 |
$ |
65,052 |
$ |
254,732 |
$ |
695,813 |
$ |
614,385 |
$ |
454,439 |
$ |
194,877 |
See accompanying notes.
R-8
American Funds Global Growth Fund - Class 2 Subaccount |
American Funds Global Small Capitalization Fund - Class 2 Subaccount |
American Funds Growth Fund - Class 2 Subaccount |
American Funds Growth- Income Fund - Class 2 Subaccount |
American Funds International Fund - Class 2 Subaccount |
BlackRock Global Allocation V.I. Fund - Class I Subaccount |
||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
2,240,754 |
$ |
336,104 |
$ |
4,152,235 |
$ |
2,474,315 |
$ |
1,333,067 |
$ |
1,704,075 |
|||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
3,922 |
(1,094 |
) |
(6,963 |
) |
16,349 |
16,357 |
(2,936 |
) |
||||||||||||||||||
• Net realized gain (loss) on investments |
205,620 |
97,404 |
521,726 |
229,885 |
126,975 |
(206,177 |
) |
||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(783,872 |
) |
(202,406 |
) |
(1,785,201 |
) |
(654,526 |
) |
(432,581 |
) |
21,188 |
||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(574,330 |
) |
(106,096 |
) |
(1,270,438 |
) |
(408,292 |
) |
(289,249 |
) |
(187,925 |
) |
|||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
206,144 |
48,384 |
168,300 |
(87,672 |
) |
110,796 |
(1,516,150 |
) |
|||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
206,144 |
48,384 |
168,300 |
(87,672 |
) |
110,796 |
(1,516,150 |
) |
|||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(368,186 |
) |
(57,712 |
) |
(1,102,138 |
) |
(495,964 |
) |
(178,453 |
) |
(1,704,075 |
) |
|||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
1,872,568 |
278,392 |
3,050,097 |
1,978,351 |
1,154,614 |
— |
|||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
11,748 |
(229 |
) |
(2,393 |
) |
20,816 |
11,943 |
— |
|||||||||||||||||||
• Net realized gain (loss) on investments |
204,560 |
(4,934 |
) |
230,765 |
141,016 |
(10,567 |
) |
— |
|||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
195,846 |
50,869 |
908,612 |
339,282 |
176,044 |
— |
|||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
412,154 |
45,706 |
1,136,984 |
501,114 |
177,420 |
— |
|||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
48,235 |
13,338 |
(177,628 |
) |
(46,944 |
) |
(8,777 |
) |
— |
||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
48,235 |
13,338 |
(177,628 |
) |
(46,944 |
) |
(8,777 |
) |
— |
||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
460,389 |
59,044 |
959,356 |
454,170 |
168,643 |
— |
|||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
2,332,957 |
$ |
337,436 |
$ |
4,009,453 |
$ |
2,432,521 |
$ |
1,323,257 |
$ |
— |
R-9
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Statements of changes in net assets (continued)
Years Ended December 31, 2022 and 2023
ClearBridge Variable Mid Cap Portfolio - Class I Subaccount |
Delaware VIP® Emerging Markets Series - Standard Class Subaccount |
Delaware VIP® Small Cap Value Series - Standard Class Subaccount |
DWS Equity 500 Index VIP Portfolio - Class A Subaccount |
DWS Small Cap Index VIP Portfolio - Class A Subaccount |
Fidelity® VIP Contrafund® Portfolio - Service Class Subaccount |
Fidelity® VIP Equity- Income Portfolio - Service Class Subaccount |
|||||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
2,121 |
$ |
1,509,597 |
$ |
1,354,026 |
$ |
1,127,979 |
$ |
555,339 |
$ |
2,627,937 |
$ |
382,367 |
|||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
5 |
49,661 |
1,310 |
4,811 |
1,311 |
(3,560 |
) |
3,285 |
|||||||||||||||||||||||
• Net realized gain (loss) on investments |
106 |
(13,435 |
) |
123,639 |
116,954 |
77,233 |
125,454 |
15,510 |
|||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(647 |
) |
(470,403 |
) |
(294,860 |
) |
(332,338 |
) |
(195,923 |
) |
(826,033 |
) |
(40,799 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(536 |
) |
(434,177 |
) |
(169,911 |
) |
(210,573 |
) |
(117,379 |
) |
(704,139 |
) |
(22,004 |
) |
|||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
— |
213,977 |
(51,271 |
) |
(51,155 |
) |
3,069 |
34,669 |
(26,470 |
) |
|||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
— |
213,977 |
(51,271 |
) |
(51,155 |
) |
3,069 |
34,669 |
(26,470 |
) |
|||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(536 |
) |
(220,200 |
) |
(221,182 |
) |
(261,728 |
) |
(114,310 |
) |
(669,470 |
) |
(48,474 |
) |
|||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
1,585 |
1,289,397 |
1,132,844 |
866,251 |
441,029 |
1,958,467 |
333,893 |
||||||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
1 |
17,791 |
3,352 |
6,922 |
2,231 |
(3,314 |
) |
3,943 |
|||||||||||||||||||||||
• Net realized gain (loss) on investments |
10 |
(62,959 |
) |
55,532 |
109,059 |
(4,050 |
) |
140,486 |
13,810 |
||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
192 |
224,592 |
41,407 |
96,661 |
74,972 |
491,144 |
14,831 |
||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
203 |
179,424 |
100,291 |
212,642 |
73,153 |
628,316 |
32,584 |
||||||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
— |
74,208 |
(1,956 |
) |
(41,274 |
) |
16,580 |
(120,844 |
) |
4,499 |
|||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
— |
74,208 |
(1,956 |
) |
(41,274 |
) |
16,580 |
(120,844 |
) |
4,499 |
|||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
203 |
253,632 |
98,335 |
171,368 |
89,733 |
507,472 |
37,083 |
||||||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
1,788 |
$ |
1,543,029 |
$ |
1,231,179 |
$ |
1,037,619 |
$ |
530,762 |
$ |
2,465,939 |
$ |
370,976 |
See accompanying notes.
R-10
Fidelity® VIP Growth Opportunities Portfolio - Service Class Subaccount |
Fidelity® VIP Growth Portfolio - Service Class Subaccount |
Fidelity® VIP High Income Portfolio - Service Class Subaccount |
Fidelity® VIP Mid Cap Portfolio - Service Class Subaccount |
Fidelity® VIP Overseas Portfolio - Service Class Subaccount |
Franklin Income VIP Fund - Class 1 Subaccount |
||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
81,006 |
$ |
936,469 |
$ |
33,249 |
$ |
785,502 |
$ |
264,903 |
$ |
1,078,673 |
|||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
(464 |
) |
(607 |
) |
1,190 |
292 |
508 |
45,870 |
|||||||||||||||||||
• Net realized gain (loss) on investments |
11,982 |
51,920 |
(637 |
) |
46,267 |
2,893 |
23,444 |
||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(42,654 |
) |
(291,754 |
) |
(4,664 |
) |
(164,404 |
) |
(69,924 |
) |
(126,121 |
) |
|||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(31,136 |
) |
(240,441 |
) |
(4,111 |
) |
(117,845 |
) |
(66,523 |
) |
(56,807 |
) |
|||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
(1,275 |
) |
99,071 |
(2,387 |
) |
(12,959 |
) |
2,732 |
(57,113 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(1,275 |
) |
99,071 |
(2,387 |
) |
(12,959 |
) |
2,732 |
(57,113 |
) |
|||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(32,411 |
) |
(141,370 |
) |
(6,498 |
) |
(130,804 |
) |
(63,791 |
) |
(113,920 |
) |
|||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
48,595 |
795,099 |
26,751 |
654,698 |
201,112 |
964,753 |
|||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
(468 |
) |
(2,897 |
) |
1,372 |
1,087 |
453 |
49,134 |
|||||||||||||||||||
• Net realized gain (loss) on investments |
804 |
(95,962 |
) |
(429 |
) |
15,336 |
2,634 |
44,073 |
|||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
20,851 |
371,276 |
1,641 |
76,676 |
35,475 |
(8,406 |
) |
||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
21,187 |
272,417 |
2,584 |
93,099 |
38,562 |
84,801 |
|||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
(1,643 |
) |
(74,724 |
) |
96 |
(16,282 |
) |
(6,831 |
) |
47,102 |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(1,643 |
) |
(74,724 |
) |
96 |
(16,282 |
) |
(6,831 |
) |
47,102 |
|||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
19,544 |
197,693 |
2,680 |
76,817 |
31,731 |
131,903 |
|||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
68,139 |
$ |
992,792 |
$ |
29,431 |
$ |
731,515 |
$ |
232,843 |
$ |
1,096,656 |
R-11
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Statements of changes in net assets (continued)
Years Ended December 31, 2022 and 2023
Franklin Mutual Shares VIP Fund - Class 1 Subaccount |
Franklin Small-Mid Cap Growth VIP Fund - Class 1 Subaccount |
Invesco V.I. American Franchise Fund - Series I Shares Subaccount |
Invesco V.I. Core Equity Fund - Series I Shares Subaccount |
Invesco V.I. EQV International Equity Fund - Series I Shares Subaccount |
Janus Henderson Balanced Portfolio - Institutional Shares Subaccount |
Janus Henderson Balanced Portfolio - Service Shares Subaccount |
|||||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
928,503 |
$ |
360,343 |
$ |
529,550 |
$ |
166,301 |
$ |
76,940 |
$ |
443,857 |
$ |
57,921 |
|||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
14,723 |
(1,710 |
) |
(3,229 |
) |
159 |
600 |
1,619 |
158 |
||||||||||||||||||||||
• Net realized gain (loss) on investments |
96,371 |
65,534 |
117,792 |
21,470 |
6,940 |
17,935 |
1,980 |
||||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(180,907 |
) |
(192,609 |
) |
(277,612 |
) |
(56,453 |
) |
(22,142 |
) |
(95,019 |
) |
(12,051 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(69,813 |
) |
(128,785 |
) |
(163,049 |
) |
(34,824 |
) |
(14,602 |
) |
(75,465 |
) |
(9,913 |
) |
|||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
(33,854 |
) |
61,751 |
(14,947 |
) |
(7,434 |
) |
(1,228 |
) |
(16,364 |
) |
(946 |
) |
||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(33,854 |
) |
61,751 |
(14,947 |
) |
(7,434 |
) |
(1,228 |
) |
(16,364 |
) |
(946 |
) |
||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(103,667 |
) |
(67,034 |
) |
(177,996 |
) |
(42,258 |
) |
(15,830 |
) |
(91,829 |
) |
(10,859 |
) |
|||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
824,836 |
293,309 |
351,554 |
124,043 |
61,110 |
352,028 |
47,062 |
||||||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
16,438 |
(1,320 |
) |
(3,290 |
) |
(86 |
) |
(354 |
) |
4,977 |
562 |
||||||||||||||||||||
• Net realized gain (loss) on investments |
47,035 |
(98,126 |
) |
9,114 |
2,437 |
(838 |
) |
2,673 |
614 |
||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
51,122 |
176,770 |
130,581 |
25,107 |
11,970 |
43,571 |
5,483 |
||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
114,595 |
77,324 |
136,405 |
27,458 |
10,778 |
51,221 |
6,659 |
||||||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
24,874 |
(4,309 |
) |
(24,475 |
) |
(4,829 |
) |
3,658 |
(2,013 |
) |
(1,410 |
) |
|||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
24,874 |
(4,309 |
) |
(24,475 |
) |
(4,829 |
) |
3,658 |
(2,013 |
) |
(1,410 |
) |
|||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
139,469 |
73,015 |
111,930 |
22,629 |
14,436 |
49,208 |
5,249 |
||||||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
964,305 |
$ |
366,324 |
$ |
463,484 |
$ |
146,672 |
$ |
75,546 |
$ |
401,236 |
$ |
52,311 |
See accompanying notes.
R-12
Janus Henderson Enterprise Portfolio - Service Shares Subaccount |
Janus Henderson Global Research Portfolio - Institutional Shares Subaccount |
Janus Henderson Global Research Portfolio - Service Shares Subaccount |
Janus Henderson Global Technology and Innovation Portfolio - Service Shares Subaccount |
LVIP Baron Growth Opportunities Fund - Service Class Subaccount |
LVIP Baron Growth Opportunities Fund - Standard Class Subaccount |
||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
200,840 |
$ |
291,209 |
$ |
30,232 |
$ |
15,573 |
$ |
1,089,584 |
$ |
182,778 |
|||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
(1,210 |
) |
494 |
24 |
(91 |
) |
(4,169 |
) |
(867 |
) |
|||||||||||||||||
• Net realized gain (loss) on investments |
30,446 |
38,318 |
3,078 |
2,224 |
101,141 |
12,325 |
|||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(62,962 |
) |
(94,092 |
) |
(9,270 |
) |
(8,102 |
) |
(385,378 |
) |
(58,756 |
) |
|||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(33,726 |
) |
(55,280 |
) |
(6,168 |
) |
(5,969 |
) |
(288,406 |
) |
(47,298 |
) |
|||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
(6,267 |
) |
(31,239 |
) |
(139 |
) |
(33 |
) |
54,285 |
2,646 |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(6,267 |
) |
(31,239 |
) |
(139 |
) |
(33 |
) |
54,285 |
2,646 |
|||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(39,993 |
) |
(86,519 |
) |
(6,307 |
) |
(6,002 |
) |
(234,121 |
) |
(44,652 |
) |
|||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
160,847 |
204,690 |
23,925 |
9,571 |
855,463 |
138,126 |
|||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
(1,129 |
) |
282 |
(5 |
) |
(111 |
) |
(3,669 |
) |
(908 |
) |
||||||||||||||||
• Net realized gain (loss) on investments |
13,392 |
10,541 |
968 |
198 |
36,485 |
3,048 |
|||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
15,054 |
40,623 |
5,161 |
5,458 |
114,276 |
21,929 |
|||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
27,317 |
51,446 |
6,124 |
5,545 |
147,092 |
24,069 |
|||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
6,175 |
(11,406 |
) |
287 |
1,049 |
(15,136 |
) |
6,846 |
|||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
6,175 |
(11,406 |
) |
287 |
1,049 |
(15,136 |
) |
6,846 |
|||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
33,492 |
40,040 |
6,411 |
6,594 |
131,956 |
30,915 |
|||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
194,339 |
$ |
244,730 |
$ |
30,336 |
$ |
16,165 |
$ |
987,419 |
$ |
169,041 |
R-13
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Statements of changes in net assets (continued)
Years Ended December 31, 2022 and 2023
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class Subaccount |
LVIP BlackRock Global Allocation Fund - Standard Class Subaccount |
LVIP BlackRock Inflation Protected Bond Fund - Standard Class Subaccount |
LVIP BlackRock Real Estate Fund - Standard Class Subaccount |
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class Subaccount |
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class Subaccount |
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class Subaccount |
|||||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
405,515 |
$ |
— |
$ |
129,429 |
$ |
176,362 |
$ |
20,466 |
$ |
253,772 |
$ |
161,571 |
|||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
7,005 |
2,121 |
11,145 |
2,016 |
277 |
(1,463 |
) |
(378 |
) |
||||||||||||||||||||||
• Net realized gain (loss) on investments |
42,940 |
31,522 |
(69 |
) |
3,515 |
509 |
29,735 |
32,185 |
|||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(61,330 |
) |
(113,282 |
) |
(17,549 |
) |
(56,919 |
) |
(4,184 |
) |
(97,792 |
) |
(70,767 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(11,385 |
) |
(79,639 |
) |
(6,473 |
) |
(51,388 |
) |
(3,398 |
) |
(69,520 |
) |
(38,960 |
) |
|||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
(4,697 |
) |
1,566,763 |
(586 |
) |
17,484 |
2,428 |
4,207 |
3,639 |
||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(4,697 |
) |
1,566,763 |
(586 |
) |
17,484 |
2,428 |
4,207 |
3,639 |
||||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(16,082 |
) |
1,487,124 |
(7,059 |
) |
(33,904 |
) |
(970 |
) |
(65,313 |
) |
(35,321 |
) |
||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
389,433 |
1,487,124 |
122,370 |
142,458 |
19,496 |
188,459 |
126,250 |
||||||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
9,726 |
42,092 |
2,982 |
4,370 |
435 |
(639 |
) |
111 |
|||||||||||||||||||||||
• Net realized gain (loss) on investments |
50,277 |
(4,199 |
) |
(3,934 |
) |
(6,603 |
) |
(47 |
) |
4,037 |
2,010 |
||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(21,970 |
) |
165,686 |
7,041 |
22,078 |
2,215 |
57,782 |
19,532 |
|||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
38,033 |
203,579 |
6,089 |
19,845 |
2,603 |
61,180 |
21,653 |
||||||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
29,983 |
122,142 |
8,213 |
10,183 |
2,421 |
(11,462 |
) |
(5,655 |
) |
||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
29,983 |
122,142 |
8,213 |
10,183 |
2,421 |
(11,462 |
) |
(5,655 |
) |
||||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
68,016 |
325,721 |
14,302 |
30,028 |
5,024 |
49,718 |
15,998 |
||||||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
457,449 |
$ |
1,812,845 |
$ |
136,672 |
$ |
172,486 |
$ |
24,520 |
$ |
238,177 |
$ |
142,248 |
See accompanying notes.
R-14
LVIP Delaware Bond Fund - Standard Class Subaccount |
LVIP Delaware Diversified Floating Rate Fund - Standard Class Subaccount |
LVIP Delaware Diversified Income Fund - Standard Class Subaccount |
LVIP Delaware High Yield Fund - Standard Class Subaccount |
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class Subaccount |
LVIP Delaware Mid Cap Value Fund - Standard Class Subaccount |
||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
1,059,523 |
$ |
962,363 |
$ |
729,492 |
$ |
266,677 |
$ |
166,607 |
$ |
15,360 |
|||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
23,052 |
18,723 |
20,800 |
12,853 |
3,579 |
132 |
|||||||||||||||||||||
• Net realized gain (loss) on investments |
(7,062 |
) |
(2,808 |
) |
(2,136 |
) |
(3,476 |
) |
(1,005 |
) |
491 |
||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(166,114 |
) |
(19,357 |
) |
(121,906 |
) |
(41,127 |
) |
(9,684 |
) |
(2,065 |
) |
|||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(150,124 |
) |
(3,442 |
) |
(103,242 |
) |
(31,750 |
) |
(7,110 |
) |
(1,442 |
) |
|||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
(24,811 |
) |
(24,017 |
) |
25,086 |
(12,955 |
) |
(9,262 |
) |
49 |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(24,811 |
) |
(24,017 |
) |
25,086 |
(12,955 |
) |
(9,262 |
) |
49 |
|||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(174,935 |
) |
(27,459 |
) |
(78,156 |
) |
(44,705 |
) |
(16,372 |
) |
(1,393 |
) |
|||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
884,588 |
934,904 |
651,336 |
221,972 |
150,235 |
13,967 |
|||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
23,474 |
54,956 |
27,274 |
13,970 |
5,415 |
156 |
|||||||||||||||||||||
• Net realized gain (loss) on investments |
(20,848 |
) |
7,573 |
(19,483 |
) |
(9,665 |
) |
(484 |
) |
1,185 |
|||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
44,655 |
(11,624 |
) |
32,993 |
21,483 |
2,451 |
136 |
||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
47,281 |
50,905 |
40,784 |
25,788 |
7,382 |
1,477 |
|||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
25,819 |
157,978 |
46,980 |
(8,325 |
) |
5,299 |
18 |
||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
25,819 |
157,978 |
46,980 |
(8,325 |
) |
5,299 |
18 |
||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
73,100 |
208,883 |
87,764 |
17,463 |
12,681 |
1,495 |
|||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
957,688 |
$ |
1,143,787 |
$ |
739,100 |
$ |
239,435 |
$ |
162,916 |
$ |
15,462 |
R-15
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Statements of changes in net assets (continued)
Years Ended December 31, 2022 and 2023
LVIP Delaware SMID Cap Core Fund - Standard Class Subaccount |
LVIP Delaware Social Awareness Fund - Standard Class Subaccount |
LVIP Delaware U.S. Growth Fund - Standard Class Subaccount |
LVIP Delaware U.S. REIT Fund - Standard Class Subaccount |
LVIP Delaware Value Fund - Standard Class Subaccount |
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class Subaccount |
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class Subaccount |
|||||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
792,747 |
$ |
51,444 |
$ |
347,378 |
$ |
710,676 |
$ |
464,725 |
$ |
208,250 |
$ |
93,094 |
|||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
(1,748 |
) |
127 |
(1,756 |
) |
15,296 |
4,808 |
6,249 |
974 |
||||||||||||||||||||||
• Net realized gain (loss) on investments |
19,100 |
5,343 |
51,663 |
4,201 |
32,899 |
10,996 |
4,804 |
||||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(129,616 |
) |
(15,838 |
) |
(147,523 |
) |
(198,269 |
) |
(56,128 |
) |
(40,586 |
) |
(20,154 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(112,264 |
) |
(10,368 |
) |
(97,616 |
) |
(178,772 |
) |
(18,421 |
) |
(23,341 |
) |
(14,376 |
) |
|||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
(22,379 |
) |
(3,379 |
) |
(2,726 |
) |
(1,534 |
) |
(39,605 |
) |
7,772 |
(126 |
) |
||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(22,379 |
) |
(3,379 |
) |
(2,726 |
) |
(1,534 |
) |
(39,605 |
) |
7,772 |
(126 |
) |
||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(134,643 |
) |
(13,747 |
) |
(100,342 |
) |
(180,306 |
) |
(58,026 |
) |
(15,569 |
) |
(14,502 |
) |
|||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
658,104 |
37,697 |
247,036 |
530,370 |
406,699 |
192,681 |
78,592 |
||||||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
3,436 |
80 |
(1,914 |
) |
16,627 |
4,458 |
7,620 |
1,041 |
|||||||||||||||||||||||
• Net realized gain (loss) on investments |
37,772 |
3,759 |
(39 |
) |
(1,170 |
) |
15,792 |
(183 |
) |
5,623 |
|||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
63,141 |
6,650 |
117,655 |
50,664 |
(9,324 |
) |
25,657 |
11,337 |
|||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
104,349 |
10,489 |
115,702 |
66,121 |
10,926 |
33,094 |
18,001 |
||||||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
171 |
(4,436 |
) |
(9,541 |
) |
16,597 |
(18,767 |
) |
17,513 |
(843 |
) |
||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
171 |
(4,436 |
) |
(9,541 |
) |
16,597 |
(18,767 |
) |
17,513 |
(843 |
) |
||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
104,520 |
6,053 |
106,161 |
82,718 |
(7,841 |
) |
50,607 |
17,158 |
|||||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
762,624 |
$ |
43,750 |
$ |
353,197 |
$ |
613,088 |
$ |
398,858 |
$ |
243,288 |
$ |
95,750 |
See accompanying notes.
