Delaware Life Variable Account G

Fair Value

Overnight and Continuous

30 Days or Less

31 to 90 Days

Financial Statements as of and for the Year Ended December 31, 2023 and

Report of Independent Registered Public Accounting Firm

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

Index

December 31, 2023


	Page(s)
Report of Independent Registered Public Accounting Firm		1-4

Financial Statements

Statement of Assets and Liabilities		5-11

Statements of Operations		12-53

Statements of Changes in Net Assets		54-115

Notes to the Financial Statements		116-148

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Delaware Life Insurance Company and the Contract Owners of Delaware Life Variable Account G:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Sub-Accounts listed in the Appendix that comprise Delaware Life Variable Account G (the Separate Account), as of December 31, 2023, the related statements of operations and changes in net assets for the periods indicated in the Appendix, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the three-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Sub-Accounts as of December 31, 2023, the results of their operations and changes in their net assets for the periods indicated in the Appendix, and the financial highlights for each of the years or periods in the three-year period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for each of the years or periods ended on or prior to December 31, 2020 were audited by other independent registered public accountants whose report, dated April 28, 2021, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Sub-Accounts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Sub-Accounts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2023, by correspondence with the transfer agent of the underlying mutual funds; when replies were not received from the transfer agent, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of Delaware Life Insurance Company’s Separate Accounts since 2021.

Hartford, Connecticut

April 23, 2024

Appendix

AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70) (1)

AB VPS Relative Value Portfolio (Class B) Sub-Account (A71) (1) (2)

AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) (1)

AB VPS International Value Portfolio (Class A) Sub-Account (IVP) (1)

AB VPS Small Cap Growth Portfolio (Class B) Sub-Account (A19) (1)

AB VPS Discovery Value Portfolio (Class A) Sub-Account (ASM) (1) (3)

Alger Mid Cap Growth Portfolio I-2 Sub-Account (A54) (1)

Alger Small Cap Growth Portfolio I-2 Sub-Account (A51) (1)

American Funds Insurance Series Washington Mutual Investors Fund Class 2 Sub-Account (308) (1)

American Funds Insurance Series The Bond Fund of America Class 2 Sub-Account (301) (1)

American Funds Insurance Series Global Growth Fund Class 2 Sub-Account (304) (1)

American Funds Insurance Series Capital World Growth and Income Fund Class 2 Sub-Account (309) (1)

American Funds Insurance Series Global Small Capitalization Fund Class 2 Sub-Account (306) (1)

American Funds Insurance Series Growth Fund Class 2 Sub-Account (303) (1)

American Funds Insurance Series Growth Income Fund Class 2 Sub-Account (302) (1)

American Funds Insurance Series American High-Income Trust Class 2 Sub-Account (305) (1)

American Funds Insurance Series International Fund Class 2 Sub-Account (300) (1)

BlackRock Global Allocation V.I. Fund (Class I) Sub-Account (BLG) (1)

BlackRock Advantage SMID Cap V.I. Fund (Class I) Sub-Account (MSV) (1)

CTIVP—Loomis Sayles Growth Fund Class 1 Sub-Account (C89) (1)

LVIP Delaware U.S. REIT Fund Standard Class Sub-Account (DRS) (1) (4)

Delaware VIP Small Cap Value Series (Standard Class) Sub-Account (DSV) (1)

LVIP Delaware SMID Cap Core Fund—Standard Class Sub-Account (D37) (1)

DWS CROCI U.S. VIP Class A Sub-Account (001) (1)

DWS Small Cap Index VIP Class A Sub-Account (SSI) (1)

DWS Small Cap Index VIP Class B Sub-Account (D55) (1)

DWS Small Mid Cap Value VIP Class A Sub-Account (S61) (1)

BNY Mellon Investment Portfolios: MidCap Stock Portfolio, Initial Shares Sub-Account (D18) (1)

BNY Mellon Investment Portfolios: Technology Growth Portfolio, Initial Shares Sub-Account (DTG) (1)

BNY Mellon Stock Index Fund Inc., Initial Shares Sub-Account (DSI) (1)

BNY Mellon Variable Investment Fund: Appreciation Portfolio, Initial Shares Sub-Account (DCA) (1)

BNY Mellon Variable Investment Fund: Opportunistic Small Cap Portfolio, Initial Shares Sub-Account

(DSC) (1)

BNY Mellon Variable Investment Fund: Growth and Income Portfolio, Initial Shares Sub-Account (DGI) (1)

Fidelity VIP Balanced I Class Sub-Account (FVI) (1)

Fidelity VIP Contrafund Portfolio (Initial Class) Sub-Account (FCN) (1)

Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24) (1)

Fidelity VIP Equity-Income Portfolio (Initial Class) Sub-Account (FEI) (1)

Fidelity VIP Freedom 2015 Portfolio (Initial Class) Sub-Account (FF1) (1)

Fidelity VIP Freedom 2020 Portfolio (Initial Class) Sub-Account (FF2) (1)

Fidelity VIP Freedom 2030 Portfolio (Initial Class) Sub-Account (FF3) (1)

Fidelity VIP Growth & Income Portfolio (Initial Class) Sub-Account (FVG) (1)

Fidelity VIP Growth Portfolio (Initial Class) Sub-Account (FGP) (1)

Fidelity VIP Growth Portfolio (Service Class 2) Sub-Account (F99) (1)

Fidelity VIP High Income Portfolio (Initial Class) Sub-Account (FHI) (1)

Fidelity VIP Index 500 Portfolio (Initial Class) Sub-Account (FIP) (1)

Fidelity VIP Investment Grade Bond Portfolio (Initial Class) Sub-Account (FIG) (1)

Fidelity VIP Mid Cap Portfolio (Initial Class) Sub-Account (FMC) (1)

Fidelity VIP Government Money Market Portfolio (Service Class) Sub-Account (FM8) (1)

Fidelity VIP Overseas Portfolio (Initial Class) Sub-Account (FOF) (1)

Fidelity VIP Overseas Portfolio (Service Class 2) Sub-Account (F91) (1)

First Eagle Overseas Variable Fund Sub-Account (FE3) (1)

Franklin Templeton Foreign VIP Fund Class 1 Sub-Account (TFS) (1)

Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20) (1)

Franklin Templeton Growth VIP Fund Class 1 Sub-Account (TSF) (1)

Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56) (1)

Franklin Templeton Mutual Shares VIP Fund Class 1 Sub-Account (FSS) (1)

Franklin Templeton Small-Mid Cap Growth VIP Fund Class 1 Sub-Account (FSC) (1)

Franklin Templeton VIP Global Real Estate Fund (Class 1) Sub-Account (FRE) (1)

Goldman Sachs VIT U.S Equity Insights Fund I Class Sub-Account (G31) (1)

Invesco V.I. American Franchise Fund Series I Sub-Account (V15) (1)

Invesco V.I. Comstock Fund Series I Sub-Account (VCP) (1)

Invesco V.I. Core Equity Fund I Sub-Account (A39) (1)

Invesco V.I. Growth and Income Fund Series I Sub-Account (IB1) (1)

Invesco V.I. EQV International Equity Fund Series I Sub-Account (A21) (1)

Invesco V.I. Main Street Mid Cap Fund—Series I Sub-Account (A22) (1)

Invesco V.I. Small Cap Equity Fund I Sub-Account (I76) (1)

Janus Henderson VIT Mid Cap Value Portfolio Institutional Class Sub-Account (MVP) (1)

LVIP JPMorgan Core Bond Fund Standard Class Sub-Account (JM7) (1) (5)

LVIP JPMorgan Small Cap Core Fund Standard Class Sub-Account (J43) (1) (6)

LVIP JPMorgan U.S. Equity Fund Standard Class Sub-Account (J32) (1) (7)

Lazard Retirement Emerging Markets Equity Portfolio Investor Class Sub-Account (LRI) (1)

MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8) (1)

MFS VIT Total Return Series Initial Class Sub-Account (M07) (1)

MFS VIT Total Return Series Service Class Sub-Account (M35) (1)

MFS VIT I Growth Series Initial Class Sub-Account (M31) (1)

MFS VIT I Growth Series Service Class Sub-Account (M80) (1)

MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1) (1)

MFS VIT I Mid Cap Growth Series Service Class Sub-Account (M41) (1)

MFS VIT I New Discovery Series Service Class Sub-Account (M42) (1)

MFS VIT I Total Return Bond Series Initial Class Sub-Account (M06) (1)

MFS VIT I Research Series Initial Class Sub-Account (M33) (1)

MFS VIT I Utilities Series Initial Class Sub-Account (M44) (1)

MFS VIT I Utilities Series Service Class Sub-Account (M40) (1)

MFS VIT I Value Series Initial Class Sub-Account (M83) (1)

MFS VIT I Value Series Service Class Sub-Account (M08) (1)

MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7) (1)

MFS VIT II Corporate Bond Portfolio I Class Sub-Account (MC0) (1)

MFS VIT II Corporate Bond Portfolio S Class Sub-Account (MA0) (1)

MFS VIT II Core Equity Portfolio S Class Sub-Account (MC1) (1)

MFS VIT II Emerging Markets Equity Portfolio I Class Sub-Account (MC3) (1)

MFS VIT II Global Growth Portfolio I Class Sub-Account (MC6) (1)

MFS VIT II Global Research Portfolio S Class Sub-Account (MC9) (1)

MFS VIT II Government Securities Portfolio I Class Sub-Account (M96) (1)

MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2) (1)

MFS VIT II High Yield Portfolio I Class Sub-Account (MA6) (1)

MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3) (1)

MFS VIT II International Growth Portfolio I Class Sub-Account (M97) (1)

MFS VIT II International Growth Portfolio S Class Sub-Account (MD5) (1)

MFS VIT II International Intrinsic Value Portfolio Initial Class Sub-Account (M98) (1)

MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6) (1)

MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3) (1)

MFS VIT II Research International Portfolio I Class Sub-Account (ME2) (1)

MFS VIT II Income Portfolio S Class Sub-Account (MA7) (1)

MFS VIT III Blended Research Small Cap Equity Portfolio Initial Class Sub-Account (MB8) (1)

MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6) (1)

MFS VIT III Limited Maturity Portfolio Initial Class Sub-Account (MF2) (1)

MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3) (1)

Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class I Sub-Account (VMG) (1)

Neuberger Berman AMT Mid-Cap Growth Portfolio Class I Sub-Account (NMC) (1)

Neuberger Berman AMT Sustainable Equity Portfolio Class I Sub-Account (NSE) (1)

Invesco V.I. Capital Appreciation Fund, Series I Sub-Account (O01) (1)

Invesco V.I. Discovery Mid Cap Growth Fund, Series I Sub-Account (O00) (1)

Invesco V.I. Global Fund, Series I Sub-Account (OGS) (1)

Invesco V.I. Main Street Small Cap Fund, Series I Sub-Account (OSC) (1)

PIMCO VIT CommodityRealReturnTM Strategy Portfolio Admin Class Sub-Account (P10) (1)

PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8) (1)

PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06) (1)

PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07) (1)

Royce Capital Fund - Small-Cap Portfolio Investment Class Sub-Account (SCP) (1)

Rydex VT Nasdaq-100 Fund Sub-Account (R03) (8)

T. Rowe Price Blue Chip Growth Portfolio Sub-Account (307) (1)

T. Rowe Price Equity Income Portfolio Sub-Account (REI) (1)

T. Rowe Price All-Cap Opportunities Portfolio Sub-Account (RNA) (1)

Wanger Acorn Sub-Account (W42) (1)

(1)

Statement of assets and liabilities as of December 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. Financial highlights for the years or periods ended on or prior to December 31, 2020 were audited by other independent registered public accountants.

(2)

Formerly AB VPS Growth and Income Portfolio (Class B).

(3)

Formerly AB VPS Small/Mid Cap Value Portfolio (Class A).

(4)

Formerly LVIP Delaware REIT Fund-Standard Class.

(5)

Formerly JPMorgan Insurance Trust Core Bond Portfolio Class 1.

(6)

Formerly JPMorgan Insurance Trust Small Cap Core Portfolio Class 1. (7) Formerly JPMorgan Insurance Trust U.S. Equity Portfolio Class 1.

(8)

Statements of operations for the year ended December 31, 2023, and the statements of changes in net assets for each of the years in the two-year period then ended.

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES

DECEMBER 31, 2023


			Assets						Liabilities
	Shares		Cost		Investments at fair value		Total Assets		Payable to Sponsor		Net Assets
AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70)		—	$	13	$	13	$	13	$	—	$	13
AB VPS Relative Value Portfolio (Class B) Sub-Account (A71) ²		27,923		785,563		803,625		803,625		1,040		802,585
AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2)		92,115		1,777,699		1,596,351		1,596,351		937		1,595,414
AB VPS International Value Portfolio (Class A) Sub-Account (IVP)		291		4,004		4,308		4,308		18		4,290
AB VPS Small Cap Growth Portfolio (Class B) Sub-Account (A19)		28,155		328,891		224,397		224,397		456		223,941
AB VPS Discovery Value Portfolio (Class A) Sub-Account (ASM) ²		2,181		37,490		38,621		38,621		111		38,510
Alger Mid Cap Growth Portfolio I-2 Sub-Account (A54)		48,704		1,128,896		820,669		820,669		7		820,662
Alger Small Cap Growth Portfolio I-2 Sub-Account (A51)		23,794		568,411		393,319		393,319		604		392,715
American Funds Insurance Series Washington Mutual Investors Fund Class 2 Sub-Account (308)		187,227		2,514,515		2,660,490		2,660,490		1,531		2,658,959
American Funds Insurance Series The Bond Fund of America Class 2 Sub-Account (301)		199,740		2,193,322		1,877,560		1,877,560		1,623		1,875,937
American Funds Insurance Series Global Growth Fund Class 2 Sub-Account (304)		16,249		583,381		543,352		543,352		998		542,354
American Funds Insurance Series Capital World Growth and Income Fund Class 2 Sub-Account (309)		1,402		19,366		19,366		19,366		91		19,275
American Funds Insurance Series Global Small Capitalization Fund Class 2 Sub-Account (306)		27,386		583,193		479,248		479,248		788		478,460
American Funds Insurance Series Growth Fund Class 2 Sub-Account (303)		4,758		473,845		467,214		467,214		1,508		465,706
American Funds Insurance Series Growth Income Fund Class 2 Sub-Account (302)		8,260		446,055		481,567		481,567		314		481,253
American Funds Insurance Series American High-Income Trust Class 2 Sub-Account (305)		15,174		130,973		132,472		132,472		1		132,471
American Funds Insurance Series International Fund Class 2 Sub-Account (300)		1,015,262		20,216,135		17,675,705		17,675,705		31,986		17,643,719
BlackRock Global Allocation V.I. Fund (Class I) Sub-Account (BLG)		41,089		703,843		670,157		670,157		7,414		662,743
BlackRock Advantage SMID Cap V.I. Fund (Class I) Sub-Account (MSV)		30,064		701,457		636,758		636,758		568		636,190
CTIVP - Loomis Sayles Growth Fund Class 1 Sub-Account (C89)		124		5,763		7,295		7,295		38		7,257
Columbia Variable Portfolio - Overseas Core Fund Class 2 Sub-Account (C58) ¹		—		—		—		—		—		—
LVIP Delaware U.S. REIT Fund Standard Class Sub-Account (DRS) ²		161,440		2,041,441		2,125,524		2,125,524		3,346		2,122,178
Delaware VIP Small Cap Value Series (Standard Class) Sub-Account (DSV)		102,707		3,415,979		3,942,905		3,942,905		4,173		3,938,732
LVIP Delaware SMID Cap Core Fund - Standard Class Sub-Account (D37)		71,422		1,609,463		1,825,614		1,825,614		1,748		1,823,866
DWS CROCI U.S. VIP Class A Sub-Account (001)		—		4		4		4		—		4
DWS Small Cap Index VIP Class A Sub-Account (SSI)		60,063		873,162		818,663		818,663		915		817,748
DWS Small Cap Index VIP Class B Sub-Account (D55)		145,559		2,012,948		1,982,507		1,982,507		489		1,982,018
DWS Small Mid Cap Value VIP Class A Sub-Account (S61)		1		12		12		12		—		12
BNY Mellon Investment Portfolios: MidCap Stock Portfolio, Initial Shares Sub-Account (D18)		32,264		601,306		602,699		602,699		668		602,031
BNY Mellon Investment Portfolios: Technology Growth Portfolio, Initial Shares Sub-Account (DTG)		48,329		1,613,491		1,353,686		1,353,686		1,271		1,352,415
BNY Mellon Stock Index Fund Inc., Initial Shares Sub-Account (DSI)		1,600,981		90,460,187		110,595,744		110,595,744		79,914		110,515,830
BNY Mellon Variable Investment Fund: Appreciation Portfolio, Initial Shares Sub-Account (DCA)		161,915		6,318,499		5,670,265		5,670,265		50		5,670,215
BNY Mellon Variable Investment Fund: Opportunistic Small Cap Portfolio, Initial Shares Sub-Account (DSC)		699		28,966		29,293		29,293		80		29,213
BNY Mellon Variable Investment Fund: Growth and Income Portfolio, Initial Shares Sub-Account (DGI)		2,215		65,874		71,593		71,593		111		71,482
Fidelity VIP Balanced I Class Sub-Account (FVI)		31,893		632,954		711,859		711,859		1,026		710,833
Fidelity VIP Contrafund Portfolio (Initial Class) Sub-Account (FCN)		222,959		8,352,522		10,842,489		10,842,489		4,605		10,837,884
Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24)		11,872		453,761		555,957		555,957		3,206		552,751
Fidelity VIP Equity-Income Portfolio (Initial Class) Sub-Account (FEI)		375,088		8,405,908		9,320,944		9,320,944		3,913		9,317,031
Fidelity VIP Freedom 2015 Portfolio (Initial Class) Sub-Account (FF1)		33,487		454,110		384,763		384,763		291		384,472
Fidelity VIP Freedom 2020 Portfolio (Initial Class) Sub-Account (FF2)		79,758		1,119,211		996,971		996,971		296		996,675
Fidelity VIP Freedom 2030 Portfolio (Initial Class) Sub-Account (FF3)		211,472		3,323,159		3,248,215		3,248,215		863		3,247,352
Fidelity VIP Growth & Income Portfolio (Initial Class) Sub-Account (FVG)		11,976		274,805		323,843		323,843		250		323,593
Fidelity VIP Growth Portfolio (Initial Class) Sub-Account (FGP)		14,624		1,152,168		1,361,537		1,361,537		1,824		1,359,713
Fidelity VIP Growth Portfolio (Service Class 2) Sub-Account (F99)		70,017		5,986,520		6,295,936		6,295,936		7,544		6,288,392
Fidelity VIP High Income Portfolio (Initial Class) Sub-Account (FHI)		52,322		264,583		240,683		240,683		810		239,873
Fidelity VIP Index 500 Portfolio (Initial Class) Sub-Account (FIP)		104		29,265		48,009		48,009		44		47,965
Fidelity VIP Investment Grade Bond Portfolio (Initial Class) Sub-Account (FIG)		2,726,815		35,391,517		30,458,523		30,458,523		24,171		30,434,352

The accompanying notes are an integral part of these financial statements.

- 5 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2023


			Assets						Liabilities
	Shares		Cost		Investments at fair value		Total Assets		Payable to Sponsor		Net Assets
Fidelity VIP Mid Cap Portfolio (Initial Class) Sub-Account (FMC)		69,493	$	2,462,275	$	2,532,338	$	2,532,338	$	1,726	$	2,530,612
Fidelity VIP Government Money Market Portfolio (Service Class) Sub-Account (FM8)		38,106,890		38,106,890		38,106,890		38,106,890		23,418		38,083,472
Fidelity VIP Overseas Portfolio (Initial Class) Sub-Account (FOF)		13,472		346,657		347,850		347,850		605		347,245
Fidelity VIP Overseas Portfolio (Service Class 2) Sub-Account (F91)		10,024		230,898		255,703		255,703		1,536		254,167
First Eagle Overseas Variable Fund Sub-Account (FE3)		25,467		616,109		575,547		575,547		514		575,033
Franklin Templeton Foreign VIP Fund Class 1 Sub-Account (TFS)		14,710		182,666		214,325		214,325		560		213,765
Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)		60,760		830,935		865,229		865,229		1,247		863,982
Franklin Templeton Growth VIP Fund Class 1 Sub-Account (TSF)		396,481		4,724,697		4,860,858		4,860,858		1,627		4,859,231
Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56)		9		104		112		112		37		75
Franklin Templeton Mutual Shares VIP Fund Class 1 Sub-Account (FSS) ³		—		—		—		—		—		—
Franklin Templeton Small-Mid Cap Growth VIP Fund Class 1 Sub-Account (FSC)		602		12,794		10,267		10,267		37		10,230
Franklin Templeton VIP Global Real Estate Fund (Class 1) Sub-Account (FRE)		5,699		76,863		74,141		74,141		—		74,141
Goldman Sachs VIT U.S Equity Insights Fund I Class Sub-Account (G31)		3,887		83,547		75,918		75,918		2,422		73,496
Invesco V.I. American Franchise Fund Series I Sub-Account (V15)		60,389		3,392,720		3,560,522		3,560,522		3,452		3,557,070
Invesco V.I. Comstock Fund Series I Sub-Account (VCP)		62,316		1,100,023		1,225,747		1,225,747		1,200		1,224,547
Invesco V.I. Core Equity Fund I Sub-Account (A39)		7,389		227,305		216,419		216,419		370		216,049
Invesco V.I. Growth and Income Fund Series I Sub-Account (IB1)		179,302		3,392,781		3,381,637		3,381,637		1,731		3,379,906
Invesco V.I. EQV International Equity Fund Series I Sub-Account (A21)		12,079		439,545		411,785		411,785		343		411,442
Invesco V.I. Main Street Mid Cap Fund - Series I Sub-Account (A22)		49,051		497,181		480,211		480,211		1,566		478,645
Invesco V.I. Small Cap Equity Fund I Sub-Account (I76)		5,037		88,703		86,642		86,642		23		86,619
Janus Henderson VIT Mid Cap Value Portfolio Institutional Class Sub-Account (MVP)		12,294		190,788		215,510		215,510		450		215,060
LVIP JPMorgan Core Bond Fund Standard Class Sub-Account (JM7) ²		331,564		3,725,387		3,274,197		3,274,197		110		3,274,087
LVIP JPMorgan Small Cap Core Fund Standard Class Sub-Account (J43) ²		804		19,750		15,956		15,956		55		15,901
LVIP JPMorgan U.S. Equity Fund Standard Class Sub-Account (J32) ²		14,730		442,894		554,228		554,228		316		553,912
Lazard Retirement Emerging Markets Equity Portfolio Investor Class Sub-Account (LRI)		165,294		3,209,844		3,403,406		3,403,406		2,530		3,400,876
MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8)		109,326,187		109,326,187		109,326,187		109,326,187		512,835		108,813,352
MFS VIT Total Return Series Initial Class Sub-Account (M07)		221,219		5,239,713		5,145,542		5,145,542		2,244		5,143,298
MFS VIT Total Return Series Service Class Sub-Account (M35)		121,901		2,794,224		2,764,715		2,764,715		11,309		2,753,406
MFS VIT I Growth Series Initial Class Sub-Account (M31)		19,153		944,651		1,154,751		1,154,751		148		1,154,603
MFS VIT I Growth Series Service Class Sub-Account (M80)		14,955		860,473		832,721		832,721		1,811		830,910
MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1)		333,114		3,207,594		2,854,789		2,854,789		3,575		2,851,214
MFS VIT I Mid Cap Growth Series Service Class Sub-Account (M41)		22,858		146,739		169,607		169,607		1,054		168,553
MFS VIT I New Discovery Series Initial Class Sub-Account (M05) ³		—		—		—		—		—		—
MFS VIT I New Discovery Series Service Class Sub-Account (M42)		4,873		45,630		49,215		49,215		353		48,862
MFS VIT I Total Return Bond Series Initial Class Sub-Account (M06)		272,009		3,482,329		3,182,508		3,182,508		24,713		3,157,795
MFS VIT I Research Series Initial Class Sub-Account (M33)		10		326		330		330		54		276
MFS VIT I Utilities Series Initial Class Sub-Account (M44)		21,447		681,165		691,652		691,652		1,136		690,516
MFS VIT I Utilities Series Service Class Sub-Account (M40)		802		24,294		25,297		25,297		21		25,276
MFS VIT I Value Series Initial Class Sub-Account (M83)		498,480		10,330,100		10,602,662		10,602,662		9,741		10,592,921
MFS VIT I Value Series Service Class Sub-Account (M08)		71,371		1,497,099		1,478,092		1,478,092		6,287		1,471,805
MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6) ³		—		—		—		—		—		—
MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7)		4,787		246,001		261,649		261,649		654		260,995
MFS VIT II Corporate Bond Portfolio I Class Sub-Account (MC0)		738,179		8,411,937		7,020,086		7,020,086		3,995		7,016,091
MFS VIT II Corporate Bond Portfolio S Class Sub-Account (MA0)		10,340		94,596		96,889		96,889		2,015		94,874
MFS VIT II Core Equity Portfolio S Class Sub-Account (MC1)		72,664		1,925,512		1,972,826		1,972,826		1,839		1,970,987
MFS VIT II Emerging Markets Equity Portfolio I Class Sub-Account (MC3)		32,340		490,970		402,953		402,953		656		402,297
MFS VIT II Global Growth Portfolio I Class Sub-Account (MC6)		41,088		1,095,912		1,111,025		1,111,025		1,009		1,110,016
MFS VIT II Global Research Portfolio S Class Sub-Account (MC9)		84,585		2,659,584		2,673,727		2,673,727		2,684		2,671,043
MFS VIT II Government Securities Portfolio I Class Sub-Account (M96)		654,508		8,267,617		7,114,507		7,114,507		2,201		7,112,306
MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2)		—		2		2		2		—		2

The accompanying notes are an integral part of these financial statements.

