Deloitte & Touche LLP
INDEPENDENT AUDITOR’S REPORT
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immediately upon filing pursuant to paragraph (b) of Rule 485 |
| x |
on May 1, 2024 pursuant to paragraph (b) of Rule 485 |
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60 days after filing pursuant to paragraph (a) of Rule 485 |
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on May 1, 2024 pursuant to paragraph (a) of Rule 485 |
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FEES AND EXPENSES | |||
Charges for Early Withdrawals |
There are no fees for early withdrawals and you are not prohibited from making early withdrawals. | ||
Transaction Charges |
Charges may be applied to a transaction if state or local premium taxes are assessed. Charges may be applied to transfers (if more than 12 in a Contract year). For more information about transaction charges, please refer to Section 5, “What Are The Expenses Associated With The Empower Retirement Security Annuity I?” later in this prospectus. | ||
Ongoing Fees and Expenses (annual charges) |
The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract for information about the specific fees you will pay each year based on the options you have elected. | ||
Annual Fee |
Minimum |
Maximum | |
Base Contract 1 |
% |
% | |
Investment Options (Portfolio Fees and Expenses) |
% |
% | |
Optional Benefits For An Additional Charge 2 |
% |
% | |
1 2 | |||
For more information about the IncomeFlex Select Benefit and the Optional Spousal Benefit, please refer to Section 3, “What Are The Benefits Available Under The Contract?” later in this prospectus. | |||
To help you understand the cost of investing in the Contract, the following table shows the lowest and highest costs you could pay based on the minimum and maximum charges allowable under the Contract. | |||
Lowest Annual Cost: $ |
Highest Annual Cost: $ | ||
Assumes: • Investment of $100,000 • 5% annual appreciation • Least expensive combination of Base Contract fee and portfolio fees and expenses • No optional benefits • No sales charges • No additional purchase payments, transfers or withdrawals |
Assumes: • Investment of $100,000 • 5% annual appreciation • Most expensive combination of Base Contract fee, optional benefits and portfolio fees and expenses • No sales charges • No additional purchase payments, transfers or withdrawals | ||
For more information about ongoing fees and expenses, please refer to Section 5, “What Are The Expenses Associated With The Empower Retirement Security Annuity I?” later in this prospectus. | |||
RISKS | |||
Risk of Loss |
The Contract is subject to the risk of loss. You could lose some or all of your Contract Value. For more information about the risk of loss, please refer to Section 2, “What Are The Principal Risks Of Investing In The Contract?” later in this prospectus. | ||
Not a Short-Term Investment |
|||
who needs ready access to cash. The Contract is designed to provide benefits on a long-term basis. This product is also specifically designed (and priced) for those concerned they may outlive their income. Consequently, you should not use the Contract as a short-term investment or savings vehicle. Because of the long-term nature of the Contract, you should consider whether investing purchase payments in the Contract is consistent with the purpose for which the investment is being considered. For more information about the risk profile of the Contract, please refer to prospectus. | |||
Risks Associated with Investment Options |
An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract, each of which has its own unique risks. You should review the investment options before making an investment decision. For more information about the risks associated with the investment options, please refer to Section 2, “What Are The Principal Risks Of Investing In The Contract?” later in this prospectus. | ||
Insurance Company Risks |
An investment in the Contract is subject to the risks related to Empower Annuity Insurance Company. Any obligations, guarantees, or benefits are subject to the claims-paying ability of Empower Annuity Insurance Company. More information about Empower Annuity Insurance Company is available upon request. Such requests can be made toll-free at (855) 756-4738. For more information about insurance company risks, please refer to Section 2, “What Are The Principal Risks Of Investing In The Contract?” later in this prospectus. | ||
RESTRICTIONS | |||
Investment Options |
• During the Contract Accumulation Phase, you may make up to 12 transfers each Contract year without charge. If you make more than 12 transfers in one Contract year, you may be charged up to $30 for each additional transfer. • Empower Annuity Insurance Company reserves the right to remove or substitute the portfolios used by the Variable Investment Options. You will be given specific notice in advance of any substitution we intend to make. • The Sub-Account investing in the AST Academic Strategies Asset Allocation Portfolio is closed to new investors. For more information about investment and transfer restrictions, please refer to Security Annuity I?” later in this prospectus. | ||
Optional Benefits |
This Contract provides a standard guaranteed income benefit at a cost deducted from your Contract Value with an optional Spousal Benefit. You should know that: • Once you “lock in” your Annual Guaranteed Withdrawal Amount, taking withdrawals over that amount will permanently reduce the Annual Guaranteed Withdrawal Amount and possibly terminate the benefit without value. • Once you “lock in” your IncomeFlex Select Benefit and elect the Spousal Benefit, your choice is irrevocable. An additional charge for the optional Spousal Benefit is deducted from the value of your investment options. | ||
For more information about the IncomeFlex Select Benefit and the Spousal Benefit, later in this prospectus. | |||
TAXES | |||
Tax Implications |
You should consult a qualified tax adviser to determine the tax implications of an investment in and payments received under the Contract. Generally, withdrawals (either as a lump sum or as regular payments) are taxed as ordinary income, and may be subject to tax penalties. Depending on your plan type you, you may be charged different fees for early withdrawals or be prohibited from making early withdrawals. The effect of federal taxation depends largely upon the type of retirement plan, so we can provide only a generalized description. You generally may withdraw money at any time during the Accumulation Phase. You may, however, be subject to income tax. If you make a withdrawal prior to age 59 1 ∕ 2 , you also may be subject to a 10% additional tax. You should consult with your tax adviser for more specific information about the tax treatment of your plan withdrawals. For more information about tax implications, please refer to Section 9, “What Are The Tax Considerations Associated With The Empower Retirement Security Annuity I?” later in this prospectus. | ||
CONFLICTS OF INTEREST | |||
Investment Professional Compensation |
While we generally do not pay commissions for the sales of the Contract, some investment professionals may receive compensation for selling the Contract to investors under legacy distribution agreements with the Company. Such compensation (commissions, overrides, and expense reimbursement allowances) may continue to be paid to broker-dealers that are registered under the Securities Exchange Act of 1934 and/or entities that are exempt from such registration (firms) under these legacy agreements for past sales. Additionally, should an investment professional voluntarily approach the Company with a prospect, the Company would be obligated to pay a commission under these legacy agreements. These investment professionals may have an incentive to sell you one product over another because some products pay higher commissions than others. The investment professional will receive all or a portion of the compensation, depending on the practice of the firm. For more information about compensation, please refer to Section 10, “Other Information” later in this prospectus. | ||
Exchanges |
Some investment professionals may have a financial incentive to offer you an annuity in place of the one you already own. You should only exchange your contract if you determine after comparing the features, fees, and risks of both contracts, that it is preferable to purchase the new contract, rather than continue to own your existing contract. For more information about exchanges, please refer to Section 9, “What Are The Tax Considerations Associated With The Empower Retirement Security Annuity I?” later in this prospectus. | ||
TRANSACTION EXPENSES | ||
Current |
Maximum | |
Sales Charge Imposed on Purchases |
||
Contingent Deferred Sales Charge (as a percentage of purchase payments or amount) |
||
Transfer Fee 1 |
$ |
$ |
Charge For Premium Tax Imposed On Us By Certain States/Jurisdictions 2 (as a percentage of Contract Value) |
N/A 2 |
% |
ANNUAL CONTRACT EXPENSES | ||||
Base IncomeFlex Select Benefit |
With Optional IncomeFlex Select Spousal Benefit | |||
Current Charge |
Maximum Charge |
Current Charge |
Maximum Charge | |
Administrative Expenses |
$ |
$ |
$ |
$ |
Base Contract Expenses 1, 2 |
% |
% |
% |
% |
Optional Benefit Expenses 1, 3 |
- |
- |
% |
% |
ANNUAL PORTFOLIO COMPANY EXPENSES | ||
Minimum |
Maximum | |
Annual Portfolio Company Expenses |
||
(expenses that are deducted from portfolio assets, including management fees, distribution and/or service (12b-1) fees, and other expenses) | ||
1 Yr. |
3 Yrs. |
5 Yrs. |
10 Yrs. | |
If you surrender your Contract at the end of the applicable time period: |
$ |
$ |
$ |
$ |
If you annuitize at the end of the applicable time period: |
$ |
$ |
$ |
$ |
If you do not surrender your Contract: |
$ |
$ |
$ |
$ |
NAME OF BENEFIT |
PURPOSE |
STANDARD OR OPTIONAL |
ANNUAL FEES |
RESTRICTIONS/ LIMITATIONS | |
Current |
Maximum | ||||
Provides protection for your beneficiary(ies) by ensuring that they do not receive less than your Contract Value. |
$ |
$ |
|||
IncomeFlex Select Benefit (also referred to as the Base Contract Expense) |
Once locked in, guarantees your ability to withdraw an Annual Guaranteed Withdrawal Amount, even if your Contract Value is reduced to zero. |
% 1 |
% 1 |
If your Contract Value is reduced to zero because of excess withdrawals, you will not receive any further payments. Additionally, excess withdrawals reduce the amount of your Annual Guaranteed Withdrawal Amount permanently. | |
2 |
Designed to provide an Annual Guaranteed Withdrawal Amount until the last to die of you and your spouse. |
% 1 |
% 1 |
Results in a lesser Annual Guaranteed Withdrawal Amount. Once elected, the Spousal Benefit may not be revoked. Excess withdrawal rules noted above apply. | |
• Contract Value: |
$ 100,000 |
• Withdrawal: |
$ 10,000 |
• Ratio of withdrawal to Contract Value ($ 10,000 / $ 100,000): |
10% |
• Roll-Up Value: |
$ 120,000 |
• Roll-Up Value reduced by 10% , or |
$ 12,000 |
• Adjusted Roll-Up Value: |
$ 108,000 |
• Contract Value: |
$ 100,000 |
• Withdrawal amount: |
$ 10,000 |
• Ratio of withdrawal to Contract Value ($ 10,000 / $ 100,000): |
10% |
• Highest Birthday Value: |
$ 120,000 |
• Highest Birthday Value reduced by 10%, or |
$ 12,000 |
• Adjusted Highest Birthday Value: |
$ 108,000 |
Participant age: |
66 |
|
Contract Value as of Business Day prior to Lock-In Date: |
$ 80,000 |
|
Highest Birthday Value (HBV): |
$ 100,000 |
|
Roll-Up Value: |
$ 94,000 |
|
Protected Income Base (on Lock-In Date): |
$ 100,000 |
(greatest of Contract Value, HBV, and Roll-Up Value) |
Annual Guaranteed Withdrawal Amount: |
$ 5,000 |
(5% of Protected Income Base) |
Participant age: |
58 |
|
Contract Value as of Business Day prior to Lock-In Date: |
$ 80,000 |
|
Highest Birthday Value (HBV): |
$ 100,000 |
|
Roll-Up Value: |
$ 94,000 |
|
Protected Income Base (on Lock-In Date): |
$ 100,000 |
(greatest of Contract Value, HBV, and Roll-Up Value) |
Annual Guaranteed Withdrawal Amount: |
$ 4,000 |
(4% of Protected Income Base) |
Participant age: |
66 |
|
Spouse age: |
64 |
|
Contract Value as of Business Day prior to Lock-In Date: |
$ 80,000 |
|
Highest Birthday Value (HBV): |
$ 100,000 |
|
Roll-Up Value: |
$ 94,000 |
|
Protected Income Base (Lock-In Date): |
$ 100,000 |
(greatest of Contract Value, HBV, and Roll-Up) |
Annual Guaranteed Withdrawal Amount: |
$ 4,000 |
(4% of Protected Income Base) |
The examples below assume the following (the values set forth are purely hypothetical and do not reflect charges): | |
Withdrawal Period: |
May 5, 2022 through May 4, 2023 |
Annual Guaranteed Withdrawal Amount: |
$10,000 |
Contract Value on June 10, 2022 (date of first withdrawal) |
$160,000 |
Contract Value on July 11, 2022 (date of second withdrawal) |
$150,000 |
Withdrawal Period |
May 5, 2022 through May 4, 2023 |
Contract Value on April 11, 2022 |
$160,000 |
Contract Value on May 5, 2022 |
$146,000 |
Annual Guaranteed Withdrawal Amount |
$10,000 |
Required Minimum Distribution Amount |
$14,000 (for calendar year 2022) |
RMD Value |
$4,000 (for calendar year 2022) |
Birthday |
May 5 |
Annual Guaranteed Withdrawal Amount |
$ 4,000 |
Contract Value as of May 5, 2022 |
$ 100,000 |
Guaranteed Withdrawal Percentage |
5% |
Age at Lock-In |
|
(using age of younger spouse) |
Withdrawal Percentage |
55-64 |
4.00% |
65+ |
5.00% |
Age at Lock-In |
|
(using age of younger spouse) |
Withdrawal Percentage |
55-64 |
4.00% |
65-69 |
5.00% |
70-74 |
5.35% |
75-79 |
5.80% |
80-84 |
6.35% |
85-89 |
7.00% |
90-94 |
7.85% |
95+ |
8.95% |
Participant Status & Elections |
Retirement Plan I |
Retirement Plan II |
Values Under this Annuity |
Lock-In Date Elected |
Yes (age 65) |
Yes (age 69) |
Yes |
Spousal Benefit Elected |
Yes |
Yes |
Yes |
Guaranteed Withdrawal % |
5.00% |
5.00% |
5.00% |
Contract Value |
$25,000 |
$75,000 |
$100,000 |
Income Base |
$30,000 |
$100,000 |
$130,000 |
Annual Guaranteed Withdrawal Amount |
$1,500 |
$5,000 |
$6,500 |
Current |
Maximum | |
Administrative Expense |
$0 |
$150 |
| PORTFOLIO TYPE/INVESTMENT OBJECTIVE |
PORTFOLIO NAME AND ADVISER/SUBADVISER |
CURRENT EXPENSES |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) | ||
| 1 YEAR |
5 YEARS |
10 YEARS | |||
| Asset Allocation Seeks long-term capital appreciation. |
Strategies Asset Allocation Portfolio * (The Sub-Account investing in this portfolio is closed to new investors) : AST Investment Services, Inc.; PGIM Investments LLC : Jennison Associates LLC; J.P. Morgan Investment Management Inc.; Massachusetts Financial Services; Morgan Stanley Investment Management Inc.; PGIM Fixed Income**; PGIM Real Estate***; PGIM Quantitative Solutions LLC; Systematica Investments Limited, acting as general partner of Systematica Investments LP****; Wellington Management Company LLP; and Western Asset Management Company/Western Asset Management Company LLP |
|
|
|
|
| PORTFOLIO TYPE/INVESTMENT OBJECTIVE |
PORTFOLIO NAME AND ADVISER/SUBADVISER |
CURRENT EXPENSES |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) | ||
| 1 YEAR |
5 YEARS |
10 YEARS | |||
| Asset Allocation Seeks to obtain the highest potential total return consistent with its specified level of risk tolerance. |
Allocation Portfolio* : AST Investment Services, Inc.; PGIM Investments LLC : Jennison Associates LLC; J.P. Morgan Investment Management Inc.; Massachusetts Financial Services; PGIM Fixed Income**; PGIM Quantitative Solutions LLC; and Wellington Management Company LLP |
|
|
|
|
| Asset Allocation Seeks to obtain the highest potential total return consistent with its specified level of risk tolerance. |
Asset Allocation Portfolio* : AST Investment Services, Inc.; PGIM Investments LLC : Jennison Associates LLC; J.P. Morgan Investment Management Inc.; Massachusetts Financial Services; PGIM Fixed Income**; PGIM Quantitative Solutions LLC; and Wellington Management Company LLP |
|
|
|
|
| Asset Allocation Seeks to obtain the highest potential total return consistent with its specified level of risk tolerance. |
Allocation Portfolio* : AST Investment Services, Inc.; PGIM Investments LLC : Jennison Associates LLC; J.P. Morgan Investment Management Inc.; Massachusetts Financial Services; PGIM Fixed Income**; PGIM Quantitative Solutions LLC; and Wellington Management Company LLP |
|
|
|
|
Important Information You Should Consider About the Contract |
||||||||||||
Fees and Expenses |
||||||||||||
Charges for Early Withdrawals |
||||||||||||
Transaction Charges |
||||||||||||
Ongoing Fees and Expenses (annual charges) |
The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract for information about the specific fees you will pay each year based on the options you have elected. | |||||||||||
Annual Fee |
Minimum |
Maximum |
||||||||||
Base Contract 1 |
||||||||||||
Investment Options (Portfolio Fees and Expenses) |
||||||||||||
Optional Benefits For An Additional Charge 2 |
||||||||||||
1 | ||||||||||||
2 | ||||||||||||
For more information about the IncomeFlex Select Benefit and the Optional Spousal Benefit, please refer to Section 3, “What Are The Benefits Available Under The Contract?” later in this prospectus. |
||||||||||||
To help you understand the cost of investing in the Contract, the following table shows the lowest and highest costs you could pay based on the minimum and maximum charges allowable under the Contract. |
||||||||||||
Lowest Annual Cost: |
Highest Annual Cost: |
|||||||
$ |
$ | |||||||
Assumes: |
Assumes: | |||||||
• Investment of $100,000 |
• Investment of $100,000 | |||||||
• 5% annual appreciation |
• 5% annual appreciation | |||||||
• Least expensive combination of Base Contract fee and portfolio fees and expenses |
• Most expensive combination of Base Contract fee, optional benefits and portfolio fees and expenses | |||||||
• No optional benefits |
• No sales charges |
|||||||
• No sales charges |
• No additional purchase payments, transfers or withdrawals |
• No additional purchase payments, transfers or withdrawals |
||||||||
For more information about ongoing fees and expenses, please refer to Section 5, “What Are The Expenses Associated With The Empower Retirement Security Annuity VIII?” later in this prospectus. | ||||||||
Risks |
||
Risk of Loss |
The Contract is subject to the risk of loss. You could lose some or all of your Contract Value. For more information about the risk of loss, please refer to Section 2, “What Are The Principal Risks Of Investing In The Contract?” later in this prospectus. | |
Not a Short-Term Investment |
The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The Contract is designed to provide benefits on a long-term basis. This product is also specifically designed (and priced) for those concerned they may outlive their income. Consequently, you should not use the Contract as a short-term investment or savings vehicle. Because of the long-term nature of the Contract, you should consider whether investing purchase payments in the Contract is consistent with the purpose for which the investment is being considered. For more information about the risk profile of the Contract, please refer to Section 2, “What Are The Principal Risks Of Investing In The Contract?” later in this prospectus. | |
Risks Associated with Investment Options |
An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract, each of which has its own unique risks. You should review the investment options before making an investment decision. For more information about the risks associated with the investment options, please refer to Section 2, “What Are The Principal Risks Of Investing In The Contract?” later in this prospectus. | |
Insurance Company Risks |
An investment in the Contract is subject to the risks related to Empower Annuity Insurance Company. Any obligations, guarantees, or benefits are subject to the claims-paying ability of Empower Annuity Insurance Company. More information about Empower Annuity Insurance Company is available upon request. Such requests can be made toll-free at (855) 756-4738. For more information about insurance company risks, please refer to Section 2, “What Are The Principal Risks Of Investing In The Contract?” later in this prospectus. | |
Restrictions |
||
Investment Options |
● During the Contract Accumulation Phase, you may make transfers each Contract year without charge. ● Empower Annuity Insurance Company reserves the right to add, close, remove or substitute the portfolios used by the Variable Investment Options. You will be given specific notice in advance of any substitution we intend to make. For more information about investment and transfer restrictions, please refer to Section 5, “What Are The Expenses Associated With The Empower Retirement Security Annuity VIII?” later in this prospectus. | |
Optional Benefits |
This Contract provides a standard guaranteed income benefit at a cost deducted from your Contract Value with an optional Spousal Benefit. You should know that: ● Once you “lock in” your Annual Guaranteed Withdrawal Amount, taking withdrawals over that amount will permanently reduce the Annual Guaranteed Withdrawal Amount and possibly terminate the benefit without value. ● Once you “lock in” your IncomeFlex Select Benefit and elect the Spousal Benefit, your choice is irrevocable. An additional charge for the optional Spousal Benefit is deducted from the value of your investment options. | |
For more information about the IncomeFlex Select Benefit and the Spousal Benefit, please refer to Section 3, “What Are The Benefits Available Under The Contract?” later in this prospectus. | ||
Taxes | ||
Tax Implications |
||
federal taxation depends largely upon the type of retirement plan, so we can provide only a generalized description. You generally may withdraw money at any time during the Accumulation Phase. You may, however, be subject to income tax. If you make a withdrawal prior to age 59 1 /2 , you also may be subject to a 10% additional tax.You should consult with your tax adviser for more specific information about the tax treatment of your plan withdrawals. For more information about tax implications, please refer to Section 9, “ later in this prospectus.What Are The Tax Considerations Associated With The Empower Retirement Security Annuity VIII?” | ||
Conflicts of Interest |
||
| Investment Professional Compensation | While we generally do not pay commissions for the sales of the Contract, some investment professionals may receive compensation for selling the Contract to investors under legacy distribution agreements with the Company. Such compensation (commissions, overrides, and expense reimbursement allowances) may continue to be paid to broker-dealers that are registered under the Securities Exchange Act of 1934 and/or entities that are exempt from such registration (firms) under these legacy agreements for past sales. Additionally, should an investment professional voluntarily approach the Company with a prospect, the Company would be obligated to pay a commission under these legacy agreements. These investment professionals may have an incentive to sell you one product over another because some products pay higher commissions than others. The investment professional will receive all or a portion of the compensation, depending on the practice of the firm. For more information about compensation, please refer to Section 10, “Other Information” later in this prospectus. | |
| Exchanges | Some investment professionals may have a financial incentive to offer you an annuity in place of the one you already own. You should only exchange your contract if you determine after comparing the features, fees, and risks of both contracts, that it is preferable to purchase the new contract, rather than continue to own your existing contract. For more information about exchanges, please refer to Section 9, “What Are The Tax Considerations Associated With The Empower Retirement Security Annuity VIII?” later in this prospectus. | |
∎ Your |
Contract Value is no longer available to you to allocate among investment options or make further withdrawals. Instead, you will be paid a stream of annuity payments. |
∎ You |
generally cannot change the payment stream you chose once it has begun. |
∎ Both |
the IncomeFlex Select Benefit and the Death Benefit terminate upon annuitization. |
TRANSACTION EXPENSES |
Current |
Maximum | ||
Sales Charge Imposed on Purchases |
||||
Contingent Deferred Sales Charge |
||||
Transfer Fee |
$ |
$ | ||
Charge For Premium Tax Imposed On Us By Certain States/Jurisdictions 2 (as a percentage of Contract Value) |
N/A | N/A |
ANNUAL CONTRACT EXPENSES |
Base IncomeFlex Select Benefit |
With Optional IncomeFlex Select Spousal Benefit |
||||||||||||
Current Charge |
Maximum Charge |
Current Charge |
Maximum Charge |
|||||||||||
Administrative Expenses |
$ |
$ |
$ |
$ |
||||||||||
Base Contract Expenses 1, 2 |
||||||||||||||
Optional Benefit Expenses 1, 3 |
||||||||||||||
1 Percentages noted above are percentages of daily net assets of the Contract Value. |
||||||||||||||
2 |
||||||||||||||
3 |
||||||||||||||
ANNUAL PORTFOLIO COMPANY EXPENSES |
Minimum |
Maximum | ||
Annual Portfolio Company Expenses |
||||
1 Yr. |
3 Yrs. |
5 Yrs. |
10 Yrs. | |||||
If you surrender your Contract at the end of the applicable time period: |
$ |
$ |
$ |
$ | ||||
If you annuitize at the end of the applicable time period: |
$ |
$ |
$ |
$ | ||||
If you do not surrender your Contract: |
$ |
$ |
$ |
$ |
∎ |
Once you “lock in” your Annual Guaranteed Withdrawal Amount, taking withdrawals over that amount will permanently reduce the Annual Guaranteed Withdrawal Amount and possibly terminate the benefit without value. |
∎ |
Once you “lock in” your IncomeFlex Select Benefit and elect the Spousal Benefit, your choice is irrevocable. An additional charge for the optional Spousal Benefit is deducted from the value of your investment options. |
∎ |
Your Contract Value is no longer available to you to allocate among investment options or make further withdrawals. Instead, you will be paid a stream of annuity payments. |
∎ |
You generally cannot change the payment stream you chose once it has begun. |
∎ |
Both the IncomeFlex Select Benefit and the Death Benefit terminate upon annuitization. |
NAME OF BENEFIT |
PURPOSE |
STANDARD OR OPTIONAL |
ANNUAL FEES |
RESTRICTIONS/ LIMITATIONS | ||||||
Current |
Maximum | |||||||||
| $ |
$ |
|||||||||
1 |
1 |
If your Contract Value is reduced to zero because of excess withdrawals, you will not receive any further payments. Additionally, excess withdrawals reduce the amount of your Annual Guaranteed Withdrawal Amount permanently. | ||||||||
2 |
1 |
1 |
Results in a lesser Annual Guaranteed Withdrawal Amount. Once elected, the Spousal Benefit may not be revoked. Excess withdrawal rules noted above apply. | |||||||
• Contract Value: |
$100,000 | |
• Withdrawal: |
$10,000 | |
• Ratio of withdrawal to Contract Value ($ 10,000 / $ 100,000): |
10% | |
• Roll-Up Value: |
$120,000 | |
• Roll-Up Value reduced by 10%, or |
$12,000 | |
• Adjusted Roll-Up Value: |
$108,000 |
• Contract Value: |
$100,000 | |
• Withdrawal amount: |
$10,000 | |
• Ratio of withdrawal to Contract Value ($ 10,000 / $ 100,000): |
10% | |
• Highest Birthday Value: |
$120,000 | |
• Highest Birthday Value reduced by 10%, or |
$12,000 | |
• Adjusted Highest Birthday Value: |
$108,000 |
| Participant age: | 66 | |||
| Contract Value as of Business Day prior to Lock-In Date: | $80,000 | |||
| Highest Birthday Value (HBV): | $100,000 | |||
| Roll-Up Value: | $94,000 | |||
| Protected Income Base (on Lock-In Date): | $100,000 | (greatest of Contract Value, HBV, and Roll-Up Value) | ||
| Annual Guaranteed Withdrawal Amount: | $5,000 | (5% of Protected Income Base) |
| Participant age: | 58 | |||
| Contract Value as of Business Day prior to Lock-In Date: | $80,000 | |||
| Highest Birthday Value (HBV): | $100,000 | |||
| Roll-Up Value: | $94,000 | |||
| Protected Income Base (on Lock-In Date): | $100,000 | (greatest of Contract Value, HBV, and Roll-Up Value) | ||
| Annual Guaranteed Withdrawal Amount: | $4,000 | (4% of Protected Income Base) |
| Participant age: | 66 | |||
| Spouse age: | 64 | |||
| Contract Value as of Business Day prior to Lock-In Date: | $80,000 | |||
| Highest Birthday Value (HBV): | $100,000 | |||
| Roll-Up Value: | $94,000 | |||
| Protected Income Base (Lock-In Date): | $100,000 | (greatest of Contract Value, HBV, and Roll-Up) | ||
| Annual Guaranteed Withdrawal Amount: | $4,000 | (4% of Protected Income Base) |
∎ |
The Participant’s Birthday will be used to determine: |
∎ |
the Roll-Up and Highest Birthday Values under this Contract; |
∎ |
the Withdrawal Period for Annual Guaranteed Withdrawal Amounts; |
∎ |
the availability and amount of Step-Ups. |
∎ |
At the Lock-In Date, the age of the surviving spouse will be used to determine the availability and amount of the Annual Guaranteed Withdrawal Amount. |
∎ |
The charge for the base IncomeFlex Select Benefit will apply until the Lock-In Date. After the Lock-In Date, the additional charge for the Spousal Benefit will apply until the Contract ends. |
∎ |
If the surviving spouse remarries, he or she may not extend the Annual Guaranteed Withdrawal Amount for the life of a new spouse. |
Withdrawal Period: |
May ,5 2022 through May 4, 2023 | |
Annual Guaranteed Withdrawal Amount: |
$10,000 | |
Contract Value on June 10, 2022 (date of first withdrawal) |
$160,000 | |
Contract Value on July 11, 2022 (date of second withdrawal) |
$150,000 |
∎ |
Remaining Annual Guaranteed Withdrawal Amount for current Withdrawal Period = $10,000 – $9,000 = $1,000 |
∎ |
Annual Withdrawal Amount for future Withdrawal Periods remains $10,000 |
∎ |
Remaining Annual Guaranteed Withdrawal Amount for current Withdrawal Period = $1,000 – $1,000 = $0 |
∎ |
Annual Guaranteed Withdrawal Amount for future Withdrawal Periods remains $10,000 |
∎ |
Remaining Annual Guaranteed Withdrawal Amount for current Withdrawal Period = $10,000 – $9,000 = $1,000 |
∎ |
Annual Guaranteed Withdrawal Amount for future Withdrawal Periods remains $10,000 |
∎ |
Amount of Excess Withdrawal (withdrawal amount in excess of remaining Annual Guaranteed Withdrawal Amount) = $11,000 – $1,000 = $10,000 |
∎ |
Remaining Annual Guaranteed Withdrawal Amount for current Withdrawal Period = $0 |
∎ |
Contract Value immediately prior to Excess Withdrawal = $150,000 (July 11 Contract Value) – $1,000 (guaranteed portion of July 11 withdrawal) = $149,000 |
∎ |
Amount of reduction to Annual Guaranteed Withdrawal Amount = Excess Withdrawal ÷ Contract Value before Excess Withdrawal × Annual Withdrawal Amount = ($10,000 ÷ $149,000) × ($10,000) = $671.14 |
∎ |
Annual Guaranteed Withdrawal Amount for future Withdrawal Periods = $10,000 – $671.14 = $9,328.86 |
∎ |
Contract Value immediately after the Excess Withdrawal = $149,000 – $10,000 = $139,000 |
Withdrawal Period |
May 5, 2022 through May , 2023 | |
Contract Value on April 11, 2022 |
$160,000 | |
Contract Value on May 5, 2022 |
$146,000 | |
Annual Guaranteed Withdrawal Amount |
$10,000 | |
Required Minimum Distribution Amount |
$14,000 (for calendar year 2022) | |
RMD Value |
$4,000 (for calendar year 2022) |
∎ |
$10,000 applied against the Remaining Guaranteed Withdrawal Amount |
∎ |
$4,000 applied against the RMD Value |
∎ |
Contract Value = $160,000 – $14,000 = $146,000 |
∎ |
Annual Guaranteed Withdrawal Amount for future Withdrawal Periods remains $10,000 |
∎ |
Remaining Annual Guaranteed Withdrawal Amount for the current year = $10,000 – $10,000 = $0 |
∎ |
Annual Guaranteed Withdrawal Amount for future Withdrawal Periods remains $10,000 |
∎ |
Contract Value = $146,000 – $10,000 = $136,000 |
∎ |
$10,000 applied against the Remaining Guaranteed Withdrawal Amount |
∎ |
$4,000 applied against the RMD Value |
∎ |
$6,000 counts as an Excess Withdrawal |
∎ |
Annual Guaranteed Withdrawal Amount for future Withdrawal Periods = $10,000 – $410.96 = $9,589.04 |
∎ |
Contract Value = $160,000 – $20,000 = $140,000 |
Birthday |
May 5 |
|||
Annual Guaranteed Withdrawal Amount |
$4,000 |
|||
Contract Value as of May 5, 2022 |
$100,000 |
|||
Guaranteed Withdrawal Percentage |
5% |
∎ |
Step-Up Value = $100,000 × 5% = $5,000 |
∎ |
Step-Up Value > Annual Guaranteed Withdrawal Amount ($5,000 > $4,000) |
∎ |
Annual Guaranteed Withdrawal Amount for future Withdrawal Periods = $5,000 |
Age at Lock-In (using age of younger spouse) |
Withdrawal Percentage | |
| 55-64 | 4.00% | |
| 65+ | 5.00% |
Age at Lock-In (using age of younger spouse) |
Withdrawal Percentage | |
55-64 |
4.00% | |
65-69 |
5.00% | |
70-74 |
5.35% | |
75-79 |
5.80% | |
80-84 |
6.35% | |
85-89 |
7.00% | |
90-94 |
7.85% | |
95+ |
8.95% |
Participant Status & Elections |
Retirement Plan I |
Retirement Plan II |
Values Under this Annuity | |||
| Lock-In Date Elected | Yes (age 65) | Yes (age 69) | Yes | |||
| Spousal Benefit Elected | Yes | Yes | Yes | |||
| Guaranteed Withdrawal % | 5.00% | 5.00% | 5.00% | |||
| Contract Value | $25,000 | $75,000 | $100,000 | |||
| Income Base | $30,000 | $100,000 | $130,000 | |||
| Annual Guaranteed Withdrawal Amount | $1,500 | $5,000 | $6,500 |
∎ |
Withdrawals made while the IncomeFlex Select Benefit is in effect will be treated, for tax purposes, in the same way as any other withdrawals under the Contract. The IncomeFlex Select Benefit does not directly affect the Contract Value or surrender value, but any withdrawal will decrease the Contract Value by the amount of the withdrawal. If you surrender your Contract, you will receive the current Contract Value, not the Protected Income Base or Annual Guaranteed Withdrawal Amount |
∎ |
The IncomeFlex Select Benefit is a standard feature of the Contract that guarantees your ability to withdraw amounts equal to a percentage of a notional income base. The IncomeFlex Select Benefit may not be appropriate for you if you are interested in maximizing the potential for long-term accumulation and tax deferral, rather than taking current withdrawals and ensuring a stream of income for life. |
∎ |
We impose a charge for the IncomeFlex Select Benefit, which you will begin paying as soon as you buy the Contract, even if you do not begin taking withdrawals for many years, or ever. We will not refund the charges you have paid if you choose never to take any withdrawals. |
∎ |
You should consider carefully when to begin taking your Annual Guaranteed Withdrawal Amount withdrawals under the IncomeFlex Select Benefit. If you begin taking withdrawals as soon as the benefit allows, you may maximize the time during which you may take withdrawals due to longer life expectancy (although in general, the younger you are, the lower the Guaranteed Withdrawal Percentage that is applied to the Income Base). |
∎ |
Note that withdrawals are taken from your own Contract Value – we are only required to start using our own money to pay you the Annual Guaranteed Withdrawal Amount when and if your Contract Value is reduced to zero (so long as Excess Withdrawals have not reduced your Annual Guaranteed Withdrawal Amount to zero). |
∎ |
upon your surrender of the Contract; |
∎ |
upon your death (or the death of you and your spouse, if the Spousal Benefit was elected); |
∎ |
upon a change in ownership of the Contract that changes the tax identification number of the Contract Owner other than in connection with a IncomeFlex Select Spousal Benefit; or |
∎ |
upon your election to begin receiving Annuity Payments. |
∎ |
Making a withdrawal (either partial or complete); or |
∎ |
Choosing to receive Annuity Payments during the Annuity Phase (annuitization). Please see Section 8, “What Kind Of Payments Will I Receive During The Annuity Phase? (Annuitization)” |
∎ |
The New York Stock Exchange is closed (other than customary weekend and holiday closings); |
∎ |
Trading on the New York Stock Exchange is restricted; |
∎ |
An emergency exists, as determined by the SEC, during which sales and redemptions of shares of the underlying mutual funds are not feasible or we cannot reasonably value the Accumulation Units; or |
∎ |
The SEC, by order, permits suspension or postponement of payments for the protection of Owners. |
∎ |
Warning . Upon identification of activity that meets the market-timing criteria, a warning letter will be sent to you. |
∎ |
Restriction . A second incidence of activity meeting the market timing criteria within a six month period will trigger a trade restriction. If permitted by the Contract and otherwise allowed by law, Empower will restrict |
| you from trading through the internet, phone or facsimile for all investment options available. In such case, you will be required to provide written direction via standard (non-overnight) U.S. mail delivery for trades. The duration of a trade restriction is three months, and may be extended incrementally (three months) if the behavior recurs during the six month period immediately following the initial restriction. |
∎ |
Action by an Underlying Fund . The prospectus for the portfolio describes any such policies and procedures. Under federal securities regulations, we are required to: (1) enter into a written agreement with each portfolio or its principal underwriter that obligates us to provide to the portfolio promptly upon request certain information about the trading activity of individual Contract Owners, and (2) execute instructions from the portfolio to restrict or prohibit further purchases or transfers by specific Contract Owners who violate the excessive trading policies established by the portfolio. We reserve the right to impose any such restriction at the fund level, and all Participants under a particular Contract would be impacted. In addition, you should be aware that some portfolios may receive “omnibus” purchase and redemption orders from other insurance companies or intermediaries such as retirement plans. The omnibus orders reflect the aggregation and netting of multiple orders from individual owners of variable insurance contracts and/or individual retirement plan participants. The omnibus nature of these orders may limit the portfolios in their ability to apply their excessive trading policies and procedures. In addition, the other insurance companies and/or retirement plans may have different policies and procedures or may not have any such policies and procedures because of contractual limitations. For these reasons, we cannot guarantee that the portfolios (and thus Contract Owners) will not be harmed by transfer activity relating to other insurance companies and/or retirement plans that may invest in the portfolios. Please refer to each underlying portfolio’s fund prospectus for more information on their market timing and excessive trading policies. |
∎ |
2% Interest |
∎ |
8.25% Factor (A percentage if applied to the annuitized account balance would reflect an amount that may cover the expected cost to the Company for administering the payments.) |
∎ |
1950 Male Group Annuity Valuation Table, with age setback of 4.8 years plus one-fifth of the number of years from 1895 to the Annuitant’s year of birth |
∎ |
A 10% early withdrawal additional tax; |
∎ |
Liability for “prohibited transactions” if you, for example, borrow against the value of an IRA; or |
∎ |
Failure to take a minimum distribution. |
∎ |
Death before your required beginning date |
∎ |
Deaths on or after your required beginning date |
∎ |
Annuity payments |
∎ |
Other rules |
∎ |
Spousal continuation |
∎ |
the amount is paid on or after you reach age 59 1 ⁄2 or die; |
∎ |
generally the amount received is attributable to your becoming disabled; or |
∎ |
the amount paid or received is in the form of substantially equal payments not less frequently than annually (Please note that substantially equal payments must continue until the later of reaching age 59 1 ⁄2 or five years. Modification of payments or additional contributions to the Annuity during that time period will generally result in retroactive application of the 10% additional tax). |
∎ |
For any Annuity Payments not subject to mandatory withholding, you will have taxes withheld under the applicable default withholding rules. |
∎ |
For all other distributions, we will withhold at a 10% rate. |
∎ |
calling (855) 756-4738 during our normal business hours, Monday - Friday between 7 a.m. – 9 p.m. Central Time, and Saturdays between 8 a.m. – 4:30 p.m. Central time, to speak with a customer service representative, or 24 hours per day to access our telephone automated response system. |
∎ |
writing to us via regular or express mail at 8515 East Orchard Road, Greenwood Village, CO 80111. NOTE: Failure to send mail to the proper address may result in a delay in our receiving and processing your request. |
∎ |
accessing information via internet website at www.empower.com. |
INVESTMENT OBJECTIVE |
PORTFOLIO NAME AND ADVISER/SUBADVISER |
CURRENT EXPENSES |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) | |||||||
1 YEAR |
5 YEARS |
10 YEARS (or sinc e inception) | ||||||||
| Fidelity Advisor Asset Manager ® 30% - Class ZAdvisers : Sub-Advisers: |
||||||||||
| Fidelity Advisor Asset Manager ® 50% - Class Z Advisers : Sub-Advisers: |
||||||||||
| Fidelity Advisor Asset Manager ® 70% - Class Z Advisers : Sub-Advisers : |
||||||||||
INVESTMENT OBJECTIVE |
PORTFOLIO NAME AND ADVISER/SUBADVISER |
CURRENT EXPENSES |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) | |||||||
1 YEAR |
5 YEARS |
10 YEARS (or sinc e inception) | ||||||||
| Advisers : Sub-Advisers: N/A |
||||||||||
| Advisers : Sub-Advisers: N/A |
||||||||||
| 3 | |
| 3 | |
| 3 | |
| 4 | |
| 4 | |
| 5 | |
| 5 | |
| 5 | |
| 5 | |
| 6 | |
| 7 | |
| A-1 | |
| B-6 |
| Empower Annuity Insurance Company |
Empower Care Center |
| 280 Trumbull Street |
8515 East Orchard Road |
| Hartford, CT 06103 |
Greenwood Village, Colorado 80111 |
| Telephone: (860) 534-2000 |
Telephone: (855) 756-4738 |
FINANCIAL STATEMENTS OF
EAIC VARIABLE CONTRACT ACCOUNT A
STATEMENTS OF NET ASSETS
December 31, 2023
| PORTFOLIOS | ||||||||||||||||||||||||
| AST Capital Growth Asset Allocation Portfolio |
AST Balanced Asset Allocation Portfolio |
AST Preservation Asset Allocation Portfolio |
PGIM Balanced Fund |
Vanguard Balanced Index Fund |
PGIM 60/40 Allocation Fund |
|||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||
| Investment in the portfolios, at fair value |
$ | 16,667,763 | $ | 17,638,095 | $ | 8,293,820 | $ | 28,073,854 | $ | 212,948,047 | $ | 102,709,280 | ||||||||||||
| Due from (due to) the Company |
4 | 4 | 11 | 86 | (4 | ) | 3,847 | |||||||||||||||||
| Purchase Payments Receivable |
- | - | - | - | - | 32,566 | ||||||||||||||||||
| Receivable from fund shares Sold |
1,730 | 1,769 | 1,465 | 197 | 6,137 | - | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total Assets |
16,669,497 | 17,639,868 | 8,295,296 | 28,074,137 | 212,954,180 | 102,745,693 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| LIABILITIES |
||||||||||||||||||||||||
| Payables for fund shares Purchased |
- | - | - | - | - | 30,319 | ||||||||||||||||||
| Redemptions Payable |
1,730 | 1,769 | 1,465 | 197 | 6,137 | 2,247 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total Liabilities |
1,730 | 1,769 | 1,465 | 197 | 6,137 | 32,566 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net Assets |
16,667,767 | 17,638,099 | 8,293,831 | 28,073,940 | 212,948,043 | 102,713,127 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| NET ASSETS, representing: |
||||||||||||||||||||||||
| Equity of Participants |
$ | 16,667,767 | $ | 17,638,099 | $ | 8,293,831 | $ | 28,073,940 | $ | 212,948,043 | $ | 102,713,127 | ||||||||||||
|
|
|
|||||||||||||||||||||||
| $ | 16,667,767 | $ | 17,638,099 | $ | 8,293,831 | $ | 28,073,940 | $ | 212,948,043 | $ | 102,713,127 | |||||||||||||
|
|
|
|||||||||||||||||||||||
| Units outstanding |
780,082 | 899,135 | 503,737 | 1,043,046 | 11,862,200 | 6,920,225 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Portfolio shares held |
588,343 | 704,397 | 420,153 | 1,685,105 | 4,775,691 | 8,453,439 | ||||||||||||||||||
| Portfolio net asset value per share |
$ | 28.33 | $ | 25.04 | $ | 19.74 | $ | 16.66 | $ | 44.59 | $ | 12.15 | ||||||||||||
| Investment in portfolio shares, at cost |
$ | 9,274,016 | $ | 8,032,462 | $ | 5,086,891 | $ | 23,855,749 | $ | 188,752,137 | $ | 95,835,215 | ||||||||||||
STATEMENTS OF OPERATIONS
| For the year ended December 31, 2023 |
PORTFOLIOS | |||||||||||||||||||||||
| AST Capital Growth Asset Allocation Portfolio |
AST Balanced Portfolio |
AST Preservation Asset Allocation Portfolio |
PGIM Balanced Fund |
Vanguard Balanced Index Fund |
PGIM 60/40 Allocation Fund |
|||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| 1/1/2023 to 12/31/2023 |
1/1/2023 to 12/31/2023 |
1/1/2023 to 12/31/2023 |
1/1/2023 to 12/31/2023 |
1/1/2023 to 12/31/2023 |
1/1/2023 to 12/31/2023 |
|||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||||||
| Dividend income |
$ | - | $ | - | $ | - | $ | 656,872 | $ | 4,288,462 | $ | 2,813,386 | ||||||||||||
|
|
|
|||||||||||||||||||||||
| EXPENSES |
||||||||||||||||||||||||
| Charges for mortality and expense risk, and for administration |
140,753 | 177,952 | 81,197 | 278,696 | 1,593,051 | 920,563 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| NET INVESTMENT INCOME (LOSS) |
(140,753 | ) | (177,952 | ) | (81,197 | ) | 378,176 | 2,695,411 | 1,892,823 | |||||||||||||||
|
|
|
|||||||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||||||
| Capital gains distributions received |
- | - | - | - | 4,817,300 | 119,491 | ||||||||||||||||||
| Net realized gain (loss) on shares redeemed |
69,258 | 19,619 | (42,698 | ) | (130,928 | ) | (41,753 | ) | (1,523,064 | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
2,351,994 | 2,350,258 | 919,850 | 3,642,123 | 23,208,973 | 14,458,604 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| NET GAIN (LOSS) ON INVESTMENTS |
2,421,252 | 2,369,877 | 877,152 | 3,511,195 | 27,984,520 | 13,055,031 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 2,280,499 | $ | 2,191,925 | $ | 795,955 | $ | 3,889,371 | $ | 30,679,931 | $ | 14,947,854 | ||||||||||||
|
|
|
|||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
A-1
FINANCIAL STATEMENTS OF
EAIC VARIABLE CONTRACT ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 2023
| PORTFOLIOS | ||||||||||||||||||||||||
| AST Capital Growth Asset Allocation Portfolio |
AST Balanced Asset Allocation Portfolio |
AST Preservation Asset Allocation Portfolio |
PGIM Balanced Fund |
Vanguard Balanced Index Fund |
PGIM 60/40 Allocation Fund |
|||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| 1/1/2023 to 12/31/2023 |
1/1/2023 to 12/31/2023 |
1/1/2023 to 12/31/2023 |
1/1/2023 to 12/31/2023 |
1/1/2023 to 12/31/2023 |
1/1/2023 to 12/31/2023 |
|||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||
| Net investment income (loss) |
$ | (140,753 | ) | $ | (177,952 | ) | $ | (81,197 | ) | $ | 378,176 | $ | 2,695,411 | $ | 1,892,823 | |||||||||
| Capital gains distributions received |
- | - | - | - | 4,817,300 | 119,491 | ||||||||||||||||||
| Net realized gain (loss) on shares redeemed |
69,258 | 19,619 | (42,698 | ) | (130,928 | ) | (41,753 | ) | (1,523,064 | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
2,351,994 | 2,350,258 | 919,850 | 3,642,123 | 23,208,973 | 14,458,604 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
2,280,499 | 2,191,925 | 795,955 | 3,889,371 | 30,679,931 | 14,947,854 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| CONTRACT OWNER TRANSACTIONS |
||||||||||||||||||||||||
| Contract owner net payments |
1,807,657 | 1,512,487 | 335,812 | 1,803,403 | 20,511,803 | 13,520,407 | ||||||||||||||||||
| Participant loans |
- | - | - | (17,463 | ) | (176,676 | ) | (41,197 | ) | |||||||||||||||
| Participant loan repayments and interest |
- | - | - | 55,010 | 433,448 | 76,886 | ||||||||||||||||||
| Surrenders, withdrawals and death benefits |
(587,247 | ) | (1,798,822 | ) | (895,735 | ) | (2,622,691 | ) | (24,904,240 | ) | (9,390,586 | ) | ||||||||||||
| Net transfers between other portfolios or fixed rate option |
(423,507 | ) | (17,477 | ) | 440,984 | 16 | 13,714 | (8,214 | ) | |||||||||||||||
| Other charges |
- | (25 | ) | - | (21,458 | ) | (10,095 | ) | (2,963 | ) | ||||||||||||||
|
|
|
|||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER TRANSACTIONS |
796,903 | (303,837 | ) | (118,939 | ) | (803,183 | ) | (4,132,046 | ) | 4,154,333 | ||||||||||||||
|
|
|
|||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RETAINED IN THE ACCOUNT |
- | - | - | - | - | - | ||||||||||||||||||
| TOTAL INCREASE (DECREASE) IN NET ASSETS |
3,077,402 | 1,888,088 | 677,016 | 3,086,188 | 26,547,885 | 19,102,187 | ||||||||||||||||||
| NET ASSETS |
||||||||||||||||||||||||
| Beginning of year |
13,590,365 | 15,750,011 | 7,616,815 | 24,987,752 | 186,400,158 | 83,610,940 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| End of year |
$ | 16,667,767 | $ | 17,638,099 | $ | 8,293,831 | $ | 28,073,940 | $ | 212,948,043 | $ | 102,713,127 | ||||||||||||
|
|
|
|||||||||||||||||||||||
| Beginning units |
742,434 | 918,220 | 511,369 | 1,072,245 | 12,067,307 | 6,628,508 | ||||||||||||||||||
| Units issued |
88,435 | 80,656 | 49,040 | 80,154 | 1,349,373 | 997,517 | ||||||||||||||||||
| Units redeemed |
(50,787 | ) | (99,741 | ) | (56,672 | ) | (109,353 | ) | (1,554,480 | ) | (705,800 | ) | ||||||||||||
|
|
|
|||||||||||||||||||||||
| Ending units |
780,082 | 899,135 | 503,737 | 1,043,046 | 11,862,200 | 6,920,225 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
A-2
FINANCIAL STATEMENTS OF
EAIC VARIABLE CONTRACT ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 2022
| PORTFOLIOS | ||||||||||||||||||||||||
| AST Capital Portfolio |
AST Balanced Asset Allocation Portfolio |
AST Preservation Asset Allocation Portfolio |
PGIM Balanced Fund |
Vanguard Balanced Index Fund |
PGIM 60/40 Allocation Fund |
|||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| 1/1/2022 to 12/31/2022 |
1/1/2022 to 12/31/2022 |
1/1/2022 to 12/31/2022 |
1/1/2022 to 12/31/2022 |
1/1/2022 to 12/31/2022 |
1/1/2022 to 12/31/2022 |
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| OPERATIONS |
||||||||||||||||||||||||
| Net investment income (loss) |
$ | (101,085 | ) | $ | (168,542 | ) | $ | (83,613 | ) | $ | 227,903 | $ | 1,292,743 | $ | 1,350,579 | |||||||||
| Capital gains distributions received |
- | - | - | - | 1,661,628 | 2,557,571 | ||||||||||||||||||
| Net realized gain (loss) on shares redeemed |
(3,948 | ) | (58,104 | ) | (48,767 | ) | (460,940 | ) | (1,262,349 | ) | (1,120,098 | ) | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments |
(1,538,573 | ) | (2,693,065 | ) | (1,388,480 | ) | (4,593,412 | ) | (41,757,093 | ) | (17,862,266 | ) | ||||||||||||
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|
|
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| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(1,643,606 | ) | (2,919,711 | ) | (1,520,860 | ) | (4,826,449 | ) | (40,065,071 | ) | (15,074,214 | ) | ||||||||||||
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| CONTRACT OWNER TRANSACTIONS |
||||||||||||||||||||||||
| Contract owner net payments |
5,619,695 | 3,232,186 | 403,497 | 4,512,458 | 23,854,396 | 18,968,767 | ||||||||||||||||||
| Participant loans |
- | - | - | (80,303 | ) | (160,150 | ) | (27,539 | ) | |||||||||||||||
| Participant loan repayments and interest |
- | - | - | 60,243 | 503,847 | 64,065 | ||||||||||||||||||
| Surrenders, withdrawals and death benefits |
(304,360 | ) | (1,016,935 | ) | (831,354 | ) | (3,344,931 | ) | (24,978,990 | ) | (7,733,309 | ) | ||||||||||||
| Net transfers between other portfolios or fixed rate option |
- | - | - | (16 | ) | - | (90 | ) | ||||||||||||||||
| Other charges |
- | (50 | ) | (25 | ) | (19,188 | ) | (9,550 | ) | (2,793 | ) | |||||||||||||
|
|
|
|||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT OWNER TRANSACTIONS |
5,315,335 | 2,215,201 | (427,882 | ) | 1,128,263 | (790,447 | ) | 11,269,101 | ||||||||||||||||
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|
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| NET INCREASE (DECREASE) IN NET ASSETS RETAINED IN THE ACCOUNT |
- | - | - | - | - | - | ||||||||||||||||||
| TOTAL INCREASE (DECREASE) IN NET ASSETS |
3,671,729 | (704,510 | ) | (1,948,742 | ) | (3,698,186 | ) | (40,855,518 | ) | (3,805,113 | ) | |||||||||||||
| NET ASSETS |
||||||||||||||||||||||||
| Beginning of year |
9,918,636 | 16,454,521 | 9,565,557 | 28,685,938 | 227,255,676 | 87,416,053 | ||||||||||||||||||
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|
|
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| End of year |
$ | 13,590,365 | $ | 15,750,011 | $ | 7,616,815 | $ | 24,987,752 | $ | 186,400,158 | $ | 83,610,940 | ||||||||||||
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|
|
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| Beginning units |
446,085 | 794,112 | 536,292 | 1,020,288 | 12,042,588 | 5,789,598 | ||||||||||||||||||
| Units issued |
321,270 | 190,648 | 26,746 | 195,729 | 1,589,083 | 1,411,754 | ||||||||||||||||||
| Units redeemed |
(24,921 | ) | (66,540 | ) | (51,669 | ) | (143,772 | ) | (1,564,364 | ) | (572,844 | ) | ||||||||||||
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| Ending units |
742,434 | 918,220 | 511,369 | 1,072,245 | 12,067,307 | 6,628,508 | ||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
A-3
NOTES TO FINANCIAL STATEMENTS OF
EAIC VARIABLE CONTRACT ACCOUNT A
December 31, 2023
Note 1: General
EAIC Variable Contract Account A (the “Account”) was established under the laws of the State of Connecticut on October 6, 2006 as a separate investment account of the Empower Annuity Insurance Company (“EAIC”) (“the Company”). EAIC is a wholly-owned subsidiary of Empower Annuity Insurance Company of America. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of EAIC. Proceeds from purchases of the variable annuity contracts listed below (individually, a “contract” or “product” and collectively, the “contracts” or “products”) are invested in the Account. The portion of the Account’s assets applicable to the contracts is not chargeable with liabilities arising out of any other business EAIC may conduct.