R-16
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class Subaccount |
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class Subaccount |
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class Subaccount |
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class Subaccount |
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class Subaccount |
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class Subaccount |
||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
390,954 |
$ |
26,603 |
$ |
505,596 |
$ |
119,218 |
$ |
1,048,021 |
$ |
83,218 |
|||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
3,172 |
354 |
45,138 |
7,953 |
22,063 |
2,428 |
|||||||||||||||||||||
• Net realized gain (loss) on investments |
80,774 |
1,116 |
(18,279 |
) |
(520 |
) |
43,843 |
2,553 |
|||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(143,550 |
) |
(4,700 |
) |
(86,546 |
) |
(15,741 |
) |
(170,568 |
) |
(15,409 |
) |
|||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(59,604 |
) |
(3,230 |
) |
(59,687 |
) |
(8,308 |
) |
(104,662 |
) |
(10,428 |
) |
|||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
20,039 |
(169 |
) |
(1,216 |
) |
1,671 |
(41,292 |
) |
(13 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
20,039 |
(169 |
) |
(1,216 |
) |
1,671 |
(41,292 |
) |
(13 |
) |
|||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(39,565 |
) |
(3,399 |
) |
(60,903 |
) |
(6,637 |
) |
(145,954 |
) |
(10,441 |
) |
|||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
351,389 |
23,204 |
444,693 |
112,581 |
902,067 |
72,777 |
|||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
4,449 |
391 |
12,605 |
4,563 |
13,270 |
1,200 |
|||||||||||||||||||||
• Net realized gain (loss) on investments |
45,030 |
1,182 |
(15,873 |
) |
(185 |
) |
(47,487 |
) |
(2,778 |
) |
|||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
30,000 |
2,377 |
42,726 |
16,097 |
191,117 |
13,468 |
|||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
79,479 |
3,950 |
39,458 |
20,475 |
156,900 |
11,890 |
|||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
14,574 |
(231 |
) |
(29,739 |
) |
2,236 |
22,577 |
5,627 |
|||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
14,574 |
(231 |
) |
(29,739 |
) |
2,236 |
22,577 |
5,627 |
|||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
94,053 |
3,719 |
9,719 |
22,711 |
179,477 |
17,517 |
|||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
445,442 |
$ |
26,923 |
$ |
454,412 |
$ |
135,292 |
$ |
1,081,544 |
$ |
90,294 |
R-17
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Statements of changes in net assets (continued)
Years Ended December 31, 2022 and 2023
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class Subaccount |
LVIP Global Growth Allocation Managed Risk Fund - Standard Class Subaccount |
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class Subaccount |
LVIP Government Money Market Fund - Standard Class Subaccount |
LVIP JPMorgan High Yield Fund - Standard Class Subaccount |
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class Subaccount |
LVIP MFS International Growth Fund - Standard Class Subaccount |
|||||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
240,500 |
$ |
961,550 |
$ |
1,364,047 |
$ |
296,055 |
$ |
224,191 |
$ |
81,146 |
$ |
868,766 |
|||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
4,122 |
20,548 |
30,479 |
48,445 |
10,773 |
619 |
4,046 |
||||||||||||||||||||||||
• Net realized gain (loss) on investments |
12,176 |
73,653 |
94,673 |
5 |
(2,330 |
) |
11,171 |
52,914 |
|||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(53,494 |
) |
(275,739 |
) |
(366,405 |
) |
— |
(32,651 |
) |
(19,588 |
) |
(187,164 |
) |
||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(37,196 |
) |
(181,538 |
) |
(241,253 |
) |
48,450 |
(24,208 |
) |
(7,798 |
) |
(130,204 |
) |
||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
(21,881 |
) |
28,902 |
42,642 |
5,264,923 |
339 |
(1,624 |
) |
(12,325 |
) |
|||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(21,881 |
) |
28,902 |
42,642 |
5,264,923 |
339 |
(1,624 |
) |
(12,325 |
) |
|||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(59,077 |
) |
(152,636 |
) |
(198,611 |
) |
5,313,373 |
(23,869 |
) |
(9,422 |
) |
(142,529 |
) |
||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
181,423 |
808,914 |
1,165,436 |
5,609,428 |
200,322 |
71,724 |
726,237 |
||||||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
2,697 |
15,855 |
21,992 |
231,602 |
10,185 |
941 |
15,437 |
||||||||||||||||||||||||
• Net realized gain (loss) on investments |
2,341 |
(6,414 |
) |
(33,594 |
) |
— |
(16,136 |
) |
8,400 |
22,857 |
|||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
10,830 |
98,240 |
147,282 |
— |
29,798 |
(174 |
) |
69,179 |
|||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
15,868 |
107,681 |
135,680 |
231,602 |
23,847 |
9,167 |
107,473 |
||||||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
(13,525 |
) |
15,862 |
32,007 |
(36,276 |
) |
14,819 |
3,925 |
48,637 |
||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(13,525 |
) |
15,862 |
32,007 |
(36,276 |
) |
14,819 |
3,925 |
48,637 |
||||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
2,343 |
123,543 |
167,687 |
195,326 |
38,666 |
13,092 |
156,110 |
||||||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
183,766 |
$ |
932,457 |
$ |
1,333,123 |
$ |
5,804,754 |
$ |
238,988 |
$ |
84,816 |
$ |
882,347 |
See accompanying notes.
R-18
LVIP MFS Value Fund - Standard Class Subaccount |
LVIP Mondrian Global Income Fund - Standard Class Subaccount |
LVIP Mondrian International Value Fund - Standard Class Subaccount |
LVIP SSGA Bond Index Fund - Standard Class Subaccount |
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class Subaccount |
LVIP SSGA International Index Fund - Standard Class Subaccount |
||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
704,939 |
$ |
535,705 |
$ |
609,954 |
$ |
281,823 |
$ |
424,869 |
$ |
43,243 |
|||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
7,927 |
(945 |
) |
12,156 |
4,510 |
13,800 |
1,663 |
||||||||||||||||||||
• Net realized gain (loss) on investments |
46,423 |
(3,859 |
) |
4,195 |
(11,194 |
) |
4,956 |
(42 |
) |
||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(102,570 |
) |
(77,157 |
) |
(83,219 |
) |
(32,608 |
) |
(82,264 |
) |
(7,759 |
) |
|||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(48,220 |
) |
(81,961 |
) |
(66,868 |
) |
(39,292 |
) |
(63,508 |
) |
(6,138 |
) |
|||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
(49,638 |
) |
47,226 |
(14,352 |
) |
848 |
16,847 |
(380 |
) |
||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(49,638 |
) |
47,226 |
(14,352 |
) |
848 |
16,847 |
(380 |
) |
||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(97,858 |
) |
(34,735 |
) |
(81,220 |
) |
(38,444 |
) |
(46,661 |
) |
(6,518 |
) |
|||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
607,081 |
500,970 |
528,734 |
243,379 |
378,208 |
36,725 |
|||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
10,789 |
(931 |
) |
15,081 |
6,983 |
8,847 |
1,181 |
||||||||||||||||||||
• Net realized gain (loss) on investments |
103,051 |
(6,969 |
) |
(1,009 |
) |
(7,912 |
) |
(13,812 |
) |
110 |
|||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(61,099 |
) |
30,002 |
85,885 |
13,872 |
55,134 |
4,978 |
||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
52,741 |
22,102 |
99,957 |
12,943 |
50,169 |
6,269 |
|||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
74,297 |
47,987 |
(38,462 |
) |
24,131 |
13,289 |
(1,407 |
) |
|||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
74,297 |
47,987 |
(38,462 |
) |
24,131 |
13,289 |
(1,407 |
) |
|||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
127,038 |
70,089 |
61,495 |
37,074 |
63,458 |
4,862 |
|||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
734,119 |
$ |
571,059 |
$ |
590,229 |
$ |
280,453 |
$ |
441,666 |
$ |
41,587 |
R-19
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Statements of changes in net assets (continued)
Years Ended December 31, 2022 and 2023
LVIP SSGA International Managed Volatility Fund - Standard Class Subaccount |
LVIP SSGA Moderate Index Allocation Fund - Standard Class Subaccount |
LVIP SSGA S&P 500 Index Fund - Standard Class Subaccount |
LVIP SSGA Small-Cap Index Fund - Standard Class Subaccount |
LVIP Structured Moderate Allocation Fund - Standard Class Subaccount |
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class Subaccount |
LVIP T. Rowe Price 2040 Fund - Standard Class Subaccount |
|||||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
6,560 |
$ |
1,492,606 |
$ |
3,655,614 |
$ |
691,001 |
$ |
77,622 |
$ |
387,218 |
$ |
3,350 |
|||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
226 |
28,167 |
27,783 |
4,023 |
3,335 |
16,169 |
116 |
||||||||||||||||||||||||
• Net realized gain (loss) on investments |
2 |
27,904 |
660,049 |
59,641 |
2,589 |
11,312 |
348 |
||||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(1,336 |
) |
(296,693 |
) |
(1,318,670 |
) |
(209,881 |
) |
(16,159 |
) |
(79,696 |
) |
(1,302 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(1,108 |
) |
(240,622 |
) |
(630,838 |
) |
(146,217 |
) |
(10,235 |
) |
(52,215 |
) |
(838 |
) |
|||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
(86 |
) |
41,053 |
(296,404 |
) |
21,193 |
5,322 |
7,456 |
5,708 |
||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(86 |
) |
41,053 |
(296,404 |
) |
21,193 |
5,322 |
7,456 |
5,708 |
||||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(1,194 |
) |
(199,569 |
) |
(927,242 |
) |
(125,024 |
) |
(4,913 |
) |
(44,759 |
) |
4,870 |
||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
5,366 |
1,293,037 |
2,728,372 |
565,977 |
72,709 |
342,459 |
8,220 |
||||||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
168 |
22,790 |
31,844 |
6,221 |
2,026 |
9,261 |
101 |
||||||||||||||||||||||||
• Net realized gain (loss) on investments |
5 |
54,333 |
319,475 |
(131,907 |
) |
1,284 |
(9,088 |
) |
347 |
||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
748 |
89,606 |
338,966 |
223,141 |
6,273 |
50,768 |
1,066 |
||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
921 |
166,729 |
690,285 |
97,455 |
9,583 |
50,941 |
1,514 |
||||||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
(88 |
) |
28,622 |
(34,932 |
) |
37,537 |
5,218 |
33,715 |
(51 |
) |
|||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(88 |
) |
28,622 |
(34,932 |
) |
37,537 |
5,218 |
33,715 |
(51 |
) |
|||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
833 |
195,351 |
655,353 |
134,992 |
14,801 |
84,656 |
1,463 |
||||||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
6,199 |
$ |
1,488,388 |
$ |
3,383,725 |
$ |
700,969 |
$ |
87,510 |
$ |
427,115 |
$ |
9,683 |
See accompanying notes.
R-20
LVIP T. Rowe Price Growth Stock Fund - Standard Class Subaccount |
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class Subaccount |
LVIP Vanguard Bond Allocation Fund - Standard Class Subaccount |
LVIP Vanguard Domestic Equity ETF Fund - Standard Class Subaccount |
LVIP Vanguard International Equity ETF Fund - Standard Class Subaccount |
LVIP Wellington Capital Growth Fund - Standard Class Subaccount |
||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
240,754 |
$ |
320,069 |
$ |
77,731 |
$ |
59,764 |
$ |
996,179 |
$ |
295,769 |
|||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
(568 |
) |
(405 |
) |
1,307 |
371 |
18,515 |
(1,602 |
) |
||||||||||||||||||
• Net realized gain (loss) on investments |
28,508 |
31,101 |
(1,194 |
) |
22,309 |
21,396 |
36,967 |
||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(126,885 |
) |
(110,610 |
) |
(10,965 |
) |
(33,310 |
) |
(209,058 |
) |
(137,572 |
) |
|||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(98,945 |
) |
(79,914 |
) |
(10,852 |
) |
(10,630 |
) |
(169,147 |
) |
(102,207 |
) |
|||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
465 |
(1,947 |
) |
4,217 |
(3,221 |
) |
48,855 |
24,083 |
|||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
465 |
(1,947 |
) |
4,217 |
(3,221 |
) |
48,855 |
24,083 |
|||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(98,480 |
) |
(81,861 |
) |
(6,635 |
) |
(13,851 |
) |
(120,292 |
) |
(78,124 |
) |
|||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
142,274 |
238,208 |
71,096 |
45,913 |
875,887 |
217,645 |
|||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
(605 |
) |
(355 |
) |
2,586 |
562 |
25,798 |
(1,675 |
) |
||||||||||||||||||
• Net realized gain (loss) on investments |
314 |
290 |
(107 |
) |
954 |
5,895 |
2,899 |
||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
65,883 |
49,599 |
1,891 |
9,664 |
98,897 |
79,109 |
|||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
65,592 |
49,534 |
4,370 |
11,180 |
130,590 |
80,333 |
|||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
874 |
(5,397 |
) |
11,915 |
(3,679 |
) |
40,487 |
(14,949 |
) |
||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
874 |
(5,397 |
) |
11,915 |
(3,679 |
) |
40,487 |
(14,949 |
) |
||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
66,466 |
44,137 |
16,285 |
7,501 |
171,077 |
65,384 |
|||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
208,740 |
$ |
282,345 |
$ |
87,381 |
$ |
53,414 |
$ |
1,046,964 |
$ |
283,029 |
R-21
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Statements of changes in net assets (continued)
Years Ended December 31, 2022 and 2023
LVIP Wellington SMID Cap Value Fund - Standard Class Subaccount |
MFS® VIT Growth Series - Initial Class Subaccount |
MFS® VIT Total Return Series - Initial Class Subaccount |
MFS® VIT Utilities Series - Initial Class Subaccount |
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class Subaccount |
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class Subaccount |
Neuberger Berman AMT Sustainable Equity Portfolio - I Class Subaccount |
|||||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
187,855 |
$ |
676,245 |
$ |
282,700 |
$ |
903,891 |
$ |
1,363,816 |
$ |
65,644 |
$ |
41,002 |
|||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
461 |
(3,026 |
) |
3,025 |
15,162 |
(7,405 |
) |
(10 |
) |
(128 |
) |
||||||||||||||||||||
• Net realized gain (loss) on investments |
51,736 |
68,172 |
24,440 |
70,202 |
214,420 |
9,842 |
3,340 |
||||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(71,180 |
) |
(283,012 |
) |
(55,475 |
) |
(81,844 |
) |
(602,792 |
) |
(16,169 |
) |
(11,074 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(18,983 |
) |
(217,866 |
) |
(28,010 |
) |
3,520 |
(395,777 |
) |
(6,337 |
) |
(7,862 |
) |
||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
(17,262 |
) |
21,282 |
(6,977 |
) |
(120,102 |
) |
(30,421 |
) |
(5,185 |
) |
(869 |
) |
||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(17,262 |
) |
21,282 |
(6,977 |
) |
(120,102 |
) |
(30,421 |
) |
(5,185 |
) |
(869 |
) |
||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(36,245 |
) |
(196,584 |
) |
(34,987 |
) |
(116,582 |
) |
(426,198 |
) |
(11,522 |
) |
(8,731 |
) |
|||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
151,610 |
479,661 |
247,713 |
787,309 |
937,618 |
54,122 |
32,271 |
||||||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
1,018 |
(3,014 |
) |
3,935 |
24,461 |
(6,504 |
) |
267 |
(165 |
) |
|||||||||||||||||||||
• Net realized gain (loss) on investments |
17,873 |
49,123 |
10,675 |
45,345 |
(2,613 |
) |
4,084 |
804 |
|||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
6,167 |
117,831 |
10,029 |
(86,908 |
) |
169,779 |
1,530 |
7,445 |
|||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
25,058 |
163,940 |
24,639 |
(17,102 |
) |
160,662 |
5,881 |
8,084 |
|||||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
(9,518 |
) |
(31,635 |
) |
908 |
50,036 |
(25,213 |
) |
551 |
(1,830 |
) |
||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(9,518 |
) |
(31,635 |
) |
908 |
50,036 |
(25,213 |
) |
551 |
(1,830 |
) |
||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
15,540 |
132,305 |
25,547 |
32,934 |
135,449 |
6,432 |
6,254 |
||||||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
167,150 |
$ |
611,966 |
$ |
273,260 |
$ |
820,243 |
$ |
1,073,067 |
$ |
60,554 |
$ |
38,525 |
See accompanying notes.
R-22
PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class Subaccount |
Putnam VT Large Cap Value Fund - Class IB Subaccount |
Templeton Foreign VIP Fund - Class 2 Subaccount |
Templeton Global Bond VIP Fund - Class 1 Subaccount |
Templeton Growth VIP Fund - Class 1 Subaccount |
Templeton Growth VIP Fund - Class 2 Subaccount |
||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
452,693 |
$ |
33,009 |
$ |
81,877 |
$ |
124,851 |
$ |
147,409 |
$ |
24,728 |
|||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
91,848 |
209 |
1,665 |
(597 |
) |
98 |
(143 |
) |
|||||||||||||||||||
• Net realized gain (loss) on investments |
60,541 |
2,876 |
(943 |
) |
(3,031 |
) |
(885 |
) |
(207 |
) |
|||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(88,767 |
) |
(4,384 |
) |
(7,426 |
) |
(2,649 |
) |
(17,159 |
) |
(2,688 |
) |
|||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
63,622 |
(1,299 |
) |
(6,704 |
) |
(6,277 |
) |
(17,946 |
) |
(3,038 |
) |
||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
(108,706 |
) |
(1,461 |
) |
(5,997 |
) |
(2,484 |
) |
12,787 |
(442 |
) |
||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(108,706 |
) |
(1,461 |
) |
(5,997 |
) |
(2,484 |
) |
12,787 |
(442 |
) |
||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(45,084 |
) |
(2,760 |
) |
(12,701 |
) |
(8,761 |
) |
(5,159 |
) |
(3,480 |
) |
|||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
407,609 |
30,249 |
69,176 |
116,090 |
142,250 |
21,248 |
|||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
64,281 |
380 |
1,785 |
(600 |
) |
4,539 |
602 |
||||||||||||||||||||
• Net realized gain (loss) on investments |
(6,527 |
) |
1,985 |
(138 |
) |
(1,479 |
) |
(755 |
) |
(111 |
) |
||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(89,255 |
) |
1,911 |
11,522 |
5,408 |
24,563 |
3,623 |
||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(31,501 |
) |
4,276 |
13,169 |
3,329 |
28,347 |
4,114 |
||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
65,962 |
(1,893 |
) |
(6,239 |
) |
4,629 |
(8,862 |
) |
(1,286 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
65,962 |
(1,893 |
) |
(6,239 |
) |
4,629 |
(8,862 |
) |
(1,286 |
) |
|||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
34,461 |
2,383 |
6,930 |
7,958 |
19,485 |
2,828 |
|||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
442,070 |
$ |
32,632 |
$ |
76,106 |
$ |
124,048 |
$ |
161,735 |
$ |
24,076 |
R-23
LLANY Separate Account R for Flexible
Premium Variable Life Insurance
Notes to financial statements
December 31, 2023
1. Accounting Policies and Variable Account Information
The Variable Account: LLANY Separate Account R for Flexible Premium Variable Life Insurance (the Variable Account) is a segregated investment account of Lincoln Life & Annuity Company of New York (the Company) and is registered as a unit investment trust with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. The operations of the Variable Account, which commenced on October 1, 1999, are part of the operations of the Company. The Variable Account consists of seven products as follows:
• Lincoln SVUL • Lincoln SVUL-II • Lincoln SVUL-III • Lincoln SVUL-IV |
• Lincoln SVULONE • Lincoln SVULONE 2007 • Lincoln PreservationEdge SVUL |
The assets of the Variable Account are owned by the Company. The Variable Account's assets support the variable life policies and may not be used to satisfy liabilities arising from any other business of the Company.
Basis of Presentation: The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for unit investment trusts.
Accounting Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts as of the date of the financial statements. Those estimates are inherently subject to change and actual results could differ from those estimates. Included among the material (or potentially material) reported amounts that require use of estimates is the fair value of certain assets.