- 6 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2023


			Assets						Liabilities
	Shares		Cost		Investments at fair value		Total Assets		Payable to Sponsor		Net Assets
MFS VIT II High Yield Portfolio I Class Sub-Account (MA6)		562,314	$	2,963,523	$	2,811,571	$	2,811,571	$	817	$	2,810,754
MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3)		15,825		77,472		78,175		78,175		288		77,887
MFS VIT II International Growth Portfolio I Class Sub-Account (M97)		153,763		2,071,782		2,255,708		2,255,708		2,292		2,253,416
MFS VIT II International Growth Portfolio S Class Sub-Account (MD5)		18,876		259,819		272,381		272,381		1,470		270,911
MFS VIT II International Intrinsic Value Portfolio Initial Class Sub-Account (M98)		162,343		4,643,703		4,772,892		4,772,892		4,671		4,768,221
MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6)		1,392		30,396		31,491		31,491		34		31,457
MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)		12,891		251,298		284,891		284,891		1,780		283,111
MFS VIT II Research International Portfolio I Class Sub-Account (ME2)		167,739		2,806,098		2,831,440		2,831,440		1,181		2,830,259
MFS VIT II Income Portfolio S Class Sub-Account (MA7)		2,747		22,273		22,853		22,853		144		22,709
MFS VIT III Blended Research Small Cap Equity Portfolio Initial Class Sub-Account (MB8)		235,435		2,325,846		2,356,709		2,356,709		26		2,356,683
MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6)		474,893		6,583,811		6,211,600		6,211,600		4,214		6,207,386
MFS VIT III Limited Maturity Portfolio Initial Class Sub-Account (MF2)		1,488,644		15,191,948		14,841,783		14,841,783		5,164		14,836,619
MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)		325,865		2,817,614		3,203,252		3,203,252		1,907		3,201,345
Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class I Sub-Account (VMG)		26,777		110,751		122,905		122,905		89		122,816
Neuberger Berman AMT Mid-Cap Growth Portfolio Class I Sub-Account (NMC)		1,617		48,524		43,051		43,051		185		42,866
Neuberger Berman AMT Short Duration Bond Portfolio Class I Sub-Account (NLM) ¹		—		—		—		—		—		—
Neuberger Berman AMT Sustainable Equity Portfolio Class I Sub-Account (NSE)		495		13,393		16,517		16,517		55		16,462
Invesco V.I. Capital Appreciation Fund, Series I Sub-Account (O01)		45,700		2,309,898		2,151,105		2,151,105		67		2,151,038
Invesco V.I. Discovery Mid Cap Growth Fund, Series I Sub-Account (O00)		2,085		148,119		130,963		130,963		222		130,741
Invesco V.I. Global Fund, Series I Sub-Account (OGS)		82,828		3,217,579		3,028,179		3,028,179		6,335		3,021,844
Invesco V.I. Main Street Small Cap Fund, Series I Sub-Account (OSC)		74,293		1,760,345		1,999,233		1,999,233		1,196		1,998,037
PIMCO VIT CommodityRealReturnTM Strategy Portfolio Admin Class Sub-Account (P10)		194,275		1,257,512		1,039,372		1,039,372		1,479		1,037,893
PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8)		61,709		748,170		651,032		651,032		636		650,396
PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)		1,244,270		15,302,765		14,396,198		14,396,198		6,217		14,389,981
PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)		3,810,214		40,484,413		34,977,764		34,977,764		28,449		34,949,315
Royce Capital Fund - Small-Cap Portfolio Investment Class Sub-Account (SCP)		147,710		1,260,392		1,416,540		1,416,540		2,546		1,413,994
Rydex VT Nova Fund Sub-Account (R02)¹		—		—		—		—		—		—
Rydex VT Nasdaq-100 Fund Sub-Account (R03) ³		—		—		—		—		—		—
T. Rowe Price Blue Chip Growth Portfolio Sub-Account (307)		424,269		18,221,958		19,596,970		19,596,970		16,927		19,580,043
T. Rowe Price Equity Income Portfolio Sub-Account (REI)		103,912		2,840,054		2,884,607		2,884,607		3,424		2,881,183
T. Rowe Price All-Cap Opportunities Portfolio Sub-Account (RNA)		1,554		50,833		53,465		53,465		244		53,221
Wanger Acorn Sub-Account (W42)		2,388		27,920		31,838		31,838		100		31,738

This sub-account is active but had zero balance as of December 31, 2023, and no activity for the years ended December 31, 2023 and 2022, respectively. Therefore, this sub-account is not disclosed in the Statements of Operations and Statements of Changes in Net Assets. Refer to Note 9 in the Variable Account’s Notes to Financial Statements for more information.

²	This Sub-Account had a name change in 2023. Refer to Note 1 in the Variable Account’s Notes to Financial Statements for more information.

³	This sub-account is active but had zero balance as of December 31, 2023.

The accompanying notes are an integral part of these financial statements.

- 7 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2023


	Units		Net Assets
A70⁴		—	$	13
A71		15,348		802,585
AM2		37,145		1,595,414
IVP		342		4,290
A19		2,862		223,941
ASM		1,156		38,510
A54		19,290		820,662
A51		12,865		392,715
308		51,127		2,658,959
301		113,510		1,875,937
304		9,706		542,354
309		442		19,275
306		12,125		478,460
303		5,372		465,706
302		8,053		481,253
305		4,515		132,471
300		671,783		17,643,719
BLG		25,382		662,743
MSV		12,781		636,190
C89		257		7,257
C58		—		—
DRS		52,444		2,122,178
DSV		75,942		3,938,732
D37		26,814		1,823,866
001		—		4
SSI		18,601		817,748
D55		33,922		1,982,018
S61		—		12
D18		14,034		602,031
DTG		16,573		1,352,415
DSI		2,102,086		110,515,830
DCA		89,048		5,670,215
DSC		780		29,213
DGI		1,202		71,482
FVI		14,726		710,833
FCN		88,006		10,837,884
F24		6,464		552,751
FEI		238,055		9,317,031

The accompanying notes are an integral part of these financial statements.

- 8 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2023


	Units		Net Assets
FF1		15,378	$	384,472
FF2		38,159		996,675
FF3		110,014		3,247,352
FVG		6,194		323,593
FGP		13,103		1,359,713
F99		78,616		6,288,392
FHI		8,727		239,873
FIP		541		47,965
FIG		1,046,759		30,434,352
FMC		61,174		2,530,612
FM8		2,894,416		38,083,472
FOF		11,155		347,245
F91		6,739		254,167
FE3		22,503		575,033
TFS		8,689		213,765
T20		26,031		863,982
TSF		123,182		4,859,231
F56		3		75
FSS		—		—
FSC		195		10,230
FRE		4,387		74,141
G31		1,253		73,496
V15		86,199		3,557,070
VCP		25,176		1,224,547
A39		4,058		216,049
IB1		71,829		3,379,906
A21		9,386		411,442
A22		12,393		478,645
I76		2,764		86,619
MVP		5,876		215,060
JM7		211,405		3,274,087
J43		298		15,901
J32		7,182		553,912
LRI		149,947		3,400,876
MD8		7,455,956		108,813,352

The accompanying notes are an integral part of these financial statements.

- 9 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2023


	Units		Net Assets
M07		253,575	$	5,143,298
M35		139,780		2,753,406
M31		24,314		1,154,603
M80		18,041		830,910
MF1		70,809		2,851,214
M41		4,255		168,553
M42		2,197		48,862
M06		258,232		3,157,795
M33		9		276
M44		41,231		690,516
M40		1,544		25,276
M83		342,267		10,592,921
M08		68,547		1,471,805
MB6		—		—
MB7		4,174		260,995
MC0		338,927		7,016,091
MA0		4,304		94,874
MC1		46,359		1,970,987
MC3		25,345		402,297
MC6		12,568		1,110,016
MC9		60,729		2,671,043
M96		279,711		7,112,306
MD2		—		2
MA6		180,305		2,810,754
MA3		2,183		77,887
M97		75,469		2,253,416
MD5		6,145		270,911
M98		175,650		4,768,221
MD6		564		31,457
MB3		4,215		283,111
ME2		93,308		2,830,259
MA7		1,032		22,709

The accompanying notes are an integral part of these financial statements.

- 10 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2023


	Units		Net Assets
MB8		56,994	$	2,356,683
MF6		92,171		6,207,386
MF2		1,095,723		14,836,619
MG3		85,183		3,201,345
VMG		1,944		122,816
NMC		620		42,866
NSE		988		16,462
O01		41,060		2,151,038
O00		9,497		130,741
OGS		58,663		3,021,844
OSC		33,597		1,998,037
P10		109,642		1,037,893
PK8		30,810		650,396
P06		643,328		14,389,981
P07		1,570,795		34,949,315
SCP		43,463		1,413,994
R02		—		—
R03		—		—
307		324,736		19,580,043
REI		51,761		2,881,183
RNA		641		53,221
W42		885		31,738

⁴	Unit amount is less than 1 unit.

The accompanying notes are an integral part of these financial statements.

- 11 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023


	A70		A71			AM2
	Sub-Account		Sub-Account			Sub-Account
Income:
Dividend income	$	—	$	9,590		$	—
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		—		(30,791	)		(3,151	)
Realized gain distributions		1		60,575			57,992

Net realized gains (losses)		1		29,784			54,841

Net change in unrealized appreciation/ (depreciation)		1		51,493			112,937

Net realized and change in unrealized gains (losses)		2		81,277			167,778

Net increase (decrease) in net assets from operations	$	2	$	90,867		$	167,778

The accompanying notes are an integral part of these financial statements.

- 12 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	IVP		A19			ASM
	Sub-Account		Sub-Account			Sub-Account
Income:
Dividend income	$	32	$	—		$	378
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		14		(5,012	)		(97	)
Realized gain distributions		—		—			2,973

Net realized gains (losses)		14		(5,012	)		2,876

Net change in unrealized appreciation/ (depreciation)		412		39,384			2,446

Net realized and change in unrealized gains (losses)		426		34,372			5,322

Net increase (decrease) in net assets from operations	$	458	$	34,372		$	5,700

The accompanying notes are an integral part of these financial statements.

- 13 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	A54			A51			308
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	—		$	45,905
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(43,312	)		(17,844	)		(20,884	)
Realized gain distributions		—			—			22,949

Net realized gains (losses)		(43,312	)		(17,844	)		2,065

Net change in unrealized appreciation/ (depreciation)		199,745			70,996			346,181

Net realized and change in unrealized gains (losses)		156,433			53,152			348,246

Net increase (decrease) in net assets from operations	$	156,433		$	53,152		$	394,151

The accompanying notes are an integral part of these financial statements.

- 14 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	301			304			309
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	64,129		$	4,540		$	307
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(63,069	)		(913	)		(191	)
Realized gain distributions		—			38,042			—

Net realized gains (losses)		(63,069	)		37,129			(191	)

Net change in unrealized appreciation/ (depreciation)		95,766			58,089			2,828

Net realized and change in unrealized gains (losses)		32,697			95,218			2,637

Net increase (decrease) in net assets from operations	$	96,826		$	99,758		$	2,944

The accompanying notes are an integral part of these financial statements.

- 15 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	306			303			302
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,175		$	1,497		$	5,692
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(2,029	)		(65,102	)		(24,687	)
Realized gain distributions		5,628			23,357			16,304

Net realized gains (losses)		3,599			(41,745	)		(8,383	)

Net change in unrealized appreciation/ (depreciation)		61,223			174,602			89,675

Net realized and change in unrealized gains (losses)		64,822			132,857			81,292

Net increase (decrease) in net assets from operations	$	65,997		$	134,354		$	86,984

The accompanying notes are an integral part of these financial statements.

- 16 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	305			300			BLG
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	8,304		$	224,306		$	14,283
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(2,315	)		(288,283	)		(13,887	)
Realized gain distributions		—			—			—

Net realized gains (losses)		(2,315	)		(288,283	)		(13,887	)

Net change in unrealized appreciation/ (depreciation)		5,864			2,597,988			79,961

Net realized and change in unrealized gains (losses)		3,549			2,309,705			66,074

Net increase (decrease) in net assets from operations	$	11,853		$	2,534,011		$	80,357

The accompanying notes are an integral part of these financial statements.

- 17 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	MSV			C89		DRS
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	5,670		$	—	$	68,133
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(2,640	)		110		(1,748	)
Realized gain distributions		—			—		—

Net realized gains (losses)		(2,640	)		110		(1,748	)

Net change in unrealized appreciation/ (depreciation)		97,899			1,695		167,778

Net realized and change in unrealized gains (losses)		95,259			1,805		166,030

Net increase (decrease) in net assets from operations	$	100,929		$	1,805	$	234,163

The accompanying notes are an integral part of these financial statements.

- 18 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	DSV			D37		001
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	34,926		$	19,036	$	—
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(47,074	)		48,438		106
Realized gain distributions		154,287			85,772		—

Net realized gains (losses)		107,213			134,210		106

Net change in unrealized appreciation/ (depreciation)		201,869			116,979		68

Net realized and change in unrealized gains (losses)		309,082			251,189		174

Net increase (decrease) in net assets from operations	$	344,008		$	270,225	$	174

The accompanying notes are an integral part of these financial statements.

- 19 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	SSI			D55			S61
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	8,406		$	16,378		$	—
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(10,770	)		(26,125	)		—
Realized gain distributions		18,019			46,537			—

Net realized gains (losses)		7,249			20,412			—

Net change in unrealized appreciation/ (depreciation)		103,764			245,178			2

Net realized and change in unrealized gains (losses)		111,013			265,590			2

Net increase (decrease) in net assets from operations	$	119,419		$	281,968		$	2

The accompanying notes are an integral part of these financial statements.

- 20 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	D18			DTG			DSI
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	4,544		$	—		$	1,431,604
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(14,024	)		(12,735	)		1,456,655
Realized gain distributions		18,268			—			3,677,926

Net realized gains (losses)		4,244			(12,735	)		5,134,581

Net change in unrealized appreciation/ (depreciation)		86,693			502,668			16,551,864

Net realized and change in unrealized gains (losses)		90,937			489,933			21,686,445

Net increase (decrease) in net assets from operations	$	95,481		$	489,933		$	23,118,049

The accompanying notes are an integral part of these financial statements.

- 21 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	DCA			DSC			DGI
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	37,259		$	87		$	426
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(16,355	)		(9	)		(69	)
Realized gain distributions		434,160			588			6,828

Net realized gains (losses)		417,805			579			6,759

Net change in unrealized appreciation/ (depreciation)		532,050			1,716			7,898

Net realized and change in unrealized gains (losses)		949,855			2,295			14,657

Net increase (decrease) in net assets from operations	$	987,114		$	2,382		$	15,083

The accompanying notes are an integral part of these financial statements.

- 22 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	FVI		FCN		F24
	Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	11,045	$	48,057	$	1,285
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,832		41,524		6,409
Realized gain distributions		19,853		341,881		18,116

Net realized gains (losses)		21,685		383,405		24,525

Net change in unrealized appreciation/ (depreciation)		89,438		2,290,108		114,549

Net realized and change in unrealized gains (losses)		111,123		2,673,513		139,074

Net increase (decrease) in net assets from operations	$	122,168	$	2,721,570	$	140,359

The accompanying notes are an integral part of these financial statements.

- 23 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	FEI		FF1			FF2
	Sub-Account		Sub-Account			Sub-Account
Income:
Dividend income	$	171,316	$	13,469		$	28,819
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		24,021		(7,801	)		(47,219	)
Realized gain distributions		257,153		7,096			6,342

Net realized gains (losses)		281,174		(705	)		(40,877	)

Net change in unrealized appreciation/ (depreciation)		447,649		26,153			119,768

Net realized and change in unrealized gains (losses)		728,823		25,448			78,891

Net increase (decrease) in net assets from operations	$	900,139	$	38,917		$	107,710

The accompanying notes are an integral part of these financial statements.

- 24 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	FF3			FVG		FGP
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	73,534		$	5,058	$	1,568
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(19,577	)		14,857		559
Realized gain distributions		—			11,518		55,334

Net realized gains (losses)		(19,577	)		26,375		55,893

Net change in unrealized appreciation/ (depreciation)		334,682			24,955		296,102

Net realized and change in unrealized gains (losses)		315,105			51,330		351,995

Net increase (decrease) in net assets from operations	$	388,639		$	56,388	$	353,563

The accompanying notes are an integral part of these financial statements.

- 25 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	F99		FHI			FIP
	Sub-Account		Sub-Account			Sub-Account
Income:
Dividend income	$	175	$	13,086		$	643
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		172,572		(5,639	)		706
Realized gain distributions		263,333		—			387

Net realized gains (losses)		435,905		(5,639	)		1,093

Net change in unrealized appreciation/ (depreciation)		1,193,260		15,251			8,299

Net realized and change in unrealized gains (losses)		1,629,165		9,612			9,392

Net increase (decrease) in net assets from operations	$	1,629,340	$	22,698		$	10,035

The accompanying notes are an integral part of these financial statements.

- 26 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	FIG			FMC		FM8
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	777,313		$	13,647	$	1,743,870
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(576,749	)		34,975		—
Realized gain distributions		—			62,469		—

Net realized gains (losses)		(576,749	)		97,444		—

Net change in unrealized appreciation/ (depreciation)		1,630,616			206,000		—

Net realized and change in unrealized gains (losses)		1,053,867			303,444		—

Net increase (decrease) in net assets from operations	$	1,831,180		$	317,091	$	1,743,870

The accompanying notes are an integral part of these financial statements.

- 27 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	FOF			F91		FE3
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	3,415		$	1,872	$	—
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,348	)		4,086		(299	)
Realized gain distributions		864			627		42,022

Net realized gains (losses)		(484	)		4,713		41,723

Net change in unrealized appreciation/ (depreciation)		55,352			32,514		8,617

Net realized and change in unrealized gains (losses)		54,868			37,227		50,340

Net increase (decrease) in net assets from operations	$	58,283		$	39,099	$	50,340

The accompanying notes are an integral part of these financial statements.

- 28 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	TFS		T20			TSF
	Sub-Account		Sub-Account			Sub-Account
Income:
Dividend income	$	6,705	$	25,693		$	154,827
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		880		(7,473	)		388
Realized gain distributions		—		—			—

Net realized gains (losses)		880		(7,473	)		388

Net change in unrealized appreciation/ (depreciation)		29,856		95,555			692,163

Net realized and change in unrealized gains (losses)		30,736		88,082			692,551

Net increase (decrease) in net assets from operations	$	37,441	$	113,775		$	847,378

The accompanying notes are an integral part of these financial statements.

- 29 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	F56		FSS			FSC
	Sub-Account		Sub-Account			Sub-Account
Income:
Dividend income	$	6	$	—		$	—
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		19		(230	)		(387	)
Realized gain distributions		—		—			—

Net realized gains (losses)		19		(230	)		(387	)

Net change in unrealized appreciation/ (depreciation)		—		533			2,444

Net realized and change in unrealized gains (losses)		19		303			2,057

Net increase (decrease) in net assets from operations	$	25	$	303		$	2,057

The accompanying notes are an integral part of these financial statements.

- 30 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	FRE			G31		V15
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	2,075		$	483	$	—
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(7,622	)		983		11,831
Realized gain distributions		—			—		70,031

Net realized gains (losses)		(7,622	)		983		81,862

Net change in unrealized appreciation/ (depreciation)		13,624			15,293		959,210

Net realized and change in unrealized gains (losses)		6,002			16,276		1,041,072

Net increase (decrease) in net assets from operations	$	8,077		$	16,759	$	1,041,072

The accompanying notes are an integral part of these financial statements.

- 31 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	VCP			A39			IB1
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	21,160		$	1,466		$	51,056
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,634			(128	)		(14,798	)
Realized gain distributions		130,256			4,732			405,694

Net realized gains (losses)		131,890			4,604			390,896

Net change in unrealized appreciation/ (depreciation)		(17,893	)		34,461			(75,355	)

Net realized and change in unrealized gains (losses)		113,997			39,065			315,541

Net increase (decrease) in net assets from operations	$	135,157		$	40,531		$	366,597

The accompanying notes are an integral part of these financial statements.

- 32 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	A21			A22			I76
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	763		$	1,296		$	—
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(559	)		(33,206	)		(2,064	)
Realized gain distributions		286			—			1,398

Net realized gains (losses)		(273	)		(33,206	)		(666	)

Net change in unrealized appreciation/ (depreciation)		62,968			95,268			10,875

Net realized and change in unrealized gains (losses)		62,695			62,062			10,209

Net increase (decrease) in net assets from operations	$	63,458		$	63,358		$	10,209

The accompanying notes are an integral part of these financial statements.

- 33 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	MVP			JM7			J43
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	2,292		$	117,662		$	198
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(444	)		(14,979	)		(288	)
Realized gain distributions		5,607			—			125

Net realized gains (losses)		5,163			(14,979	)		(163	)

Net change in unrealized appreciation/ (depreciation)		16,049			81,549			1,767

Net realized and change in unrealized gains (losses)		21,212			66,570			1,604

Net increase (decrease) in net assets from operations	$	23,504		$	184,232		$	1,802

The accompanying notes are an integral part of these financial statements.

- 34 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	J32		LRI		MD8
	Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	7,779	$	163,899	$	4,504,461
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		9,384		2,585		—
Realized gain distributions		22,750		—		—

Net realized gains (losses)		32,134		2,585		—

Net change in unrealized appreciation/ (depreciation)		78,259		485,465		—

Net realized and change in unrealized gains (losses)		110,393		488,050		—

Net increase (decrease) in net assets from operations	$	118,172	$	651,949	$	4,504,461

The accompanying notes are an integral part of these financial statements.

- 35 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	M07			M35			M31
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	99,986		$	35,054		$	—
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(13,022	)		(267,747	)		25,907
Realized gain distributions		208,241			83,665			81,952

Net realized gains (losses)		195,219			(184,082	)		107,859

Net change in unrealized appreciation/ (depreciation)		201,823			434,424			205,885

Net realized and change in unrealized gains (losses)		397,042			250,342			313,744

Net increase (decrease) in net assets from operations	$	497,028		$	285,396		$	313,744

The accompanying notes are an integral part of these financial statements.

- 36 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	M80		MF1			M41
	Sub-Account		Sub-Account			Sub-Account
Income:
Dividend income	$	—	$	—		$	—
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		101,386		(74,179	)		(138,645	)
Realized gain distributions		59,426		35,416			2,629

Net realized gains (losses)		160,812		(38,763	)		(136,016	)

Net change in unrealized appreciation/ (depreciation)		145,921		535,555			207,832

Net realized and change in unrealized gains (losses)		306,733		496,792			71,816

Net increase (decrease) in net assets from operations	$	306,733	$	496,792		$	71,816

The accompanying notes are an integral part of these financial statements.

- 37 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	M42			M06			M33
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	100,878		$	—
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,815	)		(73,176	)		(533	)
Realized gain distributions		—			—			—

Net realized gains (losses)		(1,815	)		(73,176	)		(533	)

Net change in unrealized appreciation/ (depreciation)		13,657			193,668			605

Net realized and change in unrealized gains (losses)		11,842			120,492			72

Net increase (decrease) in net assets from operations	$	11,842		$	221,370		$	72

The accompanying notes are an integral part of these financial statements.