Empower Retirement Security Annuity (“ERSA”)
Empower Retirement Security Annuity II (“ERSA II”)
Empower Retirement Security Annuity Ill (“ERSA Ill”)
Empower Retirement Security Annuity IV (“ERSA IV”)
Empower Retirement Security Annuity VI (“ERSA VI”)
Empower Retirement Security Annuity VII (“ERSA VII”)
Empower Retirement Security Annuity VII (“ERSA VIII”)
Empower Retirement Security Annuity VII (“ERSA IX”)
The Account is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended, as a unit investment trust. The Account is used in connection with contracts sold to retirement arrangements that qualify for federal tax benefits under Sections 401 (a), 403(b), 408(a), 408A or 457 of the Internal Revenue Code of 1986, as amended. The contracts may be individual annuity contracts or group annuity contracts issued to plan sponsors (individually, a “contract owner” and collectively, the “contract owners”), who make contributions under them on behalf of their participants, or group or individual annuity contracts funding custodial accounts established as individual retirement accounts. Contract owners may also make contributions to their retirement account.
The contracts offer the option to invest in various portfolios listed below, each of which invests in either the Advanced Series Trust, the PGIM Balanced Fund, the Vanguard Balanced Index Fund, or the PGIM 60/40 Allocation Fund (collectively, the “Portfolios”). Investment options vary by contract.
The corresponding portfolio names are as follows:
AST Capital Growth Asset Allocation Portfolio
AST Balanced Asset Allocation Portfolio
AST Preservation Asset Allocation Portfolio
PGIM Balanced Fund
Vanguard Balanced Index Fund
PGIM 60/40 Allocation Fund
There were no mergers during the period ended December 31, 2023.
The Advanced Series Trust is an open-end management investment company, and each portfolio of the Advanced Series Trust is managed by affiliates of EAIC. The PGIM Balanced
A-4
Note 1: General (continued)
Fund and the PGIM 60/40 Allocation Fund are diversified open-end balanced mutual funds managed by PGIM Investments LLC (“PGIM Investments”). The Vanguard Balanced Index Fund is an open-end management investment company advised by the Vanguard Group, Inc.
Each portfolio of the Account indirectly bears exposure to the market, credit and liquidity risks of the portfolio in which it invests. These financial statements should be read in conjunction with the financial statements and footnotes of the Portfolios. Additional information on these Portfolios is available upon request to the appropriate companies.
New sales of certain products which invest in the Account have been discontinued. Generally, premium payments made by contract owners will continue to be received by the Account, subject to the rules of the products and any optional benefits.
Note 2: Significant Accounting Policies
The Account is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services-Investment Companies, which is part of the generally accepted accounting principles in the United States of America (“GAAP”). The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates. The most significant estimates relate to the valuation of investment in the Portfolios.
Investments - The investments in shares of the Portfolios are stated at the reported net asset value per share of the respective Portfolios, which is based on the fair value of the underlying securities in the respective Portfolios.
Security Transactions - Purchase and sale transactions are recorded as of the trade date of the security being purchased or sold. Realized gains and losses on security transactions are determined based upon the specific identification method.
Dividend Income and Distributions Received - Dividend and capital gain distributions received are reinvested in additional shares of the Portfolios and are recorded on the ex-distribution date.
Note 3: Fair Value Measurements
Fair value represents 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 authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:
Level 1 - Fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Account can access.
A-5
Note 3: Fair Value Measurements (continued)
Level 2 - Fair value is based on significant inputs, other than Level 1 inputs, that are observable for the investment, either directly or indirectly, for substantially the full term of the investment through corroboration with observable market data. Level 2 inputs include the reported net asset value per share of the underlying portfolio, quoted market prices in active markets for similar investments, quoted market prices in markets that are not active for identical or similar investments, and other market observable inputs.
Level 3 - Fair value is based on at least one significant unobservable input for the investment, which may require significant judgment or estimation in determining the fair value.
As of December 31, 2023, management determined that the fair value inputs for all of the Account’s investments, which are investments in open-end mutual funds registered with the SEC, were considered Level 1.
Note 4: Taxes
The operations of the Account are included in the federal income tax return of the Company, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the contracts. Based on this, no charge is being made currently to the Account for federal income taxes. The Company will periodically review the status of the federal income tax policy in the event of changes in the tax law. A charge may be made in future years for any federal income taxes that would be attributable to the contracts.
Note 5: Purchases and Sales of Investments
The aggregate costs of purchases and proceeds from sales, excluding distributions received and reinvested, of investments in the Portfolios for the period ended December 31, 2023, were as shown below.
| Purchases | Sales | |||||||
| AST Capital Growth Asset Allocation Portfolio |
$ | 1,806,453 | $ | 1,150,303 | ||||
| AST Balanced Asset Allocation Portfolio |
1,682,456 | 2,164,246 | ||||||
| AST Preservation Asset Allocation Portfolio |
787,360 | 987,499 | ||||||
| PGIM Balanced Fund |
1,388,336 | 2,470,230 | ||||||
| Vanguard Balanced Index Fund |
17,070,175 | 22,795,272 | ||||||
| PGIM 60/40 Allocation Fund |
13,857,684 | 10,627,496 | ||||||
Note 6: Financial Highlights
EAIC sells a number of retirement products that are funded through the Account. The contracts have unique combinations of features and fees that are charged against the assets in each portfolio. Differences in the fee structure result in a variety of unit values, expense ratios and total returns.
In the table below, the units, the net assets, the investment income ratio, and the ranges of lowest to highest unit values, expense ratios, and total returns are presented for the products offered by EAIC and funded through the Account. Only contracts within the Account that had contract owner units outstanding during the respective periods were considered when
A-6
Note 6: Financial Highlights (continued)
determining the ranges, which exclude EAIC’s position in the Account. The summary may not reflect the minimum and maximum contract charges as contract owners may not have selected all available options offered by EAIC.
| At the year ended | For the year ended | |||||||||||||||||||||||||||||||||||||||||||||||
| Units (000s) |
Unit Value Lowest — Highest |
Net Assets (000s) |
Investment Income Ratio* |
Expense Ratio** Lowest — Highest |
Total Return Ratio*** Lowest — Highest |
|||||||||||||||||||||||||||||||||||||||||||
| AST Capital Growth Asset Allocation Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2023 |
588 | $ | 20.95 | to | $ | 21.45 | $ | 16,668 | 0.00 | % | 0.95 | % | to | 1.45% | 16.40 | % | to | 16.98% | ||||||||||||||||||||||||||||||
| December 31, 2022 |
742 | $ | 18.00 | to | $ | 18.33 | $ | 13,590 | 0.00 | % | 0.95 | % | to | 1.45% | -18.10 | % | to | -17.69% | ||||||||||||||||||||||||||||||
| December 31, 2021 |
446 | $ | 21.98 | to | $ | 22.27 | $ | 9,919 | 0.00 | % | 0.95 | % | to | 1.45% | 15.29 | % | to | 15.87% | ||||||||||||||||||||||||||||||
| December 31, 2020 |
428 | $ | 19.06 | to | $ | 19.22 | $ | 8,222 | 0.00 | % | 0.95 | % | to | 1.45% | 11.79 | % | to | 12.35% | ||||||||||||||||||||||||||||||
| December 31, 2019 |
375 | $ | 16.00 | to | $ | 17.11 | $ | 6,418 | 0.00 | % | 0.95 | % | to | 1.95% | 7.44 | % | to | 20.49% | ||||||||||||||||||||||||||||||
| AST Balanced Asset Allocation Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2023 |
704 | $ | 19.32 | to | $ | 19.78 | $ | 17,638 | 0.00 | % | 0.95 | % | to | 1.45% | 14.10 | % | to | 14.67% | ||||||||||||||||||||||||||||||
| December 31, 2022 |
918 | $ | 16.94 | to | $ | 17.25 | $ | 15,750 | 0.00 | % | 0.95 | % | to | 1.45% | -17.46 | % | to | -17.05% | ||||||||||||||||||||||||||||||
| December 31, 2021 |
794 | $ | 20.52 | to | $ | 20.80 | $ | 16,455 | 0.00 | % | 0.95 | % | to | 1.45% | 11.22 | % | to | 11.78% | ||||||||||||||||||||||||||||||
| December 31, 2020 |
748 | $ | 18.45 | to | $ | 18.61 | $ | 13,882 | 0.00 | % | 0.95 | % | to | 1.45% | 10.16 | % | to | 10.71% | ||||||||||||||||||||||||||||||
| December 31, 2019 |
807 | $ | 15.72 | to | $ | 16.81 | $ | 13,550 | 0.00 | % | 0.95 | % | to | 1.95% | 6.82 | % | to | 17.70% | ||||||||||||||||||||||||||||||
| AST Preservation Asset Allocation Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2023 |
420 | $ | 16.17 | to | $ | 16.55 | $ | 8,294 | 0.00 | % | 0.95 | % | to | 1.45% | 10.17 | % | to | 10.72% | ||||||||||||||||||||||||||||||
| December 31, 2022 |
511 | $ | 14.67 | to | $ | 14.95 | $ | 7,617 | 0.00 | % | 0.95 | % | to | 1.45% | -16.83 | % | to | -16.42% | ||||||||||||||||||||||||||||||
| December 31, 2021 |
536 | $ | 17.64 | to | $ | 17.88 | $ | 9,566 | 0.00 | % | 0.95 | % | to | 1.45% | 4.71 | % | to | 5.24% | ||||||||||||||||||||||||||||||
| December 31, 2020 |
448 | $ | 16.85 | to | $ | 16.99 | $ | 7,597 | 0.00 | % | 0.95 | % | to | 1.45% | 7.51 | % | to | 8.05% | ||||||||||||||||||||||||||||||
| December 31, 2019 |
380 | $ | 14.71 | to | $ | 15.73 | $ | 5,968 | 0.00 | % | 0.95 | % | to | 1.95% | 5.73 | % | to | 13.09% | ||||||||||||||||||||||||||||||
| PGIM Balanced Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2023 |
1,685 | $ | 25.36 | to | $ | 28.43 | $ | 28,074 | 2.51 | % | 1.00 | % | to | 1.15% | 15.74 | % | to | 15.91% | ||||||||||||||||||||||||||||||
| December 31, 2022 |
1,072 | $ | 21.91 | to | $ | 24.53 | $ | 24,988 | 1.96 | % | 1.00 | % | to | 1.15% | -17.01 | % | to | -16.89% | ||||||||||||||||||||||||||||||
| December 31, 2021 |
1,020 | $ | 26.41 | to | $ | 29.51 | $ | 28,686 | 1.63 | % | 1.00 | % | to | 1.15% | 13.40 | % | to | 13.57% | ||||||||||||||||||||||||||||||
| December 31, 2020 |
999 | $ | 23.29 | to | $ | 25.99 | $ | 24,895 | 1.60 | % | 1.00 | % | to | 1.15% | 7.87 | % | to | 8.03% | ||||||||||||||||||||||||||||||
| December 31, 2019 |
969 | $ | 19.34 | to | $ | 24.05 | $ | 22,531 | 1.19 | % | 1.00 | % | to | 1.65% | 7.23 | % | to | 18.25% | ||||||||||||||||||||||||||||||
| Vanguard Balanced Index Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2023 |
4,776 | $ | 17.03 | to | $ | 22.37 | $ | 212,948 | 2.15 | % | 1.00 | % | to | 1.20% | 16.18 | % | to | 16.42% | ||||||||||||||||||||||||||||||
| December 31, 2022 |
12,067 | $ | 14.59 | to | $ | 19.26 | $ | 186,400 | 1.81 | % | 1.15 | % | to | 1.20% | -17.86 | % | to | -17.81% | ||||||||||||||||||||||||||||||
| December 31, 2021 |
12,043 | $ | 17.75 | to | $ | 23.44 | $ | 227,256 | 1.46 | % | 1.15 | % | to | 1.20% | 12.84 | % | to | 12.90% | ||||||||||||||||||||||||||||||
| December 31, 2020 |
2,496 | $ | 20.49 | to | $ | 20.78 | $ | 51,864 | 1.81 | % | 1.20 | % | to | 1.30% | 14.90 | % | to | 27.40% | ||||||||||||||||||||||||||||||
| December 31, 2019 |
3,408 | $ | 17.83 | to | $ | 17.83 | $ | 60,776 | 2.25 | % | 1.30 | % | to | 1.30% | 20.22 | % | to | 20.22% | ||||||||||||||||||||||||||||||
| PGIM 60/40 Allocation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2023 |
8,453 | $ | 14.80 | to | $ | 15.18 | $ | 102,713 | 3.14 | % | 1.00 | % | to | 1.15% | 17.75 | % | to | 17.75% | ||||||||||||||||||||||||||||||
| December 31, 2022 |
6,629 | $ | 12.57 | to | $ | 12.89 | $ | 83,611 | 2.67 | % | 1.00 | % | to | 1.15% | -16.60 | % | to | -16.48% | ||||||||||||||||||||||||||||||
| December 31, 2021 |
5,790 | $ | 15.04 | to | $ | 15.44 | $ | 87,416 | 7.37 | % | 1.00 | % | to | 1.15% | 15.04 | % | to | 15.21% | ||||||||||||||||||||||||||||||
| December 31, 2020 |
3,733 | $ | 13.06 | to | $ | 13.40 | $ | 48,883 | 2.31 | % | 1.00 | % | to | 1.15% | 9.42 | % | to | 9.59% | ||||||||||||||||||||||||||||||
| December 31, 2019 |
1,889 | $ | 11.11 | to | $ | 12.23 | $ | 22,630 | 2.97 | % | 1.00 | % | to | 1.65% | 9.29 | % | to | 20.86% | ||||||||||||||||||||||||||||||
| * | These amounts represent the dividends, excluding distributions of capital gains, received by the portfolio from the underlying Portfolios, net of management fees assessed by the fund manager, divided by the average daily net assets, which are calculated for each underlying fee structure based on availability for investment. These ratios exclude those expenses, such as mortality and expense risk and administration charges, that result in direct reductions in the unit values. |
A-7
Note 6: Financial Highlights (continued)
| The recognition of investment income by the portfolio is affected by the timing of the declaration of dividends by the underlying Portfolios in which the portfolio invests. |
| ** | These amounts represent the annualized contract expenses of the Account, consisting primarily of mortality and expense risk and administration charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Portfolios are excluded. |
| *** | These amounts represent the total returns for the periods indicated, including changes in the value of the underlying Portfolios, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Product designs within a portfolio which were offered less than one year are included in the range of total returns for that period, and their respective total returns may not correspond to the total returns of a product offering with a comparable expense ratio that was presented for the full period. Contract owners may experience different total returns based on their investment options. Portfolios with a date notation indicate the effective date of that portfolio in the Account. Total returns for periods less than one year are not annualized. The total return is calculated for each of the five years in the period ended December 31, 2023, or from the effective date of the portfolio through the end of the reporting period. |
Note 7: Charges and Expenses
The following represents the various charges and expenses of the Account which are paid to EAIC.
Each annuity funded through the Account is subject to specific fees and charges, some of which are deducted as an asset-based charge by the Account, while others are deducted through the redemptions of units, as detailed in the respective prospectuses. Fees and charges may be reduced or eliminated for certain contracts under which, due to economies of scale and other factors, our administrative costs are reduced.
Insurance and Administrative Charge - The insurance and administrative charge is the combination of the mortality and expense risk charges and the administrative charge deducted by the Account. The insurance and administrative charge is expressed as an annual charge; however, the daily equivalent is deducted on a daily basis from the net assets of each portfolio. The following are the maximum insurance and administrative charges of the respective products, each funded through the Account. Current charges may be lower than these maximums. These charges are assessed through a reduction in unit values and disclosed on the Statement of Operations in Charges for mortality and expense risk, and for administration.
ERSA and ERSA II: 1.60%
ERSA Ill and ERSA VII: 1.75%
ERSA IV: 1.75% for Plan Type A, 1.50% for Plan Type B
ERSA VI: 1.50%
ERSA VIII: 0.00%
ERSA IX: 0.00%
Contract Maintenance Charge - A contract maintenance charge of up to $150 per year may be assessed on a quarterly basis. Currently, for each annuity funded through the Account, this charge is waived. This charge may vary by contract type.
A-8
Note 7: Charges and Expenses (continued)
Guaranteed Benefit Charges - Each annuity funded through the Account offers a standard guaranteed minimum withdrawal benefit named lncomeFlex. Each annuity may also offer an optional spousal benefit, which allows the continuation of the lncomeFlex benefit for the lifetime of an eligible spouse.
For the ERSA, ERSA II and ERSA VIII, the charge for the standard benefit and optional spousal benefit is deducted on a daily basis from the net assets of each portfolio. The maximum charge for the standard lncomeFlex benefit is 1.45%. The maximum additional charge for the Spousal lncomeFlex benefit is 0.6%. Therefore, the maximum total charge for the spousal benefit is 2.05%.
For ERSA III, ERSA IV, ERSA VI, ERSA VII, and ERSA IX there is a standard and optional spousal benefit, however, there is no additional charge for the optional spousal benefit, rather there is a reduced insurance benefit. The maximum charges for lncomeFlex for the respective products are as follows:
ERSA Ill: 1.50%
ERSA IV: 1.50% for Plan Type A and Plan Type B
ERSA VI: 1.50%
ERSA VII: 1.50%
ERSA VIII: 1.45%
ERSA IX: 1.50%
These charges are in addition to the other contract level charges and underlying mutual fund operating expenses. Current charges may be lower than these maximums. These charges are assessed through a reduction in unit values and disclosed on the Statement of Operations in Charges for mortality and expense risk, and for administration.
Transfer Fee - A fee of up to $30 per transfer may be imposed for each transfer in excess of 12 in a contract year. Currently, this fee is waived. This charge is a contract level charge assessed through the redemption of units within Net transfers between other portfolios or fixed rate option on the Statements of Changes in Net Assets.
Premium Taxes - Some states and municipalities impose premium based taxes, which currently range from 0% to 3.5%. A charge may be imposed against the Account for these tax obligations. This charge is a contract level charge assessed through the redemption of units within Other charges on the Statements of Changes in Net Assets.
Participant Loan Charges - For ERSA IV, EAIC charges a loan application fee, the greatest of which currently is $100, which is deducted from the participant account at the time the loan is initiated. EAIC also charges a loan maintenance fee, the greatest of which currently is $60 per year for record keeping and other administrative services provided in connection with the loan. The annualized loan maintenance charge will be prorated based on the number of full months that the loan is outstanding and is generally deducted quarterly. Under certain plans, the plan sponsor may pay loan fees, on behalf of participants in ERSA IV. This charge is a contract level charge assessed through the redemption of units.
For ERSA VI, EAIC charges a loan application fee, the greatest of which currently is $50, which is deducted from the participant account at the time the loan is initiated. EAIC also charges a loan maintenance fee, the greatest of which currently is $25 per year for record
A-9
Note 7: Charges and Expenses (continued)
keeping and other administrative services provided in connection with the loan. The annualized loan maintenance charge will be prorated based on the number of full months that the loan is outstanding and is generally deducted quarterly within Other charges on the Statements of Changes in Net Assets.
Note 8: Other
Contractholder net payments represent contract owner contributions, net of applicable deductions, charges, and state premium taxes, including transfers from the general account as a remittance of remediation credits to contract owners.
Participant loans represent amounts borrowed by contract owners using the contract as the security for the loan.
Participant loan repayments and interest represent payments made by contract owners to reduce the total outstanding participant loan principal plus accrued interest.
Surrenders, withdrawals and death benefits are amounts that contract owners have directed to be moved among portfolios within the separate account, in addition to permitted transfers to and from the general account group annuity stable value products.
Net transfers between other portfolios or fixed rate option are amounts that contract owners have directed to be moved among portfolios within the separate account, in addition to permitted transfers to and from the general account group annuity stable value products.
Other charges are contract level charges assessed through the redemption of units as described in Note 7, Charges and Expenses.
Due from (due to) the Company represents the amount the Company may owe to or expect to receive from the Account primarily related to processing contract owner payments, surrenders, withdrawals and death benefits, and/or fees. This amount is reflected in the Account’s Statements of Net Assets as either a due from or (due to) the Company. The due from (due to) has no effect on the contract owner’s account or the related unit value.
Note 9: Subsequent Events
Management has reviewed all events subsequent to December 31, 2023, including the estimates inherent in the process of preparing these financial statements through the date the financial statements were issued, April 15, 2024. No subsequent events requiring adjustments or disclosures have occurred.
A-10
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of Empower Annuity Insurance Company and the Contract Owners of EAIC Variable Contract Account A
Opinion on the Financial Statements
We have audited the accompanying statements of net assets of each of the portfolios listed in Appendix A of EAIC Variable Contract Account A (the “Separate Account”) as of December 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes, which include the financial highlights (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the portfolios constituting the Separate Account as of December 31, 2023, and the results of their operations for the year then ended, and the changes in their net assets for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. The financial highlights for each of the three years in the period ended December 31, 2021 were audited by other auditors, whose report, dated April 13, 2022, expressed an unqualified opinion on such financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on the Separate Account’s 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 Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Separate Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Separate Account’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with mutual fund companies. We believe that our audits provide a reasonable basis for our opinion.
/s/ DELOITTE & TOUCHE LLP
Denver, Colorado
April 15, 2024
We have served as the auditor of one or more Empower Annuity Insurance Company of America separate accounts since 1981.
A-11
Appendix A – List of Portfolios of EAIC Variable Contract Account A
| AST Capital Growth Asset Allocation Portfolio |
| AST Balanced Asset Allocation Portfolio |
| AST Preservation Asset Allocation Portfolio |
| PGIM Balanced Fund |
| Vanguard Balanced Index Fund |
| PGIM 60/40 Allocation Fund |
A-12
|
|
|
Empower Annuity Insurance Company, (A wholly-owned subsidiary of Empower Annuity Insurance Company of America) | ||
| Audited Annual Statutory Financial Statements | ||||
Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus as of December 31, 2023 and 2022 and Related Statutory Statements of Operations, Changes in Capital and Surplus and Cash Flows and Notes to the Financial Statements for Each of the Three Years in the Period Ended December 31, 2023 and Independent Auditor’s Report
1
Financial Statements and Supplementary Data
Index to Financial Statements, Notes, and Schedules
| Page | ||
| 3 | ||
| Statutory Financial Statements at December 31, 2023 and 2022 and for the Years Ended December 31, 2023, 2022 and 2021 |
||
| Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus |
6 | |
| 8 | ||
| 9 | ||
| 10 | ||
| 12 | ||
| 12 | ||
| 20 | ||
| 20 | ||
| 21 | ||
| 31 | ||
| 35 | ||
| 35 | ||
| 36 | ||
| 40 | ||
| Note 10 - Capital and Surplus, Dividend Restrictions, and Other Matters |
43 | |
| 44 | ||
| 49 | ||
| 49 | ||
| 49 | ||
| 50 | ||
2
|
|
Deloitte & Touche LLP | |||||
| 1601 Wewatta Street | ||||||
| Suite 400 | ||||||
| Denver, CO 80202-3492 | ||||||
| USA | ||||||
| Tel: +1 303-292-5400 | ||||||
| Fax: +1 303-312-5400 | ||||||
| INDEPENDENT AUDITOR’S REPORT |
www.deloitte.com | |||||
To the Audit Committee of
Empower Annuity Insurance Company of America
Greenwood Village, Colorado
Opinions
We have audited the statutory-basis financial statements of Empower Annuity Insurance Company (the “Company”) (a wholly-owned subsidiary of Empower Annuity Insurance Company of America), which comprise the statutory-basis statements of admitted assets, liabilities, and capital and surplus as of December 31, 2023 and 2022, and the related statutory-basis statements of operations, changes in capital and surplus, and cash flows for the years then ended, and the related notes to the statutory-basis financial statements (collectively referred to as the “statutory-basis financial statements”).
Unmodified Opinion on Statutory-Basis of Accounting
In our opinion, the accompanying statutory-basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the years then ended, in accordance with the accounting practices prescribed or permitted by the Connecticut Insurance Department described in Note 1.
Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory-basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2023 and 2022, or the results of its operations or its cash flows for the years then ended.
Predecessor Auditor’s Opinion on 2021 Statutory-Basis Financial Statements
The statutory-basis financial statements of the Company for the year ended December 31, 2021, were audited by other auditors whose report, dated April 7, 2022, expressed an opinion that those statutory-basis financial statements were not fairly presented in accordance with accounting principles generally accepted in the United States of America; however, such report also expressed an unmodified opinion on those statutory-basis financial statements in accordance with the accounting practices prescribed or permitted by the Connecticut Insurance Department described in Note 1 to the statutory-basis financial statements.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Statutory-Basis Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
As described in Note 1 to the statutory-basis financial statements, the statutory-basis financial statements are prepared by the Company using the accounting practices prescribed or permitted by the Connecticut Insurance Department, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Connecticut Insurance Department. The effects on the statutory-basis financial statements of the variances between the statutory-basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.
Emphasis of Matter
The Company engages in various related-party transactions with affiliates under common control as discussed in Note 3 to the statutory-basis financial statements. The accompanying statutory-basis financial statements are not necessarily indicative of the conditions that would have existed or the results of operations that would prevail if the Company had been operated as an unaffiliated company. Our opinion is not modified with respect to this matter.
Responsibilities of Management for the Statutory-Basis Financial Statements
Management is responsible for the preparation and fair presentation of the statutory-basis financial statements in accordance with the accounting practices prescribed or permitted by the Connecticut Insurance Department. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory-basis financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the statutory-basis financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the statutory-basis financial statements are issued.
Auditor’s Responsibilities for the Audit of the Statutory-Basis Financial Statements
Our objectives are to obtain reasonable assurance about whether the statutory-basis financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statutory-basis financial statements.
In performing an audit in accordance with GAAS, we:
| • | Exercise professional judgment and maintain professional skepticism throughout the audit. |
| • | Identify and assess the risks of material misstatement of the statutory-basis financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statutory-basis financial statements. |
| • | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed. |
| • | Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory-basis financial statements. |
| • | Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time. |
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Report on Supplemental Schedules
Our 2023 audit was conducted for the purpose of forming an opinion on the 2023 statutory-basis financial statements as a whole. The supplemental schedule of selected statutory financial data, the summary investment schedule, the supplemental investment risk interrogatories, and the supplemental schedule regarding reinsurance contracts with risk-limiting features as of and for the year ended December 31, 2023, are presented for purposes of additional analysis and are not a required part of the 2023 statutory-basis financial statements. These schedules are the responsibility of the Company’s management and were derived from and relate directly to the underlying accounting and other records used to prepare the statutory-basis financial statements. Such schedules have been subjected to the auditing procedures applied in our audit of the 2023 statutory-basis financial statements and certain additional procedures, including comparing and reconciling such schedules directly to the underlying accounting and other records used to prepare the statutory-basis financial statements or to the statutory-basis financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, such schedules are fairly stated in all material respects in relation to the 2023 statutory-basis financial statements as a whole.
April 4, 2024
EMPOWER ANNUITY INSURANCE COMPANY
Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus
December 31, 2023 and 2022
(In Thousands, Except Share Amounts)
| December 31, | ||||||||
| 2023 | 2022 | |||||||
| Admitted assets: |
||||||||
| Cash and invested assets: |
||||||||
| Bonds |
$ 19,235,665 | $ 21,711,551 | ||||||
| Common stock |
5,150 | 5,150 | ||||||
| Mortgage loans (net of allowances of $58,755 and $611) |
4,596,720 | 4,663,515 | ||||||
| Cash, cash equivalents and short-term investments |
930,728 | 566,731 | ||||||
| Derivatives |
47,912 | 132,656 | ||||||
| Other invested assets |
210,070 | 39,208 | ||||||
|
|
|
|
|
|||||
| Total cash and invested assets |
25,026,245 | 27,118,811 | ||||||
|
|
|
|
|
|||||
| Investment income due and accrued |
170,103 | 191,838 | ||||||
| Due from affiliates |
102,663 | — | ||||||
| Other assets |
128,756 | 382,941 | ||||||
| Assets from separate accounts |
66,578,025 | 55,672,515 | ||||||
|
|
|
|
|
|||||
| Total admitted assets |
$ 92,005,792 | $ 83,366,105 | ||||||
|
|
|
|
|
|||||
| See notes to statutory financial statements. |
Continued | |||
6
EMPOWER ANNUITY INSURANCE COMPANY
Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus
December 31, 2023 and 2022
(In Thousands, Except Share Amounts)
| December 31, | ||||||||
| 2023 | 2022 | |||||||
| Liabilities, capital and surplus: |
||||||||
| Liabilities: |
||||||||
| Liability for deposit-type contracts |
$ 21,210,327 | $ 22,603,273 | ||||||
| Reserves for life insurance and annuities |
251,974 | 235,856 | ||||||
| Asset valuation reserve |
155,553 | 106,073 | ||||||
| Current federal income tax payable |
3,610 | 31,164 | ||||||
| Interest maintenance reserve |
— | 38,598 | ||||||
| Due to parent and affiliates (1) |
31,561 | 22,922 | ||||||
| Derivatives |
30,978 | 93,049 | ||||||
| Funds held or deposited with reinsured companies |
2,618,279 | 2,757,840 | ||||||
| Other liabilities (1) |
188,320 | 282,149 | ||||||
| Liabilities from separate accounts |
66,578,025 | 55,672,357 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
91,068,627 | 81,843,281 | ||||||
|
|
|
|
|
|||||
| Commitments and contingencies (see Note 13) |
||||||||
| Capital and surplus: |
||||||||
| Common stock, $100 par value; 30,000 shares authorized 25,000 shares issued and outstanding |
2,500 | 2,500 | ||||||
| Gross paid in and contributed surplus |
943,498 | 943,498 | ||||||
| Unassigned surplus |
(8,833) | 576,826 | ||||||
|
|
|
|
|
|||||
| Total capital and surplus |
937,165 | 1,522,824 | ||||||
|
|
|
|
|
|||||
| Total liabilities, capital and surplus |
$ 92,005,792 | $ 83,366,105 | ||||||
|
|
|
|
|
|||||
(1) Prior period amounts have been updated to conform to current period presentation.
| See notes to statutory financial statements. |
Concluded |
7
EMPOWER ANNUITY INSURANCE COMPANY
Statutory Statements of Operations
Years Ended December 31, 2023, 2022 and 2021
(In Thousands)
| Year Ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Income: |
||||||||||||
| Premium income and annuity consideration |
$ | 778,816 | $ | 1,006,703 | $ | 1,744,223 | ||||||
| Net investment income |
883,552 | 850,225 | 701,698 | |||||||||
| Reserve adjustment for reinsurance ceded |
(137,811) | — | — | |||||||||
| Income from separate account investment management fees |
309,947 | 310,612 | 360,259 | |||||||||
| Other income |
280,343 | 314,161 | 301,829 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total income |
2,114,847 | 2,481,701 | 3,108,009 | |||||||||
|
|
|
|
|
|
|
|||||||
| Expenses: |
||||||||||||
| Annuity benefits |
26,117 | 33,893 | 914,680 | |||||||||
| Surrenders benefits |
903,059 | 697,237 | 805,195 | |||||||||
| Interest on contracts on deposit-type contract funds |
593,733 | 605,870 | 595,169 | |||||||||
| Increase (decrease) in aggregate reserves for life policies and contracts |
16,118 | 23,028 | (173,238) | |||||||||
|
|
|
|
|
|
|
|||||||
| Total benefits (1) |
1,539,027 | 1,360,028 | 2,141,806 | |||||||||
|
|
|
|
|
|
|
|||||||
| Commissions |
3,037 | 3,712 | 11,278 | |||||||||
| Net transfers from (to) separate accounts |
(239,354) | 272,472 | 71,011 | |||||||||
| Other insurance expenses |
671,874 | 661,629 | 491,738 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total benefit and expenses |
1,974,584 | 2,297,841 | 2,715,833 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net gain from operations before federal income taxes and net realized capital gains (losses) |
140,263 | 183,860 | 392,176 | |||||||||
| Federal income tax expense |
49,883 | 43,512 | 24,945 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net gain from operations before net realized capital gains (losses) |
90,380 | 140,348 | 367,231 | |||||||||
| Net realized capital (losses) gains, less tax benefits ($27,627), ($11,797) and ($39,128), and transfers to interest maintenance reserve |
(103,935) | (76,852) | 102,979 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net (loss) income |
$ | (13,555) | $ | 63,496 | $ | 470,210 | ||||||
|
|
|
|
|
|
|
|||||||
(1) Prior period amounts have been updated to conform to current period presentation.
8
EMPOWER ANNUITY INSURANCE COMPANY
Statutory Statements of Changes in Capital and Surplus
Years Ended December 31, 2023, 2022 and 2021
(In Thousands)
| Year Ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Capital and surplus, beginning of year |
$ | 1,522,824 | $ | 1,495,240 | $ | 1,156,959 | ||||||
| Net (loss) income |
(13,555) | 63,496 | 470,210 | |||||||||
| Dividends to stockholder |
(459,000) | (150,000) | — | |||||||||
| Change in net unrealized capital losses, net of income taxes |
(20,283) | (171,232) | (94,058) | |||||||||
| Change in net deferred income taxes |
78,535 | 145,849 | (63,162) | |||||||||
| Change in non-admitted assets |
(69,881) | (183,294) | 6,644 | |||||||||
| Change in valuation method |
— | — | (78,000) | |||||||||
| Cumulative effect of change in account principles |
— | — | 50,153 | |||||||||
| Change in asset valuation reserve |
(49,480) | 119,637 | 49,854 | |||||||||
| Change in surplus as a result of reinsurance |
(51,995) | 269,392 | 284 | |||||||||
| Other changes, net |
— | (66,264) | (3,644) | |||||||||
|
|
|
|
|
|
|
|||||||
| Net change in capital and surplus for the year |
(585,659) | 27,584 | 338,281 | |||||||||
|
|
|
|
|
|
|
|||||||
| Capital and surplus, end of year |
$ | 937,165 | $ | 1,522,824 | $ | 1,495,240 | ||||||
|
|
|
|
|
|
|
|||||||
See notes to statutory financial statements.
9
EMPOWER ANNUITY INSURANCE COMPANY
Statutory Statements of Cash Flows
Years Ended December 31, 2023, 2022 and 2021
(In Thousands)
| Year Ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Operating activities: |
||||||||||||
| Premium income, net of reinsurance |
$ | 778,816 | $ | 1,024,040 | $ | 1,862,442 | ||||||
| Investment income received, net of investment expenses paid |
979,381 | 873,915 | 740,711 | |||||||||
| Other miscellaneous income received |
538,294 | 551,613 | 582,091 | |||||||||
| Net transfers from (to) separate accounts |
239,375 | (270,948) | (70,783) | |||||||||
| Benefit and loss related payments, net of reinsurance |
(1,043,451) | (767,680) | (1,936,271) | |||||||||
| Federal income taxes (paid) received, net |
(16,220) | 25,759 | (11,595) | |||||||||
| Commissions, other expenses and taxes paid |
(669,427) | (690,710) | (402,715) | |||||||||
|
|
|
|
|
|
|
|||||||
| Net cash provided by operating activities |
806,768 | 745,989 | 763,880 | |||||||||
|
|
|
|
|
|
|
|||||||
| Investing activities: |
||||||||||||
| Proceeds from investments sold, matured or repaid: |
||||||||||||
| Bonds |
3,444,453 | 3,744,289 | 8,911,894 | |||||||||
| Stocks |
— | 691 | 16,144 | |||||||||
| Mortgage loans |
569,399 | 379,655 | 3,125,082 | |||||||||
| Other invested assets |
9,101 | 125 | 284,977 | |||||||||
| Miscellaneous proceeds |
(79) | 111,568 | 55,006 | |||||||||
| Cost of investments acquired: |
||||||||||||
| Bonds |
(1,045,598) | (3,576,156) | (10,724,489) | |||||||||
| Stocks |
— | — | (158) | |||||||||
| Mortgage loans |
(541,250) | (195,600) | (2,347,552) | |||||||||
| Other invested assets |
(218,021) | (16,381) | (27,573) | |||||||||
| Miscellaneous applications |
(20,852) | (3,075) | (98,225) | |||||||||
|
|
|
|
|
|
|
|||||||
| Net cash provided by (used in) investing activities |
2,197,153 | 445,116 | (804,894) | |||||||||
|
|
|
|
|
|
|
|||||||
| Financing and miscellaneous activities: |
||||||||||||
| Dividends to stockholder |
(459,000) | (150,000) | — | |||||||||
| Net (withdrawals) deposits on deposit-type contracts and other insurance liabilities |
(1,986,680) | (906,397) | 74,089 | |||||||||
| Other |
(194,244) | (489,364) | 202,019 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net cash (used in) provided by financing and miscellaneous activities |
(2,639,924) | (1,545,761) | 276,108 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net increase (decrease) in cash, cash equivalents and short-term investments |
363,997 | (354,656) | 235,094 | |||||||||
| Cash, cash equivalents and short-term investments and restricted cash: |
||||||||||||
| Beginning of year |
566,731 | 921,387 | 686,293 | |||||||||
|
|
|
|
|
|
|
|||||||
| End of year |
$ | 930,728 | $ | 566,731 | $ | 921,387 | ||||||
|
|
|
|
|
|
|
|||||||
10
EMPOWER ANNUITY INSURANCE COMPANY
Statutory Statements of Cash Flows
Years Ended December 31, 2023, 2022 and 2021
(In Thousands)
The Statutory Statement of Cash Flows excludes the following non-cash operating, investing and financing transactions:
| Years Ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Capitalization of deferred gains related to reinsurance transactions with non-affiliates |
— | 269,392 | — | |||||||||
| Reinsurance transactions with a non-affiliate |
— | 71,625 | — | |||||||||
| Net asset and liability transfer due to novation |
— | 65,404 | — | |||||||||
| Transfer of other invested assets to an affiliate |
— | — | 68,701 | |||||||||
11
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
1. Organization and Significant Accounting Policies
Empower Annuity Insurance Company (“EAIC” or the “Company”) is a wholly-owned subsidiary of Empower Annuity Insurance Company of America (“EAICA”). EAICA is a direct wholly owned subsidiary of Empower Holdings, Inc. (“EHI”), a holding company formed in 1998. EHI is a direct wholly-owned subsidiary of Great-West Lifeco U.S. LLC (“Lifeco US”) and an indirectly wholly-owned subsidiary of Great-West Lifeco Inc. (“Lifeco”), a Canadian holding company. The Company is incorporated as a stock life insurance company in the state of Connecticut and is subject to regulation by the Connecticut Insurance Department (the “CT Department”). The Company is authorized to engage in the sale of life insurance, accident and health insurance and annuity products in the state of Connecticut.
On July 21, 2021, Prudential Financial, Inc. (“PFI”) entered into an agreement with EAICA pursuant to which PFI agreed to sell to EAICA its full service retirement business written by the Company and its parent, Prudential Insurance Company of America (“Prudential Insurance” or “PICA”), primarily through a combination of (i) the sale of all of the outstanding equity interests of certain legal entities, including the Company; (ii) the ceding of certain insurance policies through reinsurance; and (iii) the sale, transfer and/or novation of certain in-scope contracts and brokerage accounts (“the Prudential acquisition”). The transaction closed effective April 1, 2022, after receiving all regulatory approvals and satisfying all customary closing conditions.
The Prudential acquisition pertains exclusively to the full-service business written by the Company and therefore excludes any contractual rights and obligations, assets, liabilities and surplus associated with any non-full service business written by the Company (the “Excluded Business”). This population of Excluded Business primarily consisted of the Company’s Institutional Investment Products which includes Longevity Risk Transfer (“LRT”) business products, Guaranteed Cost and Pripar contracts (“PRT” business) and certain separate accounts.
In order to exclude these assets from the sale of the Company, the Company novated, through assumption reinsurance the rights and obligations, assets, liabilities and surplus associated with any Excluded Business prior to the close of the sale. The LRT Excluded Business was novated effective December 31, 2021 subsequent to all necessary policyholder and regulator approvals. The impact of the novation on the Company was a decrease in assets of $258,622, a decrease in liabilities of $257,333 and a decrease in surplus of $1,289. The PRT and separate account components of the Excluded Business novated on February 1, 2022. The impact that the PRT and separate account novation had on the Company upon novation in 2022 was a decrease in assets of $6,834,464, a decrease in liabilities of $6,769,060 and a decrease in surplus of $65,404.
On August 1, 2022, in an effort to further strengthen recognition and customer alignment with the Empower brand, Prudential Retirement Insurance and Annuity Company changed its name to Empower Annuity Insurance Company.
The Company provides retirement investment and income products and services to public, private, and not-for-profit organizations. Specifically, the Company offers plan sponsors and their participants a broad range of products and services to assist in the delivery and administration of qualified and non-qualified defined contribution and defined benefit retirement plans, including recordkeeping and administrative services, comprehensive investment offerings and advisory services to assist plan sponsors in managing fiduciary obligations.
The statutory financial statements have been prepared from the separate records maintained by the Company and may not necessarily be indicative of the conditions that would have existed or the results of operations if the Company had been operated as an unaffiliated company.
Accounting policies and use of estimates
The Company prepares its statutory financial statements in conformity with accounting practices prescribed or permitted by the CT Department. The State of Connecticut requires that insurance companies domiciled in the State of Connecticut prepare their statutory basis financial statements in accordance with the National Association of Insurance Commissioners’ Accounting Practices and Procedures Manual (“NAIC SAP”), subject to any deviations prescribed or permitted by the CT Department (“Connecticut SAP”).
Statutory accounting principles vary in some respects from accounting principles generally accepted in the United States of America (“GAAP”). The more significant of these differences are as follows:
| • | Bonds, including loan-backed and structured securities (collectively referred to as “bonds”), are carried at statutory adjusted carrying value in accordance with the National Association of Insurance Commissioners (“NAIC”) designation of the security. Carrying value is amortized cost, unless the bond is either (a) designated as a six, in which case it is the lower of amortized cost or fair value or (b) required to be carried at fair value due to the structured securities ratings methodology, or (c) for perpetual bonds that do not possess an effective call option, is carried at fair value regardless of NAIC designation. Under GAAP, bonds are carried at amortized cost for securities classified as held-to-maturity and fair value for securities classified as available-for-sale and held-for-trading. |
| • | Short-term investments include all investments whose remaining maturities, at the time of acquisition, are three months to one year. Under GAAP, short-term investments include securities purchased with investment intent and with remaining maturities, at the time of acquisition, of one year or less. |
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EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
| • | As prescribed by the NAIC, the asset valuation reserve (“AVR”) is computed in accordance with a prescribed formula and represents a provision for possible non-interest related fluctuations in the value of bonds, equity securities, mortgage loans, and other invested assets. Changes to the AVR are charged or credited directly to unassigned surplus. This type of reserve is not necessary or required under GAAP. |
| • | As prescribed by the NAIC, the interest maintenance reserve (“IMR”) consists of net accumulated unamortized realized capital gains and losses, net of income taxes, on sales or interest related impairments of bonds and derivative investments attributable to changes in the general level of interest rates. Such gains or losses are initially deferred and then amortized into income over the remaining period to maturity, based on groupings of individual securities sold in five-year bands. An IMR asset is designated as an admitted asset for net negative (disallowed) IMR up to 10% of adjusted capital and surplus, and is recorded as an increase to capital and surplus. An IMR asset is designated as a non-admitted asset for net negative (disallowed) IMR above this threshold and is recorded as a reduction to capital and surplus. Under GAAP, realized gains and losses are recognized in income in the period in which a security is sold. |
| • | As prescribed by the NAIC, an other-than-temporary impairment (“OTTI”) is recorded (a) if it is probable that the Company will be unable to collect all amounts due according to the contractual terms in effect at the date of acquisition, (b) if the Company has the intent to sell the investment or (c) for non-interest related declines in value and where the Company does not have the intent and ability at the reporting date, to hold the bond until its recovery. Under GAAP, if either (a) management has the intent to sell a bond investment or (b) it is more likely than not the Company will be required to sell a bond investment before its anticipated recovery, a charge is recorded in net realized investment losses equal to the difference between the fair value and cost or amortized cost basis of the security. If management does not intend to sell the security and it is not more likely than not the Company will be required to sell the bond investment before recovery of its amortized cost basis, but the present value of the cash flows expected to be collected (discounted at the effective interest rate implicit in the bond investment prior to impairment) is less than the amortized cost basis of the bond investment (referred to as the credit loss portion), an OTTI is considered to have occurred. |
Under GAAP, total OTTI is bifurcated into two components: the amount related to the credit loss, which is recognized in current period earnings through realized capital losses; and the amount attributed to other factors (referred to as the non-credit portion), which is recognized as a separate component in accumulated other comprehensive income (loss). As prescribed by the NAIC, non-interest related OTTI is only bifurcated on loan-backed and structured securities. Factors related to interest and other components do not have a financial statement impact and are disclosed in “Unrealized losses” in the notes to the statutory financial statements.
| • | Derivatives that qualify for hedge accounting are carried at the same valuation method as the underlying hedged asset, while derivatives that do not qualify for hedge accounting are carried at fair value. Under GAAP, all derivatives, regardless of hedge accounting treatment, are recorded on the balance sheet in other assets or other liabilities at fair value. As prescribed by the NAIC, for those derivatives which qualify for hedge accounting, the change in the carrying value or cash flow of the derivative is recorded consistently with how the changes in the carrying value or cash flow of the hedged asset, liability, firm commitment or forecasted transaction are recorded. Under GAAP, if the derivative is designated as a cash flow hedge, the effective portions of the changes in the fair value of the derivative are recorded in accumulated other comprehensive income and are recognized in the income statements when the hedged item affects earnings. Changes in fair value resulting from foreign currency translations are recorded in either AOCI or net investment income, consistent with where they are recorded on the underlying hedged asset or liability. Changes in the fair value, including changes resulting from foreign currency translations, of derivatives not eligible for hedge accounting or where hedge accounting is not elected and the over effective portion of cash flow hedges are recognized in investment gains (losses) as a component of net income in the period of the change. Realized foreign currency transactional gains and losses on derivatives subject to hedge accounting are recorded in net investment income, whereas those on derivatives not subject to hedge accounting are recorded in investment gains (losses). As prescribed by the NAIC, upon termination of a derivative that qualifies for hedge accounting, the gain or loss is recognized in income in a manner that is consistent with the hedged item. Alternatively, if the item being hedged is subject to IMR, the gain or loss on the hedging derivative is realized and is subject to IMR upon termination. Under GAAP, gains or losses on terminated contracts that are effective hedges are recorded in earnings in net investment income or other comprehensive income. The gains or losses on terminated contracts where hedge accounting is not elected, or contracts that are not eligible for hedge accounting, are recorded in investment gains (losses). |
| • | Acquisition costs, such as commissions and other costs incurred in connection with acquiring new business, are charged to operations as incurred, rather than deferred and amortized over the lives of the related contracts as under GAAP. |
| • | Deferred income taxes are recorded using the asset and liability method in which deferred tax assets and liabilities are recorded for expected future tax consequences of events that have been recognized in either the Company’s statutory financial statements or tax returns. Deferred income tax assets are subject to limitations prescribed by statutory accounting principles. The change in deferred income taxes is treated as a component of the change in unassigned deficit, whereas under GAAP deferred taxes are included in the determination of net income. |
| • | Certain assets, including various receivables, furniture and equipment and prepaid assets, are designated as non-admitted assets and are recorded as a reduction to capital and surplus, whereas they are recorded as assets under GAAP. |
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EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
| • | For statutory accounting, business combinations must either create a parent-subsidiary relationship (statutory purchase) or there must be an exchange of equity with one surviving entity (statutory merger). Under GAAP, an integrated set of activities and assets that are capable of being conducted and managed for the purpose of providing economic benefits to its investors can meet the definition of a business. As such, under GAAP, certain reinsurance agreements could be accounted for as a business acquisition. |
| • | For statutory purchases, the excess of the cost of acquiring an entity over the Company’s share of the book value of the acquired entity is recorded as goodwill which is admissible subject to limitations and is amortized over the period in which the Company benefits economically, not to exceed ten years. For statutory mergers, no acquisition is recognized because it is accomplished without exchanging resources. As such, the recorded assets, liabilities, and surplus of the acquired company (adjusted to conform to statutory accounting principles) will be carried forward into the combined company. Under GAAP in a business combination, the excess of the cost of acquiring an entity over the acquisition-date fair value of identifiable assets acquired and liabilities assumed is allocated between goodwill, indefinite-lived intangible assets and definite-lived intangible assets. Goodwill and indefinite-lived intangible assets are not amortized and definite-lived intangible assets are amortized over their estimated useful lives under GAAP. |
| • | Aggregate reserves for life policies and contracts are based on statutory mortality and interest requirements and without consideration of withdrawals, which differ from reserves established under GAAP that are based on assumptions using Company experience for mortality, interest, and withdrawals. |
| • | Changes in separate account values from cash transactions are recorded as premium income and benefit expenses whereas they do not impact the statement of operations under GAAP and are presented only as increases or decreases to account balances. |
| • | Benefit payments and the related decrease in policy reserves are recorded as expenses for all contracts subjecting the Company to any mortality risk. Under GAAP, such benefit payments for life and annuity contracts without significant mortality risks are recorded as direct reductions to the policy reserve liability. |
| • | Premium receipts and the related increase in policy reserves are recorded as revenues and expenses, respectively, for all contracts subjecting the Company to any mortality risk. Under GAAP, such premium receipts for life and annuity contracts without significant mortality risks are recorded as direct credits to the policy reserve liability. |
| • | Comprehensive income and its components are not presented in the statutory financial statements. |
| • | The Statutory Statement of Cash Flows is presented based on a prescribed format for statutory reporting. For purposes of presenting statutory cash flows, cash includes cash equivalents and short-term investments. Under GAAP, the statement of cash flows is typically presented based on the indirect method and cash excludes short-term investments. |
| • | For statutory accounting purposes, policy and contract liabilities ceded to reinsurers are reported as reductions of the related reserves. Losses generated in certain reinsurance transactions are recognized immediately in income, with gains reported as a separate component of surplus and amortized over the remaining life of the business. As prescribed by the Department, ceded reserves are limited to the amount of direct reserves. Under GAAP, ceded future policy benefits and contract owner liabilities are reported as reinsurance recoverables. Only those reinsurance recoverable balances deemed probable of recovery are reflected as assets on the balance sheet and are stated net of allowance for uncollectible reinsurance, which are charged to earnings. Cost of reinsurance (i.e. the net cash flows which include reinsurance premiums, ceding commissions, etc.) are deferred and amortized over the remaining life of the business. |
| • | For statutory accounting, business combinations must either create a parent-subsidiary relationship (statutory purchase) or there must be an exchange of equity with one surviving entity (statutory merger). Under GAAP, an integrated set of activities and assets that are capable of being conducted and managed for the purpose of providing economic benefits to its investors can meet the definition of a business. As such, under GAAP, certain reinsurance agreements could be accounted for as a business acquisition. |
The preparation of financial statements in conformity with statutory accounting principles requires the Company’s management to make a variety of estimates and assumptions. These estimates and assumptions affect, among other things, the reported amounts of admitted assets and liabilities, the disclosure of contingent liabilities and the reported amounts of revenues and expenses. Significant estimates are required to account for items and matters such as, but not limited to, the valuation of investments and derivatives in the absence of quoted market values, impairment of investments and derivatives, valuation of policy benefit liabilities and the valuation of deferred tax assets. Actual results could differ from those estimates.
Significant Statutory Accounting Policy
Investments
Investments are reported as follows:
| • | In accordance with the NAIC SAP, the adjusted carrying value amounts of certain assets are gross of non-admitted assets. |
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EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
| • | Bonds are carried at statutory adjusted carrying value in accordance with the NAIC designation of the security. Carrying value is amortized cost, unless the bond is either (a) designated as a six, in which case it is the lower of amortized cost or fair value or (b) required to be carried at fair value due to the structured securities ratings methodology. The Company recognizes the acquisition of its public bonds on a trade-date basis and its private placement investments on a funding date basis. Bonds containing call provisions, except make-whole call provisions, are amortized to the call or maturity value/date which produces the lowest asset value. Make- whole call provisions, which allow the bond to be called at any time, are not considered in determining the timeframe for amortizing the premium or discount unless the Company has information indicating the issuer is expected to invoke the make-whole call provision. |
| • | Premiums and discounts are recognized as a component of net investment income using the effective interest method. Realized gains and losses not subject to IMR, including those from foreign currency translations, are included in net realized capital gains (losses). The Company holds one (1) Securities Valuation Office (“SVO”)-Identified bond ETF reported on Schedule D-1. This ETF is reported at fair value, and the Company has made an irrevocable decision to hold this one ETF at systematic value. |
| • | The recognition of income on certain investments (e.g. loan-backed securities, including mortgage-backed and asset-backed securities) is dependent upon market conditions, which may result in prepayments and changes in amounts to be earned. Prepayments on all mortgage-backed and asset-backed securities are monitored monthly, and amortization of the premium and/or the accretion of the discount associated with the purchase of such securities are adjusted by such prepayments. Prepayment assumptions are based on the average of recent historical prepayments and are obtained from broker/dealer survey values or internal estimates. These assumptions are consistent with the current interest rate and economic environment. Significant changes in estimated cash flows from the original purchase assumptions are accounted for using the retrospective method. |
| • | Mortgage loans consist primarily of domestic commercial collateralized loans and are carried at their unpaid principal balances adjusted for any unamortized premiums or discounts, allowances for credit losses, and foreign currency translations. Interest income is accrued on the unpaid principal balance for all loans, except for loans on non-accrual status. Premiums and discounts are amortized to net investment income using the effective interest method. Nonrefundable prepayment penalty and origination fees are recognized in net investment income upon receipt. |
The Company actively manages its mortgage loan portfolio by completing ongoing comprehensive analysis of factors such as debt service coverage ratios, loan-to-value ratios, payment status, default or legal status, annual collateral property evaluations and general market conditions. On a quarterly basis, the Company reviews the above primary credit quality indicators in its internal risk assessment of loan impairment and credit loss. Management’s risk assessment process is subjective and includes the categorization of all loans, based on the above-mentioned credit quality indicators, into one of the following categories:
| • | Performing - generally indicates the loan has standard market risk and is within its original underwriting guidelines. |
| • | Non-performing - generally indicates there is a potential for loss due to the deterioration of financial/monetary default indicators or potential foreclosure. Due to the potential for loss, these loans are evaluated for impairment. |
The adequacy of the Company’s allowance for credit loss is reviewed quarterly. The determination of the calculation and the adequacy of the mortgage allowance for credit loss and mortgage impairments involve judgments that incorporate qualitative and quantitative Company and industry mortgage performance data. Management’s periodic evaluation and assessment of the adequacy of the mortgage allowance for credit loss and the need for mortgage impairments is based on known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the fair value of the underlying collateral, composition of the loan portfolio, current economic conditions, loss experience and other relevant factors. Loans included in the non-performing category and other loans with certain substandard credit quality indicators are individually reviewed to determine if a specific impairment is required. Risk is mitigated primarily through first position collateralization, guarantees, loan covenants and borrower reporting requirements. Since the Company does not originate or hold uncollateralized mortgages, loans are generally not deemed fully uncollectible. Generally, unrecoverable amounts are written off during the final stage of the foreclosure process.