Investments: The assets of the Variable Account are divided into variable subaccounts, each of which may be invested in shares of one of one hundred twenty-six mutual funds (the Funds) of nineteen open-ended management investment companies, each Fund with its own investment objective. The Funds are:
AIM Variable Insurance Funds (Invesco Variable Insurance Funds):
Invesco V.I. American Franchise Fund - Series I Shares
Invesco V.I. Core Equity Fund - Series I Shares
Invesco V.I. EQV International Equity Fund - Series I Shares
AllianceBernstein Variable Products Series Fund:
AB VPS Discovery Value Portfolio - Class A
AB VPS International Value Portfolio - Class A
AB VPS Large Cap Growth Portfolio - Class A
AB VPS Relative Value Portfolio - Class A
AB VPS Sustainable Global Thematic Portfolio - Class A
American Century Variable Portfolios, Inc.:
American Century VP Balanced Fund - Class I
American Century VP Inflation Protection Fund - Class I
American Funds Insurance Series®:
American Funds Global Growth Fund - Class 2
American Funds Global Small Capitalization Fund - Class 2
American Funds Growth Fund - Class 2
American Funds Growth-Income Fund - Class 2
American Funds International Fund - Class 2
Delaware VIP® Trust:
Delaware VIP® Emerging Markets Series - Standard Class
Delaware VIP® Small Cap Value Series - Standard Class
Deutsche DWS Investments VIT Funds:
DWS Equity 500 Index VIP Portfolio - Class A
DWS Small Cap Index VIP Portfolio - Class A
Deutsche DWS Variable Series II:
DWS Alternative Asset Allocation VIP Portfolio - Class A**
Fidelity® Variable Insurance Products:
Fidelity® VIP Contrafund® Portfolio - Service Class
Fidelity® VIP Equity-Income Portfolio - Service Class
Fidelity® VIP Growth Opportunities Portfolio - Service Class
Fidelity® VIP Growth Portfolio - Service Class
Fidelity® VIP High Income Portfolio - Service Class
Fidelity® VIP Mid Cap Portfolio - Service Class
Fidelity® VIP Overseas Portfolio - Service Class
Franklin Templeton Variable Insurance Products Trust:
Franklin Income VIP Fund - Class 1
Franklin Mutual Shares VIP Fund - Class 1
Franklin Small-Mid Cap Growth VIP Fund - Class 1
Templeton Foreign VIP Fund - Class 2
Templeton Global Bond VIP Fund - Class 1
Templeton Growth VIP Fund - Class 1
Templeton Growth VIP Fund - Class 2
Janus Aspen Series:
Janus Henderson Balanced Portfolio - Institutional Shares
Janus Henderson Balanced Portfolio - Service Shares
Janus Henderson Enterprise Portfolio - Service Shares
Janus Henderson Global Research Portfolio - Institutional Shares
Janus Henderson Global Research Portfolio - Service Shares
Janus Henderson Global Technology and Innovation Portfolio - Service Shares
Legg Mason Partners Variable Equity Trust:
ClearBridge Variable Mid Cap Portfolio - Class I
R-24
LLANY Separate Account R for Flexible
Premium Variable Life Insurance
Notes to financial statements (continued)
1. Accounting Policies and Variable Account Information (continued)
Lincoln Variable Insurance Products Trust*:
LVIP Baron Growth Opportunities Fund - Service Class
LVIP Baron Growth Opportunities Fund - Standard Class
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class
LVIP BlackRock Global Allocation Fund - Standard Class
LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class**
LVIP BlackRock Inflation Protected Bond Fund - Standard Class
LVIP BlackRock Real Estate Fund - Standard Class
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class**
LVIP Delaware Bond Fund - Standard Class
LVIP Delaware Diversified Floating Rate Fund - Standard Class
LVIP Delaware Diversified Income Fund - Standard Class
LVIP Delaware High Yield Fund - Standard Class
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class
LVIP Delaware Mid Cap Value Fund - Standard Class
LVIP Delaware SMID Cap Core Fund - Standard Class
LVIP Delaware Social Awareness Fund - Standard Class
LVIP Delaware U.S. Growth Fund - Standard Class
LVIP Delaware U.S. REIT Fund - Standard Class
LVIP Delaware Value Fund - Standard Class
LVIP Delaware Wealth Builder Fund - Standard Class**
LVIP Dimensional International Core Equity Fund - Standard Class**
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class
LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class**
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class
LVIP Global Growth Allocation Managed Risk Fund - Standard Class
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class
LVIP Government Money Market Fund - Standard Class
LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class**
LVIP JPMorgan High Yield Fund - Standard Class
LVIP JPMorgan Retirement Income Fund - Standard Class**
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class
LVIP MFS International Growth Fund - Standard Class
LVIP MFS Value Fund - Standard Class
LVIP Mondrian Global Income Fund - Standard Class
LVIP Mondrian International Value Fund - Standard Class
LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class**
LVIP SSGA Bond Index Fund - Standard Class
LVIP SSGA Conservative Index Allocation Fund - Standard Class**
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class
LVIP SSGA International Index Fund - Standard Class
LVIP SSGA International Managed Volatility Fund - Standard Class
LVIP SSGA Moderate Index Allocation Fund - Standard Class
LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class**
LVIP SSGA S&P 500 Index Fund - Standard Class
LVIP SSGA Small-Cap Index Fund - Standard Class
LVIP Structured Conservative Allocation Fund - Standard Class**
LVIP Structured Moderate Allocation Fund - Standard Class
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class
LVIP T. Rowe Price 2020 Fund - Standard Class**
LVIP T. Rowe Price 2030 Fund - Standard Class**
LVIP T. Rowe Price 2040 Fund - Standard Class
R-25
LLANY Separate Account R for Flexible
Premium Variable Life Insurance
Notes to financial statements (continued)
1. Accounting Policies and Variable Account Information (continued)
LVIP T. Rowe Price Growth Stock Fund - Standard Class
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class
LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class**
LVIP Vanguard Bond Allocation Fund - Standard Class
LVIP Vanguard Domestic Equity ETF Fund - Standard Class
LVIP Vanguard International Equity ETF Fund - Standard Class
LVIP Wellington Capital Growth Fund - Standard Class
LVIP Wellington SMID Cap Value Fund - Standard Class
M Fund, Inc.:
M Capital Appreciation Fund**
M International Equity Fund**
M Large Cap Growth Fund**
M Large Cap Value Fund**
MFS® Variable Insurance Trust:
MFS® VIT Growth Series - Initial Class
MFS® VIT Total Return Series - Initial Class
MFS® VIT Utilities Series - Initial Class
MFS® Variable Insurance Trust II:
MFS® VIT II Core Equity Portfolio - Initial Class**
Neuberger Berman Advisers Management Trust:
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class
Neuberger Berman AMT Sustainable Equity Portfolio - I Class
Northern Lights Variable Trust:
TOPS® Balanced ETF Portfolio - Class 2 Shares**
TOPS® Moderate Growth ETF Portfolio - Class 2 Shares**
PIMCO Variable Insurance Trust:
PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class
Putnam Variable Trust:
Putnam VT Global Health Care Fund - Class IB**
Putnam VT Large Cap Value Fund - Class IB
* Denotes an affiliate of the Company
** Available funds with no money invested at December 31, 2023
Each subaccount invests in shares of a single underlying Fund. The investment performance of each subaccount
will reflect the investment performance of the underlying Fund less separate account expenses. There is no assurance that the investment objective of any underlying Fund will be met. A Fund calculates a daily net asset value per share ("NAV") which is based on the market value of its investment portfolio. The amount of risk varies significantly between subaccounts. Due to the level of risk associated with certain investment portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect contract holders' investments in the Funds and the amounts reported in the financial statements. The contract holder assumes all of the investment performance risk for the subaccounts selected.
Investments in the Funds are stated at fair value as determined by the closing net asset value per share on December 31, 2023. Net asset value is quoted by the Funds as derived by the fair value of the Funds' underlying investments. The difference between cost and net asset value is reflected as unrealized appreciation or depreciation of investments. There are no redemption restrictions on investments in the Funds.
Investments for which the fair value is measured at NAV using the practical expedient (investments in investees measured at NAV) are excluded from the fair value hierarchy. Accordingly, the Variable Account's investments in the Funds have not been classified in the fair value hierarchy.
Investment transactions are accounted for on a trade-date basis. The cost of investments sold is determined by the average cost method.
ASC 946-10-15, "Financial Services - Investment Companies (Topic 946) - Scope and Scope Exceptions" provides accounting guidance for assessing whether an entity is an investment company. This guidance evaluates the entity's purpose and design to determine whether the entity is an investment company. The standard also adds additional disclosure requirements regarding contractually required commitments to investees. Management has evaluated the criteria in the standard and concluded that the Variable Account qualifies as an investment company and therefore applies the accounting requirements of ASC 946.
Dividends: Dividends paid to the Variable Account are automatically reinvested in shares of the Funds on the payable date. Dividend income is recorded on the ex-dividend date.
Federal Income Taxes: Operations of the Variable Account form a part of and are taxed with operations of the Company, which is taxed as a "life insurance company" under the Internal Revenue Code. The Variable Account will not be taxed as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended. Under current federal income tax law, no federal income taxes are payable or receivable with respect to the Variable Account's net investment income and the net realized gain (loss) on investments.
R-26
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
1. Accounting Policies and Variable Account Information (continued)
Investment Fund Changes: During 2022, the following funds became available as investment options for account contract owners. Accordingly, for the subaccounts that commenced operations during 2022, the 2022 statement of operations and statements of changes in net assets and total return and investment income ratios in note 3 are for the period from the commencement of operations to December 31, 2022:
LVIP BlackRock Global Allocation Fund - Standard Class |
LVIP JPMorgan Retirement Income Fund - Standard Class |
Also during 2022, the following funds changed their names:
Previous Fund Name |
New Fund Name |
||||||
AB VPS Global Thematic Growth Portfolio - Class A |
AB VPS Sustainable Global Thematic Portfolio - Class A |
||||||
Invesco V.I. International Growth Fund - Series I Shares |
Invesco V.I. EQV International Equity Fund - Series I Shares |
Also during 2022, the following fund substitution occurred:
Previous Fund Name |
New Fund Name |
||||||
BlackRock Global Allocation V.I. Fund - Class I |
LVIP BlackRock Global Allocation Fund - Standard Class |
Also during 2022, the following fund merger occurred:
Previous Fund Name |
New Fund Name |
||||||
LVIP T. Rowe Price 2010 Fund - Standard Class |
LVIP JPMorgan Retirement Income Fund - Standard Class |
During 2023, the following funds changed their names:
Previous Fund Name |
New Fund Name |
||||||
AB VPS Small/Mid Cap Value Portfolio - Class A |
AB VPS Discovery Value Portfolio - Class A |
||||||
AB VPS Growth and Income Portfolio - Class A |
AB VPS Relative Value Portfolio - Class A |
||||||
LVIP BlackRock Global Real Estate Fund - Standard Class |
LVIP BlackRock Real Estate Fund - Standard Class |
||||||
LVIP Delaware REIT Fund - Standard Class |
LVIP Delaware U.S. REIT Fund - Standard Class |
||||||
LVIP SSGA Emerging Markets 100 Fund - Standard Class |
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
||||||
LVIP SSGA Developed International 150 Fund - Standard Class |
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class |
||||||
LVIP SSGA Large Cap 100 Fund - Standard Class |
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class |
||||||
LVIP SSGA Small-Mid Cap 200 Fund - Standard Class |
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class |
||||||
LVIP Global Income Fund - Standard Class |
LVIP Mondrian Global Income Fund - Standard Class |
||||||
LVIP SSGA Conservative Structured Allocation Fund - Standard Class |
LVIP Structured Conservative Allocation Fund - Standard Class |
||||||
LVIP SSGA Moderate Structured Allocation Fund - Standard Class |
LVIP Structured Moderate Allocation Fund - Standard Class |
||||||
LVIP SSGA Moderately Aggressive Structured Allocation Fund - Standard Class |
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class |
Also during 2023, the JPMorgan Insurance Trust Global Allocation Portfolio - Class 1 fund ceased to be available as an investment option to Variable Account contract owners.
R-27
LLANY Separate Account R for Flexible
Premium Variable Life Insurance
Notes to financial statements (continued)
2. Mortality and Expense Guarantees and Other Transactions with Affiliates
Amounts are paid to the Company for mortality and expense guarantees at a percentage of the current value of the Variable Account each day. The mortality and expense risk charges for each of the variable subaccounts are reported in the statements of operations. The rates are as follows for the seven policy types within the Variable Account:
• Lincoln SVUL - annual rate of .80%.
• Lincoln SVUL-II - annual rate of .80%.
• Lincoln SVUL-III - annual rate of .80% for policy years one through nineteen and .40% thereafter.
• Lincoln SVUL-IV - annual rate of .60% for policy years one through nineteen and .20% thereafter.
• Lincoln SVULONE - annual rate of .50% for policy years one through ten, .20% for policy years eleven through twenty and .00% thereafter.
• Lincoln SVULONE 2007 - annual rate of .60% for policy years one through ten, .20% for policy years eleven through twenty and .00% thereafter.
• Lincoln PreservationEdge SVUL - annual rate of .10% for policy years one through twenty and .00% thereafter.
The Company deducts a premium load to cover state taxes and federal income tax liabilities and a portion of the sales expenses incurred by the Company. Refer to the product prospectus for the premium load charge. The premium loads for the years ended December 31, 2023 and 2022, amounted to $117,590 and $337,871, respectively.
The Company charges a monthly administrative fee of $10 in all policy years. In addition, there is a monthly expense charge for the first ten years from issue date or increase in specified amount ranging from $0.01 to
$1.42 per $1,000 of specified amount. These administrative fees are for items such as premium billing and collection, policy value calculation, confirmations and periodic reports. Administrative fees for the years ended December 31, 2023 and 2022, amounted to $225,649 and $364,709, respectively.
The Company assumes responsibility for providing the insurance benefit included in the policy. On a monthly basis, a cost of insurance charge is deducted proportionately from the value of each variable subaccount and/or fixed account funding option. The fixed account is part of the general account of the Company and is not included in these financial statements. The cost of insurance charge depends on the attained age, risk classification, gender classification (in accordance with state law) and the current net amount at risk. The cost of insurance charges for the years ended December 31, 2023 and 2022, amounted to $1,171,167 and $954,007, respectively.
Under certain circumstances, the Company reserves the right to apply a transfer fee of $25 for each transfer request in excess of 24 made during the year between variable subaccounts. For the years ended December 31, 2023 and 2022, no transfer fees were deducted from the variable subaccounts.
The Company, upon full surrender of a policy, may assess a surrender charge. This charge is in part a deferred sales charge and in part a recovery of certain first year administrative costs. The amount of the surrender charge, if any, will depend on the face amount of the policy and the issue age of the policy. In no event will the surrender charge exceed the maximum allowed by state or federal law. No surrender charge is imposed on partial surrenders for Lincoln SVULONE, Lincoln SVULONE 2007 and Lincoln PreservationEdge SVUL products. For all other products, a 2% charge on the amount withdrawn is imposed, not to exceed $25 per partial surrender. For the years ended December 31, 2023 and 2022 no full surrender charges or partial surrender administrative charges were deducted from the variable subaccounts.
Premium load, cost of insurance, administrative, surrender and transfer fees are included within Net unit transactions on the Statements of Changes in Net Assets.
R-28
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
3. Financial Highlights
A summary of the fee rates, unit values, units outstanding, net assets and total return and investment income ratios for variable life contracts as of and for each year or period in the five years ended December 31, 2023, follows:
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
AB VPS Discovery Value Portfolio - Class A |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
$ |
13.68 |
$ |
71.12 |
59,224 |
$ |
1,080,842 |
16.25 |
% |
17.06 |
% |
1.08 |
% |
||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
11.70 |
60.76 |
39,345 |
862,800 |
-16.30 |
% |
-15.71 |
% |
1.11 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
13.90 |
72.08 |
38,753 |
998,940 |
34.87 |
% |
35.81 |
% |
0.75 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
10.24 |
53.07 |
48,300 |
912,199 |
2.54 |
% |
3.27 |
% |
1.10 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
13.90 |
51.40 |
38,965 |
750,810 |
19.14 |
% |
19.98 |
% |
0.60 |
% |
|||||||||||||||||||||||||||||||||
AB VPS International Value Portfolio - Class A |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
10.53 |
25.01 |
5,393 |
65,052 |
14.46 |
% |
15.03 |
% |
0.80 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
9.20 |
21.74 |
6,053 |
62,954 |
-14.13 |
% |
-13.69 |
% |
4.68 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
10.71 |
25.19 |
6,002 |
71,555 |
10.42 |
% |
10.97 |
% |
2.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
9.70 |
22.70 |
6,321 |
67,726 |
1.85 |
% |
2.36 |
% |
2.05 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
9.52 |
22.17 |
5,636 |
58,321 |
16.44 |
% |
17.02 |
% |
1.01 |
% |
|||||||||||||||||||||||||||||||||
AB VPS Large Cap Growth Portfolio - Class A |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
69.86 |
69.86 |
3,646 |
254,732 |
34.05 |
% |
34.05 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
52.11 |
52.11 |
3,581 |
186,593 |
-29.08 |
% |
-29.08 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
73.48 |
73.48 |
3,490 |
256,435 |
27.95 |
% |
27.95 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
57.43 |
57.43 |
3,426 |
196,772 |
34.41 |
% |
34.41 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
42.73 |
42.73 |
3,345 |
142,911 |
33.62 |
% |
33.62 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
AB VPS Relative Value Portfolio - Class A |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
21.53 |
64.50 |
19,003 |
695,813 |
11.13 |
% |
11.92 |
% |
1.51 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
19.26 |
57.63 |
16,670 |
621,776 |
-4.96 |
% |
-4.29 |
% |
1.41 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
20.14 |
60.21 |
16,781 |
657,085 |
27.13 |
% |
28.02 |
% |
0.83 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
15.75 |
47.03 |
17,111 |
521,491 |
1.90 |
% |
2.61 |
% |
1.58 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
15.36 |
45.84 |
16,762 |
502,439 |
22.92 |
% |
23.75 |
% |
1.25 |
% |
|||||||||||||||||||||||||||||||||
AB VPS Sustainable Global Thematic Portfolio - Class A |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
33.37 |
54.98 |
24,010 |
614,385 |
15.08 |
% |
15.89 |
% |
0.29 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
22.88 |
47.44 |
18,446 |
526,228 |
-27.57 |
% |
-27.06 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
31.52 |
65.04 |
17,860 |
698,541 |
21.89 |
% |
22.75 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
25.81 |
52.99 |
17,726 |
572,734 |
38.30 |
% |
39.27 |
% |
0.66 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
18.62 |
38.05 |
17,609 |
419,915 |
29.12 |
% |
30.03 |
% |
0.43 |
% |
|||||||||||||||||||||||||||||||||
American Century VP Balanced Fund - Class I |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.60 |
% |
0.60 |
% |
16.55 |
16.55 |
27,459 |
454,439 |
15.71 |
% |
15.71 |
% |
1.94 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.60 |
% |
0.60 |
% |
14.30 |
14.30 |
27,665 |
395,687 |
-17.76 |
% |
-17.76 |
% |
1.21 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.60 |
% |
0.60 |
% |
17.39 |
17.39 |
27,836 |
484,112 |
15.08 |
% |
15.08 |
% |
0.72 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.60 |
% |
0.60 |
% |
15.11 |
15.11 |
27,949 |
422,406 |
11.85 |
% |
11.85 |
% |
1.18 |
% |
|||||||||||||||||||||||||||||||||
2019 |
10/3/19 |
0.60 |
% |
0.60 |
% |
13.51 |
13.51 |
28,051 |
379,011 |
5.13 |
% |
5.13 |
% |
0.27 |
% |
||||||||||||||||||||||||||||||||
American Century VP Inflation Protection Fund - Class I |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.60 |
% |
11.58 |
16.58 |
14,446 |
194,877 |
2.98 |
% |
3.39 |
% |
3.67 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.60 |
% |
11.20 |
16.10 |
12,191 |
178,871 |
-13.40 |
% |
-13.05 |
% |
5.13 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.20 |
% |
0.60 |
% |
12.88 |
18.59 |
12,710 |
214,972 |
5.98 |
% |
6.40 |
% |
3.44 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.20 |
% |
0.60 |
% |
12.11 |
17.55 |
11,620 |
185,819 |
9.15 |
% |
9.59 |
% |
1.64 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.20 |