- 38 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	M44			M40			M83
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	24,438		$	844		$	166,273
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		12,300			—			148,731
Realized gain distributions		37,813			1,415			698,893

Net realized gains (losses)		50,113			1,415			847,624

Net change in unrealized appreciation/ (depreciation)		(90,505	)		(2,800	)		(227,487	)

Net realized and change in unrealized gains (losses)		(40,392	)		(1,385	)		620,137

Net increase (decrease) in net assets from operations	$	(15,954	)	$	(541	)	$	786,410

The accompanying notes are an integral part of these financial statements.

- 39 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	M08			MB7		MC0
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	18,559		$	2,503	$	264,358
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		47,303			5,690		(70,133	)
Realized gain distributions		93,027			18,576		—

Net realized gains (losses)		140,330			24,266		(70,133	)

Net change in unrealized appreciation/ (depreciation)		(69,264	)		36,587		394,969

Net realized and change in unrealized gains (losses)		71,066			60,853		324,836

Net increase (decrease) in net assets from operations	$	89,625		$	63,356	$	589,194

The accompanying notes are an integral part of these financial statements.

- 40 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	MA0			MC1		MC3
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	4,311		$	5,474	$	5,639
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(52,344	)		56,732		(4,205	)
Realized gain distributions		—			82,691		—

Net realized gains (losses)		(52,344	)		139,423		(4,205	)

Net change in unrealized appreciation/ (depreciation)		59,787			205,828		37,620

Net realized and change in unrealized gains (losses)		7,443			345,251		33,415

Net increase (decrease) in net assets from operations	$	11,754		$	350,725	$	39,054

The accompanying notes are an integral part of these financial statements.

- 41 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	MC6		MC9			M96
	Sub-Account		Sub-Account			Sub-Account
Income:
Dividend income	$	1,468	$	17,183		$	105,674
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,277		(32,380	)		(68,550	)
Realized gain distributions		50,004		135,305			—

Net realized gains (losses)		52,281		102,925			(68,550	)

Net change in unrealized appreciation/ (depreciation)		133,517		390,801			250,102

Net realized and change in unrealized gains (losses)		185,798		493,726			181,552

Net increase (decrease) in net assets from operations	$	187,266	$	510,909		$	287,226

The accompanying notes are an integral part of these financial statements.

- 42 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	MD2		MA6			MA3
	Sub-Account		Sub-Account			Sub-Account
Income:
Dividend income	$	—	$	153,580		$	3,854
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		—		(85,203	)		(6,080	)
Realized gain distributions		—		—			—

Net realized gains (losses)		—		(85,203	)		(6,080	)

Net change in unrealized appreciation/ (depreciation)		—		246,985			12,042

Net realized and change in unrealized gains (losses)		—		161,782			5,962

Net increase (decrease) in net assets from operations	$	—	$	315,362		$	9,816

The accompanying notes are an integral part of these financial statements.

- 43 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	M97		MD5		M98
	Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	23,480	$	2,842	$	32,599
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		9,807		39,348		31,847
Realized gain distributions		66,958		9,969		338,737

Net realized gains (losses)		76,765		49,317		370,584

Net change in unrealized appreciation/ (depreciation)		193,693		63,024		320,045

Net realized and change in unrealized gains (losses)		270,458		112,341		690,629

Net increase (decrease) in net assets from operations	$	293,938	$	115,183	$	723,228

The accompanying notes are an integral part of these financial statements.

- 44 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	MD6		MB3		ME2
	Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	140	$	155	$	28,880
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		3,894		67,755		(39,993	)
Realized gain distributions		2,428		16,772		—

Net realized gains (losses)		6,322		84,527		(39,993	)

Net change in unrealized appreciation/ (depreciation)		1,477		84,695		328,622

Net realized and change in unrealized gains (losses)		7,799		169,222		288,629

Net increase (decrease) in net assets from operations	$	7,939	$	169,377	$	317,509

The accompanying notes are an integral part of these financial statements.

- 45 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	MA7			MB8			MF6
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	630		$	16,243		$	49,897
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(8,128	)		(142,116	)		(56,871	)
Realized gain distributions		—			71,091			406,238

Net realized gains (losses)		(8,128	)		(71,025	)		349,367

Net change in unrealized appreciation/ (depreciation)		9,951			428,418			259,369

Net realized and change in unrealized gains (losses)		1,823			357,393			608,736

Net increase (decrease) in net assets from operations	$	2,453		$	373,636		$	658,633

The accompanying notes are an integral part of these financial statements.

- 46 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	MF2			MG3		VMG
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	228,109		$	51,397	$	—
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(60,417	)		81,140		(247,690	)
Realized gain distributions		—			97,474		—

Net realized gains (losses)		(60,417	)		178,614		(247,690	)

Net change in unrealized appreciation/ (depreciation)		691,833			141,029		297,508

Net realized and change in unrealized gains (losses)		631,416			319,643		49,818

Net increase (decrease) in net assets from operations	$	859,525		$	371,040	$	49,818

The accompanying notes are an integral part of these financial statements.

- 47 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	NMC		NSE		O01
	Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	—	$	51	$	—
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		238		72		(76,828	)
Realized gain distributions		—		241		—

Net realized gains (losses)		238		313		(76,828	)

Net change in unrealized appreciation/ (depreciation)		6,423		3,088		641,776

Net realized and change in unrealized gains (losses)		6,661		3,401		564,948

Net increase (decrease) in net assets from operations	$	6,661	$	3,452	$	564,948

The accompanying notes are an integral part of these financial statements.

- 48 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	O00			OGS		OSC
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	—		$	6,222	$	21,320
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(720	)		12,145		1,320
Realized gain distributions		—			314,636		—

Net realized gains (losses)		(720	)		326,781		1,320

Net change in unrealized appreciation/ (depreciation)		15,867			465,690		278,026

Net realized and change in unrealized gains (losses)		15,147			792,471		279,346

Net increase (decrease) in net assets from operations	$	15,147		$	798,693	$	300,666

The accompanying notes are an integral part of these financial statements.

- 49 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	P10			PK8			P06
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	168,639		$	34,076		$	431,559
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(9,366	)		(2,348	)		(372,437	)
Realized gain distributions		—			—			—

Net realized gains (losses)		(9,366	)		(2,348	)		(372,437	)

Net change in unrealized appreciation/ (depreciation)		(242,282	)		32,833			486,129

Net realized and change in unrealized gains (losses)		(251,648	)		30,485			113,692

Net increase (decrease) in net assets from operations	$	(83,009	)	$	64,561		$	545,251

The accompanying notes are an integral part of these financial statements.

- 50 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	P07			SCP		R03
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	1,179,758		$	10,718	$	—
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(396,466	)		85,067		8,322
Realized gain distributions		—			111,312		—

Net realized gains (losses)		(396,466	)		196,379		8,322

Net change in unrealized appreciation/ (depreciation)		1,157,310			79,374		(880	)

Net realized and change in unrealized gains (losses)		760,844			275,753		7,442

Net increase (decrease) in net assets from operations	$	1,940,602		$	286,471	$	7,442

The accompanying notes are an integral part of these financial statements.

- 51 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	307		REI			RNA
	Sub-Account		Sub-Account			Sub-Account
Income:
Dividend income	$	—	$	56,668		$	122
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		422,459		(6,458	)		713
Realized gain distributions		—		117,436			3,497

Net realized gains (losses)		422,459		110,978			4,210

Net change in unrealized appreciation/ (depreciation)		6,703,824		86,993			7,782

Net realized and change in unrealized gains (losses)		7,126,283		197,971			11,992

Net increase (decrease) in net assets from operations	$	7,126,283	$	254,639		$	12,114

The accompanying notes are an integral part of these financial statements.

- 52 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	W42
	Sub-Account
Income:
Dividend income	$	—
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		58
Realized gain distributions		—

Net realized gains (losses)		58

Net change in unrealized appreciation/ (depreciation)		5,732

Net realized and change in unrealized gains (losses)		5,790

Net increase (decrease) in net assets from operations	$	5,790

The accompanying notes are an integral part of these financial statements.

- 53 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	A70 Sub-Account						A71 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	9,590		$	11,449
Net realized gains (losses)		1			12			29,784			169,433
Net change in unrealized appreciation/ (depreciation)		1			(21	)		51,493			(228,774	)

Increase (decrease) in net assets from operations		2			(9	)		90,867			(47,892	)

Contract Owner Transactions:
Purchase payments received		—			—			63,467			67,647
Transfers between Sub-Accounts (including the Fixed Account), net		(1	)		21			(378,777	)		—
Withdrawals, surrenders and contract charges		—			—			(1	)		—
Mortality and expense risk charges		—			—			(2,514	)		(3,089	)
Cost of insurance charges		—			—			(14,608	)		(16,961	)

Net increase (decrease) from contract owner transactions		(1	)		21			(332,433	)		47,597

Total increase (decrease) in net assets		1			12			(241,566	)		(295	)
Net assets at beginning of year		12			—			1,044,151			1,044,446

Net assets at end of year	$	13		$	12		$	802,585		$	1,044,151

The accompanying notes are an integral part of these financial statements.

- 54 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	AM2 Sub-Account						IVP Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	32		$	125
Net realized gains (losses)		54,841			252,850			14			4
Net change in unrealized appreciation/ (depreciation)		112,937			(810,451	)		412			(431	)

Increase (decrease) in net assets from operations		167,778			(557,601	)		458			(302	)

Contract Owner Transactions:
Purchase payments received		1,334			251			1,327			763
Transfers between Sub-Accounts (including the Fixed Account), net		219,941			—			—			16
Withdrawals, surrenders and contract charges		(82,204	)		(65,916	)		—			—
Mortality and expense risk charges		(3,700	)		(3,779	)		(16	)		(11	)
Cost of insurance charges		(38,854	)		(39,607	)		(230	)		(204	)

Net increase (decrease) from contract owner transactions		96,517			(109,051	)		1,081			564

Total increase (decrease) in net assets		264,295			(666,652	)		1,539			262
Net assets at beginning of year		1,331,119			1,997,771			2,751			2,489

Net assets at end of year	$	1,595,414		$	1,331,119		$	4,290		$	2,751

The accompanying notes are an integral part of these financial statements.

- 55 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	A19 Sub-Account						ASM Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	378		$	393
Net realized gains (losses)		(5,012	)		109,424			2,876			5,448
Net change in unrealized appreciation/ (depreciation)		39,384			(240,177	)		2,446			(12,240	)

Increase (decrease) in net assets from operations		34,372			(130,753	)		5,700			(6,399	)

Contract Owner Transactions:
Purchase payments received		—			194			853			1,049
Transfers between Sub-Accounts (including the Fixed Account), net		(2,608	)		(1	)		(1	)		(102	)
Withdrawals, surrenders and contract charges		—			—			—			(1	)
Mortality and expense risk charges		(528	)		(573	)		(78	)		(80	)
Cost of insurance charges		(5,480	)		(5,271	)		(1,825	)		(1,609	)

Net increase (decrease) from contract owner transactions		(8,616	)		(5,651	)		(1,051	)		(743	)

Total increase (decrease) in net assets		25,756			(136,404	)		4,649			(7,142	)
Net assets at beginning of year		198,185			334,589			33,861			41,003

Net assets at end of year	$	223,941		$	198,185		$	38,510		$	33,861

The accompanying notes are an integral part of these financial statements.

- 56 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	A54 Sub-Account						A51 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	—		$	—
Net realized gains (losses)		(43,312	)		(20,215	)		(17,844	)		14,349
Net change in unrealized appreciation/ (depreciation)		199,745			(361,143	)		70,996			(131,709	)

Increase (decrease) in net assets from operations		156,433			(381,358	)		53,152			(117,360	)

Contract Owner Transactions:
Purchase payments received		241			143			44,775			1,096
Transfers between Sub-Accounts (including the Fixed Account), net		(23,562	)		69,136			14,036			130,009
Withdrawals, surrenders and contract charges		—			—			(1	)		—
Mortality and expense risk charges		—			—			(1,401	)		(1,016	)
Cost of insurance charges		(92	)		(79	)		(7,212	)		(5,530	)

Net increase (decrease) from contract owner transactions		(23,413	)		69,200			50,197			124,559

Total increase (decrease) in net assets		133,020			(312,158	)		103,349			7,199
Net assets at beginning of year		687,642			999,800			289,366			282,167

Net assets at end of year	$	820,662		$	687,642		$	392,715		$	289,366

The accompanying notes are an integral part of these financial statements.

- 57 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	308 Sub-Account						301 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	45,905		$	45,009		$	64,129		$	61,480
Net realized gains (losses)		2,065			534,219			(63,069	)		2,507
Net change in unrealized appreciation/ (depreciation)		346,181			(788,164	)		95,766			(361,425	)

Increase (decrease) in net assets from operations		394,151			(208,936	)		96,826			(297,438	)

Contract Owner Transactions:
Purchase payments received		55,065			82,982			145,382			111,898
Transfers between Sub-Accounts (including the Fixed Account), net		(18,949	)		69,575			(305,011	)		(156,952	)
Withdrawals, surrenders and contract charges		(65,585	)		(347	)		—			(7,698	)
Mortality and expense risk charges		(3,103	)		(2,928	)		(5,271	)		(5,989	)
Cost of insurance charges		(17,291	)		(20,095	)		(28,105	)		(34,360	)

Net increase (decrease) from contract owner transactions		(49,863	)		129,187			(193,005	)		(93,101	)

Total increase (decrease) in net assets		344,288			(79,749	)		(96,179	)		(390,539	)
Net assets at beginning of year		2,314,671			2,394,420			1,972,116			2,362,655

Net assets at end of year	$	2,658,959		$	2,314,671		$	1,875,937		$	1,972,116

The accompanying notes are an integral part of these financial statements.

- 58 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	304 Sub-Account						309 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	4,540		$	3,099		$	307		$	302
Net realized gains (losses)		37,129			48,669			(191	)		2,593
Net change in unrealized appreciation/ (depreciation)		58,089			(193,847	)		2,828			(5,101	)

Increase (decrease) in net assets from operations		99,758			(142,079	)		2,944			(2,206	)

Contract Owner Transactions:
Purchase payments received		28,475			1,258			5,155			3,056
Transfers between Sub-Accounts (including the Fixed Account), net		(346	)		15,317			2			(1	)
Withdrawals, surrenders and contract charges		—			(569	)		1			—
Mortality and expense risk charges		(1,868	)		(1,737	)		(57	)		(41	)
Cost of insurance charges		(11,648	)		(9,994	)		(1,415	)		(1,239	)

Net increase (decrease) from contract owner transactions		14,613			4,275			3,686			1,775

Total increase (decrease) in net assets		114,371			(137,804	)		6,630			(431	)
Net assets at beginning of year		427,983			565,787			12,645			13,076

Net assets at end of year	$	542,354		$	427,983		$	19,275		$	12,645

The accompanying notes are an integral part of these financial statements.

- 59 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	306 Sub-Account						303 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	1,175		$	—		$	1,497		$	1,521
Net realized gains (losses)		3,599			127,763			(41,745	)		27,703
Net change in unrealized appreciation/ (depreciation)		61,223			(277,489	)		174,602			(206,867	)

Increase (decrease) in net assets from operations		65,997			(149,726	)		134,354			(177,643	)

Contract Owner Transactions:
Purchase payments received		24,296			484			(51,767	)		81,055
Transfers between Sub-Accounts (including the Fixed Account), net		23,340			38,174			(24,934	)		(7,111	)
Withdrawals, surrenders and contract charges		1			—			—			(38,189	)
Mortality and expense risk charges		(1,622	)		(1,504	)		(657	)		(710	)
Cost of insurance charges		(9,373	)		(8,187	)		(26,118	)		(33,618	)

Net increase (decrease) from contract owner transactions		36,642			28,967			(103,476	)		1,427

Total increase (decrease) in net assets		102,639			(120,759	)		30,878			(176,216	)
Net assets at beginning of year		375,821			496,580			434,828			611,044

Net assets at end of year	$	478,460		$	375,821		$	465,706		$	434,828

The accompanying notes are an integral part of these financial statements.

- 60 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	302 Sub-Account						305 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	5,692		$	4,962		$	8,304		$	4,067
Net realized gains (losses)		(8,383	)		82,809			(2,315	)		(2,109	)
Net change in unrealized appreciation/ (depreciation)		89,675			(154,632	)		5,864			(4,040	)

Increase (decrease) in net assets from operations		86,984			(66,861	)		11,853			(2,082	)

Contract Owner Transactions:
Purchase payments received		42,985			4,794			13,738			387
Transfers between Sub-Accounts (including the Fixed Account), net		(10,323	)		(147,371	)		53,274			36,943
Withdrawals, surrenders and contract charges		—			—			1			—
Mortality and expense risk charges		(889	)		(909	)		(217	)		(101	)
Cost of insurance charges		(9,255	)		(9,554	)		(1,869	)		(1,091	)

Net increase (decrease) from contract owner transactions		22,518			(153,040	)		64,927			36,138

Total increase (decrease) in net assets		109,502			(219,901	)		76,780			34,056
Net assets at beginning of year		371,751			591,652			55,691			21,635

Net assets at end of year	$	481,253		$	371,751		$	132,471		$	55,691

The accompanying notes are an integral part of these financial statements.

- 61 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	300 Sub-Account						BLG Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	224,306		$	302,206		$	14,283		$	—
Net realized gains (losses)		(288,283	)		2,134,063			(13,887	)		(2,345	)
Net change in unrealized appreciation/ (depreciation)		2,597,988			(6,663,714	)		79,961			(136,717	)

Increase (decrease) in net assets from operations		2,534,011			(4,227,445	)		80,357			(139,062	)

Contract Owner Transactions:
Purchase payments received		142,584			5,054			22,991			22,951
Transfers between Sub-Accounts (including the Fixed Account), net		(932,748	)		1,136,853			(4,218	)		(6,717	)
Withdrawals, surrenders and contract charges		(34,215	)		(610,599	)		(21,832	)		(5,425	)
Mortality and expense risk charges		(34,117	)		(33,303	)		(1,133	)		(1,214	)
Cost of insurance charges		(437,186	)		(410,685	)		(89,395	)		(75,236	)

Net increase (decrease) from contract owner transactions		(1,295,682	)		87,320			(93,587	)		(65,641	)

Total increase (decrease) in net assets		1,238,329			(4,140,125	)		(13,230	)		(204,703	)
Net assets at beginning of year		16,405,390			20,545,515			675,973			880,676

Net assets at end of year	$	17,643,719		$	16,405,390		$	662,743		$	675,973

The accompanying notes are an integral part of these financial statements.

- 62 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MSV Sub-Account						C89 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	5,670		$	5,182		$	—		$	—
Net realized gains (losses)		(2,640	)		(33,277	)		110			80
Net change in unrealized appreciation/ (depreciation)		97,899			(93,702	)		1,695			(1,318	)

Increase (decrease) in net assets from operations		100,929			(121,797	)		1,805			(1,238	)

Contract Owner Transactions:
Purchase payments received		8,616			3,879			1,963			1,006
Transfers between Sub-Accounts (including the Fixed Account), net		225			29			23			10
Withdrawals, surrenders and contract charges		(222	)		(110,041	)		—			—
Mortality and expense risk charges		(610	)		(632	)		(27	)		(17	)
Cost of insurance charges		(7,744	)		(5,859	)		(363	)		(278	)

Net increase (decrease) from contract owner transactions		265			(112,624	)		1,596			721

Total increase (decrease) in net assets		101,194			(234,421	)		3,401			(517	)
Net assets at beginning of year		534,996			769,417			3,856			4,373

Net assets at end of year	$	636,190		$	534,996		$	7,257		$	3,856

The accompanying notes are an integral part of these financial statements.

- 63 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	DRS Sub-Account						DSV Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	68,133		$	66,800		$	34,926		$	31,223
Net realized gains (losses)		(1,748	)		8,841			107,213			250,100
Net change in unrealized appreciation/ (depreciation)		167,778			(727,622	)		201,869			(779,603	)

Increase (decrease) in net assets from operations		234,163			(651,981	)		344,008			(498,280	)

Contract Owner Transactions:
Purchase payments received		80,836			67,267			24,034			12,639
Transfers between Sub-Accounts (including the Fixed Account), net		2,277			35,295			282,745			62,612
Withdrawals, surrenders and contract charges		—			(142,017	)		(1	)		(29,002	)
Mortality and expense risk charges		(3,432	)		(3,721	)		(21,173	)		(16,808	)
Cost of insurance charges		(47,747	)		(48,209	)		(204,038	)		(164,550	)

Net increase (decrease) from contract owner transactions		31,934			(91,385	)		81,567			(135,109	)

Total increase (decrease) in net assets		266,097			(743,366	)		425,575			(633,389	)
Net assets at beginning of year		1,856,081			2,599,447			3,513,157			4,146,546

Net assets at end of year	$	2,122,178		$	1,856,081		$	3,938,732		$	3,513,157

The accompanying notes are an integral part of these financial statements.

- 64 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	D37 Sub-Account						001 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	19,036		$	7,603		$	—		$	44
Net realized gains (losses)		134,210			112,939			106			147
Net change in unrealized appreciation/ (depreciation)		116,979			(364,332	)		68			(578	)

Increase (decrease) in net assets from operations		270,225			(243,790	)		174			(387	)

Contract Owner Transactions:
Purchase payments received		28,188			7,765			262			787
Transfers between Sub-Accounts (including the Fixed Account), net		36,287			(58,332	)		—			—
Withdrawals, surrenders and contract charges		(98,296	)		—			(2,900	)		—
Mortality and expense risk charges		(3,799	)		(3,838	)		(1	)		(11	)
Cost of insurance charges		(22,611	)		(20,867	)		(11	)		(534	)

Net increase (decrease) from contract owner transactions		(60,231	)		(75,272	)		(2,650	)		242

Total increase (decrease) in net assets		209,994			(319,062	)		(2,476	)		(145	)
Net assets at beginning of year		1,613,872			1,932,934			2,480			2,625

Net assets at end of year	$	1,823,866		$	1,613,872		$	4		$	2,480

The accompanying notes are an integral part of these financial statements.

- 65 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	SSI Sub-Account						D55 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	8,406		$	7,068		$	16,378		$	12,020
Net realized gains (losses)		7,249			124,192			20,412			303,532
Net change in unrealized appreciation/ (depreciation)		103,764			(323,614	)		245,178			(795,991	)

Increase (decrease) in net assets from operations		119,419			(192,354	)		281,968			(480,439	)

Contract Owner Transactions:
Purchase payments received		218			218			1,633			1,633
Transfers between Sub-Accounts (including the Fixed Account), net		(4,095	)		4,693			105,557			(489	)
Withdrawals, surrenders and contract charges		1			(23,049	)		(80,331	)		(75,893	)
Mortality and expense risk charges		(757	)		(782	)		(4,416	)		(4,778	)
Cost of insurance charges		(20,181	)		(18,862	)		(33,586	)		(37,615	)

Net increase (decrease) from contract owner transactions		(24,814	)		(37,782	)		(11,143	)		(117,142	)

Total increase (decrease) in net assets		94,605			(230,136	)		270,825			(597,581	)
Net assets at beginning of year		723,143			953,279			1,711,193			2,308,774

Net assets at end of year	$	817,748		$	723,143		$	1,982,018		$	1,711,193

The accompanying notes are an integral part of these financial statements.

- 66 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	S61 Sub-Account					D18 Sub-Account
	December 31,		December 31,			December 31,			December 31,
	2023		2022			2023			2022
Operations:
Net investment income (loss)	$	—	$	—		$	4,544		$	4,930
Net realized gains (losses)		—		429			4,244			131,563
Net change in unrealized appreciation/ (depreciation)		2		(464	)		86,693			(242,792	)

Increase (decrease) in net assets from operations		2		(35	)		95,481			(106,299	)

Contract Owner Transactions:
Purchase payments received		—		—			2,408			3,402
Transfers between Sub-Accounts (including the Fixed Account), net		—		45			(3,214	)		(10,155	)
Withdrawals, surrenders and contract charges		—		—			(34,820	)		(103,499	)
Mortality and expense risk charges		—		—			(611	)		(736	)
Cost of insurance charges		—		—			(9,391	)		(9,819	)

Net increase (decrease) from contract owner transactions		—		45			(45,628	)		(120,807	)

Total increase (decrease) in net assets		2		10			49,853			(227,106	)
Net assets at beginning of year		10		—			552,178			779,284

Net assets at end of year	$	12	$	10		$	602,031		$	552,178

The accompanying notes are an integral part of these financial statements.