Loan balances are considered past due when payment has not been received based on contractually agreed upon terms. The accrual of interest is discontinued when concerns exist regarding the realization of loan principal or interest. The Company resumes interest accrual on loans when a loan returns to current status or under new terms when loans are restructured or modified.
On a quarterly basis, any loans with terms that were modified during that period are reviewed to determine if the loan modifications constitute a troubled debt restructuring (“TDR”). In evaluating whether a loan modification constitutes a TDR, it must be determined that the modification is a significant concession and the debtor is experiencing financial difficulties.
| • | Limited partnership interests are included in other invested assets and are accounted for using net asset value per share (“NAV”) as a practical expedient to fair value. The Company uses NAV as a practical expedient on partnership interests in investment companies where it has a minority equity interest and no significant influence over the entity’s operations. |
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EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
| • | Residual tranches or interests are included in other invested assets and are carried at the lower of amortized cost or fair value. |
| • | Common stocks, other than stocks of the Federal Home Loan Bank (“FHLB”), are recorded at fair value based on the most recent closing price of the common stock as quoted on its exchange. Common stocks of the FHLB are reported at cost. The net unrealized gain or loss on common stocks is reported as a component of surplus. |
| • | Short-term investments include all investments whose remaining maturities, at the time of acquisition, are three months to one year. Cash equivalent investments include all investments whose remaining maturities, at the time of acquisition, are three months or less. Both short-term and cash equivalent investments, excluding money market mutual funds, are stated at amortized cost, which approximates fair value. Cash equivalent investments also include highly liquid money market funds that are traded in an active market and are carried at fair value. |
| • | The Company enters into reverse repurchase agreements with third party broker-dealers for the purpose of enhancing the total return on its investment portfolio. The repurchase trading strategy involves the purchase of securities, with a simultaneous agreement to resell similar securities at a future date at an agreed-upon price. Securities purchased under these agreements are accounted for as secured borrowings, and are reported at amortized cost in cash, cash equivalents and short-term investments. |
Under these tri-party repurchase agreements, the designated custodian takes possession of the underlying collateral on the Company’s behalf, which is required to be cash or government securities. The fair value of the securities is monitored and additional collateral is obtained, where appropriate, to protect against credit exposure. The collateral cannot be sold or repledged and has not been recorded on the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus.
| • | The Company’s OTTI accounting policy requires that a decline in the value of a bond below its cost or amortized cost basis be assessed to determine if the decline is other-than-temporary. An OTTI is recorded (a) if it is probable that the Company will be unable to collect all amounts due according to the contractual terms in effect at the date of acquisition, (b) if the Company has the intent to sell the investment or (c) for non-interest related declines in value and where the Company does not have the intent and ability at the reporting date, to hold the bond until its recovery. Management considers a wide range of factors, as described below, regarding the bond issuer and uses its best judgment in evaluating the cause of the decline in its estimated fair value and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the bond are assumptions and estimates about the operations and ability to generate future cash flows. While all available information is taken into account, it is difficult to predict the ultimate recoverable amount from a distressed or impaired bond. |
Considerations used by the Company in the impairment evaluation process include, but are not limited to, the following:
| • | The extent to which estimated fair value is below cost; |
| • | Whether the decline in fair value is attributable to specific adverse conditions affecting a particular instrument, its issuer, an industry or geographic area; |
| • | The length of time for which the estimated fair value has been below cost; |
| • | Downgrade of a bond investment by a credit rating agency; |
| • | Deterioration of the financial condition of the issuer; |
| • | The payment structure of the bond investment and the likelihood of the issuer being able to make payments in the future; and |
| • | Whether dividends have been reduced or eliminated or scheduled interest payments have not been made. |
For loan-backed and structured securities, if management does not intend to sell the bond and has the intent and ability to hold the bond until recovery of its amortized cost basis, but the present value of the cash flows expected to be collected (discounted at the effective interest rate implicit in the bond prior to impairment) is less than the amortized cost basis of the bond (referred to as the non-interest loss portion), an OTTI is considered to have occurred. In this instance, total OTTI is bifurcated into two components: the amount related to the non-interest loss is recognized in current period earnings through realized capital gains (losses); and the amount attributed to other factors does not have any financial impact and is disclosed only in the notes to the statutory financial statements. The calculation of expected cash flows utilized during the impairment evaluation process are determined using judgment and the best information available to the Company including default rates, credit ratings, collateral characteristics and current levels of subordination.
For bonds not backed by other loans or assets, if management does not intend to sell the bond and has the intent and ability to hold but does not expect to recover the entire cost basis, an OTTI is considered to have occurred. A charge is recorded in net realized capital gains (losses) equal to the difference between the fair value and cost or amortized cost basis of the bond. After the recognition of an OTTI, the bond is accounted for as if it had been purchased on the measurement date of the OTTI, with an amortized cost basis equal to the previous amortized
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EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
cost basis less the OTTI recognized in net income. The difference between the new amortized cost basis and the expected future cash flows is accreted into net investment income. The Company continues to estimate the present value of cash flows expected to be collected over the life of the bond.
Fair value
Certain assets and liabilities are recorded at fair value on the Company’s Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company categorizes its assets and liabilities measured at fair value into a three level hierarchy, based on the priority of the inputs to the respective 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). The Company’s assets and liabilities have been categorized based upon the following fair value hierarchy:
| • | Level 1 inputs which are utilized for general and separate account assets and liabilities, utilize observable, quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Financial assets utilizing Level 1 inputs include certain mutual funds. |
| • | Level 2 inputs utilize other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs, which are utilized for general and separate account assets and liabilities, include quoted prices for similar assets and liabilities in active markets and inputs, other than quoted prices, that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. The fair values for some Level 2 securities are obtained from pricing services. The inputs used by the pricing services are reviewed at least quarterly or when the pricing vendor issues updates to its pricing methodology. For general and separate account assets and liabilities, inputs include benchmark yields, reported trades, broker/ dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Additional inputs utilized for assets and liabilities classified as Level 2 are: |
| ○ | Derivative instruments - trading activity, swap curves, credit spreads, currency volatility, net present value of cash flows and news sources. |
| ○ | Separate account assets and liabilities - various index data and news sources, amortized cost (which approximates fair value), trading activity, swap curves, credit spreads, recovery rates, restructuring, net present value of cash flows and quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
| • | Level 3 inputs are unobservable and include situations where there is little, if any, market activity for the asset or liability. In general, the prices of Level 3 securities are obtained from single broker quotes and internal pricing models. If the broker’s inputs are largely unobservable, the valuation is classified as a Level 3. Broker quotes are validated through an internal analyst review process, which includes validation through known market conditions and other relevant data, as noted below. Internal models are usually cash flow based utilizing characteristics of the underlying collateral of the security such as default rate and other relevant data. |
Foreign exchange rates are determined at a time that corresponds to the closing of the NYSE.
The fair value of certain investments in the separate accounts and limited partnerships are estimated using net asset value per share as a practical expedient and are excluded from the fair value hierarchy levels in Note 5. These net asset values are based on the fair value of the underlying investments, less liabilities.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
Overall, transfers between levels are attributable to a change in the observability of inputs. Assets and liabilities are transferred to a lower level in the hierarchy when a significant input cannot be corroborated with market observable data. This may occur when market activity decreases and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred to a higher level in the hierarchy when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity including recent trades, a specific event, or one or more significant input(s) becoming observable.
In some instances, securities are priced using external broker quotes. In most cases, when broker quotes are used as pricing inputs, more than one broker quote is obtained. External broker quotes are reviewed internally by comparing the quotes to similar securities in the public market and/or to vendor pricing, if available. Additionally, external broker quotes are compared to market reported trade activity to ascertain whether the price is reasonable, reflective of the current market prices, and takes into account the characteristics of the Company’s securities.
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EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
Derivative financial instruments
The Company enters into derivative transactions which include the use of interest rate swaps, interest rate floor and equity options, cross-currency swaps, foreign currency forwards, U.S. government treasury futures contracts, and futures on equity indices. The Company uses these derivative instruments to manage various risks, including interest rate and foreign currency exchange rate risk associated with its invested assets and liabilities. Derivative instruments are not used for speculative reasons. Certain of the Company’s over-the-counter (“OTC”) derivatives are cleared and settled through a central clearing counterparty while others are bilateral contracts between the Company and a counterparty.
Derivatives are reported as other invested assets or other liabilities. Although some derivatives are executed under a master netting arrangement, the Company does not offset in the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus the carrying value of those derivative instruments and the related cash collateral or net derivative receivables and payables executed with the same counterparty under the same master netting arrangement. Derivatives that qualify for hedge accounting treatment are valued using the valuation method (either amortized cost or fair value) consistent with the underlying hedged asset or liability. At inception of a derivative transaction, the hedge relationship and risk management objective is documented and the designation of the derivative is determined based on specific criteria of the transaction. Derivatives where hedge accounting is either not elected, or that are not eligible for hedge accounting, are stated at fair value with changes in fair value recognized in unassigned surplus in the period of change. Investment gains and losses generally result from the termination of derivative contracts prior to expiration and are generally recognized in net income and may be subject to IMR.
The Company uses derivative financial instruments for risk management purposes associated with certain invested assets and policy liabilities. Derivatives are used to (a) hedge the economic effects of interest rate and stock market movements on the Company’s guaranteed lifetime withdrawal benefit (“GLWB”) liability, (b) hedge the economic effect of a large increase in interest rates on the Company’s general account life insurance, group pension liabilities and certain separate account life insurance liabilities, (c) hedge the economic risks of other transactions such as future asset acquisitions or dispositions, the timing of liability pricing, currency risks on non-U.S. dollar denominated assets, and (d) convert floating rate assets or debt obligations to fixed rate assets or debt obligations for asset/liability management purposes.
The Company controls the credit risk of its derivative contracts through credit approvals, limits, monitoring procedures and in many cases, requiring collateral. The Company’s exposure is limited to the portion of the fair value of derivative instruments that exceeds the value of the collateral held and not to the notional or contractual amounts of the derivatives.
Derivatives in a net asset position may have cash or securities pledged as collateral to the Company in accordance with the collateral support agreements with the counterparty. This collateral is held in a custodial account for the benefit of the Company. Unrestricted cash collateral is included in other assets and the obligation to return it is included in other liabilities. The cash collateral is reinvested in a money market fund. Securities pledged to the Company generally consist of U.S. government securities and are not recorded on the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus.
Cash collateral pledged by the Company is included in other assets.
The Company may purchase a financial instrument that contains a derivative embedded in the financial instrument. Contracts that do not in their entirety meet the definition of a derivative instrument, may contain “embedded” derivative instruments implicit or explicit terms that affect some or all of the cash flows or the value of other exchanges required by the contract in a manner similar to a derivative instrument. An embedded derivative instrument shall not be separated from the host contract and accounted for separately as a derivative instrument.
Reinsurance
Reinsurance premiums, commissions, expense reimbursements, and reserves related to reinsured business are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Reserves are based on the terms of the reinsurance contracts and are consistent with the risks assumed. Life contract premiums and benefits ceded to other companies have been reported as a reduction of the premium revenue and benefit expense. Life contract premiums and benefits assumed from other companies have been reported as an increase in premium revenue and benefit expense. Invested assets and reserves ceded or assumed on deposit type contracts are accounted for using deposit accounting. The Company establishes a receivable for amounts due from reinsurers for claims paid and other amounts recoverable under the terms of the reinsurance contract.
Net investment income
Interest income from bonds is recognized when earned. All investment income due and accrued with amounts that are deemed uncollectible or that are over 90 days past due, including mortgage loans in default (“in process of foreclosure”), is not included in investment income. Amounts over 90 days past due are non-admitted assets and are recorded as a reduction to unassigned surplus.
18
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
Net realized capital gains (losses)
Realized capital gains and losses are reported as a component of net income and are determined on a specific identification basis. Interest-related gains and losses are primarily subject to IMR, while non-interest related gains and losses are primarily subject to AVR. Realized capital gains and losses also result from the termination of derivative contracts prior to expiration and may be subject to IMR.
Due to/from parent and affiliates
Due to/from parent and affiliates represents non-interest bearing amounts which are due upon demand. Due to/from parent and affiliates include amounts receivable from or payable to Lifeco U.S. and subsidiaries of Lifeco U.S.
Funds held or deposited with reinsured companies
Funds held by reinsurers are receivables from ceding entities. Interest earned on the funds withheld receivable are included as a component of miscellaneous income.
Policy reserves
Life insurance and annuity policy reserves with life contingencies are computed on the basis of statutory mortality and interest requirements and without consideration for withdrawals. Annuity contract reserves without life contingencies are computed on the basis of statutory interest requirements.
Policy reserves for life insurance are valued in accordance with the provision of applicable statutory regulations. Life insurance reserves are determined principally using the Commissioner’s Reserve Valuation Method, using the statutory mortality and interest requirements, without consideration for withdrawals. Some policies contain a surrender value in excess of the reserve as legally computed. This excess is calculated and recorded on a policy-by-policy basis.
Policy and contract claims include provisions for reported life claims in process of settlement, valued in accordance with the terms of the related policies and contracts, as well as provisions for claims incurred but not reported based primarily on prior experience of the Company. As such, amounts are estimates, and the ultimate liability may differ from the amount recorded. Any changes in estimates will be reflected in the results of operations when additional information becomes known.
The Company provides for significant claim volatility in areas where experience has fluctuated. The liabilities represent estimates of the ultimate net cost of all reported and unreported claims which are unpaid at year-end. Those estimates are subject to considerable variability in claim severity and frequency. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes known; such adjustments are included in current operations.
Liability reserves for variable annuities with guarantees and universal life without secondary guarantees are valued in accordance with Principle-Based Reserving (“PBR”) methods, outlined in NAIC Valuation Manual Sections 20 and 21. PBR utilizes stochastic models to calculate levels of reserves to cover future benefits that would occur during possible poor future economic conditions. Reserve estimates are determined using both company experience and prescribed assumptions, with the final liability reserve being the greatest of the two estimates and floored at the aggregate surrender value.
Premium, fee income and expenses
Life insurance premiums are recognized when due. Annuity considerations are recognized as revenue when received. Life insurance premiums received in advance are recorded as a liability and recognized as income when the premiums become earned. Fees from assets under management, assets under administration, shareholder servicing, mortality and expense risk charges, administration and record-keeping services and investment advisory services are recognized when earned in fee income or other income. Expenses incurred in connection with acquiring new insurance business, including acquisition costs such as sales commissions, are charged to operations as incurred.
Income Taxes
Due to the Prudential acquisition, the Company no longer files a consolidated federal income tax return with Prudential Financial. The Company filed a separate federal income tax return beginning on April 1, 2022. The Internal Revenue Code of 1986, as amended (the “Code”), taxes the Company on operating income after dividends to policyholders plus realized gains/losses.
Statement of Statutory Accounting Principles No. 101, Income Taxes (“SSAP No. 101”), provides regulatory-based thresholds that determine the reversal period and statutory surplus limitations that the Company must use in computing its net admitted deferred tax asset (“DTA”). In addition, SSAP No. 101 provides specific guidance for accounting for uncertain tax positions and requires additional disclosure regarding the impact of tax planning strategies on the net admitted DTA.
Deferred income taxes are recognized in accordance with SSAP No. 101, based upon enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. Tax planning strategies are relied upon in limited circumstances to support the admissibility of deferred tax assets in accordance with SSAP No. 101. Income from sources outside the United States is taxed under applicable foreign statutes.
19
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
2. Recently Adopted Accounting Pronouncements
In 2023, the Statutory Accounting Principles Working Group (“SAPWG”) adopted as final, a new concept Issue Paper No. 167 - Derivatives and Hedging. This issued paper details the historical actions of the authoritative guidance resulting in new SAP concepts within SSAP No. 86 - Derivatives related to a) hedge documentation and initial assessment efficiencies, b) hedge effectiveness and measurement methods for excluded components and c) portfolio layer method and partial term hedging. As the statutory accounting guidance has already been adopted, the issue paper adoption is for historical documentation and does not change authoritative guidance. The adoption of this concept in March 2023 did not have a material effect on the Company’s financial statements.
In 2023, the SAPWG adopted as final, a new concept INT 23-01: Net Negative (Disallowed) Interest Maintenance Reserve. This interpretation provides optional, limited-time guidance, which allows the admittance of net negative (disallowed) interest maintenance reserve (IMR) up to 10% of adjusted capital and surplus. It will be effective until December 31, 2025, and automatically nullified on January 1, 2026, but the effective date can be adjusted (e.g., nullified earlier or extended). The Company adopted this guidance in August 2023 and the admitted net negative (disallowed) IMR is reflected within other assets on the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus.
In 2023, the SAPWG adopted as final, a new concept 2019-21 Bond Definition. This adoption revises SSAP No. 26R - Bonds and SSAP No. 43R - Loan-Backed and Structured Securities for the principles-based bond definition, the accounting for bonds (issuer credit obligations and asset-backed securities), as well as revisions to various SSAPs that have been updated to reflect the revised definition and/or SSAP references. This concept was adopted in August 2023 with a January 1, 2025 effective date. The Company is currently evaluating the effects on its financial statements and footnote disclosures of the future implementation of the concept.
In 2023, the SAPWG adopted as final, a new concept 2023-17: Short-Term Investments under SSAP No. 2R - Cash, Cash Equivalents, Drafts, and Short-Term investments. This INT further restricts the investments that are permitted for cash equivalent and short-term investment reporting. The revisions also exclude all Schedule BA: Other Long-Term Investments and mortgage loans. The Company adopted this concept in December 2023 with a January 1, 2025 effective date, to coincide with the bond project noted above. The Company is currently evaluating the effects on its financial statements and footnote disclosures of the future implementation of the concept.
In 2020, the NAIC revised SSAP No. 32, Preferred Stock. The revisions update the definitions as well as measurement, dividend and impairment guidance for preferred stock and clarify the application of SSAP No. 32 in conjunction with SSAP No. 48 and SSAP No. 97. The Company adopted the revised guidance for the period starting on January 1, 2021. The adoption of this guidance did not have a material impact to the Company.
In 2022, the SAPWG adopted updated, summarized financial modeling guidance for residential mortgage-backed securities and commercial mortgage-backed securities in SSAP No. 43R – Loan-Backed and Structured Securities. This guidance continues to refer users to the detailed financial modeling guidance in the Purposes and Procedures Manual of the Investment Analysis Office, and was adopted on April 1, 2022. The adoption of this standard did not have a material effect on the Company’s financial statements.
3. Related Party Transactions
In the normal course of business, the Company enters into agreements with related parties whereby it provides and/or receives recordkeeping services, investment advisory services, distribution and administrative services, and marketing services. The following table presents revenue earned, expenses incurred and expense reimbursement from related parties for services provided and/or received pursuant to these service agreements. These amounts, in accordance with the terms of the contracts, are based upon estimated costs incurred or resources expended as determined by number of policies, number of participants, certificates in-force, administered assets or other similar drivers.
The Company operates under service, lease and investment advisory agreements whereby services of officers and employees, supplies, use of equipment and office space are provided by Empower Retirement, LLC. The Company’s general and administrative expenses are charged to the Company using allocation methodologies based upon estimated costs incurred or resources expended as determined by number of policies, number of participants, certificates in-force, administered assets or other similar drivers.
During the years ended December 31, 2023 and 2022, the Company contributed $90,885 and $0 to partnership funds controlled by Great-West Lifeco, Inc., respectively. The total invested amount in these partnerships as of December 31, 2023 was $9,345. The remaining Company commitments for these partnership funds through subsequent years total $594,115.
20
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
The following table summarizes amounts due from affiliates:
| December 31, | ||||||||||||||||
| Related party | Indebtedness | Due date | 2023 | 2022 | ||||||||||||
| Empower Retirement, LLC |
On account | On demand | $ | 102,663 | $ | — | ||||||||||
The following table summarizes amounts due to parent and affiliates:
| December 31, | ||||||||||||||||
| Related party | Indebtedness | Due date | 2023 | 2022 | ||||||||||||
| Empower Retirement, LLC |
On account | On demand | 29,483 | 6,049 | ||||||||||||
| EAICA |
On account | On demand | — | 14,418 | ||||||||||||
| Other related party payables |
On account | On demand | 2,078 | 2,455 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total |
$ | 31,561 | $ | 22,922 | ||||||||||||
|
|
|
|
|
|||||||||||||
4. Summary of Invested Assets
Investments in bonds consist of the following:
| December 31, 2023 | ||||||||||||||||
| Book/adjusted carrying value |
Fair value greater than book/ adjusted carrying value |
Fair value less than book/ adjusted carrying value |
Fair value | |||||||||||||
| U.S. government |
$ | 115,766 | $ | 49 | $ | 9,201 | $ | 106,614 | ||||||||
| All other governments |
351,875 | 1,084 | 29,056 | 323,903 | ||||||||||||
| U.S. states, territories and possessions |
15,976 | 611 | 3 | 16,584 | ||||||||||||
| Political subdivisions of states and territories |
8,263 | 549 | — | 8,812 | ||||||||||||
| Special revenue and special assessments |
126,379 | 10,122 | 97 | 136,404 | ||||||||||||
| Industrial and miscellaneous |
13,974,685 | 38,111 | 889,972 | 13,122,824 | ||||||||||||
| SVO identified funds |
340,053 | — | 68,178 | 271,875 | ||||||||||||
| Loan-backed and structured securities |
4,302,668 | 5,243 | 192,008 | 4,115,903 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total bonds |
$ | 19,235,665 | $ | 55,769 | $ | 1,188,515 | $ | 8,102,919 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
21
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
| December 31, 2022 | ||||||||||||||||
| Book/adjusted carrying value |
Fair value greater than book/ adjusted carrying value |
Fair value less than book/ adjusted carrying value |
Fair value | |||||||||||||
| U.S. government |
$ | 110,459 | $ | 32 | $ | 11,584 | $ | 98,907 | ||||||||
| All other governments |
352,449 | 113 | 36,845 | 315,717 | ||||||||||||
| U.S. states, territories and possessions |
31,244 | 497 | 216 | 31,525 | ||||||||||||
| Political subdivisions of states and territories |
8,256 | 448 | — | 8,704 | ||||||||||||
| Special revenue and special assessments |
131,821 | 8,785 | 210 | 140,396 | ||||||||||||
| Industrial and miscellaneous |
15,884,710 | 9,939 | 1,394,864 | 14,499,785 | ||||||||||||
| Hybrid securities |
217 | 210 | — | 427 | ||||||||||||
| SVO identified funds |
334,713 | — | 75,687 | 259,026 | ||||||||||||
| Loan-backed and structured securities |
4,857,682 | 15,360 | 317,603 | 4,555,439 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total bonds |
$ | 21,711,551 | $ | 35,384 | $ | 1,837,009 | $ | 19,909,926 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The book/adjusted carrying value and estimated fair value of bonds and assets receiving bond treatment, based on estimated cash flows, are shown in the table below. Actual maturities will likely differ from these projections because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
| December 31, 2023 | ||||||||
| Book/adjusted carrying value |
Fair value | |||||||
| Due in one year or less |
$ | 1,919,761 | $ | 1,833,979 | ||||
| Due after one year through five years |
10,192,170 | 9,505,280 | ||||||
| Due after five years through ten years |
2,636,997 | 2,453,264 | ||||||
| Due after ten years |
627,848 | 638,273 | ||||||
| Loan-backed and structured securities |
4,302,668 | 4,115,903 | ||||||
|
|
|
|
|
|||||
| Total bonds |
$ | 19,679,444 | $ | 18,546,699 | ||||
|
|
|
|
|
|||||
Loan-backed and structured securities include those issued by U.S. government and U.S. agencies.
The following table summarizes information regarding the sales of securities:
| Years ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Consideration from sales |
$ | 1,578,568 | $ | 2,376,610 | $ | 5,167,669 | ||||||
| Gross realized gains from sales |
2,415 | 5,986 | 227,468 | |||||||||
| Gross realized losses from sales |
31,654 | 88,578 | 44,419 | |||||||||
22
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
Unrealized losses on bonds
The following tables summarize gross unrealized investment losses (amount by which amortized cost exceeds fair value and inclusive of foreign exchange related unrealized losses recorded to surplus) by class of investment:
| December 31, 2023 | ||||||||||||||||||||||||
| Less than twelve months | Twelve months or longer | Total | ||||||||||||||||||||||
| Bonds: | Fair value | Unrealized loss |
Fair value | Unrealized loss |
Fair value | Unrealized loss |
||||||||||||||||||
| U.S. government |
$ | 1,772 | $ | 44 | $ | 96,910 | $ | 9,157 | $ | 98,682 | $ | 9,201 | ||||||||||||
| All other governments |
6,671 | 55 | 290,930 | 29,001 | 297,601 | 29,056 | ||||||||||||||||||
| U.S. states, territories and possessions |
— | — | 1,062 | 3 | 1,062 | 3 | ||||||||||||||||||
| Special revenue and special assessments |
— | — | 6,423 | 97 | 6,423 | 97 | ||||||||||||||||||
| Industrial and miscellaneous |
160,173 | 2,386 | 11,387,116 | 967,075 | 11,547,289 | 969,461 | ||||||||||||||||||
| SVO identified funds |
— | — | 271,875 | 68,178 | 271,875 | 68,178 | ||||||||||||||||||
| Loan-backed and structured securities |
218,142 | 43,200 | 3,472,366 | 193,245 | 3,690,508 | 236,445 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total bonds |
$ | 386,758 | $ | 45,685 | $ | 15,526,682 | $ | 1,266,756 | $ | 15,913,440 | $ | 1,312,441 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total number of securities in an unrealized loss position | 79 | 1,236 | 1,315 | |||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| December 31, 2022 | ||||||||||||||||||||||||
| Less than twelve months | Twelve months or longer | Total | ||||||||||||||||||||||
| Bonds: | Fair value | Unrealized loss |
Fair value | Unrealized loss |
Fair value | Unrealized loss |
||||||||||||||||||
| U.S. government |
$ | 92,679 | $ | 11,212 | $ | 3,498 | $ | 372 | $ | 96,177 | $ | 11,584 | ||||||||||||
| All other governments |
189,738 | 19,834 | 124,370 | 17,010 | 314,108 | 36,844 | ||||||||||||||||||
| U.S. states, territories and possessions |
16,129 | 217 | — | — | 16,129 | 217 | ||||||||||||||||||
| Special revenue and special assessments |
6,560 | 210 | — | — | 6,560 | 210 | ||||||||||||||||||
| Industrial and miscellaneous |
6,737,726 | 435,895 | 6,814,427 | 1,083,152 | 13,552,153 | 1,519,047 | ||||||||||||||||||
| Hybrid securities |
4,520 | 157 | 114,087 | 25,150 | 118,607 | 25,307 | ||||||||||||||||||
| SVO identified funds |
— | — | 259,026 | 75,687 | 259,026 | 75,687 | ||||||||||||||||||
| Loan-backed and structured securities |
3,372,473 | 197,117 | 1,152,351 | 109,784 | 4,524,824 | 306,901 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total bonds |
$ | 10,419,825 | $ | 664,642 | $ | 8,467,759 | $ | 1,311,155 | $ | 18,887,584 | $ | 1,975,797 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total number of securities in an unrealized loss position | 1,075 | 575 | 1,650 | |||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
Bonds - Total unrealized losses decreased by ($663,356), or (34%), from December 31, 2022 to December 31, 2023. The decrease in unrealized losses was across most asset classes and was primarily driven by higher valuations as a result of lower rates at December 31, 2023 compared to December 31, 2022.
Total unrealized losses greater than twelve months decreased by ($44,399) from December 31, 2022 to December 31, 2023. Industrial and miscellaneous account for 76%, or $967,075 of the unrealized losses greater than twelve months at December 31, 2023. The majority of these bonds continue to be designated as investment grade. Management does not have the intent to sell these assets; therefore, an OTTI was not recognized in net income.
Loan-backed and structured securities account for 15%, or $193,245, of the unrealized losses greater than twelve months at December 31, 2023. Of the $193,245 of unrealized losses over twelve months on loan-backed and structured securities, 96% or $186,242 are securities which continue to be designated as investment grade. The present value of cash flows expected to be collected is not less than amortized cost and management does not have the intent to sell these assets; therefore, an OTTI was not recognized in net income.
23
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
Loan-backed and structured securities
The Company had a concentration in loan-backed and structured securities of 17% of total invested assets at December 31, 2023 and 2022.
Derivative financial instruments
Derivative transactions are generally entered into pursuant to International Swaps and Derivatives Association (“ISDA”) Master Agreements with approved counterparties that provide for a single net payment to be made by one party to the other on a daily basis, periodic payment dates, or at the due date, expiration, or termination of the agreement.
The ISDA Master Agreements contain provisions that would allow the counterparties to require immediate settlement of all derivative instruments in a net liability position if the Company were to default on any debt obligations over a certain threshold. The aggregate fair value of derivative instruments with credit-risk-related contingent features that were in a net liability position was $4,468 and $1,459 as of December 31, 2023 and 2022, respectively. The Company was not required to pledge collateral related to these derivatives as of December 31, 2023 and 2022, in the normal course of business. If the credit-risk-related contingent features were triggered on December 31, 2023 the fair value of assets that could be required to settle the derivatives in a net liability position was $4,468.
At December 31, 2023 and 2022, the Company had pledged $28,858 and $128,044, respectively, of unrestricted cash collateral to counterparties in the normal course of business, while other counterparties had pledged $62,494 and $172,710 unrestricted cash and securities collateral to the Company to satisfy collateral netting arrangements.
At December 31, 2023 and 2022, the Company had pledged U.S. Treasury notes in the amount of $5,465 and $19,988, respectively, with a broker as collateral for futures contracts.
Types of derivative instruments and derivative strategies
Interest rate contracts
Cash flow hedges
Interest rate swap agreements are used to convert the interest rate on certain debt security investments and debt obligations from a floating rate to a fixed rate.
Not designated as hedging instruments
The Company enters into certain transactions in which derivatives are hedging an economic risk but hedge accounting is either not elected or the transactions are not eligible for hedge accounting. These derivative instruments include: interest rate swaps, treasury interest rate futures, and interest rate floors. Certain of the Company’s OTC derivatives are cleared and settled through the central clearing counterparty while others are bilateral contracts between the Company and a counterparty.
The derivative instruments mentioned above are economic hedges and used to manage risk. These transactions are used to offset changes in liabilities including those in variable annuity products, hedge the economic effect of a large increase in interest rates, manage the potential variability in future interest payments due to a change in credited interest rates and the related change in cash flows due to increased surrenders, and manage interest rate risks of forecasted acquisitions of bonds and forecasted liability pricing.
Foreign currency contracts
Cross-currency swaps and foreign currency forwards are used to manage the foreign currency exchange rate risk associated with investments denominated in other than U.S. dollars. The Company uses cross-currency swaps to convert interest and principal payments on foreign denominated debt instruments into U.S. dollars. Cross-currency swaps may be designated as cash flow hedges; however, some are not eligible for hedge accounting. The Company uses foreign currency forwards to reduce the risk of foreign currency exchange rate changes on proceeds received on sales of foreign denominated debt instruments; however, hedge accounting is not elected.
Equity contracts
The Company uses futures and options on equity indices to offset changes in guaranteed lifetime withdrawal benefit liabilities; however, they are not eligible for hedge accounting.
24
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
The following tables summarize derivative financial instruments:
| December 31, 2023 | ||||||||||||
| Notional amount | Net book/adjusted carrying value (1) |
Fair value | ||||||||||
| Hedge designation/derivative type: |
||||||||||||
| Derivatives designated as hedges: |
||||||||||||
| Cash flow hedges: |
||||||||||||
| Cross-currency swaps |
$ | 2,154,172 | $ | 37,138 | $ | 45,865 | ||||||
|
|
|
|
|
|
|
|||||||
| Total derivatives designated as hedges |
$ | 2,154,172 | $ | 37,138 | $ | 45,865 | ||||||
|
|
|
|
|
|
|
|||||||
| Derivatives not designated as hedges: |
||||||||||||
| Interest rate swaps |
$ | 187,300 | $ | (19,645) | $ | (19,645) | ||||||
| Futures on equity indices |
47,593 | 5,465 | 113 | |||||||||
| Foreign currency forwards |
25,345 | (559) | (559) | |||||||||
|
|
|
|
|
|
|
|||||||
| Total derivatives not designated as hedges |
$ | 260,238 | $ | (14,739) | $ | (20,091) | ||||||
|
|
|
|
|
|
|
|||||||
| Total cash flow hedges and derivatives not designated as hedges |
$ | 2,414,410 | $ | 22,399 | $ | 25,774 | ||||||
|
|
|
|
|
|
|
|||||||
| (1) The book/adjusted carrying value excludes accrued income and expense. The book/adjusted carrying value of all derivatives in an asset position is reported within other invested assets and the book/adjusted carrying value of all derivatives in a liability position is reported within other liabilities in the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus. |
| |||||||||||
| December 31, 2022 | ||||||||||||
| Notional amount | Net book/ adjusted carrying value (1) |
Fair value | ||||||||||
| Hedge designation/derivative type: |
||||||||||||
| Derivatives designated as hedges: |
||||||||||||
| Cash flow hedges: |
||||||||||||
| Cross-currency swaps |
$ | 2,613,643 | $ | 132,472 | $ | 166,261 | ||||||
|
|
|
|
|
|
|
|||||||
| Total derivatives designated as hedges |
$ | 2,613,643 | $ | 132,472 | $ | 166,261 | ||||||
|
|
|
|
|
|
|
|||||||
| Derivatives not designated as hedges: |
||||||||||||
| Interest rate swaps |
$ | 551,000 | $ | (92,505) | $ | (92,505) | ||||||
| Futures on equity indices |
310,635 | 19,988 | 1,471 | |||||||||
| Foreign currency forwards |
24,807 | (359) | (359) | |||||||||
|
|
|
|
|
|
|
|||||||
| Total derivatives not designated as hedges |
$ | 886,442 | $ | (72,876) | $ | (91,393) | ||||||
|
|
|
|
|
|
|
|||||||
| Total cash flow hedges and derivatives not designated as hedges |
$ | 3,500,085 | $ | 59,596 | $ | 74,868 | ||||||
|
|
|
|
|
|
|
|||||||
| (1) The book/adjusted carrying value excludes accrued income and expense. The book/adjusted carrying value of all derivatives in an asset position is reported within other invested assets and the book/adjusted carrying value of all derivatives in a liability position is reported within other liabilities in the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus. |
| |||||||||||
25
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
The following table presents net unrealized capital gains (losses) on derivatives not designated as hedging instruments as reported in the Statutory Statements of Changes in Capital and Surplus:
| Net unrealized capital gains (losses) on derivatives recognized in surplus |
||||||||||||
| Year Ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Derivatives not designated as hedging instruments: |
||||||||||||
| Interest rate swaps |
$ | 57,559 | $ | (88,257) | $ | (64,294) | ||||||
| Interest rate swaptions |
— | (56) | (9,959) | |||||||||
| Credit default swaps |
— | — | 113 | |||||||||
| Total return swaps |
— | — | 669 | |||||||||
| Cross-currency swaps |
— | — | 55,987 | |||||||||
| Futures on equity indices |
(8,083) | 5,773 | 1,278 | |||||||||
| Interest rate futures |
— | (366) | 1,095 | |||||||||
| Equity options |
— | — | (189) | |||||||||
| Foreign currency forwards |
(158) | (284) | 18,769 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total |
$ | 49,318 | $ | (83,190) | $ | 3,469 | ||||||
|
|
|
|
|
|
|
|||||||
Restricted Assets
The following tables summarize investments on deposit or trust accounts controlled by various state insurance departments in accordance with statutory requirements as well as other deposits and collateral pledged by the Company:
| December 31, 2023 |
|
|||||||||||||||||||||||||||||||||||||||||||
| Gross (Admitted & Non-admitted) Restricted | Percentage | |||||||||||||||||||||||||||||||||||||||||||
| Restricted Asset Category: |
Total General Account (G/A) |
G/A Supporting S/A Activity |
Total Separate Account (S/A) Restricted Assets |
S/A Assets Supporting G/A Activity |
Total | Total From Prior Year |
Increase/ (Decrease) |
Total Non- admitted Restricted |
Total Admitted Restricted |
Gross (Admitted & Non- admitted) Restricted to Total Assets |
Admitted Restricted to Total Admitted Assets |
|||||||||||||||||||||||||||||||||
| FHLB capital stock |
$ | 5,150 | $ | — | $ | — | $ | — | $ | 5,150 | $ | 5,150 | $ | — | $ | — | $ | 5,150 | 0.00 % | 0.00 % | ||||||||||||||||||||||||
| On deposit with states |
7,029 | — | — | — | 7,029 | 7,062 | (33) | — | 7,029 | 0.01 % | 0.01 % | |||||||||||||||||||||||||||||||||
| Pledged as collateral not captured in other categories: |
||||||||||||||||||||||||||||||||||||||||||||
| Futures margin deposits |
5,465 | — | — | — | 5,465 | 19,988 | (14,523) | — | 5,465 | 0.01 % | 0.01 % | |||||||||||||||||||||||||||||||||
| Derivative cash collateral |
29,735 | — | — | — | 29,735 | 203,890 | (174,155) | — | 29,735 | 0.03 % | 0.03 % | |||||||||||||||||||||||||||||||||
| Currency swaps |
— | — | (11) | — | (11) | 438 | (449) | — | (11) | 0.00 % | 0.00 % | |||||||||||||||||||||||||||||||||
| Other restricted assets |
902 | — | — | — | 902 | 1,097 | (195) | — | 902 | 0.00 % | 0.00 % | |||||||||||||||||||||||||||||||||
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| Total Restricted Assets |
$ | 48,281 | $ | — | $ | (11) | $ | — | $ | 48,270 | $ | 237,625 | $ | (189,355) | $ | — | $ | 48,270 | 0.05 % | 0.05 % | ||||||||||||||||||||||||
|
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|
|
|||||||||||||||||||||||
26
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
| December 31, 2022 |
|
|||||||||||||||||||||||||||||||||||||||||||
| Gross (Admitted & Non-admitted) Restricted | Percentage | |||||||||||||||||||||||||||||||||||||||||||
| Restricted Asset Category: |
Total General Account (G/A) |
G/A Supporting S/A Activity |
Total Separate Account (S/A) Restricted Assets |
S/A Assets Supporting G/A Activity |
Total | Total From Prior Year |
Increase/ (Decrease) |
Total Non- admitted Restricted |
Total Admitted Restricted |
Gross (Admitted & Non- admitted) Restricted to Total Assets |
Admitted Restricted to Total Admitted Assets |
|||||||||||||||||||||||||||||||||
| Collateral held under security lending arrangements |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 18,139 | $ | (18,139) | $ | — | $ | — | 0.00 % | 0.00 % | ||||||||||||||||||||||||
| Subject to reverse repurchase agreements |
— | — | — | — | — | 185,000 | (185,000) | — | — | 0.00 % | 0.00 % | |||||||||||||||||||||||||||||||||
| FHLB capital Stock |
5,150 | — | — | — | 5,150 | 5,841 | (691) | — | 5,150 | 0.01 % | 0.01 % | |||||||||||||||||||||||||||||||||
| On deposit with states |
7,062 | — | — | — | 7,062 | 7,978 | (916) | — | 7,062 | 0.01 % | 0.01 % | |||||||||||||||||||||||||||||||||
| Pledged as collateral not captured in other categories: |
||||||||||||||||||||||||||||||||||||||||||||
| Futures margin deposits |
19,988 | — | — | — | 19,988 | — | 19,988 | — | 19,988 | 0.02 % | 0.02 % | |||||||||||||||||||||||||||||||||
| Derivative cash collateral |
128,044 | — | 75,846 | — | 203,890 | 173,719 | 30,171 | — | 203,890 | 0.24 % | 0.24 % | |||||||||||||||||||||||||||||||||
| Currency swaps |
— | — | 438 | — | 438 | — | 438 | — | 438 | 0.00 % | 0.00 % | |||||||||||||||||||||||||||||||||
| Derivatives trust |
— | — | — | — | — | 16,818 | (16,818) | — | — | 0.00 % | 0.00 % | |||||||||||||||||||||||||||||||||
| Reinsurance trust |
— | — | — | — | — | 784,504 | (784,504) | — | — | 0.00 % | 0.00 % | |||||||||||||||||||||||||||||||||
| Other restricted assets |
1,097 | — | — | — | 1,097 | — | 1,097 | — | 1,097 | 0.00 % | 0.00 % | |||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||
| Total Restricted Assets |
$ | 161,341 | $ | — | $ | 76,284 | $ | — | $ | 237,625 | $ | 1,191,999 | $ | (954,374) | $ | — | $ | 237,625 | 0.28 % | 0.28 % | ||||||||||||||||||||||||
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|
|||||||||||||||||||||||
Net investment income
The following table summarizes net investment income:
| Years Ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Bonds |
$ | 657,156 | $ | 643,446 | $ | 627,651 | ||||||
| Preferred stock |
— | — | 211 | |||||||||
| Common stock |
508 | 60 | 98 | |||||||||
| Mortgage loans |
153,896 | 144,910 | 187,675 | |||||||||
| Cash, cash equivalents and short-term investments |
41,176 | 4,998 | 2,466 | |||||||||
| Derivative instruments |
13,828 | 35,867 | 45,116 | |||||||||
| Other invested assets |
6,633 | 72 | 937 | |||||||||
| Miscellaneous |
1,469 | 932 | (1,400) | |||||||||
|
|
|
|
|
|
|
|||||||
| Gross investment income |
874,666 | 830,285 | 862,754 | |||||||||
| Expenses |
(17,412) | (32,451) | (191,112) | |||||||||
|
|
|
|
|
|
|
|||||||
| Net investment income |
$ | 857,254 | $ | 797,834 | $ | 671,642 | ||||||
|
|
|
|
|
|
|
|||||||
The amount of interest incurred and charged to investment expense during the years ended December 31, 2023, 2022 and 2021 was $ 0, $79 and $191, respectively.
27
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
The following table summarizes net realized capital gains (losses) on investments net of federal income tax and interest maintenance reserve transfer:
| Year Ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Net realized capital (losses) gains, before federal income tax |
$ | (174,881) | $ | (105,785) | $ | 288,241 | ||||||
| Less: Federal income tax (benefit) expense |
(36,725) | (15,395) | 7,994 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net realized capital (losses) gains, before IMR transfer |
(138,156) | (90,390) | 280,247 | |||||||||
| Net realized capital (losses) gains transferred to IMR, net |
(34,221) | (13,538) | 177,268 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net realized capital gains (losses), net of federal income |
$ | (103,935) | $ | (76,852) | $ | 102,979 | ||||||
|
|
|
|
|
|
|
|||||||
Interest maintenance reserve
The Company does not have any unamortized balances in IMR for allocated gains and losses from derivatives that were reported at fair value prior to the termination of the derivative. The Company’s net negative (disallowed) IMR in aggregate and allocated between the general account and insulated separate accounts is $15,223 at December 31, 2023, all of which is admitted in the general account. The calculated adjusted capital and surplus is $1,043,761 at December 31, 2023. The admitted net negative (disallowed) IMR, including amounts admitted in the general account and recognized as an asset in the separate accounts, represents 1.46% of adjusted capital and surplus. Fixed income investments generating IMR losses comply with the Company’s documented investment or liability management policies. Any deviation was either because of a temporary and transitory timing issue or related to a specific event, such as a reinsurance transaction, that mechanically made the cause of IMR losses not reflective of reinvestment activities. IMR losses for fixed income related derivatives are all in accordance with prudent and documented risk management procedures, in accordance with the Company’s derivative use plans and reflect symmetry with historical treatment in which unrealized derivative gains were reversed to IMR and amortized in lieu of being recognized as realized gains upon derivative termination. Asset sales that were generating admitted negative IMR were not compelled by liquidity pressures (e.g., to fund significant cash outflows including, but not limited to excess withdrawals and collateral calls).
Concentrations
The Company had the following bond concentrations based on total invested assets:
| Concentration by type | ||||
| December 31, | ||||
| 2023 |
2022 | |||
| Industrial and miscellaneous |
71% | 74% | ||
| Concentration by industry | ||||
| December 31, | ||||
| 2023 |
2022 | |||
| Financial services |
21% | 22% | ||
28
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
Mortgage Loans
The following table summarizes the recorded investment of the commercial all other mortgage loan portfolio by risk assessment category:
| December 31, | ||||||||
| 2023 | 2022 | |||||||
| Performing: |
||||||||
| Non-Participation agreements |
$ | 736,668 | $ | 195,600 | ||||
| Participation agreements |
3,824,113 | 4,468,526 | ||||||
|
|
|
|
|
|||||
| Total Performing |
4,560,781 | 4,664,126 | ||||||
| Non-Performing: |
||||||||
| Participation agreements |
94,694 | — | ||||||
|
|
|
|
|
|||||
| Total Non-Performing |
94,694 | — | ||||||
|
|
|
|
|
|||||
| Total recorded investment of commercial mortgage loans |
$ | 4,655,475 | $ | 4,664,126 | ||||
|
|
|
|
|
|||||
All of the performing loans were current as of December 31, 2023 and 2022. The non-performing loan is considered impaired and a corresponding specific provision of $28,628 was recorded due to the estimated loss anticipated to be recognized in 2024.
The maximum lending rates for commercial mortgage loans originated during the years ended December 31, 2023 and 2022 were 6.8% and 5.3%, respectively. The minimum lending rates for commercial mortgage loans originated during the years ended December 31, 2023 and 2022 were 5.2% and 4.8%, respectively.
During 2023 and 2022, the maximum percentage of any one loan to the value of security at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages, was 58.3% and 53.9%, respectively.
The following table summarizes activity in the commercial mortgage provision allowance for the years ended December 31, 2023 and 2022:
| December 31, | ||||||||
| 2023 | 2022 | |||||||
| Beginning balance |
$ | 611 | $ | — | ||||
| Additions charged to operations - general provision |
29,516 | 611 | ||||||
| Additions charged to operations - specific provision |
28,628 | — | ||||||
|
|
|
|
|
|||||
| Ending balance |
$ | 58,755 | $ | 611 | ||||
|
|
|
|
|
|||||
29
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
The following tables present concentrations of the total commercial mortgage portfolio:
| Concentration by type | ||||
| December 31, | ||||
| 2023 | 2022 | |||
| Industrial |
53% | 52% | ||
| Multi-family |
25% | 22% | ||
| Office |
14% | 14% | ||
| Retail |
3% | 5% | ||
| Lodging |
5% | 7% | ||
|
|
| |||
| 100% | 100% | |||
|
|
| |||
| Concentration by geographic area | ||||
| December 31, | ||||
| 2023 | 2022 | |||
| Pacific |
22% | 21% | ||
| South Atlantic |
16% | 18% | ||
| East North Central |
11% | 11% | ||
| Middle Atlantic |
11% | 9% | ||
| West South Central |
7% | 9% | ||
| Mountain |
5% | 2% | ||
| New England |
4% | 4% | ||
| East South Central |
4% | 5% | ||
| Other |
20% | 21% | ||
|
|
| |||
| 100% | 100% | |||
|
|
| |||
30
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
5. Fair Value Measurements
Fair value hierarchy
The following tables present information about the Company’s financial assets and liabilities carried at fair value and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:
| Fair Value Measurements at Reporting Date December 31, 2023 |
||||||||||||||||||||
| Assets: |
(Level 1) | (Level 2) | (Level 3) | Net Asset Value (NAV) |
Total (All Levels) |
|||||||||||||||
| Bonds |
||||||||||||||||||||
| Industrial and miscellaneous |
$ | — | $ | 179 | $ | — | $ | — | $ | 179 | ||||||||||
| Other invested assets |
||||||||||||||||||||
| Limited partnerships |
— | — | — | 86,389 | 86,389 | |||||||||||||||
| Residual tranche |
— | 97,180 | — | — | 97,180 | |||||||||||||||
| Separate account assets (1) |
49,655,641 | 14,987,238 | 41,141 | 1,329,976 | 66,013,996 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets at fair value/NAV |
$ | 49,655,641 | $ | 15,084,597 | $ | 41,141 | $ | 1,416,365 | $ | 66,197,744 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Liabilities: |
||||||||||||||||||||
| Derivatives |
||||||||||||||||||||
| Interest rate swaps |
$ | — | $ | 19,645 | $ | — | $ | — | $ | 19,645 | ||||||||||
| Foreign currency forwards |
— | 559 | — | — | 559 | |||||||||||||||
| Separate account liabilities (1) |
3,258 | 681,466 | — | — | 684,724 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total liabilities |
$ | 3,258 | $ | 701,670 | $ | — | $ | — | $ | 704,928 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(1) Includes only separate account investments which are carried at the fair value of the underlying invested assets or liabilities owned by the separate accounts.
| Fair Value Measurements at Reporting Date December 31, 2022 |
||||||||||||||||||||
| Assets: |
(Level 1) | (Level 2) | (Level 3) | Net Asset Value (NAV) |
Total (All Levels) |
|||||||||||||||
| Other invested assets |
||||||||||||||||||||
| Limited partnerships |
$ | — | $ | — | $ | — | $ | 4,378 | $ | 4,378 | ||||||||||
| Residual tranche |
— | 11,488 | — | — | 11,488 | |||||||||||||||
| Separate account assets (1) |
39,016,941 | 14,860,622 | 50,436 | 1,219,255 | 55,147,254 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets at fair value/NAV |
$ | 39,016,941 | $ | 14,872,110 | $ | 50,436 | $ | 1,223,633 | $ | 55,163,120 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Liabilities: |
||||||||||||||||||||
| Derivatives |
||||||||||||||||||||
| Interest rate swaps |
$ | — | $ | 92,505 | $ | — | $ | — | $ | 92,505 | ||||||||||
| Foreign currency forwards |
— | 359 | — | — | 359 | |||||||||||||||
| Separate account liabilities (1) |
4,201 | 1,198,381 | — | — | 1,202,582 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total liabilities |
$ | 4,201 | $ | 1,291,245 | $ | — | $ | — | $ | 1,295,446 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(1) Includes only separate account investments which are carried at the fair value of the underlying invested assets or liabilities owned by the separate accounts.
31
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
The following table presents changes in fair value of Level 3 assets and the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at December 31, 2023 and 2022.
| Fair Value Measurements in (Level 3) of the Fair Value Hierarchy
December 31, 2023 |
||||||||||||||||||||||||||||||||||||||||
| Description | Beginning Balance at 01/01/2023 |
Transfers into |
Transfers out of Level 3 |
Total gains and (losses) included in Net Income |
Total gains and (losses) included in Surplus |
Purchases | Issuances | Sales | Settlements | Ending Balance at 12/31/2023 |
||||||||||||||||||||||||||||||
| Assets: |
||||||||||||||||||||||||||||||||||||||||
| Separate account assets (a) |
$ | 50,436 | $ | 5,470 | $ | (10,227 | ) | $ | (10,737) | $ | (171) | $ | 26,247 | $ | — | $ | (13,429) | $ | (6,448) | $ | 41,141 | |||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Total assets |
$ | 50,436 | $ | 5,470 | $ | (10,227 | ) | $ | (10,737) | $ | (171) | $ | 26,247 | $ | — | $ | (13,429) | $ | (6,448) | $ | 41,141 | |||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
(a) Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Statement of Admitted Assets, Liabilities, and Capital and Surplus.
| Fair Value Measurements in (Level 3) of the Fair Value Hierarchy
December 31, 2022 |
||||||||||||||||||||||||||||||||||||||||
| Description | Beginning Balance at 01/01/2022 |
Transfers into |
Transfers out of Level 3 |
Total gains and (losses) included in Net Income |
Total gains and (losses) included in Surplus |
Purchases | Issuances | Sales | Settlements | Ending Balance at 12/31/2022 |
||||||||||||||||||||||||||||||
| Assets: |
||||||||||||||||||||||||||||||||||||||||
| Separate account assets (a) |
$ | 550,906 | $ | 209,385 | $ | (445,339 | ) | $ | (1,483) | $ | (169,118) | $ | 34,097 | $ | 10 | $ | (100,110 | ) | $ | (27,912) | $ | 50,436 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Total assets |
$ | 550,906 | $ | 209,385 | $ | (445,339 | ) | $ | (1,483) | $ | (169,118) | $ | 34,097 | $ | 10 | $ | (100,110 | ) | $ | (27,912) | $ | 50,436 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
(a) Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Statement of Admitted Assets, Liabilities, and Capital and Surplus.
