SENTRY LIFE INSURANCE COMPANY
Sentry Variable Life Account I
STATEMENTS OF ASSETS AND LIABILITIES
As of December 31, 2023


Assets:
                  
                   
Investments at fair value:
                  
   
Investments at Fair Value
    
Accrued Dividends
    
Total Assets and Total Net Assets
  
Janus Henderson Series - Institutional Shares:
                  
Research Portfolio, 2,456 shares (cost $ 92,138)
  
$
110,878
     $      
$
110,878
  
Enterprise Portfolio, 64,351 shares (cost $ 4,576,124)
    
4,924,119
              
4,924,119
  
Forty Portfolio, 4,579 shares (cost $ 190,112)
    
216,808
              
216,808
  
Global Research Portfolio, 297 shares (cost $ 15,896)
    
18,167
              
18,167
  
Balanced Portfolio, 6,634 shares (cost $ 232,661)
    
300,396
              
300,396
  
                         
T. Rowe Price Fixed Income Series, Inc.:
                        
Limited Term Bond Portfolio, 32,623 shares (cost $ 156,773)
    
152,022
              
152,022
  
                         
T. Rowe Price Equity Series, Inc.:
                        
Equity Income Portfolio, 10,595 shares (cost $ 294,213)
    
294,109
              
294,109
  
Moderate Allocation Portfolio, 42,590 shares (cost $ 869,483)
    
852,654
              
852,654
  
                         
T. Rowe Price International Series, Inc.:
                        
International Stock Portfolio, 903 shares (cost $ 12,965)
    
13,560
              
13,560
  
                         
Vanguard Variable Insurance Fund:
                        
VVIF - Money Market, 52,422 shares (cost $ 52,422)
    
52,422
      
8
      
52,430
 


See accompanying notes to financial statements
SENTRY LIFE INSURANCE COMPANY
Sentry Variable Life Account I
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2023

                   
                   
   
Janus Henderson
    
Janus Henderson
    
Janus Henderson
  
   
Research
    
Enterprise
    
Forty
  
                   
Investment Income:
                  
  Dividends
  
$
138
    
$
7,463
    
$
373
  
                         
Expenses:
                        
  Mortality and expense risk charges
    
1,005
      
48,698
      
2,009
  
                         
Net investment income (loss)
    
(867
)
    
(41,235
)
    
(1,636
)
                         
Realized gains (losses) on investments:
                        
  Net realized investment gain (loss)
    
163
      
89,565
      
389
  
                         
  Capital gain distributions received
    
-
      
313,140
      
-
  
                         
  Net realized gain (loss) on investments and
                        
    capital gain distributions
    
163
      
402,705
      
389
  
                         
  Net change in unrealized appreciation
                        
   (depreciation) on investments
    
33,559
      
370,221
      
62,864
  
                         
Net increase (decrease) in net assets from operations
  
$
32,855
    
$
731,691
    
$
61,617
  
                         
                         
                         
                         
                         
   
Janus Henderson
    
Janus Henderson
          
   
Global Research
    
Balanced
          
                         
Investment Income:
                        
  Dividends
  
$
155
    
$
6,003
          
                         
Expenses:
                        
  Mortality and expense risk charges
    
174
      
2,960
          
                         
Net investment income (loss)
    
(19
)
    
3,043
          
                         
Realized gains (losses) on investments:
                        
  Net realized investment gain (loss)
    
330
      
4,983
          
                         
  Capital gain distributions received
    
472
      
-
          
                         
  Net realized gain (loss) on investments and
                        
    capital gain distributions
    
802
      
4,983
          
                         
  Net change in unrealized appreciation
                        
   (depreciation) on investments
    
2,987
      
29,742
          
                         
Net increase (decrease) in net assets from operations
  
$
3,770
    
$
37,768
          

See accompanying notes to financial statements
SENTRY LIFE INSURANCE COMPANY
Sentry Variable Life Account I
STATEMENTS OF OPERATIONS (continued)
For the Year Ended December 31, 2023

             
             
   
T. Rowe Price
    
T. Rowe Price
  
   
Limited Term Bond
    
Equity Income
  
             
Investment Income:
            
  Dividends
  
$
4,899
    
$
5,832
  
                 
Expenses:
                
  Mortality and expense risk charges
    
1,546
      
2,901
  
                 
Net investment income (loss)
    
3,353
      
2,931
  
                 
Realized gains (losses) on investments:
                
  Net realized investment gain (loss)
    
(465
)
    
(1,124
)
                 
  Capital gain distributions received
    
-
      
11,976
  
                 
  Net realized gain (loss) on investments and
                
    capital gain distributions
    
(465
)
    
10,852
  
                 
  Net change in unrealized appreciation
                
   (depreciation) on investments
    
2,750
      
9,055
  
                 
Net increase (decrease) in net assets from operations
  
$
5,638
    
$
22,838
  
                 
                 