- 67 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	DTG Sub-Account						DSI Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	1,431,604		$	1,418,989
Net realized gains (losses)		(12,735	)		76,975			5,134,581			14,072,169
Net change in unrealized appreciation/ (depreciation)		502,668			(701,447	)		16,551,864			(38,177,326	)

Increase (decrease) in net assets from operations		489,933			(624,472	)		23,118,049			(22,686,168	)

Contract Owner Transactions:
Purchase payments received		135,820			119,097			508,524			351,900
Transfers between Sub-Accounts (including the Fixed Account), net		1			—			(1,251,903	)		(16,457,716	)
Withdrawals, surrenders and contract charges		—			(6,505	)		(1,381,620	)		(1,824,966	)
Mortality and expense risk charges		(3,882	)		(3,442	)		(192,473	)		(211,115	)
Cost of insurance charges		(14,395	)		(13,278	)		(1,630,618	)		(1,683,607	)

Net increase (decrease) from contract owner transactions		117,544			95,872			(3,948,090	)		(19,825,504	)

Total increase (decrease) in net assets		607,477			(528,600	)		19,169,959			(42,511,672	)
Net assets at beginning of year		744,938			1,273,538			91,345,871			133,857,543

Net assets at end of year	$	1,352,415		$	744,938		$	110,515,830		$	91,345,871

The accompanying notes are an integral part of these financial statements.

- 68 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	DCA Sub-Account						DSC Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	37,259		$	32,908		$	87		$	—
Net realized gains (losses)		417,805			1,420,381			579			5,260
Net change in unrealized appreciation/ (depreciation)		532,050			(2,503,641	)		1,716			(10,121	)

Increase (decrease) in net assets from operations		987,114			(1,050,352	)		2,382			(4,861	)

Contract Owner Transactions:
Purchase payments received		583			6,747			2,760			1,580
Transfers between Sub-Accounts (including the Fixed Account), net		43			(7,473	)		—			—
Withdrawals, surrenders and contract charges		—			(2	)		—			(3	)
Mortality and expense risk charges		(5,182	)		(4,875	)		(43	)		(44	)
Cost of insurance charges		(36,759	)		(37,911	)		(995	)		(910	)

Net increase (decrease) from contract owner transactions		(41,315	)		(43,514	)		1,722			623

Total increase (decrease) in net assets		945,799			(1,093,866	)		4,104			(4,238	)
Net assets at beginning of year		4,724,416			5,818,282			25,109			29,347

Net assets at end of year	$	5,670,215		$	4,724,416		$	29,213		$	25,109

The accompanying notes are an integral part of these financial statements.

- 69 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	DGI Sub-Account						FVI Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	426		$	467		$	11,045		$	6,855
Net realized gains (losses)		6,759			11,542			21,685			31,243
Net change in unrealized appreciation/ (depreciation)		7,898			(21,767	)		89,438			(146,991	)

Increase (decrease) in net assets from operations		15,083			(9,758	)		122,168			(108,893	)

Contract Owner Transactions:
Purchase payments received		1,806			1,308			89,838			72,980
Transfers between Sub-Accounts (including the Fixed Account), net		—			—			429			402
Withdrawals, surrenders and contract charges		—			—			—			(6,329	)
Mortality and expense risk charges		(115	)		(106	)		(2,335	)		(2,077	)
Cost of insurance charges		(1,384	)		(1,180	)		(12,309	)		(9,129	)

Net increase (decrease) from contract owner transactions		307			22			75,623			55,847

Total increase (decrease) in net assets		15,390			(9,736	)		197,791			(53,046	)
Net assets at beginning of year		56,092			65,828			513,042			566,088

Net assets at end of year	$	71,482		$	56,092		$	710,833		$	513,042

The accompanying notes are an integral part of these financial statements.

- 70 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	FCN Sub-Account						F24 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	48,057		$	46,163		$	1,285		$	1,275
Net realized gains (losses)		383,405			508,489			24,525			31,012
Net change in unrealized appreciation/ (depreciation)		2,290,108			(3,543,338	)		114,549			(194,215	)

Increase (decrease) in net assets from operations		2,721,570			(2,988,686	)		140,359			(161,928	)

Contract Owner Transactions:
Purchase payments received		(123,179	)		163,821			24,286			25,459
Transfers between Sub-Accounts (including the Fixed Account), net		142,050			(29,045	)		91			949
Withdrawals, surrenders and contract charges		—			(88,256	)		1			(3,575	)
Mortality and expense risk charges		(7,050	)		(6,848	)		(1,139	)		(1,198	)
Cost of insurance charges		(86,425	)		(81,033	)		(47,611	)		(43,027	)

Net increase (decrease) from contract owner transactions		(74,604	)		(41,361	)		(24,372	)		(21,392	)

Total increase (decrease) in net assets		2,646,966			(3,030,047	)		115,987			(183,320	)
Net assets at beginning of year		8,190,918			11,220,965			436,764			620,084

Net assets at end of year	$	10,837,884		$	8,190,918		$	552,751		$	436,764

The accompanying notes are an integral part of these financial statements.

- 71 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	FEI Sub-Account						FF1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	171,316		$	163,344		$	13,469		$	8,366
Net realized gains (losses)		281,174			313,843			(705	)		21,712
Net change in unrealized appreciation/ (depreciation)		447,649			(924,445	)		26,153			(95,122	)

Increase (decrease) in net assets from operations		900,139			(447,258	)		38,917			(65,044	)

Contract Owner Transactions:
Purchase payments received		22,320			29,545			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		866			77,427			(6,034	)		93,382
Withdrawals, surrenders and contract charges		—			(50,136	)		2			(117,595	)
Mortality and expense risk charges		(8,776	)		(8,536	)		(362	)		(469	)
Cost of insurance charges		(89,375	)		(84,230	)		(5,899	)		(8,132	)

Net increase (decrease) from contract owner transactions		(74,965	)		(35,930	)		(12,293	)		(32,814	)

Total increase (decrease) in net assets		825,174			(483,188	)		26,624			(97,858	)
Net assets at beginning of year		8,491,857			8,975,045			357,848			455,706

Net assets at end of year	$	9,317,031		$	8,491,857		$	384,472		$	357,848

The accompanying notes are an integral part of these financial statements.

- 72 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	FF2 Sub-Account						FF3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	28,819		$	21,712		$	73,534		$	57,199
Net realized gains (losses)		(40,877	)		50,367			(19,577	)		204,720
Net change in unrealized appreciation/ (depreciation)		119,768			(282,319	)		334,682			(855,733	)

Increase (decrease) in net assets from operations		107,710			(210,240	)		388,639			(593,814	)

Contract Owner Transactions:
Purchase payments received		64,213			3,148			93,250			21,756
Transfers between Sub-Accounts (including the Fixed Account), net		(49,253	)		221,826			31,835			119,140
Withdrawals, surrenders and contract charges		(11,002	)		(499,779	)		2			(217,446	)
Mortality and expense risk charges		(875	)		(1,433	)		(3,254	)		(3,304	)
Cost of insurance charges		(9,780	)		(25,192	)		(46,438	)		(52,873	)

Net increase (decrease) from contract owner transactions		(6,697	)		(301,430	)		75,395			(132,727	)

Total increase (decrease) in net assets		101,013			(511,670	)		464,034			(726,541	)
Net assets at beginning of year		895,662			1,407,332			2,783,318			3,509,859

Net assets at end of year	$	996,675		$	895,662		$	3,247,352		$	2,783,318

The accompanying notes are an integral part of these financial statements.

- 73 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	FVG Sub-Account						FGP Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	5,058		$	5,374		$	1,568		$	2,378
Net realized gains (losses)		26,375			19,073			55,893			24,832
Net change in unrealized appreciation/ (depreciation)		24,955			(32,029	)		296,102			(90,842	)

Increase (decrease) in net assets from operations		56,388			(7,582	)		353,563			(63,632	)

Contract Owner Transactions:
Purchase payments received		9,346			5,576			158,615			5,868
Transfers between Sub-Accounts (including the Fixed Account), net		(46,965	)		99,562			118			891,878
Withdrawals, surrenders and contract charges		—			(67,892	)		2			(1	)
Mortality and expense risk charges		(373	)		(329	)		(4,158	)		(1,551	)
Cost of insurance charges		(11,689	)		(10,048	)		(21,640	)		(10,057	)

Net increase (decrease) from contract owner transactions		(49,681	)		26,869			132,937			886,137

Total increase (decrease) in net assets		6,707			19,287			486,500			822,505
Net assets at beginning of year		316,886			297,599			873,213			50,708

Net assets at end of year	$	323,593		$	316,886		$	1,359,713		$	873,213

The accompanying notes are an integral part of these financial statements.

- 74 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	F99 Sub-Account						FHI Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	175		$	15,617		$	13,086		$	11,907
Net realized gains (losses)		435,905			685,224			(5,639	)		(1,053	)
Net change in unrealized appreciation/ (depreciation)		1,193,260			(2,087,340	)		15,251			(37,734	)

Increase (decrease) in net assets from operations		1,629,340			(1,386,499	)		22,698			(26,880	)

Contract Owner Transactions:
Purchase payments received		230,634			73,642			34,769			33,697
Transfers between Sub-Accounts (including the Fixed Account), net		398,744			(865,085	)		308			—
Withdrawals, surrenders and contract charges		—			—			(29,313	)		(5,540	)
Mortality and expense risk charges		(14,454	)		(12,877	)		(778	)		(728	)
Cost of insurance charges		(121,636	)		(106,214	)		(10,098	)		(9,681	)

Net increase (decrease) from contract owner transactions		493,288			(910,534	)		(5,112	)		17,748

Total increase (decrease) in net assets		2,122,628			(2,297,033	)		17,586			(9,132	)
Net assets at beginning of year		4,165,764			6,462,797			222,287			231,419

Net assets at end of year	$	6,288,392		$	4,165,764		$	239,873		$	222,287

The accompanying notes are an integral part of these financial statements.

- 75 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	FIP Sub-Account						FIG Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	643		$	470		$	777,313		$	741,944
Net realized gains (losses)		1,093			584			(576,749	)		1,170,586
Net change in unrealized appreciation/ (depreciation)		8,299			(7,898	)		1,630,616			(7,048,265	)

Increase (decrease) in net assets from operations		10,035			(6,844	)		1,831,180			(5,135,735	)

Contract Owner Transactions:
Purchase payments received		396			176			22,296			6,190
Transfers between Sub-Accounts (including the Fixed Account), net		(550	)		9,132			(1,738,123	)		(2,857,692	)
Withdrawals, surrenders and contract charges		(1	)		(1	)		(228,696	)		—
Mortality and expense risk charges		(46	)		(36	)		(37,753	)		(42,284	)
Cost of insurance charges		(511	)		(379	)		(453,974	)		(469,134	)

Net increase (decrease) from contract owner transactions		(712	)		8,892			(2,436,250	)		(3,362,920	)

Total increase (decrease) in net assets		9,323			2,048			(605,070	)		(8,498,655	)
Net assets at beginning of year		38,642			36,594			31,039,422			39,538,077

Net assets at end of year	$	47,965		$	38,642		$	30,434,352		$	31,039,422

The accompanying notes are an integral part of these financial statements.

- 76 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	FMC Sub-Account						FM8 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	13,647		$	12,022		$	1,743,870		$	443,956
Net realized gains (losses)		97,444			188,372			—			—
Net change in unrealized appreciation/ (depreciation)		206,000			(614,495	)		—			—

Increase (decrease) in net assets from operations		317,091			(414,101	)		1,743,870			443,956

Contract Owner Transactions:
Purchase payments received		(62,339	)		187,267			330,658			143,021
Transfers between Sub-Accounts (including the Fixed Account), net		93,667			(201,004	)		1,335,951			11,620,129
Withdrawals, surrenders and contract charges		—			(40,026	)		(471,186	)		(91,985	)
Mortality and expense risk charges		(3,275	)		(3,499	)		(79,453	)		(59,778	)
Cost of insurance charges		(33,406	)		(33,962	)		(618,391	)		(508,003	)

Net increase (decrease) from contract owner transactions		(5,353	)		(91,224	)		497,579			11,103,384

Total increase (decrease) in net assets		311,738			(505,325	)		2,241,449			11,547,340
Net assets at beginning of year		2,218,874			2,724,199			35,842,023			24,294,683

Net assets at end of year	$	2,530,612		$	2,218,874		$	38,083,472		$	35,842,023

The accompanying notes are an integral part of these financial statements.

- 77 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	FOF Sub-Account						F91 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	3,415		$	3,261		$	1,872		$	1,626
Net realized gains (losses)		(484	)		(1,517	)		4,713			6,937
Net change in unrealized appreciation/ (depreciation)		55,352			(90,704	)		32,514			(63,803	)

Increase (decrease) in net assets from operations		58,283			(88,960	)		39,099			(55,240	)

Contract Owner Transactions:
Purchase payments received		19,166			1,365			14,504			4,975
Transfers between Sub-Accounts (including the Fixed Account), net		4,055			5,574			35,210			6,169
Withdrawals, surrenders and contract charges		—			(683	)		1			—
Mortality and expense risk charges		(1,182	)		(1,104	)		(488	)		(461	)
Cost of insurance charges		(7,099	)		(6,272	)		(20,246	)		(16,293	)

Net increase (decrease) from contract owner transactions		14,940			(1,120	)		28,981			(5,610	)

Total increase (decrease) in net assets		73,223			(90,080	)		68,080			(60,850	)
Net assets at beginning of year		274,022			364,102			186,087			246,937

Net assets at end of year	$	347,245		$	274,022		$	254,167		$	186,087

The accompanying notes are an integral part of these financial statements.

- 78 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	FE3 Sub-Account						TFS Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	10,201		$	6,705		$	5,909
Net realized gains (losses)		41,723			28,195			880			852
Net change in unrealized appreciation/ (depreciation)		8,617			(80,957	)		29,856			(21,472	)

Increase (decrease) in net assets from operations		50,340			(42,561	)		37,441			(14,711	)

Contract Owner Transactions:
Purchase payments received		62,205			56,056			5,142			8,817
Transfers between Sub-Accounts (including the Fixed Account), net		1			—			—			(4,385	)
Withdrawals, surrenders and contract charges		—			(4,223	)		(1	)		(2,185	)
Mortality and expense risk charges		(1,896	)		(1,738	)		(423	)		(365	)
Cost of insurance charges		(6,656	)		(6,105	)		(7,381	)		(6,016	)

Net increase (decrease) from contract owner transactions		53,654			43,990			(2,663	)		(4,134	)

Total increase (decrease) in net assets		103,994			1,429			34,778			(18,845	)
Net assets at beginning of year		471,039			469,610			178,987			197,832

Net assets at end of year	$	575,033		$	471,039		$	213,765		$	178,987

The accompanying notes are an integral part of these financial statements.

- 79 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	T20 Sub-Account						TSF Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	25,693		$	13,603		$	154,827		$	20,469
Net realized gains (losses)		(7,473	)		(4,439	)		388			(3,139	)
Net change in unrealized appreciation/ (depreciation)		95,555			(46,299	)		692,163			(517,905	)

Increase (decrease) in net assets from operations		113,775			(37,135	)		847,378			(500,575	)

Contract Owner Transactions:
Purchase payments received		2,652			2,454			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		321,138			—			115,953			109,332
Withdrawals, surrenders and contract charges		1			(951	)		—			—
Mortality and expense risk charges		(2,142	)		(1,343	)		(3,579	)		(3,321	)
Cost of insurance charges		(14,245	)		(9,704	)		(35,691	)		(32,191	)

Net increase (decrease) from contract owner transactions		307,404			(9,544	)		76,683			73,820

Total increase (decrease) in net assets		421,179			(46,679	)		924,061			(426,755	)
Net assets at beginning of year		442,803			489,482			3,935,170			4,361,925

Net assets at end of year	$	863,982		$	442,803		$	4,859,231		$	3,935,170

The accompanying notes are an integral part of these financial statements.

- 80 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	F56 Sub-Account						FSS Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	6		$	—		$	—		$	116
Net realized gains (losses)		19			(22	)		(230	)		832
Net change in unrealized appreciation/ (depreciation)		—			(2	)		533			(1,316	)

Increase (decrease) in net assets from operations		25			(24	)		303			(368	)

Contract Owner Transactions:
Purchase payments received		392			327			525			1,726
Transfers between Sub-Accounts (including the Fixed Account), net		(2	)		1			2			—
Withdrawals, surrenders and contract charges		—			—			(6,018	)		(344	)
Mortality and expense risk charges		—			—			(2	)		(23	)
Cost of insurance charges		(490	)		(423	)		(17	)		(1,238	)

Net increase (decrease) from contract owner transactions		(100	)		(95	)		(5,510	)		121

Total increase (decrease) in net assets		(75	)		(119	)		(5,207	)		(247	)
Net assets at beginning of year		150			269			5,207			5,454

Net assets at end of year	$	75		$	150		$	—		$	5,207

The accompanying notes are an integral part of these financial statements.

- 81 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	FSC Sub-Account						FRE Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	2,075		$	2,298
Net realized gains (losses)		(387	)		1,373			(7,622	)		5,956
Net change in unrealized appreciation/ (depreciation)		2,444			(4,750	)		13,624			(36,546	)

Increase (decrease) in net assets from operations		2,057			(3,377	)		8,077			(28,292	)

Contract Owner Transactions:
Purchase payments received		1,502			803			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		—			—			(9,910	)		(13,861	)
Withdrawals, surrenders and contract charges		(1	)		—			1			(287	)
Mortality and expense risk charges		(16	)		(15	)		(67	)		(90	)
Cost of insurance charges		(444	)		(384	)		(2,948	)		(4,215	)

Net increase (decrease) from contract owner transactions		1,041			404			(12,924	)		(18,453	)

Total increase (decrease) in net assets		3,098			(2,973	)		(4,847	)		(46,745	)
Net assets at beginning of year		7,132			10,105			78,988			125,733

Net assets at end of year	$	10,230		$	7,132		$	74,141		$	78,988

The accompanying notes are an integral part of these financial statements.

- 82 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	G31 Sub-Account						V15 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	483		$	743		$	—		$	—
Net realized gains (losses)		983			(955	)		81,862			798,471
Net change in unrealized appreciation/ (depreciation)		15,293			(24,029	)		959,210			(1,966,724	)

Increase (decrease) in net assets from operations		16,759			(24,241	)		1,041,072			(1,168,253	)

Contract Owner Transactions:
Purchase payments received		1,921			188			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		1			(11	)		—			—
Withdrawals, surrenders and contract charges		(1	)		—			1			1
Mortality and expense risk charges		(197	)		(252	)		(3,084	)		(2,941	)
Cost of insurance charges		(27,368	)		(22,337	)		(42,280	)		(35,739	)

Net increase (decrease) from contract owner transactions		(25,644	)		(22,412	)		(45,363	)		(38,679	)

Total increase (decrease) in net assets		(8,885	)		(46,653	)		995,709			(1,206,932	)
Net assets at beginning of year		82,381			129,034			2,561,361			3,768,293

Net assets at end of year	$	73,496		$	82,381		$	3,557,070		$	2,561,361

The accompanying notes are an integral part of these financial statements.

- 83 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	VCP Sub-Account						A39 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	21,160		$	17,843		$	1,466		$	1,714
Net realized gains (losses)		131,890			39,414			4,604			29,763
Net change in unrealized appreciation/ (depreciation)		(17,893	)		(48,828	)		34,461			(75,448	)

Increase (decrease) in net assets from operations		135,157			8,429			40,531			(43,971	)

Contract Owner Transactions:
Purchase payments received		1,436			724			7,840			6,591
Transfers between Sub-Accounts (including the Fixed Account), net		—			10			—			—
Withdrawals, surrenders and contract charges		1			(47,085	)		1			—
Mortality and expense risk charges		(1,130	)		(1,113	)		(425	)		(435	)
Cost of insurance charges		(13,558	)		(12,899	)		(4,416	)		(3,798	)

Net increase (decrease) from contract owner transactions		(13,251	)		(60,363	)		3,000			2,358

Total increase (decrease) in net assets		121,906			(51,934	)		43,531			(41,613	)
Net assets at beginning of year		1,102,641			1,154,575			172,518			214,131

Net assets at end of year	$	1,224,547		$	1,102,641		$	216,049		$	172,518

The accompanying notes are an integral part of these financial statements.

- 84 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	IB1 Sub-Account						A21 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	51,056		$	42,595		$	763		$	6,260
Net realized gains (losses)		390,896			246,478			(273	)		39,724
Net change in unrealized appreciation/ (depreciation)		(75,355	)		(439,817	)		62,968			(125,202	)

Increase (decrease) in net assets from operations		366,597			(150,744	)		63,458			(79,218	)

Contract Owner Transactions:
Purchase payments received		14,492			19,665			1,633			1,633
Transfers between Sub-Accounts (including the Fixed Account), net		548,000			21,184			—			—
Withdrawals, surrenders and contract charges		1			(11,351	)		1			1
Mortality and expense risk charges		(3,429	)		(3,047	)		(842	)		(900	)
Cost of insurance charges		(24,614	)		(22,229	)		(4,021	)		(3,484	)

Net increase (decrease) from contract owner transactions		534,450			4,222			(3,229	)		(2,750	)

Total increase (decrease) in net assets		901,047			(146,522	)		60,229			(81,968	)
Net assets at beginning of year		2,478,859			2,625,381			351,213			433,181

Net assets at end of year	$	3,379,906		$	2,478,859		$	411,442		$	351,213

The accompanying notes are an integral part of these financial statements.

- 85 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	A22 Sub-Account						I76 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	1,296		$	1,647		$	—		$	—
Net realized gains (losses)		(33,206	)		89,808			(666	)		12,152
Net change in unrealized appreciation/ (depreciation)		95,268			(162,260	)		10,875			(23,215	)

Increase (decrease) in net assets from operations		63,358			(70,805	)		10,209			(11,063	)

Contract Owner Transactions:
Purchase payments received		56,063			54,816			8,139			774
Transfers between Sub-Accounts (including the Fixed Account), net		(606	)		—			11,896			8,235
Withdrawals, surrenders and contract charges		(63,142	)		(10,548	)		(1	)		—
Mortality and expense risk charges		(1,507	)		(1,473	)		(161	)		(136	)
Cost of insurance charges		(19,367	)		(18,489	)		(1,759	)		(1,642	)

Net increase (decrease) from contract owner transactions		(28,559	)		24,306			18,114			7,231

Total increase (decrease) in net assets		34,799			(46,499	)		28,323			(3,832	)
Net assets at beginning of year		443,846			490,345			58,296			62,128

Net assets at end of year	$	478,645		$	443,846		$	86,619		$	58,296

The accompanying notes are an integral part of these financial statements.

- 86 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MVP Sub-Account						JM7 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	2,292		$	2,470		$	117,662		$	66,241
Net realized gains (losses)		5,163			18,025			(14,979	)		7,407
Net change in unrealized appreciation/ (depreciation)		16,049			(34,023	)		81,549			(539,431	)

Increase (decrease) in net assets from operations		23,504			(13,528	)		184,232			(465,783	)

Contract Owner Transactions:
Purchase payments received		11,090			408			5,799			3,272
Transfers between Sub-Accounts (including the Fixed Account), net		10,264			(35,728	)		1,205			9,890
Withdrawals, surrenders and contract charges		—			(4,664	)		—			—
Mortality and expense risk charges		(715	)		(701	)		(3,227	)		(3,391	)
Cost of insurance charges		(5,746	)		(5,706	)		(87,313	)		(89,766	)

Net increase (decrease) from contract owner transactions		14,893			(46,391	)		(83,536	)		(79,995	)

Total increase (decrease) in net assets		38,397			(59,919	)		100,696			(545,778	)
Net assets at beginning of year		176,663			236,582			3,173,391			3,719,169

Net assets at end of year	$	215,060		$	176,663		$	3,274,087		$	3,173,391

The accompanying notes are an integral part of these financial statements.

- 87 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	J43 Sub-Account						J32 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	198		$	64		$	7,779		$	2,494
Net realized gains (losses)		(163	)		2,779			32,134			100,579
Net change in unrealized appreciation/ (depreciation)		1,767			(6,084	)		78,259			(205,973	)

Increase (decrease) in net assets from operations		1,802			(3,241	)		118,172			(102,900	)

Contract Owner Transactions:
Purchase payments received		1,193			632			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		—			—			2,864			(12,719	)
Withdrawals, surrenders and contract charges		1			—			—			(1	)
Mortality and expense risk charges		(26	)		(27	)		(488	)		(476	)
Cost of insurance charges		(672	)		(613	)		(3,425	)		(3,097	)

Net increase (decrease) from contract owner transactions		496			(8	)		(1,049	)		(16,293	)

Total increase (decrease) in net assets		2,298			(3,249	)		117,123			(119,193	)
Net assets at beginning of year		13,603			16,852			436,789			555,982

Net assets at end of year	$	15,901		$	13,603		$	553,912		$	436,789

The accompanying notes are an integral part of these financial statements.