32
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
The following tables summarize the fair value hierarchy for all financial instruments and invested assets:
| Type of financial instrument | Fair Value Measurements at Reporting Date December 31, 2023 | |||||||||||||||||||||||||||
| Assets: |
Aggregate fair value |
Admitted assets and liabilities |
(Level 1) | (Level 2) | (Level 3) | Net Asset Value (NAV) |
Total (All Levels) | |||||||||||||||||||||
| Bonds |
$ | 18,102,919 | $ | 19,235,665 | $ | 271,875 | $ | 17,831,044 | $ | — | $ | — | $ | 18,102,919 | ||||||||||||||
| Common stock |
5,150 | 5,150 | — | 5,150 | — | — | 5,150 | |||||||||||||||||||||
| Mortgage loans |
4,398,297 | 4,596,720 | — | 4,398,297 | — | — | 4,398,297 | |||||||||||||||||||||
| Cash, cash equivalents and short-term investments |
930,729 | 930,728 | 486,949 | 443,780 | — | — | 930,729 | |||||||||||||||||||||
| Other long-term invested assets |
183,569 | 183,569 | — | 97,180 | — | 86,389 | 183,569 | |||||||||||||||||||||
| Collateral under derivative counterparty collateral agreements |
48,315 | 48,315 | 48,315 | — | — | — | 48,315 | |||||||||||||||||||||
| Receivable for securities |
26,501 | 26,501 | — | 26,501 | — | — | 26,501 | |||||||||||||||||||||
| Derivative instruments |
49,894 | 47,912 | 119 | 49,775 | — | — | 49,894 | |||||||||||||||||||||
| Separate account assets |
66,563,612 | 66,578,025 | 49,662,654 | 15,420,118 | 41,141 | 1,439,699 | 66,563,612 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Total assets: |
$ | 90,308,986 | $ | 91,652,585 | $ | 50,469,912 | $ | 38,271,845 | $ | 41,141 | $ | 1,526,088 | $ | 90,308,986 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Liabilities: |
||||||||||||||||||||||||||||
| Deposit-type contracts |
$ | 18,252,173 | $ | 21,210,327 | $ | — | $ | 18,252,173 | $ | — | $ | — | $ | 18,252,173 | ||||||||||||||
| Collateral under derivative counterparty collateral agreements |
16,890 | 16,890 | 16,890 | — | — | — | 16,890 | |||||||||||||||||||||
| Payable for securities |
21,608 | 21,608 | — | 21,608 | — | — | 21,608 | |||||||||||||||||||||
| Derivative instruments |
24,119 | 30,978 | 6 | 24,113 | — | — | 24,119 | |||||||||||||||||||||
| Separate account liabilities |
684,724 | 684,724 | 3,258 | 681,466 | — | — | 684,724 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Total liabilities: |
$ | 18,999,514 | $ | 21,964,527 | $ | 20,154 | $ | 18,979,360 | $ | — | $ | — | $ | 18,999,514 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
33
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
| Type of financial instrument | Fair Value Measurements at Reporting Date December 31, 2022 | |||||||||||||||||||||||||||
| Assets: |
Aggregate fair value |
Admitted assets and liabilities |
(Level 1) | (Level 2) | (Level 3) | Net Asset Value (NAV) |
Total (All Levels) | |||||||||||||||||||||
| Bonds |
$ | 19,909,926 | $ | 21,711,551 | $ | 259,026 | $ | 19,650,900 | $ | — | $ | — | $ | 19,909,926 | ||||||||||||||
| Common stock |
5,150 | 5,150 | — | 5,150 | — | — | 5,150 | |||||||||||||||||||||
| Mortgage loans |
4,321,996 | 4,663,515 | — | 4,321,996 | — | — | 4,321,996 | |||||||||||||||||||||
| Cash, cash equivalents and short-term investments |
566,700 | 566,731 | 539,148 | 27,552 | — | — | 566,700 | |||||||||||||||||||||
| Other long-term invested assets |
15,866 | 15,866 | — | 11,488 | — | 4,378 | 15,866 | |||||||||||||||||||||
| Collateral under derivative counterparty collateral agreements |
304,584 | 304,584 | 304,584 | — | — | — | 304,584 | |||||||||||||||||||||
| Receivable for securities |
23,695 | 23,342 | — | 23,695 | — | — | 23,695 | |||||||||||||||||||||
| Derivative instruments |
168,831 | 132,656 | 1,471 | 167,360 | — | — | 168,831 | |||||||||||||||||||||
| Separate account assets |
55,644,493 | 55,672,515 | 39,031,615 | 15,240,640 | 50,436 | 1,321,802 | 55,644,493 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Total assets: |
$ | 80,961,241 | $ | 83,095,910 | $ | 40,135,844 | $ | 39,448,781 | $ | 50,436 | $ | 1,326,180 | $ | 80,961,241 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Liabilities: |
||||||||||||||||||||||||||||
| Deposit-type contracts |
$ | 16,861,241 | $ | 22,603,272 | $ | — | $ | 16,861,241 | $ | — | $ | — | $ | 16,861,241 | ||||||||||||||
| Collateral under derivative counterparty collateral agreements |
172,710 | 172,710 | 172,710 | — | — | — | 172,710 | |||||||||||||||||||||
| Payable for securities |
23,422 | 23,422 | — | 23,422 | — | — | 23,422 | |||||||||||||||||||||
| Derivative instruments |
93,964 | 93,049 | — | 93,964 | — | — | 93,964 | |||||||||||||||||||||
| Separate account liabilities |
1,202,581 | 1,202,582 | 4,201 | 1,198,380 | — | — | 1,202,581 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Total liabilities: |
$ | 18,353,918 | $ | 24,095,035 | $ | 176,911 | $ | 18,177,007 | $ | — | $ | — | $ | 18,353,918 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Bonds and common stock
The fair values for bonds and common stock are generally based upon evaluated prices from independent pricing services. In cases where these prices are not readily available, fair values are estimated by the Company. To determine estimated fair value for these instruments, the Company generally utilizes discounted cash flow models with market observable pricing inputs such as spreads, average life, and credit quality. Fair value estimates are made at a specific point in time, based on available market information and judgments about financial instruments, including estimates of the timing and amounts of expected future cash flows and the credit standing of the issuer or counterparty.
Mortgage loans
Mortgage loan fair value estimates are generally based on discounted cash flows. A discount rate matrix is used where the discount rate valuing a specific mortgage generally corresponds to that mortgage’s remaining term and credit quality. Prior to December 31, 2023, mortgage loan fair value inputs were considered unobservable and were included in the Level 3 category. However, management believes the discount rate used is comparable to the credit, interest rate, term, servicing costs, and risks of loans similar to the portfolio loans that the Company would make today given its internal pricing strategy. Therefore, the Company has reclassified mortgage loans as Level 2.
Cash, cash equivalents, short-term investments, and receivable and payable for securities
The amortized cost of cash, cash equivalents, short-term investments, and receivable and payable for securities is a reasonable estimate of fair value due to their short-term nature and the high credit quality of the issuers, counterparties and obligor. Cash equivalent investments also include money market funds that are valued using unadjusted quoted prices in active markets.
Other long-term invested assets
The fair values of other long-term invested assets are based on the specific asset type. Other invested assets that are held as bonds, such as surplus notes, are primarily valued the same as bonds. The fair value for residual tranches are generally based upon evaluated prices from independent pricing services.
Limited partnership interests represent the Company’s minority ownership interests in pooled investment funds. These funds employ varying investment strategies that primarily make private equity investments across diverse industries and geographical focuses. The net asset value,
34
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
determined using the partnership financial statement reported capital account adjusted for other relevant information, which may impact the exit value of the investments, is used as a practical expedient to estimate fair value. Distributions by these investments are generated from investment gains, from operating income generated by the underlying investments of the funds and from liquidation of the underlying assets of the funds, of which the timing is unknown. In the absence of permitted sales of its ownership interest, the Company will be redeemed out of the partnership interests through distributions.
Collateral under derivative counterparty collateral agreements
Included in other assets is cash collateral received from or pledged to counterparties and included in other liabilities is the obligation to return the cash collateral to the counterparties. The carrying value of the collateral is a reasonable estimate of fair value.
Derivative instruments
The estimated fair values of OTC derivatives, primarily consisting of cross-currency swaps, foreign currency forwards, interest rate swaps, and futures on equity indices are the estimated amount the Company would receive or pay to terminate the agreements at the end of each reporting period, taking into consideration current interest rates and other relevant factors.
Separate account assets and liabilities
Separate account assets and liabilities primarily include investments in mutual funds, unregistered funds, most of which are not subject to redemption restrictions, bonds, and short-term securities. Mutual funds and unregistered funds are recorded at net asset value, which approximates fair value, on a daily basis. The bond and short-term investments are valued in the same manner, and using the same pricing sources and inputs as the bond and short-term investments of the Company.
Deposit-type contracts
Fair values for liabilities under deposit-type insurance contracts are estimated using discounted liability calculations, adjusted to approximate the effect of current market interest rates for the assets supporting the liabilities.
6. Non- admitted assets
The following table summarizes the Company’s non-admitted assets:
| December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||
| Type |
Asset | Non- admitted asset |
Admitted asset |
Asset | Non- admitted asset |
Admitted asset | ||||||||||||||||||
| Other invested assets |
$ | 210,072 | $ | 2 | $ | 210,070 | $ | 39,210 | $ | 2 | $ | 39,208 | ||||||||||||
| Deferred income taxes |
258,006 | 258,006 | — | 174,080 | 174,080 | — | ||||||||||||||||||
| Other assets |
164,467 | 35,711 | 128,756 | 432,699 | 49,758 | 382,941 | ||||||||||||||||||
7. Reinsurance
In the normal course of its business, the Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding risks to other insurance enterprises under excess coverage and coinsurance contracts.
The Company entered into assumption reinsurance in conjunction with the acquisition of CIGNA’s retirement business. There are a series of reinsurance agreements, which were utilized to affect the transfer of the retirement business to the Company in 2004. The reinsurance arrangements between the Company and CIGNA included coinsurance-with-assumption, modified-coinsurance-with-assumption, indemnity coinsurance, and modified-coinsurance-without-assumption.
Since 2011, the Company had previously entered into several reinsurance agreements to assume longevity risk associated with the pension benefits in the United Kingdom. Under these agreements, the Company assumed the longevity risk associated with a share of the block of lives. The specific terms of different transactions could vary; however, the essence of the transactions was that the ceding insurers cede scheduled monthly premiums including reinsurance fees to the Company. In exchange, the Company paid the reinsured benefits based on the actual mortality experience for the period to the ceding insurers. Effective December 31, 2021, the Company novated, through assumption reinsurance the rights and obligations, assets, liabilities and surplus associated with these agreements prior to the close of the sale. Please see Note 1 for information related to the novation of the LRT excluded business.
35
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
The Company and Hannover Life Reassurance Company of America (Bermuda) LTD (“Hannover”) have engaged in a 1) coinsurance with funds withheld on its general account and 2) modified coinsurance of its separate account transaction on December 31, 2022 in which the Company cedes a portion of its group annuity contracts and established a funds withheld payable to Hannover. The Company received a ceding commission, will receive expense allowances and is eligible for experience refunds, and will pay risk charges over time. The Company has reserve credit taken of $2,912,435 as of December 31, 2023 and $3,100,020,255 as of December 31,2022 respectively. The reinsurance agreement has an automatic experience refund termination date of January 1, 2035. The Company may recapture the ceded reinsurance policies at any time prior to the experience refund termination date, subject to certain fees payable to Hannover. The ceding commission is accounted for in the ‘Commissions and expense allowances on reinsurance ceded’ within the Statement of Operations.
Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements.
8. Aggregate Reserves
Aggregate reserves are computed in accordance with the Commissioner’s Annuity Reserve Valuation Method (“CARVM”) and the Commissioner’s Reserve Valuation Method (“CRVM”), the standard statutory reserving methodologies.
The significant assumptions used to determine the liability for future life insurance benefits are as follows:
| Interest | - Annuity Funds | 1.5% to 10.5% | ||
| - Annuity Funds | Various annuity valuation tables, primarily including the Group Annuity Reserve (“GAR”) 1994, Group Annuity Mortality (“GAM”) 1971, 1983 and Annuity 2000. | |||
The Company has no policies that provide for waiver of the deduction of deferred fractional premiums upon the death of the insured or for the return of a portion of the final premium for periods beyond the date of death. The Company does not promise surrender values in excess of the legally computed reserves.
The Company has no policies issued at or subsequently subject to a premium for extra mortality or otherwise issued on lives classed as substandard for the plan of contract issued or on special class lives.
At December 31, 2023 and 2022, the Company had $0 and $0, respectively of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by the CT Department.
The tabular interest and the tabular less actual reserve released have been determined from the basic data. The tabular interest on deposit funds not involving life contingencies reflects the investment experience of the underlying assets. The Company has no policies in force for which tabular cost is applicable.
36
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
The withdrawal characteristics of annuity reserves and deposit liabilities are as follows:
| 1. | Individual Annuities |
| December 31, 2023 | ||||||||||||||||||||
| General Account |
Separate Account with Guarantees |
Separate Account Non- Guaranteed |
Total | Percent of Total Gross | ||||||||||||||||
| Subject to discretionary withdrawal: |
||||||||||||||||||||
| With market value adjustment |
$ | — | $ | — | $ | — | $ | — | — % | |||||||||||
| At book value less current surrender charges of 5% or more |
— | — | — | — | — % | |||||||||||||||
| At fair value |
— | 3,909 | — | 3,909 | 100.0 % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Total with adjustment or at market value |
— | 3,909 | — | 3,909 | 100.0 % | |||||||||||||||
| At book value without adjustment |
— | — | — | — | — % | |||||||||||||||
| Not subject to discretionary withdrawal |
— | — | — | — | — % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Total gross |
— | 3,909 | — | 3,909 | 100.0 % | |||||||||||||||
|
|
|
| ||||||||||||||||||
| Reinsurance ceded |
— | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total, net |
$ | — | $ | 3,909 | $ | — | $ | 3,909 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| December 31, 2022 | ||||||||||||||||||||
| General Account |
Separate Account with Guarantees |
Separate Account Non- Guaranteed |
Total | Percent of Total Gross | ||||||||||||||||
| Subject to discretionary withdrawal: |
||||||||||||||||||||
| With market value adjustment |
— | — | — | — | — % | |||||||||||||||
| At book value less current surrender charges of 5% or more |
— | — | — | — | — % | |||||||||||||||
| At fair value |
— | 3,464 | — | 3,464 | 100.0 % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Total with adjustment or at market value |
— | 3,464 | — | 3,464 | 100.0 % | |||||||||||||||
| At book value without adjustment |
— | — | — | — | — % | |||||||||||||||
| Not subject to discretionary withdrawal |
— | — | — | — | — % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Total gross |
— | 3,464 | — | 3,464 | 100.0 % | |||||||||||||||
|
|
|
| ||||||||||||||||||
| Reinsurance ceded |
— | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total, net |
$ | — | $ | 3,464 | $ | — | $ | 3,464 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
37
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
2. Group Annuities
| December 31, 2023 | ||||||||||||||||||||
| General Account | Separate Account with Guarantees |
Separate Account Non- Guaranteed |
Total | Percent of Total Gross | ||||||||||||||||
| Subject to discretionary withdrawal: |
||||||||||||||||||||
| With market value adjustment |
— | — | — | — | — % | |||||||||||||||
| At book value less current surrender charges of 5% or more |
16,026 | — | — | 16,026 | 0.4 % | |||||||||||||||
| At fair value |
— | 3,518,466 | — | 3,518,466 | 93.5 % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Total with adjustment or at market value |
16,026 | 3,518,466 | — | 3,534,492 | 93.9 % | |||||||||||||||
| At book value without adjustment |
||||||||||||||||||||
| (minimal or no charge adjustment) |
— | — | — | — | — % | |||||||||||||||
| Not subject to discretionary withdrawal |
229,443 | — | — | 229,443 | 6.1 % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Total gross |
245,469 | 3,518,466 | — | 3,763,935 | 100.0 % | |||||||||||||||
|
|
|
| ||||||||||||||||||
| Reinsurance ceded |
19,495 | — | — | 19,495 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total, net |
$ | 225,974 | $ | 3,518,466 | $ | — | $ | 3,744,440 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| December 31, 2022 | ||||||||||||||||||||
| General Account | Separate Account with Guarantees |
Separate Account Non- Guaranteed |
Total | Percent of Total Gross | ||||||||||||||||
| Subject to discretionary withdrawal: |
||||||||||||||||||||
| With market value adjustment |
— | — | — | — | — % | |||||||||||||||
| At book value less current surrender charges of 5% or more |
— | — | — | — | — % | |||||||||||||||
| At fair value |
— | 3,386,542 | — | 3,386,542 | 93.9 % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Total with adjustment or at market value |
— | 3,386,542 | — | 3,386,542 | 93.9 % | |||||||||||||||
| At book value without adjustment |
||||||||||||||||||||
| (minimal or no charge adjustment) |
— | — | — | — | — % | |||||||||||||||
| Not subject to discretionary withdrawal |
218,871 | — | — | 218,871 | 6.1 % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Total gross |
218,871 | 3,386,542 | — | 3,605,413 | 100.0 % | |||||||||||||||
|
|
|
| ||||||||||||||||||
| Reinsurance ceded |
18,515 | — | — | 18,515 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total, net |
$ | 200,356 | $ | 3,386,542 | $ | — | $ | 3,586,898 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
38
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
3. Deposit-type Contracts
| December 31, 2023 | ||||||||||||||||||||
| General Account |
Separate Account with Guarantees |
Separate Account Non- Guaranteed |
Total | Percent of Total Gross |
||||||||||||||||
| Subject to discretionary withdrawal: |
||||||||||||||||||||
| With market value adjustment |
22,530,335 | 826,435 | 562,976 | 23,919,746 | 27.8 % | |||||||||||||||
| At book value less current surrender charges of 5% or more |
624 | — | — | 624 | — % | |||||||||||||||
| At fair value |
— | 1,840,942 | 58,483,791 | 60,324,733 | 70.2 % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
| Total with adjustment or at market value |
22,530,959 | 2,667,377 | 59,046,767 | 84,245,103 | 98.0 % | |||||||||||||||
| At book value without adjustment (minimal or no charge adjustment) |
1,352,656 | 91,826 | (12 | ) | 1,444,470 | 1.7 % | ||||||||||||||
| Not subject to discretionary withdrawal |
218,306 | — | — | 218,306 | 0.3 % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
| Total gross |
24,101,921 | 2,759,203 | 59,046,755 | 85,907,879 | 100.0 % | |||||||||||||||
|
|
|
|||||||||||||||||||
| Reinsurance ceded |
2,891,594 | — | — | 2,891,594 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
| Total, net |
$ | 21,210,327 | $ | 2,759,203 | $ | 59,046,755 | $ | 83,016,285 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
| December 31, 2022 | ||||||||||||||||||||
| General Account |
Separate Account with Guarantees |
Separate Account Non- Guaranteed |
Total | Percent of Total Gross |
||||||||||||||||
| Subject to discretionary withdrawal: |
||||||||||||||||||||
| With market value adjustment |
20,858,661 | — | 525,636 | 21,384,297 | 28.5 % | |||||||||||||||
| At book value less current surrender charges of 5% or more |
16,336 | — | — | 16,336 | — % | |||||||||||||||
| At fair value |
— | 1,846,999 | 46,018,945 | 47,865,944 | 63.7 % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
| Total with adjustment or at market value |
20,874,997 | 1,846,999 | 46,544,581 | 69,266,577 | 92.2 % | |||||||||||||||
| At book value without adjustment (minimal or no charge adjustment) |
1,459,187 | 1,063,186 | (12 | ) | 2,522,361 | 3.4 % | ||||||||||||||
| Not subject to discretionary withdrawal |
3,350,595 | — | — | 3,350,595 | 4.5 % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
| Total gross |
25,684,779 | 2,910,185 | 46,544,569 | 75,139,533 | 100.0 % | |||||||||||||||
|
|
|
|||||||||||||||||||
| Reinsurance ceded |
3,081,506 | — | — | 3,081,506 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
| Total, net |
$ | 22,603,273 | $ | 2,910,185 | $ | 46,544,569 | $ | 72,058,027 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Annuity actuarial reserves, deposit-type contract funds and other liabilities without life or disability contingencies at December 31, were as follows:
| 2023 | 2022 | |||||||||
| General Account: |
||||||||||
| Annuities |
$ | 225,974 | $ | 200,356 | ||||||
| Deposit-type contracts |
21,210,327 | 22,603,273 | ||||||||
|
|
|
|
|
|
| |||||
| Subtotal |
21,436,301 | 22,803,629 | ||||||||
| Separate Account: |
||||||||||
| Annuities (excluding supplementary contracts) |
65,328,333 | 52,844,760 | ||||||||
|
|
|
|
|
|
| |||||
| Total |
$ | 86,764,634 | $ | 75,648,389 | ||||||
|
|
|
|
|
|
| |||||
39
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
9. Separate Accounts
The Company utilizes separate accounts to record and account for assets and liabilities for particular lines of business and/or transactions. The Company reports assets and liabilities from the following product lines into a separate account:
| • | Individual Annuity Product |
| • | Group Annuity Product |
All the products are classified as separate accounts for the statutory financial statements. Separate Accounts assets and liabilities represent segregated funds, which are administered for pension and other clients. The assets consist of common stocks, long-term bonds, real estate, mortgages and short-term investments. The liabilities consist of reserves established to meet withdrawal and future benefit payment contractual provisions. Investment risks associated with market value changes are generally borne by the clients, except to the extent of minimum guarantees made by the Company with respect to certain accounts.
Separate account assets and related liabilities are carried at fair value in the accompanying Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus. The Company’s separate accounts invest in shares of Empower Funds, Inc., formerly known as Great-West Funds, Inc., a open-end management investment company, which is a related party of the Company, and shares of other non-affiliated mutual funds.
Some assets within each of the Company’s separate accounts are considered legally insulated whereas others are not legally insulated from the general account. The legal insulation of the separate accounts prevents such assets from being generally available to satisfy claims resulting from the general account. At December 31, 2023 and 2022, the Company’s separate account assets that are legally insulated from general account claims are $66,577,879 and $55,672,357 respectively.
Some separate account liabilities are guaranteed by the general account. In accordance with the guarantees provided, if the investment proceeds are insufficient to cover the rate of return guaranteed for the product, the policyholder proceeds will be remitted by the general account. To compensate the general account for the risk taken, the separate account has paid risk charges of $0, $159, $1,451 for the years ended December 31, 2023, 2022 and 2021 respectively. We paid $0, 0, $14,410 separate account guarantees by the general account for the years ending December 31, 2023, 2022 and 2021 respectively.
The Company engages in securities lending transactions within the Separate Account. In accordance with such transactions conducted from the Separate Account, the Company’s securities lending policies and procedures are not materially different from the General Account policies and procedures, except that certain collateral is not included in assets and cash collateral held for loaned securities. The Company did not have securities on loan for the periods ended December 31, 2023, and December 31, 2022 respectively.
Separate accounts with guarantees
The Government Guaranteed Funds are separate accounts investing in fixed income securities backed by the credit of the U.S. Government, its agencies or its instrumentalities.
The Stable Asset Funds invest in investment-grade corporate bonds in addition to the above mentioned securities.
The Company also has separate accounts comprised of assets underlying variable universal life policies issued privately to accredited investors. The accounts invest in investment grade fixed income securities.
The Individual Indexed-Linked Annuity Product provides returns based on the performance of one or more indices and invests in fixed income securities. The returns from these securities are invested in derivative instruments which mimic the returns of select indices. There is also a return of premium death benefit guarantee to policyholders.
The Government Guaranteed Funds and Stable Asset Funds have a guaranteed minimum crediting rate of at least 0%. All of the above separate accounts provide a book value guarantee. Some of them also provide a death benefit of the greater of account balance or premium paid.
Distributions to a participant are based on the participant’s account balance and are permitted for the purpose of paying a benefit to a participant. Distributions for purposes other than paying a benefit to a participant may be restricted. Participants’ distributions are based on the amount of their account balance, whereas, distributions as a result of termination of the group annuity contract are based on net assets attributable to the contract and can be made to the group through (1) transfer of the underlying securities and any remaining cash balance, or (2) transfer of the cash balance after sale of the Fund’s securities.
Most guaranteed separate account assets and related liabilities are carried at fair value. Certain separate account assets are carried at book value based on the prescribed deviation from the CT Department.
40
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
Non-guaranteed separate accounts
The non-guaranteed separate accounts include unit investment trusts or series accounts that invest in diversified open-end management investment companies. These separate account assets and related liabilities are carried at fair value.
The investments in shares are valued at the closing net asset value as determined by the appropriate fund/portfolio at the end of each day. The net investment experience of the separate account is credited directly to the policyholder and can be positive or negative. Some of the separate accounts provide an incidental death benefit of the greater of the policyholder’s account balance or premium paid and some provide an incidental annual withdrawal benefit for the life of the policyholder. Certain contracts contain provisions relating to a contingent deferred sales charge. In such contracts, charges will be made for total or partial surrender of a participant annuity account in excess of the “free amount” before the retirement date by a deduction from a participant’s account. The “free amount” is an amount equal to 10% of the participant account value at December 31 of the calendar year prior to the partial or total surrender.
The following tables provide information about the Company’s separate accounts:
| December 31, 2023 | ||||||||||||||||
| Non-indexed guarantee less than/equal to 4% |
Non-indexed guarantee more than 4% |
Non-guaranteed separate account |
Total | |||||||||||||
| Premiums, considerations or deposits |
$ | 4,881,268 | $ | — | $ | 10,926,591 | $ | 15,807,859 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Reserves: |
||||||||||||||||
| For accounts with assets at: |
||||||||||||||||
| Fair value |
6,308,879 | — | 58,455,424 | 64,764,303 | ||||||||||||
| Amortized cost |
— | — | 564,042 | 564,042 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total reserves |
$ | 6,308,879 | $ | — | $ | 59,019,466 | $ | 65,328,345 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| By withdrawal characteristics: |
||||||||||||||||
| With fair value adjustment |
— | — | 564,042 | 564,042 | ||||||||||||
| At fair value |
5,391,560 | — | 58,455,424 | 63,846,984 | ||||||||||||
| At book value without fair value adjustment and with current surrender charge of less than 5% |
917,319 | — | — | 917,319 | ||||||||||||
|
|
|
|||||||||||||||
| Subtotal |
$ | 6,308,879 | $ | — | $ | 59,019,466 | $ | 65,328,345 | ||||||||
| Not subject to discretionary withdrawal |
— | — | — | — | ||||||||||||
|
|
|
|||||||||||||||
| Total |
$ | 6,308,879 | $ | — | $ | 59,019,466 | $ | 65,328,345 | ||||||||
|
|
|
|||||||||||||||
41
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
| December 31, 2022 | ||||||||||||||||
| Non-indexed guaranteed less than/equal to 4% |
Non-indexed guarantee more than 4% |
Non-guaranteed separate account |
Total | |||||||||||||
| Premiums, considerations or deposits |
$ | 5,550,883 | $ | — | $ | 5,293,843 | $ | 10,844,726 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Reserves |
||||||||||||||||
| For accounts with assets at: |
||||||||||||||||
| Fair value |
6,300,191 | — | 46,018,932 | 52,319,123 | ||||||||||||
| Amortized cost |
— | — | 525,636 | 525,636 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total reserves |
$ | 6,300,191 | $ | — | $ | 46,544,568 | $ | 52,844,759 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| By withdrawal characteristics: |
||||||||||||||||
| With fair value adjustment |
— | — | 525,636 | 525,636 | ||||||||||||
| At fair value |
5,237,005 | — | 46,018,932 | 51,255,937 | ||||||||||||
| At book value without fair value adjustment and with current surrender charge of less than 5% |
1,063,186 | — | — | 1,063,186 | ||||||||||||
|
|
|
|||||||||||||||
| Subtotal |
$ | 6,300,191 | $ | — | $ | 46,544,568 | $ | 52,844,759 | ||||||||
| Not subject to discretionary withdrawal |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 6,300,191 | $ | — | $ | 46,544,568 | $ | 52,844,759 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Transfers as reported in the Summary of Operations of the Separate Accounts Statement:
| Year Ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Transfers as reported in the Summary of Operations of the separate account statement: |
||||||||||||
| Transfers to separate accounts |
$ | 767,221 | $ | 967,971 | $ | 897,055 | ||||||
| Transfers from separate accounts |
(1,023,535) | (864,971) | (826,043) | |||||||||
|
|
|
|
|
|
|
|||||||
| Net transfers to separate accounts |
$ | (256,314) | $ | 103,000 | $ | 71,012 | ||||||
|
|
|
|
|
|
|
|||||||
| Reconciling adjustments: |
||||||||||||
| Adjustments reflected in the amended annual statements |
$ | 16,960 | ||||||||||
| For separate account assets subject to the novation disclosed in the prior year note 18, the transfer to the general account is offset by the impact of the novation to Prudential Insurance |
— | 169,472 | — | |||||||||
|
|
|
|
|
|
|
|||||||
| Net transfers as reported in the Statements of Operations |
$ | (239,354) | $ | 272,472 | $ | 71,012 | ||||||
|
|
|
|
|
|
|
|||||||
42
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
10. Capital and Surplus, Dividend Restriction and Other Matters
In September 2014, the Company received a $245,000 capital contribution from its previous parent, Prudential Insurance, in the form of an asset-backed note. Upon receipt of the asset-backed note, the Company paid a cash dividend of $245,000 to its previous parent, Prudential Insurance. The asset-backed note bears interest at a rate of 0.20% per annum and matures in November 2027. The principal amount of the asset-backed note is payable in cash at any time upon demand by the Company or, if not paid earlier, at maturity. The asset-backed note was issued by a designated series of a Delaware master trust, and its payment obligations are secured by corresponding payment obligations of a third party financial institution and a portfolio of specified assets. As of December 31, 2023, no principal payments have been received or are currently due on the asset-backed note.
In the fourth quarter of 2014, the Company received a $255,000 capital contribution from its previous parent, Prudential Insurance, in the form of two asset-backed notes. Upon receipt of the asset-backed notes, the Company made a cash payment of $255,000 to its previous parent, Prudential Insurance. The asset-backed notes bear interest at a rate of 0.20% per annum and mature in 2022 and 2027. The asset-backed notes were issued by a designated series of a Delaware master trust, and payment obligations on the notes are secured by corresponding payment obligations of third party financial institutions and a portfolio of specified assets. As of December 31, 2023, no principal payments have been received or are currently due on the asset-backed notes.
In the first quarter of 2022, one of the asset-backed notes issued in the fourth quarter of 2014 matured prior to the Prudential acquisition. The note was replaced with a comparable note with nearly identical terms, albeit following the acquisition, for an equivalent $130,000 which will mature in 2029. In addition, the other two asset-backed notes held by the Company with aggregate values of $370,000 were amended in connection with the acquisition and now mature in 2028 and 2029, respectively.
The maximum amount of dividends which can be paid to stockholders by insurance companies domiciled in the State of Connecticut, without prior approval of the Insurance Commissioner, is limited to the greater of 10% of the prior year’s surplus or net gain from operations from the prior year. Net gain from operations is defined as income after taxes but prior to realized capital gains, as reported on the Statement of Operations. The Company may pay an amount less than $93,716 of dividends during the year ended December 31, 2024, without the prior approval of the Connecticut Insurance Commissioner. Prior to any payment of dividends, the Company provides notice to the Connecticut Insurance Commissioner. Dividends are non-cumulative and paid as determined by the Board of Directors, subject to the limitations described above. During the years ended December 31, 2023, 2022 and 2021, the Company paid dividends to its parent EAICA and previous parent, Prudential Insurance, totaling $459,000, $150,000 and $0 respectively.
The portion of unassigned deficit (surplus) represented or (reduced) by each of the following items is:
| December 31, | ||||||||
| 2023 | 2022 | |||||||
| Unrealized gains |
107,040 | (130,330) | ||||||
| Non-admitted assets |
293,719 | 233,840 | ||||||
| Asset valuation reserve |
155,553 | 106,073 | ||||||
| Surplus as regards reinsurance |
217,396 | 269,392 | ||||||
Risk-based capital (“RBC”) is a regulatory tool for measuring the minimum amount of capital appropriate for a life, accident and health organization to support its overall business operations in consideration of its size and risk profile. The CT Department requires the Company to maintain minimum capital and surplus equal to the company action level as calculated in the RBC model. The Company exceeds the required amount.
43
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
11. Federal income taxes
The following table presents the components of the net admitted deferred tax asset:
| December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||||||||||||||||||
| Ordinary | Capital | Total | Ordinary | Capital | Total | Ordinary | Capital | Total | ||||||||||||||||||||||||||||
| Gross deferred tax assets |
$ | 381,425 | $ | 11,135 | $ | 392,560 | $ | 312,950 | $ | 11,812 | $ | 324,762 | $ | 68,475 | $ | (677) | $ | 67,798 | ||||||||||||||||||
| Valuation allowance adjustment |
— | (11,135) | (11,135) | — | (6,783) | (6,783) | — | (4,352) | (4,352) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Adjusted gross deferred tax asset |
381,425 | — | 381,425 | 312,950 | 5,029 | 317,979 | 68,475 | (5,029) | 63,446 | |||||||||||||||||||||||||||
| Deferred tax assets non-admitted |
(258,007) | — | $ | (258,007) | (169,051) | (5,029) | $ | (174,080) | (88,956) | 5,029 | (83,927) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net admitted deferred tax asset |
123,418 | — | 123,418 | 143,899 | — | 143,899 | (20,481) | — | (20,481) | |||||||||||||||||||||||||||
| Gross deferred tax liabilities |
(123,418) | — | (123,418) | (143,899) | — | (143,899) | 20,481 | — | 20,481 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net admitted deferred tax asset |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
The Company admits deferred tax assets pursuant to paragraphs 11.a, 11.b.i, 11.b.ii, and 11.c, in SSAP No. 101. The following table presents the amount of deferred tax asset admitted under each component of SSAP No. 101
| December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||
| Ordinary | Capital | Total Ordinary | Capital | Total | Ordinary | Capital | Total | |||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||
| (a) Federal incomes taxes paid in prior years recoverable through loss carrybacks |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| (b) Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (lesser of (i) and (ii) below) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| (i) Adjusted gross deferred tax assets expected to be realized following the balance sheet date |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| (ii) Adjusted gross deferred tax assets expected allowed per limitation threshold |
— | — | 128,121 | — | — | 221,853 | — | — | (93,732 | ) | ||||||||||||||||||||||||||
| (c) Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities |
123,418 | — | 123,418 | 143,899 | — | 143,899 | (20,481 | ) | — | (20,481 | ) | |||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||
| Total deferred tax assets admitted as a results of the application of SSAP No. 101 |
$ | 123,418 | $ | — | $ | 123,418 | $ | 143,899 | $ | — | $ | 143,899 | $ (20,481 | ) | $ | — | $ (20,481 | ) | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||
The following table presents the threshold limitations utilized in the admissibility of deferred tax assets under paragraph 11.b of SSAP No. 101:
| 2023 | 2022 | |||||||||
| Ratio percentage used to determine recovery period and threshold limitation amount |
757.211 | % | 1057.34 | % | ||||||
| Amount of adjusted capital and surplus used to determine recovery period and threshold limitation |
854,140 | 1,628,897 | ||||||||
44
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
The following table presents the impact of tax planning strategies:
| December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||||||
| Ordinary | Capital | Ordinary | Capital | Ordinary | Capital | |||||||||||||||||||
| Adjusted gross deferred tax asset | ||||||||||||||||||||||||
| $ | 381,425 | $ | — | $ | 312,950 | $ | 5,029 | $ | 68,475 | $ | (5,029 | ) | ||||||||||||
| % of adjusted gross deferred tax asset by character attributable to tax planning strategies | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||
| Net admitted adjusted gross deferred tax assets | $ | 123,418 | $ | — | $ | 143,899 | $ | — | $ | (20,481) | $ | — | ||||||||||||
| % of net admitted adjusted gross deferred tax asset by character attributable to tax planning strategies | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||
The Company’s tax planning strategies do not include the use of reinsurance.
There are no temporary differences for which deferred tax liabilities are not recognized.
The components of current income taxes incurred include the following:
| Year ended December 31, | ||||||||||||
| Current income tax | 2023 | 2022 | Change | |||||||||
| Federal |
$ | 51,013 | $ | 43,356 | $ | 7,656 | ||||||
| Foreign |
— | 156 | (156) | |||||||||
| Capital loss carry-forwards |
(36,724) | (15,395) | (21,329) | |||||||||
| Other |
(1,130) | — | (1,130) | |||||||||
|
|
|
|
|
|
|
|||||||
| Total |
$ | 13,159 | $ | 28,117 | $ | (14,959) | ||||||
|
|
|
|
|
|
|
|||||||
45
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
The tax effects of temporary differences, which give rise to the deferred income tax assets and liabilities are as follows:
| December 31, | ||||||||||||
| Deferred Income Tax Assets: |
2023 | 2022 | Change | |||||||||
| Ordinary: |
||||||||||||
| Insurance reserves |
$ | 6,564 | $ | 6,578 | $ | (14) | ||||||
| Invested assets |
$ | 35,987 | $ | — | 35,987 | |||||||
| Nonadmitted assets |
$ | 6,288 | $ | 17,557 | (11,269) | |||||||
| Net operating loss carry-forward |
$ | 32,291 | $ | — | 32,291 | |||||||
| Tax credit carry-forward |
$ | 25,185 | $ | — | 25,185 | |||||||
| Intangibles |
$ | 274,846 | $ | 288,815 | (13,969) | |||||||
| Other |
$ | 263 | $ | — | 263 | |||||||
|
|
|
|
|
|
|
|||||||
| Subtotal |
381,425 | 312,950 | 68,475 | |||||||||
|
|
|
|||||||||||
| Nonadmitted |
258,007 | 169,051 | 88,956 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total admitted ordinary DTA |
123,418 | 143,899 | (20,481) | |||||||||
|
|
|
|
|
|
|
|||||||
| Capital: |
||||||||||||
| Invested assets |
— | 5,029 | (5,029) | |||||||||
| Capital loss carryforward |
11,135 | 6,783 | 4,352 | |||||||||
|
|
|
|
|
|
|
|||||||
| Subtotal |
11,135 | 11,812 | (677) | |||||||||
| Statutory valuation allowance adjustment |
11,135 | 6,783 | 4,352 | |||||||||
| Nonadmitted |
— | 5,029 | (5,029) | |||||||||
|
|
|
|
|
|
|
|||||||
| Total admitted DTA |
$ | 123,418 | $ | 143,899 | $ | (20,481) | ||||||
|
|
|
|
|
|
|
|||||||
| Deferred Income Tax Liabilities: |
||||||||||||
| Ordinary: |
||||||||||||
| Invested assets |
121,175 | 143,899 | (22,724) | |||||||||
| Other deferred tax liabilities |
2,243 | — | 2,243 | |||||||||
|
|
|
|
|
|
|
|||||||
| Subtotal |
123,418 | 143,899 | (20,481) | |||||||||
|
|
|
|
|
|
|
|||||||
| Capital: |
||||||||||||
| Invested assets |
— | — | — | |||||||||
| Unrealized capital (gains)/ losses |
— | — | — | |||||||||
|
|
|
|
|
|
|
|||||||
| Subtotal |
— | — | — | |||||||||
|
|
|
|
|
|
|
|||||||
|
|
||||||||||||
|
|
|
|||||||||||
| Total DTLs |
$ | 123,418 | $ | 143,899 | $ | (20,481) | ||||||
|
|
|
|||||||||||
| Net admitted deferred income tax asset (liability) |
$ | — | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
46
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
The change in deferred income taxes reported in surplus before consideration of non-admitted assets is comprised of the following components:
| December 31, |
| |||||||||||
| 2023 | 2022 | Change | ||||||||||
| Total deferred income tax assets |
$ | 381,425 | $ | 317,979 | $ | 63,445 | ||||||
| Total deferred income tax liabilities |
(123,418 | ) | (143,899 | ) | 20,481 | |||||||
|
|
|
|
|
|
|
|
|
| ||||
| Net deferred income tax asset |
$ | 258,007 | $ | 174,080 | $ | 83,926 | ||||||
|
|
|
|
|
|
|
|
|
| ||||
| Tax effect of unrealized capital gains (losses) |
(5,392 | ) | ||||||||||
|
|
|
| ||||||||||
| Change in net deferred income tax |
$ | 78,535 | ||||||||||
|
|
|
| ||||||||||
|
|
||||||||||||
| December 31, |
| |||||||||||
| 2022 | 2021 | Change | ||||||||||
| Total deferred income tax assets |
$ | 317,979 | $ | 115,809 | $ | 202,171 | ||||||
| Total deferred income tax liabilities |
(143,899 | ) | (120,649 | ) | (23,251 | ) | ||||||
|
|
|
|
|
|
|
|
|
| ||||
| Net deferred income tax asset |
$ | 174,080 | $ | (4,840 | ) | $ | 178,920 | |||||
|
|
|
|
|
|
|
|
|
| ||||
| Surplus transferred associated with contracts novated to parent |
(45,515 | ) | ||||||||||
| Tax effect of unrealized capital gains (losses) |
12,444 | |||||||||||
|
|
|
| ||||||||||
| Change in net deferred income tax |
$ | 145,849 | ||||||||||
|
|
|
| ||||||||||
The provision for federal income taxes and change in deferred income taxes differ from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference are as follows:
|
| ||||||||
| December 31, | ||||||||
| 2023 | 2022 | |||||||
| Income tax (benefit) expense at statutory rate |
$ | 29,455 | $ | 19,994 | ||||
| Acquisition related adjustments |
— | (145,177 | ) | |||||
| Ceding commission |
(10,324 | ) | 56,572 | |||||
| Dividends received deduction |
(32,411 | ) | (31,273 | ) | ||||
| Tax adjustment for IMR |
(4,116 | ) | (11,002 | ) | ||||
| Change in statutory valuation allowance adjustment |
4,352 | 6,783 | ||||||
| Tax credits |
(10,062 | ) | (8,316 | ) | ||||
| Prior year adjustment |
(18,943 | ) | — | |||||
| Tax benefit on capital gain/(loss) |
(27,627 | ) | (3,599 | ) | ||||
| Tax effect of non-admitted assets |
2,950 | (1,935 | ) | |||||
| Other |
1,350 | 211 | ||||||
|
|
|
|
|
|
| |||
| Total |
$ | (65,376 | ) | $ | (117,742 | ) | ||
|
|
|
|
|
|
| |||
|
| ||||||||
| 2023 | 2022 | |||||||
| Federal income taxes incurred |
$ | 13,159 | $ | 28,117 | ||||
| Change in net deferred income taxes |
(78,535 | ) | (145,859 | ) | ||||
|
|
|
|
|
|
| |||
| Total income taxes |
$ | (65,376 | ) | $ | (117,742 | ) | ||
|
|
|
|
|
|
| |||
47
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
As of December 31, 2023, the Company has $104,724 of net operating loss carryforward available for tax purposes.
As of December 31, 2023, the Company has foreign tax credit carryforwards of $10,897.
As of December 31, 2023, the Company had $53,023 of capital loss carryforward available for tax purposes.
The Company has no income taxes incurred available for recoupment,
There are no deposits admitted under Section 6603 of the Internal Revenue Service Code.
Due to the acquisition, Empower Annuity Insurance Company (“EAIC”) will no longer file as part of a consolidated federal income tax return. EAIC will file a separate federal income tax return beginning on April 1, 2022.
The Company determines income tax contingencies in accordance with SSAP No. 5R Liabilities, Contingencies and Impairments of Assets (“SSAP No. 5R”) as modified by SSAP 101. The Company did not recognize any SSAP No. 5R contingencies during 2023 or 2022. The Company does not expect a significant increase in tax contingencies within the 12 month period following the balance sheet date.
The Company files income tax returns in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to U.S. federal income tax examinations by tax authorities for years 2021 and prior. The Company does not expect significant increases or decreases to unrecognized tax benefits relating to federal, state, or local audits.
The valuation allowance adjustment to gross deferred tax assets as of December 31, 2023 and 2022 was $11,135 and $6,783 respectively. The valuation allowance adjustment relates to Management’s uncertainty as to the Company’s ability to use the capital loss carryforwards, therefore, a valuation allowance has been recognized with respect to the Company’s capital loss carryforward DTA.
The reporting entity is an applicable reporting entity with respect to the Corporate Alternative Minimum Tax (“CAMT”). The reporting entity has made an accounting policy election to disregard CAMT when evaluating the need for a valuation allowance. There have been NO material modifications to the methodology used to project future regular tax liability as a result of the CAMT.
| Gross AMT Credit Recognized as: Current year recoverable |
$ | — | ||
| Gross AMT Credit Recognized as: Deferred tax asset (DTA) |
$ | 14,289 | ||
| Beginning Balance of AMT Credit Carryforward |
— | |||
| Amounts Recovered |
— | |||
| Adjustments |
$ | (14,289 | ) | |
|
|
|
| ||
| Ending Balance of AMT Credit Carryforward (5=2-3-4) |
$ | 14,289 | ||
| Reduction for Sequestration |
— | |||
| Nonadmitted by Reporting Entity |
$ | 14,289 | ||
|
|
|
| ||
| Reporting Entity Ending Balance (8=5-6-7) |
$ | — | ||
|
|
|
| ||
The Company does not have any foreign operations as of the periods ended December 31, 2023 and December 31, 2022 and therefore is not subject to the tax on Global Intangible Low-Taxed Income.
48
EMPOWER ANNUITY INSURANCE COMPANY
Notes to Statutory Financial Statements
(In Thousands, Except Share Amounts)
| 12. | Concentrations |
No customer accounted for 10% or more of the Company’s revenues during the year ended December 31, 2023. In addition, the Company is not dependent upon a single customer or a few customers. The loss of business from any one, or a few, independent brokers or agents would not have a material adverse effect on the Company or any of its business agents.
| 13. | Commitments and Contingencies |
Commitments
The Company makes commitments to fund partnership interests, mortgage loans, and other investments in the normal course of its business. As the timing of the fulfillment of the commitment to fund partnership interests cannot be predicted, such obligations are presented in the less than one year category. The timing of the funding of mortgage loans is based on the expiration date of the commitment. The amount of these unfunded commitments at December 31, 2023 was $594,115 all of which was due within one year, of which $506,893 was related to limited partnership interests. Related party transactions comprise $25,655 of the unfunded limited partnership interests at December 31, 2023.
Federal Home Loan Bank (“FHLB”) Funding Agreements
In December 2009, the Company became a member of the FHLB of Boston. FHLB provides access to billions of low-cost funding dollars to banks, credit unions, insurance companies and community development financial institutions in the United States. At December 31, 2023, the Company had an estimated borrowing capacity of approximately $0. All borrowings must be collateralized and the required collateral amount is based on the type of investment securities pledged. No amounts were borrowed as of December 31, 2023 and 2022. Additionally, the Company was required to purchase FHLB of Boston stock and, at December 31, 2023 and 2022, owns $5,150 and $5,150, respectively, of Class B stock which are currently eligible for redemption.
Contingencies
From time to time, the Company may be threatened with, or named as a defendant in, lawsuits, arbitrations, and administrative claims. Any such claims that are decided against the Company could harm the Company’s business. The Company is also subject to periodic regulatory audits and inspections which could result in fines or other disciplinary actions. Unfavorable outcomes in such matters, should they occur, may result in a material impact on the Company’s financial position, results of operations, or cash flows.
The Company is involved in other various legal proceedings that arise in the ordinary course of its business. In the opinion of management, after consultation with counsel, the likelihood of loss from the resolution of these proceedings is remote and/or the estimated loss is not expected to have a material effect on the Company’s financial position, results of its operations, or cash flows.
| 14. | Subsequent Events |
Management has evaluated subsequent events for potential recognition or disclosure in the Company’s statutory financial statements through April 4, 2024, the date on which they were issued.
49
SUPPLEMENTAL SCHEDULES
(See Independent Auditors’ Report)
50
EMPOWER ANNUITY INSURANCE COMPANY
Supplemental Schedule of Selected Statutory Financial Data
As of and for the Year Ended December 31, 2023
| Investment income earned: |
||||
| U.S. Government bonds |
$ | 4,853 | ||
| Other bonds (unaffiliated) |
652,234 | |||
| Bonds of affiliates |
69 | |||
| Common stocks (unaffiliated) |
508 | |||
| Mortgage loans |
153,896 | |||
| Cash, cash equivalents and short-term investments |
41,176 | |||
| Derivative instruments |
13,828 | |||
| Other invested assets |
6,633 | |||
| Aggregate write-ins for investment income |
1,469 | |||
|
|
|
| ||
| Gross investment income |
$ | 874,666 | ||
|
|
|
| ||
| Mortgage loans - Book value: |
||||
| Commercial mortgages |
$ | 4,596,720 | ||
| Mortgage loans by standing - Book value: |
||||
| Good standing |
$ | 4,530,654 | ||
| Interest overdue more than three months, not in foreclosure |
$ | 66,066 | ||
| Other long-term assets- Statement value |
$ | 183,569 | ||
| Bonds and short-term investments by maturity and designation: |
||||
| Bonds by maturity - Statement value: |
||||
| Due within one year or less |
$ | 2,656,570 | ||
| Over 1 year through 5 years |
12,695,742 | |||
| Over 5 years through 10 years |
3,534,716 | |||
| Over 10 years through 20 years |
673,239 | |||
| Over 20 years |
119,177 | |||
|
|
|
| ||
| Total by maturity |
$ | 19,679,444 | ||
|
|
|
| ||
| Bonds and short-term investments by NAIC designation - Statement value: |
||||
| NAIC 1 |
$ | 12,304,744 | ||
| NAIC 2 |
6,919,960 | |||
| NAIC 3 |
400,224 | |||
| NAIC 4 |
44,560 | |||
| NAIC 5 |
9,778 | |||
| NAIC 6 |
178 | |||
|
|
|
| ||
| Total by NAIC designation |
$ | 19,679,444 | ||
|
|
|
| ||
| Total publicly traded |
$ | 11,346,458 | ||
| Total privately placed |
$ | 8,332,986 | ||
(Continued)
51
EMPOWER ANNUITY INSURANCE COMPANY
Supplemental Schedule of Selected Statutory Financial Data
As of and for the Year Ended December 31, 2023
| Common stocks - Market value |
$ | 5,150 | ||
| Short-term investments - Book value |
$ | 189,016 | ||
| Collar, swap and forward agreements open - Statement value |
$ | 16,934 | ||
| Futures contracts open - Current value |
$ | 902 | ||
| Cash on deposit |
$ | 46,921 | ||
| Annuities: |
||||
| Ordinary |
||||
| Immediate - Amount of Income Payable |
$ | — | ||
|
|
|
| ||
| Deferred - Fully Paid Account Balance |
$ | — | ||
|
|
|
| ||
| Deferred - Not Fully Paid Account Balance |
$ | — | ||
|
|
|
| ||
| Group |
||||
| Amount of Income Payable |
$ | 30,203 | ||
|
|
|
| ||
| Deferred - Fully Paid Account Balance |
$ | 16,026 | ||
|
|
|
| ||
| Deferred - Not Fully Paid Account Balance |
$ | 157,651 | ||
|
|
|
| ||
| Deposit Funds and Dividend Accumulations: |
||||
| Deposit Funds - Account Balance |
$ | 21,210,327 | ||
|
|
|
| ||
| Dividend Accumulations - Account Balance |
$ | — | ||
(Concluded)
52
ANNUAL STATEMENT FOR THE YEAR 2023 OF THE Empower Annuity Insurance Company
SUMMARY INVESTMENT SCHEDULE
| Gross Investment Holdings | Admitted Assets as Reported in the Annual Statement |
|||||||||||||||||||||||||
| 1 | 2 | 3 | 4 | 5 | 6 | |||||||||||||||||||||
| Investment Categories | Amount | Percentage Column 1 Line 13 |
Amount | Securities Lending Reinvested Collateral Amount |
Total (Col. 3 + 4) Amount |
Percentage of Column 5 Line 13 |
||||||||||||||||||||
| 1. | Long-Term Bonds (Schedule D, Part 1): | |||||||||||||||||||||||||
| 1.01 U.S. governments | 132,232,955 | 0.528 | 132,232,955 | 132,232,955 | 0.528 | |||||||||||||||||||||
| 1.02 All other governments | 351,875,351 | 1.406 | 351,875,351 | 351,875,351 | 1.406 | |||||||||||||||||||||
| 1.03 U.S. states, territories and possessions, etc. guaranteed | 15,976,479 | 0.064 | 15,976,479 | 15,976,479 | 0.064 | |||||||||||||||||||||
| 1.04 U.S. political subdivisions of states, territories, and possessions, guaranteed |
8,262,634 | 0.033 | 8,262,634 | 8,262,634 | 0.033 | |||||||||||||||||||||
| 1.05 U.S. special revenue and special assessment obligations, etc. non-guaranteed |
519,470,386 | 2.076 | 519,470,386 | 519,470,386 | 2.076 | |||||||||||||||||||||
| 1.06 Industrial and miscellaneous | 17,858,168,174 | 71.358 | 17,858,168,174 | 17,858,168,174 | 71.358 | |||||||||||||||||||||
| 1.07 Hybrid securities | 0.000 | 0 | 0.000 | |||||||||||||||||||||||
| 1.08 Parent, subsidiaries and affiliates | 0.000 | 0 | 0.000 | |||||||||||||||||||||||
| 1.09 SVO identified funds | 340,052,854 | 1.359 | 340,052,854 | 340,052,854 | 1.359 | |||||||||||||||||||||
| 1.10 Unaffiliated bank loans | 9,626,043 | 0.038 | 9,626,043 | 9,626,043 | 0.038 | |||||||||||||||||||||
| 1.11 Unaffiliated certificates of deposit | 0 | 0.000 | 0 | 0.000 | ||||||||||||||||||||||
| 1.12 Total long-term bonds | 19,235,664,876 | 76.862 | 19,235,664,876 | 0 | 19,235,664,876 | 76.862 | ||||||||||||||||||||
| 2. | Preferred stocks (Schedule D, Part 2, Section 1): | |||||||||||||||||||||||||
| 2.01 Industrial and miscellaneous (Unaffiliated) | 0.000 | 0 | 0.000 | |||||||||||||||||||||||
| 2.02 Parent, subsidiaries and affiliates | 0.000 | 0 | 0.000 | |||||||||||||||||||||||
| 2.03 Total preferred stocks | 0 | 0.000 | 0 | 0 | 0 | 0.000 | ||||||||||||||||||||
| 3. | Common stocks (Schedule D, Part 2, Section 2): | |||||||||||||||||||||||||
| 3.01 Industrial and miscellaneous Publicly traded (Unaffiliated) | 0 | 0.000 | 0 | 0.000 | ||||||||||||||||||||||
| 3.02 Industrial and miscellaneous Other (Unaffiliated) | 5,150,000 | 0.021 | 5,150,000 | 5,150,000 | 0.021 | |||||||||||||||||||||
| 3.03 Parent, subsidiaries and affiliates Publicly traded | 0 | 0.000 | 0 | 0.000 | ||||||||||||||||||||||
| 3.04 Parent, subsidiaries and affiliates Other | 0 | 0.000 | 0 | 0.000 | ||||||||||||||||||||||
| 3.05 Mutual funds | 0 | 0.000 | 0 | 0.000 | ||||||||||||||||||||||
| 3.06 Unit investment trusts | 0 | 0.000 | 0 | 0.000 | ||||||||||||||||||||||
| 3.07 Closed-end funds | 0 | 0.000 | 0 | 0.000 | ||||||||||||||||||||||
| 3.08 Exchange traded funds | 0 | 0.000 | 0 | 0.000 | ||||||||||||||||||||||
| 3.09 Total common stocks | 5,150,000 | 0.021 | 5,150,000 | 0 | 5,150,000 | 0.021 | ||||||||||||||||||||
| 4. | Mortgage loans (Schedule B): | |||||||||||||||||||||||||
| 4.01 Farm mortgages | 0 | 0.000 | 0 | 0.000 | ||||||||||||||||||||||
| 4.02 Residential mortgages | 0 | 0.000 | 0 | 0.000 | ||||||||||||||||||||||
| 4.03 Commercial mortgages | 4,655,475,416 | 18.602 | 4,655,475,416 | 4,655,475,416 | 18.602 | |||||||||||||||||||||
| 4.04 Mezzanine real estate loans | 0 | 0.000 | 0 | 0.000 | ||||||||||||||||||||||
| 4.05 Total valuation allowance | (58,755,346 | ) | (0.235 | ) | (58,755,346 | ) | (58,755,346 | ) | (0.235 | ) | ||||||||||||||||
| 4.06 Total mortgage loans | 4,596,720,070 | 18.368 | 4,596,720,070 | 0 | 4,596,720,070 | 18.368 | ||||||||||||||||||||
| 5. | Real estate (Schedule A): | |||||||||||||||||||||||||
| 5.01 Properties occupied by company | 0.000 | 0 | 0 | 0.000 | ||||||||||||||||||||||
| 5.02 Properties held for production of income | 0.000 | 0 | 0 | 0.000 | ||||||||||||||||||||||
| 5.03 Properties held for sale | 0.000 | 0 | 0 | 0.000 | ||||||||||||||||||||||
| 5.04 Total real estate | 0 | 0.000 | 0 | 0 | 0 | 0.000 | ||||||||||||||||||||
| 6. | Cash, cash equivalents and short-term investments: | |||||||||||||||||||||||||
| 6.01 Cash (Schedule E, Part 1) | 46,921,393 | 0.187 | 46,921,393 | 46,921,393 | 0.187 | |||||||||||||||||||||
| 6.02 Cash equivalents (Schedule E, Part 2) | 694,790,751 | 2.776 | 694,790,751 | 694,790,751 | 2.776 | |||||||||||||||||||||
| 6.03 Short-term investments (Schedule DA) | 189,016,009 | 0.755 | 189,016,009 | 189,016,009 | 0.755 | |||||||||||||||||||||
| 6.04 Total cash, cash equivalents and short-term investments | 930,728,153 | 3.719 | 930,728,153 | 0 | 930,728,153 | 3.719 | ||||||||||||||||||||
| 7. | Contract loans | 0 | 0.000 | 0 | 0 | 0.000 | ||||||||||||||||||||
| 8. | Derivatives (Schedule DB) | 47,912,475 | 0.191 | 47,912,475 | 47,912,475 | 0.191 | ||||||||||||||||||||
| 9. | Other invested assets (Schedule BA) | 183,570,886 | 0.734 | 183,568,979 | 183,568,979 | 0.734 | ||||||||||||||||||||
| 10. | Receivables for securities | 26,500,998 | 0.106 | 26,500,998 | 26,500,998 | 0.106 | ||||||||||||||||||||
| 11. | Securities Lending (Schedule DL, Part 1) | 0 | 0.000 | 0 | XXX | XXX | XXX | |||||||||||||||||||
| 12. | Other invested assets (Page 2, Line 11) | 0 | 0.000 | 0 | 0 | 0.000 | ||||||||||||||||||||
| 13. | Total invested assets | 25,026,247,458 | 100.000 | 25,026,245,551 | 0 | 25,026,245,551 | 100.000 | |||||||||||||||||||
SI01
SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES
For The Year Ended December 31, 2023
(To Be Filed by April 1)
| Of The Empower Annuity Insurance Company |
| ADDRESS (City, State and Zip Code) Hartford, CT 06103-3509 |
||
| NAIC Group Code 0769 | NAIC Company Code 93629 | Federal Employer’s Identification Number (FEIN) 06-1050034 | ||||||||||||
The Investment Risks Interrogatories are to be filed by April 1. They are also to be included with the Audited Statutory Financial Statements.