% |
0.60 |
% |
11.05 |
16.08 |
11,240 |
164,804 |
8.50 |
% |
8.94 |
% |
2.54 |
% |
|||||||||||||||||||||||||||||||||
American Funds Global Growth Fund - Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
16.25 |
64.69 |
132,389 |
2,332,957 |
21.63 |
% |
22.48 |
% |
0.93 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
13.28 |
52.82 |
78,168 |
1,872,568 |
-25.34 |
% |
-24.81 |
% |
0.70 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
17.68 |
70.25 |
69,062 |
2,240,754 |
15.49 |
% |
16.30 |
% |
0.34 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
21.99 |
60.40 |
67,642 |
1,884,733 |
29.43 |
% |
30.33 |
% |
0.35 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
16.89 |
46.34 |
62,131 |
1,688,635 |
34.20 |
% |
35.14 |
% |
1.16 |
% |
|||||||||||||||||||||||||||||||||
American Funds Global Small Capitalization Fund - Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
12.51 |
46.54 |
19,097 |
337,436 |
15.25 |
% |
16.06 |
% |
0.27 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
10.79 |
52.03 |
16,423 |
278,392 |
-30.12 |
% |
-29.62 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
15.35 |
74.45 |
12,871 |
336,104 |
5.88 |
% |
6.63 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
14.41 |
70.31 |
12,664 |
314,559 |
28.69 |
% |
29.59 |
% |
0.17 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
15.80 |
54.64 |
12,801 |
247,102 |
30.47 |
% |
31.38 |
% |
0.16 |
% |
R-29
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
American Funds Growth Fund - Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
$ |
16.47 |
$ |
104.54 |
132,067 |
$ |
4,009,453 |
37.38 |
% |
38.34 |
% |
0.36 |
% |
||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
15.51 |
75.57 |
112,015 |
3,050,097 |
-30.50 |
% |
-30.01 |
% |
0.33 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
22.18 |
107.97 |
80,407 |
4,152,235 |
21.02 |
% |
21.87 |
% |
0.22 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
18.22 |
88.59 |
81,579 |
3,455,989 |
50.87 |
% |
51.93 |
% |
0.31 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
18.46 |
58.31 |
98,446 |
2,772,593 |
29.73 |
% |
30.64 |
% |
0.76 |
% |
|||||||||||||||||||||||||||||||||
American Funds Growth-Income Fund - Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
14.21 |
72.62 |
91,962 |
2,432,521 |
25.13 |
% |
26.01 |
% |
1.40 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
13.67 |
57.63 |
77,057 |
1,978,351 |
-17.16 |
% |
-16.58 |
% |
1.29 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
16.40 |
69.08 |
79,289 |
2,474,315 |
23.11 |
% |
23.97 |
% |
1.15 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
13.24 |
55.72 |
70,165 |
1,784,980 |
12.64 |
% |
13.43 |
% |
1.38 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
16.67 |
49.12 |
69,378 |
1,598,418 |
25.13 |
% |
26.01 |
% |
1.74 |
% |
|||||||||||||||||||||||||||||||||
American Funds International Fund - Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
10.27 |
31.81 |
87,777 |
1,323,257 |
14.92 |
% |
15.73 |
% |
1.35 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
9.05 |
32.90 |
86,185 |
1,154,614 |
-21.42 |
% |
-20.86 |
% |
1.80 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
11.45 |
41.87 |
68,207 |
1,333,067 |
-2.28 |
% |
-1.59 |
% |
2.46 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
11.64 |
42.85 |
77,923 |
1,547,120 |
13.06 |
% |
13.86 |
% |
0.68 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
14.91 |
37.90 |
74,648 |
1,335,762 |
21.90 |
% |
22.76 |
% |
1.48 |
% |
|||||||||||||||||||||||||||||||||
BlackRock Global Allocation V.I. Fund - Class I |
|||||||||||||||||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
13.95 |
26.36 |
81,030 |
1,704,075 |
6.04 |
% |
6.57 |
% |
0.86 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
23.34 |
24.74 |
86,390 |
1,750,121 |
20.28 |
% |
20.89 |
% |
1.35 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
19.40 |
20.46 |
73,416 |
1,432,675 |
17.28 |
% |
17.87 |
% |
1.39 |
% |
|||||||||||||||||||||||||||||||||
ClearBridge Variable Mid Cap Portfolio - Class I |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.10 |
% |
19.44 |
19.44 |
92 |
1,788 |
12.81 |
% |
12.81 |
% |
0.13 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.10 |
% |
17.23 |
17.23 |
92 |
1,585 |
-25.39 |
% |
-25.39 |
% |
0.35 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.10 |
% |
23.10 |
23.10 |
92 |
2,121 |
28.62 |
% |
28.62 |
% |
0.05 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.10 |
% |
17.96 |
17.96 |
92 |
1,648 |
15.31 |
% |
15.31 |
% |
0.29 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.10 |
% |
15.57 |
15.57 |
97 |
1,506 |
32.84 |
% |
32.84 |
% |
0.54 |
% |
|||||||||||||||||||||||||||||||||
Delaware VIP® Emerging Markets Series - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
10.15 |
59.62 |
129,124 |
1,543,029 |
12.89 |
% |
13.68 |
% |
1.56 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
9.13 |
52.81 |
111,324 |
1,289,397 |
-28.16 |
% |
-27.66 |
% |
4.18 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
12.63 |
73.51 |
89,595 |
1,509,597 |
-3.61 |
% |
-2.94 |
% |
0.31 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
13.03 |
76.27 |
70,011 |
1,239,574 |
24.09 |
% |
24.96 |
% |
0.79 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
15.12 |
61.46 |
67,050 |
1,151,523 |
21.65 |
% |
22.51 |
% |
0.68 |
% |
|||||||||||||||||||||||||||||||||
Delaware VIP® Small Cap Value Series - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
12.84 |
81.13 |
40,986 |
1,231,179 |
8.57 |
% |
9.34 |
% |
0.95 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
25.76 |
74.72 |
38,809 |
1,132,844 |
-12.79 |
% |
-12.17 |
% |
0.83 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
29.48 |
85.68 |
24,703 |
1,354,026 |
33.35 |
% |
34.29 |
% |
0.83 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
22.06 |
64.26 |
26,738 |
1,089,065 |
-2.68 |
% |
-2.00 |
% |
1.35 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
22.63 |
66.03 |
25,707 |
1,094,676 |
27.12 |
% |
28.00 |
% |
1.06 |
% |
|||||||||||||||||||||||||||||||||
DWS Alternative Asset Allocation VIP Portfolio - Class A |
|||||||||||||||||||||||||||||||||||||||||||||||
2020 |
0.60 |
% |
0.60 |
% |
15.84 |
15.84 |
12,024 |
190,454 |
5.08 |
% |
5.08 |
% |
2.49 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.60 |
% |
0.60 |
% |
15.07 |
15.07 |
11,631 |
175,321 |
14.00 |
% |
14.00 |
% |
3.81 |
% |
|||||||||||||||||||||||||||||||||
DWS Equity 500 Index VIP Portfolio - Class A |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.80 |
% |
14.78 |
55.66 |
45,473 |
1,037,619 |
25.00 |
% |
25.75 |
% |
1.36 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.80 |
% |
20.44 |
54.15 |
36,139 |
866,251 |
-18.99 |
% |
-18.51 |
% |
1.26 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.20 |
% |
0.80 |
% |
25.09 |
66.84 |
20,856 |
1,127,979 |
27.38 |
% |
28.14 |
% |
1.44 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.20 |
% |
0.80 |
% |
19.58 |
52.48 |
21,545 |
909,233 |
17.16 |
% |
17.86 |
% |
1.67 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.20 |
% |
0.80 |
% |
16.61 |
44.79 |
22,344 |
801,676 |
30.14 |
% |
30.93 |
% |
1.96 |
% |
|||||||||||||||||||||||||||||||||
DWS Small Cap Index VIP Portfolio - Class A |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.80 |
% |
19.41 |
51.74 |
19,832 |
530,762 |
15.83 |
% |
16.52 |
% |
1.08 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.80 |
% |
16.66 |
50.30 |
14,821 |
441,029 |
-21.27 |
% |
-20.79 |
% |
0.90 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.20 |
% |
0.80 |
% |
21.03 |
63.88 |
15,116 |
555,339 |
13.59 |
% |
14.27 |
% |
0.85 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.20 |
% |
0.80 |
% |
18.41 |
56.24 |
15,579 |
504,613 |
18.48 |
% |
19.19 |
% |
1.07 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.20 |
% |
0.80 |
% |
15.44 |
47.47 |
14,206 |
386,816 |
24.23 |
% |
24.97 |
% |
1.04 |
% |
R-30
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
$ |
15.04 |
$ |
82.58 |
55,848 |
$ |
2,465,939 |
32.28 |
% |
33.21 |
% |
0.39 |
% |
||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
14.34 |
61.99 |
50,617 |
1,958,467 |
-26.97 |
% |
-26.46 |
% |
0.42 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
40.75 |
84.29 |
41,976 |
2,627,937 |
26.69 |
% |
27.58 |
% |
0.05 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
32.10 |
66.07 |
52,547 |
2,448,032 |
29.39 |
% |
30.30 |
% |
0.15 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
24.76 |
50.82 |
56,670 |
2,039,557 |
30.40 |
% |
31.32 |
% |
0.37 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP Equity-Income Portfolio - Service Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
38.94 |
38.94 |
11,474 |
370,976 |
9.65 |
% |
9.65 |
% |
1.91 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
35.51 |
44.24 |
9,206 |
333,893 |
-5.84 |
% |
-5.84 |
% |
1.72 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
37.71 |
46.98 |
9,950 |
382,367 |
23.83 |
% |
23.83 |
% |
1.80 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
30.45 |
37.94 |
10,118 |
313,586 |
5.70 |
% |
5.70 |
% |
1.74 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
28.81 |
35.90 |
10,212 |
299,158 |
26.31 |
% |
26.31 |
% |
1.93 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP Growth Opportunities Portfolio - Service Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
56.51 |
56.51 |
1,206 |
68,139 |
44.35 |
% |
44.35 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
39.15 |
39.15 |
1,241 |
48,595 |
-38.71 |
% |
-38.71 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
63.87 |
63.87 |
1,268 |
81,006 |
10.93 |
% |
10.93 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
57.58 |
57.58 |
1,285 |
74,014 |
67.15 |
% |
67.15 |
% |
0.01 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
34.45 |
34.45 |
1,313 |
45,223 |
39.58 |
% |
39.58 |
% |
0.05 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP Growth Portfolio - Service Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
33.95 |
111.73 |
39,134 |
992,792 |
35.01 |
% |
35.96 |
% |
0.04 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
24.99 |
82.18 |
19,204 |
795,099 |
-25.13 |
% |
-24.60 |
% |
0.48 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
33.18 |
108.99 |
16,877 |
936,469 |
22.12 |
% |
22.95 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
27.02 |
88.64 |
7,365 |
347,575 |
42.62 |
% |
43.60 |
% |
0.07 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
18.84 |
61.73 |
9,045 |
292,187 |
33.13 |
% |
34.05 |
% |
0.17 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP High Income Portfolio - Service Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
21.23 |
21.23 |
1,386 |
29,431 |
9.62 |
% |
9.62 |
% |
5.74 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
19.37 |
19.37 |
1,381 |
26,751 |
-12.26 |
% |
-12.26 |
% |
4.84 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
22.07 |
22.07 |
1,506 |
33,249 |
3.66 |
% |
3.66 |
% |
5.36 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
21.29 |
21.29 |
1,408 |
29,984 |
1.83 |
% |
1.83 |
% |
5.13 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
20.91 |
20.91 |
1,320 |
27,606 |
14.00 |
% |
14.00 |
% |
5.02 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP Mid Cap Portfolio - Service Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
14.62 |
59.84 |
28,358 |
731,515 |
14.32 |
% |
14.89 |
% |
0.51 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
12.74 |
52.09 |
27,640 |
654,698 |
-15.36 |
% |
-14.94 |
% |
0.41 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
14.99 |
61.24 |
28,520 |
785,502 |
24.75 |
% |
25.38 |
% |
0.52 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
11.97 |
48.84 |
29,511 |
647,145 |
17.32 |
% |
17.92 |
% |
0.57 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
21.88 |
41.42 |
27,475 |
525,366 |
22.61 |
% |
23.23 |
% |
0.76 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP Overseas Portfolio - Service Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
28.83 |
36.58 |
7,881 |
232,843 |
19.45 |
% |
20.29 |
% |
0.96 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
24.09 |
32.47 |
8,121 |
201,112 |
-25.19 |
% |
-24.65 |
% |
1.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
32.13 |
43.39 |
8,027 |
264,903 |
18.62 |
% |
19.46 |
% |
0.45 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
27.03 |
36.58 |
8,154 |
226,763 |
14.57 |
% |
15.38 |
% |
0.36 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
23.55 |
31.93 |
8,281 |
200,790 |
26.65 |
% |
27.53 |
% |
1.68 |
% |
|||||||||||||||||||||||||||||||||
Franklin Income VIP Fund - Class 1 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
13.38 |
36.25 |
58,453 |
1,096,656 |
8.22 |
% |
8.76 |
% |
5.16 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
12.31 |
33.33 |
47,188 |
964,753 |
-5.80 |
% |
-5.33 |
% |
4.92 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
13.02 |
35.21 |
50,633 |
1,078,673 |
16.31 |
% |
16.89 |
% |
4.65 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
11.15 |
30.12 |
47,491 |
883,547 |
0.37 |
% |
0.87 |
% |
5.72 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
17.58 |
29.86 |
40,842 |
778,177 |
15.72 |
% |
16.30 |
% |
5.41 |
% |
|||||||||||||||||||||||||||||||||
Franklin Mutual Shares VIP Fund - Class 1 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
13.28 |
40.77 |
65,252 |
964,305 |
13.05 |
% |
13.61 |
% |
2.13 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
11.70 |
35.88 |
57,544 |
824,836 |
-7.71 |
% |
-7.25 |
% |
2.10 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
12.62 |
38.69 |
56,372 |
928,503 |
18.81 |
% |
19.40 |
% |
3.07 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
13.19 |
32.40 |
58,083 |
804,974 |
-5.42 |
% |
-4.94 |
% |
3.31 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
13.89 |
34.09 |
39,324 |
701,861 |
22.19 |
% |
22.80 |
% |
2.10 |
% |
|||||||||||||||||||||||||||||||||
Franklin Small-Mid Cap Growth VIP Fund - Class 1 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
23.29 |
71.95 |
17,327 |
366,324 |
26.11 |
% |
27.00 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
18.36 |
56.66 |
9,720 |
293,309 |
-34.05 |
% |
-33.59 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
27.67 |
85.31 |
7,754 |
360,343 |
9.37 |
% |
10.14 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
25.14 |
77.46 |
3,431 |
170,889 |
54.28 |
% |
55.36 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
16.20 |
49.86 |
8,200 |
280,401 |
30.75 |
% |
31.67 |
% |
0.00 |
% |
R-31
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
Invesco V.I. American Franchise Fund - Series I Shares |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
$ |
24.43 |
$ |
44.38 |
18,612 |
$ |
463,484 |
39.80 |
% |
39.81 |
% |
0.00 |
% |
||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
17.47 |
31.75 |
19,765 |
351,554 |
-31.66 |
% |
-31.66 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
25.57 |
46.45 |
20,352 |
529,550 |
11.03 |
% |
11.06 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
23.03 |
41.83 |
20,826 |
487,718 |
41.22 |
% |
41.24 |
% |
0.07 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
16.31 |
29.61 |
22,935 |
379,681 |
35.67 |
% |
35.71 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
Invesco V.I. Core Equity Fund - Series I Shares |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
27.68 |
27.68 |
5,299 |
146,672 |
22.38 |
% |
22.38 |
% |
0.74 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
22.62 |
22.62 |
5,484 |
124,043 |
-21.18 |
% |
-21.18 |
% |
0.92 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
28.70 |
28.70 |
5,795 |
166,301 |
26.72 |
% |
26.72 |
% |
0.67 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
22.65 |
22.65 |
5,933 |
134,361 |
12.94 |
% |
12.94 |
% |
1.36 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
20.05 |
20.05 |
5,979 |
119,881 |
27.94 |
% |
27.94 |
% |
0.95 |
% |
|||||||||||||||||||||||||||||||||
Invesco V.I. EQV International Equity Fund - Series I Shares |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
27.14 |
34.32 |
3,418 |
75,546 |
17.20 |
% |
17.21 |
% |
0.20 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
23.16 |
37.19 |
2,366 |
61,110 |
-18.96 |
% |
-18.96 |
% |
1.74 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
28.57 |
45.90 |
2,430 |
76,940 |
5.03 |
% |
5.05 |
% |
1.29 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
27.20 |
43.70 |
2,235 |
67,556 |
13.08 |
% |
13.10 |
% |
2.51 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
24.05 |
38.64 |
2,066 |
55,403 |
27.52 |
% |
27.55 |
% |
1.57 |
% |
|||||||||||||||||||||||||||||||||
Janus Henderson Balanced Portfolio - Institutional Shares |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
47.46 |
47.46 |
8,455 |
401,236 |
14.61 |
% |
14.61 |
% |
2.13 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
41.41 |
41.41 |
8,501 |
352,028 |
-17.15 |
% |
-17.15 |
% |
1.23 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
49.98 |
49.98 |
8,880 |
443,857 |
16.26 |
% |
16.26 |
% |
0.94 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
42.99 |
42.99 |
8,287 |
356,281 |
13.40 |
% |
13.40 |
% |
1.81 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
37.91 |
37.91 |
8,458 |
320,634 |
21.61 |
% |
21.61 |
% |
1.91 |
% |
|||||||||||||||||||||||||||||||||
Janus Henderson Balanced Portfolio - Service Shares |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.60 |
% |
0.80 |
% |
41.81 |
42.35 |
1,246 |
52,311 |
14.23 |
% |
14.44 |
% |
1.80 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.60 |
% |
0.80 |
% |
36.54 |
37.08 |
1,283 |
47,062 |
-17.28 |
% |
-17.12 |
% |
0.97 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.60 |
% |
0.80 |
% |
44.08 |
44.82 |
1,308 |
57,921 |
15.96 |
% |
16.20 |
% |
0.67 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.60 |
% |
0.80 |
% |
37.93 |
38.65 |
1,320 |
50,344 |
13.11 |
% |
13.34 |
% |
1.51 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.60 |
% |
0.80 |
% |
33.47 |
34.17 |
1,333 |
44,882 |
21.31 |
% |
21.54 |
% |
1.65 |
% |
|||||||||||||||||||||||||||||||||
Janus Henderson Enterprise Portfolio - Service Shares |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.40 |
% |
0.80 |
% |
13.15 |
84.69 |
4,241 |
194,339 |
16.84 |
% |
17.30 |
% |
0.10 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
72.49 |
87.76 |
2,846 |
160,847 |
-16.83 |
% |
-16.82 |
% |
0.08 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
87.14 |
105.51 |
2,232 |
200,840 |
15.61 |
% |
15.61 |
% |
0.24 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
75.38 |
91.26 |
2,107 |
164,508 |
18.23 |
% |
18.24 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
63.75 |
77.19 |
2,013 |
133,488 |
34.08 |
% |
34.09 |
% |
0.05 |
% |
|||||||||||||||||||||||||||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
28.60 |
28.60 |
8,556 |
244,730 |
25.77 |
% |
25.77 |
% |
0.92 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
22.74 |
22.74 |
9,000 |
204,690 |
-20.05 |
% |
-20.05 |
% |
1.02 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
28.45 |
28.45 |
10,236 |
291,209 |
17.15 |
% |
17.15 |
% |
0.52 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
24.28 |
24.28 |
10,566 |
256,587 |
19.10 |
% |
19.10 |
% |
0.74 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
20.39 |
20.39 |
10,659 |
217,337 |
28.02 |
% |
28.02 |
% |
1.01 |
% |
|||||||||||||||||||||||||||||||||
Janus Henderson Global Research Portfolio - Service Shares |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
31.45 |
32.07 |
955 |
30,336 |
25.45 |
% |
25.45 |
% |
0.78 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
25.07 |
25.56 |
945 |
23,925 |
-20.25 |
% |
-20.25 |
% |
0.90 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
31.44 |
32.06 |
952 |
30,232 |
16.83 |
% |
16.84 |
% |
0.36 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
26.91 |
27.44 |
942 |
25,583 |
18.81 |
% |
18.84 |
% |
0.55 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
22.65 |
23.09 |
934 |
21,344 |
27.68 |
% |
27.72 |
% |
0.87 |
% |
|||||||||||||||||||||||||||||||||
Janus Henderson Global Technology and Innovation Portfolio - Service Shares |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
34.27 |
34.27 |
472 |
16,165 |
53.05 |
% |
53.05 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
22.39 |
22.39 |
427 |
9,571 |
-37.63 |
% |
-37.63 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
35.89 |
35.89 |
434 |
15,573 |
16.81 |
% |
16.81 |
% |
0.11 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
30.73 |
30.73 |
568 |
17,451 |
49.53 |
% |
49.53 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
20.55 |
20.55 |
702 |
14,430 |
43.66 |
% |
43.66 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
12.82 |
88.13 |
43,993 |
987,419 |
16.87 |
% |
17.69 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
14.46 |
75.41 |
41,736 |
855,463 |
-26.42 |
% |
-25.90 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
19.53 |
102.48 |
30,588 |
1,089,584 |
17.77 |
% |
18.67 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
23.23 |
87.02 |
31,492 |
947,708 |
33.01 |
% |
34.02 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
17.36 |
65.42 |
23,742 |
766,717 |
35.30 |
% |
36.30 |
% |
0.00 |
% |
R-32
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
LVIP Baron Growth Opportunities Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.60 |
% |
0.60 |
% |
$ |
57.58 |
$ |
57.58 |
2,936 |
$ |
169,041 |
17.40 |
% |
17.40 |
% |
0.00 |
% |
||||||||||||||||||||||||||||||
2022 |
0.60 |
% |
0.60 |
% |
49.05 |
49.05 |
2,816 |
138,126 |
-26.09 |
% |
-26.09 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.60 |
% |
0.60 |
% |
66.36 |
66.36 |
2,754 |
182,778 |
18.30 |
% |
18.30 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.60 |
% |
0.60 |
% |
56.09 |
56.09 |
2,673 |
149,921 |
33.61 |
% |
33.61 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.60 |
% |
0.60 |
% |
41.98 |
41.98 |
2,817 |
118,245 |
35.91 |
% |
35.91 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
25.45 |
45.81 |
28,696 |
457,449 |
8.52 |
% |
9.28 |
% |
2.81 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
17.59 |
41.92 |
20,508 |
389,433 |
-3.06 |
% |
-2.38 |
% |
2.35 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
18.10 |
42.94 |
20,743 |
405,515 |
22.09 |
% |
22.95 |
% |
2.16 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
14.80 |
34.92 |
20,692 |
330,913 |
0.36 |
% |
1.02 |
% |
2.28 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