- 88 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	LRI Sub-Account						MD8 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	163,899		$	119,006		$	4,504,461		$	1,045,555
Net realized gains (losses)		2,585			(61,798	)		—			—
Net change in unrealized appreciation/ (depreciation)		485,465			(657,599	)		—			—

Increase (decrease) in net assets from operations		651,949			(600,391	)		4,504,461			1,045,555

Contract Owner Transactions:
Purchase payments received		20,411			—			4,963,276			5,968,765
Transfers between Sub-Accounts (including the Fixed Account), net		(255,027	)		(127,075	)		12,495,085			6,771,702
Withdrawals, surrenders and contract charges		(24,638	)		(64,751	)		(481,403	)		(1,401,718	)
Mortality and expense risk charges		(5,444	)		(5,761	)		(108,594	)		(103,032	)
Cost of insurance charges		(39,901	)		(40,094	)		(5,809,009	)		(5,081,996	)

Net increase (decrease) from contract owner transactions		(304,599	)		(237,681	)		11,059,355			6,153,721

Total increase (decrease) in net assets		347,350			(838,072	)		15,563,816			7,199,276
Net assets at beginning of year		3,053,526			3,891,598			93,249,536			86,050,260

Net assets at end of year	$	3,400,876		$	3,053,526		$	108,813,352		$	93,249,536

The accompanying notes are an integral part of these financial statements.

- 89 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	M07 Sub-Account						M35 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	99,986		$	84,754		$	35,054		$	95,498
Net realized gains (losses)		195,219			430,193			(184,082	)		593,835
Net change in unrealized appreciation/ (depreciation)		201,823			(1,036,757	)		434,424			(1,389,186	)

Increase (decrease) in net assets from operations		497,028			(521,810	)		285,396			(699,853	)

Contract Owner Transactions:
Purchase payments received		4,652			17,996			6,972			3,181
Transfers between Sub-Accounts (including the Fixed Account), net		39,793			(78,232	)		(3,647,688	)		350,064
Withdrawals, surrenders and contract charges		(5,408	)		(100,641	)		2			—
Mortality and expense risk charges		(4,137	)		(4,254	)		(3,368	)		(4,679	)
Cost of insurance charges		(58,684	)		(62,787	)		(144,066	)		(358,531	)

Net increase (decrease) from contract owner transactions		(23,784	)		(227,918	)		(3,788,148	)		(9,965	)

Total increase (decrease) in net assets		473,244			(749,728	)		(3,502,752	)		(709,818	)
Net assets at beginning of year		4,670,054			5,419,782			6,256,158			6,965,976

Net assets at end of year	$	5,143,298		$	4,670,054		$	2,753,406		$	6,256,158

The accompanying notes are an integral part of these financial statements.

- 90 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	M31 Sub-Account						M80 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	—		$	—
Net realized gains (losses)		107,859			130,627			160,812			159,806
Net change in unrealized appreciation/ (depreciation)		205,885			(553,040	)		145,921			(661,301	)

Increase (decrease) in net assets from operations		313,744			(422,413	)		306,733			(501,495	)

Contract Owner Transactions:
Purchase payments received		—			—			22,479			21,230
Transfers between Sub-Accounts (including the Fixed Account), net		—			—			(535,157	)		30,980
Withdrawals, surrenders and contract charges		(21,405	)		1			—			—
Mortality and expense risk charges		(1,049	)		(1,034	)		(2,156	)		(3,146	)
Cost of insurance charges		(29,134	)		(27,357	)		(28,323	)		(36,572	)

Net increase (decrease) from contract owner transactions		(51,588	)		(28,390	)		(543,157	)		12,492

Total increase (decrease) in net assets		262,156			(450,803	)		(236,424	)		(489,003	)
Net assets at beginning of year		892,447			1,343,250			1,067,334			1,556,337

Net assets at end of year	$	1,154,603		$	892,447		$	830,910		$	1,067,334

The accompanying notes are an integral part of these financial statements.

- 91 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MF1 Sub-Account						M41 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	—		$	—
Net realized gains (losses)		(38,763	)		328,589			(136,016	)		12,020
Net change in unrealized appreciation/ (depreciation)		535,555			(1,246,268	)		207,832			(203,200	)

Increase (decrease) in net assets from operations		496,792			(917,679	)		71,816			(191,180	)

Contract Owner Transactions:
Purchase payments received		2,209			2,377			14,720			17,328
Transfers between Sub-Accounts (including the Fixed Account), net		73,358			182,145			(234,231	)		(97,003	)
Withdrawals, surrenders and contract charges		(2	)		(1,272	)		—			—
Mortality and expense risk charges		(5,372	)		(5,408	)		(150	)		(234	)
Cost of insurance charges		(48,095	)		(41,616	)		(25,134	)		(35,153	)

Net increase (decrease) from contract owner transactions		22,098			136,226			(244,795	)		(115,062	)

Total increase (decrease) in net assets		518,890			(781,453	)		(172,979	)		(306,242	)
Net assets at beginning of year		2,332,324			3,113,777			341,532			647,774

Net assets at end of year	$	2,851,214		$	2,332,324		$	168,553		$	341,532

The accompanying notes are an integral part of these financial statements.

- 92 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	M42 Sub-Account						M06 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	100,878		$	94,842
Net realized gains (losses)		(1,815	)		(100,916	)		(73,176	)		24,262
Net change in unrealized appreciation/ (depreciation)		13,657			20,210			193,668			(664,681	)

Increase (decrease) in net assets from operations		11,842			(80,706	)		221,370			(545,577	)

Contract Owner Transactions:
Purchase payments received		15,782			18,435			148,722			127,259
Transfers between Sub-Accounts (including the Fixed Account), net		(48,583	)		(139,187	)		2,519			(3,570	)
Withdrawals, surrenders and contract charges		—			1			(142,372	)		(189,824	)
Mortality and expense risk charges		—			(103	)		(6,073	)		(6,777	)
Cost of insurance charges		(5,805	)		(17,306	)		(312,168	)		(314,869	)

Net increase (decrease) from contract owner transactions		(38,606	)		(138,160	)		(309,372	)		(387,781	)

Total increase (decrease) in net assets		(26,764	)		(218,866	)		(88,002	)		(933,358	)
Net assets at beginning of year		75,626			294,492			3,245,797			4,179,155

Net assets at end of year	$	48,862		$	75,626		$	3,157,795		$	3,245,797

The accompanying notes are an integral part of these financial statements.

- 93 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	M33 Sub-Account						M44 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	18		$	24,438		$	17,144
Net realized gains (losses)		(533	)		2,415			50,113			41,700
Net change in unrealized appreciation/ (depreciation)		605			(4,019	)		(90,505	)		(52,844	)

Increase (decrease) in net assets from operations		72			(1,586	)		(15,954	)		6,000

Contract Owner Transactions:
Purchase payments received		653			901			34,338			33,380
Transfers between Sub-Accounts (including the Fixed Account), net		(3,436	)		—			(298	)		(20,324	)
Withdrawals, surrenders and contract charges		3			(7,700	)		(32,351	)		(4,766	)
Mortality and expense risk charges		—			(12	)		(1,720	)		(1,879	)
Cost of insurance charges		(607	)		(2,064	)		(17,742	)		(17,747	)

Net increase (decrease) from contract owner transactions		(3,387	)		(8,875	)		(17,773	)		(11,336	)

Total increase (decrease) in net assets		(3,315	)		(10,461	)		(33,727	)		(5,336	)
Net assets at beginning of year		3,591			14,052			724,243			729,579

Net assets at end of year	$	276		$	3,591		$	690,516		$	724,243

The accompanying notes are an integral part of these financial statements.

- 94 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	M40 Sub-Account						M83 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	844		$	546		$	166,273		$	160,252
Net realized gains (losses)		1,415			988			847,624			961,100
Net change in unrealized appreciation/ (depreciation)		(2,800	)		(1,409	)		(227,487	)		(1,744,352	)

Increase (decrease) in net assets from operations		(541	)		125			786,410			(623,000	)

Contract Owner Transactions:
Purchase payments received		1,483			1,483			14,291			6,141
Transfers between Sub-Accounts (including the Fixed Account), net		1			—			(1,503,501	)		674,304
Withdrawals, surrenders and contract charges		—			(1	)		(46,656	)		(2,476	)
Mortality and expense risk charges		(50	)		(51	)		(13,180	)		(13,688	)
Cost of insurance charges		(307	)		(300	)		(126,241	)		(118,742	)

Net increase (decrease) from contract owner transactions		1,127			1,131			(1,675,287	)		545,539

Total increase (decrease) in net assets		586			1,256			(888,877	)		(77,461	)
Net assets at beginning of year		24,690			23,434			11,481,798			11,559,259

Net assets at end of year	$	25,276		$	24,690		$	10,592,921		$	11,481,798

The accompanying notes are an integral part of these financial statements.

- 95 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	M08 Sub-Account						MB7 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	18,559		$	31,101		$	2,503		$	2,057
Net realized gains (losses)		140,330			199,937			24,266			56,029
Net change in unrealized appreciation/ (depreciation)		(69,264	)		(405,422	)		36,587			(104,966	)

Increase (decrease) in net assets from operations		89,625			(174,384	)		63,356			(46,880	)

Contract Owner Transactions:
Purchase payments received		47,775			7,485			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		(782,110	)		119,174			(17,375	)		(46,509	)
Withdrawals, surrenders and contract charges		(1	)		—			—			—
Mortality and expense risk charges		(1,786	)		(2,129	)		(529	)		(506	)
Cost of insurance charges		(139,060	)		(140,016	)		(8,379	)		(6,968	)

Net increase (decrease) from contract owner transactions		(875,182	)		(15,486	)		(26,283	)		(53,983	)

Total increase (decrease) in net assets		(785,557	)		(189,870	)		37,073			(100,863	)
Net assets at beginning of year		2,257,362			2,447,232			223,922			324,785

Net assets at end of year	$	1,471,805		$	2,257,362		$	260,995		$	223,922

The accompanying notes are an integral part of these financial statements.

- 96 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MC0 Sub-Account						MA0 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	264,358		$	234,974		$	4,311		$	6,149
Net realized gains (losses)		(70,133	)		341,737			(52,344	)		5,256
Net change in unrealized appreciation/ (depreciation)		394,969			(1,851,151	)		59,787			(49,391	)

Increase (decrease) in net assets from operations		589,194			(1,274,440	)		11,754			(37,986	)

Contract Owner Transactions:
Purchase payments received		170,928			165,166			2,584			419
Transfers between Sub-Accounts (including the Fixed Account), net		1,090			—			(73,215	)		16,473
Withdrawals, surrenders and contract charges		(137,562	)		(37,100	)		—			—
Mortality and expense risk charges		(9,192	)		(9,241	)		(217	)		(202	)
Cost of insurance charges		(117,428	)		(119,243	)		(29,400	)		(24,811	)

Net increase (decrease) from contract owner transactions		(92,164	)		(418	)		(100,248	)		(8,121	)

Total increase (decrease) in net assets		497,030			(1,274,858	)		(88,494	)		(46,107	)
Net assets at beginning of year		6,519,061			7,793,919			183,368			229,475

Net assets at end of year	$	7,016,091		$	6,519,061		$	94,874		$	183,368

The accompanying notes are an integral part of these financial statements.

- 97 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MC1 Sub-Account						MC3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	5,474		$	1,460		$	5,639		$	14,674
Net realized gains (losses)		139,423			273,617			(4,205	)		15,014
Net change in unrealized appreciation/ (depreciation)		205,828			(579,784	)		37,620			(116,922	)

Increase (decrease) in net assets from operations		350,725			(304,707	)		39,054			(87,234	)

Contract Owner Transactions:
Purchase payments received		146,407			484			22,033			938
Transfers between Sub-Accounts (including the Fixed Account), net		(20,834	)		(108,341	)		4,717			(7,772	)
Withdrawals, surrenders and contract charges		—			—			—			—
Mortality and expense risk charges		(3,257	)		(2,776	)		(1,429	)		(1,350	)
Cost of insurance charges		(54,302	)		(57,133	)		(8,071	)		(7,107	)

Net increase (decrease) from contract owner transactions		68,014			(167,766	)		17,250			(15,291	)

Total increase (decrease) in net assets		418,739			(472,473	)		56,304			(102,525	)
Net assets at beginning of year		1,552,248			2,024,721			345,993			448,518

Net assets at end of year	$	1,970,987		$	1,552,248		$	402,297		$	345,993

The accompanying notes are an integral part of these financial statements.

- 98 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MC6 Sub-Account						MC9 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	1,468		$	1,633		$	17,183		$	9,395
Net realized gains (losses)		52,281			103,144			102,925			304,046
Net change in unrealized appreciation/ (depreciation)		133,517			(291,100	)		390,801			(909,841	)

Increase (decrease) in net assets from operations		187,266			(186,323	)		510,909			(596,400	)

Contract Owner Transactions:
Purchase payments received		118,165			104,735			1,669			—
Transfers between Sub-Accounts (including the Fixed Account), net		20			129			(630,305	)		206,751
Withdrawals, surrenders and contract charges		(1	)		(6,307	)		(193,245	)		—
Mortality and expense risk charges		(3,567	)		(3,185	)		(5,087	)		(5,296	)
Cost of insurance charges		(12,445	)		(11,463	)		(49,444	)		(57,810	)

Net increase (decrease) from contract owner transactions		102,172			83,909			(876,412	)		143,645

Total increase (decrease) in net assets		289,438			(102,414	)		(365,503	)		(452,755	)
Net assets at beginning of year		820,578			922,992			3,036,546			3,489,301

Net assets at end of year	$	1,110,016		$	820,578		$	2,671,043		$	3,036,546

The accompanying notes are an integral part of these financial statements.

- 99 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	M96 Sub-Account						MD2 Sub-Account
	December 31,			December 31,			December 31,		December 31,
	2023			2022			2023		2022
Operations:
Net investment income (loss)	$	105,674		$	156,160		$	—	$	—
Net realized gains (losses)		(68,550	)		(49,193	)		—		—
Net change in unrealized appreciation/ (depreciation)		250,102			(1,114,803	)		—		—

Increase (decrease) in net assets from operations		287,226			(1,007,836	)		—		—

Contract Owner Transactions:
Purchase payments received		18,739			30,052			—		—
Transfers between Sub-Accounts (including the Fixed Account), net		(58,656	)		51,312			—		—
Withdrawals, surrenders and contract charges		4			(39,979	)		—		—
Mortality and expense risk charges		(8,895	)		(9,671	)		—		—
Cost of insurance charges		(217,728	)		(224,444	)		—		—

Net increase (decrease) from contract owner transactions		(266,536	)		(192,730	)		—		—

Total increase (decrease) in net assets		20,690			(1,200,566	)		—		—
Net assets at beginning of year		7,091,616			8,292,182			2		2

Net assets at end of year	$	7,112,306		$	7,091,616		$	2	$	2

The accompanying notes are an integral part of these financial statements.

- 100 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MA6 Sub-Account						MA3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	153,580		$	163,325		$	3,854		$	10,481
Net realized gains (losses)		(85,203	)		(90,905	)		(6,080	)		(20,331	)
Net change in unrealized appreciation/ (depreciation)		246,985			(465,715	)		12,042			(13,746	)

Increase (decrease) in net assets from operations		315,362			(393,295	)		9,816			(23,596	)

Contract Owner Transactions:
Purchase payments received		95,921			85,093			11,428			13,111
Transfers between Sub-Accounts (including the Fixed Account), net		(309,393	)		(519,603	)		(22,397	)		(83,894	)
Withdrawals, surrenders and contract charges		(39,308	)		(4,020	)		—			(1	)
Mortality and expense risk charges		(6,506	)		(7,324	)		(118	)		(126	)
Cost of insurance charges		(27,439	)		(33,129	)		(3,771	)		(12,912	)

Net increase (decrease) from contract owner transactions		(286,725	)		(478,983	)		(14,858	)		(83,822	)

Total increase (decrease) in net assets		28,637			(872,278	)		(5,042	)		(107,418	)
Net assets at beginning of year		2,782,117			3,654,395			82,929			190,347

Net assets at end of year	$	2,810,754		$	2,782,117		$	77,887		$	82,929

The accompanying notes are an integral part of these financial statements.

- 101 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	M97 Sub-Account						MD5 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	23,480		$	12,638		$	2,842		$	5,634
Net realized gains (losses)		76,765			132,359			49,317			50,298
Net change in unrealized appreciation/ (depreciation)		193,693			(538,158	)		63,024			(397,893	)

Increase (decrease) in net assets from operations		293,938			(393,161	)		115,183			(341,961	)

Contract Owner Transactions:
Purchase payments received		19,156			1,242			3,335			3,636
Transfers between Sub-Accounts (including the Fixed Account), net		(42,793	)		(80,358	)		(383,905	)		(929,596	)
Withdrawals, surrenders and contract charges		1			(64,293	)		—			—
Mortality and expense risk charges		(3,240	)		(3,225	)		(340	)		(757	)
Cost of insurance charges		(27,171	)		(25,207	)		(39,765	)		(81,615	)

Net increase (decrease) from contract owner transactions		(54,047	)		(171,841	)		(420,675	)		(1,008,332	)

Total increase (decrease) in net assets		239,891			(565,002	)		(305,492	)		(1,350,293	)
Net assets at beginning of year		2,013,525			2,578,527			576,403			1,926,696

Net assets at end of year	$	2,253,416		$	2,013,525		$	270,911		$	576,403

The accompanying notes are an integral part of these financial statements.

- 102 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	M98 Sub-Account						MD6 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	32,599		$	34,636		$	140		$	46
Net realized gains (losses)		370,584			230,122			6,322			6,230
Net change in unrealized appreciation/ (depreciation)		320,045			(1,608,054	)		1,477			(16,164	)

Increase (decrease) in net assets from operations		723,228			(1,343,296	)		7,939			(9,888	)

Contract Owner Transactions:
Purchase payments received		(19,037	)		59,767			1,774			1,024
Transfers between Sub-Accounts (including the Fixed Account), net		15,877			(48,214	)		—			—
Withdrawals, surrenders and contract charges		—			(71,592	)		(18,906	)		—
Mortality and expense risk charges		(7,606	)		(7,781	)		(48	)		(69	)
Cost of insurance charges		(90,297	)		(86,544	)		(952	)		(992	)

Net increase (decrease) from contract owner transactions		(101,063	)		(154,364	)		(18,132	)		(37	)

Total increase (decrease) in net assets		622,165			(1,497,660	)		(10,193	)		(9,925	)
Net assets at beginning of year		4,146,056			5,643,716			41,650			51,575

Net assets at end of year	$	4,768,221		$	4,146,056		$	31,457		$	41,650

The accompanying notes are an integral part of these financial statements.

- 103 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MB3 Sub-Account						ME2 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	155		$	—		$	28,880		$	49,604
Net realized gains (losses)		84,527			107,898			(39,993	)		39,697
Net change in unrealized appreciation/ (depreciation)		84,695			(255,632	)		328,622			(659,281	)

Increase (decrease) in net assets from operations		169,377			(147,734	)		317,509			(569,980	)

Contract Owner Transactions:
Purchase payments received		10,389			12,229			12,960			24,039
Transfers between Sub-Accounts (including the Fixed Account), net		(478,282	)		84,035			(31,765	)		55,826
Withdrawals, surrenders and contract charges		—			—			—			(72,832	)
Mortality and expense risk charges		(253	)		(342	)		(3,264	)		(3,249	)
Cost of insurance charges		(48,122	)		(43,292	)		(42,369	)		(42,790	)

Net increase (decrease) from contract owner transactions		(516,268	)		52,630			(64,438	)		(39,006	)

Total increase (decrease) in net assets		(346,891	)		(95,104	)		253,071			(608,986	)
Net assets at beginning of year		630,002			725,106			2,577,188			3,186,174

Net assets at end of year	$	283,111		$	630,002		$	2,830,259		$	2,577,188

The accompanying notes are an integral part of these financial statements.

- 104 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MA7 Sub-Account						MB8 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	630		$	1,403		$	16,243		$	16,517
Net realized gains (losses)		(8,128	)		222			(71,025	)		519,732
Net change in unrealized appreciation/ (depreciation)		9,951			(8,607	)		428,418			(1,003,597	)

Increase (decrease) in net assets from operations		2,453			(6,982	)		373,636			(467,348	)

Contract Owner Transactions:
Purchase payments received		238			281			72,528			405
Transfers between Sub-Accounts (including the Fixed Account), net		(20,139	)		7,998			(123,227	)		(313,127	)
Withdrawals, surrenders and contract charges		—			—			—			(23,608	)
Mortality and expense risk charges		—			—			(3,068	)		(3,695	)
Cost of insurance charges		(2,917	)		(2,839	)		(23,296	)		(29,042	)

Net increase (decrease) from contract owner transactions		(22,818	)		5,440			(77,063	)		(369,067	)

Total increase (decrease) in net assets		(20,365	)		(1,542	)		296,573			(836,415	)
Net assets at beginning of year		43,074			44,616			2,060,110			2,896,525

Net assets at end of year	$	22,709		$	43,074		$	2,356,683		$	2,060,110

The accompanying notes are an integral part of these financial statements.

- 105 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MF6 Sub-Account						MF2 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	49,897		$	106,630		$	228,109		$	296,781
Net realized gains (losses)		349,367			515,770			(60,417	)		22,645
Net change in unrealized appreciation/ (depreciation)		259,369			(2,801,942	)		691,833			(963,841	)

Increase (decrease) in net assets from operations		658,633			(2,179,542	)		859,525			(644,415	)

Contract Owner Transactions:
Purchase payments received		36,720			27,186			170,134			165,083
Transfers between Sub-Accounts (including the Fixed Account), net		(237,813	)		(137,087	)		(420,550	)		(282,559	)
Withdrawals, surrenders and contract charges		(38,458	)		(4,296	)		(137,046	)		(28,534	)
Mortality and expense risk charges		(7,546	)		(8,781	)		(17,048	)		(17,866	)
Cost of insurance charges		(75,306	)		(82,224	)		(220,054	)		(228,074	)

Net increase (decrease) from contract owner transactions		(322,403	)		(205,202	)		(624,564	)		(391,950	)

Total increase (decrease) in net assets		336,230			(2,384,744	)		234,961			(1,036,365	)
Net assets at beginning of year		5,871,156			8,255,900			14,601,658			15,638,023

Net assets at end of year	$	6,207,386		$	5,871,156		$	14,836,619		$	14,601,658

The accompanying notes are an integral part of these financial statements.

- 106 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MG3 Sub-Account						VMG Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	51,397		$	33,192		$	—		$	—
Net realized gains (losses)		178,614			364,681			(247,690	)		63,285
Net change in unrealized appreciation/ (depreciation)		141,029			(718,414	)		297,508			(256,817	)

Increase (decrease) in net assets from operations		371,040			(320,541	)		49,818			(193,532	)

Contract Owner Transactions:
Purchase payments received		124,267			73,925			1,027			586
Transfers between Sub-Accounts (including the Fixed Account), net		(504,937	)		(155,857	)		(61,220	)		7,266
Withdrawals, surrenders and contract charges		1			(52,069	)		(1	)		—
Mortality and expense risk charges		(3,679	)		(5,045	)		(263	)		(361	)
Cost of insurance charges		(41,871	)		(49,230	)		(1,140	)		(1,342	)

Net increase (decrease) from contract owner transactions		(426,219	)		(188,276	)		(61,597	)		6,149

Total increase (decrease) in net assets		(55,179	)		(508,817	)		(11,779	)		(187,383	)
Net assets at beginning of year		3,256,524			3,765,341			134,595			321,978

Net assets at end of year	$	3,201,345		$	3,256,524		$	122,816		$	134,595

The accompanying notes are an integral part of these financial statements.

- 107 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	NMC Sub-Account						NSE Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	51		$	57
Net realized gains (losses)		238			7,347			313			1,296
Net change in unrealized appreciation/ (depreciation)		6,423			(22,660	)		3,088			(4,051	)

Increase (decrease) in net assets from operations		6,661			(15,313	)		3,452			(2,698	)

Contract Owner Transactions:
Purchase payments received		1,486			988			1,272			912
Transfers between Sub-Accounts (including the Fixed Account), net		(2	)		—			—			—
Withdrawals, surrenders and contract charges		1			—			(2	)		1
Mortality and expense risk charges		(60	)		(65	)		(29	)		(26	)
Cost of insurance charges		(2,341	)		(2,142	)		(622	)		(537	)

Net increase (decrease) from contract owner transactions		(916	)		(1,219	)		619			350

Total increase (decrease) in net assets		5,745			(16,532	)		4,071			(2,348	)
Net assets at beginning of year		37,121			53,653			12,391			14,739

Net assets at end of year	$	42,866		$	37,121		$	16,462		$	12,391

The accompanying notes are an integral part of these financial statements.