Answer the following interrogatories by reporting the applicable U.S. dollar amounts and percentages of the reporting entity’s total admitted assets held in that category of investments.
| 1. | Reporting entity’s total admitted assets as reported on Page 2 of this annual statement. |
$ | 25,427,767,464 | |||||||||||||
| 2. | Ten largest exposures to a single issuer/borrower/investment. |
|||||||||||||||
| 1 | 2 | 3 | 4 | |||||||||||||
| Issuer |
Description of Exposure |
Amount | Percentage of Total Admitted Assets |
|||||||||||||
| 2.01 | FEDERATED | Money Market Funds | $ | 422,558,863 | 1.7 | % | ||||||||||
| 2.02 | Mapletree | Mortgages | $ | 331,647,169 | 1.3 | % | ||||||||||
| 2.03 | DRA Advisors, Inc. | Mortgages | $ | 282,387,653 | 1.1 | % | ||||||||||
| 2.04 | The Blackstone Group | Mortgages | $ | 249,721,986 | 1.0 | % | ||||||||||
| 2.05 | ING BANK NV | Bonds | $ | 245,000,000 | 1.0 | % | ||||||||||
| 2.06 | AEW Capital Management, L.P. | Mortgages | $ | 217,867,542 | 0.9 | % | ||||||||||
| 2.07 | FNMA | Bonds | $ | 210,241,001 | 0.8 | % | ||||||||||
| 2.08 | Brookfield Asset Management | Mortgages | $ | 210,237,089 | 0.8 | % | ||||||||||
| 2.09 | AXA Real Estate Investment Managers | Mortgages | $ | 205,348,433 | 0.8 | % | ||||||||||
| 2.10 | TRT Holdings, Inc. | Mortgages | $ | 200,887,553 | 0.8 | % | ||||||||||
| 3. | Amounts and percentages of the reporting entity’s total admitted assets held in bonds and preferred stocks by NAIC designation. | |||||||||||||||||||||||
| Bonds |
1 | 2 |
Preferred Stocks |
3 | 4 | |||||||||||||||||||
| 3.01 | NAIC 1 | $ | 12,304,743,696 | 48.4% | 3.07 | NAIC 1 | $ | 0.0 % | ||||||||||||||||
| 3.02 | NAIC 2 | $ | 6,919,959,860 | 27.2% | 3.08 | NAIC 2 | $ | 0.0 % | ||||||||||||||||
| 3.03 | NAIC 3 | $ | 400,223,544 | 1.6% | 3.09 | NAIC 3 | $ | 0.0 % | ||||||||||||||||
| 3.04 | NAIC 4 | $ | 44,559,924 | 0.2% | 3.10 | NAIC 4 | $ | 0.0 % | ||||||||||||||||
| 3.05 | NAIC 5 | $ | 9,778,157 | 0.0% | 3.11 | NAIC 5 | $ | 0.0 % | ||||||||||||||||
| 3.06 | NAIC 6 | $ | 178,542 | 0.0% | 3.12 | NAIC 6 | $ | 0.0 % | ||||||||||||||||
| 4. | Assets held in foreign investments: |
|||||||||||||||
| 4.01 | Are assets held in foreign investments less than 2.5% of the reporting entity’s total admitted assets? | Yes [ ] No [ X | ] | |||||||||||||
| If response to 4.01 above is yes, responses are not required for interrogatories 5 - 10. | ||||||||||||||||
| 4.02 | Total admitted assets held in foreign investments | $ | 4,979,607,366 | 19.6 | % | |||||||||||
| 4.03 | Foreign-currency-denominated investments | $ | 1,860,323,320 | 7.3 | % | |||||||||||
| 4.04 | Insurance liabilities denominated in that same foreign currency | $ | 0.0 | % | ||||||||||||
SUPPLEMENT FOR THE YEAR 2023 OF THE Empower Annuity Insurance Company
| 5. | Aggregate foreign investment exposure categorized by NAIC sovereign designation: | |||||||||||||||||
| 1 | 2 | |||||||||||||||||
| 5.01 | Countries designated NAIC-1 | $ | 4,605,778,890 | 18.1 | % | |||||||||||||
| 5.02 | Countries designated NAIC-2 | $ | 340,284,220 | 1.3 | % | |||||||||||||
| 5.03 | Countries designated NAIC-3 or below | $ | 33,544,256 | 0.1 | % | |||||||||||||
| 6. | Largest foreign investment exposures by country, categorized by the country’s NAIC sovereign designation: | |||||||||||||||||
| 1 | 2 | |||||||||||||||||
| Countries designated NAIC - 1: | ||||||||||||||||||
| 6.01 | Country 1: United Kingdom | $ | 1,086,669,300 | 4.3 | % | |||||||||||||
| 6.02 | Country 2: Netherlands | $ | 873,193,491 | 3.4 | % | |||||||||||||
| Countries designated NAIC - 2: | ||||||||||||||||||
| 6.03 | Country 1: Mexico | $ | 131,479,977 | 0.5 | % | |||||||||||||
| 6.04 | Country 2: Indonesia | $ | 63,988,175 | 0.3 | % | |||||||||||||
| Countries designated NAIC - 3 or below: | ||||||||||||||||||
| 6.05 | Country 1: Global | $ | 18,121,751 | 0.1 | % | |||||||||||||
| 6.06 | Country 2: Virgin British Isld | $ | 15,422,505 | 0.1 | % | |||||||||||||
| 1 | 2 | |||||||||||||||||
| 7. | Aggregate unhedged foreign currency exposure | $ | 0.0 | % | ||||||||||||||
| 8. | Aggregate unhedged foreign currency exposure categorized by NAIC sovereign designation: | |||||||||||||||||
| 1 | 2 | |||||||||||||||||
| 8.01 | Countries designated NAIC-1 | $ | 0.0 | % | ||||||||||||||
| 8.02 | Countries designated NAIC-2 | $ | 0.0 | % | ||||||||||||||
| 8.03 | Countries designated NAIC-3 or below | $ | 0.0 | % | ||||||||||||||
| 9. | Largest unhedged foreign currency exposures by country, categorized by the country’s NAIC sovereign designation: | |||||||||||||||||
| 1 | 2 | |||||||||||||||||
| Countries designated NAIC - 1: | ||||||||||||||||||
| 9.01 | Country 1: | $ | 0.0 | % | ||||||||||||||
| 9.02 | Country 2: | $ | 0.0 | % | ||||||||||||||
| Countries designated NAIC - 2: | ||||||||||||||||||
| 9.03 | Country 1: | $ | 0.0 | % | ||||||||||||||
| 9.04 | Country 2: | $ | 0.0 | % | ||||||||||||||
| Countries designated NAIC - 3 or below: | ||||||||||||||||||
| 9.05 | Country 1: | $ | 0.0 | % | ||||||||||||||
| 9.06 | Country 2: | $ | 0.0 | % | ||||||||||||||
| 10. | Ten largest non-sovereign (i.e. non-governmental) foreign issues: | |||||||||||||||||
| 1 | 2 | 3 | 4 | |||||||||||||||
| Issuer | NAIC Designation |
|
|
|||||||||||||||
| 10.01 | ING BANK NV | 1 | $ | 245,000,000 | 1.0 | % | ||||||||||||
| 10.02 | Global Logistic Properties | CM1 | $ | 144,930,429 | 0.6 | % | ||||||||||||
| 10.03 | BNP PARIBAS | 1 | $ | 143,813,223 | 0.6 | % | ||||||||||||
| 10.04 | SUMITOMO MITSUI FINANCIAL GRP | 1 | $ | 143,783,314 | 0.6 | % | ||||||||||||
| 10.05 | NATIXIS SA | 1 | $ | 125,000,000 | 0.5 | % | ||||||||||||
| 10.06 | UBS GROUP AG | 1 | $ | 121,559,016 | 0.5 | % | ||||||||||||
| 10.07 | CBRE Investment Management | CM1 | $ | 102,495,633 | 0.4 | % | ||||||||||||
| 10.08 | NTT FINANCE CORP | 1 | $ | 100,362,177 | 0.4 | % | ||||||||||||
| 10.09 | MITSUBISHI UFJ FINANCIAL GROUP | 1 | $ | 92,245,925 | 0.4 | % | ||||||||||||
| 10.10 | SIEMENS FINANCIERINGSMAT NV | 1 | $ | 90,792,373 | 0.4 | % | ||||||||||||
SUPPLEMENT FOR THE YEAR 2023 OF THE Empower Annuity Insurance Company
| 11. |
Amounts and percentages of the reporting entity’s total admitted assets held in Canadian investments and unhedged Canadian currency exposure: | |||
| 11.01 |
Are assets held in Canadian investments less than 2.5% of the reporting entity’s total admitted assets? | Yes [ X ] No [ ] | ||
| If response to 11.01 is yes, detail is not required for the remainder of interrogatory 11. | ||||
| 1 | 2 | |||||||||||||
| 11.02 |
Total admitted assets held in Canadian investments | $ | 0.0 | % | ||||||||||
| 11.03 |
Canadian-currency-denominated investments | $ | 0.0 | % | ||||||||||
| 11.04 |
Canadian-denominated insurance liabilities | $ | 0.0 | % | ||||||||||
| 11.05 |
Unhedged Canadian currency exposure | $ | 0.0 | % | ||||||||||
| 12. |
Report aggregate amounts and percentages of the reporting entity’s total admitted assets held in investments with contractual sales restrictions: | |||
| 12.01 |
Are assets held in investments with contractual sales restrictions less than 2.5% of the reporting entity’s total admitted assets? | Yes [ X ] No [ ] | ||
| If response to 12.01 is yes, responses are not required for the remainder of Interrogatory 12. | ||||
| 1 |
2 | 3 | ||||||||||||
| 12.02 |
Aggregate statement value of investments with contractual sales restrictions | $ | 0.0 | % | ||||||||||
| Largest three investments with contractual sales restrictions: | ||||||||||||||
| 12.03 |
$ | 0.0 | % | |||||||||||
| 12.04 |
$ | 0.0 | % | |||||||||||
| 12.05 |
$ | 0.0 | % | |||||||||||
| 13. |
Amounts and percentages of admitted assets held in the ten largest equity interests: | |||
| 13.01 |
Are assets held in equity interests less than 2.5% of the reporting entity’s total admitted assets? | Yes [ X ] No [ ] | ||
| If response to 13.01 above is yes, responses are not required for the remainder of Interrogatory 13. | ||||
| 1 | 2 | 3 | ||||||||||||
| Issuer |
|
|
||||||||||||
| 13.02 |
$ | 0.0 | % | |||||||||||
| 13.03 |
$ | 0.0 | % | |||||||||||
| 13.04 |
$ | 0.0 | % | |||||||||||
| 13.05 |
$ | 0.0 | % | |||||||||||
| 13.06 |
$ | 0.0 | % | |||||||||||
| 13.07 |
$ | 0.0 | % | |||||||||||
| 13.08 |
$ | 0.0 | % | |||||||||||
| 13.09 |
$ | 0.0 | % | |||||||||||
| 13.10 |
$ | 0.0 | % | |||||||||||
| 13.11 |
$ | 0.0 | % | |||||||||||
SUPPLEMENT FOR THE YEAR 2023 OF THE Empower Annuity Insurance Company
| 14. |
Amounts and percentages of the reporting entity’s total admitted assets held in nonaffiliated, privately placed equities: | |||||
| 14.01 |
Are assets held in nonaffiliated, privately placed equities less than 2.5% of the reporting entity’s total admitted assets? | Yes [ X ] No [ ] | ||||
| If response to 14.01 above is yes, responses are not required for 14.02 through 14.05. | ||||||
| 1 |
2 | 3 | ||||||||||||||||||||
| 14.02 |
Aggregate statement value of investments held in nonaffiliated, privately placed equities | $ | 0.0 | % | ||||||||||||||||||
| Largest three investments held in nonaffiliated, privately placed equities: | ||||||||||||||||||||||
| 14.03 |
$ | 0.0 | % | |||||||||||||||||||
| 14.04 |
$ | 0.0 | % | |||||||||||||||||||
| 14.05 |
$ | 0.0 | % | |||||||||||||||||||
| Ten largest fund managers: | ||||||||||||||||||||||||||
| 1 | 2 | 3 | 4 | |||||||||||||||||||||||
| Fund Manager |
Total Invested | Diversified | Nondiversified | |||||||||||||||||||||||
| 14.06 |
FEDERATED | $ | 422,558,863 | $ | 422,558,863 | $ | ||||||||||||||||||||
| 14.07 |
iSHARES | $ | 340,052,854 | $ | 340,052,854 | $ | ||||||||||||||||||||
| 14.08 |
DREYFUS GOVERNMENT CASH MGMT | $ | 17,469,039 | $ | 17,469,039 | $ | ||||||||||||||||||||
| 14.09 |
$ | 0 | $ | $ | ||||||||||||||||||||||
| 14.10 |
$ | 0 | $ | $ | ||||||||||||||||||||||
| 14.11 |
$ | 0 | $ | $ | ||||||||||||||||||||||
| 14.12 |
$ | 0 | $ | $ | ||||||||||||||||||||||
| 14.13 |
$ | 0 | $ | $ | ||||||||||||||||||||||
| 14.14 |
$ | 0 | $ | $ | ||||||||||||||||||||||
| 14.15 |
$ | 0 | $ | $ |
| 15. |
Amounts and percentages of the reporting entity’s total admitted assets held in general partnership interests: | |||||
| 15.01 |
Are assets held in general partnership interests less than 2.5% of the reporting entity’s total admitted assets? | Yes [ X ] No [ ] | ||||
| If response to 15.01 above is yes, responses are not required for the remainder of Interrogatory 15. | ||||||
| 1 |
2 | 3 | ||||||||||||||||||||
| 15.02 |
Aggregate statement value of investments held in general partnership interests | $ | 0.0 | % | ||||||||||||||||||
| Largest three investments in general partnership interests: | ||||||||||||||||||||||
| 15.03 |
$ | 0.0 | % | |||||||||||||||||||
| 15.04 |
$ | 0.0 | % | |||||||||||||||||||
| 15.05 |
$ | 0.0 | % |
SUPPLEMENT FOR THE YEAR 2023 OF THE Empower Annuity Insurance Company
| 16. |
Amounts and percentages of the reporting entity’s total admitted assets held in mortgage loans: |
|||||||||||||||||
| 16.01 |
Are mortgage loans reported in Schedule B less than 2.5% of the reporting entity’s total admitted assets? |
Yes | [ | ] | No | [X | ] | |||||||||||
| If response to 16.01 above is yes, responses are not required for the remainder of Interrogatory 16 and Interrogatory 17. |
||||||||||||||||||
| 1 | 2 | 3 | ||||||||||||||||
| Type (Residential, Commercial, Agricultural) |
|
|
||||||||||||||||
| 16.02 |
Commercial | $ | 331,647,169 | 1.3 | % | |||||||||||||
| 16.03 |
Commercial | $ | 282,387,653 | 1.1 | % | |||||||||||||
| 16.04 |
Commercial | $ | 249,721,986 | 1.0 | % | |||||||||||||
| 16.05 |
Commercial | $ | 217,867,542 | 0.9 | % | |||||||||||||
| 16.06 |
Commercial | $ | 210,237,089 | 0.8 | % | |||||||||||||
| 16.07 |
Commercial | $ | 205,348,433 | 0.8 | % | |||||||||||||
| 16.08 |
Commercial | $ | 200,887,553 | 0.8 | % | |||||||||||||
| 16.09 |
Commercial | $ | 180,566,017 | 0.7 | % | |||||||||||||
| 16.10 |
Commercial | $ | 160,335,154 | 0.6 | % | |||||||||||||
| 16.11 |
Commercial | $ | 144,930,429 | 0.6 | % | |||||||||||||
| Amount and percentage of the reporting entity’s total admitted assets held in the following categories of mortgage loans: |
|
|||||||||||||||||
| Loans | ||||||||||||||||||
| 16.12 |
Construction loans | $ | 0.0 | % | ||||||||||||||
| 16.13 |
Mortgage loans over 90 days past due | $ | 94,694,228 | 0.4 | % | |||||||||||||
| 16.14 |
Mortgage loans in the process of foreclosure | $ | 0.0 | % | ||||||||||||||
| 16.15 |
Mortgage loans foreclosed | $ | 0.0 | % | ||||||||||||||
| 16.16 |
Restructured mortgage loans | $ | 0.0 | % | ||||||||||||||
| 17. |
Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date: |
| ||||||||||||||||||||||||||||||||||||||||||||||||
| Residential | Commercial | Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||
| Loan to Value |
1 | 2 | 3 | 4 | 5 | 6 | ||||||||||||||||||||||||||||||||||||||||||||
| 17.01 |
above 95% | $ | 0.0 | % | $ | 0.0 | % | $ | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||
| 17.02 |
91 to 95% | $ | 0.0 | % | $ | 0.0 | % | $ | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||
| 17.03 |
81 to 90% |
$ | 0.0 | % | $ | 0.0 | % | $ | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||
| 17.04 |
71 to 80% |
$ | 0.0 | % | $ | 0.0 | % | $ | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||
| 17.05 |
below 70% |
$ | 0.0 | % | $ | 4,596,720,070 | 18.1 | % | $ | 0.0 | % | |||||||||||||||||||||||||||||||||||||||
| 18. |
Amounts and percentages of the reporting entity’s total admitted assets held in each of the five largest investments in real estate: |
|||||||||||||||||
| 18.01 |
Are assets held in real estate reported less than 2.5% of the reporting entity’s total admitted assets? |
Yes | [X | ] | No | [ | ] | |||||||||||
| If response to 18.01 above is yes, responses are not required for the remainder of Interrogatory 18. |
||||||||||||||||||
| Largest five investments in any one parcel or group of contiguous parcels of real estate. |
||||||||||||||||||
| Description | ||||||||||||||||||
| 1 |
2 | 3 | ||||||||||||||||
| 18.02 |
$ | 0.0 | % | |||||||||||||||
| 18.03 |
$ | 0.0 | % | |||||||||||||||
| 18.04 |
$ | 0.0 | % | |||||||||||||||
| 18.05 |
$ | 0.0 | % | |||||||||||||||
| 18.06 |
$ | 0.0 | % | |||||||||||||||
| 19. |
Report aggregate amounts and percentages of the reporting entity’s total admitted assets held in investments held in mezzanine real estate loans: |
|
||||||||||||||||
| 19.01 |
Are assets held in investments held in mezzanine real estate loans less than 2.5% of the reporting entity’s total admitted assets? |
Yes | [X | ] | No | [ | ] | |||||||||||
| If response to 19.01 is yes, responses are not required for the remainder of Interrogatory 19. |
||||||||||||||||||
| 1 |
2 | 3 | ||||||||||||||||
| 19.02 |
Aggregate statement value of investments held in mezzanine real estate loans: | $ | 0.0 | % | ||||||||||||||
| Largest three investments held in mezzanine real estate loans: | ||||||||||||||||||
| 19.03 |
$ | 0.0 | % | |||||||||||||||
| 19.04 |
$ | 0.0 | % | |||||||||||||||
| 19.05 |
$ | 0.0 | % | |||||||||||||||
SUPPLEMENT FOR THE YEAR 2023 OF THE Empower Annuity Insurance Company
| 20. |
Amounts and percentages of the reporting entity’s total admitted assets subject to the following types of agreements: |
|||||||||||||||||||||||||||||||||||
| At Year End | At End of Each Quarter | |||||||||||||||||||||||||||||||||||
| 1st Quarter | 2nd Quarter | 3rd Quarter | ||||||||||||||||||||||||||||||||||
| 1 | 2 | 3 | 4 | 5 | ||||||||||||||||||||||||||||||||
| 20.01 |
Securities lending agreements (do not include assets held as collateral for such transactions) | $ | 0.0 | % | $ | $ | $ | |||||||||||||||||||||||||||||
| 20.02 |
Repurchase agreements |
$ | 0.0 | % | $ | $ | $ | |||||||||||||||||||||||||||||
| 20.03 |
Reverse repurchase agreements |
$ | 0.0 | % | $ | $ | $ | |||||||||||||||||||||||||||||
| 20.04 |
Dollar repurchase agreements |
$ | 0.0 | % | $ | $ | $ | |||||||||||||||||||||||||||||
| 20.05 |
Dollar reverse repurchase agreements |
$ | 0.0 | % | $ | $ | $ | |||||||||||||||||||||||||||||
| 21. |
Amounts and percentages of the reporting entity’s total admitted assets for warrants not attached to other financial instruments, options, caps, and floors: |
| ||||||||||||||||||||||||||||||||||
| Owned | Written | |||||||||||||||||||||||||||||||||||
| 1 | 2 | 3 | 4 | |||||||||||||||||||||||||||||||||
| 21.01 |
Hedging |
$ | 0.0 | % | $ | 0.0 | % | |||||||||||||||||||||||||||||
| 21.02 |
Income generation |
$ | 0.0 | % | $ | 0.0 | % | |||||||||||||||||||||||||||||
| 21.03 |
Other |
$ | 0.0 | % | $ | 0.0 | % | |||||||||||||||||||||||||||||
| 22. |
Amounts and percentages of the reporting entity's total admitted assets of potential exposure for collars, swaps, and forwards: |
|||||||||||||||||||||||||||||||||||
| At Year End | At End of Each Quarter | |||||||||||||||||||||||||||||||||||
| 1st Quarter | 2nd Quarter | 3rd Quarter | ||||||||||||||||||||||||||||||||||
| 1 | 2 | 3 | 4 | 5 | ||||||||||||||||||||||||||||||||
| 22.01 |
Hedging |
$ | 22,185,093 | 0.1 | % | $ | 36,701,746 | $ | 35,246,378 | $ | 32,554,532 | |||||||||||||||||||||||||
| 22.02 |
Income generation |
$ | 0 | 0.0 | % | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
| 22.03 |
Replications |
$ | 0 | 0.0 | % | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
| 22.04 |
Other |
$ | 54,697 | 0.0 | % | $ | 56,844 | $ | 114,455 | $ | 54,802 | |||||||||||||||||||||||||
| 23. |
Amounts and percentages of the reporting entity's total admitted assets of potential exposure for futures contracts: |
|||||||||||||||||||||||||||||||||||
| At Year End | At End of Each Quarter | |||||||||||||||||||||||||||||||||||
| 1st Quarter | 2nd Quarter | 3rd Quarter | ||||||||||||||||||||||||||||||||||
| 1 | 2 | 3 | 4 | 5 | ||||||||||||||||||||||||||||||||
| 23.01 |
Hedging |
$ | 1,198,755 | 0.0 | % | $ | 13,947,607 | $ | 10,216,000 | $ | 10,393,014 | |||||||||||||||||||||||||
| 23.02 |
Income generation |
$ | 0.0 | % | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||
| 23.03 |
Replications |
$ | 0.0 | % | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||
| 23.04 |
Other |
$ | 0.0 | % | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||
EMPOWER ANNUITY INSURANCE COMPANY
Supplemental Schedule Regarding Reinsurance Contracts with Risk-Limiting Features
As of and for the Year Ended December 31, 2023
Reinsurance contracts subject to Appendix A-791—Life and Health Reinsurance Agreements of the NAIC Accounting Practices and Procedures Manual:
The Company has not entered into, renewed or amended reinsurance contracts on or after January 1, 1996, which include risk-limiting features, as described in SSAP No. 61R—Life, Deposit-Type and Accident and Health Reinsurance (SSAP No. 61R). Deposit accounting, as described in SSAP No. 61R was not applied for reinsurance contracts, which include risk-limiting features since the Company does not have applicable contracts.
Reinsurance contracts NOT subject to Appendix A-791—Life and Health Reinsurance Agreements of the NAIC Accounting Practices and Procedures Manual:
The Company has not applied reinsurance accounting, as described in in SSAP No. 61R, to reinsurance contracts entered into, renewed or amended on or after January 1, 1996, which include risk-limiting features, as described in SSAP No. 61R since the Company does not have applicable contracts. As such, the reinsurance reserve credit, as described in SSAP No. 61R, was not reduced.
Payments to reinsurers (excluding reinsurance contracts with a federal or state facility):
The Company has not entered into, renewed or amended reinsurance contracts on or after January 1, 1996, which contain provisions that allow (1) the reporting of losses or settlements with the reinsurer to occur less frequently than quarterly or (2) payments due from the reinsurer to not be made in cash within ninety days of the settlement date unless there is no activity during the period.
The Company has not entered into, renewed or amended reinsurance contracts on or after January 1, 1996, which contain a payment schedule, accumulating retentions from multiple years or any features inherently designed to delay timing of the reimbursement to the ceding company.
Reinsurance contracts NOT subject to Appendix A-791—Life and Health Reinsurance Agreements of the NAIC Accounting Practices and Procedures Manual and NOT yearly-renewable term that meet the risk transfer requirements under SSAP No. 61R:
The Company has not reflected reinsurance reserve credit for any reinsurance contracts entered into, renewed or amended on or after January 1, 1996 for the following:
| a. | Assumption reinsurance |
| b. | Non-proportional reinsurance that does not result in significant surplus relief |
The Company does not prepare financial information under generally accepted accounting principles (“GAAP”). As such, the Company has not ceded any risk during the period ended December 31, 2023 under any reinsurance contracts entered into, renewed or amended on or after January 1, 1996, that applies reinsurance accounting, as described under SSAP No. 61R for statutory accounting principles (SAP) and applies deposit accounting under GAAP.
The Company has not ceded any risk during the period ended December 31, 2023 under any reinsurance contracts entered into, renewed or amended on or after January 1, 1996, accounted for as reinsurance under GAAP and as a deposit under SSAP No. 61R.
53
| |
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|
| |
|
| (i) |
N/A |
| (j) |
N/A |
| (k) |
|
| (l) |
|
| (m) |
N/A |
| (n) |
N/A |
| (o) |
N/A |
| (p) |
|
| (q) |
N/A |
| Name and Principal Business Address |
Position and Offices with Depositor |
| Richard Linton (2) |
Director & Chairman |
| Jonathan Kreider (1) |
Director & Senior Vice President |
| Mary Maiers (1) |
Director & Vice President |
| Tina Wilson (1) |
Director & Senior Vice President |
| Harry Dalessio (3) |
Director & Senior Vice President |
| Christine Moritz (1) |
President & Chief Executive Officer |
| Kara Roe (1) |
Chief Financial Officer & Controller |
| Jack Brown (1) |
Chief Investment Officer |
| Name and Principal Business Address |
Position and Offices with Depositor |
| Katherine Stoner (1) |
Interim Chief Compliance Officer |
| Christine Dugan (1) |
Chief Actuary |
| Kelly Noble (1) |
General Counsel and Chief Legal Officer |
| Zach Meier (1) |
Legal Risk Officer |
| Vanessa Barker (1) |
Treasurer & Vice President |
| Ryan Logsdon (1) |
Deputy General Counsel & Corporate Secretary |
| Steven Butzine (1) |
AML Officer |
| Douglas Peterson (1) |
Entity CSO |
| Jeffrey Boschen (4) |
Vice President |
| Douglas McIntosh (3) |
Vice President |
| Jennifer Nyhouse (1) |
Vice President |
| Jonathan Bartholomew (3) |
Vice President |
| Kelly New (1) |
Vice President |
| Jacob Cannon (1) |
Head of Commercial Mortgage Lending |
| Tad Anderson (1) |
Head of Corporate Bond Investments |
| The Desmarais Family Residuary Trust |
| ||||||||
| |
99.999% - Pansolo Holding Inc. |
| |||||||
| |
|
|
51.8413% - Power Corporation of Canada | ||||||
| |
|
|
|
The total voting rights of Power Corporation of Canada (PCC) controlled directly and indirectly by the Desmarais Family Residuary Trust are as follows. There are issued and outstanding as of December 31, 2023, 597,387,873 Subordinate Voting Shares (SVS) of PCC carrying one vote per share and 54,860,866 Participating Preferred Shares (PPS) carrying 10 votes per share; hence the total voting rights are 1,145,996,533. | |||||
| |
|
|
|
| |||||
| |
|
|
|
Pansolo Holding Inc. owns directly and indirectly 46,944,592 SVS and 54,715,456 PPS, entitling Pansolo Holding Inc. to an aggregate percentage of voting rights of 594,099,152 or 51.8413% of the total voting rights attached to the shares of PCC. | |||||
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|
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|
|
| |
| Power Corporation of Canada |
| |||||||||||||
| |
100.0% - Power Financial Corporation |
| ||||||||||||
| |
|
68.150% - Great-West Lifeco Inc. |
| |||||||||||
| |
|
|
|
|
100.0% - Great-West Financial (Nova Scotia) Co. |
| ||||||||
| |
|
|
|
|
|
100.0% - Great-West Lifeco U.S. LLC |
| |||||||
| |
|
|
|
|
|
|
100.0% - Great-West Services Singapore I Private Limited |
| ||||||
| |
|
|
|
|
|
|
100.0% - Great-West Services Singapore II Private Limited |
| ||||||
| |
|
|
|
|
|
|
|
|
99.0% - Great West Global Business Services India Private Limited (1% owned by Great-West Services Singapore I Private Limited) |
| ||||
| |
|
|
|
|
|
|
1.0% - Great West Global Business Services India Private Limited (99% owned by Great-West Services Singapore II Private Limited) |
| ||||||
| |
|
|
|
|
|
|
100.0% - Empower Holdings, Inc. |
| ||||||
| |
|
|
|
|
|
|
|
100.0% - Empower Annuity Insurance Company of America (Fed ID # 84-0467907 - NAIC # 68322, CO) |
| |||||
| |
|
|
|
|
|
|
|
|
100.0% - Empower Life & Annuity Insurance Company of New York (Fed ID # 13-2690792 - NAIC # 79359, NY) |
| ||||
| |
|
|
|
|
|
|
|
|
100.0% - Empower Advisory Group, LLC |
| ||||
| |
|
|
|
|
|
|
|
|
100.0% - Empower Financial Services, Inc. |
| ||||
| |
|
|
|
|
|
|
|
|
100.0% - Great-West Life & Annuity Insurance Company of South Carolina (Fed ID #20-3387742 – NAIC # 12510, SC) |
| ||||
| |
|
|
|
|
|
|
|
|
100.0% - Empower Retirement, LLC |
| ||||
| |
|
|
|
|
|
|
|
|
100.0% - Empower Capital Management, LLC |
| ||||
| |
|
|
|
|
|
|
|
|
100.0% - Empower Trust Company, LLC |
| ||||
| |
|
|
|
|
|
|
|
|
100.0% - Lottery Receivable Company One LLC |
| ||||
| |
|
|
|
|
|
|
|
|
100.0% - LR Company II, L.L.C. |
| ||||
| |
|
|
|
|
|
|
|
|
100.00% - Empower Plan Services, LLC |
| ||||
| |
|
|
|
|
|
|
|
|
100.0% - Empower Insurance Agency, LLC |
| ||||
| |
|
|
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|
|
|
100.0% - Empower Annuity Insurance Company |
| ||||
| |
|
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|
|
|
99.0% - Comosa Reit, L.P. |
| ||
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Comosa GP, LLC |
| ||
| |
|
|
|
|
|
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|
|
|
|
|
1.0 % - Comosa Reit, L.P. |
| |
| |
|
|
|
|
|
|
|
|
100.0% - TBG Insurance Services Corporation |
| ||||
| |
|
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|
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|
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|
|
|
|
100.0% - MC Insurance Agency Services, LLC |
| ||
| |
|
|
|
|
|
|
|
|
|
|
|
50.0% - Mullin TBG Insurance Agency Services, LLC (50.0% owned by TBG Insurance Services Corporation) |
| |
| |
|
|
|
|
|
|
|
|
50.0% - Mullin TBG Insurance Agency Services, LLC (50.0% owned by MC Insurance Agency Services, LLC) |
| ||||
| |
|
|
|
|
|
|
|
|
100.0% - Empower Services Holdings, LLC |
| ||||
| |
|
|
|
|
|
|
|
|
100.0% - Empower Personal Wealth, LLC |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Personal Capital Services Corporation |
| |
| |
|
|
|
|
|
|
|
|
|
|
99.99% - CL US Property Feeder II LP (0.01% owned by GWLRA GP LLC) |
| ||
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Empower Securities Holdings, LLC |
| ||
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Empower Services Holdings US, LLC |
| ||
| |
|
|
|
|
|
|
|
|
|
|
|
| ||
| Power Corporation of Canada | |||||||||||||
| |
100.0% - Power Financial Corporation | ||||||||||||
| |
|
68.150% - Great-West Lifeco Inc. | |||||||||||
| |
|
|
|
|
100.0% - Great-West Financial (Nova Scotia) Co. | ||||||||
| |
|
|
|
|
|
100.0% - Great-West Lifeco U.S. LLC | |||||||
| |
|
|
|
|
|
|
99.0% - Great-West Lifeco U.S. Holdings, L.P. (1% owned by Great-West Lifeco U.S. Holdings, LLC) | ||||||
| |
|
|
|
|
|
|
100.0% - Great-West Lifeco U.S. Holdings, LLC | ||||||
| |
|
|
|
|
|
|
|
1% - Great-West Lifeco U.S. Holdings, L.P. (99% owned by Great-West Lifeco U.S. LLC) | |||||
| |
|
|
|
|
|
|
100.0% - Putnam Investments, LLC | ||||||
| |
|
|
|
|
|
|
|
100.0% - Putnam Acquisition Financing, Inc. | |||||
| |
|
|
|
|
|
|
|
|
100.0% - Putnam Acquisition Financing LLC | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Putnam U.S. Holdings I, LLC | |||
| |
|
|
|
|
|
|
|
|
|
|
20.0% - PanAgora Asset Management, Inc. (80% owned by PanAgora Holdings, Inc.) | ||
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - PanAgora Asset Management GP, LLC |
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Putnam Investment Management, LLC | ||
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Putnam Fiduciary Trust Company, LLC | ||
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Putnam Investor Services, Inc. | ||
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Putnam Retail Management GP, Inc. | ||
| |
|
|
|
|
|
|
|
|
|
|
|
|
1.0% - Putnam Retail Management Limited Partnership (99% owned by Putnam U.S. Holdings I, LLC) |
| |
|
|
|
|
|
|
|
|
|
|
99.0% - Putnam Retail Management Limited Partnership (1% owned by Putnam Retail Management GP, Inc.) | ||
| |
|
|
|
|
|
|
|
|
|
|
100.0% - PanAgora Holdings, Inc. | ||
| |
|
|
|
|
|
|
|
|
|
|
|
80.00% - PanAgora Asset Management, Inc. (20.0% owned by Putnam U.S. Holdings I, LLC) | |
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Putnam Investment Holdings, LLC | ||
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - 37 Capital Structured Credit General Partner, LLC |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Savings Investments, LLC |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Putnam Capital, L.L.C. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - 37 Capital General Partner, LLC |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - 37 Capital Private Mortgage II General Partner, LLC |
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Putnam Advisory Holdings II, LLC | ||
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Putnam Investments Australia Pty Limited | |
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Putnam Investments Japan Co., Ltd. | |
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Putnam International Distributors, Ltd. | ||
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Putnam Investments Argentina S.A. |
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Putnam Investments Limited | |
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - The Putnam Advisory Company, LLC | |
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Putnam Advisory Holdings, LLC | ||
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Putnam Investments Canada ULC | |
| Power Corporation of Canada | |||||||||||||
| |
100.0% - Power Financial Corporation | ||||||||||||
| |
|
68.150% - Great-West Lifeco Inc. | |||||||||||
| |
|
|
100.0% - Great-West Lifeco LRCN Trust | ||||||||||
| |
|
|
100.0% - Great-West Lifeco U.S. LLC | ||||||||||
| |
|
|
|
100.0% - Great-West Lifeco US Finance 2019 I, LLC | |||||||||
| |
|
|
|
100.0% - Great-West Lifeco US Finance 2019 II, LLC | |||||||||
| |
|
|
|
100.0% - Great-West Lifeco Finance 2019, LLC | |||||||||
| |
|
|
|
100.0% - Great-West Lifeco Finance 2019 II, LLC | |||||||||
| |
|
|
|
100.0% - GW Lifeco U.S. Finance 2020, LLC | |||||||||
| |
|
|
|
100.0% - Empower Finance 2020, LLC | |||||||||
| |
|
|
|
1.0% - Great-West Lifeco U.S. Finance 2020 LP (99.0% owned by Great-West Lifeco, Inc.) | |||||||||
| |
|
|
|
1.0% - Great-West Lifeco Finance 2018, LP (99.0% owned by Great-West Lifeco, Inc.) | |||||||||
| |
|
|
|
1.0% - Empower Finance 2020, LP (99.0% owned by Great-West Lifeco, Inc.) | |||||||||
| |
|
|
99.0% - Great-West Lifeco U.S. Finance 2020, LP (1.0% owned by Great-West Lifeco U.S. LLC) | ||||||||||
| |
|
|
|
100.0% - GW Lifeco US Finance 2020 5 Year, LLC | |||||||||
| |
|
|
99.0% - Great-West Lifeco Finance 2018, LP (1.0% owned by Great-West Lifeco U.S. LLC) | ||||||||||
| |
|
|
|
100.0% - Great-West Lifeco Finance 2018, LLC | |||||||||
| |
|
|
|
100.0% - Great-West Lifeco Finance 2018 II, LLC | |||||||||
| |
|
|
99.0% - Empower Finance 2020, LP (1.0% owned by Great-West Lifeco U.S. LLC) | ||||||||||
| |
|
|
|
100.0% - Empower Finance 2020 A, LLC | |||||||||
| |
|
|
|
100.0% - Empower Finance 2020 B, LLC | |||||||||
| |
|
|
|
100.0% - Empower Finance 2020 C, LLC | |||||||||
| |
|
|
99.0% - Great-West Lifeco US Finance 2019, LP (1.0% owned by 2142540 Ontario Inc.) | ||||||||||
| |
|
|
|
40.0% - Great-West Lifeco Finance (Delaware) LLC (60.0% owned by The Canada Life Assurance Company) | |||||||||
| |
|
|
|
100.0% - Great-West Lifeco Finance 2017, LLC | |||||||||
| |
|
|
|
99.0% - Great-West Lifeco U.S. Finance 2019 LP (1% owned by 2142540 Ontario Inc.) | |||||||||
| |
|
|
|
100.0% - Great-West Lifeco US Finance 2019, LLC | |||||||||
| |
|
|
100.0% - 2142540 Ontario Inc. | ||||||||||
| |
|
|
|
1.0% - Great-West Lifeco Finance (Delaware) LP (99% owned by Great-West Lifeco Inc.) | |||||||||
| |
|
|
|
1.0% - Great-West Life US Finance 2019 LP (99% owned by Great-West Lifeco Inc.) | |||||||||
| |
|
|
100.0% - Empower Finance UK 2021 Limited | ||||||||||
| |
|
|
|
100.0% - Empower Finance Swiss 2021 GmbH | |||||||||
| |
|
|
18.5% - Portag3 Ventures LP | ||||||||||
| |
|
|
29.3% - Springboard II LP | ||||||||||
| |
|
|
33.3% - Portag3 Ventures II Affiliates LP | ||||||||||
| |
|
|
|
33.3% - Portag3 Ventures II LP | |||||||||
| |
|
|
|
33.3% - Portag3 Ventures II International Investments Inc. | |||||||||
| |
|
|
100.0% - 14653998 Canada Inc. | ||||||||||
| |
|
|
100.0% - 15422922 Canada Inc. | ||||||||||
| |
|
|
100.0% - 6109756 Canada Inc. | ||||||||||
| |
|
|
100.0% - 6922023 Canada Inc. | ||||||||||
| |
|
|
100.0% - 8563993 Canada Inc. | ||||||||||
| |
|
|
20.0% - 11249185 Canada Inc. | ||||||||||
| |
|
|
20.0% - Armstrong LP (1.0% owned by 11249185 Canada Inc.) | ||||||||||
| |
|
|
|
49.9% - Northleaf Capital Group Ltd. | |||||||||
| |
|
|
|
|
100% - Northleaf Capital Partners Ltd. | ||||||||
| |
|
|
|
|
|
100% - Northleaf PPP GP Ltd. | |||||||
| |
|
|
|
|
|
100% - Northleaf Secondary Partners III GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - Northleaf NCO (US) GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Northleaf Capital Partners US GP LLC | |||||||
| |
|
|
|
|
|
49.0% - NICP IV GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Northleaf Geothermal Holdings (Canada) GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - Northleaf Venture Catalyst Fund III GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - Northleaf Private Credit III GP Ltd. | |||||||
| |
|
|
|
|
|
100% - NSPC-L Holdings II GP Ltd. | |||||||
| |
|
|
|
|
|
49% - Northleaf Private Equity VIII GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Northleaf Crescendo Holdings GP LLC | |||||||
| |
|
|
|
|
|
100% - Northleaf Small Cell GP Ltd. | |||||||
| |
|
|
|
|
|
100% - NCP Terminals GP Ltd. | |||||||
| |
|
|
|
|
|
100% - Northleaf NICP III GP LLC | |||||||
| |
|
|
|
|
|
100% - Northleaf Music Copyright Ventures GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - NEIF GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Northleaf Strategic Capital GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - Northleaf Global Private Equity GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - NICP I NWP US GP LLC | |||||||
| |
|
|
|
|
|
100% - NCP NWP US GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - Northleaf NICP III GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - NCP US Terminals GP LLC | |||||||
| |
|
|
|
|
|
49.0% - NPCO GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - Northleaf LPF Private Credit Holdings GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - NPC II Holdings GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - NCP Canadian Breaks GP LLC | |||||||
| |
|
|
|
|
|
100.0% - Northleaf Vault Holdings GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - NSPC-L GPC Ltd. | |||||||
| |
|
|
|
|
|
100.0% - NCP CSV Holdings GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Northleaf Capital Advisors Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Northleaf Trustees Limited | |||||||
| |
|
|
|
|
|
100.0% - Northleaf PE GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - Northleaf Growth Fund GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Northleaf Capital Partners (Canada) Ltd. | |||||||
| |
|
|
|
|
|
|
100.0% - Northleaf Class C Sub Holdings Ltd. | ||||||
| |
|
|
|
|
|
|
100.0% - Northleaf Capital Partners Japan KK | ||||||
| |
|
|
|
|
|
|
100.0% - Northleaf SH288 GP Ltd. | ||||||
| |
|
|
|
|
|
|
100.0% - Northleaf Capital Partners (Australia) Pty Ltd. | ||||||
| |
|
|
|
|
|
|
100.0% - Northleaf Capital Partners (UK) Limited | ||||||
| |
|
|
|
|
|
|
49.0% - Northleaf NICP II GP Ltd. | ||||||
| |
|
|
|
|
|
|
100.0% - Northleaf Class C Holdings GP Ltd. | ||||||
| |
|
|
|
|
|
|
100.0% - Northleaf Capital Partners (USA) Inc. | ||||||
| |
|
|
|
|
|
100.0% - Annex Fund GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Northleaf Capital Partners GP Ltd. | |||||||
| |
|
|
|
|
|
|
100.0% - SW Holdings GP Ltd. | ||||||
| |
|
|
|
|
|
100.0% - NICP IV GP LLC | |||||||
| |
|
|
|
|
|
49.0% - Northleaf Global Private Equity Holdings GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - NPC III RN (Canada) GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Northleaf NICP III Canadian Class C Holdings Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Northleaf Millennium Holdings (US) GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Northleaf Millennium Holdings (Canada) GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - Northleaf Secondary Partners IV GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - Northleaf Star Holdings GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Northleaf Star GPC Ltd. | |||||||
| |
|
|
|
|
|
49.0% - Northleaf Private Credit GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - NPC GPC Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Northleaf Lal Lal Holdings GP Ltd. | |||||||
| |
|
|
|
|
|
|
100% - Northleaf Lal Lal Holdings (Australia) Pty Ltd. | ||||||
| |
|
|
|
|
|
100.0% - NPC II GPC Ltd. | |||||||
| |
|
|
|
|
|
100.0% - NSPC GPC Ltd. | |||||||
| |
|
|
|
|
|
49.0% - NSPC GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - NSPC-L GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - NSPC-L Holdings GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - NPC I Holdings GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - Northleaf Private Credit II GP Ltd. | |||||||
| |
|
|
|
|
|
49.0% - Northleaf NCO GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - NSPC International GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - NSPC-L International GP Ltd. | |||||||
| |
|
|
|
|
|
63.17% - Northleaf Capital Holdings Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Northleaf PE Holdings GP Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Northleaf Capital Partners GP II Ltd. | |||||||
| |
|
|
|
|
|
|
49.0% - Northleaf NICP II Holdings GP Ltd. | ||||||
| |
100.0% - The Canada Life Assurance Company (NAIC #80659, MI) | ||||||||||||
| |
|
99.9999% - CLUS CDN-LP (0.0001% owned by 4362014 Nova Scotia Company) | |||||||||||
| |
|
|
100.0% - Great-West US RE Holdings, Inc. | ||||||||||
| |
|
|
|
|
|
100.0% - CL Burlingame, LLC | |||||||
| |
|
|
|
|
|
|
10.0% - PGEW Burlingame, LLC | ||||||
| |
|
|
|
|
|
|
|
100.0% - EW PG – Airport Owner, LLC | |||||
| |
|
|
|
|
|
100.0% - CL 25 North LLC | |||||||
| |
|
|
|
|
|
|
10.0% - 25 North Investors, LLC | ||||||
| |
|
|
|
|
|
|
|
100.0% - 25 North Investors SPE1, LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - 25 North Investors SPE3, LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - 25 North Investors SPE4-9, LLC | |||||
| |
|
|
|
|
|
100.0% - Great-West US RE Acquisition, LLC | |||||||
| |
|
|
|
|
|
100.0% - EW GP Fund I LLC | |||||||
| |
|
|
|
|
|
|
100.0% - CL EVOX LLC | ||||||
| |
|
|
|
|
|
|
|
10.0% - EVOX Holdings LLC | |||||
| |
|
|
|
|
|
|
|
|
100.0% - EVOX Holdings II LLC | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - EVOX NJ Edison 65 LLC | |||
| |
|
|
|
|
|
|
|
|
100.0% - EVOX TRS LLC | ||||
| |
|
|
|
|
|
|
|
|
100.0% - EVOX TN Smyrna 2699 LLC | ||||
| |
|
|
|
|
|
|
|
|
100.0% - EVOX TX Sugar Land 12510 LLC | ||||
| |
|
|
|
|
|
|
|
|
100.0% - EVOX OR Hillsboro 3550 LLC | ||||
| |
|
|
|
|
|
|
|
|
100.0% - EVOX CA Oceanside 4665 LLC | ||||
| |
|
|
|
|
|
|
|
|
100.0% - EVOX CA Fremont 43990 LLC | ||||
| |
|
|
|
|
|
|
|
|
100.0% - EVOX AZ Chandler 800 LLC | ||||
| |
|
|
|
|
|
|
|
|
100.0% - EVOX AZ Chandler Airpark LLC | ||||
| |
|
|
|
|
|
|
|
|
100.0% - EVOX CO Centennial LLC | ||||
| |
|
|
|
|
|
100.0% - EW GP Fund II LLC | |||||||
| |
|
|
|
|
|
100.0% - EW GP Fund I Managing Member LLC | |||||||
| |
|
99.99% - CL US Property Feeder I LP (0.01% owned by GWLRA GP LLC) | |||||||||||
| |
|
41.2% - GWL THL Private Equity I Inc. (58.8% owned by The Canada Life Insurance Company of Canada) | |||||||||||
| |
|
|
100.0% - GWL THL Private Equity II Inc. | ||||||||||
| |
|
|
|
23.0% - Great-West Investors Holdco Inc. (77% owned by The Canada Life Assurance Company) | |||||||||
| |
|
|
100.0% - Great-West Investors LLC | ||||||||||
| |
|
|
|
100.0% - Great-West Investors LP Inc. | |||||||||
| |
|
|
|
|
99.0% - Great-West Investors LP (1.0% owned by Great-West Investors GP Inc.) | ||||||||
| |
|
|
|
|
|
|
|
|
100.0% - T.H. Lee Interests | ||||
| |
|
|
|
|
|
100.0% - Great-West Investors GP Inc. | |||||||
| |
|
|
|
|
|
|
|
|
1.0% - Great-West Investors LP (99.0% owned by Great- West Investors LP Inc.) | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - T.H. Lee Interests | |||
| |
|
77.0% - CDN US Direct RE Holdings Ltd. (23% owned by The Canada Life Insurance Company of Canada) | |||||||||||
| |
|
|
100.0% - Great-West US Direct Residential Holdings Inc. | ||||||||||
| |
|
|
|
100.0% - GWL Direct 425 Trade LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct 32 Cambridge LLC | |||||||||
| |
|
|
100.0% - Great-West US Direct RE Holdings Inc. | ||||||||||
| |
|
|
|
100.0% - GWL Direct 650 Almanor LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct 345 Cessna LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct 1925 Grove LLC | |||||||||
| |
|
|
|
100.0% - CL GFP LLC | |||||||||
| |
|
|
|
|
10.0% - GFP CL Holdings LLC | ||||||||
| |
|
|
|
|
|
100.0% - GFP CL Maspeth 55-30, LLC | |||||||
| |
|
|
|
100.0% - GWL Direct 1 Bulfinch Place LLC | |||||||||
| |
|
|
|
100.0% - Great-West US Direct RE Acquisition LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct 851 SW 34th LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct 12100 Rivera LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct 3209 Lionshead LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct 18701-18901 38th LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct 12900 Airport LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct 25200 Commercentre LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct 351-353 Maple LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct 260 Ace-5725 Amelia LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct 9485 Hwy 42 LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct Moonachie LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct 4785 Fulton LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct 7410 + 7419 Roosevelt LLC | |||||||||
| |
|
|
|
100.0% - GWL Direct 11077 Rush LLC | |||||||||
| |
|
|
|
96.0% - CL ACP Nassau, LLC | |||||||||
| |
|
|
|
|
100.0% - EW Direct 1Nassau LLC | ||||||||
| |
|
100.0% - GWL Realty Advisors Inc. | |||||||||||
| |
|
|
|
100.0% - RAUS GP Holdings Inc. | |||||||||
| |
|
|
|
100.0% - GWL U.S. Property Fund LP LLC | |||||||||
| |
|
|
|
100.0% - GWLRA GP LLC | |||||||||
| |
|
|
|
|
100.0% - GWL Plus GP LLC | ||||||||
| |
|
|
|
|
100.0% - GWL Plus II GP LLC | ||||||||
| |
|
|
|
|
100.0% - GWL GP LLC | ||||||||
| |
|
|
|
|
100.0% - GWL RES GP LLC | ||||||||
| |
|
|
|
|
0.01% - CL US Property Feeder I LP (99.99% owned by The Canada Life Assurance Company) | ||||||||
| |
|
|
|
|
0.01% - CL US Property Feeder II LP (99.99% owned by Great-West Life & Annuity Insurance Company) | ||||||||
| |
|
|
100.0% - RA Real Estate Inc. | ||||||||||
| |
|
|
|
0.1% - RMA Real Estate LP (99.9% owned by The Canada Life Assurance Company) | |||||||||
| |
|
|
|
|
100% - RMA Properties Ltd. | ||||||||
| |
|
|
|
|
100% - RMA Properties (Riverside) Ltd. | ||||||||
| |
|
|
100.0% - GWL Realty Advisors Residential Inc. | ||||||||||
| |
|
|
100.0% - 2278372 Ontario Inc. | ||||||||||
| |
|
|
100.0% - 100039744 Ontario Inc. | ||||||||||
| |
|
87.5% - 555 Robson Holding Ltd. (12.5% owned by The Canada Life Insurance Company of Canada) | |||||||||||
| |
|
80.0% - 1385456 B.C. Ltd. (20% owned by The Canada Life Insurance Company of Canada) | |||||||||||
| |
|
100.0% - 200 Graham Ltd. | |||||||||||
| |
|
100.0% - 801611 Ontario Limited | |||||||||||
| |
|
100.0% - 1213763 Ontario Inc. | |||||||||||
| |
|
|
99.99% - Riverside II Limited Partnership (0.01% owned by 2024071 Ontario Limited) | ||||||||||
| |
|