14.72 |
34.57 |
17,532 |
282,974 |
17.64 |
% |
18.47 |
% |
2.05 |
% |
|||||||||||||||||||||||||||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
13.38 |
25.32 |
126,233 |
1,812,845 |
12.94 |
% |
13.51 |
% |
2.95 |
% |
|||||||||||||||||||||||||||||||||
2022 |
6/3/22 |
0.10 |
% |
0.60 |
% |
11.80 |
22.30 |
90,999 |
1,487,124 |
-5.27 |
% |
-4.99 |
% |
0.39 |
% |
||||||||||||||||||||||||||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.20 |
% |
11.58 |
13.69 |
10,846 |
136,672 |
4.86 |
% |
4.96 |
% |
2.46 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
12.24 |
13.04 |
9,811 |
122,370 |
-5.27 |
% |
-4.80 |
% |
9.11 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
12.93 |
13.70 |
9,701 |
129,429 |
4.05 |
% |
4.57 |
% |
6.85 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
12.42 |
13.10 |
8,937 |
114,570 |
4.65 |
% |
5.17 |
% |
0.16 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
11.87 |
12.46 |
8,610 |
105,345 |
5.26 |
% |
5.79 |
% |
2.30 |
% |
|||||||||||||||||||||||||||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.20 |
% |
11.70 |
39.53 |
13,198 |
172,486 |
12.83 |
% |
12.95 |
% |
3.08 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
10.37 |
35.00 |
12,177 |
142,458 |
-29.07 |
% |
-28.71 |
% |
1.67 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
14.93 |
49.10 |
10,277 |
176,362 |
27.25 |
% |
27.89 |
% |
6.75 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
11.69 |
38.39 |
10,869 |
145,375 |
-2.79 |
% |
-2.31 |
% |
5.76 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
11.97 |
39.30 |
9,399 |
130,793 |
24.17 |
% |
24.79 |
% |
3.59 |
% |
|||||||||||||||||||||||||||||||||
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.10 |
% |
15.27 |
15.27 |
1,606 |
24,520 |
12.25 |
% |
12.25 |
% |
2.25 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.10 |
% |
13.61 |
13.61 |
1,433 |
19,496 |
-16.60 |
% |
-16.60 |
% |
1.65 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.10 |
% |
16.31 |
16.31 |
1,255 |
20,466 |
14.55 |
% |
14.55 |
% |
1.46 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.10 |
% |
14.24 |
14.24 |
1,104 |
15,716 |
3.24 |
% |
3.24 |
% |
1.69 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.10 |
% |
13.79 |
13.79 |
932 |
12,858 |
18.78 |
% |
18.78 |
% |
2.07 |
% |
|||||||||||||||||||||||||||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
28.12 |
56.95 |
7,564 |
238,177 |
33.08 |
% |
34.00 |
% |
0.41 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
21.13 |
42.50 |
8,026 |
188,459 |
-27.32 |
% |
-26.82 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
29.07 |
58.08 |
7,889 |
253,772 |
29.82 |
% |
30.69 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
22.39 |
44.44 |
7,841 |
194,300 |
22.83 |
% |
23.67 |
% |
0.37 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
18.23 |
35.93 |
8,104 |
162,522 |
18.98 |
% |
19.77 |
% |
0.71 |
% |
|||||||||||||||||||||||||||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
15.38 |
49.06 |
7,001 |
142,248 |
17.05 |
% |
17.64 |
% |
0.28 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
18.74 |
41.70 |
7,285 |
126,250 |
-24.03 |
% |
-23.64 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
24.66 |
54.61 |
5,363 |
161,571 |
12.61 |
% |
13.17 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
21.90 |
48.26 |
5,391 |
144,250 |
26.95 |
% |
27.58 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
17.25 |
37.82 |
6,264 |
128,918 |
24.17 |
% |
24.79 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware Bond Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.80 |
% |
9.50 |
24.15 |
56,575 |
957,688 |
5.09 |
% |
5.72 |
% |
3.29 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.80 |
% |
10.17 |
22.98 |
50,466 |
884,588 |
-14.39 |
% |
-13.87 |
% |
3.17 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.20 |
% |
0.80 |
% |
12.00 |
26.85 |
51,570 |
1,059,523 |
-2.58 |
% |
-2.00 |
% |
2.19 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.20 |
% |
0.80 |
% |
12.24 |
27.56 |
44,362 |
954,018 |
8.99 |
% |
9.65 |
% |
2.20 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
11.16 |
25.29 |
56,619 |
1,120,389 |
8.34 |
% |
9.10 |
% |
3.10 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware Diversified Floating Rate Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
11.10 |
12.40 |
100,496 |
1,143,787 |
4.73 |
% |
5.46 |
% |
5.89 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
10.53 |
11.76 |
84,334 |
934,904 |
-0.70 |
% |
0.00 |
% |
2.42 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
10.54 |
11.76 |
86,532 |
962,363 |
-0.44 |
% |
0.30 |
% |
1.28 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
10.88 |
11.72 |
73,031 |
812,874 |
0.52 |
% |
1.26 |
% |
1.69 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
11.03 |
11.58 |
63,258 |
708,257 |
3.98 |
% |
4.50 |
% |
2.86 |
% |
R-33
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
$ |
10.95 |
$ |
20.17 |
59,998 |
$ |
739,100 |
5.60 |
% |
6.13 |
% |
4.31 |
% |
||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
10.33 |
19.10 |
52,214 |
651,336 |
-14.37 |
% |
-13.94 |
% |
3.47 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
12.02 |
22.30 |
49,856 |
729,492 |
-1.89 |
% |
-1.39 |
% |
5.08 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
12.51 |
22.73 |
42,920 |
643,940 |
10.37 |
% |
10.93 |
% |
2.64 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
11.29 |
20.59 |
31,494 |
550,992 |
9.77 |
% |
10.32 |
% |
2.88 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware High Yield Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.80 |
% |
11.01 |
36.29 |
10,146 |
239,435 |
11.77 |
% |
12.44 |
% |
6.82 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.80 |
% |
12.78 |
32.47 |
8,352 |
221,972 |
-12.11 |
% |
-11.59 |
% |
6.14 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.20 |
% |
0.80 |
% |
14.45 |
36.95 |
8,824 |
266,677 |
4.09 |
% |
4.71 |
% |
9.30 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.20 |
% |
0.80 |
% |
13.80 |
35.50 |
12,964 |
340,899 |
6.39 |
% |
7.02 |
% |
5.84 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.20 |
% |
0.80 |
% |
12.90 |
33.37 |
12,798 |
317,376 |
15.50 |
% |
16.20 |
% |
6.53 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
10.98 |
14.04 |
12,184 |
162,916 |
4.16 |
% |
4.89 |
% |
3.60 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
10.48 |
13.39 |
11,733 |
150,235 |
-4.88 |
% |
-4.22 |
% |
2.45 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
13.70 |
13.97 |
12,481 |
166,607 |
-1.47 |
% |
-0.77 |
% |
1.80 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
13.68 |
14.08 |
10,272 |
143,881 |
3.49 |
% |
4.20 |
% |
1.80 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
13.20 |
13.52 |
9,885 |
133,085 |
4.57 |
% |
5.10 |
% |
2.74 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware Mid Cap Value Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.60 |
% |
0.60 |
% |
30.13 |
30.13 |
513 |
15,462 |
10.57 |
% |
10.57 |
% |
1.71 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.60 |
% |
0.60 |
% |
27.25 |
27.25 |
512 |
13,967 |
-9.42 |
% |
-9.42 |
% |
1.54 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.60 |
% |
0.60 |
% |
30.09 |
30.09 |
511 |
15,360 |
31.15 |
% |
31.15 |
% |
1.41 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.60 |
% |
0.60 |
% |
22.94 |
22.94 |
508 |
11,643 |
-0.08 |
% |
-0.08 |
% |
2.90 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.60 |
% |
0.60 |
% |
22.96 |
22.96 |
502 |
11,535 |
29.65 |
% |
29.65 |
% |
0.46 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware SMID Cap Core Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.80 |
% |
13.44 |
59.23 |
23,781 |
762,624 |
15.52 |
% |
16.22 |
% |
1.15 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.80 |
% |
17.06 |
63.37 |
22,665 |
658,104 |
-14.42 |
% |
-13.90 |
% |
0.45 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.20 |
% |
0.80 |
% |
19.82 |
74.04 |
15,416 |
792,747 |
22.20 |
% |
22.93 |
% |
1.09 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.20 |
% |
0.80 |
% |
16.12 |
60.59 |
25,740 |
983,986 |
10.20 |
% |
10.86 |
% |
0.52 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.20 |
% |
0.80 |
% |
14.54 |
54.99 |
24,198 |
842,793 |
28.60 |
% |
29.37 |
% |
0.52 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
52.98 |
52.98 |
831 |
43,750 |
29.14 |
% |
29.14 |
% |
0.99 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
41.03 |
56.50 |
917 |
37,697 |
-20.35 |
% |
-20.35 |
% |
1.10 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
51.51 |
70.94 |
997 |
51,444 |
25.43 |
% |
25.43 |
% |
0.83 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
41.07 |
56.56 |
1,051 |
43,276 |
18.73 |
% |
18.73 |
% |
1.32 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
34.59 |
47.64 |
1,112 |
38,538 |
30.93 |
% |
30.93 |
% |
2.04 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware U.S. Growth Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.40 |
% |
0.80 |
% |
16.73 |
67.24 |
6,191 |
353,197 |
47.17 |
% |
47.76 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.60 |
% |
0.80 |
% |
38.84 |
50.38 |
5,576 |
247,036 |
-28.24 |
% |
-28.10 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.60 |
% |
0.80 |
% |
54.13 |
70.21 |
5,589 |
347,378 |
17.16 |
% |
17.39 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.60 |
% |
0.80 |
% |
46.20 |
59.93 |
5,698 |
302,324 |
42.98 |
% |
43.27 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
32.31 |
53.84 |
6,425 |
248,282 |
26.23 |
% |
27.12 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware U.S. REIT Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.80 |
% |
10.30 |
68.12 |
34,897 |
613,088 |
11.68 |
% |
12.35 |
% |
3.58 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.80 |
% |
11.19 |
60.99 |
23,821 |
530,370 |
-25.90 |
% |
-25.45 |
% |
3.29 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.20 |
% |
0.80 |
% |
15.01 |
82.31 |
17,097 |
710,676 |
41.93 |
% |
42.78 |
% |
3.21 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.20 |
% |
0.80 |
% |
10.51 |
57.99 |
23,471 |
694,873 |
-11.12 |
% |
-10.59 |
% |
1.88 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.20 |
% |
0.80 |
% |
11.75 |
65.25 |
19,480 |
660,617 |
25.80 |
% |
26.56 |
% |
2.17 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware Value Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.80 |
% |
12.08 |
43.31 |
17,002 |
398,858 |
2.67 |
% |
3.28 |
% |
1.71 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.80 |
% |
17.12 |
52.33 |
15,134 |
406,699 |
-4.04 |
% |
-3.46 |
% |
1.77 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.20 |
% |
0.80 |
% |
17.73 |
54.54 |
11,935 |
464,725 |
21.44 |
% |
22.17 |
% |
5.25 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.20 |
% |
0.80 |
% |
14.52 |
44.91 |
38,503 |
965,914 |
-0.39 |
% |
0.21 |
% |
2.01 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
14.49 |
46.51 |
35,210 |
920,993 |
19.01 |
% |
19.85 |
% |
1.64 |
% |
|||||||||||||||||||||||||||||||||
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.20 |
% |
10.58 |
14.21 |
20,635 |
243,288 |
16.46 |
% |
16.57 |
% |
3.68 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.10 |
% |
12.19 |
12.19 |
19,036 |
192,681 |
-11.24 |
% |
-11.24 |
% |
3.48 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
13.03 |
13.74 |
15,658 |
208,250 |
14.68 |
% |
15.25 |
% |
3.13 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
11.36 |
11.92 |
14,722 |
170,453 |
-6.98 |
% |
-6.51 |
% |
1.91 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
12.21 |
12.75 |
12,431 |
154,752 |
16.11 |
% |
16.70 |
% |
2.83 |
% |
R-34
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.20 |
% |
$ |
25.06 |
$ |
25.06 |
3,820 |
$ |
95,750 |
22.54 |
% |
22.54 |
% |
1.42 |
% |
||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.20 |
% |
20.45 |
20.45 |
3,842 |
78,592 |
-15.42 |
% |
-15.42 |
% |
1.38 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.20 |
% |
0.20 |
% |
24.18 |
24.18 |
3,850 |
93,094 |
27.29 |
% |
27.29 |
% |
1.15 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.20 |
% |
0.20 |
% |
19.00 |
19.00 |
4,519 |
85,848 |
16.17 |
% |
16.17 |
% |
1.53 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.20 |
% |
0.20 |
% |
16.35 |
16.35 |
4,861 |
79,487 |
29.85 |
% |
29.85 |
% |
1.85 |
% |
|||||||||||||||||||||||||||||||||
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.20 |
% |
16.69 |
30.66 |
20,758 |
445,442 |
21.70 |
% |
21.83 |
% |
1.28 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.10 |
% |
25.17 |
25.17 |
20,014 |
351,389 |
-14.77 |
% |
-14.77 |
% |
1.10 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
28.00 |
29.53 |
13,604 |
390,954 |
26.93 |
% |
27.56 |
% |
1.09 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
22.06 |
23.15 |
13,766 |
310,736 |
14.61 |
% |
15.18 |
% |
1.17 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
19.25 |
20.10 |
13,325 |
261,901 |
18.86 |
% |
19.46 |
% |
1.26 |
% |
|||||||||||||||||||||||||||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.10 |
% |
35.96 |
35.96 |
749 |
26,923 |
17.11 |
% |
17.11 |
% |
1.67 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.10 |
% |
30.70 |
30.70 |
756 |
23,204 |
-12.15 |
% |
-12.15 |
% |
1.59 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.10 |
% |
34.95 |
34.95 |
761 |
26,603 |
17.19 |
% |
17.19 |
% |
1.20 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.10 |
% |
29.82 |
29.82 |
765 |
22,808 |
12.54 |
% |
12.54 |
% |
1.09 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.10 |
% |
26.50 |
26.50 |
812 |
21,530 |
12.67 |
% |
12.67 |
% |
1.87 |
% |
|||||||||||||||||||||||||||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
10.04 |
31.18 |
36,807 |
454,412 |
9.17 |
% |
9.93 |
% |
3.17 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
12.99 |
28.36 |
38,188 |
444,693 |
-12.54 |
% |
-11.92 |
% |
10.40 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
14.76 |
32.20 |
31,524 |
505,596 |
7.92 |
% |
8.68 |
% |
5.70 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
13.60 |
29.63 |
30,780 |
456,184 |
1.84 |
% |
2.55 |
% |
3.73 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
13.27 |
28.89 |
29,236 |
424,971 |
6.75 |
% |
7.50 |
% |
3.60 |
% |
|||||||||||||||||||||||||||||||||
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.80 |
% |
13.99 |
15.96 |
9,464 |
135,292 |
17.98 |
% |
18.69 |
% |
4.46 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.80 |
% |
11.86 |
13.45 |
9,285 |
112,581 |
-7.76 |
% |
-7.20 |
% |
7.90 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.20 |
% |
0.80 |
% |
12.86 |
14.49 |
9,061 |
119,218 |
12.26 |
% |
12.94 |
% |
4.53 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.20 |
% |
0.80 |
% |
11.45 |
12.83 |
8,891 |
104,185 |
-4.86 |
% |
-4.29 |
% |
2.84 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.20 |
% |
0.80 |
% |
12.04 |
13.41 |
8,581 |
105,423 |
14.50 |
% |
15.19 |
% |
4.40 |
% |
|||||||||||||||||||||||||||||||||
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
22.73 |
82.07 |
59,035 |
1,081,544 |
16.45 |
% |
17.27 |
% |
1.70 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
19.40 |
69.99 |
30,461 |
902,067 |
-10.69 |
% |
-10.06 |
% |
2.90 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
21.59 |
77.82 |
31,567 |
1,048,021 |
30.83 |
% |
31.74 |
% |
3.51 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
16.41 |
59.07 |
10,933 |
217,576 |
2.16 |
% |
2.88 |
% |
2.86 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
15.96 |
57.41 |
10,427 |
199,630 |
26.28 |
% |
27.17 |
% |
2.77 |
% |
|||||||||||||||||||||||||||||||||
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.20 |
% |
19.20 |
75.79 |
4,435 |
90,294 |
15.31 |
% |
15.42 |
% |
1.77 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
16.65 |
65.66 |
2,291 |
72,777 |
-12.97 |
% |
-12.54 |
% |
3.58 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
19.06 |
75.07 |
2,288 |
83,218 |
32.86 |
% |
33.53 |
% |
2.44 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
14.29 |
56.22 |
2,447 |
64,971 |
5.35 |
% |
5.88 |
% |
2.98 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
13.51 |
53.10 |
2,231 |
56,250 |
19.11 |
% |
19.71 |
% |
2.13 |
% |
|||||||||||||||||||||||||||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
22.17 |
25.53 |
8,029 |
183,766 |
9.06 |
% |
9.61 |
% |
1.98 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
20.33 |
23.29 |
8,670 |
181,423 |
-15.90 |
% |
-15.48 |
% |
2.56 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
23.38 |
27.56 |
9,714 |
240,500 |
6.78 |
% |
7.53 |
% |
3.60 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
21.90 |
25.63 |
9,343 |
216,207 |
6.22 |
% |
6.97 |
% |
2.23 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
20.61 |
23.96 |
9,642 |
209,441 |
14.10 |
% |
14.90 |
% |
2.66 |
% |
|||||||||||||||||||||||||||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.20 |
% |
14.20 |
29.29 |
45,395 |
932,457 |
13.10 |
% |
13.21 |
% |
2.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.20 |
% |
12.56 |
25.87 |
44,314 |
808,914 |
-18.84 |
% |
-18.76 |
% |
2.58 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.20 |
% |
15.47 |
31.85 |
42,361 |
961,550 |
12.55 |
% |
12.66 |
% |
3.22 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.20 |
% |
13.75 |
28.27 |
41,873 |
849,583 |
5.65 |
% |
5.75 |
% |
2.30 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.20 |
% |
13.01 |
26.73 |
40,923 |
792,020 |
15.62 |
% |
15.74 |
% |
2.42 |
% |
|||||||||||||||||||||||||||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.20 |
% |
11.65 |
27.45 |
75,708 |
1,333,123 |
11.62 |
% |
11.73 |
% |
2.02 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
10.43 |
24.57 |
65,762 |
1,165,436 |
-17.87 |
% |
-17.46 |
% |
2.75 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
12.65 |
29.76 |
63,213 |
1,364,047 |
10.16 |
% |
10.71 |
% |
3.20 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
13.61 |
26.88 |
60,780 |
1,189,221 |
5.46 |
% |
5.99 |
% |
2.21 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
12.85 |
25.36 |
57,169 |
1,084,637 |
14.33 |
% |
14.90 |
% |
2.48 |
% |
R-35
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
LVIP Government Money Market Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
$ |
10.46 |
$ |
12.12 |
506,794 |
$ |
5,804,754 |
3.92 |
% |
4.65 |
% |
4.65 |
% |
||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
10.39 |
11.66 |
509,709 |
5,609,428 |
0.49 |
% |
1.20 |
% |
2.37 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
10.28 |
11.61 |
27,325 |
296,055 |
-0.78 |
% |
-0.18 |
% |
0.01 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.20 |
% |
0.80 |
% |
10.30 |
11.70 |
33,073 |
361,603 |
-0.52 |
% |
0.08 |
% |
0.28 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
10.29 |
11.76 |
40,772 |
445,201 |
0.98 |
% |
1.59 |
% |
1.74 |
% |
|||||||||||||||||||||||||||||||||
LVIP JPMorgan High Yield Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
12.28 |
20.06 |
17,343 |
238,988 |
10.87 |
% |
11.65 |
% |
5.02 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
16.44 |
17.96 |
12,175 |
200,322 |
-10.95 |
% |
-10.32 |
% |
5.73 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
18.46 |
20.03 |
11,764 |
224,191 |
5.59 |
% |
6.33 |
% |
4.90 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
17.48 |
18.84 |
5,369 |
97,365 |
4.68 |
% |
5.45 |
% |
5.09 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
17.02 |
17.87 |
4,898 |
84,481 |
12.30 |
% |
12.87 |
% |
5.80 |
% |
|||||||||||||||||||||||||||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
21.09 |
47.55 |
4,984 |
84,816 |
11.41 |
% |
11.96 |
% |
1.61 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
18.93 |
42.47 |
3,610 |
71,724 |
-9.71 |
% |
-9.26 |
% |
1.39 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
20.97 |
46.80 |
3,687 |
81,146 |
28.30 |
% |
28.94 |
% |
1.01 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
16.34 |
36.30 |
4,096 |
70,158 |
1.34 |
% |
1.83 |
% |
1.26 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
16.12 |
35.65 |
3,567 |
60,100 |
15.47 |
% |
16.02 |
% |
1.32 |
% |
|||||||||||||||||||||||||||||||||
LVIP MFS International Growth Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
14.12 |
41.12 |
59,742 |
882,347 |
14.03 |
% |
14.60 |
% |
2.20 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
16.23 |
35.88 |
45,401 |
726,237 |
-14.80 |
% |
-14.37 |
% |
1.07 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
19.04 |
41.90 |
44,209 |
868,766 |
10.58 |
% |
11.13 |
% |
0.75 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
17.22 |
37.70 |
27,158 |
491,890 |
13.85 |
% |
14.42 |
% |
1.01 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
15.13 |
32.95 |
24,318 |
389,853 |
26.80 |
% |
27.44 |
% |
1.66 |
% |
|||||||||||||||||||||||||||||||||
LVIP MFS Value Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
29.20 |
58.79 |
38,578 |
734,119 |
7.42 |
% |
7.96 |
% |
1.89 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
27.18 |
54.46 |
20,290 |
607,081 |
-6.64 |
% |
-6.17 |
% |
1.77 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
29.11 |
58.04 |
22,195 |
704,939 |
24.71 |
% |
25.34 |
% |
1.41 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
23.34 |
46.30 |
21,155 |
540,081 |
3.04 |
% |
3.56 |
% |
1.83 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
22.66 |
44.71 |
17,471 |
438,552 |
29.07 |
% |
29.71 |
% |
1.84 |
% |
|||||||||||||||||||||||||||||||||
LVIP Mondrian Global Income Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.20 |
% |
9.62 |
12.66 |
56,507 |
571,059 |
3.81 |
% |
3.92 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
9.27 |
12.18 |
50,825 |
500,970 |
-15.64 |
% |
-15.22 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
10.95 |
14.37 |
46,044 |
535,705 |
-5.66 |
% |
-5.18 |
% |
3.36 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
14.30 |
15.16 |
38,112 |
469,212 |
6.14 |
% |
6.68 |
% |
1.74 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
13.47 |
14.21 |
29,490 |
402,720 |
6.10 |
% |
6.63 |
% |
2.65 |
% |
|||||||||||||||||||||||||||||||||
LVIP Mondrian International Value Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.80 |
% |
11.40 |
27.24 |
32,658 |
590,229 |
19.16 |
% |
19.87 |
% |
3.24 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.80 |
% |
12.29 |
28.85 |
32,869 |
528,734 |
-11.47 |
% |
-10.93 |
% |
2.84 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.20 |
% |
0.80 |
% |
12.25 |
32.58 |