                 
                 
                 
   
T. Rowe Price
    
T. Rowe Price
  
   
Moderate Allocation
    
International Stock
  
                 
Investment Income:
                
  Dividends
  
$
18,943
    
$
129
  
                 
Expenses:
                
  Mortality and expense risk charges
    
8,769
      
133
  
                 
Net investment income (loss)
    
10,174
      
(4
)
                 
Realized gains (losses) on investments:
                
  Net realized investment gain (loss)
    
(11,744
)
    
(204
)
                 
  Capital gain distributions received
    
2,320
      
-
  
                 
  Net realized gain (loss) on investments and
                
    capital gain distributions
    
(9,424
)
    
(204
)
                 
  Net change in unrealized appreciation
                
   (depreciation) on investments
    
109,311
      
1,981
  
                 
Net increase (decrease) in net assets from operations
  
$
110,061
    
$
1,773
  

See accompanying notes to financial statements
SENTRY LIFE INSURANCE COMPANY
Sentry Variable Life Account I
STATEMENTS OF OPERATIONS (continued)
For the Year Ended December 31, 2023

       
       
   
Vanguard
  
   
Money Market
  
       
Investment Income:
      
  Dividends
  
$
2,579
  
         
Expenses:
        
  Mortality and expense risk charges
    
548
  
         
Net investment income (loss)
    
2,031
  
         
Realized gains (losses) on investments:
        
  Net realized investment gain (loss)
    
-
  
         
  Capital gain distributions received
    
1
  
         
  Net realized gain (loss) on investments and
        
    capital gain distributions
    
1
  
         
  Net change in unrealized appreciation
        
   (depreciation) on investments
    
-
  
         
Net increase (decrease) in net assets from operations
  
$
2,032
  


See accompanying notes to financial statements
SENTRY LIFE INSURANCE COMPANY
Sentry Variable Life Account I
STATEMENT OF CHANGES IN NET ASSETS
For the Year Ended December 31

   
Janus Henderson
Research
    
Janus Henderson
Enterprise
    
Janus Henderson
Forty
  
             
   
2023
    
2022
    
2023
    
2022
    
2023
    
2022
  
                                     
Increase (decrease) in net assets from operations:
                                    
  Net investment income (loss)
  
$
(867
)
  
$
(788
)
  
$
(41,235
)
  
$
(40,568
)
  
$
(1,636
)
  
$
(1,644
)
                                                 
  Realized gains (losses) on investments
    
163
      
15,939
      
402,705
      
928,838
      
389
      
36,106
  
                                                 
  Unrealized appreciation (depreciation), net
    
33,559
      
(50,411
)
    
370,221
      
(1,852,839
)
    
62,864
      
(124,180
)
                                                 
                                                 
Net increase (decrease) in net assets from operations
    
32,855
      
(35,260
)
    
731,691
      
(964,569
)
    
61,617
      
(89,718
)
                                                 
Contract transactions:
                                                
  Purchase payments
    
2,233
      
2,427
      
128,318
      
143,429
      
2,269
      
1,961
  
                                                 
  Transfers between subaccounts, net
    
-
      
-
      
-
      
(46,013
)
    
-
      
(18,549
)
                                                 
  Withdrawals and surrenders
    
2
      
-
      
(314,111
)
    
(156,344
)
    
2
      
-
  
                                                 
  Monthly deductions
    
(3,535
)
    
(3,305
)
    
(177,163
)
    
(206,600
)
    
(10,585
)
    
(9,670
)
                                                 
  Policy loans
    
174
      
52
      
32,070
      
(52,208
)
    
15
      
45
  
                                                 
Net increase (decrease) in net assets
                                                
  derived from contract transactions
    
(1,126
)
    
(826
)
    
(330,886
)
    
(317,736
)
    
(8,299
)
    
(26,213
)
                                                 
Total increase (decrease) in net assets
    
31,729
      
(36,086
)
    
400,805
      
(1,282,305
)
    
53,318
      
(115,931
)
                                                 
Net assets at beginning of year
    
79,149
      
115,235
      
4,523,314
      
5,805,619
      
163,490
      
279,421
  
                                                 
Net assets at end of year
  
$
110,878
    
$
79,149
    
$
4,924,119
    
$
4,523,314
    
$
216,808
    
$
163,490
  
                                                 
                                                 
   
Janus Henderson
Global Research
    
Janus Henderson
Balanced
                  
                         
     
2023
      
2022
      
2023
      
2022
                  
                                                 
Increase (decrease) in net assets from operations:
                                                
  Net investment income (loss)
  
$
(19
)
  
$
-
    
$
3,043
    
$
565
                  
                                                 
  Realized gains (losses) on investments
    
802
      
2,256
      
4,983
      
14,056
                  
                                                 
  Unrealized appreciation (depreciation), net
    
2,987
      
(6,249
)
    