- 108 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	O01 Sub-Account						O00 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	—		$	—
Net realized gains (losses)		(76,828	)		715,978			(720	)		35,153
Net change in unrealized appreciation/ (depreciation)		641,776			(1,460,787	)		15,867			(86,658	)

Increase (decrease) in net assets from operations		564,948			(744,809	)		15,147			(51,505	)

Contract Owner Transactions:
Purchase payments received		2,284			869			3,267			3,267
Transfers between Sub-Accounts (including the Fixed Account), net		(69,494	)		22,972			—			—
Withdrawals, surrenders and contract charges		2			(24,747	)		(1	)		(1	)
Mortality and expense risk charges		(679	)		(658	)		(288	)		(315	)
Cost of insurance charges		(9,824	)		(10,081	)		(2,717	)		(2,556	)

Net increase (decrease) from contract owner transactions		(77,711	)		(11,645	)		261			395

Total increase (decrease) in net assets		487,237			(756,454	)		15,408			(51,110	)
Net assets at beginning of year		1,663,801			2,420,255			115,333			166,443

Net assets at end of year	$	2,151,038		$	1,663,801		$	130,741		$	115,333

The accompanying notes are an integral part of these financial statements.

- 109 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	OGS Sub-Account						OSC Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	6,222		$	—		$	21,320		$	9,393
Net realized gains (losses)		326,781			473,261			1,320			207,568
Net change in unrealized appreciation/ (depreciation)		465,690			(1,505,991	)		278,026			(541,667	)

Increase (decrease) in net assets from operations		798,693			(1,032,730	)		300,666			(324,706	)

Contract Owner Transactions:
Purchase payments received		203,975			109,631			66,300			58,987
Transfers between Sub-Accounts (including the Fixed Account), net		(123,580	)		211,600			45,169			(23,332	)
Withdrawals, surrenders and contract charges		(123,394	)		(23,191	)		(2	)		(67,691	)
Mortality and expense risk charges		(9,517	)		(8,728	)		(3,564	)		(3,401	)
Cost of insurance charges		(81,918	)		(75,900	)		(29,408	)		(29,099	)

Net increase (decrease) from contract owner transactions		(134,434	)		213,412			78,495			(64,536	)

Total increase (decrease) in net assets		664,259			(819,318	)		379,161			(389,242	)
Net assets at beginning of year		2,357,585			3,176,903			1,618,876			2,008,118

Net assets at end of year	$	3,021,844		$	2,357,585		$	1,998,037		$	1,618,876

The accompanying notes are an integral part of these financial statements.

- 110 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	P10 Sub-Account						PK8 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	168,639		$	223,962		$	34,076		$	26,979
Net realized gains (losses)		(9,366	)		57,721			(2,348	)		(1,551	)
Net change in unrealized appreciation/ (depreciation)		(242,282	)		(178,207	)		32,833			(125,481	)

Increase (decrease) in net assets from operations		(83,009	)		103,476			64,561			(100,053	)

Contract Owner Transactions:
Purchase payments received		93,133			69,654			35,966			35,496
Transfers between Sub-Accounts (including the Fixed Account), net		34,036			(95,623	)		4,987			(29	)
Withdrawals, surrenders and contract charges		(21,537	)		(7,499	)		(1	)		—
Mortality and expense risk charges		(3,625	)		(3,707	)		(1,525	)		(1,478	)
Cost of insurance charges		(20,047	)		(20,965	)		(9,911	)		(9,193	)

Net increase (decrease) from contract owner transactions		81,960			(58,140	)		29,516			24,796

Total increase (decrease) in net assets		(1,049	)		45,336			94,077			(75,257	)
Net assets at beginning of year		1,038,942			993,606			556,319			631,576

Net assets at end of year	$	1,037,893		$	1,038,942		$	650,396		$	556,319

The accompanying notes are an integral part of these financial statements.

- 111 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	P06 Sub-Account						P07 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	431,559		$	952,710		$	1,179,758		$	891,851
Net realized gains (losses)		(372,437	)		(46,745	)		(396,466	)		(436,348	)
Net change in unrealized appreciation/ (depreciation)		486,129			(2,611,284	)		1,157,310			(5,951,890	)

Increase (decrease) in net assets from operations		545,251			(1,705,319	)		1,940,602			(5,496,387	)

Contract Owner Transactions:
Purchase payments received		240,554			243,525			353,032			372,316
Transfers between Sub-Accounts (including the Fixed Account), net		(792,406	)		3,565,648			2,386,578			(323,217	)
Withdrawals, surrenders and contract charges		(151,706	)		(385,088	)		(807,169	)		(526,845	)
Mortality and expense risk charges		(23,198	)		(21,932	)		(96,833	)		(100,409	)
Cost of insurance charges		(201,778	)		(210,155	)		(501,041	)		(501,908	)

Net increase (decrease) from contract owner transactions		(928,534	)		3,191,998			1,334,567			(1,080,063	)

Total increase (decrease) in net assets		(383,283	)		1,486,679			3,275,169			(6,576,450	)
Net assets at beginning of year		14,773,264			13,286,585			31,674,146			38,250,596

Net assets at end of year	$	14,389,981		$	14,773,264		$	34,949,315		$	31,674,146

The accompanying notes are an integral part of these financial statements.

- 112 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	SCP Sub-Account						R03 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	10,718		$	5,018		$	—		$	—
Net realized gains (losses)		196,379			102,216			8,322			1,009
Net change in unrealized appreciation/ (depreciation)		79,374			(251,502	)		(880	)		(12,941	)

Increase (decrease) in net assets from operations		286,471			(144,268	)		7,442			(11,932	)

Contract Owner Transactions:
Purchase payments received		(52,856	)		176,446			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		89,031			(247,697	)		4			3
Withdrawals, surrenders and contract charges		(35,963	)		(5,685	)		(30,112	)		—
Mortality and expense risk charges		(3,188	)		(3,058	)		(29	)		(68	)
Cost of insurance charges		(30,081	)		(26,503	)		(104	)		(282	)

Net increase (decrease) from contract owner transactions		(33,057	)		(106,497	)		(30,241	)		(347	)

Total increase (decrease) in net assets		253,414			(250,765	)		(22,799	)		(12,279	)
Net assets at beginning of year		1,160,580			1,411,345			22,799			35,078

Net assets at end of year	$	1,413,994		$	1,160,580		$	—		$	22,799

The accompanying notes are an integral part of these financial statements.

- 113 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	307 Sub-Account						REI Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	56,668		$	51,853
Net realized gains (losses)		422,459			1,613,386			110,978			142,911
Net change in unrealized appreciation/ (depreciation)		6,703,824			(11,440,158	)		86,993			(290,006	)

Increase (decrease) in net assets from operations		7,126,283			(9,826,772	)		254,639			(95,242	)

Contract Owner Transactions:
Purchase payments received		162,134			199,159			60,927			57,491
Transfers between Sub-Accounts (including the Fixed Account), net		(2,641,459	)		(374,481	)		(6,886	)		10
Withdrawals, surrenders and contract charges		(146,139	)		(140,404	)		(69,527	)		(33,873	)
Mortality and expense risk charges		(22,244	)		(24,311	)		(4,484	)		(4,604	)
Cost of insurance charges		(220,299	)		(213,466	)		(80,220	)		(78,285	)

Net increase (decrease) from contract owner transactions		(2,868,007	)		(553,503	)		(100,190	)		(59,261	)

Total increase (decrease) in net assets		4,258,276			(10,380,275	)		154,449			(154,503	)
Net assets at beginning of year		15,321,767			25,702,042			2,726,734			2,881,237

Net assets at end of year	$	19,580,043		$	15,321,767		$	2,881,183		$	2,726,734

The accompanying notes are an integral part of these financial statements.

- 114 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	RNA Sub-Account						W42 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	122		$	—		$	—		$	—
Net realized gains (losses)		4,210			2,943			58			(32,534	)
Net change in unrealized appreciation/ (depreciation)		7,782			(14,831	)		5,732			(16,004	)

Increase (decrease) in net assets from operations		12,114			(11,888	)		5,790			(48,538	)

Contract Owner Transactions:
Purchase payments received		1,774			1,024			644			25,797
Transfers between Sub-Accounts (including the Fixed Account), net		—			—			—			(84,090	)
Withdrawals, surrenders and contract charges		1			—			3			(4,182	)
Mortality and expense risk charges		(54	)		(72	)		(47	)		(286	)
Cost of insurance charges		(2,984	)		(2,521	)		(1,788	)		(2,934	)

Net increase (decrease) from contract owner transactions		(1,263	)		(1,569	)		(1,188	)		(65,695	)

Total increase (decrease) in net assets		10,851			(13,457	)		4,602			(114,233	)
Net assets at beginning of year		42,370			55,827			27,136			141,369

Net assets at end of year	$	53,221		$	42,370		$	31,738		$	27,136

The accompanying notes are an integral part of these financial statements.

- 115 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023

1. BUSINESS AND ORGANIZATION

Delaware Life Variable Account G (the “Variable Account”) is a separate account of Delaware Life Insurance Company (the “Sponsor”). The Variable Account was established on July 25, 1996 as a funding vehicle for the variable portion of certain individual variable life insurance contracts (collectively, the “Contracts”) issued by the Sponsor. The Variable Account is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as a unit investment trust existing in accordance with the regulations of the Delaware Insurance Department and is an investment company. Accordingly, the Variable Account follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services – Investment Companies.

There are three universal life insurance products in the Variable Account as follows: Corporate VUL, Futurity^SM Corporate VUL, and Large Case VUL. The assets of the Variable Account are divided into “Sub-Accounts”. Each Sub-Account is invested in shares of a specific mutual fund (collectively the “Funds”), or series thereof, registered under the Investment Company Act of 1940, as amended. The contract owners of the Variable Account direct the deposits into the Sub-Accounts of the Variable Account.

Under applicable insurance law, the assets and liabilities of the Variable Account are clearly identified and distinguished from the Sponsor’s other assets and liabilities. Assets applicable to the Variable Account are not chargeable with liabilities arising out of any other business the Sponsor may conduct.

A summary of the name changes related to Sub-Accounts held by the contract owners of the Variable Account during the current year, is as follows:


Sub-Account	Previous Name	Effective Date
ASM	AB VPS Small/Mid Cap Value Portfolio (Class A)	May 1, 2023
A71	AB VPS Growth and Income Portfolio (Class B)	May 1, 2023
JM7	JPMorgan Insurance Trust Core Bond Portfolio Class 1	May 1, 2023
J32	JPMorgan Insurance Trust U.S. Equity Portfolio Class 1	May 1, 2023
J43	JPMorgan Insurance Trust Small Cap Core Portfolio Class 1	May 1, 2023
DRS	LVIP Delaware REIT Fund-Standard Class	May 1, 2023

There were no Sub-Accounts merged with existing Sub-Accounts or closed during the current year.

Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio Class 1 Sub-Account (NAR) is active but has had zero balance for more than five years and therefore is not disclosed in the Statements of Assets and Liabilities, Statements of Changes in Net Assets or the financial highlights in Note 9.

- 116 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

1. BUSINESS AND ORGANIZATION (CONTINUED)

The commencement date related to Sub-Accounts held by the contract owners of the Variable Account (if commenced within the past five years), is as follows:


Sub-Account		Effective Date
NSE		April 30, 2019
O00		April 30, 2020

There were no Sub-Accounts held by the contract owners of the Variable Account, with commencement dates earlier than the past five years, but for which the first activity occurred within the last five years.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires the Sponsor’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

Investment Valuation and Transactions

Investments made in mutual funds are carried at fair value and are valued at their closing net asset value as determined by the respective mutual fund, which in turn value their investments at fair value, as of December 31, 2023. Transactions are recorded on a trade date basis. Realized gains and losses on sales of investments are determined on the first in, first out basis. Dividend income and realized gain distributions are reinvested in additional fund shares and recognized on the ex-dividend date.

Units

The number of units credited is determined by dividing the dollar amount allocated to a Sub-Account by the unit value for that Sub-Account for the period during which the purchase payment was received. The unit value for each Sub-Account is established at $10.00 for the first period of that Sub-Account and is subsequently measured based on the performance of the investments and the contract charges selected by the contract holder, as discussed in Note 5.

Purchase Payments

Upon issuance of new Contracts, the initial purchase payment is credited to the contract in the form of units. All subsequent purchase payments are applied using the unit values for the period during which the purchase payment is received.

Transfers

Transfers between Sub-Accounts requested by contract owners are recorded in the new Sub-Account upon receipt of the redemption proceeds at the net asset value at the time of receipt. In addition, transfers can be made between the Sub-Accounts and the “Fixed Account.” The Fixed Account is part of the general account of the Sponsor in which purchase payments or contract values may be allocated or transferred.

Contract Loans

Contract holders are permitted to borrow against the cash value of their accounts. The loan proceeds are deducted from the Variable Account and recorded in the Sponsor’s general account as an asset. Contract loan activity is reflected in the Transfers between Sub-Accounts (including the Fixed Account) line on the Statements of Changes in Net Assets.

- 117 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Federal Income Taxes

The operations of the Variable Account are part of the operations of the Sponsor and are not taxed separately. The Sponsor qualifies for the federal income tax treatment granted to life insurance companies under Subchapter L of the Internal Revenue Code (the “Code”). Under existing federal income tax law, investment income and realized gain distributions earned by the Variable Account on contract owner reserves are not taxable, and therefore, no provision has been made for federal income taxes. In the event of a change in applicable tax law, the Sponsor will review this policy and if necessary, a provision may be made in future years.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires Sponsor’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. The most significant estimate is fair value measurements of investments. Actual results could vary from the amounts derived from Sponsor management’s estimates.

Subsequent events

The Sponsor’s management has evaluated events subsequent to December 31, 2023, noting that there are no subsequent events requiring accounting adjustments or disclosure.

3. FAIR VALUE MEASUREMENTS

The Sub-Accounts’ investments are carried at fair value. Fair value is an exit price, representing the amount that would be received from a sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value (i.e., Level 1, 2 and 3). Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Variable Account has the ability to access at the measurement date. Level 2 inputs are observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 3 inputs are unobservable inputs reflecting the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability. Topic 820 requires that a fair value measurement technique include an adjustment for risks inherent in a particular valuation technique (such as a pricing model) and/or the risks inherent in the inputs to the model, if market participants would also include such an adjustment.

The Variable Account has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three-level hierarchy described above. If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

The Variable Account uses the Funds’ closing net asset value to determine the fair value of its Sub-Accounts. As of December 31, 2023, the net assets held in the Variable Account were categorized as Level 1 assets under the Topic 820 hierarchy levels. There were no Level 2 or 3 investments in the Variable Account during the year ended December 31, 2023. There were no transfers between levels during the year ended December 31, 2023.

- 118 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

4. RELATED-PARTY TRANSACTIONS

Security Investors, LLC, one of the companies in the investment management businesses of Guggenheim Partners LLC and a related-party of the Sponsor, is the investment advisor to certain Rydex funds and charges a management fee at an annual rate 0.75% of the Rydex funds’ average daily net assets.

The Sponsor provides administrative services necessary for the operation of the Variable Account. The Sponsor absorbs all organizational expenses including the fees of registering the Variable Account and its contracts for distribution under federal and state securities laws.

5. CONTRACT CHARGES

Mortality and expense risk charges

Charges for mortality and expense risks are based on the value of the Sub-Account and are deducted daily from the participant’s account to cover the risks assumed by the Sponsor. The deductions are transferred periodically to the Sponsor. These charges are reflected in the Statements of Changes in Net Assets. As of December 31, 2023, the deduction is at an effective annual rate based on assets as follows:


	Years 1 - 10			Years 11 - 20			Years 21+
Futurity^SM Corporate VUL		0.40	%		0.25	%		0.20	%
Corporate VUL		0.60	%		0.20	%		0.10	%
Large Case VUL		< 0.50	%		< 0.10	%		< 0.10	%

Sales charges

Certain charges are deducted from the premium before it is allocated by Sub-Account. For the Corporate VUL and Futurity^SM Corporate VUL products, these charges consist of premium tax, federal Deferred Acquisition Cost (“DAC”) tax and the sales load. The premium tax ranges from 2% to 7% of the premium in most states, except Kentucky which will not exceed 9%. The DAC tax charge is 1.25% of the premium. The sales load is not to exceed 8.75% of the premium up to target premium and 2.25% of the premium in excess of the target premium. For the Large Case VUL product, these expense charges consist of only the premium expense load. The premium expense load is 7.50% of the premium up to target premium and 2.50% of the premium in excess of the target premium.

Administration charges

At the beginning of each month, an account administration fee is deducted from the participant’s account to reimburse the Sponsor for certain administrative expenses. For the Corporate VUL and the Futurity^SM Corporate VUL products, the monthly charge is $13.75 per policy for each month in the first policy year and $7.50 for months thereafter. For the Large Case VUL products, the monthly charge is $5.00 per policy for each policy month. These charges are reported in the Statements of Changes in Net Assets as part of “Withdrawals, surrenders and contract charges”.

Charges for Life Insurance Protection

On the monthly anniversary of the contract, the cost of insurance is deducted from each Sub-Account through a redemption of units to cover the anticipated cost of providing life insurance. The charge is based on the length of time a policy has been in force and other factors, including issue age, sex and rating class of the insured, and will not exceed the guaranteed maximum monthly cost of insurance rates based on the 1980 or 2001 Commissioners Standard Ordinary Mortality Tables, depending on the policy investment start date. These charges are reflected in the Statements of Changes in Net Assets under the “Cost of insurance charges” line item.

Other Contract Charges

The Large Case VUL products also charge a deferred expense load applied to the premium. The maximum charge will not exceed 0.40% of premium.

Premium Taxes

A deduction, when applicable, is made for premium taxes or similar state or local taxes. It is currently the policy of the Sponsor to make this deduction from the premium payment.

- 119 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

6. INVESTMENT PURCHASES AND SALES

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2023 were as follows:


	Purchases		Sales
A70	$	1	$	1
A71		133,394		395,709
AM2		278,983		126,067
IVP		1,358		240
A19		—		8,497
ASM		4,201		1,893
A54		69,042		92,453
A51		58,741		8,294
308		264,449		245,213
301		277,978		407,432
304		74,045		16,492
309		5,458		1,453
306		54,414		10,706
303		50,329		129,584
302		203,584		159,366
305		91,059		17,897
300		1,377,482		2,443,087
BLG		49,987		126,667
MSV		14,462		8,333
C89		1,986		370
DRS		160,455		60,119
DSV		650,466		386,026
D37		316,576		271,589
001		262		2,946
SSI		31,609		30,285
D55		229,746		179,890
S61		1		1
D18		27,159		49,934
DTG		135,676		17,715
DSI		7,414,591		6,280,899
DCA		472,001		44,272
DSC		3,433		1,014
DGI		9,055		1,458
FVI		121,060		14,099
FCN		640,603		325,837
F24		38,467		42,972

- 120 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

6. INVESTMENT PURCHASES AND SALES (CONTINUED)


	Purchases		Sales
FEI	$	547,932	$	195,896
FF1		39,064		31,020
FF2		219,378		192,224
FF3		928,475		782,055
FVG		41,705		75,200
FGP		215,242		24,223
F99		2,313,976		1,556,426
FHI		44,472		36,306
FIP		1,838		1,500
FIG		2,736,227		4,400,949
FMC		370,395		300,076
FM8		7,076,477		4,844,085
FOF		31,381		11,959
F91		65,704		33,726
FE3		104,147		8,350
TFS		11,678		7,460
T20		361,766		28,043
TSF		287,588		56,508
F56		337		421
FSS		524		6,113
FSC		1,502		448
FRE		5,740		16,857
G31		2,403		26,564
V15		70,031		44,192
VCP		152,815		14,274
A39		14,017		4,692
IB1		1,138,170		146,661
A21		2,669		4,730
A22		51,750		78,627
I76		36,152		16,722
MVP		34,036		11,159
JM7		123,829		95,313
J43		1,409		574
J32		48,694		19,096
LRI		444,408		585,144
MD8		26,826,985		11,073,917

- 121 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

6. INVESTMENT PURCHASES AND SALES (CONTINUED)


	Purchases		Sales
M07	$	537,948	$	255,267
M35		1,357,312		5,038,254
M31		81,952		53,183
M80		254,590		738,845
MF1		281,165		222,738
M41		254,413		497,762
M42		69,604		108,958
M06		253,272		457,103
M33		547		4,011
M44		93,443		48,963
M40		3,742		354
M83		1,758,134		2,566,104
M08		1,791,003		2,557,225
MB7		52,161		57,156
MC0		409,533		240,954
MA0		101,822		197,323
MC1		1,086,127		931,751
MC3		33,721		10,632
MC6		169,498		15,583
MC9		346,031		1,070,963
M96		126,810		299,775
MA6		531,159		665,614
MA3		37,003		48,541
M97		130,101		93,030
MD5		443,790		855,378
M98		485,354		215,936
MD6		4,340		19,933
MB3		482,200		982,516
ME2		417,185		454,293
MA7		30,130		52,355
MB8		587,055		578,615
MF6		600,369		467,677
MF2		476,917		882,765
MG3		633,894		912,480
VMG		1,386		62,980
NMC		1,484		2,351
NSE		1,562		630

- 122 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

6. INVESTMENT PURCHASES AND SALES (CONTINUED)


	Purchases		Sales
O01	$	115,218	$	193,505
O00		3,262		2,942
OGS		530,506		342,599
OSC		162,659		63,508
P10		338,529		87,794
PK8		74,437		10,798
P06		2,404,301		2,908,486
P07		4,363,401		1,852,820
SCP		319,004		229,179
R03		—		30,259
307		1,657,154		4,521,878
REI		228,273		155,927
RNA		5,392		2,953
W42		542		1,817

7. CHANGES IN UNITS OUTSTANDING

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


	Units			Units			Net Increase
	Issued			Redeemed			(Decrease)
A71		1,584			(8,565	)		(6,981	)
AM2		5,393			(3,114	)		2,279
IVP		109			(19	)		90
A19		—			(119	)		(119	)
ASM		29			(64	)		(35	)
A54		1,823			(2,442	)		(619	)
A51		2,126			(300	)		1,826
308		4,334			(5,407	)		(1,073	)
301		20,022			(31,862	)		(11,840	)
304		656			(337	)		319
309		128			(37	)		91
306		1,360			(296	)		1,064
303		(426	)		(1,161	)		(1,587	)
302		5,471			(5,272	)		199
305		3,028			(650	)		2,378
300		97,609			(149,271	)		(51,662	)
BLG		1,548			(5,257	)		(3,709	)
MSV		195			(190	)		5
C89		82			(16	)		66
DRS		2,804			(2,002	)		802
DSV		10,554			(8,889	)		1,665
D37		4,250			(5,063	)		(813	)
001		14			(153	)		(139	)
SSI		161			(776	)		(615	)
D55		3,258			(3,444	)		(186	)

- 123 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

7. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units		Units			Net Increase
	Issued		Redeemed			(Decrease)
D18		116		(1,311	)		(1,195	)
DTG		2,289		(272	)		2,017
DSI		65,882		(152,740	)		(86,858	)
DCA		10		(759	)		(749	)
DSC		76		(28	)		48
DGI		35		(28	)		7
FVI		2,139		(326	)		1,813
FCN		1,163		(1,937	)		(774	)
F24		309		(648	)		(339	)
FEI		3,829		(5,547	)		(1,718	)
FF1		828		(1,341	)		(513	)
FF2		10,666		(11,108	)		(442	)
FF3		32,723		(30,965	)		1,758
FVG		548		(1,564	)		(1,016	)
FGP		1,924		(278	)		1,646
F99		32,019		(24,199	)		7,820
FHI		1,346		(1,548	)		(202	)
FIP		11		(20	)		(9	)
FIG		119,830		(207,057	)		(87,227	)
FMC		7,758		(8,326	)		(568	)
FM8		516,319		(477,336	)		38,983
FOF		978		(428	)		550
F91		1,842		(1,032	)		810
FE3		2,559		(346	)		2,213
TFS		222		(338	)		(116	)
T20		11,121		(1,188	)		9,933
TSF		3,840		(1,621	)		2,219
F56		12		(15	)		(3	)
FSS		17		(194	)		(177	)
FSC		32		(9	)		23
FRE		290		(1,140	)		(850	)
G31		35		(494	)		(459	)
V15		—		(1,266	)		(1,266	)
VCP		32		(321	)		(289	)
A39		160		(98	)		62
IB1		15,912		(3,436	)		12,476
A21		40		(118	)		(78	)
A22		1,579		(2,333	)		(754	)
I76		1,476		(884	)		592
MVP		838		(338	)		500