31,952 |
609,954 |
10.38 |
% |
11.04 |
% |
3.57 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.20 |
% |
0.80 |
% |
11.08 |
29.52 |
30,747 |
526,547 |
-5.73 |
% |
-5.16 |
% |
2.58 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.20 |
% |
0.80 |
% |
11.73 |
31.31 |
27,526 |
506,601 |
17.30 |
% |
18.01 |
% |
3.85 |
% |
|||||||||||||||||||||||||||||||||
LVIP SSGA Bond Index Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.20 |
% |
10.39 |
13.84 |
26,436 |
280,453 |
5.09 |
% |
5.20 |
% |
2.89 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
9.89 |
13.15 |
22,987 |
243,379 |
-13.96 |
% |
-13.53 |
% |
2.11 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
11.44 |
15.21 |
21,867 |
281,823 |
-2.56 |
% |
-2.07 |
% |
1.98 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
11.70 |
15.53 |
18,675 |
245,630 |
6.84 |
% |
7.38 |
% |
2.20 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
10.91 |
14.46 |
17,985 |
220,189 |
7.59 |
% |
8.13 |
% |
2.74 |
% |
|||||||||||||||||||||||||||||||||
LVIP SSGA Conservative Index Allocation Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2020 |
0.60 |
% |
0.60 |
% |
17.77 |
17.77 |
199 |
3,535 |
11.51 |
% |
11.51 |
% |
0.92 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.60 |
% |
0.60 |
% |
15.94 |
15.94 |
737 |
11,745 |
14.14 |
% |
14.14 |
% |
1.79 |
% |
|||||||||||||||||||||||||||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
20.00 |
29.81 |
29,089 |
441,666 |
12.83 |
% |
13.39 |
% |
2.62 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
12.49 |
26.29 |
24,801 |
378,208 |
-14.84 |
% |
-14.41 |
% |
4.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
14.67 |
30.72 |
23,381 |
424,869 |
11.68 |
% |
12.47 |
% |
5.29 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
13.11 |
27.31 |
22,148 |
367,619 |
6.17 |
% |
6.91 |
% |
1.98 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
12.32 |
25.55 |
20,521 |
326,875 |
14.83 |
% |
15.64 |
% |
2.69 |
% |
R-36
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
LVIP SSGA International Index Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.20 |
% |
$ |
16.15 |
$ |
31.93 |
2,017 |
$ |
41,587 |
17.34 |
% |
17.45 |
% |
3.18 |
% |
||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.20 |
% |
13.77 |
27.19 |
2,097 |
36,725 |
-14.49 |
% |
-14.41 |
% |
4.56 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.20 |
% |
16.10 |
31.76 |
2,101 |
43,243 |
10.84 |
% |
10.95 |
% |
1.62 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
12.26 |
28.63 |
20,906 |
269,743 |
7.20 |
% |
7.74 |
% |
2.55 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
11.44 |
26.57 |
20,415 |
246,089 |
20.86 |
% |
21.47 |
% |
2.67 |
% |
|||||||||||||||||||||||||||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.10 |
% |
11.14 |
11.14 |
557 |
6,199 |
17.33 |
% |
17.33 |
% |
3.02 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.10 |
% |
9.49 |
9.49 |
565 |
5,366 |
-16.91 |
% |
-16.91 |
% |
4.21 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.10 |
% |
11.42 |
11.42 |
574 |
6,560 |
10.64 |
% |
10.64 |
% |
0.68 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
9.94 |
10.32 |
14,113 |
140,454 |
-1.57 |
% |
-1.06 |
% |
2.13 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
10.09 |
10.44 |
12,690 |
128,298 |
18.08 |
% |
18.66 |
% |
2.46 |
% |
|||||||||||||||||||||||||||||||||
LVIP SSGA Moderate Index Allocation Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
20.78 |
22.82 |
79,736 |
1,488,388 |
12.66 |
% |
13.45 |
% |
2.40 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
18.45 |
20.11 |
69,668 |
1,293,037 |
-16.09 |
% |
-15.50 |
% |
2.87 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
21.98 |
23.80 |
67,540 |
1,492,606 |
9.51 |
% |
10.28 |
% |
2.26 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
20.49 |
21.58 |
65,735 |
1,325,543 |
13.15 |
% |
13.72 |
% |
2.33 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
18.11 |
18.98 |
10,508 |
191,386 |
17.53 |
% |
18.12 |
% |
2.44 |
% |
|||||||||||||||||||||||||||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
18.79 |
81.48 |
120,400 |
3,383,725 |
25.25 |
% |
25.88 |
% |
1.50 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
20.48 |
64.73 |
84,749 |
2,728,372 |
-18.80 |
% |
-18.39 |
% |
1.42 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
25.12 |
79.32 |
84,952 |
3,655,614 |
27.65 |
% |
28.29 |
% |
1.31 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
19.60 |
61.82 |
67,116 |
2,329,109 |
17.33 |
% |
17.91 |
% |
1.65 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
16.64 |
52.43 |
68,042 |
2,000,330 |
30.42 |
% |
31.07 |
% |
1.59 |
% |
|||||||||||||||||||||||||||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
13.22 |
57.93 |
49,075 |
700,969 |
15.81 |
% |
16.38 |
% |
1.36 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
11.37 |
49.78 |
25,042 |
565,977 |
-21.26 |
% |
-20.86 |
% |
1.22 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
20.88 |
62.90 |
24,068 |
691,001 |
13.87 |
% |
14.44 |
% |
1.08 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
18.26 |
54.96 |
7,177 |
197,969 |
18.48 |
% |
19.08 |
% |
1.12 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
15.35 |
46.16 |
7,563 |
172,933 |
24.27 |
% |
24.90 |
% |
1.00 |
% |
|||||||||||||||||||||||||||||||||
LVIP Structured Moderate Allocation Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.20 |
% |
12.96 |
12.96 |
6,750 |
87,510 |
12.86 |
% |
12.86 |
% |
2.81 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.20 |
% |
11.49 |
11.49 |
6,330 |
72,709 |
-13.32 |
% |
-13.32 |
% |
4.90 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.20 |
% |
0.20 |
% |
13.25 |
13.25 |
5,857 |
77,622 |
11.93 |
% |
11.93 |
% |
4.99 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.60 |
% |
0.60 |
% |
19.31 |
19.31 |
3,457 |
66,758 |
9.20 |
% |
9.20 |
% |
2.66 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.60 |
% |
0.60 |
% |
17.68 |
17.68 |
3,516 |
62,179 |
15.87 |
% |
15.87 |
% |
2.70 |
% |
|||||||||||||||||||||||||||||||||
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.10 |
% |
23.98 |
23.98 |
24,299 |
427,115 |
14.16 |
% |
14.16 |
% |
2.69 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
19.75 |
21.01 |
16,769 |
342,459 |
-13.65 |
% |
-13.22 |
% |
4.96 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
22.87 |
24.21 |
16,447 |
387,218 |
13.00 |
% |
13.57 |
% |
5.51 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
20.24 |
21.32 |
15,285 |
317,610 |
8.62 |
% |
9.17 |
% |
2.93 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
18.63 |
19.53 |
13,855 |
264,217 |
16.72 |
% |
17.31 |
% |
3.26 |
% |
|||||||||||||||||||||||||||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.60 |
% |
0.60 |
% |
19.97 |
19.97 |
485 |
9,683 |
18.48 |
% |
18.48 |
% |
1.74 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.60 |
% |
0.60 |
% |
16.86 |
16.86 |
488 |
8,220 |
-18.23 |
% |
-18.23 |
% |
2.41 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.60 |
% |
0.60 |
% |
20.61 |
20.61 |
163 |
3,350 |
16.23 |
% |
16.23 |
% |
3.14 |
% |
|||||||||||||||||||||||||||||||||
2020 |
1/7/20 |
0.60 |
% |
0.60 |
% |
17.74 |
17.74 |
77 |
1,369 |
15.55 |
% |
15.55 |
% |
3.12 |
% |
||||||||||||||||||||||||||||||||
LVIP T. Rowe Price Growth Stock Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
43.04 |
85.98 |
3,578 |
208,740 |
45.44 |
% |
46.17 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
29.59 |
58.82 |
3,531 |
142,274 |
-41.07 |
% |
-40.78 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
50.22 |
99.33 |
3,505 |
240,754 |
19.75 |
% |
20.35 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
41.94 |
82.53 |
3,474 |
200,069 |
35.65 |
% |
36.33 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
30.92 |
60.54 |
3,395 |
145,487 |
30.27 |
% |
30.93 |
% |
0.08 |
% |
|||||||||||||||||||||||||||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.20 |
% |
24.30 |
87.70 |
9,030 |
282,345 |
20.93 |
% |
21.05 |
% |
0.03 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.20 |
% |
20.10 |
72.45 |
9,291 |
238,208 |
-24.67 |
% |
-24.60 |
% |
0.02 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.20 |
% |
26.68 |
96.08 |
9,457 |
320,069 |
13.62 |
% |
13.73 |
% |
0.01 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.20 |
% |
23.48 |
84.48 |
9,700 |
287,374 |
31.43 |
% |
31.56 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.20 |
% |
17.87 |
64.21 |
9,839 |
221,283 |
37.12 |
% |
37.26 |
% |
0.17 |
% |
R-37
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
LVIP Vanguard Bond Allocation Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.20 |
% |
$ |
10.37 |
$ |
11.83 |
8,050 |
$ |
87,381 |
5.79 |
% |
5.89 |
% |
3.50 |
% |
||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.10 |
% |
11.17 |
11.17 |
6,912 |
71,096 |
-13.45 |
% |
-13.45 |
% |
2.05 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
12.23 |
12.90 |
6,228 |
77,731 |
-1.88 |
% |
-1.38 |
% |
1.50 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
12.47 |
13.09 |
5,315 |
67,612 |
5.05 |
% |
5.58 |
% |
1.63 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
11.87 |
12.39 |
4,832 |
58,445 |
6.84 |
% |
7.37 |
% |
2.59 |
% |
|||||||||||||||||||||||||||||||||
LVIP Vanguard Domestic Equity ETF Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.20 |
% |
18.33 |
18.33 |
2,914 |
53,414 |
24.97 |
% |
24.97 |
% |
1.33 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.20 |
% |
14.67 |
14.67 |
3,131 |
45,913 |
-18.90 |
% |
-18.90 |
% |
1.27 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.60 |
% |
0.60 |
% |
37.53 |
37.53 |
1,593 |
59,764 |
24.98 |
% |
24.98 |
% |
1.21 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.60 |
% |
0.60 |
% |
30.03 |
30.03 |
1,786 |
53,628 |
19.11 |
% |
19.11 |
% |
1.38 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.60 |
% |
0.60 |
% |
25.21 |
25.21 |
1,941 |
48,929 |
29.51 |
% |
29.51 |
% |
1.59 |
% |
|||||||||||||||||||||||||||||||||
LVIP Vanguard International Equity ETF Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
11.66 |
16.90 |
72,602 |
1,046,964 |
14.68 |
% |
15.25 |
% |
3.18 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
13.84 |
14.67 |
68,498 |
875,887 |
-17.12 |
% |
-16.71 |
% |
2.63 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
16.70 |
17.61 |
59,554 |
996,179 |
7.52 |
% |
8.06 |
% |
2.87 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
15.53 |
16.30 |
56,141 |
873,170 |
10.23 |
% |
10.78 |
% |
2.36 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
14.09 |
14.71 |
52,833 |
745,189 |
21.47 |
% |
22.07 |
% |
3.18 |
% |
|||||||||||||||||||||||||||||||||
LVIP Wellington Capital Growth Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.40 |
% |
0.80 |
% |
13.91 |
49.77 |
7,615 |
283,029 |
37.60 |
% |
38.15 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.60 |
% |
0.80 |
% |
34.99 |
36.10 |
8,952 |
217,645 |
-33.86 |
% |
-33.73 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.60 |
% |
0.80 |
% |
52.91 |
54.48 |
5,524 |
295,769 |
16.18 |
% |
16.41 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.60 |
% |
0.80 |
% |
45.54 |
46.79 |
4,928 |
227,178 |
41.89 |
% |
42.17 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.60 |
% |
0.80 |
% |
32.09 |
32.91 |
4,836 |
156,921 |
40.26 |
% |
40.54 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
LVIP Wellington SMID Cap Value Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.60 |
% |
13.67 |
67.54 |
9,520 |
167,150 |
16.54 |
% |
17.12 |
% |
0.97 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.60 |
% |
22.53 |
57.66 |
10,371 |
151,610 |
-10.54 |
% |
-10.10 |
% |
0.73 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
24.46 |
64.14 |
7,294 |
187,855 |
27.18 |
% |
28.05 |
% |
0.49 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
19.23 |
50.09 |
7,897 |
158,669 |
0.96 |
% |
1.70 |
% |
0.94 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
19.05 |
49.25 |
7,961 |
157,092 |
29.55 |
% |
30.53 |
% |
1.00 |
% |
|||||||||||||||||||||||||||||||||
MFS® VIT Growth Series - Initial Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
13.75 |
94.32 |
10,792 |
611,966 |
34.78 |
% |
35.73 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
39.07 |
69.50 |
11,838 |
479,661 |
-32.18 |
% |
-31.70 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
57.61 |
105.85 |
9,870 |
676,245 |
22.55 |
% |
23.41 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
47.01 |
86.37 |
9,999 |
557,062 |
30.81 |
% |
31.72 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
35.94 |
66.03 |
10,772 |
456,522 |
37.05 |
% |
38.01 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
MFS® VIT Total Return Series - Initial Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
12.10 |
37.83 |
8,529 |
273,260 |
9.56 |
% |
10.33 |
% |
2.04 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
15.02 |
34.53 |
8,611 |
247,713 |
-10.30 |
% |
-9.67 |
% |
1.71 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
16.65 |
38.50 |
8,350 |
282,700 |
13.21 |
% |
14.00 |
% |
1.80 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
14.62 |
34.00 |
8,241 |
246,116 |
8.94 |
% |
9.70 |
% |
2.28 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
13.34 |
31.21 |
8,104 |
223,245 |
19.42 |
% |
20.26 |
% |
2.34 |
% |
|||||||||||||||||||||||||||||||||
MFS® VIT Utilities Series - Initial Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
11.20 |
55.44 |
28,096 |
820,243 |
-2.89 |
% |
-2.21 |
% |
3.59 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
17.67 |
78.58 |
24,676 |
787,309 |
-0.05 |
% |
0.65 |
% |
2.31 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
17.58 |
78.62 |
24,270 |
903,891 |
13.18 |
% |
13.98 |
% |
1.77 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
15.44 |
69.46 |
23,298 |
766,307 |
5.06 |
% |
5.80 |
% |
2.51 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
14.60 |
66.12 |
21,767 |
696,182 |
24.07 |
% |
24.94 |
% |
3.97 |
% |
|||||||||||||||||||||||||||||||||
Neuberger Berman AMT Large Cap Value Portfolio - I Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2019 |
0.00 |
% |
0.00 |
% |
— |
— |
— |
— |
0.00 |
% |
0.00 |
% |
2.02 |
% |
|||||||||||||||||||||||||||||||||
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.80 |
% |
12.51 |
55.65 |
36,227 |
1,073,067 |
17.21 |
% |
17.91 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.80 |
% |
18.68 |
60.94 |
32,454 |
937,618 |
-29.30 |
% |
-28.88 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.20 |
% |
0.80 |
% |
26.26 |
86.21 |
24,068 |
1,363,816 |
12.09 |
% |
12.77 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.20 |
% |
0.80 |
% |
23.29 |
76.91 |
24,594 |
1,242,069 |
38.87 |
% |
39.70 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.20 |
% |
0.80 |
% |
16.67 |
55.38 |
25,503 |
921,679 |
31.69 |
% |
32.48 |
% |
0.00 |
% |
R-38
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.80 |
% |
$ |
12.96 |
$ |
42.02 |
3,732 |
$ |
60,554 |
10.12 |
% |
10.78 |
% |
1.05 |
% |
||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.80 |
% |
14.87 |
45.68 |
1,920 |
54,122 |
-10.47 |
% |
-9.94 |
% |
0.58 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.20 |
% |
0.80 |
% |
16.52 |
51.02 |
2,024 |
65,644 |
31.71 |
% |
32.53 |
% |
0.58 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.20 |
% |
0.80 |
% |
12.46 |
38.73 |
2,376 |
56,919 |
-3.44 |
% |
-2.81 |
% |
1.28 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.20 |
% |
0.80 |
% |
12.82 |
40.09 |
2,078 |
51,526 |
15.81 |
% |
16.51 |
% |
0.70 |
% |
|||||||||||||||||||||||||||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
48.60 |
48.60 |
793 |
38,525 |
25.89 |
% |
25.89 |
% |
0.33 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
38.61 |
38.61 |
836 |
32,271 |
-19.10 |
% |
-19.10 |
% |
0.43 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
47.72 |
47.72 |
859 |
41,002 |
22.49 |
% |
22.49 |
% |
0.37 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
38.96 |
38.96 |
916 |
35,697 |
18.61 |
% |
18.61 |
% |
0.60 |
% |
|||||||||||||||||||||||||||||||||
2019 |
4/30/19 |
0.80 |
% |
0.80 |
% |
32.85 |
32.85 |
974 |
32,004 |
8.82 |
% |
8.82 |
% |
0.41 |
% |
||||||||||||||||||||||||||||||||
PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.20 |
% |
11.88 |
12.45 |
35,855 |
442,070 |
-8.04 |
% |
-7.95 |
% |
15.63 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.20 |
% |
12.91 |
13.54 |
30,448 |
407,609 |
8.40 |
% |
8.51 |
% |
22.27 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.60 |
% |
11.16 |
12.49 |
37,502 |
452,693 |
32.54 |
% |
33.21 |
% |
4.09 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.60 |
% |
8.42 |
8.93 |
56,326 |
502,756 |
0.75 |
% |
1.25 |
% |
6.48 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.60 |
% |
8.36 |
8.82 |
52,415 |
443,120 |
10.76 |
% |
11.32 |
% |
4.55 |
% |
|||||||||||||||||||||||||||||||||
Putnam VT Large Cap Value Fund - Class IB |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
40.98 |
40.98 |
796 |
32,632 |
14.75 |
% |
14.75 |
% |
2.03 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
35.71 |
35.71 |
847 |
30,249 |
-3.90 |
% |
-3.90 |
% |
1.48 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
37.16 |
37.16 |
888 |
33,009 |
26.29 |
% |
26.29 |
% |
1.20 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
29.43 |
29.43 |
921 |
27,101 |
4.96 |
% |
4.96 |
% |
1.71 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
28.04 |
28.04 |
952 |
26,700 |
29.36 |
% |
29.36 |
% |
1.99 |
% |
|||||||||||||||||||||||||||||||||
Templeton Foreign VIP Fund - Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
20.25 |
20.25 |
3,758 |
76,106 |
19.79 |
% |
19.79 |
% |
3.23 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
16.91 |
16.91 |
4,092 |
69,176 |
-8.34 |
% |
-8.34 |
% |
3.10 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
18.44 |
18.44 |
4,439 |
81,877 |
3.33 |
% |
3.33 |
% |
1.84 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
17.85 |
17.85 |
4,367 |
77,948 |
-1.95 |
% |
-1.95 |
% |
3.45 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
18.20 |
18.20 |
4,276 |
77,830 |
11.63 |
% |
11.63 |
% |
1.72 |
% |
|||||||||||||||||||||||||||||||||
Templeton Global Bond VIP Fund - Class 1 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.10 |
% |
0.80 |
% |
15.75 |
18.29 |
7,017 |
124,048 |
2.37 |
% |
3.09 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.10 |
% |
0.80 |
% |
15.28 |
17.83 |
6,731 |
116,090 |
-5.61 |
% |
-4.94 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.10 |
% |
0.80 |
% |
16.08 |
18.85 |
6,840 |
124,851 |
-5.39 |
% |
-4.72 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.10 |
% |
0.80 |
% |
16.87 |
19.89 |
5,683 |
109,185 |
-5.89 |
% |
-5.17 |
% |
8.59 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.10 |
% |
0.80 |
% |
17.79 |
21.07 |
6,974 |
137,498 |
1.65 |
% |
2.15 |
% |
7.15 |
% |
|||||||||||||||||||||||||||||||||
Templeton Growth VIP Fund - Class 1 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.20 |
% |
0.80 |
% |
15.68 |
26.28 |
8,130 |
161,735 |
20.27 |
% |
20.99 |
% |
3.48 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.20 |
% |
0.80 |
% |
12.96 |
26.33 |
8,595 |
142,250 |
-12.03 |
% |
-11.50 |
% |
0.53 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.20 |
% |
0.80 |
% |
14.65 |
29.93 |
7,811 |
147,409 |
4.42 |
% |
5.05 |
% |
1.31 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.20 |
% |
0.80 |
% |
13.94 |
28.66 |
7,570 |
137,125 |
5.14 |
% |
5.77 |
% |
3.26 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.20 |
% |
0.80 |
% |
13.18 |
27.26 |
7,300 |
125,120 |
14.51 |
% |
15.20 |
% |
3.12 |
% |
|||||||||||||||||||||||||||||||||
Templeton Growth VIP Fund - Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.80 |
% |
0.80 |
% |
29.22 |
29.22 |
824 |
24,076 |
20.05 |
% |
20.05 |
% |
3.40 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.80 |
% |
0.80 |
% |
24.34 |
24.34 |
873 |
21,248 |
-12.21 |
% |
-12.21 |
% |
0.16 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.80 |
% |
0.80 |
% |
27.72 |
27.72 |
892 |
24,728 |
4.04 |
% |
4.04 |
% |
1.11 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.80 |
% |
0.80 |
% |
26.65 |
26.65 |
866 |
23,076 |
4.96 |
% |
4.96 |
% |
2.98 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.80 |
% |
0.80 |
% |
25.39 |
25.39 |
801 |
20,327 |
14.24 |
% |
14.24 |
% |
2.74 |
% |
(1) Reflects less than a full year of activity. Funds were first received in this option on the commencement date noted or the option was inactive at the date funds were received; thereby, a succeeding commencement date is disclosed. In the scenario where a subaccount commenced operations during the year, the total returns may not bear proportion to the fee rate range if multiple fee rates commenced during the year.
(2) These amounts represent the annualized minimum and maximum contract expenses of the separate account, consisting primarily of mortality and expense charges, for only those subaccounts that existed for the entire year. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year. The ratios include only those expenses that result in
R-39
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
3. Financial Highlights (continued)
a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds have been excluded.
(3) As the unit value is presented as a range of minimum to maximum values for only those subaccounts which existed for the entire year, some individual contract unit values may not be within the ranges presented as a result of partial year activity. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year.
(4) These amounts represent the total return, including changes in value of mutual funds, and reflect deductions for all items included in the fee rate. The total return does not include contract charges deducted directly from policy account values. The total return is not annualized. As the total return is presented as a range of minimum to maximum values for only those subaccounts that existed for the entire year, some individual contract total returns may not be within the ranges presented as a result of partial year activity. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year.
(5) These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense guarantee charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest. Investment income ratios are not annualized.
Note: Fee rate, unit value and total return minimum and maximum are the same where there is only one active contract level charge for the subaccount.