29,742
      
(71,449
)
                
                                                 
                                                 
Net increase (decrease) in net assets from operations
    
3,770
      
(3,993
)
    
37,768
      
(56,828
)
                
                                                 
Contract transactions:
                                                
  Purchase payments
    
841
      
738
      
7,575
      
7,556
                  
                                                 
  Transfers between subaccounts, net
    
-
      
-
      
-
      
6,913
                  
                                                 
  Withdrawals and surrenders
    
-
      
-
      
(2,223
)
    
-
                  
                                                 
  Monthly deductions
    
(1,593
)
    
(1,523
)
    
(11,639
)
    
(14,707
)
                
                                                 
  Policy loans
    
55
      
71
      
-
      
-
                  
                                                 
Net increase (decrease) in net assets
                                                
  derived from contract transactions
    
(697
)
    
(714
)
    
(6,287
)
    
(238
)
                
                                                 
Total increase (decrease) in net assets
    
3,073
      
(4,707
)
    
31,481
      
(57,066
)
                
                                                 
Net assets at beginning of year
    
15,094
      
19,801
      
268,915
      
325,981
                  
                                                 
Net assets at end of year
  
$
18,167
    
$
15,094
    
$
300,396
    
$
268,915
                  
                                                 
See accompanying notes to financial statements
SENTRY LIFE INSURANCE COMPANY
Sentry Variable Life Account I
STATEMENT OF CHANGES IN NET ASSETS (continued)
For the Year Ended December 31
 
   
T. Rowe Price
Limited Term Bond
    
T. Rowe Price
Equity Income
  
         
   
2023
    
2022
    
2023
    
2022
  
                         
Increase (decrease) in net assets from operations:
                        
  Net investment income (loss)
  
$
3,353
    
$
1,330
    
$
2,931
    
$
2,370
  
                                 
  Realized gains (losses) on investments
    
(465
)
    
(26
)
    
10,852
      
14,627
  
                                 
  Unrealized appreciation (depreciation), net
    
2,750
      
(9,550
)
    
9,055
      
(29,294
)
                                 
                                 
Net increase (decrease) in net assets from operations
    
5,638
      
(8,246
)
    
22,838
      
(12,297
)
                                 
Contract transactions:
                                
  Purchase payments
    
6,463
      
7,242
      
2,710
      
3,371
  
                                 
  Transfers between subaccounts, net
    
-
      
26,335
      
-
      
16,831
  
                                 
  Withdrawals and surrenders
    
(200
)
    
-
      
(2,838
)
    
-
  
                                 
  Monthly deductions
    
(6,322
)
    
(5,872
)
    
(6,309
)
    
(6,259
)
                                 
  Policy loans
    
-
      
-
      
299
      
293
  
                                 
Net increase (decrease) in net assets
                                
  derived from contract transactions
    
(59
)
    
27,705
      
(6,138
)
    
14,236
  
                                 
Total increase (decrease) in net assets
    
5,579
      
19,459
      
16,700
      
1,939
  
                                 
Net assets at beginning of year
    
146,443
      
126,984
      
277,409
      
275,470
  
                                 
Net assets at end of year
  
$
152,022
    
$
146,443
    
$
294,109
    
$
277,409
  
                                 
                                 
   
T. Rowe Price
Moderate Allocation
    
T. Rowe Price
International Stock
  
         
     
2023
      
2022
      
2023
      
2022
  
                                 
Increase (decrease) in net assets from operations:
                                
  Net investment income (loss)
  
$
10,174
    
$
4,928
    
$
(4
)
  
$
(20
)
                                 
  Realized gains (losses) on investments
    
(9,424
)
    
16,307
      
(204
)
    
35
  
                                 
  Unrealized appreciation (depreciation), net
    
109,311
      
(240,785
)
    
1,981
      
(1,504
)
                                 
                                 
Net increase (decrease) in net assets from operations
    
110,061
      
(219,550
)
    
1,773
      
(1,489
)
                                 
Contract transactions:
                                
  Purchase payments
    
35,832
      
37,173
      
354
      
341
  
                                 
  Transfers between subaccounts, net
    
-
      
6,913
      
-
      
5,479
  
                                 
  Withdrawals and surrenders
    
(168,293
)
    
160
      
-
      
-
  
                                 
  Monthly deductions
    
(89,627
)
    
(84,852
)
    
(727
)
    
(667
)
                                 
  Policy loans
    
72,376
      
239
      
313
      
237
  
                                 
Net increase (decrease) in net assets
                                
  derived from contract transactions
    
(149,712
)
    
(40,367
)
    
(60
)
    
5,390
  
                                 
Total increase (decrease) in net assets
    
(39,651
)
    
(259,917
)
    