100.0% - Kings Cross Shopping Centre Ltd. | |||||||||||
| |
|
100.0% - 681348 Alberta Ltd. | |||||||||||
| |
|
50.0% - 3352200 Canada Inc. | |||||||||||
| |
|
100.0% - 1420731 Ontario Limited | |||||||||||
| |
|
60.0% - Great-West Lifeco Finance (Delaware) LLC (40.0% owned by Great-West Lifeco Finance (Delaware) LP) | |||||||||||
| |
|
100.0% - 1455250 Ontario Limited | |||||||||||
| |
|
100.0% - CGWLL Inc. | |||||||||||
| |
|
100.0% - Canada Life Securities Ltd. | |||||||||||
| |
|
100.0% - ClaimSecure Inc. | |||||||||||
| |
|
100.0% - 14894821 Canada Inc. | |||||||||||
| |
|
|
100.0% - Value Partners Group Inc. | ||||||||||
| |
|
|
|
100.0% - Value Partners Investments Inc. | |||||||||
| |
|
|
|
100.0% - LP Insurance and Estate Planning Ltd. | |||||||||
| |
|
|
|
100.0% - LP Financial Planning Services Ltd. | |||||||||
| |
|
100.0% - 14888669 Canada Inc. | |||||||||||
| |
|
|
100.0% - Investment Planning Counsel Inc. | ||||||||||
| |
|
|
|
100.0% - IPC Estate Services Inc. | |||||||||
| |
|
|
|
100.0% - IPC Investment Corporation | |||||||||
| |
|
|
|
100.0% - IPC Securities Corporation | |||||||||
| |
|
|
|
100.0% - Counsel Portfolio Services Inc. | |||||||||
| |
|
|
|
|
100.0% - Counsel Portfolio Corporation | ||||||||
| |
|
100.0% - 2020917 Alberta Ltd. | |||||||||||
| |
|
84.0% - 2148902 Alberta Ltd. (16% owned by The Canada Life Insurance Company of Canada) | |||||||||||
| |
|
70.0% - 2157113 Alberta Ltd. (30% owned by The Canada Life Insurance Company of Canada) | |||||||||||
| |
|
100.0% - The Walmer Road Limited Partnership | |||||||||||
| |
|
100.0% - Laurier House Apartments Limited | |||||||||||
| |
|
100.0% - Marine Promenade Properties Inc. | |||||||||||
| |
|
100.0% - 2024071 Ontario Limited | |||||||||||
| |
|
|
100.0% - 431687 Ontario Limited | ||||||||||
| |
|
|
0.01% - Riverside II Limited Partnership (99.99% owned by 1213763 Ontario Inc.) | ||||||||||
| |
|
100.0% - High Park Bayview Inc. | |||||||||||
| |
|
|
0.001% - High Park Bayview Limited Partnership | ||||||||||
| |
|
99.999% - High Park Bayview Limited Partnership | |||||||||||
| |
|
5.6% - MAM Holdings Inc. (94.4% owned by The Canada Life Insurance Company of Canada) | |||||||||||
| |
|
|
100% - Mountain Asset Management LLC | ||||||||||
| |
|
100.0% - CLUS CDN-GP Co. | |||||||||||
| |
|
|
0.0001% - CLUS CDN-LP (99.9999% owned by The Canada Life Assurance Company) | ||||||||||
| |
|
100.0% - CLUS CDN Mgmt Holdings Ltd. | |||||||||||
| |
|
|
0.0001% - CLUS CDN-LP (99.9999% owned by The Canada Life Assurance Company) | ||||||||||
| |
|
100.0% - CLUS CDN Mgmt Holdings Ltd. | |||||||||||
| |
|
|
100.0% - CLUS Mgmt Holdings Inc. | ||||||||||
| |
|
|
|
100.0% - GW Property Services, LLC | |||||||||
| |
|
100.0% - RMA Realty Holdings Corporation Ltd. | |||||||||||
| |
|
|
100.0% - 1995709 Alberta Ltd. | ||||||||||
| |
|
|
|
2.56% - RMA (U.S.) Realty LLC (97.44% owned by RMA Realty Holdings Corporation Ltd.) | |||||||||
| |
|
|
97.44% - RMA (U.S.) Realty LLC (2.56% owned by 1995709 Alberta Ltd.) | ||||||||||
| |
|
|
|
99.0% - RMA American Realty Limited Partnership (1% owned by RMA American Realty Corp.) | |||||||||
| |
|
|
97.44% - RMA Real Estate LP (2.56% owned by RA Real Estate Inc.) | ||||||||||
| |
|
|
|
100.0% - RMA American Realty Corp. | |||||||||
| |
|
|
|
|
1% - RMA American Realty Limited Partnership (99% owned by RMA (U.S.) Realty LLC (Delaware)) | ||||||||
| |
|
|
|
99.0% - RMA American Realty Limited Partnership (1% owned by RMA American Realty Corp.) | |||||||||
| |
|
|
99.9% - RMA Real Estate LP (0.01% owned by RA Real Estate Inc.) | ||||||||||
| |
|
|
|
100.0% - RMA Properties Ltd. | |||||||||
| |
|
|
|
100.0% - RMA Properties (Riverside) Ltd. | |||||||||
| |
|
100.0% - KS Village (Millstream) Inc. | |||||||||||
| |
|
100.0% - Trop Beau Developments Limited | |||||||||||
| |
|
100.0% - RA SPE 599 Holdings Inc. | |||||||||||
| |
|
|
100.0% - RA SPE 599 Inc. | ||||||||||
| |
|
100.0% - Kelowna Central Park Properties Ltd. | |||||||||||
| |
|
100.0% - Kelowna Central Park Phase II Properties Ltd. | |||||||||||
| |
|
87.5% - Vaudreuil Shopping Centres Limited (12.5% owned by The Canada Life Insurance Company of Canada) | |||||||||||
| |
|
62.0% - 1296 Station Street Properties Ltd. (380% owned by The Canada Life Insurance Company of Canada) | |||||||||||
| |
|
100.0% - Saskatoon West Shopping Centres Limited | |||||||||||
| |
|
87.5% - 2331777 Ontario Ltd. (12.5% owned by The Canada Life Insurance Company of Canada) | |||||||||||
| |
|
87.5% - 2344701 Ontario Ltd. (12.5% owned by The Canada Life Insurance Company of Canada) | |||||||||||
| |
|
87.5% - 2356720 Ontario Ltd. (12.5% owned by The Canada Life Insurance Company of Canada) | |||||||||||
| |
|
87.5% - 0977221 B.C. Ltd. (12.5% owned by The Canada Life Insurance Company of Canada) | |||||||||||
| |
|
97.07% - 7420928 Manitoba Limited Partnership (0.02% owned by 7419521 and 2.90% owned by The Canada Life Insurance Company of Canada) | |||||||||||
| |
|
100.0% - 7419521 Manitoba Ltd. | |||||||||||
| |
|
|
0.02% - 7420928 Manitoba Limited Partnership (97.07% owned by The Canada Life Assurance Company and 2.90% owned by The Canada Life Insurance Company of Canada) | ||||||||||
| |
|
|
|
100.0% - 7419539 Manitoba Ltd. | |||||||||
| |
|
|
100.0% - 1338988 B.C. Ltd. | ||||||||||
| |
|
|
100.0% - 1542775 Alberta Ltd. | ||||||||||
| |
|
|
100.0% - 0813212 B.C. Ltd. | ||||||||||
| |
|
|
100.0% - 1319399 Ontario Inc. | ||||||||||
| |
|
|
100.0% - 13369901 Canada Inc. | ||||||||||
| |
|
|
100.0% - 4298098 Canada Inc. 100.0% - 389288 B.C. Ltd. | ||||||||||
| |
|
|
100.0% - Quadrus Investment Services Ltd. | ||||||||||
| |
|
|
88.0% - Neighborhood Dental Services Ltd. | ||||||||||
| |
|
|
100.0% - Quadrus Distribution Services Ltd. | ||||||||||
| |
|
|
100.0% - Toronto College Park Ltd. | ||||||||||
| |
|
|
100.0% - 185 Enfield GP Inc. | ||||||||||
| |
|
|
|
0.01% - 185 Enfield LP (99.99% owned by The Canada Life Assurance Company) | |||||||||
| |
|
|
99.99% - 185 Enfield LP (0.001% owned by 185 Enfield GP Inc.) | ||||||||||
| |
|
|
100.0% - 320 McRae GP Inc. | ||||||||||
| |
|
|
|
0.001% - 320 McRae LP (99.99% owned by The Canada Life Assurance Company) | |||||||||
| |
|
|
|
99.99% - 320 McRae LP (0.001% owned by 320 McRae GP Inc.) | |||||||||
| |
|
|
100.0% - Financial Horizons Group Inc. | ||||||||||
| |
|
|
|
100.0% - Financial Horizons Incorporated | |||||||||
| |
|
|
|
|
100.0% - Continuum Financial Centres Inc. | ||||||||
| |
|
|
|
|
100.0% - TORCE Investment Management Inc.. | ||||||||
| |
|
|
100.0% - Canada Life Capital Corporation, Inc. | ||||||||||
| |
|
|
|
100.0% - 11658735 Canada Inc. | |||||||||
| |
|
|
|
100% - GLC Reinsurance Corporation | |||||||||
| |
|
|
|
100.0% - Canada Life International Holdings Limited | |||||||||
| |
|
|
|
|
100.0% - Canada Life UK Holdings Limited | ||||||||
| |
|
|
|
|
|
100.0% - Stonehaven UK Limited | |||||||
| |
|
|
|
|
|
100.0% - MGM Advantage Services Limited | |||||||
| |
|
|
|
|
100.0% - Canada Life Asset Management Limited | ||||||||
| |
|
|
|
|
100.0% - Canada Life Platform Limited | ||||||||
| |
|
|
|
|
|
100.0% - Canada Life SIPP Trustee Limited | |||||||
| |
|
|
|
|
|
100.0% - Canada Life Platform Nominee Limited | |||||||
| |
|
|
|
|
100.0% - Canada Life Annuity Reinsurance (Barbados) Corporation | ||||||||
| |
|
|
|
|
100.0% - Canada Life International Services Limited | ||||||||
| |
|
|
|
|
100.0% - Canada Life International Limited | ||||||||
| |
|
|
|
|
|
100.0% - CLI Institutional Limited | |||||||
| |
|
|
|
|
100.0% - The Canada Life Group (U.K.) Limited | ||||||||
| |
|
|
|
|
|
100.0% - ILGWM Limited | |||||||
| |
|
|
|
|
|
|
100.0% - Clearview Investments & Pensions Limited | ||||||
| |
|
|
|
|
|
|
90.0% - Harvest Trustee Limited | ||||||
| |
|
|
|
|
|
|
90.0% - Harvest Financial Services Limited | ||||||
| |
|
|
|
|
|
|
100.0% - Platform Capital Holdings Limited | ||||||
| |
|
|
|
|
|
|
|
100.0% - Conexim Advisors Limited | |||||
| |
|
|
|
|
|
|
100.0% - Vestone Ltd. | ||||||
| |
|
|
|
|
|
|
|
100.0% - Cornmarket Group Financial Services Limited | |||||
| |
|
|
|
|
|
|
|
|
100.0% - Cornmarket Civil and Public Sector Mastertrust dac | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Cornmarket Insurance Services Limited | ||||
| |
|
|
|
|
|
|
|
|
100.0% - EIS Financial Services Limited | ||||
| |
|
|
|
|
|
|
|
|
100.0% - K.D. Retirement Services Limited | ||||
| |
|
|
|
|
|
|
100.0% - Unio Limited | ||||||
| |
|
|
|
|
|
|
|
100.0% - ILGAPT Limited | |||||
| |
|
|
|
|
|
|
|
|
100.0% - APT Workplace Pension Ltd. | ||||
| |
|
|
|
|
|
|
|
|
100.0% - APT Wealth Management Ltd. | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - APTFS Nominees Ltd. | |||
| |
|
|
|
|
|
|
|
100.0% - Unio Financial Services Limited | |||||
| |
|
|
|
|
|
|
|
|
100.0% - BCRM Financial Holdings (Ireland) dac | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Acumen & Trust dac | |||
| |
|
|
|
|
|
|
|
|
100.0% - ILP Pension Trustees DAC | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Invesco Trustee AC | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Acumen & Trust Pension Trustees dac | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - ILP Master Trustee dac | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Irish Life Trustee Services Limited | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Navigate Master Trustee dac | |||
| |
|
|
|
|
|
100.0% - Canada Life Irish Holding Company Limited | |||||||
| |
|
|
|
|
|
|
80.0% - Canada Life International Assurance (Ireland) Designated Activity Company (20.0% owned by CL Abbey Limited) | ||||||
| |
|
|
|
|
|
|
24.625% - Summitas Beteiligungs GmbH (9.85% owned by JDC Group AG) | ||||||
| |
|
|
|
|
|
|
|
100.0% - Summitas Holding GMbh | |||||
| |
|
|
|
|
|
|
|
100.0% - Summitas MidCo GMbh | |||||
| |
|
|
|
|
|
|
|
100.0% - Summitas Gruppe GMbh | |||||
| |
|
|
|
|
|
|
26.9% - JDC Group AG | ||||||
| |
|
|
|
|
|
|
|
9.85% - Summitas Beteiligungs GmbH (24.625% owned by Canada Life Irish Holding Company Limited) | |||||
| |
|
|
|
|
|
|
|
100.0% - Summitas Holding Gmbh | |||||
| |
|
|
|
|
|
|
|
100.0% - Summitas MidCo Gmbh | |||||
| |
|
|
|
|
|
|
|
100.0% - Summitas Gruppe Gmbh | |||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Munchener Versicherungsmakler GmbH | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - EASIE Assekuranzmakler – AG | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Dr. Ihlas GmbH | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Confera GmbH | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Confera Coverage Solutions GmbH | |||
| |
|
|
|
|
|
|
|
|
75.1% - BB-Wertpapier-Verwaltungsgesellschaft mbH | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Jung, DMS & Cie.AG | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Jung, DMS & Cie.Pro GmbH | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Morgen & Morgen GmbH | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Jung, DMS & Cie.Pool GmbH | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - JDC Geld,de GmbH | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - JDC plus GmbH | |||
| |
|
|
|
|
|
|
|
|
100.0% - JDC B-LAB GmbH | ||||
| |
|
|
|
|
|
|
|
|
100.0% - FINUM.PRIVATE Finance Holding GmbH (Germany) | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - FINUM.Finanzhause AG | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - FINUM.Pension Consulting GmbH | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - FINUM.Private Finance AG (Germany) | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - FVV – GmbH | |||
| |
|
|
|
|
|
|
|
|
100.0% - FINUM.PRIVATE Finance Holding GmbH (Austria) | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - FINUM.Private Finance AG (Austria) | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Jung, DMS & Cie. GmbH | |||
| |
|
|
|
|
|
|
|
|
|
51.0% - Jupoo finance GmbH | |||
| |
|
|
|
|
|
|
100.0% - CL Abbey Limited | ||||||
| |
|
|
|
|
|
|
|
20.0% - Canada Life International Assurance (Ireland) Designated Activity Company (80.0% owned by Canada Life Irish Holding Company Limited) | |||||
| |
|
|
|
|
|
|
100.0% - Canada Life Re Ireland dac | ||||||
| |
|
|
|
|
|
|
|
100.0% - Canada Life Dublin dac | |||||
| |
|
|
|
|
|
|
50.0% - AIBJV Holdings Limited | ||||||
| |
|
|
|
|
|
|
|
100.0% - AIBJV dac | |||||
| |
|
|
|
|
|
|
100.0% - Canada Life Group Services Limited | ||||||
| |
|
|
|
|
|
|
|
100.0% - Canada Life Europe Investment Limited | |||||
| |
|
|
|
|
|
|
|
|
100.0% - Canada Life Europe Management Services Limited | ||||
| |
|
|
|
|
|
|
|
|
|
21.33% - Canada Life Assurance Europe Limited (78.67% owned by Canada Life Europe Investment Limited) | |||
| |
|
|
|
|
|
|
|
|
78.67% - Canada Life Assurance Europe Limited (21.33% owned by Canada Life Europe Management Services Limited) | ||||
| |
|
|
|
|
|
|
100.0% - Irish Life Investment Managers Limited | ||||||
| |
|
|
|
|
|
|
|
100.0% - Summit Asset Managers Limited | |||||
| |
|
|
|
|
|
|
|
100.0% - ILIM European Real Estate Fund General Partner SARL | |||||
| |
|
|
|
|
|
|
100.0% - Setanta Asset Management Limited | ||||||
| |
|
|
|
|
|
|
100.0% - Canada Life Pension Managers & Trustees Limited | ||||||
| |
|
|
|
|
|
|
100.0% - Canada Life European Real Estate Limited | ||||||
| |
|
|
|
|
|
|
100.0% - Canada Life Trustee Services (U.K.) Limited | ||||||
| |
|
|
|
|
|
|
100.0% - CLFIS (U.K.) Limited | ||||||
| |
|
|
|
|
|
|
|
100.0% - Canada Life UK Staff Pension Trustee Limited | |||||
| |
|
|
|
|
|
|
100.0% - Canada Life Limited | ||||||
| |
|
|
|
|
|
|
|
14.0% - Harbourside Leisure Management Company Limited 11.0% - St. Paul’s Place Management Company Limited | |||||
| |
|
|
|
|
|
|
|
26.0% - ETC Hobley Drive Management Company Limited | |||||
| |
|
|
|
|
|
|
|
100.0% - Synergy Sunrise (Wellington Row) Limited | |||||
| |
|
|
|
|
|
|
|
76.0% - Radial Park Management Limited | |||||
| |
|
|
|
|
|
|
|
100.0% - Canada Life (U.K.) Limited | |||||
| |
|
|
|
|
|
|
|
|
100.0% - Canada Life Fund Managers (U.K.) Limited | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Canada Life Group Services (U.K.) Limited | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Canada Life Home Finance Trustee Limited | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Canada Life Irish Operations Limited | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Canada Life Ireland Holdings Limited. | ||||
| |
|
|
|
|
|
|
|
100.0% - Irish Life Group Limited | |||||
| |
|
|
|
|
|
|
|
|
100.0% - Irish Life Ark Life Dublin dac | ||||
| |
|
|
|
|
|
|
|
|
100.0% - ILHAWK Limited | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Vigo Health Limited | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Irish Life Health dac | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Irish Life Wellbeing Limited | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Irish Life Group Services Limited | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Irish Life Financial Services Ltd. | ||||
| |
|
|
|
|
|
|
|
|
|
43.40% - Multiply.AI | |||
| |
|
|
|
|
|
|
|
|
49.0% - Affinity First Limited | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Irish Life Associate Holdings Unlimited Company | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Irish Life Assurance plc. | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Ilona Financial Group, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Stephen Court Limited | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - (2,3&4) Basement Company Limited | |||
| |
|
|
|
|
|
|
|
|
|
66.66% - City Gate Park Administration Limited | |||
| |
|
|
|
|
|
|
|
|
|
50.0% - Dakline Company Ltd. | |||
| |
|
|
|
|
|
|
|
|
|
50.0% - Earlsfort Centre (Atrium) Limited | |||
| |
|
|
100.0% - London Life and Casualty Reinsurance Corporation | ||||||||||
| |
|
|
|
100.0% - London Life and Casualty (Barbados) Corporation | |||||||||
| |
|
|
100.0% - LRG (US), Inc. | ||||||||||
| |
|
|
|
100.0% - Canada Life International Reinsurance Corporation | |||||||||
| |
|
|
|
100.0% - Canada Life Reinsurance Company (Fed ID # 23-2044256 – NAIC # 76694, PA) | |||||||||
| |
|
|
|
100.0% - Canada Life International Reinsurance (Barbados) Corporation | |||||||||
| |
|
|
|
100.0% - 4073649 Canada, Inc. | |||||||||
| |
|
|
|
100.0% - CL Luxembourg Capital Management S.á.r.l. | |||||||||
| |
|
|
|
100.0% - Canada Life Finance (U.K.) Limited | |||||||||
| |
|
|
100.0% - 8478163 Canada Limited | ||||||||||
| |
|
|
|
100.0% - Canada Life Capital Bermuda Limited | |||||||||
| |
|
|
100.0% - 9983813 Canada Inc. | ||||||||||
| |
|
|
|
100.0% - Canada Life Capital Bermuda III Limited | |||||||||
| |
|
|
77.0% - Great-West Investors Holdco Inc. (23% owned by GWL THL I Private Equity I Inc.) | ||||||||||
| |
|
|
|
100.0% - Great-West Investors LLC | |||||||||
| |
|
|
|
|
100.0% - Great-West Investors LP Inc. | ||||||||
| |
|
|
|
|
|
99.0% - Great-West Investors LP (1.0% owned by Great-West Investors GP Inc.) | |||||||
| |
|
|
|
|
|
|
100.0% - T.H. Lee Interests | ||||||
| |
|
|
|
|
|
100.0% - Great-West Investors GP Inc. | |||||||
| |
|
|
|
|
|
|
1.0% - Great-West Investors LP (99.0% owned by Great-West Investors LP Inc.) | ||||||
| |
|
|
|
|
|
|
|
100.0% - T.H. Lee Interests | |||||
| |
|
|
100.0% - CL 22 Chapel GP Inc. | ||||||||||
| |
|
|
100.0% - CL Eastlake GP Inc. | ||||||||||
| |
|
|
100.0% - CL Lago GP Inc. | ||||||||||
| |
|
|
100.0% - CL 2505 Bruckner GP Inc. | ||||||||||
| |
|
|
100.0% - The Canada Life Insurance Company of Canada | ||||||||||
| |
|
|
|
2.90%- 7420928 Manitoba Limited Partnership (97.07% owned by The Canada Life Assurance Company and 0.02% owned by 7419521 Manitoba Ltd.) | |||||||||
| |
|
|
|
100.0% - 6855572 Manitoba Ltd. | |||||||||
| |
|
|
|
100.0% - Advice Canada (CL Holdings) Inc. (formerly 12955954 Canada Inc.) | |||||||||
| |
|
|
|
|
60.0% - Neil & Associates (2006) Inc. | ||||||||
| |
|
|
|
|
|
100.0% - Neil & Associates 2017 Inc. | |||||||
| |
|
|
|
|
|
100.0% - Rubbix Risk & Wealth Management Inc. | |||||||
| |
|
|
|
|
51.0% - Capcorp Financial Corporation | ||||||||
| |
|
|
|
|
|
94.4% - MAM Holdings Inc. (5.6% owned by The Canada Life Assurance Company) | |||||||
| |
|
|
|
|
|
|
100.0% - Mountain Asset Management LLC | ||||||
| |
|
|
|
|
|
12.5% - 2331777 Ontario Ltd. (87.5% owned by The Canada Life Assurance Company) | |||||||
| |
|
|
|
|
|
12.5% - 2344701 Ontario Ltd. (87.5% owned by The Canada Life Assurance Company) | |||||||
| |
|
|
|
|
|
12.5% - Vaudreuil Shopping Centres Limited (87.5% owned by The Canada Life Assurance Company) | |||||||
| |
|
|
|
|
|
38.0% - 1296 Station Street Properties Ltd. (62.0% owned by The Canada Life Assurance Company) | |||||||
| |
|
|
|
|
|
12.5% - 2356720 Ontario Ltd. (87.5% owned by The Canada Life Assurance Company) | |||||||
| |
|
|
|
|
|
12.5% - 0977221 B.C. Ltd. (87.5% owned by The Canada Life Assurance Company) | |||||||
| |
|
|
|
|
|
12.5% - 555 Robson Holding Ltd. (87.5% owned by The Canada Life Assurance Company) | |||||||
| |
|
|
|
|
|
|
|
20.0% - 1385456 B.C. Ltd. (80.0% owned by The Canada Life Assurance Company) | |||||
| |
|
|
|
|
|
|
|
58.8% - GWL THL Private Equity I Inc. (41.2% The Canada Life Assurance Company) | |||||
| |
|
|
|
|
|
|
100.0% - GWL THL Private Equity II Inc. | ||||||
| |
|
|
|
|
|
|
23.0% - Great-West Investors Holdco Inc. (77% owned by The Canada Life Assurance Company) | ||||||
| |
|
|
|
|
|
|
|
100.0% - Great-West Investors LLC | |||||
| |
|
|
|
|
|
|
|
|
100.0% - Great-West Investors LP Inc. | ||||
| |
|
|
|
|
|
|
|
|
|
99.0% - Great-West Investors LP (1.0% owned by Great-West Investors GP Inc.) | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - T.H. Lee Interests | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Great-West Investors GP Inc. | |||
| |
|
|
|
|
|
|
|
|
|
1.0% - Great-West Investors LP (99.0% Great-West Investors LP Inc.) | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - T.H. Lee Interests | |||
| |
|
|
|
|
|
|
|
16.0% - 2148902 Alberta Ltd. (84% by The Canada Life Assurance Company) | |||||
| |
|
|
|
|
|
|
|
30.0% - 2157113 Alberta Ltd (70% by The Canada Life Assurance Company) | |||||
| |
|
|
|
|
|
|
|
23.0% - CDN US Direct RE Holdings Ltd. (77% owned by The Canada Life Assurance Company) | |||||
| |
|
|
|
|
|
|
100.0% - Great-West US Direct Residential Holdings Inc. | ||||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 425 Trade LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 4471 + 4433 42nd LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 32 Cambridge LLC | |||||
| |
|
|
|
|
|
|
100.0% - Great-West US Direct RE Holdings Inc. | ||||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 650 Almanor LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 345 Cessna LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 1925 Grove LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - CL GFP LLC | |||||
| |
|
|
|
|
|
|
|
|
10.0% - GFP CL Holdings LLC | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - GFP CL Maspeth 55-30, LLC | |||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 1 Bulfinch Place LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - Great-West US Direct RE Acquisition LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 851 SW 34th LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 12100 Rivera LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 3209 Lionshead LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 18701-18901 38th LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 12900 Airport LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 25200 Commercentre LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 351-353 Maple LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 260 Ace-5725 Amelia LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 9485 Hwy 42 LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct Moonachie LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 4785 Fulton LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 7410 + 7419 Roosevelt LLC | |||||
| |
|
|
|
|
|
|
|
100.0% - GWL Direct 11077 Rush LLC | |||||
| |
|
|
|
|
|
|
|
96.0% - CL ACP Nassau, LLC | |||||
| |
|
|
|
|
|
|
|
|
100.0% - EW Direct 1Nassau LLC | ||||
| |
|
|
|
|
|
100.0% - CL Capital Management (Canada), Inc. | |||||||
| |
|
|
|
|
|
100.0% - Canada Life Mortgage Services Ltd. | |||||||
| |
|
|
|
|
|
100.0% - Canada Life Capital Trust | |||||||
| |
|
|
|
|
|
100.0% - Canada Life Investment Management Ltd. | |||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Power Corporation of Canada | |||||||||
| |
|
100.0% - Power Financial Corporation | |||||||
| |
|
|
62.122% - IGM Financial Inc. (direct and indirect 65.985%) | ||||||
| |
|
|
|
100.0% - Investors Group Inc. | |||||
| |
|
|
|
|
100.0% - Investors Group Financial Services Inc. | ||||
| |
|
|
|
|
|
100.0% - 11249142 Canada Inc. | |||
| |
|
|
|
|
|
|
100.0% - Investors Group Trust Co. Ltd. | ||
| |
|
|
|
|
|
|
100.0% - I.G. Insurance Services Inc. | ||
| |
|
|
|
|
|
|
100.0% - Investors Syndicate Limited | ||
| |
|
|
|
|
|
|
100.0% - Investors Group Securities Inc. | ||
| |
|
|
|
|
|
|
100.0% - I.G. Investment Management, Ltd. | ||
| |
|
|
|
|
|
|
|
100.0% - Investors Group Corporate Class Inc. | |
| |
|
|
|
|
|
|
|
100.0% - Investors Syndicate Property Corp. | |
| |
|
|
|
|
|
|
|
100.0% - 0992480 B.C. Ltd. | |
| |
|
|
|
|
|
|
|
100.0% - 1081605 B.C. Ltd. | |
| |
|
|
|
|
|
|
|
100.0% - 11263552 Canada Inc. | |
| |
|
|
|
|
|
|
|
100.0% - 1000054111 Ontario Inc. | |
| |
|
|
|
100.0% - Mackenzie Inc. | |||||
| |
|
|
|
|
100.0% - Mackenzie Financial Corporation | ||||
| |
|
|
|
|
|
100.0% - Mackenzie Investments Europe Limited | |||
| |
|
|
|
|
|
|
100.0% - Mackenzie Investments Asia Limited | ||
| |
|
|
|
|
|
100.0% - Mackenzie Together Charitable Foundation | |||
| |
|
|
|
|
|
100.0% - MMLP GP Inc. | |||
| |
|
|
|
|
|
100.0% - Mackenzie Investments Corporation | |||
| |
|
|
|
|
|
27.8% - China Asset Management Co., Ltd. | |||
| |
|
|
|
|
|
|
100.0% - Shanghai China Wealth Management Co., Ltd. | ||
| |
|
|
|
|
|
|
100.0% - China Capital Management Co., Ltd. | ||
| |
|
|
|
|
|
|
100.0% - China Asset Management (Hong Kong) Limited | ||
| |
|
|
|
|
|
|
100.0% - China Equity Fund Management (Beijing) Co., Ltd. | ||
| |
|
|
|
|
|
80.0% - 11249185 Canada Inc. | |||
| |
|
|
|
|
|
|
1.0% - Armstrong LP | ||
| |
|
|
|
|
|
|
|
49.9% - Northleaf Capital Group Ltd. | |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Capital Partners Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf PPP GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Secondary Partners III GP Ltd. |
| |
|
|
|
|
|
|
|
|
49.0% - Northleaf NCO (US) GP Ltd. |
| |
|
|
|
|
|
|
|
|
100.0% - Northleaf Capital Partners US GP LLC |
| |
|
|
|
|
|
|
|
|
49.0% - NICP IV GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Geothermal Holdings (Canada) GP Ltd. |
| |
|
|
|
|
|
|
|
|
49.0% - Northleaf Venture Catalyst Fund III GP Ltd. |
| |
|
|
|
|
|
|
|
|
49.0% - Northleaf Private Credit III GP Ltd. |
| |
|
|
|
|
|
|
|
|
49.0% - NSPC-L Holdings II GP Ltd. |
| |
|
|
|
|
|
|
|
|
49% - Northleaf Private Equity VIII GP Ltd. |
| |
|
|
|
|
|
|
|
|
100.0% - Northleaf Crescendo Holdings GP LLC |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Small Cell GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - NCP Terminals GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf NICP III GP LLC |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Music Copyright Ventures GP Ltd. |
| |
|
|
|
|
|
|
|
|
49% - NEIF GP Ltd. |
| |
|
|
|
|
|
|
|
|
100.0% - Northleaf Strategic Capital GP Ltd. |
| |
|
|
|
|
|
|
|
|
49.0% - Northleaf Global Private Equity GP Ltd. |
| |
|
|
|
|
|
|
|
|
100.0% - NICP I NWP US GP LLC |
| |
|
|
|
|
|
|
|
|
49% - Northleaf NICP III GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - NCP US Terminals GP LLC |
| |
|
|
|
|
|
|
|
|
49.0% - NPCO GP Ltd. |
| |
|
|
|
|
|
|
|
|
49.0% - Northleaf LPF Private Credit Holdings GP Ltd. |
| |
|
|
|
|
|
|
|
|
49.0% - NPC II Holdings GP Ltd. |
| |
|
|
|
|
|
|
|
|
100.0% - NCP Canadian Breaks GP LLC |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Vault Holdings GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - NSPC-L GPC Ltd. |
| |
|
|
|
|
|
|
|
|
100% - NCP CSV Holdings GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Capital Advisors Ltd. |
| |
|
|
|
|
|
|
|
|
100.0% - Northleaf Trustees Limited |
| |
|
|
|
|
|
|
|
|
100% - Northleaf PE GP Ltd. |
| |
|
|
|
|
|
|
|
|
49.0% - Northleaf Growth Fund GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Capital Partners (Canada) Ltd. |
| |
|
|
|
|
|
|
|
|
100.0% - Northleaf Class C Sub Holdings Ltd. |
| |
|
|
|
|
|
|
|
|
100.0% - Northleaf Capital Partners Japan KK |
| |
|
|
|
|
|
|
|
|
100.0% - Northleaf SH288 GP Ltd. |
| |
|
|
|
|
|
|
|
|
100.0% - NCP NWP US GP Ltd. |
| |
|
|
|
|
|
|
|
|
100.0% - Northleaf Capital Partners (Australia) Pty Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Capital Partners (UK) Limited |
| |
|
|
|
|
|
|
|
|
49% - Northleaf NICP II GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% -Northleaf Class C Holdings GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Capital Partners (USA) Inc. |
| |
|
|
|
|
|
|
|
|
100% - Annex Fund GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Capital Partners GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - SW Holdings GP Ltd. |
| |
|
|
|
|
|
|
|
|
100.0% - NICP IV GP LLC |
| |
|
|
|
|
|
|
|
|
49.0% - Northleaf Global Private Equity Holdings GP Ltd. |
| |
|
|
|
|
|
|
|
|
49.0% - NPC III RN (Canada) GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf NICP III Canadian Class C Holdings Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Millennium Holdings (US) GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Millennium Holdings (Canada) GP Ltd. |
| |
|
|
|
|
|
|
|
|
49.0% - Northleaf Secondary Partners IV GP Ltd. |
| |
|
|
|
|
|
|
|
|
49.0% - Northleaf Star Holdings GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Star GPC Ltd. |
| |
|
|
|
|
|
|
|
|
49% - Northleaf Private Credit GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - NPC GPC Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Lal Lal Holdings GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Lal Lal Holdings (Australia) Pty Ltd. |
| |
|
|
|
|
|
|
|
|
100% - NPC II GPC Ltd. |
| |
|
|
|
|
|
|
|
|
100% - NSPC GPC Ltd. |
| |
|
|
|
|
|
|
|
|
49% - NSPC GP Ltd. |
| |
|
|
|
|
|
|
|
|
49% - NSPC-L GP Ltd. |
| |
|
|
|
|
|
|
|
|
49% - NSPC-L Holdings GP Ltd. |
| |
|
|
|
|
|
|
|
|
49% - NPC I Holdings GP Ltd. |
| |
|
|
|
|
|
|
|
|
49% - Northleaf Private Credit II GP Ltd. |
| |
|
|
|
|
|
|
|
|
49% - Northleaf NCO GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - NSPC International GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - NSPC-L International GP Ltd. |
| |
|
|
|
|
|
|
|
|
63.17% - Northleaf Capital Holdings Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf PE Holdings GP Ltd. |
| |
|
|
|
|
|
|
|
|
100% - Northleaf Capital Partners GP II Ltd. |
| |
|
|
|
|
|
|
|
|
49% - Northleaf NICP II Holdings GP Ltd. |
| |
|
|
|
|
|
|
100.0% - MGELS Investments Limited | ||
| |
|
|
|
|
|
|
100.0% - MEMLS Fund Management (Cayman) Ltd. | ||
| |
|
|
|
|
|
|
100.0% - Mackenzie EM Funds Management (Cayman) Ltd. | ||
| |
|
|
|
|
|
|
100.0% - Mackenzie GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - 2023 Holdco Inc. | ||
| |
|
|
20.456% - Rockefeller Capital Management General Partner L.L.C. | ||||||
| |
|
18.54% - Portag3 Ventures LP | |||||||
| |
|
|
|
19.82% - Springboard LP | |||||
| |
|
55.23% - Springboard LP | |||||||
| |
|
|
|
56.50% - WealthSimple Financial Corp. (54.16% equity) | |||||
| |
|
29.33% - Springboard II LP | |||||||
| |
|
33.3% - Portag3 Ventures II Affiliates LP | |||||||
| |
|
|
|
31.97% - Portag3 ventures II LP | |||||
| |
|
5.95% - Portage Ventures III LP | |||||||
| |
|
14.60% - Conquest Planning Inc. | |||||||
| |
|
30.00% - Project Alphonso Acquisition Corp. | |||||||
| |
|
|
|
5.15% - WealthSimple Financial Corp. (4.66% equity) | |||||
| |
|
| |||||||
| Power Corporation of Canada | |||||||||||||
| |
100.0% - Power Financial Corporation | ||||||||||||
| |
|
100.0% - Power Financial Europe SA | |||||||||||
| |
|
|
50.0% - Parjointco SA | ||||||||||
| |
|
|
|
100.0% - Pargesa SA | |||||||||
| |
|
|
|
|
45.30% - Groupe Bruxelles Lambert (31.0% in capital) | ||||||||
| |
|
|
|
|
|
3.9% - Groupe Bruxelles Lambert (5.2% in capital) | |||||||
| |
|
|
|
|
|
0.9% - Umicore SA | |||||||
| |
|
|
|
|
|
19.8% - Ontex NV | |||||||
| |
|
|
|
|
|
11.2% - Pernod Ricard SA (6.7% in capital) | |||||||
| |
|
|
|
|
|
96.5% - FINPAR II SA | |||||||
| |
|
|
|
|
|
|
0.2% - Groupe Bruxelles Lambert (0.1% in capital) | ||||||
| |
|
|
|
|
|
|
0.1% - Ontex NV | ||||||
| |
|
|
|
|
|
90.2% - FINPAR III SA | |||||||
| |
|
|
|
|
|
|
0.2% - Groupe Bruxelles Lambert (0.1% in capital) | ||||||
| |
|
|
|
|
|
94.4% - FINPAR IV SA | |||||||
| |
|
|
|
|
|
|
0.2% - Groupe Bruxelles Lambert (0.1% in capital) | ||||||
| |
|
|
|
|
|
|
0.1% - Imerys | ||||||
| |
|
|
|
|
|
94.9% - FINPAR V SRL | |||||||
| |
|
|
|
|
|
|
0.2% - Groupe Bruxelles Lambert (0.1% capital) | ||||||
| |
|
|
|
|
|
|
0.1% - Concentrix | ||||||
| |
|
|
|
|
|
95.0% - FINPAR VI SRL | |||||||
| |
|
|
|
|
|
|
0.2% - Groupe Bruxelles Lambert (0.1 capital) | ||||||
| |
|
|
|
|
|
|
0.1% - Concentrix | ||||||
| |
|
|
|
|
|
98.6% - FINPAR VII SRL | |||||||
| |
|
|
|
|
|
|
0.7% - Groupe Bruxelles Lambert (0.5% in capital) | ||||||
| |
|
|
|
|
|
|
4.9% - GfG Topco S.a.r.l. | ||||||
| |
|
|
|
|
|
99.0% - FINPAR VIII SRL | |||||||
| |
|
|
|
|
|
|
1.1% - Groupe Bruxelles Lambert (0.8% in capital) | ||||||
| |
|
|
|
|
|
|
3.6% - Sofia Capital S.à r.l. | ||||||
| |
|
|
|
|
|
98.8% - FINPAR IX SRL | |||||||
| |
|
|
|
|
|
|
0.9% - Groupe Bruxelles Lambert (0.6% in capital) | ||||||
| |
|
|
|
|
|
|
4.8% - Celeste Capital S.a.r.l | ||||||
| |
|
|
|
|
|
1.2% - Sagerpar SA | |||||||
| |
|
|
|
|
|
|
100.0% - Vancouver Capital S.a.r.l | ||||||
| |
|
|
|
|
|
|
|
16.3% - Stan Holding SAS | |||||
| |
|
|
|
|
|
|
|
99.1% - Voodoo SAS | |||||
| |
|
|
|
|
|
100.0% - Belgian Securities S.a.r.l. | |||||||
| |
|
|
|
|
|
|
68.1% - Imerys (54.6% in capital) | ||||||
| |
|
|
|
|
|
|
|
100.0% - Mircal | |||||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys Tableware France | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Tableware Deutschland GmbH | |||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys Ceramics New Zealand | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys Graphite & Carbon Switzerland SA | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Graphite & Carbon Japan K.K. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Graphite & Carbon Korea | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Manufacturing Korea Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Nippon Power Graphite Co., Ltd | |||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys Ceramics Brasil – Minerais para Ceramicas Ltda | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys Do Brasil Comercio De Extracao De Minerios Ltda | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Micron-Ita Mineracao Ltda | |||
| |
|
|
|
|
|
|
|
|
100.0% - Mircal Bresil | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Rio Capim Caulim | |||
| |
|
|
|
|
|
|
|
|
100.0% - Para Pigmentos SA-PPSA | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys Minerals Japan K.K. | ||||
| |
|
|
|
|
|
|
|
|
|
60.0% - Niigata GCC Ltd | |||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys Specialities Japan Co., Ltd | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys Minerales Peru S.A.C | ||||
| |
|
|
|
|
|
|
|
|
99.0% - Imerys Minerales Chile SpA | ||||
| |
|
|
|
|
|
|
|
|
95.3% - Imerys Minerales Argentina (4.7% Parimetal) | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Mircal Italia SpA | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Minerali SpA | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Minerali Corsico Srl | |||
| |
|
|
|
|
|
|
|
|
|
99.66% - Imerys Talc Italy S.p.A. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Ceramics Italy S.R.L | |||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys Asia Pacific Pte Ltd | ||||
| |
|
|
|
|
|
|
|
|
|
39.0% - Imerys Ceramics (Thailand) Ltd | |||
| |
|
|
|
|
|
|
|
|
|
80.0% - Imerys Minerals (Thailand) Ltd (20% Owned by Imerys Ceramics (India) Private Limited | |||
| |
|
|
|
|
|
|
|
|
|
51.0% - MRD-ECC Co., Ltd (49% Owned by Imerys Asia Pacific Pte Ltd) | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Kiln Furniture (Thailand) Ltd | |||
| |
|
|
|
|
|
|
|
|
|
49.0% - MRD-ECC Co., Ltd (51% Owner Imerys Ceramics (Thailand) Ltd) | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - MRD Co., Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Mineral Vietnam Ltd | |||
| |
|
|
|
|
|
|
|
|
|
51.0% - PT.Esensindo Cipta Cemerlang | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Carbonates (Thailand) Co, Ltd | |||
| |
|
|
|
|
|
|
|
|
|
66.67% - YBB Calcium Products Co, Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Fused Minerals (Yingkou) Co, Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Zhejiang Zirconia Co., Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Zhejiang Zirconia Co., Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Ceramics (India) Private Limited | |||
| |
|
|
|
|
|
|
|
|
|
20.0% - Imerys Minerals (Thailand) Ltd (80% Owned by Imerys Ceramics (Thailand) Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Minerals Malaysia Sdn Bhd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Kinta Powdertec Sdn Bhd | |||
| |
|
|
|
|
|
|
|
|
|
55.0% - Yueyang Imerys Antai Minerals Co., Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Minerals (India) Private Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Carbonates India Limited | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Performance and Filtration Minerals Private Limited | |||
| |
|
|
|
|
|
|
|
|
|
74.0% - Imerys Newquest (India) pte Ltd | |||
| |
|
|
|
|
|
|
|
|
|
50.0% - Gimpex-Imerys India Private Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Berg Minerals Trading (Shangai) Co., Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Pacific Ltd | |||
| |
|
|
|
|
|
|
|
|
|
43.53% - Imerys Pigments (Wuhu) Co., Ltd (56.47% Owned by Imerys Asia Pacific PTE Ltd) | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Pigments (Qingyang) Co., Ltd | |||
| |
|
|
|
|
|
|
|
|
|
56.47% - Imerys Pigments (WuHu) Co., Ltd (43.53% Owned by Imerys Pacific Ltd) | |||
| |
|
|
|
|
|
|
|
|
99.99% - Imerys Ceramics France | ||||
| |
|
|
|
|
|
|
|
|
|
40.0% - IMAF | |||
| |
|
|
|
|
|
|
|
|
|
96.58% - Imerys Ceramics Portugal, SA | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Minerals GmbH | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Donbasskeramika | |||
| |
|
|
|
|
|
|
|
|
|
99.45% - Donkaolin | |||
| |
|
|
|
|
|
|
|
|
|
93.26% - Imerys Ceramics Egypt (0.56% Owned by Mircal + 0.56% Owned by Parimetal) | |||
| |
|
|
|
|
|
|
|
|
|
99.6% - Imerys Trading Minerals Egypt | |||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys Minéraux Belgique SA | ||||
| |
|
|
|
|
|
|
|
|
|
50.0% - Industrial Minerals of Greece | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Latomia N. Korakas SA | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Mikro Mineral Endustriyel Mineraller Sanavi ve Ticaret AS | |||
| |
|
|
|
|
|
|
|
|
|
50.0% - Vougioukli Quarries AVEE | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Minerals (Taiwan) Ltd | |||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys Minéraux France | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys PCC France | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys Minerals International Sales | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Artemyn | |||
| |
|
|
|
|
|
|
|
|
|
50.0% - Cebo International B.V | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Cebo UK limited | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Cebo Marine B.V. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Cebo Holland B.V. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Almatech Mineral International ltd | |||
| |
|
|
|
|
|
|
|
|
|
94.7% - PT Imerys Ceramic Indonesia | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Industrial Minerals Denmark A/S | |||
| |
|
|
|
|
|
|
|
|
|
68.94% - Imerys South Africa Pty Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Refractory Minerals South Africa (Pty) Ltd | |||
| |
|
|
|
|
|
|
|
|
|
50.0% - Tygerkloof Mining (Proprietary) Ltd (50% Owned by Imerys South Africa Pty Ltd) | |||
| |
|
|
|
|
|
|
|
|
|
50.0% - Tygerkloof Mining (Proprietary) Ltd (50% Owned by Imerys Refractory Minerals South Africa Pty Ltd | |||
| |
|
|
|
|
|
|
|
|
100.0% - Samrec Pty Ltd | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - ECCA Holdings Pty Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Refractory Minerals Pty Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - ECCA Minerals Pty Ltd | |||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys South Europe S.L. | ||||
| |
|
|
|
|
|
|
|
|
|
97.0% - Imerys Kiln Furniture Espana, S.A. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Seramik hammddeleri Sanayi ve Ticaret AS | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Perlita Barcelona, S.A. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Diatomita Alicante, S.A. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Harblite Aegean Enudstri Mineralleri Sanayi AS | |||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys Talc UK Holding Ltd | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Talc Mexico, S.A. de C.V. | |||
| |
|
|
|
|
|
|
|
|
99.76% -Imerys Talc Belgium | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys Talc Canada Inc. | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys Talc Europe | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Talc Luzenac France | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Talc Germany GmbH | |||
| |
|
|
|
|
|
|
|
|
|
90.0% - Imerys Talc Austria GmbH (10% Owned by Imerys Talc Europe) | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Talc Australia Pty Ltd | |||
| |
|
|
|
|
|
|
|
|
|
10.0% - Imerys Talc Austria Gmbh (90% Owned by Imerys Talc Luzenac France) | |||
| |
|
|
|
|
|
|
|
|
|
50.0% - The Quartz Corp SAS | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - The Quartz Corp USA | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - The Quartz Corp AS | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Quartz Corp (Shanghai) Co., Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Ardoisieres D’Angers | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Alumica Canada Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Middle East Holding Company W.L.L. | |||
| |
|
|
|
|
|
|
|
|
|
70.0% - Imerys Al Zayani Co., W.L.L. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Minven | |||
| |
|
|
|
|
|
|
|
|
|
70.0% - Imerys Mineral Arabia LLC | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys High Resistance Minerals Japan K.K. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Beyrede | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Glomel | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Re | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Filtration France | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Minerals Korea Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Mircal De Mexico, SA de CV | |||
| |
|
|
|
|
|
|
|
|
|
100.0% -Liquid Quimica Mexicana, SA de CV | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Ceramics Mexico, SA de CV | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Almeria, SA de CV | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Almeria Diatomia Concessions Zacoalco | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Minera Roca Rodando Srl de CV | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Roca Rodando Concessions HMO, S.A. de VC | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Cierac | |||
| |
|
|
|
|
|
|
|
|
|
89.34% - Vatutinsky Kombinat Vogentryviv | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Czech Republic s.r.o | |||
| |
|
|
|
|
|
|
|
|
|
24.98% - SEITISS IMERYS MINERAUX CIRCULAIRES (SIMC) | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Aluminates Groupe | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Aluminates Corporate | |||
| |
|
|
|
|
|
|
|
|
|
|
|
100.0%- Imerys Aluminates | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Imerys Sydney Pty Ltd |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Kerneos Southern Africa Pty Ltd |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Imerys (Tianjin) New Material Technology Co., Ltd |
| |
|
|
|
|
|
|
|
|
|
|
|
|
90.0% - Zhengzhou Jianai Special Aluminates Co. Ltd |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - LLC Imerys Aluminats |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Guiyan Jianai Special Aluminates Co. Ltd |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Imerys Vizag Private Limited |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Kerneos India Aluminate Private Ltd |
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Services | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Parimental | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imertech | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys (Shanghai) Investment Management Co., Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys UK Limited | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Trustees Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys UK Pension Fund Trustees Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Materials Limited | |||
| |
|
|
|
|
|
|
|
|
|
|
|
75.0% - ReClaym Limited | |
| |
|
|
|
|
|
|
|
|
|
|
|
25.0% - Eco-Bos Development Limited | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Imerys Aluminates Limited |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Berg Minerals UK Limited |
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys UK Finance Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys PCC UK Ltd | |||
| |
|
|
|
|
|
|
|
|
|
80.0% - Imerys British Lithium Limited | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Calderys Refractorios Venezolanos | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Instalaciones Refractarias | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Mineral AB | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Minerals Oy | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Talc Finland Oy | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Minerals Netherlands B.V. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Kiln Furniture Hungary Kft. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Villach GmbH | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Monrefco GmbH | |||
| |
|
|
|
|
|
|
|
|
|