4. Purchases and Sales of Investments
The aggregate cost of investments purchased and the aggregate proceeds from investments sold were as follows for 2023:
Subaccount |
Aggregate Cost of Purchases |
Aggregate Proceeds from Sales |
|||||||||
AB VPS Discovery Value Portfolio - Class A |
$ |
185,824 |
$ |
36,263 |
|||||||
AB VPS International Value Portfolio - Class A |
3,600 |
10,270 |
|||||||||
AB VPS Large Cap Growth Portfolio - Class A |
19,591 |
2,309 |
|||||||||
AB VPS Relative Value Portfolio - Class A |
76,091 |
16,027 |
|||||||||
AB VPS Sustainable Global Thematic Portfolio - Class A |
56,643 |
18,797 |
|||||||||
American Century VP Balanced Fund - Class I |
8,157 |
5,677 |
|||||||||
American Century VP Inflation Protection Fund - Class I |
23,900 |
7,594 |
|||||||||
American Funds Global Growth Fund - Class 2 |
316,815 |
100,896 |
|||||||||
American Funds Global Small Capitalization Fund - Class 2 |
29,164 |
12,148 |
|||||||||
American Funds Growth Fund - Class 2 |
307,525 |
285,796 |
|||||||||
American Funds Growth-Income Fund - Class 2 |
180,610 |
91,889 |
|||||||||
American Funds International Fund - Class 2 |
85,170 |
82,016 |
|||||||||
ClearBridge Variable Mid Cap Portfolio - Class I |
12 |
1 |
|||||||||
Delaware VIP® Emerging Markets Series - Standard Class |
151,811 |
59,824 |
|||||||||
Delaware VIP® Small Cap Value Series - Standard Class |
100,619 |
51,987 |
|||||||||
DWS Equity 500 Index VIP Portfolio - Class A |
82,665 |
68,298 |
|||||||||
DWS Small Cap Index VIP Portfolio - Class A |
48,571 |
18,709 |
|||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class |
145,657 |
190,672 |
|||||||||
Fidelity® VIP Equity-Income Portfolio - Service Class |
25,890 |
7,117 |
|||||||||
Fidelity® VIP Growth Opportunities Portfolio - Service Class |
710 |
2,822 |
|||||||||
Fidelity® VIP Growth Portfolio - Service Class |
46,967 |
82,742 |
|||||||||
Fidelity® VIP High Income Portfolio - Service Class |
3,882 |
2,415 |
|||||||||
Fidelity® VIP Mid Cap Portfolio - Service Class |
61,833 |
57,884 |
|||||||||
Fidelity® VIP Overseas Portfolio - Service Class |
7,065 |
12,864 |
|||||||||
Franklin Income VIP Fund - Class 1 |
179,611 |
23,198 |
|||||||||
Franklin Mutual Shares VIP Fund - Class 1 |
159,075 |
43,116 |
|||||||||
Franklin Small-Mid Cap Growth VIP Fund - Class 1 |
13,366 |
19,000 |
|||||||||
Invesco V.I. American Franchise Fund - Series I Shares |
13,541 |
32,130 |
|||||||||
Invesco V.I. Core Equity Fund - Series I Shares |
8,622 |
10,275 |
R-40
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
4. Purchases and Sales of Investments (continued)
Subaccount |
Aggregate Cost of Purchases |
Aggregate Proceeds from Sales |
|||||||||
Invesco V.I. EQV International Equity Fund - Series I Shares |
$ |
4,992 |
$ |
1,638 |
|||||||
Janus Henderson Balanced Portfolio - Institutional Shares |
12,762 |
9,806 |
|||||||||
Janus Henderson Balanced Portfolio - Service Shares |
1,044 |
1,893 |
|||||||||
Janus Henderson Enterprise Portfolio - Service Shares |
27,623 |
9,647 |
|||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
9,617 |
14,470 |
|||||||||
Janus Henderson Global Research Portfolio - Service Shares |
1,816 |
746 |
|||||||||
Janus Henderson Global Technology and Innovation Portfolio - Service Shares |
2,035 |
1,097 |
|||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
56,589 |
61,155 |
|||||||||
LVIP Baron Growth Opportunities Fund - Standard Class |
10,633 |
2,442 |
|||||||||
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class |
82,674 |
10,628 |
|||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
189,496 |
25,279 |
|||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
14,798 |
3,604 |
|||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
20,535 |
5,983 |
|||||||||
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class |
3,750 |
894 |
|||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
4,035 |
16,140 |
|||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
2,194 |
6,849 |
|||||||||
LVIP Delaware Bond Fund - Standard Class |
87,427 |
38,151 |
|||||||||
LVIP Delaware Diversified Floating Rate Fund - Standard Class |
255,808 |
42,884 |
|||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
97,232 |
22,983 |
|||||||||
LVIP Delaware High Yield Fund - Standard Class |
21,398 |
15,757 |
|||||||||
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class |
19,458 |
8,745 |
|||||||||
LVIP Delaware Mid Cap Value Fund - Standard Class |
1,597 |
257 |
|||||||||
LVIP Delaware SMID Cap Core Fund - Standard Class |
75,498 |
36,597 |
|||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
4,809 |
6,176 |
|||||||||
LVIP Delaware U.S. Growth Fund - Standard Class |
5,626 |
17,085 |
|||||||||
LVIP Delaware U.S. REIT Fund - Standard Class |
54,940 |
21,725 |
|||||||||
LVIP Delaware Value Fund - Standard Class |
34,261 |
31,007 |
|||||||||
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class |
32,434 |
7,302 |
|||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
9,901 |
5,731 |
|||||||||
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class |
82,707 |
17,940 |
|||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
1,554 |
256 |
|||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
28,615 |
45,754 |
|||||||||
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class |
9,284 |
2,487 |
|||||||||
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class |
169,881 |
27,359 |
|||||||||
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class |
14,409 |
3,258 |
|||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
12,080 |
17,900 |
|||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
70,128 |
38,414 |
|||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
94,572 |
40,580 |
|||||||||
LVIP Government Money Market Fund - Standard Class |
253,622 |
58,388 |
|||||||||
LVIP JPMorgan High Yield Fund - Standard Class |
34,193 |
9,192 |
|||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
14,206 |
3,595 |
|||||||||
LVIP MFS International Growth Fund - Standard Class |
125,696 |
33,171 |
|||||||||
LVIP MFS Value Fund - Standard Class |
137,843 |
9,854 |
|||||||||
LVIP Mondrian Global Income Fund - Standard Class |
63,313 |
16,260 |
|||||||||
LVIP Mondrian International Value Fund - Standard Class |
28,322 |
51,711 |
|||||||||
LVIP SSGA Bond Index Fund - Standard Class |
34,242 |
3,130 |
|||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
31,410 |
9,279 |
|||||||||
LVIP SSGA International Index Fund - Standard Class |
1,461 |
1,687 |
|||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
175 |
95 |
|||||||||
LVIP SSGA Moderate Index Allocation Fund - Standard Class |
102,187 |
16,797 |
|||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
193,169 |
116,431 |
|||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
68,704 |
18,035 |
|||||||||
LVIP Structured Moderate Allocation Fund - Standard Class |
11,418 |
2,376 |
|||||||||
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class |
65,456 |
13,805 |
|||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
503 |
104 |
|||||||||
LVIP T. Rowe Price Growth Stock Fund - Standard Class |
2,597 |
2,329 |
|||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
4,289 |
10,042 |
|||||||||
LVIP Vanguard Bond Allocation Fund - Standard Class |
15,564 |
1,063 |
|||||||||
LVIP Vanguard Domestic Equity ETF Fund - Standard Class |
1,732 |
4,539 |
|||||||||
LVIP Vanguard International Equity ETF Fund - Standard Class |
86,109 |
19,836 |
|||||||||
LVIP Wellington Capital Growth Fund - Standard Class |
6,573 |
19,213 |
|||||||||
LVIP Wellington SMID Cap Value Fund - Standard Class |
27,199 |
16,522 |
R-41
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
4. Purchases and Sales of Investments (continued)
Subaccount |
Aggregate Cost of Purchases |
Aggregate Proceeds from Sales |
|||||||||
MFS® VIT Growth Series - Initial Class |
$ |
55,055 |
$ |
47,285 |
|||||||
MFS® VIT Total Return Series - Initial Class |
27,693 |
12,065 |
|||||||||
MFS® VIT Utilities Series - Initial Class |
160,515 |
43,068 |
|||||||||
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class |
7,161 |
38,895 |
|||||||||
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class |
10,638 |
6,938 |
|||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
675 |
2,113 |
|||||||||
PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class |
161,909 |
31,668 |
|||||||||
Putnam VT Large Cap Value Fund - Class IB |
2,379 |
2,139 |
|||||||||
Templeton Foreign VIP Fund - Class 2 |
4,512 |
8,968 |
|||||||||
Templeton Global Bond VIP Fund - Class 1 |
10,221 |
6,194 |
|||||||||
Templeton Growth VIP Fund - Class 1 |
13,391 |
17,716 |
|||||||||
Templeton Growth VIP Fund - Class 2 |
1,687 |
2,371 |
5. Investments
The following is a summary of investments owned at December 31, 2023:
Subaccount |
Shares Owned |
Net Asset Value |
Fair Value of Shares |
Cost of Shares |
|||||||||||||||
AB VPS Discovery Value Portfolio - Class A |
61,030 |
$ |
17.71 |
$ |
1,080,842 |
$ |
1,030,302 |
||||||||||||
AB VPS International Value Portfolio - Class A |
4,398 |
14.79 |
65,052 |
60,931 |
|||||||||||||||
AB VPS Large Cap Growth Portfolio - Class A |
3,419 |
74.50 |
254,732 |
197,989 |
|||||||||||||||
AB VPS Relative Value Portfolio - Class A |
23,587 |
29.50 |
695,813 |
643,006 |
|||||||||||||||
AB VPS Sustainable Global Thematic Portfolio - Class A |
18,522 |
33.17 |
614,385 |
503,353 |
|||||||||||||||
American Century VP Balanced Fund - Class I |
59,404 |
7.65 |
454,439 |
461,607 |
|||||||||||||||
American Century VP Inflation Protection Fund - Class I |
20,754 |
9.39 |
194,877 |
210,162 |
|||||||||||||||
American Funds Global Growth Fund - Class 2 |
69,765 |
33.44 |
2,332,957 |
2,255,077 |
|||||||||||||||
American Funds Global Small Capitalization Fund - Class 2 |
19,282 |
17.50 |
337,436 |
388,933 |
|||||||||||||||
American Funds Growth Fund - Class 2 |
40,829 |
98.20 |
4,009,453 |
3,275,273 |
|||||||||||||||
American Funds Growth-Income Fund - Class 2 |
41,724 |
58.30 |
2,432,521 |
2,028,039 |
|||||||||||||||
American Funds International Fund - Class 2 |
76,006 |
17.41 |
1,323,257 |
1,376,320 |
|||||||||||||||
ClearBridge Variable Mid Cap Portfolio - Class I |
78 |
22.82 |
1,788 |
1,663 |
|||||||||||||||
Delaware VIP® Emerging Markets Series - Standard Class |
69,979 |
22.05 |
1,543,029 |
1,586,369 |
|||||||||||||||
Delaware VIP® Small Cap Value Series - Standard Class |
32,070 |
38.39 |
1,231,179 |
1,056,233 |
|||||||||||||||
DWS Equity 500 Index VIP Portfolio - Class A |
38,473 |
26.97 |
1,037,619 |
812,808 |
|||||||||||||||
DWS Small Cap Index VIP Portfolio - Class A |
38,941 |
13.63 |
530,762 |
546,163 |
|||||||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class |
51,055 |
48.30 |
2,465,939 |
1,820,302 |
|||||||||||||||
Fidelity® VIP Equity-Income Portfolio - Service Class |
15,050 |
24.65 |
370,976 |
332,663 |
|||||||||||||||
Fidelity® VIP Growth Opportunities Portfolio - Service Class |
1,146 |
59.47 |
68,139 |
41,047 |
|||||||||||||||
Fidelity® VIP Growth Portfolio - Service Class |
10,749 |
92.36 |
992,792 |
860,797 |
|||||||||||||||
Fidelity® VIP High Income Portfolio - Service Class |
6,454 |
4.56 |
29,431 |
33,853 |
|||||||||||||||
Fidelity® VIP Mid Cap Portfolio - Service Class |
20,371 |
35.91 |
731,515 |
690,640 |
|||||||||||||||
Fidelity® VIP Overseas Portfolio - Service Class |
9,067 |
25.68 |
232,843 |
169,456 |
|||||||||||||||
Franklin Income VIP Fund - Class 1 |
73,552 |
14.91 |
1,096,656 |
1,128,001 |
|||||||||||||||
Franklin Mutual Shares VIP Fund - Class 1 |
61,265 |
15.74 |
964,305 |
1,011,110 |
|||||||||||||||
Franklin Small-Mid Cap Growth VIP Fund - Class 1 |
21,473 |
17.06 |
366,324 |
343,559 |
|||||||||||||||
Invesco V.I. American Franchise Fund - Series I Shares |
7,861 |
58.96 |
463,484 |
411,995 |
|||||||||||||||
Invesco V.I. Core Equity Fund - Series I Shares |
5,008 |
29.29 |
146,672 |
147,648 |
|||||||||||||||
Invesco V.I. EQV International Equity Fund - Series I Shares |
2,216 |
34.09 |
75,546 |
72,066 |
|||||||||||||||
Janus Henderson Balanced Portfolio - Institutional Shares |
8,861 |
45.28 |
401,236 |
275,615 |
|||||||||||||||
Janus Henderson Balanced Portfolio - Service Shares |
1,089 |
48.05 |
52,311 |
34,171 |
|||||||||||||||
Janus Henderson Enterprise Portfolio - Service Shares |
2,842 |
68.37 |
194,339 |
193,539 |
|||||||||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
4,005 |
61.10 |
244,730 |
159,556 |
|||||||||||||||
Janus Henderson Global Research Portfolio - Service Shares |
514 |
59.02 |
30,336 |
21,197 |
|||||||||||||||
Janus Henderson Global Technology and Innovation Portfolio - Service Shares |
1,007 |
16.06 |
16,165 |
11,149 |
|||||||||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
13,715 |
71.99 |
987,419 |
881,343 |
|||||||||||||||
LVIP Baron Growth Opportunities Fund - Standard Class |
2,235 |
75.62 |
169,041 |
111,220 |
|||||||||||||||
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class |
22,531 |
20.30 |
457,449 |
457,510 |
|||||||||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
157,790 |
11.49 |
1,812,845 |
1,760,441 |
|||||||||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
14,953 |
9.14 |
136,672 |
146,884 |
R-42
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
5. Investments (continued)
Subaccount |
Shares Owned |
Net Asset Value |
Fair Value of Shares |
Cost of Shares |
|||||||||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
22,964 |
$ |
7.51 |
$ |
172,486 |
$ |
187,806 |
||||||||||||
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class |
1,953 |
12.56 |
24,520 |
24,236 |
|||||||||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
5,263 |
45.26 |
238,177 |
158,359 |
|||||||||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
7,316 |
19.44 |
142,248 |
124,480 |
|||||||||||||||
LVIP Delaware Bond Fund - Standard Class |
81,658 |
11.73 |
957,688 |
1,081,566 |
|||||||||||||||
LVIP Delaware Diversified Floating Rate Fund - Standard Class |
117,989 |
9.69 |
1,143,787 |
1,191,159 |
|||||||||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
82,887 |
8.92 |
739,100 |
860,804 |
|||||||||||||||
LVIP Delaware High Yield Fund - Standard Class |
56,631 |
4.23 |
239,435 |
279,013 |
|||||||||||||||
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class |
17,529 |
9.29 |
162,916 |
172,251 |
|||||||||||||||
LVIP Delaware Mid Cap Value Fund - Standard Class |
387 |
39.97 |
15,462 |
14,090 |
|||||||||||||||
LVIP Delaware SMID Cap Core Fund - Standard Class |
29,835 |
25.56 |
762,624 |
699,209 |
|||||||||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
955 |
45.83 |
43,750 |
36,235 |
|||||||||||||||
LVIP Delaware U.S. Growth Fund - Standard Class |
33,434 |
10.56 |
353,197 |
324,425 |
|||||||||||||||
LVIP Delaware U.S. REIT Fund - Standard Class |
46,566 |
13.17 |
613,088 |
584,055 |
|||||||||||||||
LVIP Delaware Value Fund - Standard Class |
15,804 |
25.24 |
398,858 |
407,944 |
|||||||||||||||
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class |
24,064 |
10.11 |
243,288 |
235,584 |
|||||||||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
2,261 |
42.35 |
95,750 |
70,118 |
|||||||||||||||
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class |
21,539 |
20.68 |
445,442 |
408,627 |
|||||||||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
647 |
41.59 |
26,923 |
21,526 |
|||||||||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
61,993 |
7.33 |
454,412 |
517,643 |
|||||||||||||||
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class |
16,813 |
8.05 |
135,292 |
137,856 |
|||||||||||||||
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class |
87,724 |
12.33 |
1,081,544 |
1,082,909 |
|||||||||||||||
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class |
7,846 |
11.51 |
90,294 |
89,490 |
|||||||||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
15,719 |
11.69 |
183,766 |
207,588 |
|||||||||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
74,974 |
12.44 |
932,457 |
1,024,284 |
|||||||||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
104,526 |
12.75 |
1,333,123 |
1,440,977 |
|||||||||||||||
LVIP Government Money Market Fund - Standard Class |
580,475 |
10.00 |
5,804,754 |
5,804,754 |
|||||||||||||||
LVIP JPMorgan High Yield Fund - Standard Class |
24,562 |
9.73 |
238,988 |
241,070 |
|||||||||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
4,752 |
17.85 |
84,816 |
74,680 |
|||||||||||||||
LVIP MFS International Growth Fund - Standard Class |
45,917 |
19.22 |
882,347 |
856,485 |
|||||||||||||||
LVIP MFS Value Fund - Standard Class |
14,507 |
50.61 |
734,119 |
681,286 |
|||||||||||||||
LVIP Mondrian Global Income Fund - Standard Class |
59,331 |
9.63 |
571,059 |
662,152 |
|||||||||||||||
LVIP Mondrian International Value Fund - Standard Class |
35,562 |
16.60 |
590,229 |
569,942 |
|||||||||||||||
LVIP SSGA Bond Index Fund - Standard Class |
28,029 |
10.01 |
280,453 |
299,732 |
|||||||||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
39,643 |
11.14 |
441,666 |
451,253 |
|||||||||||||||
LVIP SSGA International Index Fund - Standard Class |
3,975 |
10.46 |
41,587 |
36,376 |
|||||||||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
654 |
9.47 |
6,199 |
5,594 |
|||||||||||||||
LVIP SSGA Moderate Index Allocation Fund - Standard Class |
94,423 |
15.76 |
1,488,388 |
1,467,322 |
|||||||||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
127,924 |
26.45 |
3,383,725 |
2,990,210 |
|||||||||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
22,535 |
31.11 |
700,969 |
651,275 |
|||||||||||||||
LVIP Structured Moderate Allocation Fund - Standard Class |
7,129 |
12.28 |
87,510 |
101,305 |
|||||||||||||||
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class |
32,923 |
12.97 |
427,115 |
419,189 |
|||||||||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
853 |
11.35 |
9,683 |
9,441 |
|||||||||||||||
LVIP T. Rowe Price Growth Stock Fund - Standard Class |
4,085 |
51.10 |
208,740 |
151,895 |
|||||||||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
9,802 |
28.80 |
282,345 |
249,157 |
|||||||||||||||
LVIP Vanguard Bond Allocation Fund - Standard Class |
9,476 |
9.22 |
87,381 |
95,435 |
|||||||||||||||
LVIP Vanguard Domestic Equity ETF Fund - Standard Class |
1,683 |
31.74 |
53,414 |
42,283 |
|||||||||||||||
LVIP Vanguard International Equity ETF Fund - Standard Class |
89,377 |
11.71 |
1,046,964 |
1,025,718 |
|||||||||||||||
LVIP Wellington Capital Growth Fund - Standard Class |
4,918 |
57.54 |
283,029 |
232,756 |
|||||||||||||||
LVIP Wellington SMID Cap Value Fund - Standard Class |
6,590 |
25.37 |
167,150 |
173,874 |
|||||||||||||||
MFS® VIT Growth Series - Initial Class |
10,150 |
60.29 |
611,966 |
483,829 |
|||||||||||||||
MFS® VIT Total Return Series - Initial Class |
11,748 |
23.26 |
273,260 |
266,859 |
|||||||||||||||
MFS® VIT Utilities Series - Initial Class |
25,434 |
32.25 |
820,243 |
792,974 |
|||||||||||||||
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class |
40,295 |
26.63 |
1,073,067 |
1,001,748 |
|||||||||||||||
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class |
3,842 |
15.76 |
60,554 |
57,393 |
|||||||||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
1,155 |
33.35 |
38,525 |
30,295 |
|||||||||||||||
PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class |
82,630 |
5.35 |
442,070 |
551,444 |
|||||||||||||||
Putnam VT Large Cap Value Fund - Class IB |
1,132 |
28.82 |
32,632 |
26,957 |
|||||||||||||||
Templeton Foreign VIP Fund - Class 2 |
5,345 |
14.24 |
76,106 |
72,298 |
|||||||||||||||
Templeton Global Bond VIP Fund - Class 1 |
9,141 |
13.57 |
124,048 |
144,739 |
|||||||||||||||
Templeton Growth VIP Fund - Class 1 |
13,192 |
12.26 |
161,735 |
158,088 |
|||||||||||||||
Templeton Growth VIP Fund - Class 2 |
2,008 |
11.99 |
24,076 |
22,911 |
R-43
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
6. Changes in Units Outstanding
The change in units outstanding for the year ended December 31, 2023, is as follows:
Subaccount |
Units Issued |
Units Redeemed |
Net Increase (Decrease) |
||||||||||||
AB VPS Discovery Value Portfolio - Class A |
20,684 |
(805 |
) |
19,879 |
|||||||||||
AB VPS International Value Portfolio - Class A |
222 |
(882 |
) |
(660 |
) |
||||||||||
AB VPS Large Cap Growth Portfolio - Class A |
75 |
(10 |
) |
65 |
|||||||||||
AB VPS Relative Value Portfolio - Class A |
2,706 |
(373 |
) |
2,333 |
|||||||||||
AB VPS Sustainable Global Thematic Portfolio - Class A |
6,055 |
(491 |
) |
5,564 |
|||||||||||
American Century VP Balanced Fund - Class I |
— |
(206 |
) |
(206 |
) |
||||||||||
American Century VP Inflation Protection Fund - Class I |
2,747 |
(492 |
) |
2,255 |
|||||||||||
American Funds Global Growth Fund - Class 2 |
58,294 |
(4,073 |
) |
54,221 |
|||||||||||
American Funds Global Small Capitalization Fund - Class 2 |
3,286 |
(612 |
) |
2,674 |
|||||||||||
American Funds Growth Fund - Class 2 |
31,683 |
(11,631 |
) |
20,052 |
|||||||||||
American Funds Growth-Income Fund - Class 2 |
18,371 |
(3,466 |
) |
14,905 |
|||||||||||
American Funds International Fund - Class 2 |
7,991 |
(6,399 |
) |
1,592 |
|||||||||||
Delaware VIP® Emerging Markets Series - Standard Class |
21,956 |
(4,156 |
) |
17,800 |
|||||||||||
Delaware VIP® Small Cap Value Series - Standard Class |
4,961 |
(2,784 |
) |
2,177 |
|||||||||||
DWS Equity 500 Index VIP Portfolio - Class A |
11,740 |
(2,406 |
) |
9,334 |
|||||||||||
DWS Small Cap Index VIP Portfolio - Class A |
5,723 |
(712 |
) |
5,011 |
|||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class |
11,232 |
(6,001 |
) |
5,231 |
|||||||||||
Fidelity® VIP Equity-Income Portfolio - Service Class |
2,401 |
(133 |
) |
2,268 |
|||||||||||
Fidelity® VIP Growth Opportunities Portfolio - Service Class |
15 |
(50 |
) |
(35 |
) |
||||||||||
Fidelity® VIP Growth Portfolio - Service Class |
21,105 |
(1,175 |
) |
19,930 |
|||||||||||
Fidelity® VIP High Income Portfolio - Service Class |
115 |
(110 |
) |
5 |
|||||||||||
Fidelity® VIP Mid Cap Portfolio - Service Class |
2,111 |
(1,393 |
) |
718 |
|||||||||||
Fidelity® VIP Overseas Portfolio - Service Class |
196 |
(436 |
) |
(240 |
) |
||||||||||
Franklin Income VIP Fund - Class 1 |
12,043 |
(778 |
) |
11,265 |
|||||||||||
Franklin Mutual Shares VIP Fund - Class 1 |
10,573 |
(2,865 |
) |
7,708 |
|||||||||||
Franklin Small-Mid Cap Growth VIP Fund - Class 1 |
8,170 |
(563 |
) |
7,607 |
|||||||||||
Invesco V.I. American Franchise Fund - Series I Shares |
203 |
(1,356 |
) |
(1,153 |
) |
||||||||||
Invesco V.I. Core Equity Fund - Series I Shares |
179 |
(364 |
) |
(185 |
) |
||||||||||
Invesco V.I. EQV International Equity Fund - Series I Shares |
1,100 |
(48 |
) |
1,052 |
|||||||||||
Janus Henderson Balanced Portfolio - Institutional Shares |
111 |
(157 |
) |
(46 |
) |
||||||||||
Janus Henderson Balanced Portfolio - Service Shares |
6 |
(43 |
) |
(37 |
) |
||||||||||
Janus Henderson Enterprise Portfolio - Service Shares |
1,739 |
(344 |
) |
1,395 |
|||||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
52 |
(496 |
) |
(444 |
) |
||||||||||
Janus Henderson Global Research Portfolio - Service Shares |
29 |
(19 |
) |
10 |
|||||||||||
Janus Henderson Global Technology and Innovation Portfolio - Service Shares |
79 |
(34 |
) |
45 |
|||||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
6,031 |
(3,774 |
) |
2,257 |
|||||||||||
LVIP Baron Growth Opportunities Fund - Standard Class |
149 |
(29 |
) |
120 |
|||||||||||
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class |
8,640 |
(452 |
) |
8,188 |
|||||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
36,854 |
(1,620 |
) |
35,234 |
|||||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
1,279 |
(244 |
) |
1,035 |
|||||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
1,508 |
(487 |
) |
1,021 |
|||||||||||
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class |
235 |
(62 |
) |
173 |
|||||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
81 |
(543 |
) |
(462 |
) |
||||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
70 |
(354 |
) |
(284 |
) |
||||||||||
LVIP Delaware Bond Fund - Standard Class |