1,713
      
3,901
  
                                 
Net assets at beginning of year
    
892,305
      
1,152,222
      
11,847
      
7,946
  
                                 
Net assets at end of year
  
$
852,654
    
$
892,305
    
$
13,560
    
$
11,847
  

See accompanying notes to financial statements
SENTRY LIFE INSURANCE COMPANY
Sentry Variable Life Account I
STATEMENT OF CHANGES IN NET ASSETS (continued)
For the Year Ended December 31

   
Vanguard
Money Market
  
     
   
2023
      
2022*

               
Increase (decrease) in net assets from operations:
              
  Net investment income (loss)
  
$
2,031
    
$
412
  
                 
  Realized gains (losses) on investments
    
1
      
-
  
                 
  Unrealized appreciation (depreciation), net
    
-
      
-
  
                 
                 
Net increase (decrease) in net assets from operations
    
2,032
      
412
  
                 
Contract transactions:
                
  Purchase payments
    
3,233
      
2,449
  
                 
  Transfers between subaccounts, net
    
-
      
53,479
  
                 
  Withdrawals and surrenders
    
(3,247
)
    
-
  
                 
  Monthly deductions
    
(4,953
)
    
(3,055
)
                 
  Policy loans
    
2,100
      
(20
)
                 
Net increase (decrease) in net assets
                
  derived from contract transactions
    
(2,867
)
    
52,853
  
                 
Total increase (decrease) in net assets
    
(835
)
    
53,265
  
                 
Net assets at beginning of year
    
53,265
      
0
  
                 
Net assets at end of year
  
$
52,430
    
$
53,265
  


* Vanguard Money Market's shares became available for investment on February 2, 2022 (inception). The Statement of Changes in Net Assets is from February 2, 2022 (inception) through December 31, 2022.


See accompanying notes to financial statements

SENTRY LIFE INSURANCE COMPANY
Sentry Variable Life Account I
NOTES TO FINANCIAL STATEMENTS

1. Organization
The Sentry Variable Life Account I (the Variable Life Account) is a segregated investment account of Sentry Life Insurance Company (the Company), which is a stock company 100% owned by Sentry Insurance Company (SIC), formerly Sentry Insurance a Mutual Company (SIAMCO), and is registered with the Securities and Exchange Commission (SEC) as a unit investment trust pursuant to the provisions of the Investment Company Act of 1940. The Variable Life Account is an accounting entity wherein all segregated account transactions are reflected.

Effective January 1, 2021 (the effective date), SIAMCO reorganized its corporate structure (the reorganization). On the effective date and as part of the reorganization, SIAMCO converted to SIC, a stock insurer. SIC is 100% owned by Sentry Holdings, Inc., an intermediate holding company, which is 100% owned by Sentry Mutual Holding Company. The reorganization did not have a material impact on the Company or the Variable Life Account's financial statements.

The Variable Life Account was established by the Company on February 12, 1985 in support of the variable life insurance contracts, and commenced operations on January 13, 1987. The Company discontinued new sales of the variable life insurance contracts on October 13, 2003. Management of the Company has determined that there is no justification for substantial doubt regarding the Variable Life Account's ability to continue as a going concern.

The assets of each subaccount of the Variable Life Account are invested in shares of corresponding portfolios of Janus Henderson Series - Institutional Shares, T. Rowe Price Fixed Income Series, Inc., T. Rowe Price Equity Series, Inc., and T. Rowe Price International Series, Inc., and Vanguard Variable Insurance Fund (collectively, the Funds) at each portfolio's net asset value (NAV) in accordance with the selection made by policy owners.

The Funds are diversified open-end investment management companies registered under the Investment Company Act of 1940. A copy of the Funds' annual reports is included in the Variable Life Account's Annual Report.

The Variable Life Account meets the definition of an investment company under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 and is following the accounting and reporting guidance under that Topic.

During 2022, a new fund offering was provided to policyholders, Vanguard Money Market Portfolio. Since this subaccount has an inception date in 2022, the financial statements are as of December 31, 2022 and for the period from inception date of February 2, 2022 to December 31, 2022.

2. Significant Accounting Policies
The preparation of financial statements in conformity with U.S. generally accepted accounting principles may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Valuation of Investments
Investments in shares of each of the Funds are valued on the closing net asset value per share at December 31, 2023. The Funds value their investment securities at fair value.

Policy Loans
Variable life insurance contract owners (policyholders) may obtain loans from the Company. The maximum loan amount is 90% of the policyholders' contract cash value minus any applicable surrender charge.

Securities Transactions and Investment Income
Transactions in shares of the Funds are recorded on the trade date if received by 3:00 p.m. central standard time (the date the order to buy and sell is executed). Dividend income is recorded on the ex-dividend date. The cost of Fund shares sold and the corresponding investment gains and losses are determined on the basis of specific identification.