49.9% - Vermiculita y Derivados, SI | |||
| |
|
|
|
|
|
|
|
|
|
89.61% - Imerys Services Germany GmbH & Co. KG (10.39% Owned by S& B Minerals Participations Sarl) | |||
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Imerys Administrative Germany GmbH | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - NAIMEX Srl |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - S&B Industrial Minerals Morocco |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Imerys Bentonite Hungary Kft |
| |
|
|
|
|
|
|
|
|
|
|
|
|
99.73% - Imerys Minerals Bulgaria AD |
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Imerys Laufenburg GmbH | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Imerys Murg GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Imerys Zschornewitz GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Imerys Teutschenthal GmbH |
| |
|
|
|
|
|
|
|
|
|
86.0% - Imerys Domodossola SpA (14% Owned by Imerys Aluminates) | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Ruse d.o.o. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Fused Minerals Guizhous Co. Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Fused Minerals Salto Ltda | |||
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - MSL Minerasi S.A. | |
| |
|
|
|
|
|
|
|
|
|
50.0% - Imerys Fused Materals France Sarl | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Carbonates Austria GmbH | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Shandong Imerys Mount Tai Co., Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Poland sp. z.o.o | |||
| |
|
|
|
|
|
|
|
|
|
99.0% - Imerys Graphite & Carbon Belgium SA | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Belgium SA | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Graphite & Carbon Canada Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Canada Inc. | |||
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - BERG Minerals Canada Inc. | |
| |
|
|
|
|
|
|
|
|
|
100.0% - Calderys Algeria SPA | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Calderys Refrakter | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Greenelle One | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Greenelle Two | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Lithium France | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Artemyn Belgium | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Artemyn Brazil Ltda | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Artemyn Asia Pacific Pte Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - ARTEMYN ARG S.A. | |||
| |
|
|
|
|
|
|
|
|
100.0% - Imerys USA, Inc. | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Wollastonite USA, LLC | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Nyco Minerals LLC | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Kentucky-Tennessee Clay Company | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Kaolin, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Performance Minerals Americas, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Minerals China, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Niagara Falls, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Refractory Minerals USA, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Greeneville, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Norfolk, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Mica Kings Mountain, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Filtration Minerals, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Perlite USA, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Minerals Holdings Limited (UK) | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Talc America, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Talc Vermont, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Pyramax Ceramics Southeast, LLC | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Oilfield Minerals, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
25.0% - Georgia Proppants, LLC. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Clays, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Americard, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Immerys Carbonates USA, Inc. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Violet Cactus, Inc. | |||
| |
|
|
|
|
|
|
|
|
100.0% - S & B Minerals Participations Sarl | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Linjiang Imerys Diatomite Co., Ltd | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Industrial Minerals Greece Single Member S.A. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Services Greece Single Member SA | |||
| |
|
|
|
|
|
|
|
|
|
99.0% - Milos Mining Museum | |||
| |
|
|
|
|
|
|
|
|
|
44.0% - Milos Initiative | |||
| |
|
|
|
|
|
|
|
|
|
97.7% - Imerys Bentonite Georgia Ltd | |||
| |
|
|
|
|
|
|
|
|
|
61.0% - Imerys Perlite Sardinia Srl | |||
| |
|
|
|
|
|
|
|
|
|
60.0% - Isocon S.A. | |||
| |
|
|
|
|
|
|
|
|
|
35.0% - Laviosa Chimica Mineraria S.p.A. | |||
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Laviosa Promasa S.A | |
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Laviosa Sanavy ve Ticaret Ltd Sirketi | |
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Laviosa India Private Limited | |
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Laviosa France | |
| |
|
|
|
|
|
|
|
|
|
100.0% - Sibimin Overseas Ltd | |||
| |
|
|
|
|
|
|
|
|
|
|
|
25.0% - Xinyan-Athenian Mining Co. Ltd | |
| |
|
|
|
|
|
|
|
|
|
100.0% - Akrotirio Trahilas Dyo Single Member SA | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Imerys Dortmund GmbH | |||
| |
|
|
|
|
|
|
|
|
|
43.78% - Imerys Bauxites Single Member SA (56.22% Owned by Imerys Aluminates Corporate) | |||
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Metalleion-Metalleymaton Single Member SA | |
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Fokis Mining Park | |
| |
|
|
|
|
|
|
|
|
|
10.39% - Imerys Services Germany GmbH & Co. KGl (89.61% Owned by Monrefco Gmbh) | |||
| |
|
|
|
|
|
100.0% - Brussels Securities SA | |||||||
| |
|
|
|
|
|
|
100.0% - LTI Two SA | ||||||
| |
|
|
|
|
|
|
|
0.1% - Groupe Bruxelles Lambert | |||||
| |
|
|
|
|
|
|
|
0.1% - Umicore SA | |||||
| |
|
|
|
|
|
|
100.0% - URDAC SA | ||||||
| |
|
|
|
|
|
|
|
0.1% - Groupe Bruxelles Lambert | |||||
| |
|
|
|
|
|
|
98.8% - Sagerpar SA | ||||||
| |
|
|
|
|
|
|
|
3.8% - Groupe Bruxelles Lambert (3.6% in capital) | |||||
| |
|
|
|
|
|
|
|
100.0% - Vancouver Capital S.a.r.l | |||||
| |
|
|
|
|
|
|
|
|
16.3% - Stan Holding SAS | ||||
| |
|
|
|
|
|
|
|
|
|
|
99.1% - Voodoo SAS | ||
| |
|
|
|
|
|
100.0% - GBL O SA | |||||||
| |
|
|
|
|
|
100.0% - Trone24 SRL | |||||||
| |
|
|
|
|
|
100.0% - GBL Advisors Limited | |||||||
| |
|
|
|
|
|
|
5.4% - FINPAR III SA | ||||||
| |
|
|
|
|
|
100.0% - GBL Development Limited | |||||||
| |
|
|
|
|
|
100.0% - RPCE Consulting SAS | |||||||
| |
|
|
|
|
|
100.0% - GBL Advisors DE GmbH | |||||||
| |
|
|
|
|
|
100.0% - GBL Verwaltung SA | |||||||
| |
|
|
|
|
|
|
100.0% - GBL Investments Limited (en liquidation) | ||||||
| |
|
|
|
|
|
|
100.0% - GBL Energy S.á.r.l. | ||||||
| |
|
|
|
|
|
|
100.0% - Serena S.á.r.l. | ||||||
| |
|
|
|
|
|
|
|
19.3% - SGS | |||||
| |
|
|
|
|
|
|
100.0% - GBL Capital UK - Ltd | ||||||
| |
|
|
|
|
|
|
|
100.0% - Sienna AM Luxembourg SA | |||||
| |
|
|
|
|
|
|
|
100.0% - Sienna Real Estate Solutions S.à.r.l. | |||||
| |
|
|
|
|
|
|
|
89.4% - Sienna Real Estate Partner JV Netherlands BV | |||||
| |
|
|
|
|
|
|
|
100.0% - Sienna Multistrategy Opportunities GP S. à .r.l. | |||||
| |
|
|
|
|
|
|
|
66.6% - Sienna Gestion (ex-MHGA) | |||||
| |
|
|
|
|
|
|
|
87.5% - Sienna 2A SAS | |||||
| |
|
|
|
|
|
|
|
|
100.0% - Sienna AM France (ex-Acofi) | ||||
| |
|
|
|
|
|
|
|
|
49.0% - NEFTYS | ||||
| |
|
|
|
|
|
|
|
0.1% - SPC Partners SAS | |||||
| |
|
|
|
|
|
|
|
|
6.2% - Sienna 2A SAS | ||||
| |
|
|
|
|
|
|
|
75.0% - Sienna Private Equity SAS | |||||
| |
|
|
|
|
|
|
|
100.0% - Sienna Venture Capital SAS | |||||
| |
|
|
|
|
|
|
|
70.0% - Sienna Venture Capital GP S.à.r.l. | |||||
| |
|
|
|
|
|
|
|
100.0% - Sienna SID III GP SARL | |||||
| |
|
|
|
|
|
|
|
70.0% - Sienna Euclide GP S.a.r.l | |||||
| |
|
|
|
|
|
|
|
70.0% - Sienna Landlife GP S.a.r.l | |||||
| |
|
|
|
|
|
|
|
70.0% - Sienna Private Equity GP S.a.r.l | |||||
| |
|
|
|
|
|
|
100.0% - GBL Capital Invest GP S.à.r.l. | ||||||
| |
|
|
|
|
|
|
100.0% - GBL Capital Invest SCSp | ||||||
| |
|
|
|
|
|
|
|
31.1% - Kartesia Credit Opportunities III SCA, SICAV-SIF | |||||
| |
|
|
|
|
|
|
|
16.9% - Kartesia Credit Opportunities IV SCS | |||||
| |
|
|
|
|
|
|
|
0.4% - Sagard II A FPCI | |||||
| |
|
|
|
|
|
|
|
74.7% - Sagard II B FPCI | |||||
| |
|
|
|
|
|
|
|
26.9% - Sagard 3 FPCI | |||||
| |
|
|
|
|
|
|
|
19.2% - Sagard 4A FPCI/Sagard 4B FIPS | |||||
| |
|
|
|
|
|
|
|
16.0% - Sagard NewGen FPCI | |||||
| |
|
|
|
|
|
|
|
32.4% - Sagard Santé Animale FPCI | |||||
| |
|
|
|
|
|
|
|
63.7% - Sagard Testing FPCI | |||||
| |
|
|
|
|
|
|
|
92.6% - Sagard Business Intelligence FPCI | |||||
| |
|
|
|
|
|
|
|
32.3% - Sagard NewGen Pharma | |||||
| |
|
|
|
|
|
|
|
6.3% - PrimeStone Capital Fund ICAV | |||||
| |
|
|
|
|
|
|
|
48.6% - Backed 1 LP | |||||
| |
|
|
|
|
|
|
|
9.6% - Backed 1 Founder LP | |||||
| |
|
|
|
|
|
|
|
58.3% - Backed Encore 1 LP | |||||
| |
|
|
|
|
|
|
|
10.0% - Backed Encore 1 Founder LP | |||||
| |
|
|
|
|
|
|
|
40.0% - Backed 2 LP | |||||
| |
|
|
|
|
|
|
|
10.0% - Backed 2 Founder LP | |||||
| |
|
|
|
|
|
|
|
39.1% - Marcho Partners Feeder Fund ICAV | |||||
| |
|
|
|
|
|
|
|
2.1% - Marcho Partners Long Feeder Fund ICAV | |||||
| |
|
|
|
|
|
|
|
15.4% - Matador Coinvestment SCSp | |||||
| |
|
|
|
|
|
|
|
27.0% - C2 Capital Global Export-to-China Fund, L.P. | |||||
| |
|
|
|
|
|
|
|
9.9% - Globality, Inc. | |||||
| |
|
|
|
|
|
|
|
20.3% - HCM IV, L.P. | |||||
| |
|
|
|
|
|
|
|
28.6% - HCM V, L.P. | |||||
| |
|
|
|
|
|
|
|
37.5% - EP Sienna IM European Broken Core Office Fund | |||||
| |
|
|
|
|
|
|
|
49.3% - HCM S3C LP (AKA Commure) | |||||
| |
|
|
|
|
|
|
|
17.0% - Innovius Capital Fund I, L.P. | |||||
| |
|
|
|
|
|
|
|
14.2% - 468 Capital II GmbH & Co. KG | |||||
| |
|
|
|
|
|
|
|
56.3% - HCM S11A, LP (aka Transcarent) | |||||
| |
|
|
|
|
|
|
|
13.1% - Stripes VI (A), L.P. | |||||
| |
|
|
|
|
|
|
|
25.1% - Sienna Rendement Avenir IV | |||||
| |
|
|
|
|
|
|
|
19.4% - Predirec ABL-3 (Part B) | |||||
| |
|
|
|
|
|
|
|
100.0% - Sienna Levier ENR | |||||
| |
|
|
|
|
|
|
|
11.9% - Fonds F2E (Part B) | |||||
| |
|
|
|
|
|
|
|
10.0% - EC IV Invest SA | |||||
| |
|
|
|
|
|
|
|
|
15.0% - Pat McGrath Cosmetics LLC | ||||
| |
|
|
|
|
|
|
|
100.0% - Sienna Capital US LLC | |||||
| |
|
|
|
|
|
|
|
|
14.4% - Undisclosed comestics company | ||||
| |
|
|
|
|
|
|
|
13.6% - ALTO Capital V | |||||
| |
|
|
|
|
|
|
|
100.0% - Sienna Venture Capital SCA SICAV-RAIF | |||||
| |
|
|
|
|
|
|
|
84.7% - Sienna Euclide SCA SICAV-RAIF | |||||
| |
|
|
|
|
|
|
|
84.5% - Sienne Landlife SCA SICAV-RAIF | |||||
| |
|
|
|
|
|
|
|
100.0% - Sienna Multistrategy Opportunities Fund SCSp | |||||
| |
|
|
|
|
|
|
|
|
100.0% - SM Opportunities Master S.a.r.l. | ||||
| |
|
|
|
|
|
|
|
|
|
19.1% - Sienna Euclide S.A. | |||
| |
|
|
|
|
|
|
|
|
|
|
22.0% - Eight Partners SAS | ||
| |
|
|
|
|
|
|
|
|
|
|
23.5% - Sienna Landlife S.A. | ||
| |
|
|
|
|
|
|
|
|
|
|
30.7% - Landlife Holdings S.a.r.l. | ||
| |
|
|
|
|
|
|
|
100.0% - GBL Capital Participations S.á.r.l | |||||
| |
|
|
|
|
|
|
|
|
10.8% - Sagard FCPR | ||||
| |
|
|
|
|
|
|
|
|
50.0% - Apheon MidCap Buyout I SA | ||||
| |
|
|
|
|
|
|
|
|
50.0% - Apheon MidCap Buyout II SA | ||||
| |
|
|
|
|
|
|
|
|
89.9% - Apheon MidCap Buyout III SA | ||||
| |
|
|
|
|
|
|
|
|
34.4% - Apheon MidCap Buyout IV SA | ||||
| |
|
|
|
|
|
|
|
|
15.9% - Apheon Opseo Long Term Value SCSp | ||||
| |
|
|
|
|
|
|
|
|
17.2% - Apheon Svt Long Term Value Fund SCSp | ||||
| |
|
|
|
|
|
|
|
|
15.1% - Merieux Participations SAS | ||||
| |
|
|
|
|
|
|
|
|
34.3% - Merieux Participations 2 SAS | ||||
| |
|
|
|
|
|
|
|
|
32.3% - KKR Sigma Co-Invest II L.P. | ||||
| |
|
|
|
|
|
|
|
|
3.6% - StreetTeam Software Limited (DBA as Pollen) | ||||
| |
|
|
|
|
|
|
|
|
80.9% - Sienna Euclide S.A. | ||||
| |
|
|
|
|
|
|
|
|
76.5% - Sienna Landlife S.A. | ||||
| |
|
|
|
|
|
|
|
100.0% - Sienna Capital Co-Invest Master S.a.r.l | |||||
| |
|
|
|
|
|
|
|
|
29.2% - StreetTeam Software Limited (DBA as Pollen) | ||||
| |
|
|
|
|
|
|
|
|
2.4% - GFG Capital S.a.r.l. | ||||
| |
|
|
|
|
|
|
|
100.0% - GBL Finance S.á.r.l | |||||
| |
|
|
|
|
|
|
|
100.0% - Miles Capital S.á.r.l | |||||
| |
|
|
|
|
|
|
|
50.0% - Avanti Acquisition SCSp | |||||
| |
|
|
|
|
|
|
|
|
23.1% - Piolin II S.á.r.l | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Piolin Bidco SAU | |||
| |
|
|
|
|
|
|
|
|
|
99.5% - Parques Reunidos | |||
| |
|
|
|
|
|
|
100.0% - Oliver Capital S.á.r.l | ||||||
| |
|
|
|
|
|
|
100.0% - Theo Capital S.á.r.l | ||||||
| |
|
|
|
|
|
|
100.0% - Owen Capital S.á.r.l | ||||||
| |
|
|
|
|
|
|
100.0% - Arthur Capital S.a.r.l. | ||||||
| |
|
|
|
|
|
|
|
15.0% - Umicore SA | |||||
| |
|
|
|
|
|
|
100.0% - Jade Capital S.a.r.l. | ||||||
| |
|
|
|
|
|
|
3.5% - FINPAR II SA | ||||||
| |
|
|
|
|
|
|
4.4% - FINPAR III SA | ||||||
| |
|
|
|
|
|
|
5.6% - FINPAR IV SA | ||||||
| |
|
|
|
|
|
|
5.1% - FINPAR V SA | ||||||
| |
|
|
|
|
|
|
5.0% - FINPAR VI SA | ||||||
| |
|
|
|
|
|
|
1.4% - FINPAR VII SA | ||||||
| |
|
|
|
|
|
|
1.0% - FINPAR VIII SRL | ||||||
| |
|
|
|
|
|
|
1.2% - FINPAR IX SRL | ||||||
| |
|
|
|
|
|
|
100.0% - Celeste GP S.à r.l. | ||||||
| |
|
|
|
|
|
|
100.0% - Sapiens S.á.r.l | ||||||
| |
|
|
|
|
|
|
|
13.1% – Concentrix | |||||
| |
|
|
|
|
|
|
100.0% - White Mountain S.A. | ||||||
| |
|
|
|
|
|
|
|
100.0% - Blue Mountain S.A. | |||||
| |
|
|
|
|
|
|
100.0% - One24 Capital S.C.A | ||||||
| |
|
|
|
|
|
|
95.1% - GfG Topco S.á.r.l | ||||||
| |
|
|
|
|
|
|
|
88.1% - GfG Capital S.á.r.l | |||||
| |
|
|
|
|
|
|
|
|
54.0% - Go-For-Gold Holding GmbH | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Canyon Bicycles GmbH | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Canyon Bicycles GmbH | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Canyon Bicycles Belgium BVBA | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Canyon Italia S.r.l | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Canyon Nederland B.V. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Canyon Bicycles UK Ltd. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Canyon Base RCSN, S.L.U. | |||
| |
|
|
|
|
|
|
|
|
|
100.0%- Bikerepair GmbH | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Canyon IP Management AG | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Canyon Iberia S.L. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Canyon Finland OY | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Pure Cycling Global GmbH | |||
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Canyon USA Inc. | ||
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Canyon Australian und New Zealand PTY Ltd. | ||
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Canyon Japan KK | ||
| |
|
|
|
|
|
|
|
|
50.0% - GoForGold Verwaltungs GmbH | ||||
| |
|
|
|
|
|
|
|
|
26.0% - GoForGold Coinvest CmbH & Co KG | ||||
| |
|
|
|
|
|
|
|
|
|
4.4% - GoForGold Holding GmbH | |||
| |
|
|
|
|
|
|
95.2% - Celeste Capital S.á.r..l | ||||||
| |
|
|
|
|
|
|
|
100.0% - Celeste InvestCo S.A. | |||||
| |
|
|
|
|
|
|
|
|
15.2% - Celeste ManCo S.C. Sp. | ||||
| |
|
|
|
|
|
|
|
|
|
0.6% - Celeste TopCo S.A. | |||
| |
|
|
|
|
|
|
|
|
99.4% - Celeste TopCo S.A. | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Celeste Midco 1 B.V. | |||
| |
|
|
|
|
|
|
|
|
|
100.0% - Celeste Midco 2 B.V. | |||
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Celeste Midco 3 B.V. | ||
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Celeste Bidco B.V. | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Affidea BV [continued] |
| 100.0% - Affidea BV [continued] | |||||||||||||
| |
100.0% - Affidea Innovation BV | ||||||||||||
| |
100.0% - Affidea Diagnostics BV | ||||||||||||
| |
|
100.0% - Affidea Magyarorszag Kft | |||||||||||
| |
|
|
100.0% - Affidea Praha sro | ||||||||||
| |
|
90.0% - First Private HC sro (10% owned by Affidea BV) | |||||||||||
| |
|
|
10.0% - YKN Czech sro (90% owned by Affidea Diagnostics BV) | ||||||||||
| |
|
90.0% - YKN Czech sro (10% owned by Affidea Ceska Republika sr) | |||||||||||
| |
|
|
100.0% - PMT Clinic as | ||||||||||
| |
|
|
|
100.0% - Affidea Brno sro | |||||||||
| |
|
100.0% - Affidea Spzoo | |||||||||||
| |
|
99.9% - Affidea Romania Srl | |||||||||||
| |
|
|
100.0% - Sanmed Srl | ||||||||||
| |
|
|
99.9% - Clinica de Diagnostic Phoenix Srl | ||||||||||
| |
|
99.9% - Affidea Cluj Srl | |||||||||||
| |
|
100.0% - Phoenix Imagistic Srl | |||||||||||
| |
|
100.0% - Phoenix Radiology Srl | |||||||||||
| |
|
100.0% - Medsan S.R.L. | |||||||||||
| |
|
100.0% - Exploramed S.R.L. | |||||||||||
| |
|
100.0% - Biomed Scan Development S.R.L. | |||||||||||
| |
|
100.0% - Scanconsult S.R.L. | |||||||||||
| |
|
100.0% - Affidea Development S.R.L. | |||||||||||
| |
|
100.0% - Odelga Operator S.R.L. | |||||||||||
| |
|
99.99% - Hiperdia SA | |||||||||||
| |
|
|
100.0% - CT Clinic Srl | ||||||||||
| |
|
100.0% - Affidea Lietuva UAB | |||||||||||
| |
|
|
100.0% - Medicinas Sfera UAB | ||||||||||
| |
|
|
100.0% - Endemik didmena UAB | ||||||||||
| |
|
|
100.0% - Medicinos Diapazonas UAB | ||||||||||
| |
|
100.0% - Poliklinika Maja I Kresimir Cavka | |||||||||||
| |
|
|
100.0% - Poliklinika Cavka | ||||||||||
| |
|
|
|
100.0% - Dijagnosticki Centar Vita Doo | |||||||||
| |
|
|
|
100.0% - Poliklinika Vita | |||||||||
| |
|
100.0% - Poliklinika RNOK Dr Kalajzic | |||||||||||
| |
|
100.0% - Polklinika Sveti Rok | |||||||||||
| |
|
100.0% - Polyklinik Eljuga | |||||||||||
| |
|
100.0% - Fortius Group Ltd | |||||||||||
| |
|
|
|
100.0% - Fortis London Ltd | |||||||||
| |
|
100.0% - Orthoderm Ltd | |||||||||||
| |
|
100.0% - Northern MRI Ltd | |||||||||||
| |
|
100.0% - Cromlyn House Surgical Ltd | |||||||||||
| |
|
100.0% - Advanced Radiology Ltd | |||||||||||
| |
|
100.0% - Affidea Diagnostics Ireland Ltd | |||||||||||
| |
|
100.0% - Affidea SA | |||||||||||
| |
|
100.0% - Affidea Holdings Hellas SA | |||||||||||
| |
|
|
|
100.0% - Affidea Central PMM SM SA | |||||||||
| |
|
|
|
100.0% - Geniki Apeikonistiki Private Diagnostic Laboratory Medical, S.A. | |||||||||
| |
|
|
|
100.0% - Affidea of Athens PMM SM SA | |||||||||
| |
|
|
|
100.0% - Affidea of Crete PMM SM SA | |||||||||
| |
|
|
|
100.0% - Affidea of Kavala PMM SM SA | |||||||||
| |
|
|
|
100.0% - Affidea of Kozani Heart Center PDLM SM SA | |||||||||
| |
|
|
|
100.0% - Affidea of Peristeri PMM SM SA | |||||||||
| |
|
|
|
100.0% - Affidea of Piraeus Biopathological PDLM SM SA | |||||||||
| |
|
|
|
100.0% - Affidea of Thessaloniki PMM SM SA | |||||||||
| |
|
|
|
100.0% - Affidea PDL & MM SM SA | |||||||||
| |
|
|
|
100.0% - Affidea Euromedic of Athens PDLM SM SA | |||||||||
| |
|
|
|
100.0% - Affidea of Chania PMM SM SA | |||||||||
| |
|
|
|
100.0% - Affidea of Kalamata PDLM SA | |||||||||
| |
|
|
|
100.0% - Affidea of Kozani Biopathological PDLM SM SA | |||||||||
| |
|
|
|
100.0% - Affidea of Kozani Imaging PDLM SM SA | |||||||||
| |
|
|
|
100.0% - Affidea of Piraeus Imaging PMM SM SA | |||||||||
| |
|
|
|
100.0% - Affidea of Sparta PMM SM SA | |||||||||
| |
|
|
|
100.0% - Affidea of Vari PMM SM SA | |||||||||
| |
|
|
|
100.0% - Athens City Med PMM SM SA | |||||||||
| |
|
96.0% - Cormed SH AS | |||||||||||
| |
|
99.6% - Labomed SH AS | |||||||||||
| |
|
100.0% - Affidea SHT AS | |||||||||||
| |
|
100.0% - Intermed Anadolu SH | |||||||||||
| |
|
99.9% - Unimed SHT AS | |||||||||||
| |
|
99.9% - Intermed Saglik Hizmetleri Anonim Sirketi | |||||||||||
| |
|
96.0% - Cormed Saglik Hizmetleri Anonim Sirketi | |||||||||||
| |
|
99.6% - Labomed Saglik Hizmetleri Anonim Sirketi | |||||||||||
| |
|
99.9% - Affidea Saglik Hizmetleri ve Ticaret Anonim Sirketi | |||||||||||
| |
|
99.9% - Unimed Saglik Hizmetleri ve Ticaret Anonim Sirketi | |||||||||||
| |
|
100.0% - Affidea Espana Quality S.L. | |||||||||||
| |
|
|
|
100.0% - Clinica Medica Comarcal SL | |||||||||
| |
|
|
|
100.0% - Clinica Ambulatori Gamma SL | |||||||||
| |
|
|
|
71.0% - Affidea Espana Contact Center SA | |||||||||
| |
|
|
|
60.0% - CD Foraste SA | |||||||||
| |
|
|
|
100.0% - CD Hospital VOT SLU | |||||||||
| |
|
|
|
24.0% - CD la Milagrosa SA (76% Owned by RM San Francisco SA) | |||||||||
| |
|
|
|
94.0% - RM San Francisco SA | |||||||||
| |
|
|
|
76.0% - CD la Milagrosa SA (24% Owned by Group Sanitario Affidea Espana SLU) | |||||||||
| |
|
|
|
100.0% - CMN Dr Perez Piqueras SL | |||||||||
| |
|
|
|
100.0% - Dresyven Prevencion, S.L.U | |||||||||
| |
|
|
|
100.0% - Servicios Medicos Especializad os, S.L.U | |||||||||
| |
|
|
|
100.0% - Vipresa S.L.U | |||||||||
| |
|
|
|
100.0% - CD Leon SLU | |||||||||
| |
|
|
|
100.0% - CD Valladoid SAU | |||||||||
| |
|
|
|
100.0% - CD Soria SLU | |||||||||
| |
|
|
|
100.0% - CPET Hospital de Jove SL | |||||||||
| |
|
|
|
100.0% - CPET La Milagrosa SLU | |||||||||
| |
|
|
|
100.0% - CEPT Hospital de Jove SL | |||||||||
| |
|
|
|
100.0% - Affidea CYL, SA | |||||||||
| |
|
|
|
100.0% - Affidea Fuensanta Sl | |||||||||
| |
|
|
|
100.0% - QD Navarra SLU | |||||||||
| |
|
|
|
100.0% - RM Santa Teresa SLU | |||||||||
| |
|
|
|
100.0% - Tesla Imagen Sl | |||||||||
| |
|
|
|
100.0% - Unidades Moviles Affidea, SL | |||||||||
| |
|
|
|
100.0% - Tecma Salud S.L.U | |||||||||
| |
|
|
|
100.0% - Centro Medico Infanta Mercedes Sl | |||||||||
| |
|
|
|
100.0% - Lendyfolk Assistance SL | |||||||||
| |
|
|
|
100.0% - Centro De Imagen Diagnostica LeganesSl | |||||||||
| |
|
|
|
100.0% - Medicentro Boadilla St | |||||||||
| |
|
|
|
100.0% - Medicentro Leganes Sl | |||||||||
| |
|
|
|
100.0% - Affidea Murcia, SL | |||||||||
| |
|
|
|
78.0% - RM Del Sureste SA (22.0% Scaner Murcia Sl) | |||||||||
| |
|
|
|
100.0% - Scaner Murcia Sl | |||||||||
| |
|
|
|
|
22.0% - RM Del Sureste SA (78% Owned by Affidea Iberia SL) | ||||||||
| |
|
|
|
|
75.0% - Sanatorio Virgen del Mar Cristobal S.A. | ||||||||
| |
|
100.0% - Albimed | |||||||||||
| |
|
|
|
100.0% - CRT-CRT ULda | |||||||||
| |
|
|
|
|
67.0% - Estevez & Frazao Lda | ||||||||
| |
|
|
|
|
100.0% - Ultrasono-Radiologia U Lda | ||||||||
| |
|
|
|
100.0% - CDI-CDI SA | |||||||||
| |
|
|
|
100.0% - Dr M Guimares CRE SA | |||||||||
| |
|
|
|
100.0% - Duarte J&J Lda | |||||||||
| |
|
|
|
100.0% - Imaset Lda | |||||||||
| |
|
|
|
|
100.0% - Clinica Santa Mafalda Lda. | ||||||||
| |
|
|
|
100.0% - Imavida | |||||||||
| |
|
|
|
|
100.0% - CEME CERE Lda | ||||||||
| |
|
|
|
100.0% - IMI-IMA SA | |||||||||
| |
|
|
|
|
100.0% - CEDIMA CIM SA | ||||||||
| |
|
|
|
100.0% - Clinica do Coracao do Alentejo S.A. | |||||||||
| |
|
|
|
100.0% - R.A.-Radiologia de Albufeira Lda. | |||||||||
| |
|
|
|
|
74.0% - C.M.R.A. Centro Medico e Radiologico de Albufeira Lda. | ||||||||
| |
|
|
|
100.0% - JIS14.Lda. | |||||||||
| |
|
|
|
|
25.0% - Ecorad-Ecografia e Radiologia,Lda. | ||||||||
| |
|
|
|
75.0% - Ecorad-Ecografia e Radiologia,Lda. | |||||||||
| |
|
100.0% - Affidea Italy Srl | |||||||||||
| |
|
|
|
100.0% - Affidea Lombardia Srl | |||||||||
| |
|
|
|
100.0% - Delta Medica Srl | |||||||||
| |
|
|
|
100.0% - Irmet SpA | |||||||||
| |
|
|
|
100.0% - Medicenter Group Srl | |||||||||
| |
|
|
|
100.0% - Iniziativa Medica SpA | |||||||||
| |
|
|
|
|
100.0% - Uni-X Medica Srl | ||||||||
| |
|
|
|
|
96.0%- - Modena Medica Srl | ||||||||
| |
|
|
|
100.0% - CDC SpA | |||||||||
| |
|
|
|
100.0% - CDC Srl | |||||||||
| |
|
|
|
100.0% - Medical Center Srl | |||||||||
| |
|
|
|
100.0% - Medical Sport Center Srl | |||||||||
| |
|
|
|
100.0% - Promea Srl | |||||||||
| |
|
|
|
100.0% - NSL Srl | |||||||||
| |
100.0% - Affidea Lab BV | ||||||||||||
| |
|
100.0% - Fernao Magalhaes Lda | |||||||||||
| |
|
|
|
100.0% - Alves & Duarte Lda | |||||||||
| |
|
|
|
100.0% - Hemobiolab LAC Lda | |||||||||
| |
|
|
|
100.0% - Hormofuncional CHF Lda | |||||||||
| |
100.0% - Affidea Cancer Treatment Centres BV | ||||||||||||
| |
|
100.0% - Affidea Onkoterapia Spzoo | |||||||||||
| |
|
|
|
51.0% - European Medical Partner SPzoo | |||||||||
| |
|
100.0% - International Medical Centers Banja Luka | |||||||||||
| |
|
71.3% - Affidea Cancer Treatment Centers AG SA | |||||||||||
| |
|
|
|
100.0% - PSG Holding AG | |||||||||
| |
|
|
|
|
100.0% - Plastic Surgery Group | ||||||||
| |
|
|
|
69.0% - Brust Zentrum AG SA (31% owned by Brust Zentrum Holding AG SA) | |||||||||
| |
|
|
|
100.0% - Brust Zentrum Holding AG SA | |||||||||
| |
|
|
|
|
31.0% Brust Zentrum AG SA (69% owned by Affidea Cancer Treatment Centers AG SA) | ||||||||
| |
|
|
|
100.0% - Affidea Brust Zentrum Ticino SA | |||||||||
| |
|
99.996% - Ultra Goruntuleme | |||||||||||
| |
|
100.0% - EWRS Tibbi Cihazlar Ticaret Ltd Sti | |||||||||||
| |
|
99.99% - Ultra Goruntuleme Merkezi Anonim Sirketi | |||||||||||
| |
|
100.0% - EWRS Tibbi Cihazlar Ticaret Limited Sirketi | |||||||||||
| |
100.0% - Affidea Group Kft | ||||||||||||
| |
10.0% - First Private HC sro (90% owned by Affidea Diagnostics BV) | ||||||||||||
| |
100.0% - Euromedic UK Ltd | ||||||||||||
| |
100.0% - Affidea Ireland Ltd | ||||||||||||
| |
100.0% - Affidea Finance Ireland Ltd | ||||||||||||
| 96.4% - Sofia Capital S.à r.l. | |||||||||||||
| |
|
|
|
99.7% - Sofia InvestCo S.A. | |||||||||
| |
|
|
|
|
|
100.0% - Sofia GP GmbH | |||||||
| |
|
|
|
|
|
49.5% - Sofia One GmbH & Co. KG | |||||||
| |
|
|
|
|
|
|
0.6% - Sofia MasterCo S.A. | ||||||
| |
|
|
|
|
|
63.0% - Sofia MasterCo S.A.(83.4% in capital) | |||||||
| |
|
|
|
|
|
|
100.0% - Sofia TopCo S.à r.l. | ||||||
| |
|
|
|
|
|
|
|
100.0% - Sofia HoldCo S.à r.l. | |||||
| |
|
|
|
|
|
|
|
|
100.0% - Sofia MidCo S.à r.l. | ||||
| |
|
|
|
|
|
|
|
|
|
100.0% - Sofia Bidco S.á.r.l. | |||
| |
|
|
|
|
|
|
|
|
|
|
100.0% - Sanoptis GmbH | ||
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - MASG – Medizinische Abrechnungs – und Servicegesellschaft mbH | |
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - nordBLICK Augenklinik Bellevue GmbH | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
85.0% - Wilhelminehaus Kiel MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
90.0% - nordBLICK MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
70.0% - BEP Augenarzte MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Augenklinik Dr. Hoffman GmbH | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
80.0% - Augenkompetenz Zentrum Bremerhaven MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
66.6% - Augenarzte Braunschweig-Gottingen MVZ GmbH Ilka Trinitowski GbR |
| |
|
|
|
|
|
|
|
|
|
|
|
|
65.0% - Augenarzte Braunschweig-Gottingen MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
50.0% - Augenarzte Braunschweig-Gottingen MVZ GmbH Ilka Trinitowski GbR |
| |
|
|
|
|
|
|
|
|
|
|
|
|
70.0% - MVZ RHR Augenarzte GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
65.0% - MVZ Auregio GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
80.0% - MVZ i-care4u GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
70.0% - Augenzentrum Unna MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
80.0% - Augentagesklinik Zehlendorf MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
85.0% - Augerlin MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Berolina Augenzentren MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
70.0% - Sudblick GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
80.0% - Augenzentrum Muhldorf MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Augenklinik Muldorf GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
70.0% - Augenzentrum Oberstenfeld MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
80.0% - Augenblick Mannheim-Zentrum MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
63.5% - Augenblick Augenzentren GbR |
| |
|
|
|
|
|
|
|
|
|
|
|
|
80.0% - Augenblick Mannheim Sud MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
36.5% - Augenblick Augenzentren GbR |
| |
|
|
|
|
|
|
|
|
|
|
|
|
80.0% - Augenheilkunde Heidenheim Medinisches Versorgungszentrum GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
80.0% - Augenheilkunde Medinisches Versorgungszentrum Dillingen GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
50.0% - Augenheilkunde Medinisches Versorgungszentrum Dillingen GbR |
| |
|
|
|
|
|
|
|
|
|
|
|
|
80.0% - Mainblick Augenzentrum GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
75.0% - Augenblick Augenzentrum Reutlingen MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Augenzentrum an der Leine MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
51.0% - Augencentrum Koln MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - AOC Augen OP CENTRUM PORZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
65.0% - MVZ Augen Praxisklinik Lubeck GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - MVZ Augencentrum Cuxhaven GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
60.0% - MVZ Weitblick GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Augenheilkunde und Augenchirurgie Bottrop MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
60.0% - Augentagesklinik am Rothenbaum RBC MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
80.0% - Avila Augenpraxisklinik MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
70.0% - Augenzentrum Brilon MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
51.0% - OCU PRO ® Augenärzte MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
65.0% - Rheinblick Augenzentrum GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
95.0% - Argus Augen MVZ GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
50.0% - Argus Augenklinik GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Oculent Contactlinsen GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
60.0% - Augenklinik Rendsburg GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Taxi and Transport Neuwerk GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Sanoptis AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
70.0% - Opthamed AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
70.0% - Augenzentrum Bahnhof Basel AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
75.0% - Eyeparc AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Dr. J. Menzi Augenarzt AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
80.0% - Berner Augenklinink Group AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0%- Berner Augenklinink AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
65.0% - KammannEye AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
70.0% - Matia AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
70.0% - OP Zentrum Schaffhausen GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
51.0% - OpthaVisuell AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
51.0% - Augenarzt Sch AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
60.0% - Vue Group AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
90.0% - Vue Center Biel AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Vue Center Grenchen AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
80.0% - OMMA Augenklinik AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
80.0% - Augenarztpraxis + Tagesklinik Pfaffikon AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
66.6% - Skylight Beteiligungs – A |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - TAZZ AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Augenpraxis Gambon AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Fleischhauer Ophthalmology AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
70.0% - Ambulante Augenchirurgie Zürich AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
85.0% - Augencentrum Zytglogge AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
92.6% - Tagesklinik im Eichgut AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
25.0% - Augenarztpraxis Dr. med. André Eugster AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
25.0% - Augenzentrum Winterthur AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Augenarztpraxis Dr. Hürzeler AG |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Augenarztpraxis Dr. Heinemann AG |
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Sanoptis Holding GmbH | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
100.0% - Augenzentrum Innsbruck 60 GmbH |
| |
|
|
|
|
|
|
|
|
|
|
|
|
75.0% - Augenlaserklinik Gmb |
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Sanoptis Greece S.A. | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
80.0% - Laservison S.A. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
60.0% - Ofthalmocheirourgiki A.E. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
60.0% -Ofthalmodiagnostiki E.P.E. |
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Sanoptis Italia S.P.A. | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
65.0% - HICARE SURGERY S.r.l. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
75.0% - ALSO S.R.L |
| |
|
|
|
|
|
|
|
|
|
|
|
100.0% - Sanoptis Espania SL | |
| Power Corporation of Canada | |||
| |
100.0% - Power Corporation (International) Limited | ||
| |
|
99.9% - Power Pacific Corporation Limited | |
| |
|
|
0.1% - Power Pacific Equities Limited |
| |
|
99.9% - Power Pacific Equities Limited | |
| |
100.0% - Power Communications Inc. | ||
| |
|
0.1% - Power Pacific Corporation Limited | |
| Power Corporation of Canada |
|
| |||||||
| |
100.0% - 152245 Canada Inc. |
|
| ||||||
| |
100.0% - Square Victoria Real Estate Inc./ Square Victoria Immobilier Inc. |
|
| ||||||
| |
100.0% - 3121011 Canada Inc. |
|
| ||||||
| |
100.0% - 171263 Canada Inc. |
|
| ||||||
| |
100.0% - Power Communications Inc. |
|
| ||||||
| |
100.0% - Power Corporation International |
|
| ||||||
| |
100.0% - Power Corporation of Canada Inc. |
|
| ||||||
| |
100.0% - 4524781 Canada Inc. |
|
| ||||||
| |
100.0% - Square Victoria Communications Group Inc. |
|
| ||||||
| |
|
100.0% - Gesca Ltee |
| ||||||
| |
|
|
100.0% - Gestion Gesca Inc. |
| |||||
| |
|
|
|
100.0% - Gesca Numerique Inc. | |||||
| |
|
|
100.0% - 9214470 Canada Inc. |
| |||||
| |
100.0% - Square Victoria Digital Properties Inc. |
|
| ||||||
| |
100.0% - Power Sustainable Capital Inc. |
|
| ||||||
| |
|
100.0% - Power Sustainable Manager Inc. |
| ||||||
| |
|
|
100.0% - Power Sustainable China Corporation Ltd. |
| |||||
| |
100.0% - Power Sustainable Lios Inc. |
|
| ||||||
| |
|
100.0% - Power Sustainable Lios GP I Inc. |
| ||||||
| |
|
100.0% - Lios Fund I LP |
| ||||||
| |
|
|
100.0% - PSL Investments Fund I LP |
| |||||
| |
|
|
100.0% - PSL Investments I (US) LP |
| |||||
| |
|
|
100.0% - Lios Collector A1 GP Inc. |
| |||||
| |
|
|
|
100.0% - Lios Collector A1 LP | |||||
| |
|
100.0% - Power Sustainable Lios GP I (US) Inc. |
| ||||||
| |
|
|
100.0% - Lios Fund I (US) LP |
| |||||
| |
|
|
|
100.0% - Power Sustainable Manager US, Inc. | |||||
| |
|
|
|
|
100.0% - Power Sustainable Infrastructure Credit , LLC | ||||
| |
|
|
|
|
|
100.0% - Power Sustainable Infrastructure Credit Manager, L.P. | |||
| |
|
|
|
|
|
100.0% - PSIC Fund I GP, LLC | |||
| |
|
|
|
|
|
100.0% - Power Sustainable Infrastructure Credit Fund I (Onshore) Feeder, LP. | |||
| |
|
|
|
|
|
100.0% - Power Sustainable Infrastructure Credit Fund I (Onshore) L.P. | |||
| |
|
|
|
|
|
100.0% - PSIC Fund I HC, LP | |||
| |
|
|
|
|
|
100.0% - Power Sustainable Infrastructure Credit Fund I (Offshore) L.P. | |||
| |
|
|
|
|
|
100.0% - PSIC Offshore Blocker I, L.P. | |||
| |
|
|
|
|
|
100.0% - PSIC Non-U.S. Pooling I, L.P. | |||
| |
|
|
|
|
|
100.0% - PSIC Non-U.S. CFC Blocker, L.P. | |||
| |
|
|
|
|
|
100.0% - PSIC U.S. Blocker I, Inc. | |||
| |
|
|
|
|
|
100.0% - PSIC U.S. Pooling I, L.P. | |||
| |
|
|
|
|
|
100.0% - PSIC Fund Investors, L.P. | |||
| |
|
|
100.0% - Power Sustainable Energy Infrastructure Inc. |
| |||||
| |
|
|
|
100.0% - PSEIP US GP Inc. | |||||
| |
|
|
|
|
100.0% - Power Sustainable Energy Infrastructure US Fund I LP | ||||
| |
|
|
|
|
|
100.0% - Potentia Renewables US Holdings LLC | |||
| |
|
|
|
|
100.0% - Power Sustainable Energy Infrastructure US Fund II LP | ||||
| |
|
|
|
|
|
100.0% - Nautilus US Power Holdco, LLC | |||
| |
|
|
|
|
100.0% - PSEIP US Feeder Fund I LP | ||||
| |
|
|
|
|
|
100.0% - Power Sustainable Energy Infrastructure Canada I Inc. | |||
| |
|
|
|
100.0% - PSEIP Canada GP Inc. | |||||
| |
|
|
|
|
100.0% - Power Sustainable Energy Infrastructure Canada Fund I LP | ||||
| |
|
|
|
|
|
100.0% - Potentia Renewables Canada Holdings GP Inc. | |||
| |
|
|
|
|
|
|
100.0% - Potentia Renewables Canada Holdings LP | ||
| |
|
|
|
|
100.0% - PSEIP Canada Feeder Fund I LP | ||||
| |
|
|
|
|
|
100.0% - Power Sustainable Energy Infrastructure US I Inc. | |||
| |
|
|
|
|
|
100.0% - PESIP Canada Feeder Fund II LP | |||
| |
|
|
|
|
|
100.0% - Power Sustainable Energy Infrastructure US II Inc. | |||
| |
|
|
|
100.0% - PSEIP Carry Canada GP Inc. | |||||
| |
|
|
|
|
100.0% - PSEIP Carry Canada LP | ||||
| |
|
|
|
|
100.0% - PSEIP Carry Holding LP | ||||
| |
|
|
|
|
100.0% - PSEIP Carry Holding US LP | ||||
| |
|
|
|
|
|
100.0% - PSEIP Carry US Inc. | |||
| |
|
|
|
|
100.0% - PSEIP Carry US GP Inc. | ||||
| |
|
|
|
|
100.0% - PSEIP Carry US LP | ||||
| |
|
100.0% - Power Sustainable Investment Management Inc. |
| ||||||
| |
|
|
100.0% - Power Sustainable China A-Shares Core Strategy GP Inc. |
| |||||
| |
|
|
|
100.0% - Power Sustainable China A-Shares Core Strategy LP | |||||
| |
|
|
100.0% - Power Pacific Investment Management (Ireland) Limited |
| |||||
| |
|
|
|
100.0% - Power Sustainable China A-Shares Core Strategy (US) GP LLC | |||||
| |
|
|
|
|
100.0% - Power Sustainable China A-Shares Core Strategy (US) Fund LP | ||||
| |
|
|
100.0% - Power Sustanable (Shanghai) Investment Management Co., Ltd. |
| |||||
| |
|
100.00% - Power Sustainable Infrastructure UK Credit Manager Ltd. |
| ||||||
| |
|
25.0% (voting) - 9314-0093 Québec Inc. |
| ||||||
| |
|
100.0% - Power Energy Corporation |
| ||||||
| |
|
|
100.0% - Potentia Renewables Inc. |
| |||||
| |
|
|
|
50.0% - Soluciones de Energia Alterna, S.L. | |||||
| |
|
|
|
100.0% - Red Brick Wind GP Inc. | |||||
| |
|
|
|
|
100.0% - Red Brick Wind Limited Partnership | ||||
| |
|
|
|
|
100.0% - Golden South II GP Inc. | ||||
| |
|
|
|
|
100.0% - Golden South II Limited Partnership | ||||
| |
|
|
|
|
100.0% - PR Jenner Sponsor GP Inc. | ||||
| |
|
|
|
|
100.0% - PR Jenner Sponsor LP | ||||
| |
|
|
|
|
100.0% - Jenner Wind 1 GP Inc. | ||||
| |
|
|
|
|
100.0% - Jenner 1 Limited Partnership | ||||
| |
|
|
|
|
100.0% - Jenner 2 GP Inc. | ||||
| |
|
|
|
|
100.0% - Jenner 2 Limited Partnership | ||||
| |
|
|
|
|
100.0% - Jenner 3 GP Inc. | ||||
| |
|
|
|
|
100.0% - Jenner 3 Limited Partnership | ||||
| |
|
|
|
|
100.0% - Stirling Wind Project Ltd | ||||
| |
|
|
|
|
100.0% - Stirling Wind Project LP | ||||
| |
|
|
|
74.99%- Stirling Renewable Energy Limited Partnership | |||||
| |
|
|
|
100.0% - Potentia Solar Holdings II Limited Partnership | |||||
| |
|
|
|
|
100.0% - Potentia Solar Holdings Limited Partnership | ||||
| |
|
|
|
|
|
100.0% - Schooltop Solar Limited Partnership | |||
| |
|
|
|
|
|
100.0% - TSPS (Portfolio 1) Limited Partnership | |||
| |
|
|
|
|
|
100.0% - TSPS (Portfolio 2) Limited Partnership | |||
| |
|
|
|
|
|
100.0% - PSI Solar Finance 1 Limited Partnership | |||
| |
|
|
|
|
|
100.0% - 2323953 Ontario Inc. | |||
| |
|
|
|
|
|
100.0% - MOM Guarantor Limited Partnership | |||
| |
|
|
|
|
|
100.0% - MOM Solar Limited Partnership | |||
| |
|
|
|
|
|
100.0% - PSI Solar Finance 5 Limited Partnership | |||
| |
|
|
|
|
|
100.0% - Potentia Solar 5 Limited Partnership | |||
| |
|
|
|
|
|
100.0% - Potentia Solar 6 Limited Partnership | |||
| |
|
|
|
|
|
100.0% - Potentia Solar 7 Limited Partnership | |||
| |
|
|
|
|
|
100.0% - MOM V Limited Partnership | |||
| |
|
|
|
|
|
100.0% - OSPS (002281 – 150 Abbeyhill) Limited Partnership | |||
| |
|
|
|
|
|
100.0% - OSPS (002273 – 3673 McBean) Limited Partnership | |||
| |
|
|
|
|
|
100.0% - OSPS (002334 – 159 Lorry Greenberg) Limited Partnership | |||
| |
|
|
|
|
|
100.0% - PSI Solar Finance 14 Limited Partnership | |||
| |
|
|
|
|
|
100.0% - Potentia Solar 14 Limited Partnership | |||
| |
|
|
|
|
|
100.0% - PSI Construction Agent 4 Limited Partnership | |||
| |
|
|
|
|
|
100.0% - PSI Finance 13 Limited Partnership | |||
| |
|
|
|
|
|
|
100.0% - Reliant First Nation GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - Reliant (No. 1) Solar Holdings Inc. | ||
| |
|
|
|
|
|
|
100.0% - Metasolar Consultants Inc. | ||
| |
|
|
|
|
|
100.0% - Reliant First Nation Limited Partnership | |||
| |
|
|
|
|
|
100.0% - Potentia Energy Limited Partnership | |||
| |
|
|
|
100.0% - Potentia Solar Holdings GP Inc. | |||||
| |
|
|
|
100.0% - PSI Construction Agent 2 Limited Partnership | |||||
| |
|
|
|
100.0% - PRI Construction Limited Partnership | |||||
| |
|
|
|
100.0% - PRI Consulting Limited Partnership | |||||
| |
|
|
|
100.0% - PSI Solar Finance (FIT 4) Limited Partnership | |||||
| |
|
|
|
|
|
100.0% - Potentia Solar 9 Limited Partnership | |||
| |
|
|
|
|
|
100.0% - Potentia Solar 10 Limited Partnership | |||
| |
|
|
|
|
|
100.0% - Potentia Solar 11 Limited Partnership | |||
| |
|
|
|
|
|
100.0% - Potentia Solar 12 Limited Partnership | |||
| |
|
|
100.0% - Potentia Solar Holdings GP Inc. | ||||||
| |
|
|
|
100.0% - PSI Finance 13 GP Inc. | |||||
| |
|
|
|
100.0% - PSI Solar Finance 1 GP Inc. | |||||
| |
|
|
|
100.0% - MOM Guarantor GP Inc. | |||||
| |
|
|
|
|
100.0% - MOM Solar GP Inc. | ||||
| |
|
|
|
100.0% - PSI Solar Finance 5 GP Inc. | |||||
| |
|
|
|
|
100.0% - Potentia Solar 5 GP Inc. | ||||
| |
|
|
|
|
100.0% - Potentia Solar 6 GP Inc. | ||||
| |
|
|
|
|
100.0% - Potentia Solar 7 GP Inc. | ||||
| |
|
|
|
|
100.0% - MSPC V General Partner Inc. | ||||
| |
|
|
|
100.0% - PSI Solar Finance 14 GP Inc. | |||||
| |
|
|
|
|
100.0% - Potentia Solar 14 GP Inc. | ||||
| |
|
|
|
100.0% - AS GP Inc. | |||||
| |
|
|
|
|
100.0% - TSPS (Portfolio 1) GP Inc. | ||||
| |
|
|
|
|
100.0% - TSPS (Portfolio 2) GP Inc.. | ||||
| |
|
|
|
100.0% - PSI Construction Agent 4 GP Inc. | |||||
| |
|
100.0% - PSI Solar Finance (FIT 4) GP Inc. | |||||||
| |
|
|
|
|
100.0% - Potentia Solar 9 GP Inc. | ||||
| |
|
|
|
|
100.0% - Potentia Solar 10 GP Inc. | ||||
| |
|
|
|
|
100.0% - Potentia Solar 11 GP Inc. | ||||
| |
|
|
|
|
100.0% - Potentia Solar 12 GP Inc. | ||||
| |
|
100.0% - PRI Construction Agent 2 GP Inc. | |||||||
| |
|
100.0% - PRI Consulting GP Inc. | |||||||
| |
|
100.0% - PRI Construction GP Inc. | |||||||
| |
|
|
|
100.0% - Solarize Holdings GP Inc. | |||||
| |
|
|
|
100.0% - Solarize Holdings LP | |||||
| |
|
|
|
|
100.0% - Solarize Services GP Inc. | ||||
| |
|
|
|
|
100.0% - Solarize Services LP | ||||
| |
|
|
|
|
100.0% - GS 2013 GP Inc. | ||||
| |
|
|
|
|
100.0% - SE 2011 GP Inc. | ||||
| |
|
|
|
|
100.0% - SE 2011 LP | ||||
| |
|
|
|
|
100.0% - SE 2012 GP Inc. | ||||
| |
|
|
|
|
49.985% - SE 2012 LP | ||||
| |
|
|
|
|
49.985% - SE2 2013 LP | ||||
| |
|
|
|
|
49.99% - SE 5 2013 LP | ||||
| |
|
|
|
|
100.0% - QS1 2012 GP Inc. | ||||
| |
|
|
|
|
49.98% - QS1 2012 LP | ||||
| |
|
|
|
|
100.0% - QS4 2012 GP Inc. | ||||
| |
|
|
|
|
49.985% - QS4 2012 LP | ||||
| |
|
|
|
|
100.0% - QS15 2012 GP Inc. | ||||
| |
|
|
|
|
49.985% - QS15 2012 LP | ||||
| |
|
|
|
|
100.0% - SE2 2013 GP Inc. | ||||
| |
|
|
|
|
100.0% - SE5 2013 GP Inc. | ||||
| |
|
|
|
|
39.996% - SE7 2013 LP | ||||
| |
|
|
|
|
100.0% - SE7 2013 GP Inc. | ||||
| |
|
|
|
|
100.0% - SE9 2013 GP Inc. | ||||
| |
|
|
|
|
100.0% - SE9 2013 LP | ||||
| |
|
|
|
|
100.0% - Solarize Financial 2015 GP Inc. | ||||
| |
|
|
|
|
100.0% - Solarize Financial 2015 LP | ||||
| |
|
|
|
|
100.0% - Solexica Energy GP5 Inc. | ||||
| |
|
|
|
|
100.0% - Solexica Energy LP 5 | ||||
| |
|
|
|
|
|
85.0% - Solexica Solar Brampton GP | |||
| |
|
|
|
|
100.0% - ME3 2012 GP Inc. | ||||
| |
|
|
|
|
49.985% - ME3 2012 LP | ||||
| |
|
|
|
|
100.0% - ME10 2012 GP Inc. | ||||
| |
|
|
|
|
84.98% - ME10 2012 LP | ||||
| |
|
|
|
|
100.0% - ME11 2012 GP Inc. | ||||
| |
|
|
|
|
49.985% - ME11 2012 LP | ||||
| |
|
|
|
|
100.0% - GS 2013 LP | ||||
| |
|
|
|
33.70% - Power Sustainable Energy Infrastructure Canada Fund I LP | |||||
| |
|
|
|
|
100.0% - Potentia Renewables Canada Holdings GP Inc. | ||||
| |
|
|
|
|
|
100.0% - Potentia Renewables Canada Holdings LP | |||
| |
|
|
|
|
|
|
100.0% - Potentia NB GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - Potentia NB LP | ||
| |
|
|
|
|
|
|
100.0% - Pokeshaw Windfam Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - Stirling Wind Project II Ltd. | ||
| |
|
|
|
|
|
|
100.0% - Stirling Wind Project II LP | ||
| |
|
|
|
|
|
|
100.0% - PR WS Sponsor GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - PR WS Sponsor LP | ||
| |
|
|
|
|
|
|
100.0% - Wheatland Wind Project Ltd. | ||
| |
|
|
|
|
|
|
100.0% - Wheatland Wind Project LP | ||
| |
|
|
|
|
|