8,897 |
(2,788 |
) |
6,109 |
|||||||||||
LVIP Delaware Diversified Floating Rate Fund - Standard Class |
19,631 |
(3,469 |
) |
16,162 |
|||||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
9,430 |
(1,646 |
) |
7,784 |
|||||||||||
LVIP Delaware High Yield Fund - Standard Class |
2,453 |
(659 |
) |
1,794 |
|||||||||||
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class |
1,093 |
(642 |
) |
451 |
|||||||||||
LVIP Delaware Mid Cap Value Fund - Standard Class |
7 |
(6 |
) |
1 |
|||||||||||
LVIP Delaware SMID Cap Core Fund - Standard Class |
2,460 |
(1,344 |
) |
1,116 |
|||||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
50 |
(136 |
) |
(86 |
) |
||||||||||
LVIP Delaware U.S. Growth Fund - Standard Class |
1,051 |
(436 |
) |
615 |
|||||||||||
LVIP Delaware U.S. REIT Fund - Standard Class |
12,357 |
(1,281 |
) |
11,076 |
|||||||||||
LVIP Delaware Value Fund - Standard Class |
3,861 |
(1,993 |
) |
1,868 |
|||||||||||
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class |
2,308 |
(709 |
) |
1,599 |
|||||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
213 |
(235 |
) |
(22 |
) |
||||||||||
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class |
1,845 |
(1,101 |
) |
744 |
|||||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
— |
(7 |
) |
(7 |
) |
R-44
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
6. Changes in Units Outstanding (continued)
Subaccount |
Units Issued |
Units Redeemed |
Net Increase (Decrease) |
||||||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
2,079 |
(3,460 |
) |
(1,381 |
) |
||||||||||
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class |
294 |
(115 |
) |
179 |
|||||||||||
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class |
29,729 |
(1,155 |
) |
28,574 |
|||||||||||
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class |
2,312 |
(168 |
) |
2,144 |
|||||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
169 |
(810 |
) |
(641 |
) |
||||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
2,957 |
(1,876 |
) |
1,081 |
|||||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
11,963 |
(2,017 |
) |
9,946 |
|||||||||||
LVIP Government Money Market Fund - Standard Class |
7,091 |
(10,006 |
) |
(2,915 |
) |
||||||||||
LVIP JPMorgan High Yield Fund - Standard Class |
5,771 |
(603 |
) |
5,168 |
|||||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
1,585 |
(211 |
) |
1,374 |
|||||||||||
LVIP MFS International Growth Fund - Standard Class |
16,514 |
(2,173 |
) |
14,341 |
|||||||||||
LVIP MFS Value Fund - Standard Class |
18,645 |
(357 |
) |
18,288 |
|||||||||||
LVIP Mondrian Global Income Fund - Standard Class |
7,204 |
(1,522 |
) |
5,682 |
|||||||||||
LVIP Mondrian International Value Fund - Standard Class |
2,603 |
(2,814 |
) |
(211 |
) |
||||||||||
LVIP SSGA Bond Index Fund - Standard Class |
3,705 |
(256 |
) |
3,449 |
|||||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
4,568 |
(280 |
) |
4,288 |
|||||||||||
LVIP SSGA International Index Fund - Standard Class |
15 |
(95 |
) |
(80 |
) |
||||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
— |
(8 |
) |
(8 |
) |
||||||||||
LVIP SSGA Moderate Index Allocation Fund - Standard Class |
10,432 |
(364 |
) |
10,068 |
|||||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
38,682 |
(3,031 |
) |
35,651 |
|||||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
25,038 |
(1,005 |
) |
24,033 |
|||||||||||
LVIP Structured Moderate Allocation Fund - Standard Class |
605 |
(185 |
) |
420 |
|||||||||||
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class |
8,043 |
(513 |
) |
7,530 |
|||||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
— |
(3 |
) |
(3 |
) |
||||||||||
LVIP T. Rowe Price Growth Stock Fund - Standard Class |
77 |
(30 |
) |
47 |
|||||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
133 |
(394 |
) |
(261 |
) |
||||||||||
LVIP Vanguard Bond Allocation Fund - Standard Class |
1,231 |
(93 |
) |
1,138 |
|||||||||||
LVIP Vanguard Domestic Equity ETF Fund - Standard Class |
52 |
(269 |
) |
(217 |
) |
||||||||||
LVIP Vanguard International Equity ETF Fund - Standard Class |
5,400 |
(1,296 |
) |
4,104 |
|||||||||||
LVIP Wellington Capital Growth Fund - Standard Class |
65 |
(1,402 |
) |
(1,337 |
) |
||||||||||
LVIP Wellington SMID Cap Value Fund - Standard Class |
366 |
(1,217 |
) |
(851 |
) |
||||||||||
MFS® VIT Growth Series - Initial Class |
192 |
(1,238 |
) |
(1,046 |
) |
||||||||||
MFS® VIT Total Return Series - Initial Class |
398 |
(480 |
) |
(82 |
) |
||||||||||
MFS® VIT Utilities Series - Initial Class |
4,722 |
(1,302 |
) |
3,420 |
|||||||||||
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class |
5,083 |
(1,310 |
) |
3,773 |
|||||||||||
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class |
2,232 |
(420 |
) |
1,812 |
|||||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
— |
(43 |
) |
(43 |
) |
||||||||||
PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class |
7,803 |
(2,396 |
) |
5,407 |
|||||||||||
Putnam VT Large Cap Value Fund - Class IB |
— |
(51 |
) |
(51 |
) |
||||||||||
Templeton Foreign VIP Fund - Class 2 |
114 |
(448 |
) |
(334 |
) |
||||||||||
Templeton Global Bond VIP Fund - Class 1 |
610 |
(324 |
) |
286 |
|||||||||||
Templeton Growth VIP Fund - Class 1 |
449 |
(914 |
) |
(465 |
) |
||||||||||
Templeton Growth VIP Fund - Class 2 |
34 |
(83 |
) |
(49 |
) |
The change in units outstanding for the year ended December 31, 2022, is as follows:
Subaccount |
Units Issued |
Units Redeemed |
Net Increase (Decrease) |
||||||||||||
AB VPS Discovery Value Portfolio - Class A |
2,729 |
(2,137 |
) |
592 |
|||||||||||
AB VPS International Value Portfolio - Class A |
447 |
(396 |
) |
51 |
|||||||||||
AB VPS Large Cap Growth Portfolio - Class A |
100 |
(9 |
) |
91 |
|||||||||||
AB VPS Relative Value Portfolio - Class A |
476 |
(587 |
) |
(111 |
) |
||||||||||
AB VPS Sustainable Global Thematic Portfolio - Class A |
986 |
(400 |
) |
586 |
|||||||||||
American Century VP Balanced Fund - Class I |
— |
(171 |
) |
(171 |
) |
||||||||||
American Century VP Inflation Protection Fund - Class I |
561 |
(1,080 |
) |
(519 |
) |
||||||||||
American Funds Global Growth Fund - Class 2 |
12,155 |
(3,049 |
) |
9,106 |
|||||||||||
American Funds Global Small Capitalization Fund - Class 2 |
3,699 |
(147 |
) |
3,552 |
|||||||||||
American Funds Growth Fund - Class 2 |
35,123 |
(3,515 |
) |
31,608 |
|||||||||||
American Funds Growth-Income Fund - Class 2 |
2,450 |
(4,682 |
) |
(2,232 |
) |
||||||||||
American Funds International Fund - Class 2 |
19,222 |
(1,244 |
) |
17,978 |
|||||||||||
BlackRock Global Allocation V.I. Fund - Class I |
6,564 |
(87,594 |
) |
(81,030 |
) |
||||||||||
Delaware VIP® Emerging Markets Series - Standard Class |
24,887 |
(3,158 |
) |
21,729 |
R-45
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
6. Changes in Units Outstanding (continued)
Subaccount |
Units Issued |
Units Redeemed |
Net Increase (Decrease) |
||||||||||||
Delaware VIP® Small Cap Value Series - Standard Class |
16,085 |
(1,979 |
) |
14,106 |
|||||||||||
DWS Equity 500 Index VIP Portfolio - Class A |
16,761 |
(1,478 |
) |
15,283 |
|||||||||||
DWS Small Cap Index VIP Portfolio - Class A |
520 |
(815 |
) |
(295 |
) |
||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class |
10,891 |
(2,250 |
) |
8,641 |
|||||||||||
Fidelity® VIP Equity-Income Portfolio - Service Class |
37 |
(781 |
) |
(744 |
) |
||||||||||
Fidelity® VIP Growth Opportunities Portfolio - Service Class |
17 |
(44 |
) |
(27 |
) |
||||||||||
Fidelity® VIP Growth Portfolio - Service Class |
3,122 |
(795 |
) |
2,327 |
|||||||||||
Fidelity® VIP High Income Portfolio - Service Class |
60 |
(185 |
) |
(125 |
) |
||||||||||
Fidelity® VIP Mid Cap Portfolio - Service Class |
1,064 |
(1,944 |
) |
(880 |
) |
||||||||||
Fidelity® VIP Overseas Portfolio - Service Class |
335 |
(241 |
) |
94 |
|||||||||||
Franklin Income VIP Fund - Class 1 |
1,861 |
(5,306 |
) |
(3,445 |
) |
||||||||||
Franklin Mutual Shares VIP Fund - Class 1 |
6,243 |
(5,071 |
) |
1,172 |
|||||||||||
Franklin Small-Mid Cap Growth VIP Fund - Class 1 |
2,398 |
(432 |
) |
1,966 |
|||||||||||
Invesco V.I. American Franchise Fund - Series I Shares |
1,454 |
(2,041 |
) |
(587 |
) |
||||||||||
Invesco V.I. Core Equity Fund - Series I Shares |
137 |
(448 |
) |
(311 |
) |
||||||||||
Invesco V.I. EQV International Equity Fund - Series I Shares |
79 |
(143 |
) |
(64 |
) |
||||||||||
Janus Henderson Balanced Portfolio - Institutional Shares |
38 |
(417 |
) |
(379 |
) |
||||||||||
Janus Henderson Balanced Portfolio - Service Shares |
7 |
(32 |
) |
(25 |
) |
||||||||||
Janus Henderson Enterprise Portfolio - Service Shares |
791 |
(177 |
) |
614 |
|||||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
117 |
(1,353 |
) |
(1,236 |
) |
||||||||||
Janus Henderson Global Research Portfolio - Service Shares |
11 |
(18 |
) |
(7 |
) |
||||||||||
Janus Henderson Global Technology and Innovation Portfolio - Service Shares |
21 |
(28 |
) |
(7 |
) |
||||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
15,134 |
(3,986 |
) |
11,148 |
|||||||||||
LVIP Baron Growth Opportunities Fund - Standard Class |
149 |
(87 |
) |
62 |
|||||||||||
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class |
1,352 |
(1,587 |
) |
(235 |
) |
||||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
92,652 |
(1,653 |
) |
90,999 |
|||||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
765 |
(655 |
) |
110 |
|||||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
2,136 |
(236 |
) |
1,900 |
|||||||||||
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class |
245 |
(67 |
) |
178 |
|||||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
214 |
(77 |
) |
137 |
|||||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
2,500 |
(578 |
) |
1,922 |
|||||||||||
LVIP Delaware Bond Fund - Standard Class |
2,003 |
(3,107 |
) |
(1,104 |
) |
||||||||||
LVIP Delaware Diversified Floating Rate Fund - Standard Class |
5,991 |
(8,189 |
) |
(2,198 |
) |
||||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
3,853 |
(1,495 |
) |
2,358 |
|||||||||||
LVIP Delaware High Yield Fund - Standard Class |
192 |
(664 |
) |
(472 |
) |
||||||||||
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class |
688 |
(1,436 |
) |
(748 |
) |
||||||||||
LVIP Delaware Mid Cap Value Fund - Standard Class |
7 |
(6 |
) |
1 |
|||||||||||
LVIP Delaware SMID Cap Core Fund - Standard Class |
8,289 |
(1,040 |
) |
7,249 |
|||||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
34 |
(114 |
) |
(80 |
) |
||||||||||
LVIP Delaware U.S. Growth Fund - Standard Class |
163 |
(176 |
) |
(13 |
) |
||||||||||
LVIP Delaware U.S. REIT Fund - Standard Class |
7,820 |
(1,096 |
) |
6,724 |
|||||||||||
LVIP Delaware Value Fund - Standard Class |
4,977 |
(1,778 |
) |
3,199 |
|||||||||||
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class |
5,149 |
(1,771 |
) |
3,378 |
|||||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
146 |
(154 |
) |
(8 |
) |
||||||||||
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class |
7,500 |
(1,090 |
) |
6,410 |
|||||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
— |
(5 |
) |
(5 |
) |
||||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
8,242 |
(1,578 |
) |
6,664 |
|||||||||||
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class |
495 |
(271 |
) |
224 |
|||||||||||
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class |
3,363 |
(4,469 |
) |
(1,106 |
) |
||||||||||
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class |
173 |
(170 |
) |
3 |
|||||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
212 |
(1,256 |
) |
(1,044 |
) |
||||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
3,294 |
(1,341 |
) |
1,953 |
|||||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
4,490 |
(1,941 |
) |
2,549 |
|||||||||||
LVIP Government Money Market Fund - Standard Class |
491,329 |
(8,945 |
) |
482,384 |
|||||||||||
LVIP JPMorgan High Yield Fund - Standard Class |
1,371 |
(960 |
) |
411 |
|||||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
276 |
(353 |
) |
(77 |
) |
||||||||||
LVIP MFS International Growth Fund - Standard Class |
5,758 |
(4,566 |
) |
1,192 |
|||||||||||
LVIP MFS Value Fund - Standard Class |
1,441 |
(3,346 |
) |
(1,905 |
) |
||||||||||
LVIP Mondrian Global Income Fund - Standard Class |
6,574 |
(1,793 |
) |
4,781 |
|||||||||||
LVIP Mondrian International Value Fund - Standard Class |
3,088 |
(2,171 |
) |
917 |
|||||||||||
LVIP SSGA Bond Index Fund - Standard Class |
2,930 |
(1,810 |
) |
1,120 |
|||||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
2,858 |
(1,438 |
) |
1,420 |
R-46
LLANY Separate Account R for Flexible Premium Variable Life Insurance
Notes to financial statements (continued)
6. Changes in Units Outstanding (continued)
Subaccount |
Units Issued |
Units Redeemed |
Net Increase (Decrease) |
||||||||||||
LVIP SSGA International Index Fund - Standard Class |
167 |
(171 |
) |
(4 |
) |
||||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
— |
(9 |
) |
(9 |
) |
||||||||||
LVIP SSGA Moderate Index Allocation Fund - Standard Class |
2,377 |
(249 |
) |
2,128 |
|||||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
78,317 |
(78,520 |
) |
(203 |
) |
||||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
2,117 |
(1,143 |
) |
974 |
|||||||||||
LVIP Structured Moderate Allocation Fund - Standard Class |
650 |
(177 |
) |
473 |
|||||||||||
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class |
1,341 |
(1,019 |
) |
322 |
|||||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
327 |
(2 |
) |
325 |
|||||||||||
LVIP T. Rowe Price Growth Stock Fund - Standard Class |
62 |
(36 |
) |
26 |
|||||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
513 |
(679 |
) |
(166 |
) |
||||||||||
LVIP Vanguard Bond Allocation Fund - Standard Class |
1,255 |
(571 |
) |
684 |
|||||||||||
LVIP Vanguard Domestic Equity ETF Fund - Standard Class |
1,669 |
(131 |
) |
1,538 |
|||||||||||
LVIP Vanguard International Equity ETF Fund - Standard Class |
10,153 |
(1,209 |
) |
8,944 |
|||||||||||
LVIP Wellington Capital Growth Fund - Standard Class |
4,016 |
(588 |
) |
3,428 |
|||||||||||
LVIP Wellington SMID Cap Value Fund - Standard Class |
4,033 |
(956 |
) |
3,077 |
|||||||||||
MFS® VIT Growth Series - Initial Class |
2,505 |
(537 |
) |
1,968 |
|||||||||||
MFS® VIT Total Return Series - Initial Class |
871 |
(610 |
) |
261 |
|||||||||||
MFS® VIT Utilities Series - Initial Class |
4,962 |
(4,556 |
) |
406 |
|||||||||||
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class |
9,601 |
(1,215 |
) |
8,386 |
|||||||||||
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class |
147 |
(251 |
) |
(104 |
) |
||||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
— |
(23 |
) |
(23 |
) |
||||||||||
PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class |
5,893 |
(12,947 |
) |
(7,054 |
) |
||||||||||
Putnam VT Large Cap Value Fund - Class IB |
— |
(41 |
) |
(41 |
) |
||||||||||
Templeton Foreign VIP Fund - Class 2 |
189 |
(536 |
) |
(347 |
) |
||||||||||
Templeton Global Bond VIP Fund - Class 1 |
565 |
(674 |
) |
(109 |
) |
||||||||||
Templeton Growth VIP Fund - Class 1 |
1,094 |
(310 |
) |
784 |
|||||||||||
Templeton Growth VIP Fund - Class 2 |
51 |
(70 |
) |
(19 |
) |
7. Subsequent Events
Management evaluated subsequent events through April 23, 2024, the date at which the Variable Account's financial statements were available to be issued, and determined there were no additional matters to be disclosed.
R-47
Report of Independent Registered Public Accounting Firm
To the Stockholders and Board of Directors of Lincoln Life & Annuity Company of New York
and
Contract Owners of LLANY Separate Account R for Flexible Premium Variable Life Insurance
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise LLANY Separate Account R for Flexible Premium Variable Life Insurance ("Variable Account"), as of December 31, 2023, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the Appendix, and 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 subaccount as of December 31, 2023, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Variable Account's management. Our responsibility is to express an opinion on each of the subaccounts' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Variable Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements 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 procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the fund companies or their transfer agents, as applicable. 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. We believe that our audits provide a reasonable basis for our opinion.
Ernst & Young LLP
We have served as the Variable Account's Auditor since 1999.
Philadelphia, Pennsylvania
April 23, 2024
R-48
Subaccount |
Statements of Assets and Liabilities |
Statements of Operations |
Statements of Changes in Net Assets |
||||||||||||
AB VPS Discovery Value Portfolio - Class A |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
AB VPS International Value Portfolio - Class A |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
AB VPS Large Cap Growth Portfolio - Class A |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
AB VPS Relative Value Portfolio - Class A |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
AB VPS Sustainable Global Thematic Portfolio - Class A |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
American Century VP Balanced Fund - Class I |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
American Century VP Inflation Protection Fund - Class I |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
American Funds Global Growth Fund - Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
American Funds Global Small Capitalization Fund - Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
American Funds Growth Fund - Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
American Funds Growth-Income Fund - Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
American Funds International Fund - Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
BlackRock Global Allocation V.I. Fund - Class I |
N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2022 |
N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2022 |
For the period from January 1, 2022 through the date when the fund ceased to be available as an investment option to Variable Account contract owners |
||||||||||||
ClearBridge Variable Mid Cap Portfolio - Class I |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Delaware VIP® Emerging Markets Series - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Delaware VIP® Small Cap Value Series - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
DWS Equity 500 Index VIP Portfolio - Class A |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
DWS Small Cap Index VIP Portfolio - Class A |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Fidelity® VIP Equity-Income Portfolio - Service Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Fidelity® VIP Growth Opportunities Portfolio - Service Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Fidelity® VIP Growth Portfolio - Service Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Fidelity® VIP High Income Portfolio - Service Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Fidelity® VIP Mid Cap Portfolio - Service Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
R-49
Subaccount |
Statements of Assets and Liabilities |
Statements of Operations |
Statements of Changes in Net Assets |
||||||||||||
Fidelity® VIP Overseas Portfolio - Service Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Franklin Income VIP Fund - Class 1 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Franklin Mutual Shares VIP Fund - Class 1 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Franklin Small-Mid Cap Growth VIP Fund - Class 1 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Invesco V.I. American Franchise Fund - Series I Shares |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Invesco V.I. Core Equity Fund - Series I Shares |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Invesco V.I. EQV International Equity Fund - Series I Shares |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Janus Henderson Balanced Portfolio - Institutional Shares |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Janus Henderson Balanced Portfolio - Service Shares |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Janus Henderson Enterprise Portfolio - Service Shares |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Janus Henderson Global Research Portfolio - Service Shares |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Janus Henderson Global Technology and Innovation Portfolio - Service Shares |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Baron Growth Opportunities Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For the year ended December 31, 2023 and the period from June 3, 2022 (commencement of operations) through December 31, 2022 |
||||||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
R-50
Subaccount |
Statements of Assets and Liabilities |
Statements of Operations |
Statements of Changes in Net Assets |
||||||||||||
LVIP Delaware Bond Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Delaware Diversified Floating Rate Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Delaware High Yield Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Delaware Mid Cap Value Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Delaware SMID Cap Core Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Delaware U.S. Growth Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Delaware U.S. REIT Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Delaware Value Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
R-51
Subaccount |
Statements of Assets and Liabilities |
Statements of Operations |
Statements of Changes in Net Assets |
||||||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Government Money Market Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP JPMorgan High Yield Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP MFS International Growth Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP MFS Value Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Mondrian Global Income Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Mondrian International Value Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP SSGA Bond Index Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP SSGA International Index Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP SSGA Moderate Index Allocation Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Structured Moderate Allocation Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP T. Rowe Price Growth Stock Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Vanguard Bond Allocation Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Vanguard Domestic Equity ETF Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Vanguard International Equity ETF Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
R-52
Subaccount |
Statements of Assets and Liabilities |
Statements of Operations |
Statements of Changes in Net Assets |
||||||||||||
LVIP Wellington Capital Growth Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
LVIP Wellington SMID Cap Value Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
MFS® VIT Growth Series - Initial Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
MFS® VIT Total Return Series - Initial Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
MFS® VIT Utilities Series - Initial Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Putnam VT Large Cap Value Fund - Class IB |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Templeton Foreign VIP Fund - Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Templeton Global Bond VIP Fund - Class 1 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Templeton Growth VIP Fund - Class 1 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Templeton Growth VIP Fund - Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
R-53