- 124 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

7. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units		Units			Net Increase
	Issued		Redeemed			(Decrease)
JM7		507		(6,490	)		(5,983	)
J43		24		(15	)		9
J32		264		(283	)		(19	)
LRI		16,851		(32,014	)		(15,163	)
MD8		2,037,788		(1,256,151	)		781,637
M07		12,880		(13,699	)		(819	)
M35		66,479		(276,591	)		(210,112	)
M31		—		(1,266	)		(1,266	)
M80		6,314		(19,676	)		(13,362	)
MF1		7,818		(7,273	)		545
M41		7,936		(14,113	)		(6,177	)
M05		—		—			—
M42		4,131		(5,847	)		(1,716	)
M06		13,180		(39,498	)		(26,318	)
M33		18		(131	)		(113	)
M44		2,078		(3,177	)		(1,099	)
M40		93		(22	)		71
M83		63,183		(121,226	)		(58,043	)
M08		87,292		(131,867	)		(44,575	)
MB6		—		—			—
MB7		611		(1,026	)		(415	)
MC0		8,766		(13,654	)		(4,888	)
MA0		4,605		(9,247	)		(4,642	)
MC1		28,942		(27,478	)		1,464
MC3		1,884		(704	)		1,180
MC6		1,524		(197	)		1,327
MC9		4,953		(26,376	)		(21,423	)
M96		969		(12,213	)		(11,244	)
MD2		—		—			—
MA6		31,496		(51,898	)		(20,402	)
MA3		1,294		(1,742	)		(448	)
M97		1,434		(3,309	)		(1,875	)
MD5		10,821		(19,685	)		(8,864	)
M98		4,981		(9,091	)		(4,110	)
MD6		35		(398	)		(363	)
MB3		8,579		(15,945	)		(7,366	)
ME2		13,360		(16,136	)		(2,776	)
MA7		1,420		(2,486	)		(1,066	)
MB8		16,207		(17,691	)		(1,484	)

- 125 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

7. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units		Units			Net Increase
	Issued		Redeemed			(Decrease)
MF6		2,993		(8,010	)		(5,017	)
MF2		23,987		(72,943	)		(48,956	)
MG3		17,725		(30,259	)		(12,534	)
VMG		27		(1,158	)		(1,131	)
NMC		23		(36	)		(13	)
NSE		88		(43	)		45
O01		2,627		(4,576	)		(1,949	)
O00		252		(232	)		20
OGS		5,223		(8,223	)		(3,000	)
OSC		2,893		(1,470	)		1,423
P10		17,764		(9,242	)		8,522
PK8		2,106		(582	)		1,524
P06		105,596		(147,299	)		(41,703	)
P07		158,500		(96,097	)		62,403
SCP		7,206		(8,650	)		(1,444	)
R03		—		(486	)		(486	)
307		57,233		(118,262	)		(61,029	)
REI		1,181		(3,115	)		(1,934	)
RNA		24		(41	)		(17	)
W42		19		(59	)		(40	)

- 126 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

7. CHANGES IN UNITS OUTSTANDING (CONTINUED)

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


	Units		Units			Net Increase
	Issued		Redeemed			(Decrease)
A71		1,419		(414	)		1,005
AM2		7		(2,846	)		(2,839	)
IVP		75		(21	)		54
A19		3		(74	)		(71	)
ASM		35		(57	)		(22	)
A54		3,450		(2,046	)		1,404
A51		5,191		(816	)		4,375
308		7,581		(4,787	)		2,794
301		10,246		(16,031	)		(5,785	)
304		677		(616	)		61
309		85		(32	)		53
306		1,399		(620	)		779
303		1,878		(1,737	)		141
302		1,529		(4,097	)		(2,568	)
305		2,096		(711	)		1,385
300		114,167		(107,274	)		6,893
BLG		1,223		(3,798	)		(2,575	)
MSV		94		(2,654	)		(2,560	)
C89		48		(12	)		36
DRS		2,851		(5,143	)		(2,292	)
DSV		6,640		(9,203	)		(2,563	)
D37		3,292		(4,187	)		(895	)
001		44		(28	)		16
SSI		304		(1,159	)		(855	)
D55		43		(2,291	)		(2,248	)

- 127 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

7. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units		Units			Net Increase
	Issued		Redeemed			(Decrease)
D18		94		(3,311	)		(3,217	)
DTG		1,576		(346	)		1,230
DSI		49,347		(477,420	)		(428,073	)
DCA		116		(880	)		(764	)
DSC		45		(25	)		20
DGI		27		(25	)		2
FVI		1,641		(407	)		1,234
FCN		4,878		(5,661	)		(783	)
F24		389		(642	)		(253	)
FEI		4,445		(5,063	)		(618	)
FF1		4,784		(6,151	)		(1,367	)
FF2		18,864		(31,309	)		(12,445	)
FF3		11,849		(16,938	)		(5,089	)
FVG		2,913		(2,126	)		787
FGP		11,090		(135	)		10,955
F99		4,785		(16,627	)		(11,842	)
FHI		1,315		(602	)		713
FIP		134		(11	)		123
FIG		118,081		(240,152	)		(122,071	)
FMC		8,282		(11,104	)		(2,822	)
FM8		1,608,007		(712,780	)		895,227
FOF		811		(831	)		(20	)
F91		1,046		(1,010	)		36
FE3		2,226		(497	)		1,729
TFS		426		(615	)		(189	)
T20		97		(418	)		(321	)
TSF		4,172		(2,050	)		2,122
F56		11		(13	)		(2	)
FSS		59		(51	)		8
FSC		19		(9	)		10
FRE		322		(1,239	)		(917	)
G31		4		(407	)		(403	)
V15		—		(1,100	)		(1,100	)
VCP		18		(1,497	)		(1,479	)
A39		148		(87	)		61
IB1		7,095		(6,954	)		141
A21		44		(110	)		(66	)
A22		1,589		(862	)		727
I76		578		(243	)		335
MVP		19		(1,429	)		(1,410	)

- 128 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

7. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units		Units			Net Increase
	Issued		Redeemed			(Decrease)
JM7		930		(5,877	)		(4,947	)
J43		13		(12	)		1
J32		414		(662	)		(248	)
LRI		20,581		(34,284	)		(13,703	)
MD8		1,351,867		(887,343	)		464,524
M07		13,481		(25,803	)		(12,322	)
M35		18,720		(18,810	)		(90	)
M31		—		(690	)		(690	)
M80		1,785		(1,540	)		245
MF1		6,458		(3,004	)		3,454
M41		1,325		(4,890	)		(3,565	)
M42		894		(7,494	)		(6,600	)
M06		11,459		(40,294	)		(28,835	)
M33		29		(288	)		(259	)
M44		2,011		(2,577	)		(566	)
M40		90		(20	)		70
M83		82,514		(61,155	)		21,359
M08		25,334		(26,863	)		(1,529	)
MB7		17		(994	)		(977	)
MC0		8,399		(8,000	)		399
MA0		781		(1,089	)		(308	)
MC1		7,480		(10,793	)		(3,313	)
MC3		1,169		(2,120	)		(951	)
MC6		1,286		(265	)		1,021
MC9		11,189		(6,464	)		4,725
M96		4,105		(11,062	)		(6,957	)
MA6		34,244		(69,272	)		(35,028	)
MA3		1,059		(3,763	)		(2,704	)
M97		215		(7,039	)		(6,824	)
MD5		223		(27,386	)		(27,163	)
M98		7,121		(14,161	)		(7,040	)
MD6		23		(21	)		2
MB3		1,762		(871	)		891
ME2		6,144		(7,863	)		(1,719	)
MA7		358		(124	)		234
MB8		4,472		(11,096	)		(6,624	)

- 129 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

7. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units		Units			Net Increase
	Issued		Redeemed			(Decrease)
MF6		3,880		(6,455	)		(2,575	)
MF2		24,313		(53,684	)		(29,371	)
MG3		10,888		(16,130	)		(5,242	)
VMG		924		(572	)		352
NMC		16		(33	)		(17	)
NSE		69		(39	)		30
O01		3,791		(4,071	)		(280	)
O00		257		(206	)		51
OGS		8,064		(2,983	)		5,081
OSC		1,587		(2,965	)		(1,378	)
P10		21,596		(25,379	)		(3,783	)
PK8		2,520		(1,230	)		1,290
P06		195,497		(52,751	)		142,746
P07		80,097		(131,181	)		(51,084	)
SCP		8,384		(12,994	)		(4,610	)
R03		—		(6	)		(6	)
307		59,701		(68,288	)		(8,587	)
REI		1,132		(2,179	)		(1,047	)
RNA		16		(36	)		(20	)
W42		680		(2,938	)		(2,258	)

8. TAX DIVERSIFICATION REQUIREMENTS

Under the provisions of Section 817(h) of the Code, a variable life contract, other than a pension plan contract, is not treated as a life contract for federal tax purposes for any period in which the investments of the segregated asset account on which the contract is based are not adequately diversified. The Code provides that the “adequately diversified” requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of Treasury. The Sponsor believes that the Variable Account satisfies the current requirements of the regulations, and it intends that the Variable Account will continue to meet such requirements.

- 130 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS

The summary of units outstanding, unit value (some of which may be rounded), net assets, investment income ratios and the total return, for each of the five years in the period ended December 31, is as follows:


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
A70
2023		—	$	40.3464	$	13		—	%		15.70	%
2022		—		34.8708		12		—			(27.17	)
2021		—		47.8780		—		—			22.57
2020		—		39.0614		35		0.01			0.39
2019		—		28.0853		25		—			29.78
A71
2023		15,348		52.1594		802,585		1.13			11.72
2022		22,329		46.6870		1,044,151		1.12			(4.42	)
2021		21,324		48.8456		1,044,446		0.69			27.84
2020		30,561		38.2093		1,169,975		1.31			2.47
2019		31,885		37.2872		1,191,098		1.11			23.61
AM2
2023		37,145		42.9763		1,595,414		—			12.35
2022		34,866		38.2508		1,331,119		—			(27.81	)
2021		37,705		52.9832		1,997,771		—			8.01
2020		38,588		49.0552		1,892,950		1.10			29.60
2019		45,490		37.8509		1,721,856		0.28			27.23
IVP
2023		342		12.6140		4,290		0.90			15.15
2022		252		10.9546		2,751		5.12			(13.61	)
2021		198		12.6805		2,489		2.30			11.08
2020		133		11.4154		1,504		2.13			2.47
2019		76		11.1407		831		—			17.14
A19
2023		2,862		78.3952		223,941		—			17.73
2022		2,981		66.5917		198,185		—			(39.26	)
2021		3,052		109.6414		334,589		—			9.20
2020		3,112		100.4028		312,467		—			53.64
2019		3,180		65.3494		207,793		—			36.01
ASM
2023		1,156		33.4009		38,510		1.07			17.18
2022		1,191		28.5041		33,861		1.09			(15.63	)
2021		1,213		33.7842		41,003		0.53			35.95
2020		3,071		24.8509		76,325		0.72			3.37
2019		9,430		24.0409		226,704		0.59			20.10
A54
2023		19,290		42.5443		820,662		—			23.17
2022		19,909		34.5404		687,642		—			(36.07	)
2021		18,505		54.0306		999,800		—			4.20
2020		18,536		51.8504		961,089		—			64.63
2019		14,670		31.4954		462,020		—			30.26

- 131 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
A51
2023		12,865	$	30.5732	$	392,715		—	%		16.49	%
2022		11,039		26.2453		289,366		—			(38.01	)
2021		6,664		42.3402		282,167		—			(6.06	)
2020		5,346		45.0713		240,955		1.02			67.15
2019		7,454		26.9645		200,994		—			29.34
308
2023		51,127		52.0365		2,658,959		1.88			17.29
2022		52,200		44.3671		2,314,671		1.97			(8.45	)
2021		49,406		48.4637		2,394,420		1.57			27.78
2020		42,300		37.9275		1,604,333		1.88			8.68
2019		40,327		34.8973		1,407,302		2.07			21.38
301
2023		113,510		16.5409		1,875,937		3.48			5.02
2022		125,350		15.7504		1,972,116		2.89			(12.58	)
2021		131,135		18.0170		2,362,655		1.40			(0.31	)
2020		128,125		18.0725		2,315,545		2.38			9.73
2019		42,350		16.4694		697,475		2.72			9.36
304
2023		9,706		55.9822		542,354		0.92			22.60
2022		9,387		45.6614		427,983		0.67			(24.74	)
2021		9,326		60.6703		565,787		0.37			16.42
2020		9,413		52.1131		490,544		0.38			30.47
2019		10,079		39.9441		402,583		1.04			35.28
309
2023		442		43.8329		19,275		1.99			20.88
2022		351		36.2617		12,645		2.48			(17.33	)
2021		298		43.8652		13,076		1.83			14.78
2020		247		38.2183		9,431		0.74			8.73
2019		4,513		35.1490		158,629		2.08			31.14
306
2023		12,125		39.5264		478,460		0.27			16.17
2022		11,061		34.0239		375,821		—			(29.55	)
2021		10,282		48.2977		496,580		—			6.74
2020		9,510		45.2485		430,289		0.17			29.72
2019		10,094		34.8810		352,085		0.16			31.52
303
2023		5,372		86.9276		465,706		0.36			38.48
2022		6,959		62.7721		434,828		0.34			(29.94	)
2021		6,818		89.5934		611,044		0.28			21.99
2020		4,301		73.4439		316,088		0.29			52.08
2019		7,023		48.2932		339,272		0.60			30.77
302
2023		8,053		59.8020		481,253		1.56			26.14
2022		7,854		47.4103		371,751		1.28			(16.49	)
2021		10,422		56.7739		591,652		1.14			24.10
2020		9,783		45.7503		447,557		1.15			13.55
2019		17,226		40.2925		694,073		1.47			26.14

- 132 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
305
2023		4,515	$	29.3395	$	132,471		9.62	%		12.45	%
2022		2,137		26.0905		55,691		10.07			(9.26	)
2021		752		28.7545		21,635		7.74			8.42
2020		9		26.5218		241		0.20			7.94
2019		5,584		24.5707		137,191		6.37			12.55
300
2023		671,783		26.3117		17,643,719		1.31			15.84
2022		723,445		22.7130		16,405,390		1.75			(20.79	)
2021		716,552		28.6728		20,545,515		2.44			(1.50	)
2020		642,010		29.1081		18,687,680		0.64			13.97
2019		731,875		25.5395		18,691,713		1.43			22.88
BLG
2023		25,382		26.4031		662,743		2.15			12.83
2022		29,091		23.4011		675,973		—			(15.86	)
2021		31,666		27.8117		880,676		0.92			6.67
2020		33,594		26.0717		875,854		1.36			21.01
2019		33,703		21.5454		726,134		1.01			17.99
MSV
2023		12,781		49.8224		636,190		1.00			18.88
2022		12,776		41.9085		534,996		0.85			(16.48	)
2021		15,336		50.1750		769,417		0.89			13.64
2020		15,390		44.1535		679,495		1.21			19.96
2019		15,545		36.8062		572,106		1.78			28.98
C89
2023		257		28.3702		7,257		—			39.54
2022		191		20.3317		3,856		—			(28.00	)
2021		155		28.2404		4,373		—			18.57
2020		117		23.8173		2,796		—			31.93
2019		64		18.0529		1,148		—			31.75
C58⁷
2019		3		12.9837		34		2.02			25.15
DRS
2023		52,444		40.5297		2,122,178		3.49			12.58
2022		51,642		36.0021		1,856,081		3.09			(25.30	)
2021		53,934		48.1968		2,599,447		3.10			43.07
2020		78,058		33.6885		2,629,646		2.02			(10.41	)
2019		90,183		37.6015		3,391,033		2.13			26.81
DSV
2023		75,942		51.9202		3,938,732		0.96			9.44
2022		74,277		47.4401		3,513,157		0.84			(12.09	)
2021		76,840		53.9636		4,146,546		0.76			34.42
2020		121,697		40.1464		4,885,683		1.30			(1.90	)
2019		118,457		40.9250		4,847,815		1.21			28.14

- 133 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
D37
2023		26,814	$	68.0832	$	1,823,866		1.13	%		16.45	%
2022		27,627		58.4647		1,613,872		0.46			(13.73	)
2021		28,522		67.7694		1,932,934		0.98			23.18
2020		32,175		55.0178		1,770,217		0.51			11.08
2019		24,979		49.5279		1,237,161		0.56			29.63
001
2023		—		21.7992		4		0.03			20.76
2022		139		18.0513		2,480		1.79			(15.40	)
2021		123		21.3365		2,625		1.90			26.69
2020		98		16.8420		1,650		2.32			(12.16	)
2019		56		19.1732		1,076		1.94			32.95
SSI
2023		18,601		44.0112		817,748		1.11			16.76
2022		19,216		37.6945		723,143		0.90			(20.64	)
2021		20,071		47.4956		953,279		0.83			14.50
2020		20,900		41.4801		866,915		1.12			19.43
2019		21,431		34.7316		744,319		1.04			25.22
D55
2023		33,922		58.4449		1,982,018		0.90			16.33
2022		34,108		50.2407		1,711,193		0.62			(20.89	)
2021		36,356		63.5056		2,308,774		0.56			14.18
2020		42,931		55.6181		2,387,699		1.00			19.09
2019		41,278		46.7030		1,927,772		0.77			24.87
S61
2023		—		39.1330		12		1.14			14.95
2022		—		34.0439		10		0.03			(15.80	)
2021		—		40.4338		—		0.01			30.50
2020		18,792		30.9838		583,027		1.82			(0.80	)
2019		35,320		31.2332		1,103,943		0.71			21.51
D18
2023		14,034		42.9463		602,031		0.80			18.31
2022		15,229		36.2995		552,178		0.78			(14.08	)
2021		18,446		42.2466		779,284		0.61			25.88
2020		18,437		33.5603		618,731		0.85			8.11
2019		20,388		31.0439		632,914		0.67			20.18
DTG
2023		16,573		81.6791		1,352,415		—			59.42
2022		14,556		51.2353		744,938		—			(46.39	)
2021		13,326		95.5649		1,273,538		—			12.93
2020		12,128		84.6241		1,026,299		0.25			69.92
2019		13,687		49.8019		681,614		—			25.82
DSI
2023		2,102,086		52.6104		110,515,830		1.43			25.93
2022		2,188,944		41.7782		91,345,871		1.30			(18.32	)
2021		2,617,017		51.1473		133,857,543		1.15			28.41
2020		2,887,946		39.8309		115,032,534		1.59			18.01
2019		2,930,900		33.7528		98,928,633		1.73			31.18

- 134 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
DCA
2023		89,048	$	63.6766	$	5,670,215		0.72	%		20.97	%
2022		89,797		52.6389		4,724,416		0.67			(18.06	)
2021		90,561		64.2447		5,818,282		0.44			27.13
2020		94,996		50.5345		4,800,757		0.79			23.69
2019		99,652		40.8560		4,071,523		1.17			36.10
DSC
2023		780		37.5855		29,213		0.33			9.28
2022		732		34.3932		25,109		—			(16.62	)
2021		712		41.2488		29,347		0.20			16.46
2020		4,266		35.4185		151,076		0.66			19.89
2019		4,503		29.5420		133,023		—			21.78
DGI
2023		1,202		59.5429		71,482		0.66			26.68
2022		1,195		47.0009		56,092		0.80			(14.82	)
2021		1,193		55.1764		65,828		0.48			25.63
2020		1,188		43.9200		52,162		0.78			24.63
2019		1,181		35.2395		41,609		1.08			29.12
DQB⁵
2019		716		24.3566		17,426		1.90			8.06
FVI
2023		14,726		48.3384		710,833		1.75			21.53
2022		12,913		39.7753		513,042		1.26			(17.94	)
2021		11,679		48.4714		566,088		0.94			18.26
2020		10,280		40.9866		421,356		1.27			22.39
2019		17,441		33.4892		584,098		2.15			24.51
FCN
2023		88,006		123.2078		10,837,884		0.51			33.45
2022		88,780		92.3245		8,190,918		0.51			(26.31	)
2021		89,563		125.2922		11,220,965		0.06			27.83
2020		93,517		98.0112		9,165,232		0.24			30.57
2019		119,502		75.0662		8,970,191		0.47			31.58
F24
2023		6,464		85.8430		552,751		0.26			33.12
2022		6,803		64.4874		436,764		0.26			(26.49	)
2021		7,056		87.7234		620,084		0.03			27.51
2020		7,290		68.7970		502,349		0.08			30.23
2019		9,215		52.8259		487,410		0.22			31.27
FEI
2023		238,055		32.1351 to 61.8944		9,317,031		1.96			10.65
2022		239,773		29.0427 to 55.9383		8,491,857		1.92			(4.96	)
2021		240,391		30.5578 to 58.8564		8,975,045		1.92			24.89
2020		255,154		24.4671 to 47.1254		7,689,955		1.79			6.69
2019		318,922		22.9320 to 44.1685		9,941,202		2.04			27.44

- 135 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
FF1
2023		15,378	$	25.0206	$	384,472		3.73	%		10.95	%
2022		15,891		22.5510		357,848		2.17			(14.60	)
2021		17,258		26.4057		455,706		1.23			7.69
2020		37,463		24.5189		918,556		1.72			13.85
2019		26,488		21.5369		570,469		3.12			18.26
FF2
2023		38,159		26.1270		996,675		3.26			12.40
2022		38,601		23.2447		895,662		2.11			(15.69	)
2021		51,046		27.5699		1,407,332		1.34			9.47
2020		46,413		25.1847		1,168,885		1.37			15.06
2019		64,676		21.8886		1,415,658		2.57			20.13
FF3
2023		110,014		29.5255		3,247,352		2.48			14.70
2022		108,256		25.7417		2,783,318		1.90			(16.87	)
2021		113,345		30.9661		3,509,859		1.06			12.37
2020		113,260		27.5569		3,121,090		1.11			16.89
2019		144,936		23.5754		3,416,929		2.38			24.43
FVG
2023		6,194		52.2826		323,593		1.56			18.72
2022		7,210		44.0390		316,886		1.87			(4.95	)
2021		6,423		46.3322		297,599		2.55			25.95
2020		5,948		36.7864		218,818		2.15			7.85
2019		5,799		34.1096		197,813		3.54			30.05
FGP
2023		13,103		103.9095		1,359,713		0.14			36.24
2022		11,457		76.2716		873,213		0.54			(24.46	)
2021		502		100.9634		50,708		—			23.21
2020		309		81.9412		25,291		0.06			43.89
2019		240		56.9462		13,683		0.26			34.31
F99
2023		78,616		80.0459		6,288,392		0.00			35.89
2022		70,796		58.9057		4,165,763		0.33			(24.64	)
2021		82,638		78.1700		6,462,797		—			22.90
2020		76,816		63.6031		4,888,150		0.04			43.55
2019		95,897		44.3077		4,250,656		0.06			33.98
FHI
2023		8,727		27.5790		239,873		5.93			10.48
2022		8,929		24.9637		222,287		5.36			(11.37	)
2021		8,216		28.1678		231,419		4.69			4.41
2020		17,044		26.9777		459,810		5.06			2.75
2019		19,604		26.2567		514,735		5.24			15.11
FIP
2023		541		89.0458		47,965		1.49			26.19
2022		550		70.5631		38,642		1.44			(18.21	)
2021		427		86.2762		36,594		1.28			28.58
2020		426		67.1012		28,371		1.12			18.24
2019		127,299		56.7504		7,224,082		2.02			31.35