|
100.0% - Rose Valley Wind GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - Rose Valley Wind LP | ||
| |
|
|
|
|
|
|
100.0% - 2866075 Ontario Inc. | ||
| |
|
|
|
|
|
|
100.0% - Oxley Wind Farm Inc. | ||
| |
|
|
|
|
|
|
100.0% - Ellershouse 3 GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - Ellershouse 3 Wind Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - Panuke Lake GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - Panuke Lake Wind GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - Golden South Wind GP Inc | ||
| |
|
|
|
|
|
|
100.0% - Golden South Wind LP | ||
| |
|
|
|
|
|
|
100.0% - PR Canada Land Holdings GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - PR Canada Land Holdings Limited Partnership | ||
| |
|
|
|
|
|
|
75.0% - Paintearth Wind Project Ltd. | ||
| |
|
|
|
|
|
|
75.0% - Paintearth Wind Project LP | ||
| |
|
|
|
|
|
|
100.0% - 5979359 Manitoba Ltd. | ||
| |
|
|
|
|
|
|
100.0% - 5956162 Manitoba Ltd. | ||
| |
|
|
|
|
|
|
100.0% - 5529442 Manitoba Ltd. | ||
| |
|
|
|
|
|
|
100.0% - Sequoia Loch Lomond Solar Energy LP | ||
| |
|
|
|
|
|
|
50.0% - Loch Lomond Wind Energy LP | ||
| |
|
|
|
|
|
|
50.0% - Sequoia Renewable Energy System LP | ||
| |
|
|
|
|
|
|
100.0% - Potentia Renewables 15 GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - Potentia Renewables 15 Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - PRI Wind GP Trust | ||
| |
|
|
|
|
|
|
100.0% - PRI Wind LP | ||
| |
|
|
|
|
|
|
50.0% - Affinity Wind GP Inc. | ||
| |
|
|
|
|
|
|
50.0% - Affinity Wind LP | ||
| |
|
|
|
|
|
|
100.0% - PRI Solar GP Trust | ||
| |
|
|
|
|
|
|
100.0% - PRI RT Solar LP | ||
| |
|
|
|
|
|
|
100.0% - PRI Industrial Solar (GP) Inc. | ||
| |
|
|
|
|
|
|
84.90% - PRI Industrial Solar LP | ||
| |
|
|
|
|
|
|
49.0% - LIFE Solar 1 Inc. | ||
| |
|
|
|
|
|
|
49.0% - LIFE Solar 2 Inc. | ||
| |
|
|
|
|
|
|
49.0% - LIFE Solar 3 Inc. | ||
| |
|
|
|
|
|
|
100.0% - Potentia Renewabes 16 GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - Potentia Renewables 16 Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - PRI Solar Gardens Nominee Inc. | ||
| |
|
|
|
|
|
|
100.0% - PRI Solar Gardens GP Trust | ||
| |
|
|
|
|
|
|
100.0% - PRI Solar Gardens LP | ||
| |
|
|
|
|
|
|
100.0% - Potentia Renewables 17 GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - 2366333 Ontario Inc. | ||
| |
|
|
|
|
|
|
100.0% - 2330049 Ontario Inc. | ||
| |
|
|
|
|
|
|
100.0% - SunE Newboro 4 GP Corp. | ||
| |
|
|
|
|
|
|
100.0% - SunE Welland Ridge GP Corp. | ||
| |
|
|
|
|
|
|
50.0% - SunE Sky GP Erie Ridge Ltd. | ||
| |
|
|
|
|
|
|
100.0% - Potentia Renewables 17 Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - SunE Newboro 4 LP | ||
| |
|
|
|
|
|
|
100.0% - SunE Welland Ridge LP | ||
| |
|
|
|
|
|
|
50.0% - SunE Sky Erie Ridge LP | ||
| |
|
|
|
|
|
|
75.0% - Truro Heights Wind LP | ||
| |
|
|
|
|
|
|
16.67% - 3285142 Nova Scotia Limited | ||
| |
|
|
|
|
|
|
67.0% - Truro Heights Wind GP Ltd. | ||
| |
|
|
|
|
|
|
49.0% - Truro-Milbrook Wind LP | ||
| |
|
|
|
|
|
|
25.0% - 3285142 Nova Scotia Limited | ||
| |
|
|
|
|
|
|
67.0% - Truro-Milbrook Wind GP Ltd. | ||
| |
|
|
|
|
|
|
75.0% - Pockwock Wind LP | ||
| |
|
|
|
|
|
|
41.67% - 3285142 Nova Scotia Limited | ||
| |
|
|
|
|
|
|
67.0% - Pockwock Wind GP Ltd. | ||
| |
|
|
|
|
|
|
49.0% - Whynotts Wind LP | ||
| |
|
|
|
|
|
|
16.67% - 3285142 Nova Scotia Limited | ||
| |
|
|
|
|
|
|
67.0% - Whynotts Wind GP Ltd. | ||
| |
|
|
|
|
|
|
100.0% - PR Development GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - PR Development Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - Essex Storage GP Inc. | ||
| |
|
|
|
|
|
|
49.9% - Essex Storage Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - Sa K-ekone Solar GP Inc. | ||
| |
|
|
|
|
|
|
49.0% - Sa K-ekone Solar Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - PR Ontario BESS GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - Creekside BESS Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - Skyview BESS Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - Heartland BESS Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - Arnprior BESS Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - Potentia Renewables Saskatchewan Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - Southern Springs Solar GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - Southern Springs Solar LP | ||
| |
|
|
|
|
|
|
100.0% - Potentia Renewables Saskatchewan GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - Potentia Renewables 18 GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - Potentia Renewables 18 Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - BrightRoof IP Ltd. | ||
| |
|
|
|
|
|
|
100.0% - BrightRoof GP Inc. | ||
| |
|
|
|
|
|
|
99.0% - BrightRoof II GP Inc. | ||
| |
|
|
|
|
|
|
100.0% - BrightRoof Solar Limited Partnership | ||
| |
|
|
|
|
|
|
49.9% - Metis Nation of Ontario – BrightRoof Solar Limited Partnership | ||
| |
|
|
|
|
|
|
49.0% - JCM Solar G.P.1 Ltd. | ||
| |
|
|
|
|
|
|
49.0% - Maxim Solar Power Corporation | ||
| |
|
|
|
|
|
|
49.9% - Tenedors GP 1 Ltd. | ||
| |
|
|
|
|
|
|
40.9% - GSC RP 1 LP | ||
| |
|
|
|
|
|
|
49.9% - GSC RP 5 LP | ||
| |
|
|
|
|
|
|
49.9% - GSC 6 LP | ||
| |
|
|
|
|
|
|
100.0% - Potentia Renewables 19 Inc. | ||
| |
|
|
|
|
|
|
100.0% - Potential Renewables 19 Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - Ernestown Holdings Inc. | ||
| |
|
|
|
|
|
|
100.0% - Ernestown Holdings Limited Partnership | ||
| |
|
|
|
|
|
|
44.99998% - Ernestown Windpark Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - Ernestown Windpark Inc. | ||
| |
|
|
|
|
|
|
100.0% - Maryvale Wind Inc. | ||
| |
|
|
|
|
|
|
100.0% - Maryvale Wind Limited Partnership | ||
| |
|
|
|
|
|
|
100.0% - Swift River Operations Limited | ||
| |
|
|
|
|
|
|
100.0% - Swift River Energy Limited | ||
| |
|
|
|
|
|
|
50.0001% - Swift River Limited Partnership | ||
| |
|
|
|
100.0% - Potentia Renewables US Holdings Corp. f/k/a Potentia Solar Holdings Corp | |||||
| |
|
|
|
|
28.78% - Power Sustainable Energy Infrastructure US Fund I LP | ||||
| |
|
|
|
|
|
100.0% - Potentia Renewables US Holdings LLC | |||
| |
|
|
|
|
|
100.0% - CG Solar Blocker I LLC | |||
| |
|
|
|
|
|
|
100.0% - ConnectGen Goldfinger I LLC | ||
| |
|
|
|
|
|
|
50.0% - EDPR Solar Ventures III, LLC | ||
| |
|
|
|
|
|
|
50.0% - Goldfinger Ventures LLC | ||
| |
|
|
|
|
|
|
50.0% - 2019 SOL III LLC | ||
| |
|
|
|
|
|
|
50.0% - Windhub Solar A, LLC | ||
| |
|
|
|
|
|
|
50.0% - Sunshine Valley Solar, LLC | ||
| |
|
|
|
|
|
100.0% - CG Solar Blocker II LLC | |||
| |
|
|
|
|
|
|
100.0% - ConnectGen Goldfinger II LLC | ||
| |
|
|
|
|
|
|
50.0% - EDPR Solar Ventures II, LLC | ||
| |
|
|
|
|
|
|
50.0% - Goldfinger Ventures II, LLC | ||
| |
|
|
|
|
|
|
50.0% - 2019 SOL IV LLC | ||
| |
|
|
|
|
|
|
50.0% - Sun Streams LLC | ||
| |
|
|
|
|
100.0% - Potentia US Battery Storage Holdings, LLC | ||||
| |
|
|
|
|
|
|
100.0% - IEP Tejas Verde, LLC | ||
| |
|
|
|
|
|
100.0% - PR Land Holdings, LLC | |||
| |
|
|
|
|
|
100.0% - PR Development LLC | |||
| |
|
|
|
|
|
|
100.0% - Banjo Solar Holdings Corp. | ||
| |
|
|
|
|
|
|
49.0% - Kamaole Solar Holdings, LLC | ||
| |
|
|
|
|
|
|
49.0% - Kamaole Solar, LLC | ||
| |
|
|
|
|
|
100.0% - PR Operating LLC | |||
| |
|
|
|
|
|
|
100.0% - Musselshell Wind Holdings, LLC | ||
| |
|
|
|
|
|
|
100.0% - Musselshell Wind Project, LLC | ||
| |
|
|
|
|
|
|
100.0% - Musselshell Wind Project Two, LLC | ||
| |
|
|
|
|
|
|
100.0% - Potentia US Solar Fund 2, LLC | ||
| |
|
|
|
|
|
|
100.0% - Potentia MN Solar Fund 1 Managing Member, LLC | ||
| |
|
|
|
|
|
|
65.0% - Potentia MN Solar Fund I, LLC | ||
| |
|
|
|
|
|
|
100.0% - Minnesota Solar CSG 1, LLC | ||
| |
|
|
|
|
|
|
100.0% - Minnesota Solar CSG 4, LLC | ||
| |
|
|
|
|
|
|
100.0% - Minnesota Solar CSG 8, LLC | ||
| |
|
|
|
|
|
|
100.0% - Minnesota Solar CSG 9, LLC | ||
| |
|
|
|
|
|
|
100.0% - Minnesota Solar CSG 19, LLC | ||
| |
|
|
|
|
|
|
100.0% - Minnesota Solar CSG 21, LLC | ||
| |
|
|
|
100.0% - Potentia Renewable Developments, LLC | |||||
| |
|
|
100.0% - Power Energy Corporation US | ||||||
| |
|
|
|
100.0% - Nautilus Solar Energy, LLC | |||||
| |
|
|
|
|
100.0% - Nautilus Solar Solutions, LLC | ||||
| |
|
|
|
|
100.0% - Nautilus Solar Canada Inc. | ||||
| |
|
|
|
|
100.0% - Nautilus Community Solar, LLC | ||||
| |
|
|
|
|
100.0% - Clifton Park Solar 1, LLC | ||||
| |
|
|
|
|
100.0% - Clifton Park Solar 2, LLC | ||||
| |
|
|
|
|
100.0% - Hamlin Solar 1, LLC | ||||
| |
|
|
|
|
100.0% - P52ES Raphel Rd Community Solar, LLC | ||||
| |
|
|
|
|
100.0% - Lowry CSG 2, LLC | ||||
| |
|
|
|
|
100.0% - Paynesville CSG 1, LLC | ||||
| |
|
|
|
|
100.0% - Plato CSG, LLC | ||||
| |
|
|
|
|
33.37% - Power Sustainable Energy Infrastructure US Fund II LP | ||||
| |
|
|
|
|
|
100.0% - Nautilus US Power Holdco, LLC | |||
| |
|
|
|
|
|
100.0% - Bulldog Solar One LLC | |||
| |
|
|
|
|
|
100.0% - Mason Solar One,LLC | |||
| |
|
|
|
|
|
100.0% - Pittman Solar One LLC | |||
| |
|
|
|
|
|
100.0% - Hostetter Solar One, LLC | |||
| |
|
|
|
|
|
100.0% - Burns Solar One LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus Issuer 2022 Holdco, LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus Issuer 2022, LLC | |||
| |
|
|
|
|
|
|
100.0% - Nautilus Sponsor Member 2022, LLC | ||
| |
|
|
|
|
|
|
100.0% - Nautilus Owner 2022, LLC [100.0% of Class B Membership Interests] | ||
| |
|
|
|
|
|
|
100.0% - Tiffany Energy LLC | ||
| |
|
|
|
|
|
|
100.0% - NSE AT01, LLC | ||
| |
|
|
|
|
|
|
100.0% - NSE FA01 LLC | ||
| |
|
|
|
|
|
|
100.0% - Washington WS03, LLC | ||
| |
|
|
|
|
|
|
100.0% - Sturgeon Solar Gray, LLC | ||
| |
|
|
|
|
|
|
100.0% - Vestal PS4 Solar, LLC (f/k/a) Pivot Solar 4, LLC) | ||
| |
|
|
|
|
|
|
100.0% - Vestal PS7 Solar, LLC (f/k/a) Pivot Solar 7, LLC) | ||
| |
|
|
|
|
|
|
100.0% - Vestal PS8 Solar, LLC (f/k/a) Pivot Solar 8, LLC) | ||
| |
|
|
|
|
|
|
100.0% - Vestal PS1 Solar, LLC (f/k/a Pivot Solar 1, LLC) | ||
| |
|
|
|
|
|
|
100.0% - Vestal PS3 Solar, LLC (f/k/a Pivot Solar 3, LLC) | ||
| |
|
|
|
|
|
|
100.0% - Mavis Solar North Bridgton LLC (f/k/a BD Solar North Bridgton, LLC) | ||
| |
|
|
|
|
|
|
100.0% - Mavis Oakland LLC (f/k/a BD Solar Oakland, LLC) | ||
| |
|
|
|
|
|
|
100.0% - Wells Solar LLC | ||
| |
|
|
|
|
|
|
100.0% - Fryeburg Solar, LLC | ||
| |
|
|
|
|
|
|
100.0% - VH Holdco I, LLC | ||
| |
|
|
|
|
|
|
100.0% - VH WB Holdco, LLC | ||
| |
|
|
|
|
|
|
100.0% - VH West Brookfield, LLC | ||
| |
|
|
|
|
|
|
100.0% - NSE Kam MM Holdco, LLC | ||
| |
|
|
|
|
|
|
100.0% - Virgo KAM Holdco, LLC (100% Class B Units) | ||
| |
|
|
|
|
|
|
100.0% - Lindstrom Solar LLC | ||
| |
|
|
|
|
|
|
100.0% - Saint Cloud Solar LLC | ||
| |
|
|
|
|
|
|
100.0% - Winsted Solar LLC | ||
| |
|
|
|
|
|
|
100.0% - NSE Goat Island MM Holdco, LLC | ||
| |
|
|
|
|
|
|
100.0% - Virgo Goat Island Holdco, LLC (100% Class B Units) | ||
| |
|
|
|
|
|
|
100.0% - Nautilus Goat Island Solar, LLC | ||
| |
|
|
|
|
|
|
100.0% - Nautilus Hopkins Hill MM Holdco, LLC | ||
| |
|
|
|
|
|
|
100.0% - Hopkins Hill Solar Lessee LLC (1% pre-flip economic interest) | ||
| |
|
|
|
|
|
|
100.0% - Hopkins Hill Solar Lessor Holdco LLC (90% economic interest) | ||
| |
|
|
|
|
|
|
100.0% - TPE Hopkins Solar Holdings1, LLC | ||
| |
|
|
|
|
|
|
100.0% - Nautilus Mayflower Holdco, LLC | ||
| |
|
|
|
|
|
|
100.0% - FFP Fund II Member1, LLC | ||
| |
|
|
|
|
|
|
100.0% - FFP Fund II Partnership1, LLC | ||
| |
|
|
|
|
|
|
100.0% - Hollygrove Solar, LLC | ||
| |
|
|
|
|
|
|
100.0% - Howland Solar, LLC | ||
| |
|
|
|
|
|
|
100.0% - Pearl Solar, LLC | ||
| |
|
|
|
|
|
|
100.0% - Pearl Solar II, LLC | ||
| |
|
|
|
|
|
|
100.0% - FFP NY Schagticoke Project1, LLC | ||
| |
|
|
|
|
|
|
100.0% - FFP NY Schenectady Project1, LLC | ||
| |
|
|
|
|
|
|
100.0% - FFP NY Watertown Project1, LLC | ||
| |
|
|
|
|
|
|
100.0% - FFP NY Guilderland Project1, LLC | ||
| |
|
|
|
|
|
|
100.0% - Aegis Solar, LLC | ||
| |
|
|
|
|
|
|
100.0% - FFP Fund II Partnership2, LLC | ||
| |
|
|
|
|
|
|
100.0% - FFP Bethlehem Project1, LLC | ||
| |
|
|
|
|
|
|
100.0% - FFP BTC2 Project LLC | ||
| |
|
|
|
|
|
|
100.0% - Strauss Solar, LLC | ||
| |
|
|
|
|
|
|
100.0% - Dover Solar, LLC | ||
| |
|
|
|
|
|
|
100.0% - Ellsworth Solar, LLC | ||
| |
|
|
|
|
|
|
100.0% - Ellsworth Solar II, LLC | ||
| |
|
|
|
|
|
|
100.0% - Frog Hollow Solar, LLC | ||
| |
|
|
|
|
|
|
100.0% - Howell Solar, LLC | ||
| |
|
|
|
|
|
|
100.0% - FFP Owings Mills Project1 LLC | ||
| |
|
|
|
|
|
|
100.0% - FFP MD Snow Hill Project1 LLC | ||
| |
|
|
|
|
|
|
100.0% - FFP MD PGC18 Project, LLC | ||
| |
|
|
|
|
|
|
100.0% - FFP MD Solar Holdings, LLC | ||
| |
|
|
|
|
|
100.0% - Nautilus Holdco I, LLC | |||
| |
|
|
|
|
|
|
100.0% - NS Belle Mead, LLC | ||
| |
|
|
|
|
|
|
100.0% - NSE Barnstable HS Solar LLC | ||
| |
|
|
|
|
|
|
100.0% - NSE Duxbury Solar LLC | ||
| |
|
|
|
|
|
|
100.0% - NSE Solar #1032 LLC | ||
| |
|
|
|
|
|
|
100.0% - NSE Cape Cod Solar IV LLC | ||
| |
|
|
|
|
|
|
100.0% - NSE Mattacheese Solar LLC | ||
| |
|
|
|
|
|
|
100.0% - NSE Wixon Solar LLC | ||
| |
|
|
|
|
|
|
100.0% - Red Wing Solar 15 LLC | ||
| |
|
|
|
|
|
|
100.0% - Red Wing Solar 20 LLC | ||
| |
|
|
|
|
|
|
100.0% - SolarClub23 LLC | ||
| |
|
|
|
|
|
|
100.0% - Red Wing Solar 28, LLC | ||
| |
|
|
|
|
|
|
100.0% - SolarClub 35 LLC | ||
| |
|
|
|
|
|
|
100.0% - Vestal PS2 Solar, LLC | ||
| |
|
|
|
|
|
|
100.0% - Vestal PS14 Solar, LLC | ||
| |
|
|
|
|
|
|
100.0% - Vestal PS15 Solar, LLC | ||
| |
|
|
|
|
|
|
100.0% - Sturgeon Town House Solar, LLC | ||
| |
|
|
|
|
|
100.0% - Nautilus Sponsor Member 2021 LLC | |||
| |
|
|
|
|
|
100.0% - Sponsor Membership Interests - Nautilus Owner 2021, LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus Owner 2021 (King) LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus Sponsor Member, 2020 LLC | |||
| |
|
|
|
|
|
40.0% - Nautilus Owner 2020, LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus Owner 2020 (Beacon) LLC | |||
| |
|
|
|
|
|
100.0% - Spirit Presque Isle 1 Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Spirit Presque Isle 2 Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Wolcott Hill Road Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Luna Rossa Peru Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Luna Rossa Malone Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Luna Rossa Crown Point Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Luna Rossa Schodack Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Luna Rossa Champlain Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Falcon Sheesley Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Barnes Road Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Barnes Road Solar West, LLC | |||
| |
|
|
|
|
|
100.0% - NSE Camber Solar PS13 LLC | |||
| |
|
|
|
|
|
100.0% - NSE Camber Solar PS12, LLC | |||
| |
|
|
|
|
|
100.0% - NSE Camber Solar PS11 LLC | |||
| |
|
|
|
|
|
100.0% - NSE Camber Solar PS6 LLC | |||
| |
|
|
|
|
|
100.0% - NSE Camber Solar PS5 LLC | |||
| |
|
|
|
|
|
100.0% - NSE Camber BH CSG2, LLC | |||
| |
|
|
|
|
|
100.0% - Mtn Solar 6 LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus Castle Solar, LLC | |||
| |
|
|
|
|
|
100.0% - NSE CroakerRenewables Inc. | |||
| |
|
|
|
|
|
100.0% - Bright Oak Solar LLC | |||
| |
|
|
|
|
|
100.0% - Bright Hill Solar LLC | |||
| |
|
|
|
|
|
100.0% - Bright Field Solar LLC | |||
| |
|
|
|
|
|
100.0% - P52ES 1755 Henryton Rd Phase I LLC | |||
| |
|
|
|
|
|
100.0% - P52ES 1755 Henryton Rd Phase 2, LLC | |||
| |
|
|
|
|
|
100.0% - Brooten CSG 1 LLC | |||
| |
|
|
|
|
|
100.0% - Buffalo Lake CSG 1 LLC | |||
| |
|
|
|
|
|
100.0% - Sacred Heart CSG 1 LLC | |||
| |
|
|
|
|
|
100.0% - Stewart CSG 1 LLC | |||
| |
|
|
|
|
|
100.0% - River Valley Solar LLC | |||
| |
|
|
|
|
|
100.0% - Renew Solar RI Exeter Ten LLC | |||
| |
|
|
|
|
|
100.0% - Renew Solar RI Exeter Mail LLC | |||
| |
|
|
|
|
|
100.0% - Kirby Road Solar LLC | |||
| |
|
|
|
|
|
100.0% - Islander Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Solar Club 23 LLC | |||
| |
|
|
|
|
|
100.0% - Great Lakes Peck Road Solar, LLC (f/k/a Peck Road Solar Farm, LLC) | |||
| |
|
|
|
|
|
100.0% - Great Lakes Michigan Solar, LLC (f/k/a SDG MI DG, LLC) | |||
| |
|
|
|
|
|
100.0% - Great Lakes Wisconsin Solar, LLC (f/k/a ESA WI, LLC) | |||
| |
|
|
|
|
|
100.0% - Great Lakes Ohio Solar, LLC (f/k/a SDG OH DG, LLC) | |||
| |
|
|
|
|
|
100.0% - Great Lakes 72nd Street Solar, LLC (f/k/a 72nd St Solar Farm, LLC) | |||
| |
|
|
|
|
|
100.0% - Moro Selkirk Solar, LLC (f/k/a Yellow 8 LLC) | |||
| |
|
|
|
|
|
100.0% - Enterprise Road Solar LLC | |||
| |
|
|
|
|
|
100.0% - Chesapeake KE73 Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Chesapeake SU113 Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Chesapeake SU163 Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Chesapeake SU94 Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Chesapeake SU165 Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Goose Haven Solar LLC | |||
| |
|
|
|
|
|
100.0% - Little Valentine Solar LLC | |||
| |
|
|
|
|
|
100.0% - St Lawrence County NY S2 LLC | |||
| |
|
|
|
|
|
100.0% - Odyssey Alphine Road Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Odyssey Granite City Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Odyssey Sonora Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Odyssey St. Jacob Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Odyssey Viola Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus Solar Term Holdco LLC100.0% - Nautilus Lion Sponsor Member , LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus Lion Member, LLC | |||
| |
|
|
|
|
|
100.0% - Sturgeon Quarry Solar, LLC (f/k/a ISM Solar Quarry, LLC) | |||
| |
|
|
|
|
|
100.0% - Casco Sidney Solar, LLC (f/k/a DB Solar Sidney LLC) | |||
| |
|
|
|
|
|
100.0% - Casco Standish Solar, LLC (f/ka BD Solar Standish, LLC) | |||
| |
|
|
|
|
|
100.0% - Meeting House Solar LLC | |||
| |
|
|
|
|
|
100.0% - SolarClub 10 LLC | |||
| |
|
|
|
|
|
100.0% - Bear One, LLC | |||
| |
|
|
|
|
|
100.0% - Sabattus SB01, LLC | |||
| |
|
|
|
|
|
100.0% - Red Wing Solar 3 LLC (f/k/a SolarClub 3 LLC) | |||
| |
|
|
|
|
|
100.0% - Vestal PS9 Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Vestal PS10 Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Sanford Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Maverick One, LLC | |||
| |
|
|
|
|
|
100.0% - Hanover Pike Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Chesapeake Energy One, LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus MI Development, LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus NM Development, LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus WI Development, LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus OH Development, LLC | |||
| |
|
|
|
|
|
100.0% - West Deming Solar Project, LLC | |||
| |
|
|
|
|
|
100.0% - VH Lordsburg Holdco, LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus Solar Lordsburg, LLC | |||
| |
|
|
|
|
|
100.0% - VH Salem Holdco, LLC | |||
| |
|
|
|
|
|
100.0% - NS Salem Community College, LLC | |||
| |
|
|
|
|
|
100.0% - VH Kilroy Holdco, LLC | |||
| |
|
|
|
|
|
100.0% - VH Kilroy Solar, LLC | |||
| |
|
|
|
|
|
100.0% - VH BHA Holdco, LLC | |||
| |
|
|
|
|
|
100.0% - GES Megafourteen LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus Solar Construction Holdco, LLC | |||
| |
|
|
|
|
|
100.0% - Casco Brewer Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Peterboro Road Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Spirit Presque Isle 1 Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Spirit Presque Isle 2 Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Comfort Solar, LLC | |||
| |
|
|
|
|
|
100.0% - VP Road Solar, LLC | |||
| |
|
|
|
|
|
100.0% - VP Road Solar South, LLC | |||
| |
|
|
|
|
|
100.0% - Beech Road Solar, LLC | |||
| |
|
|
|
|
|
100.0% - CGA Solar LLC | |||
| |
|
|
|
|
|
100.0% - Moro Altamont Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Livingston Crossing Solar LLC | |||
| |
|
|
|
|
|
100.0% - Gowans Road Solar, LLC | |||
| |
|
|
|
|
|
100.0% - Sturgeon Ryan Ranch Solar, LLC | |||
| |
|
|
|
|
|
100.0% - BD Solar Masardis LLC | |||
| |
|
|
|
|
|
100.0% - BD Solar Nicolin LLC | |||
| |
|
|
|
|
|
100.0% - BD Solar North Anson LLC | |||
| |
|
|
|
|
|
100.0% - BD Solar Limestone LLC | |||
| |
|
|
|
|
|
100.0% - BD Solar Norridgewock LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus Solar Construction Seller, LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus Atlantis II MM Holdco, LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus Atlantis II Lessee Holdco, LLC | |||
| |
|
|
|
|
|
100.0% - Nautilus Atlantis II Lessor Holdco, LLC | |||
| |
|
|
|
|
|
100.0% - Mustang One, LLC | |||
| |
|
|
|
|
|
100.0% - Lion One, LLC | |||
| |
|
|
|
|
|
100.0% - Ten Oaks Solar LLC | |||
| |
|
|
|
|
|
100.0% - Red Wing Solar 30, LLC | |||
| |
|
|
|
|
|
100.0% - Parker Place Solar LLC | |||
| |
|
|
49.62% - LMPG Inc. |
| |||||
| |
|
|
|
100.0% - Lumenpulse Lighting Corp. | |||||
| |
|
|
|
|
100.0% - Sternberg Lanterns, Inc. | ||||
| |
|
|
|
|
100.0% - Architectural LW Holdings, LLC | ||||
| |
|
|
|
|
|
100.0% - Palo Alto Lighting, LLC | |||
| |
|
|
|
|
|
100.0% - Architectural Lighting Works, S.de R.L. de C.V. | |||
| |
|
|
|
|
|
100.0% - LMPG Holdings Inc. | |||
| |
|
|
|
|
|
80.0% - Vode Lighting, LLC | |||
| |
|
|
|
100.0% - Exenia s.r.l. | |||||
| |
|
|
|
80.0% - CD/M2 Lightworks Corp | |||||
| |
|
|
|
80.0% - Pa-Co Lighting Inc. | |||||
| |
|
|
|
100.0% - Lumca Inc. | |||||
| |
|
|
|
100.0% - Toronto Lightworks Inc. | |||||
| |
|
|
|
100.0% - Lumenpulse UK Limited | |||||
| |
|
|
|
|
100.0% - Lumenpulse Alphaled Limited | ||||
| |
|
|
34.11% - The Lion Electric Company |
| |||||
| Power Financial Corporation | ||||
| |
100.0% - 4400003 Canada Inc. | |||
| |
100.0% - 3411893 Canada Inc. | |||
| |
100.0% - 3439453 Canada Inc. | |||
| |
100.0% - 11249207 Canada Inc. | |||
| |
20.0% - Project Alphonso Acquisition Corp | |||
| |
100.0% - 9194649 Canada Inc. | |||
| |
|
100.0% - Springboard 2021 GP Inc. | ||
| |
100.0% - Springboard L.P. | |||
| |
|
56.50% - Wealthsimple Financial Corp. (54.16% equity) | ||
| |
|
|
100.0% - Wealthsimple Inc. | |
| |
|
|
100.0% - Wealthsimple Advisor Services Inc. | |
| |
|
100.0% - Wealthsimple Investments Inc. | ||
| |
|
|
100.0% - Wealthsimple Technologies Inc. | |
| |
|
|
|
100.0% - Wealthsimple US, Ltd. |
| |
|
|
50.01% - Wealthsimple Europe S.a.r.l (100.00% equity) | |
| |
|
|
|
100.0% - Wealthsimple UK Ltd. |
| |
|
|
100.0% - SimpleTax Software Inc. | |
| |
|
|
100.0% - Wealthsimple Payments Inc. | |
| |
|
|
100.0% - Wealthsimple Digital Assets. Inc. | |
| |
|
|
100.0% - Wealthsimple Media Inc. | |
| |
|
|
100.0% - Wealthsimple Mortgage Services Inc. (formerly 12062925 Canada Inc. and OrderUp Technologies Inc). | |
| |
|
|
100.0% - Wealthsimple Labs Inc. | |
| |
|
|
100.0% - Wealthsimple Funds Holdco Inc. | |
| |
|
|
100.0% - Wealthsimple Private Credit Fund 1 GP Inc. | |
| |
|
|
100.0% - Wealthsimple Private Credit Fund 1 LP | |
| |
|
|
100.0% - Wealthsmiple Private Credit Fund 1 SUB GP Inc. | |
| |
|
|
100.0% - Wealthsimple Private Credit Fund 1 Sub LP | |
| |
|
100.0% - Springboard II LP | ||
| |
|
|
4.13% - Koho Financial Inc. | |
| Power Corporation of Canada | ||||||||||||
| |
100.0% - Power Financial Corporation | |||||||||||
| |
|
68.150% - Great-West Lifeco Inc. (65% in voting) | ||||||||||
| |
|
|
14.03% - Sagard Holdings Management Inc. (12.74% equity) | |||||||||
| |
|
|
100.0% - Sagard Holdings Participation Inc. | |||||||||
| |
|
|
|
100.0% - Sagard Holdings Inc. | ||||||||
| |
|
|
|
|
|
56.38% - Sagard Holdings Management Inc. (51.20% equity) | ||||||
| |
|
|
|
|
|
|
100.0% - Everwest Holdings Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - EverWest Property Services, LLC | ||||
| |
|
|
|
|
|
|
|
100.0% - EverWest Advisors LLC | ||||
| |
|
|
|
|
|
|
|
|
100.0% - EW Manager, LLC | |||
| |
|
|
|
|
|
|
|
100.0% - EverWest Real Estate Investors, LLC | ||||
| |
|
|
|
|
|
|
|
|
100.0% - EW Equity Plan, LLC | |||
| |
|
|
|
|
|
|
100.0% - Sagard Capital Partners Management Corp. | |||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Holdings Manager (US) LLC | ||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Offshore GP LLC | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Offshore LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Holdings II LP | |||
| |
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Offshore-U GP LLC | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Offshore-U LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Holdings II-U LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Holdings II-U SPV I LLC | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Holdings II-U SPV II LLC | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Holdings II-U SPV III LLC | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Holdings LLC | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Holdings-U LLC | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Offshore Carried Interest LLC | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Offshore Carried Interest-U LLC | |||
| |
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners-U GP Inc. | |||||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Holdings I-U LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners-U LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Holdings-U GP Inc. | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Holdings-U LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners RN-U LP | |||
| |
|
|
|
|
|
|
|
100.0% - Sagard UK Management Ltd. | ||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Holdings Manager GP Inc. | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Holdings Manager LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Holdings Wealth LP | |||
| |
|
|
|
|
|
|
|
|
64.99% - Grayhawk Wealth Holdings Inc. (46.2% fully diluted equity) | |||
| |
|
|
|
|
|
|
|
|
100.0% - Grayhawk Investment Strategies Inc. | |||
| |
|
|
|
|
|
|
|
|
100.0% - Grayhawk Wealth US Inc. | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Foundry Participation LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - P3 Ventures Participation LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - SHRP Participation LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Partner Pool LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Europe Participation LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - P3 Ventures 2021 Participation LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Outremont Participant LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Portage Capital Solutions Carried Interest LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Portage Web3 Fund I Carried Interest LP | |||
| |
|
|
|
|
|
|
|
100.0% - Sagard S.A.S. | ||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Holdings Manager (Canada) Inc. | ||||
| |
|
|
|
|
|
|
|
100.0% - Sagard (MENA) Ltd | ||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Credit Partners GP, Inc. | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Credit Partners, LP | |||
| |
|
|
|
|
|
|
|
100.0% - Sagard Credit Partners II GP, Inc. | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Credit Partners II, LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Credit Partners II Carried Interest, LP | |||
| |
|
|
|
|
|
|
|
100.0% - Sagard Credit Partners (Cayman) GP, Inc. | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Credit Partners (Cayman), LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Credit Partners (Lone Star), LP | |||
| |
|
|
|
|
|
|
|
100.0% - Sagard Credit Partners II (Cayman) GP, LLC | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Credit Partners II (Cayman), LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Credit Partners II (US Investments), LP | |||
| |
|
|
|
|
|
|
|
100.0% - Sagard Credit Partners II SPV I GP, Inc. | ||||
| |
|
|
|
|
|
|
|
|
100.0%- Sagard Credit Partners II SPV I, LP | |||
| |
|
|
|
|
|
|
|
100.0% - Sagard Healthcare Royalty Partners GP LLC | ||||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Healthcare Royalty Partners, LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Healthcare Partners (Delaware) LP | |||
| |
|
|
|
|
|
|
|
|
100.0% Sagard Healthcare Partners Funding SPE 1, LLC | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Healthcare Partners Funding Borrower SPE 1, LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Sagard Healthcare Partners Funding Borrower SPE 2, LP | |||
| |
|
|
|
|
|
|
|
100.0% - Sagard Healthcare Partners (Delaware) II LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Healthcare Partners (P-1) LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Healthcare Royalty Partners (Feeder ), LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Healthcare Royalty Partners (US Feeder), LP | ||||
| |
|
|
|
|
|
|
100.0% - Sagard Healthcare Partners (AIV-1) GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Healthcare Partners (AIV-1) LP | ||||
| |
|
|
|
|
|
|
100.0% - Portag3 Ventures GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Portag3 Ventures Participation ULC | ||||
| |
|
|
|
|
|
|
|
100.0% - Portag3 Ventures Participation Inc. | ||||
| |
|
|
|
|
|
|
|
100.0% - Portag3 Ventures Participation US LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Portag3 Ventures II Affiliates GP Inc. | ||||
| |
|
|
|
|
|
|
|
100.0% - Portag3 Ventures II Affiliates LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Portag3 Ventures LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Portag3 International Investments Inc. | ||||
| |
|
|
|
|
|
|
|
0.94% - Albert Corporation | ||||
| |
|
|
|
|
|
|
|
0.53% - Clark (FL Fintech E GmbH) | ||||
| |
|
|
|
|
|
|
|
12.25% - Borrowell Inc. | ||||
| |
|
|
|
|
|
|
|
35.17% - Diagram Ventures Limited Partnership | ||||
| |
|
|
|
|
|
|
|
0.98% - Nesto Inc. | ||||
| |
|
|
|
|
|
|
100.0% - Portag3 Ventures II GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Portage3 Ventures II LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Portag3 Ventures II Investments LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Portag3 Ventures II International Investments Inc. | ||||
| |
|
|
|
|
|
|
|
11.14% - Albert Corporation | ||||
| |
|
|
|
|
|
|
|
15.964% - Koho Financial Inc. | ||||
| |
|
|
|
|
|
|
|
10.23% - Clark | ||||
| |
|
|
|
|
|
|
|
12.52% - Socotra Inc. | ||||
| |
|
|
|
|
|
|
|
17.09% - Fondeadora Inc. | ||||
| |
|
|
|
|
|
|
|
15.19% - AlpacaDB, Inc. | ||||
| |
|
|
|
|
|
|
|
21.17% - Pledg SAS | ||||
| |
|
|
|
|
|
|
|
17.02% - Rose Technology Incorporated | ||||
| |
|
|
|
|
|
|
|
15.80% - AtomicFI, Inc. | ||||
| |
|
|
|
|
|
|
|
18.65% - Choosing Therapy Inc. | ||||
| |
|
|
|
|
|
|
|
32.88% - Springboard III LP (Diagram Ventures Limited Partnership) | ||||
| |
|
|
|
|
|
|
|
63.63% - Diagram Ventures II Limited Partnership | ||||
| |
|
|
|
|
|
|
|
16.31% - Conquest Planning Inc. | ||||
| |
|
|
|
|
|
|
|
9.12% - integrate AI Inc. | ||||
| |
|
|
|
|
|
|
|
17.40% - Boosted.ai | ||||
| |
|
|
|
|
|
|
|
11.47% - Hellas Direct | ||||
| |
|
|
|
|
|
|
|
2.19% - Tallied Technologies Inc. (Founders Shares) | ||||
| |
|
|
|
|
|
|
|
1.49% - 12835304 Canada Inc. (Conduit) (Founders Shares) | ||||
| |
|
|
|
|
|
|
|
2.19% - 12835347 Canada Inc (Helika) (Founders Shares) | ||||
| |
|
|
|
|
|
|
|
1.46% - 12837072 Canada Inc (Obeo) (Founders Shares) | ||||
| |
|
|
|
|
|
|
|
1.98% - Choir Technologies Inc. (Founders Shares) | ||||
| |
|
|
|
|
|
|
|
2.26% - ClearEstate (Founders shares) | ||||
| |
|
|
|
|
|
|
|
2.23% - Conduit Blockchain Technologies Inc. (Founder shares) | ||||
| |
|
|
|
|
|
|
|
5.74% - Novisto Inc (Founders shares) | ||||
| |
|
|
|
|
|
|
|
3.78% - Pillar (Founders shares) | ||||
| |
|
|
|
|
|
|
|
15.03% - Retirable, Inc | ||||
| |
|
|
|
|
|
|
|
1.62% - Skylight (Founders shares) | ||||
| |
|
|
|
|
|
|
|
2.96% - Synctera Inc (Founders shares) | ||||
| |
|
|
|
|
|
|
|
1.59% - Trice Technologies Inc (Founders Shares) | ||||
| |
|
|
|
|
|
|
|
4.02% - Wingo Technologies Inc (Founders shares) | ||||
| |
|
|
|
|
|
|
100.0% - Portag3 Ventures II International LP | |||||
| |
|
|
|
|
|
|
|
100.0% - Portag3 Ventures II International (FI) LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Portag3 Ventures II Carried Interest LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Portag3 Ventures II Carried Interest US LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Portag3 Ventures II LP | ||||
| |
|
|
|
|
|
|
100.0% - Portage Ventures III GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Portage Ventures III Carried Interest LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Portage Ventures III LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Portage Ventures III International LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Portage Ventures III Investments LP | ||||
| |
|
|
|
|
|
|
|
11.25% - 12835304 Canada Inc. (Conduit) | ||||
| |
|
|
|
|
|
|
|
10.90% - Covey IO Corp. | ||||
| |
|
|
|
|
|
|
|
12.37% - Croissant Pay, Inc. | ||||
| |
|
|
|
|
|
|
|
11.99% - GuarantR, Inc. | ||||
| |
|
|
|
|
|
|
|
11.88% - KikOff Inc. | ||||
| |
|
|
|
|
|
|
|
13.43% - Kontempo Holdings Limited | ||||
| |
|
|
|
|
|
|
|
13.24% - Nesto Inc. | ||||
| |
|
|
|
|
|
|
|
8.97% - HeyMirza Ltd. | ||||
| |
|
|
|
|
|
|
|
10.74% - Loanstreet Inc. | ||||
| |
|
|
|
|
|
|
|
19.20% - Wealthier Pty Ltd.(Pearler) | ||||
| |
|
|
|
|
|
|
|
11.21% - Modular Technologies OÜ (Tumm) | ||||
| |
|
|
|
|
|
|
|
16.49% - Tallied Technologies Inc. | ||||
| |
|
|
|
|
|
|
|
11.18% - Angle Health, Inc. | ||||
| |
|
|
|
|
|
|
|
30.85% - Notch Ordering Inc. | ||||
| |
|
|
|
|
|
|
|
10.52% - QUIN Technologies GmbH | ||||
| |
|
|
|
|
|
|
|
13.23% - Mooncard | ||||
| |
|
|
|
|
|
|
|
10.01% - Liquidity, Inc. | ||||
| |
|
|
|
|
|
|
|
16.78% - Conduit Blockchain Technologies, Inc. | ||||
| |
|
|
|
|
|
|
|
15.53% - Benepass, Inc. | ||||
| |
|
|
|
|
|
|
|
17.67% - Brella Insurance Inc. | ||||
| |
|
|
|
|
|
|
|
10.96% - Cover Tree Inc. | ||||
| |
|
|
|
|
|
|
|
10.01% - Midas Technology Corp. | ||||
| |
|
|
|
|
|
|
|
17.74% - Zeal (Puzzi Group Inc.) | ||||
| |
|
|
|
|
|
|
|
10.11% - Zilo Technology Limited | ||||
| |
|
|
|
|
|
|
|
100.0% - Portage Ventures III Access Fund LP | ||||
| |
|
|
|
|
|
|
100.0% - PFTA I GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - PFTA I LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Sagard PFTA Agregator LP | ||||
| |
|
|
|
|
|
|
50.0% - Diagram Ventures GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Diagram Ventures, LP | ||||
| |
|
|
|
|
|
|
|
10.68% - Nesto | ||||
| |
|
|
|
|
|
|
|
16.21% - Retirable | ||||
| |
|
|
|
|
|
|
|
6.63% - Novisto | ||||
| |
|
|
|
|
|
|
|
50.0% - Diagram Ventures II GP Inc. | ||||
| |
|
|
|
|
|
|
|
100.0% - Diagram Ventures II LP | ||||
| |
|
|
|
|
|
|
|
6.63% - Novisto | ||||
| |
|
|
|
|
|
|
|
5.82% - Synctera | ||||
| |
|
|
|
|
|
|
|
11.70% - Baselane | ||||
| |
|
|
|
|
|
|
|
13.05% - ClearEstate | ||||
| |
|
|
|
|
|
|
|
12.74% - Conduit | ||||
| |
|
|
|
|
|
|
|
11.82% - Tallied | ||||
| |
|
|
|
|
|
|
|
11.92% - Helika | ||||
| |
|
|
|
|
|
|
|
12.47% - Obeo | ||||
| |
|
|
|
|
|
|
|
12.85% - Trice | ||||
| |
|
|
|
|
|
|
|
9.96% - Choir | ||||
| |
|
|
|
|
|
|
50.0% - Diagram Ventures III GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Diagram Ventures III LP | ||||
| |
|
|
|
|
|
|
|
12.86% - Trice | ||||
| |
|
|
|
|
|
|
|
9.96% - Choir | ||||
| |
|
|
|
|
|
|
50.0% - Diagram Opportunity GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Diagram Opportunity Fund Carried Interest LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Diagram Opportunity Fund I LP | ||||
| |
|
|
|
|
|
|
|
7.14% - Nesto | ||||
| |
|
|
|
|
|
|
|
4.88% - Synctera | ||||
| |
|
|
|
|
|
|
|
0.90% - Albert | ||||
| |
|
|
|
|
|
|
|
0.65% - Clark | ||||
| |
|
|
|
|
|
|
|
5.50% - Novisto | ||||
| |
|
|
|
|
|
|
|
3.31% - Baselane | ||||
| |
|
|
|
|
|
|
|
8.91% - ClearEstate | ||||
| |
|
|
|
|
|
|
50.0% - Diagram ClimateTech GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Diagram ClimateTech Fund L.P. | ||||
| |
|
|
|
|
|
|
|
100.0% - Diagram ClimateTech Carried Interest L.P. | ||||
| |
|
|
|
|
|
|
49.0% – Diagram Corporation (75.0% equity) | |||||
| |
|
|
|
|
|
|
|
23.36% - Numi | ||||
| |
|
|
|
|
|
|
100.0% - Springboard III GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Springboard III LP | ||||
| |
|
|
|
|
|
|
100.0% - Sagard Credit Partners Carried Interest GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Credit Partners Carried Interest LP | ||||
| |
|
|
|
|
|
|
100.0% - Sagard Capital Partners GP, Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Capital Partners, L.P. | ||||
| |
|
|
|
|
|
|
|
96.0% - 1069759 B.C. Unlimited Liability Company | ||||
| |
|
|
|
|
|
|
|
91.6 % - Integrated Fertility Holding, LLC | ||||
| |
|
|
|
|
|
|
100.0% - Spadina GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Spadina Participation LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Spadina LP | ||||
| |
|
|
|
|
|
|
|
3.77% - Wealthsimple Financial Corp. (3.40% equity) | ||||
| |
|
|
|
|
|
|
100.0% - Sagard PE Canada GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Private Equity Canada LP | ||||
| |
|
|
|
|
|
|
|
100.0% SPEC CL GP Inc. | ||||
| |
|
|
|
|
|
|
|
51.25% SPEC CL Co-Invest LP | ||||
| |
|
|
|
|
|
|
|
53.92% - Courchesne, Larose Holding Inc. (formerly known as SPEC CL Holdings Inc.) | ||||
| |
|
|
|
|
|
|
|
100.0% - Courchesne, Larose, Limitee (formerly known as SPEC Cl Acquisico Inc.) | ||||
| |
|
|
|
|
|
|
|
59.0% - SPEC Walter GP Inc. | ||||
| |
|
|
|
|
|
|
|
100.0% - SPEC Walter LP | ||||
| |
|
|
|
|
|
|
|
38.71% - Groupe Lou-Tec Inc. | ||||
| |
|
|
|
|
|
|
|
100.0% Acces Location D’Equipements Inc. | ||||
| |
|
|
|
|
|
|
|
100.0% - Locations SSJ Inc. | ||||
| |
|
|
|
|
|
|
|
100.0% - MKS Equipements Inc. | ||||
| |
|
|
|
|
|
|
|
100.0% - Torcan Lift Equipment Ltd. | ||||
| |
|
|
|
|
|
|
|
100.0% - SPEC NG Holding Inc. | ||||
| |
|
|
|
|
|
|
|
100.0% - SPEC NG Acquisico Inc. | ||||
| |
|
|
|
|
|
|
36.7% - Sagard USRE Inc. | |||||
| |
|
|
|
|
|
|
50.0% - Outremont Technologies Inc. (41.75% economic shares) | |||||
| |
|
|
|
|
|
|
|
100.0% - Outremont Technologies Manager Ltd. | ||||
| |
|
|
|
|
|
|
|
100.0% - Outremont Technologies GP Ltd. | ||||
| |
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Holdings GP Inc. | ||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Holdings LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Holdings I LP | ||||
| |
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Carried Interest GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Carried Interest LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Carried Interest-U LP | ||||
| |
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Offshore Carried Interest GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Offshore Carried Interest LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Offshore Carried Interest-U LP | ||||
| |
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Offshore-U GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners RN Offshore-U LP | ||||
| |
|
|
|
|
|
|
100.0% - Sagard Senior Lending Partners Offshore GP Inc. | |||||
| |
|
|
|
|
|
|
100.0% - Portage Capital Solutions GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Portage Capital Solutions Fund I LP | ||||
| |
|
|
|
|
|
|
|
14.77% - P97 Holdings, Inc. | ||||
| |
|
|
|
|
|
|
|
16.23% - Theta Ray Ltd. | ||||
| |
|
|
|
|
|
|
|
100.0% - Portage Capital Solutions Canada Fund I LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Portage Capital Solutions US Fund I LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Portage Capital Solutions International Fund I LP | ||||
| |
|
|
|
|
|
|
100.0% - Portage Web3 I GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Portage Web3 Feeder Fund I LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Portage Web3 Master Fund I LP | ||||
| |
|
|
|
|
100.0% - Sagard USPF Inc | |||||||
| |
|
|
63.3% - Sagard USRE Inc. | |||||||||
| |
|
|
4.0% - 1069759 B.C. Unlimited Liability Company | |||||||||
| |
|
|
50.0% - Peak Achievement Athletics Inc. (42.58% equity) | |||||||||
| |
|
|
|
|
100.0% - 10094439 Canada Inc. | |||||||
| |
|
|
|
|
100.0% - 10094455 Canada Inc. | |||||||
| |
|
|
|
|
|
100.0% - Limited Partnership Interests in Peak Management Participation LP | ||||||
| |
|
|
|
|
|
100.0% - 1167410 B.C. Unlimited Liability Company | ||||||
| |
|
|
|
|
|
100.0% - 1167410 B.C. Unlimited Liability Company | ||||||
| |
|
|
|
|
|
|
100.0% - General Partnership Interests in Peak Management Participation LP | |||||
| |
|
|
|
|
|
|
|
|
100.0% - Limited Partnership Interests in Peak Holdings LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - 1167387 B.C. Unlimited Liability Company | |||
| |
|
|
|
|
|
|
|
|
100.0% - General Partnership Interests in Peak Holdings LP | |||
| |
|
|
|
|
|
|
|
|
100.0% - Bauer Hockey Ltd. | |||
| |
|
|
|
|
|
|
|
|
100.0% - Bauer Hockey AB | |||
| |
|
|
|
|
|
|
|
|
100.0% - Bauer Hockey GmbH | |||
| |
|
|
|
|
|
|
|
|
100.0% - Bauer Hockey (Beijing) Trading Limited | |||
| |
|
|
|
|
|
|
|
|
100.0% - ProSharp AB (Sweden) | |||
| |
|
|
|
|
|
|
|
|
100.0% - ProSharp Inc. (NB, CA) | |||
| |
|
|
|
|
|
|
|
|
100.0% - ProSharp Inc. (DE, US) | |||
| |
|
|
|
|
|
|
|
|
100.0% - BCE Acquisitions US, Inc. | |||
| |
|
|
|
|
|
|
|
|
100.0% - Bauer Innovations US, LLC | |||
| |
|
|
|
|
|
|
|
|
100.0% - Bauer Hockey LLC | |||
| |
|
|
|
|
|
|
|
|
100.0% - Cascade Maverik Lacrosse, LLC | |||
| |
|
|
|
|
|
|
|
|
100.0% - Bauer Hockey Retail, LLC | |||
| |
|
|
|
|
|
|
|
|
28.1% - Rawlings Sporting Goods Company Inc. | |||
| |
|
|
|
|
|
|
100.00% - Mowat GP Inc. | |||||
| |
|
|
|
|
|
|
|
100.0% - Mowat Participation LP | ||||
| |
|
|
|
|
|
|
|
100.0% - Mowat LP | ||||
| |
|
|
|
|
|
|
|
|
3.94% - Koho Financial Inc. | |||
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NAME AND PRINCIPAL BUSINESS ADDRESS* |
POSITIONS AND OFFICES WITH UNDERWRITER |
| Carol Waddell |
Chairman, President and Chief Executive Officer |
| Stephen E. Jenks |
Director and Executive Vice President |
| Richard H. Linton, Jr. 100 Federal Street, 18th Floor Boston, MA 02110 |
Director and Executive Vice President |
| Katherine Stoner |
Chief Compliance Officer |
| William J. McDermott |
Senior Vice President |
| Daniel A. Morrison |
Senior Vice President |
| Joseph M. Smolen |
Senior Vice President |
| Regina M. Mattie |
FIN OP Principal, Principal Financial Officer, Principal Operations Officer, Vice President, and Treasurer |
| Adam Kavan |
Assistant General Counsel |
| Palak Patel |
Secretary |
| Abiane Finster |
Assistant Secretary |
| NAME AND PRINCIPAL BUSINESS ADDRESS* |
POSITIONS AND OFFICES WITH UNDERWRITER |
| Shannon Cochran |
Compliance Officer |
| Stephanie Barres |
Compliance Officer |
| Mike Kavanagh |
Associate Chief Compliance Officer |
| Barbara Upton |
Compliance Officer |
| Name of Principal Underwriter |
Net Underwriting Discounts and Commissions |
Compensation on Redemption |
Brokerage Commissions |
Compensation |
| Prudential Investment Management Services LLC |
$ 9,793 |
$ -0- |
$ -0- |
$ -0- |
| EAIC VARIABLE CONTRACT ACCOUNT A (Registrant) | |
| By: |
/s/ Douglas S. McIntosh |
| |
Douglas S. McIntosh Vice President Empower Annuity Insurance Company |
| EMPOWER ANNUITY INSURANCE COMPANY (Depositor) | |
| By: |
/s/ Douglas S. McIntosh |
| |
Douglas S. McIntosh Vice President Empower Annuity Insurance Company |
| Signature and Title |
|
| |
| |
|
| |
| * |
|
| |
| Jonathan Kreider Director | |||
| * |
|
| |
| Mary Maiers Director | |||
| * |
|
| |
| Tina Wilson Director | |||
| * |
|
| |
| Harry A. Dalessio Director | |||
| * |
|
| |
| Kara Roe Chief Financial Officer and Controller | |||
| * |
|
| |
| Christine Moritz President and Chief Executive Officer | |||
| Signature and Title |
|
| |
| * |
|
| |
| Rich Linton Director | |||
| |
|
| |
| *By: |
/s/ Michele Drummey |
|
|
| |
Michele Drummey (Attorney-in-Fact) | ||
| Exhibit |
Description |
| (c)(2) |
Distribution and Underwriting Agreement between Empower Annuity Insurance Company (Insurance Company) and Empower Financial Services, Inc. (EFSI) (Underwriter). |
| (c)(3) |
First Amendment to Distribution and Underwriting Agreement between Empower Annuity Insurance Company (Insurance Company) and Empower Financial Services, Inc. (EFSI) (Underwriter). |
| (h)(7) |
Participation Agreement Between Fidelity Distributors Company LLC and Empower Annuity Insurance Company. |
| (k) |
Consent and Opinion of Michele Drummey, Vice President and Assistant General Counsel, as to the legality of the securities being registered. |
| (l) |
Written consent of Deloitte & Touche LLP. |
| (p) |
Powers of Attorney for the officers listed in the Signatures section of this registration statement filing. |
| |
|