SENTRY LIFE INSURANCE COMPANY
Sentry Variable Life Account I
NOTES TO FINANCIAL STATEMENTS


2. Significant Accounting Policies (continued)
Federal Income Taxes
The Company is taxed as a life insurance company under the provisions of the Internal Revenue Code. The operations of the Variable Life Account are part of the total operations of the Company and are not taxed as a separate entity.
Under Federal income tax law, net investment income and net realized investment gains of the Variable Life Account which are applied to increase net assets are not taxed.
Subsequent Events
In connection with the preparation of the financial statements, the Company evaluated subsequent events after the financial statement date of December 31, 2023 through February 23, 2024, the date the financial statements were issued. No significant subsequent events were identified.

3. Purchases and Sales of Investments
In 2023, purchases and proceeds from sale of investments in various subaccounts for the year ended December 31, 2023 are as follows:

         
Proceeds
  
   
Purchases
    
on Sales
  
Janus Henderson Research Portfolio
  
$
2,648
    
$
4,641
  
Janus Henderson Enterprise Portfolio
    
506,931
      
565,913
  
Janus Henderson Forty Portfolio
    
2,835
      
12,770
  
Janus Henderson Global Research Portfolio
    
1,652
      
1,894
  
Janus Henderson Balanced Portfolio
    
14,626
      
17,870
  
T. Rowe Price Limited Term Bond Portfolio
    
11,362
      
8,068
  
T. Rowe Price Equity Income Portfolio
    
20,878
      
12,109
  
T. Rowe Price Moderate Allocation Portfolio
    
135,736
      
272,954
  
T. Rowe Price International Stock Portfolio
    
913
      
977
  
Vanguard Money Market Portfolio
    
7,942
      
8,773
  
    Total
  
$
705,523
    
$
905,969
  
  \



In 2022, purchases and proceeds from sale of investments in various subaccounts for the year ended December 31, 2022 are as follows:

         
Proceeds
  
   
Purchases
    
on Sales
  
Janus Henderson Research Portfolio
  
$
18,651
    
$
4,330
  
Janus Henderson Enterprise Portfolio
    
958,681
      
548,963
  
Janus Henderson Forty Portfolio
    
31,569
      
30,371
  
Janus Henderson Global Research Portfolio
    
2,923
      
1,816
  
Janus Henderson Balanced Portfolio
    
27,059
      
17,700
  
T. Rowe Price Limited Term Bond Portfolio
    
36,657
      
7,390
  
T. Rowe Price Equity Income Portfolio
    
40,193
      
9,233
  
T. Rowe Price Moderate Allocation Portfolio
    
79,803
      
96,850
  
T. Rowe Price International Stock Portfolio
    
6,555
      
894
  
* Vanguard Money Market Portfolio
    
56,691
      
3,439
  
    Total
  
$
1,258,782
    
$
720,986
  


*  The purchases and proceeds on sales activity for Vanguard Money Market Portfolio was for the period February 2, 2022 (inception) through December 31, 2022.

SENTRY LIFE INSURANCE COMPANY
Sentry Variable Life Account I
NOTES TO FINANCIAL STATEMENTS

4. Expenses and Related Party Transactions

A mortality and expense risk premium and a death benefit guarantee risk charge are deducted by the Company from the Variable Life Account on a daily basis which is equal, on an annual basis, to 1.05% (0.90% mortality and expense risk and 0.15% death benefit guarantee risk charge) of the daily net asset value of the Variable Life Account. These charges compensate the Company for assuming these risks under the variable life contract.

At the beginning of each policy month, the Company makes a deduction, per contract holder, from the cash value of the policy by canceling accumulation units. This deduction consists of the cost of insurance for the policy and any additional benefits provided by rider, if any, for the policy month and a $5 monthly administrative fee. The administrative fee reimburses the Company for the administration expenses relating to the issuance and maintenance of the contract and is included along with the cost of the insurance policy in monthly deductions on the Statement of Changes in Net Assets.

The Company deducts a front-end sales expense charge of 5.0% from each premium payment. A surrender charge may be deducted in the event of a surrender to reimburse the Company for expenses incurred in connection with issuing a policy. The full surrender charge, which is reported through withdrawals and surrenders on the Statements of Changes in Net Assets, will be reduced during the first 9 contract years until it reaches zero in the 10th contract year.

The Company deducts from each premium payment the amount of premium taxes levied by any state or government entity. Premiums taxes up to 3.5% are imposed by certain states.

Sentry Equity Services, Inc., a related party, acts as the underwriter for the contract.

5. Fair Value Measurement

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The Variable Life Account categorized its financial instruments into a three level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety.

The Company categorizes financial assets recorded at fair value as follows:
Level 1 - Unadjusted quoted prices accessible in active markets for identical assets at the measurement date. The assets utilizing Level 1 valuations represent investments in publicly-traded registered mutual funds with quoted market prices.

Level 2 - Unadjusted quoted prices for similar assets in active markets or inputs (other than quoted prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means. The assets utilizing Level 2 valuations represent investments in privately-traded registered mutual funds only offered through insurance products. These funds have no unfunded commitments or restrictions and the Variable Life Account always has the ability to redeem its interest in the funds with the investee at NAV daily.

Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2022:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
  Variable Life Account Investments
    
-
    
$
6,935,143
      
-
    
$
6,935,143
  

The Variable Life Account only invests in funds with fair value measurements in Level 2 and did not have any assets or liabilities reported at fair value on a nonrecurring basis.

SENTRY LIFE INSURANCE COMPANY
Sentry Variable Life Account I
NOTES TO FINANCIAL STATEMENTS

6. Changes in Units Outstanding

The changes in units outstanding for the year ended December 31, 2023 were as follows:


       
Units
  
Units
  
Net Increase
       
Issued
  
Redeemed
  
(Decrease)
Janus Henderson Research Portfolio
      
      102
  
     146
  
       (44)
Janus Henderson Enterprise Portfolio
      
   1,392
  
  3,883
  
  (2,491)
Janus Henderson Forty Portfolio
      
        60
  
     262
  
     (202)
Janus Henderson Global Research Portfolio
      
        63
  
     105
  
       (42)
Janus Henderson Balanced Portfolio
      
      242
  
     419
  
     (177)
T. Rowe Price Limited Term Bond Portfolio
      
      233
  
     235
  
         (2)
T. Rowe Price Equity Income Portfolio
      
        75
  
     229
  
     (154)
T. Rowe Price Moderate Allocation Portfolio
      
   1,218
  
  2,853
  
  (1,635)
T. Rowe Price International Stock Portfolio
      
        50
  
       54
  
         (4)
Vanguard Money Market Portfolio
      
      525
  
     806
  
     (281)



  The changes in units outstanding for the year ended December 31, 2022 were as follows:
 

       
Units
  
Units
  
Net Increase
       
Issued
  
Redeemed
  
(Decrease)
Janus Henderson Research Portfolio
      
      113
  
     151
  
       (38)
Janus Henderson Enterprise Portfolio
      
   1,456
  
  3,919
  
  (2,463)
Janus Henderson Forty Portfolio
      
        56
  
     645
  
     (589)
Janus Henderson Global Research Portfolio
      
        62
  
     110
  
       (48)
Janus Henderson Balanced Portfolio
      
      397
  
     419
  
       (22)
T. Rowe Price Limited Term Bond Portfolio
      
   1,176
  
     211
  
      965
T. Rowe Price Equity Income Portfolio
      
      508
  
     158
  
      350
T. Rowe Price Moderate Allocation Portfolio
      
      491
  
     930
  
     (439)
T. Rowe Price International Stock Portfolio
      
      412
  
       53
  
      359
* Vanguard Money Market Portfolio
      
   5,592
  
     307
  
   5,285


* The units issued and units redeemed activity for Vanguard Money Market Portfolio was for the period February 2, 2022 (inception) through December 31, 2022.

SENTRY LIFE INSURANCE COMPANY
Sentry Variable Life Account I
NOTES TO FINANCIAL STATEMENTS

7. Financial Highlights
 
  A summary of unit values, units outstanding and certain financial performance information for each subaccount for variable life contracts and the expense ratios, excluding expenses of the underlying funds, for the year ended December 31, 2023 is as follows:

 
                     
Expenses
    
Income
        
                     
as a % of
    
as a % of
        
         
Net Assets
    
Average
    
Average
        
         
Unit
          
Net
    
Net
    
Total
  
   
Units
    
Value
    
(000's)
    
Assets #
    
Assets
    
Return
  
Janus Henderson Research Portfolio
    
3,813
    
$
29.08
    
$
111
      
1.05
%
    
0.14
%
    
41.70
%
Janus Henderson Enterprise Portfolio
    
33,944
      
145.07
      
4,924
      
1.05
      
0.16
      
16.85
  
Janus Henderson Forty Portfolio
    
4,553
      
47.62
      
217
      
1.05
      
0.19
      
38.52
  
Janus Henderson Global Research Portfolio
    
1,003
      
18.12
      
18
      
1.05
      
0.93
      
25.47
  
Janus Henderson Balanced Portfolio
    
7,855
      
38.24
      
300
      
1.05
      
2.11
      
14.22
  
T. Rowe Price Limited Term Bond Portfolio
    
5,337
      
28.49
      
152
      
1.05
      
3.31
      
3.85
  
T. Rowe Price Equity Income Portfolio
    
6,806
      
43.21
      
294
      
1.05
      
2.10
      
8.40
  
T. Rowe Price Moderate Allocation Portfolio
    
8,404
      
101.46
      
853
      
1.05
      
2.27
      
14.15
  
T. Rowe Price International Stock Portfolio
    
809
      
16.77
      
14
      
1.05
      
1.01
      
15.03
  
Vanguard Money Market Portfolio
    
5,004
      
10.48
      
52
      
1.05
      
4.92
      
3.95
  


  

   A summary of unit values, units outstanding and certain financial performance information for each subaccount for variable life contracts and the expense ratios, excluding expenses of the underlying funds, for the year ended December 31, 2022 is as follows:

 


                     
Expenses
    
Income
        
                     
as a % of
    
as a % of
        
         
Net Assets
    
Average
    
Average
        
         
Unit
          
Net
    
Net
    
Total
  
   
Units
    
Value
    
(000's)
    
Assets #
    
Assets
    
Return***
  
Janus Henderson Research Portfolio
    
3,857
    
$
20.52
    
$
79
      
1.05
%
    
0.16
%
    
(30.63
)%
Janus Henderson Enterprise Portfolio
    
36,435
      
124.15
      
4,523
      
1.05
      
0.20
      
(16.82
)
Janus Henderson Forty Portfolio
    
4,755
      
34.38
      
163
      
1.05
      
0.19
      
(34.25
)
Janus Henderson Global Research Portfolio
    
1,045
      
14.44
      
15
      
1.05
      
1.06
      
(20.26
)
Janus Henderson Balanced Portfolio
    
8,032
      
33.48
      
269
      
1.05
      
1.25
      
(17.28
)
* T. Rowe Price Government Money Portfolio
    
-
      
18.21
      
-
      
1.05
      
0.02
      
(0.32
)
T. Rowe Price Limited Term Bond Portfolio
    
5,339
      
27.43
      
146
      
1.05
      
1.96
      
(5.51
)
T. Rowe Price Equity Income Portfolio
    
6,960
      
39.86
      
277
      
1.05
      
1.90
      
(4.35
)
T. Rowe Price Moderate Allocation Portfolio
    
10,039
      
88.88
      
892
      
1.05
      
1.57
      
(19.17
)
T. Rowe Price International Stock Portfolio
    
813
      
14.58
      
12
      
1.05
      
0.86
      
(16.70
)
** Vanguard Money Market Portfolio
    
5,285
      
10.08
      
53
      
1.05
      
1.67
      
0.79
  

#   Excluding the effect of the expenses of the underlying fund portfolios and monthly deductions charged directly to policyholder accounts.

*   T. Rowe Government Money's funds were terminated on April 28, 2022.
** Vanguard Money Market's funds became available for investment on February 2, 2022.
***  Total return is not annualized if the underlying fund was initially added and funded or terminated during the period presented.

SENTRY LIFE INSURANCE COMPANY
Sentry Variable Life Account I
NOTES TO FINANCIAL STATEMENTS

7. Financial Highlights (continued)

  A summary of unit values, units outstanding and certain financial performance information for each subaccount for variable life contracts and the expense ratios, excluding expenses of the underlying funds, for the year ended December 31, 2021 is as follows:

                     
Expenses
    
Income
        
                     
as a % of
    
as a % of
        
         
Net Assets
    
Average
    
Average
        
         
Unit
          
Net
    
Net
    
Total
  
   
Units
    
Value
    
(000's)
    
Assets #
    
Assets
    
Return
  
Janus Henderson Research Portfolio
    
3,895
    
$
29.58
    
$
115
      
1.05
%
    
0.08
%
    
19.08
%
Janus Henderson Enterprise Portfolio
    
38,898
      
149.25
      
5,806
      
1.05
      
0.32
      
15.61
  
Janus Henderson Forty Portfolio
    
5,344
      
52.29
      
279
      
1.05
      
-
      
21.62
  
Janus Henderson Global Research Portfolio
    
1,093
      
18.11
      
20
      
1.05
      
0.46
      
16.85
  
Janus Henderson Balanced Portfolio
    
8,054
      
40.47
      
326
      
1.05
      
0.90
      
15.97
  
* T. Rowe Price Government Money Portfolio
    
2,848
      
18.27
      
52
      
1.05
      
0.01
      
(1.04
)
T. Rowe Price Limited Term Bond Portfolio
    
4,374
      
29.03
      
127
      
1.05
      
1.33
      
(0.92
)
T. Rowe Price Equity Income Portfolio
    
6,609
      
41.68
      
275
      
1.05
      
1.58
      
24.24
  
T. Rowe Price Moderate Allocation Portfolio
    
10,478
      
109.97
      
1,152
      
1.05
      
0.97
      
8.91
  
T. Rowe Price International Stock Portfolio
    
454
      
17.50
      
8
      
1.05
      
0.47
      
0.25
  


  A summary of unit values, units outstanding and certain financial performance information for each subaccount for variable life contracts and the expense ratios, excluding expenses of the underlying funds, for the year ended December 31, 2020 is as follows:
 

                                     
                     
Expenses
    
Income
        
                     
as a % of
    
as a % of
        
         
Net Assets
    
Average
    
Average
        
         
Unit
          
Net
    
Net
    
Total
  
   
Units
    
Value
    
(000's)
    
Assets #
    
Assets
    
Return
  
Janus Henderson Research Portfolio
    
11,843
    
$
24.84
    
$
294
      
1.05
%
    
0.41
%
    
31.57
%
Janus Henderson Enterprise Portfolio
    
43,085
      
129.10
      
5,562
      
1.05
      
0.07
      
18.22
  
Janus Henderson Forty Portfolio
    
11,853
      
43.00
      
510
      
1.05
      
0.27
      
37.95
  
Janus Henderson Global Research Portfolio
    
1,595
      
15.50
      
25
      
1.05
      
0.73
      
18.80
  
Janus Henderson Balanced Portfolio
    
8,419
      
34.90
      
294
      
1.05
      
1.74
      
13.12
  
* T. Rowe Price Government Money Portfolio
    
2,890
      
18.46
      
53
      
1.05
      
0.26
      
(0.80
)
T. Rowe Price Limited Term Bond Portfolio
    
4,329
      
29.30
      
127
      
1.05
      
1.96
      
3.62
  
T. Rowe Price Equity Income Portfolio
    
6,671
      
33.55
      
224
      
1.05
      
2.38
      
0.11
  
T. Rowe Price Moderate Allocation Portfolio
    
12,691
      
100.97
      
1,281
      
1.05
      
1.38
      
13.34
  
T. Rowe Price International Stock Portfolio
    
621
      
17.46
      
11
      
1.05
      
0.59
      
13.25
  

# Excluding the effect of the expenses of the underlying fund portfolios and monthly deductions charged directly to policyholder accounts.

* T. Rowe Government Money's funds were terminated on April 28, 2022.

SENTRY LIFE INSURANCE COMPANY
Sentry Variable Life Account I
NOTES TO FINANCIAL STATEMENTS

7. Financial Highlights (continued)
  A summary of unit values, units outstanding and certain financial performance information for each subaccount for variable life contracts and the expense ratios, excluding expenses of the underlying funds, for the year ended December 31, 2019 is as follows:

                     
Expenses
    
Income
        
                     
as a % of
    
as a % of
        
         
Net Assets
    
Average
    
Average
        
         
Unit
          
Net
    
Net
    
Total
  
   
Units
    
Value
    
(000's)
    
Assets #
    
Assets
    
Return
  
Janus Henderson Research Portfolio
    
12,169
    
$
18.88
    
$
230
      
1.05
%
    
0.45
%
    
34.12
%
Janus Henderson Enterprise Portfolio
    
47,715
      
109.20
      
5,211
      
1.05
      
0.20
      
34.09
  
Janus Henderson Forty Portfolio
    
12,204
      
31.17
      
380
      
1.05
      
0.15
      
35.75
  
Janus Henderson Global Research Portfolio
    
2,164
      
13.04
      
28
      
1.05
      
1.00
      
27.71
  
Janus Henderson Balanced Portfolio
    
10,639
      
30.85
      
328
      
1.05
      
1.91
      
21.32
  
* T. Rowe Price Government Money Portfolio
    
3,314
      
18.61
      
62
      
1.05
      
1.70
      
0.66
  
T. Rowe Price Limited Term Bond Portfolio
    
4,273
      
28.28
      
121
      
1.05
      
2.39
      
3.26
  
T. Rowe Price Equity Income Portfolio
    
8,087
      
33.51
      
271
      
1.05
      
2.32
      
25.09
  
T. Rowe Price Moderate Allocation Portfolio
    
15,517
      
89.08
      
1,382
      
1.05
      
1.95
      
18.56
  
T. Rowe Price International Stock Portfolio
    
647
      
15.41
      
10
      
1.05
      
2.46
      
26.45
  

# Excluding the effect of the expenses of the underlying fund portfolios and monthly deductions charged directly to policyholder accounts.

* T. Rowe Government Money's funds were terminated on April 28, 2022.


8. Diversification Requirements

Under the provisions of Section 817(h) of the Internal Revenue Code of 1986 (the Code), as amended, a variable contract, other than a contract issued in connection with certain types of employee benefit plans, will not be treated as a variable contract for federal tax purposes for any period for which the investments of the segregated asset account on which the contract is based are not adequately diversified. Each subaccount is required to satisfy the requirements of Section 817(h). The Code provides that the "adequately diversified" requirement may be met if the underlying investments satisfy either the statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of the Treasury.

The Secretary of the Treasury has issued regulations under Section 817(h) of the Code. The Variable Life Account intends that each of the subaccounts shall comply with the diversification requirements and, in the event of any failure to comply, will take immediate action to assure compliance.