- 136 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
FIG
2023		1,046,759	$	29.0980	$	30,434,352		2.53	%		6.20	%
2022		1,133,986		27.3984		31,039,422		2.12			(12.96	)
2021		1,256,057		31.4779		39,538,077		1.98			(0.61	)
2020		1,359,147		31.6699		43,043,978		2.19			9.39
2019		1,427,156		28.9502		41,316,493		2.71			9.67
FMC
2023		61,174		41.3958		2,530,612		0.60			15.08
2022		61,742		35.9727		2,218,874		0.51			(14.74	)
2021		64,564		42.1934		2,724,199		0.58			25.60
2020		89,291		33.5930		2,999,546		0.65			18.19
2019		122,927		28.4230		3,493,947		0.73			23.45
FM8
2023		2,894,416		13.1679		38,083,472		4.69			4.79
2022		2,855,433		12.5657		35,842,023		1.60			1.36
2021		1,960,206		12.3970		24,294,683		0.01			0.01
2020		1,565,418		12.3959		19,398,524		0.28			0.28
2019		1,726,434		12.3612		21,334,609		1.93			1.92
FOF
2023		11,155		31.1843		347,245		1.09			20.51
2022		10,605		25.8778		274,022		1.10			(24.48	)
2021		10,625		34.2680		364,102		0.52			19.70
2020		10,998		28.6285		314,868		0.45			15.61
2019		10,300		24.7621		255,055		1.76			27.77
F91
2023		6,739		37.9456		254,167		0.87			20.22
2022		5,929		31.5634		186,087		0.86			(24.68	)
2021		5,893		41.9065		246,937		0.35			19.39
2020		6,524		35.1005		228,996		0.10			15.33
2019		26,347		30.4340		801,845		1.55			27.50
FE3
2023		22,503		25.5761		575,033		0.00			10.08
2022		20,290		23.2348		471,039		2.16			(8.17	)
2021		18,561		25.3010		469,610		0.73			4.44
2020		55,257		24.2249		1,338,588		2.79			6.85
2019		56,710		22.6713		1,285,696		0.33			17.38
TFS
2023		8,689		24.6657		213,765		3.40			21.09
2022		8,805		20.3694		178,987		3.31			(7.39	)
2021		8,994		21.9938		197,832		2.11			4.44
2020		9,174		21.0597		193,215		1.17			(0.92	)
2019		64,426		21.2543		1,369,331		2.03			12.84
T20
2023		26,031		33.1974		863,982		3.64			20.76
2022		16,098		27.4912		442,803		3.05			(7.61	)
2021		16,419		29.7541		489,482		1.86			4.16
2020		17,242		28.5662		493,441		3.47			(1.16	)
2019		20,083		28.9008		581,335		1.68			12.53

- 137 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
TSF
2023		123,182	$	39.4613	$	4,859,231		3.51	%		21.23	%
2022		120,963		32.5496		3,935,170		0.51			(11.32	)
2021		118,841		36.7046		4,361,925		1.32			5.26
2020		125,132		34.8707		4,363,374		3.09			5.99
2019		172,278		32.9010		5,668,069		3.01			15.43
F56
2023		3		36.3988		75		2.81			21.01
2022		6		30.0794		150		0.15			(11.50	)
2021		8		33.9892		269		0.92			4.87
2020		15		32.4104		479		2.90			5.80
2019		12		30.6339		381		2.53			15.15
FSS
2023		—		34.0576		—		0.00			13.73
2022		177		29.9465		5,207		2.19			(7.15	)
2021		169		32.2542		5,454		3.07			19.52
2020		135		26.9858		3,634		3.68			(4.85	)
2019		73		28.3609		2,062		2.01			22.92
FSC
2023		195		52.8397		10,230		—			27.12
2022		172		41.5655		7,132		—			(33.52	)
2021		162		62.5239		10,105		—			10.25
2020		152		56.7087		8,627		—			55.52
2019		135		36.4631		4,911		—			31.80
FRE
2023		4,387		16.9032		74,141		2.87			11.68
2022		5,237		15.1356		78,988		2.41			(25.92	)
2021		6,154		20.4317		125,733		1.04			27.20
2020		7,260		16.0630		116,610		3.27			(5.17	)
2019		8,539		16.9383		144,630		2.81			22.62
G31
2023		1,253		60.6080		73,496		0.61			23.81
2022		1,712		48.9536		82,381		0.73			(19.74	)
2021		2,115		60.9929		129,034		0.99			29.41
2020		1,796		47.1332		84,675		0.82			17.55
2019		2,232		40.0976		89,483		1.23			25.21

- 138 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
V15
2023		86,199	$	41.3059	$	3,557,070		—	%		40.93	%
2022		87,465		29.3105		2,561,361		—			(31.11	)
2021		88,565		42.5485		3,768,293		—			11.93
2020		98,560		38.0147		3,746,749		0.07			42.35
2019		195,495		26.7045		5,220,586		—			36.76
VCP
2023		25,176		48.6869		1,224,547		1.86			12.36
2022		25,465		43.3318		1,102,641		1.59			1.12
2021		26,944		42.8504		1,154,575		1.87			33.36
2020		27,224		32.1315		874,754		2.48			(0.85	)
2019		27,684		32.4076		897,158		2.00			25.30
A39
2023		4,058		53.3373		216,049		0.75			23.36
2022		3,996		43.2361		172,518		0.93			(20.55	)
2021		3,935		54.4171		214,131		0.69			27.74
2020		3,872		42.6003		164,959		1.39			13.85
2019		3,812		37.4176		142,652		0.98			28.96
IB1
2023		71,829		47.0793		3,379,906		1.80			12.66
2022		59,353		41.7883		2,478,859		1.70			(5.75	)
2021		59,212		44.3385		2,625,381		1.63			28.51
2020		55,337		34.5032		1,909,312		2.23			2.09
2019		69,590		33.7958		2,351,850		1.88			25.19
A21
2023		9,386		43.8721		411,442		0.20			18.15
2022		9,464		37.1341		351,213		1.72			(18.31	)
2021		9,530		45.4547		433,181		0.99			5.89
2020		17,662		42.9268		758,163		2.28			14.00
2019		19,613		37.6567		738,547		1.60			28.57
A22
2023		12,393		38.7479		478,645		0.30			14.47
2022		13,147		33.8510		443,846		0.37			(14.26	)
2021		12,420		39.4811		490,345		0.47			23.24
2020		11,294		32.0349		361,798		0.77			9.25
2019		10,933		29.3230		320,581		0.52			25.28
I84⁶
2019		4,329		23.0474		99,780		—			34.34
I76
2023		2,764		31.3412		86,619		—			16.57
2022		2,172		26.8851		58,296		—			(20.51	)
2021		1,837		33.8204		62,128		0.18			20.40
2020		1,607		28.0896		45,151		0.36			27.24
2019		1,561		22.0754		34,471		—			26.60

- 139 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
MVP
2023		5,876	$	36.6702	$	215,060		1.16	%		11.40	%
2022		5,376		32.9187		176,663		1.26			(5.56	)
2021		6,786		34.8571		236,582		0.46			19.73
2020		7,009		29.1138		204,093		1.27			(0.92	)
2019		5,862		29.3842		172,300		1.17			30.35
JM7
2023		211,405		15.4878		3,274,087		3.68			5.91
2022		217,388		14.6240		3,173,391		1.96			(12.58	)
2021		222,335		16.7277		3,719,169		1.12			(1.35	)
2020		93,943		16.9574		1,593,055		0.52			7.84
2019		1,015,697		15.7239		15,970,694		2.51			8.18
J43
2023		298		53.4555		15,901		1.38			13.10
2022		289		47.2640		13,603		0.44			(19.35	)
2021		288		58.6051		16,852		1.16			21.38
2020		20,616		48.2807		995,331		0.95			13.69
2019		21,328		42.4687		905,792		0.40			24.58
J32
2023		7,182		77.1689		553,912		1.59			27.16
2022		7,201		60.6858		436,789		0.52			(18.69	)
2021		7,449		74.6394		555,982		0.74			29.34
2020		7,441		57.7072		429,374		0.76			25.26
2019		7,603		46.0694		350,249		0.85			31.75
LRI
2023		149,947		22.6694		3,400,876		5.10			22.61
2022		165,110		18.4887		3,053,526		3.53			(14.96	)
2021		178,813		21.7410		3,891,598		1.84			5.80
2020		292,330		20.5499		6,011,146		2.70			(1.03	)
2019		365,015		20.7645		7,583,177		0.91			18.36
MD8
2023		7,455,956		10.9466 to 14.6662		108,813,352		4.50			4.58
2022		6,674,319		10.4668 to 14.0233		93,249,536		1.17			1.17
2021		6,209,795		10.3456 to 13.8609		86,050,260		0.00			0.00
2020		6,202,617		10.3456 to 13.8609		85,947,318		0.19			0.22
2019		5,722,123		10.3230 to 13.8306		79,114,534		1.62			1.63

- 140 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
M07
2023		253,575	$	20.2920	$	5,143,298		2.06	%		10.44	%
2022		254,394		18.3733		4,670,054		1.72			(9.58	)
2021		266,716		20.3204		5,419,782		1.83			14.12
2020		277,537		17.8068		4,942,056		2.30			9.81
2019		378,304		16.2156		6,134,426		2.04			20.38
M35
2023		139,780		19.7790		2,753,406		1.20			10.22
2022		349,892		17.9454		6,256,158		1.48			(9.84	)
2021		349,982		19.9038		6,965,976		1.63			13.84
2020		357,972		17.4847		6,259,029		2.02			9.52
2019		393,175		15.9654		6,277,188		2.17			20.12
M31
2023		24,314		47.4932		1,154,603		—			35.86
2022		25,580		34.9567		892,447		—			(31.63	)
2021		26,270		51.1322		1,343,250		—			23.53
2020		34,106		41.3917		1,411,702		—			31.86
2019		35,544		31.3914		1,115,778		—			38.15
M80
2023		18,041		46.1583		830,910		—			35.51
2022		31,403		34.0631		1,067,334		—			(31.80	)
2021		31,158		49.9496		1,556,337		—			23.24
2020		32,467		40.5313		1,315,939		—			31.54
2019		32,196		30.8140		992,098		—			37.78
MF1
2023		70,809		40.3170		2,851,214		—			21.32
2022		70,264		33.2315		2,332,324		—			(28.70	)
2021		66,810		46.6065		3,113,777		—			14.11
2020		67,948		40.8425		2,775,164		—			36.48
2019		90,695		29.9257		2,714,103		—			38.66
M41
2023		4,255		39.8644		168,553		—			20.97
2022		10,432		32.9534		341,532		—			(28.79	)
2021		13,997		46.2781		647,774		—			13.88
2020		9,474		40.6389		385,004		—			36.12
2019		22,450		29.8553		670,257		—			38.28
M42
2023		2,197		22.4042		48,862		—			14.25
2022		3,913		19.6092		75,626		—			(29.99	)
2021		10,513		28.0111		294,492		—			1.57
2020		4,501		27.5773		124,121		—			45.58
2019		92,087		18.9426		1,744,361		—			41.27
M06
2023		258,232		12.3242		3,157,795		3.18			7.38
2022		284,550		11.4772		3,245,797		2.71			(13.93	)
2021		313,385		13.3355		4,179,155		2.61			(0.81	)
2020		381,682		13.4448		5,131,671		3.38			8.47
2019		452,419		12.3952		5,607,847		3.25			10.21

- 141 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
M33
2023		9	$	37.4063	$	276		0.00	%		22.42	%
2022		122		30.5561		3,591		0.32			(17.21	)
2021		381		36.9083		14,052		0.52			24.80
2020		547		29.5735		16,168		0.53			16.59
2019		3,542		25.3647		89,854		0.79			32.95
M44
2023		41,231		16.7751		690,516		3.56			(2.11	)
2022		42,330		17.1363		724,243		2.40			0.76
2021		42,896		17.0079		729,579		1.77			14.09
2020		41,108		14.9072		612,816		2.51			5.90
2019		42,449		14.0764		597,528		4.06			25.07
M40
2023		1,544		16.3894		25,276		3.40			(2.33	)
2022		1,473		16.7805		24,690		2.25			0.48
2021		1,403		16.7005		23,434		1.59			13.82
2020		1,324		14.6723		19,416		2.30			5.62
2019		1,201		13.8914		16,677		3.89			24.80
M83
2023		342,267		30.9777		10,592,921		1.56			7.93
2022		400,310		28.7012		11,481,798		1.46			(5.91	)
2021		378,951		30.5032		11,559,259		1.32			25.45
2020		432,374		24.3146		10,512,990		1.49			3.48
2019		513,702		23.4980		12,070,967		2.13			29.80
M08
2023		68,547		21.5631		1,471,805		0.84			7.63
2022		113,122		20.0339		2,257,362		1.23			(6.14	)
2021		114,651		21.3451		2,447,232		1.22			25.16
2020		81,106		17.0546		1,383,234		1.38			3.22
2019		74,381		16.5224		1,228,950		1.83			29.51
MB6
2021		—		54.7633		—		1.47			29.53
2020		408		42.2796		17,248		1.65			15.34
2019		453		36.6567		16,591		1.50			29.17
MB7
2023		4,174		62.6899		260,995		1.01			28.20
2022		4,589		48.8993		223,922		0.83			(16.20	)
2021		5,566		58.3552		324,785		0.90			29.18
2020		8,130		45.1726		367,234		1.43			15.06
2019		8,489		39.2594		333,258		0.90			28.87
MC0
2023		338,927		20.7127		7,016,091		3.97			9.11
2022		343,815		18.9831		6,519,061		3.42			(16.36	)
2021		343,416		22.6953		7,793,919		2.88			(1.40	)
2020		349,507		23.0175		8,044,781		3.52			10.57
2019		355,026		20.8175		7,390,741		3.89			14.65
MA0
2023		4,304		22.5132		94,874		2.43			8.89
2022		8,946		20.6747		183,368		3.11			(16.62	)
2021		9,254		24.7965		229,475		1.37			(1.66	)
2020		29,491		25.2146		743,610		5.08			10.34
2019		7,047		22.8519		161,044		3.36			14.46

- 142 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
MC1
2023		46,359	$	42.5553	$	1,970,987		0.33	%		22.79	%
2022		44,895		34.6563		1,552,248		0.09			(17.48	)
2021		48,208		41.9997		2,024,721		0.29			25.05
2020		41,460		33.5852		1,392,434		0.50			18.39
2019		46,004		28.3694		1,305,110		0.54			32.87
MC3
2023		25,345		15.8990		402,297		1.47			10.90
2022		24,165		14.3369		345,993		3.99			(19.72	)
2021		25,116		17.8581		448,518		0.49			(6.75	)
2020		20,696		19.1508		396,338		3.31			10.57
2019		18,688		17.3203		323,685		0.20			20.52
MC6
2023		12,568		88.4026		1,110,016		0.15			20.99
2022		11,241		73.0681		820,578		0.19			(19.11	)
2021		10,220		90.3289		922,992		0.09			18.52
2020		9,300		76.2133		708,657		0.51			20.76
2019		7,638		63.1122		481,966		0.51			36.01
MC9
2023		60,729		44.0274		2,671,043		0.60			18.97
2022		82,152		37.0077		3,036,546		0.31			(17.88	)
2021		77,427		45.0659		3,489,301		0.35			18.20
2020		86,396		38.1276		3,294,055		1.52			16.24
2019		34,168		32.8013		1,120,742		0.75			31.62
M96
2023		279,711		25.4374		7,112,306		1.50			4.15
2022		290,955		24.4248		7,091,616		2.07			(12.26	)
2021		297,912		27.8366		8,292,182		2.17			(1.89	)
2020		317,045		28.3724		8,994,612		2.87			6.38
2019		365,290		26.6710		9,742,009		2.90			6.53
MD2
2023		—		17.6315		2		1.66			3.86
2022		—		16.9769		2		2.13			(12.45	)
2021		—		19.3907		2		0.00			(2.14	)
2020		1,280		19.8148		25,374		3.27			6.12
2019		2,836		18.6728		52,960		2.36			6.35
MA6
2023		180,305		15.5934		2,810,754		5.63			12.41
2022		200,707		13.8721		2,782,117		5.20			(10.51	)
2021		235,735		15.5021		3,654,395		4.67			3.49
2020		250,279		14.9798		3,749,132		5.27			5.09
2019		239,587		14.2548		3,415,280		5.26			14.81

- 143 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
MA3
2023		2,183	$	35.8059	$	77,887		4.41	%		12.48	%
2022		2,631		31.8325		82,929		6.10			(10.78	)
2021		5,335		35.6791		190,347		3.75			3.08
2020		22,339		34.6121		773,192		8.46			4.85
2019		4,631		33.0108		152,872		5.62			14.44
M97
2023		75,469		29.8891		2,253,416		1.09			14.72
2022		77,344		26.0543		2,013,525		0.59			(14.95	)
2021		84,168		30.6356		2,578,527		0.51			9.27
2020		85,241		28.0375		2,389,945		1.45			15.84
2019		87,594		24.2042		2,120,154		1.23			27.30
MD5
2023		6,145		44.3280		270,911		0.47			14.39
2022		15,009		38.7503		576,403		0.41			(15.18	)
2021		42,172		45.6864		1,926,696		0.39			8.99
2020		46,872		41.9171		1,964,737		1.25			15.50
2019		56,540		36.2915		2,051,913		0.96			27.11
M98
2023		175,650		27.1728		4,768,221		0.72			17.66
2022		179,760		23.0952		4,146,056		0.77			(23.56	)
2021		186,800		30.2127		5,643,716		0.24			10.55
2020		535,609		27.3283		14,637,284		1.02			20.52
2019		539,533		22.6749		12,233,823		1.89			25.94
MD6
2023		564		55.8083		31,457		0.33			24.01
2022		927		45.0044		41,650		0.10			(19.26	)
2021		925		55.7385		51,575		0.25			25.97
2020		919		44.2465		40,651		0.46			22.53
2019		905		36.1120		32,687		0.59			39.95
MB3
2023		4,215		67.5915		283,111		0.02			23.70
2022		11,581		54.6394		630,002		—			(19.45	)
2021		10,690		67.8303		725,106		0.03			25.66
2020		10,349		53.9803		558,623		0.23			22.20
2019		9,712		44.1743		429,010		0.26			39.58

- 144 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
ME2
2023		93,308	$	30.3452	$	2,830,259		1.09	%		13.01	%
2022		96,084		26.8508		2,577,188		0.02			(0.18	)
2021		97,803		32.5775		3,186,174		0.84			11.57
2020		98,339		29.1991		2,871,395		2.48			12.95
2019		51,475		25.8523		1,330,735		1.48			28.04
MA7
2023		1,032		22.1412		22,709		1.58			22.14
2022		2,098		20.6225		43,074		3.10			(13.85	)
2021		1,864		23.9371		44,616		2.91			0.10
2020		1,673		23.9134		40,000		3.57			9.11
2019		1,532		21.9164		33,576		2.86			11.29
MB8
2023		56,994		38.3814 to 69.7265		2,356,683		0.79			18.96
2022		58,478		32.2649 to 58.6148		2,060,110		0.74			(18.37	)
2021		65,102		39.5276 to 71.8089		2,896,525		0.88			29.64
2020		72,231		30.4911 to 55.3924		2,433,388		0.76			2.23
2019		89,366		29.8250 to 54.1823		3,298,107		0.76			26.78
MF6
2023		92,171		67.3771		6,207,386		0.86			11.46
2022		97,188		60.4515		5,871,156		1.58			(26.94	)
2021		99,763		82.7388		8,255,900		1.46			30.12
2020		121,506		63.5843		7,727,177		4.34			1.49
2019		172,086		62.6536		10,783,078		3.57			26.87
MF2
2023		1,095,723		13.5453		14,836,619		1.57			6.08
2022		1,144,679		12.7689		14,601,658		1.98			(4.14	)
2021		1,174,050		13.3198		15,638,023		2.22			0.16
2020		1,206,297		13.2990		16,042,424		3.25			4.34
2019		1,166,960		12.7458		14,873,783		2.71			5.19

- 145 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
MG3
2023		85,183	$	37.5996	$	3,201,345		1.69	%		12.73	%
2022		97,717		33.3549		3,256,524		0.97			(8.79	)
2021		102,959		36.5674		3,765,341		0.81			30.99
2020		106,235		27.9169		2,966,038		1.14			3.87
2019		143,512		26.8770		3,857,455		1.25			31.12
VMG
2023		1,944		63.2269		122,816		—			44.34
2022		3,075		43.8043		134,595		—			(62.96	)
2021		2,723		118.2712		321,978		—			(11.06	)
2020		3,931		132.9770		522,696		—			152.30
2019		4,487		52.7062		236,476		—			40.11
NMC
2023		620		69.4874		42,866		—			18.15
2022		633		58.8151		37,121		—			(28.73	)
2021		650		82.5286		53,653		—			12.99
2020		450		73.0391		32,830		—			39.98
2019		438		52.1781		22,846		—			32.75
NSE
2023		988		16.7137		16,462		0.36			26.90
2022		943		13.1710		12,391		0.44			(18.45	)
2021		913		16.1512		14,739		0.39			23.48
2020		872		13.0803		11,411		0.56			19.56
2019		1,236		10.9402		13,520		0.42			9.40
O01
2023		41,060		52.3875		2,151,038		—			35.38
2022		43,009		38.6980		1,663,801		—			(30.78	)
2021		43,289		55.9078		2,420,255		—			22.57
2020		43,002		45.6136		1,961,540		—			36.59
2019		40,831		33.3953		1,363,625		0.06			36.20
O00
2023		9,497		13.7903		130,741		—			13.15
2022		9,477		12.1876		115,333		—			(30.98	)
2021		9,426		17.6584		166,443		—			19.10
2020		9,411		14.8267		139,531		—			48.27

- 146 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
OGS
2023		58,663	$	51.6183	$	3,021,844		0.23	%		34.73	%
2022		61,663		38.3111		2,357,585		—			(31.76	)
2021		56,582		56.1456		3,176,903		—			15.49
2020		56,243		48.6154		2,734,357		0.71			27.64
2019		58,701		38.0886		2,235,896		0.90			31.79
OSC
2023		33,597		59.5068		1,998,037		1.19			18.13
2022		32,174		50.3745		1,618,876		0.53			(15.83	)
2021		33,552		59.8512		2,008,118		0.38			22.55
2020		34,557		48.8371		1,687,619		0.71			19.93
2019		31,437		40.7220		1,280,152		0.20			26.47
P10
2023		109,642		9.4797		1,037,893		15.85			(7.85	)
2022		101,120		10.2877		1,038,942		21.36			8.61
2021		104,903		9.4717		993,606		4.36			33.34
2020		104,135		7.1033		739,705		5.84			1.35
2019		76,360		7.0086		535,181		4.69			11.43
PK8
2023		30,810		21.1551 to 42.3899		650,396		5.70			11.11
2022		29,286		19.0394 to 38.1506		556,319		4.80			(15.71	)
2021		27,996		22.5885 to 45.2622		631,576		4.40			(2.56	)
2020		38,126		23.1823 to 46.4520		883,034		4.57			6.71
2019		61,147		21.7255 to 43.5329		1,327,684		4.44			14.77
P06
2023		643,328		22.3777		14,389,981		2.97			3.67
2022		685,031		21.5854		14,773,264		6.81			(11.90	)
2021		542,285		24.5021		13,286,585		4.97			5.59
2020		523,148		23.2058		12,139,570		1.46			11.71
2019		560,180		20.7728		11,636,033		1.65			8.44
P07
2023		1,570,795		22.2825		34,949,315		3.57			5.93
2022		1,508,392		21.0347		31,674,146		2.59			(14.30	)
2021		1,559,476		24.5445		38,250,596		1.82			(1.27	)
2020		1,353,383		24.8593		33,617,840		2.12			8.65
2019		1,283,812		22.8806		29,350,167		3.01			8.36
SCP
2023		43,463		32.5899		1,413,994		0.88			25.93
2022		44,907		25.8803		1,160,580		0.42			(9.20	)
2021		49,517		28.5010		1,411,345		1.48			28.82
2020		46,015		22.1252		1,018,140		1.02			(7.15	)
2019		51,573		23.8293		1,228,996		0.70			18.67
R02⁸
2019		886		33.3602		29,549		1.12			45.04
R03
2023		—		71.9076		—		—			53.22
2022		486		46.9311		22,799		—			(34.14	)
2021		492		71.2609		35,078		—			25.54
2020		498		56.7623		28,246		0.29			44.96
2019		504		39.1575		19,745		—			36.86

- 147 -

DELAWARE LIFE VARIABLE ACCOUNT G

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,						For the years ended December 31,
							Investment
			Unit Value		Net		Income
	Units		lowest to highest^3,4		Assets		Ratio¹			Total Return²
307
2023		324,736	$	53.4032 to $72.9530	$	19,580,043		—	%		49.29	%
2022		385,765		35.7717 to 48.8670		15,321,767		—			(38.50	)
2021		394,352		58.1673 to 79.4611		25,702,042		—			17.62
2020		429,814		49.4531 to 67.5568		23,565,313		—			34.28
2019		484,443		36.8286 to 50.3108		19,619,911		—			29.89
REI
2023		51,761		55.7130		2,881,183		2.09			9.54
2022		53,695		50.8606		2,726,734		1.88			(3.34	)
2021		54,742		52.6191		2,881,237		1.57			25.55
2020		61,545		41.9112		2,580,036		2.34			1.18
2019		64,372		41.4210		2,666,968		2.32			26.40
RNA
2023		641		83.4063		53,221		0.25			28.96
2022		658		64.6744		42,370		—			(21.51	)
2021		678		82.3982		55,827		—			20.80
2020		633		68.2126		43,185		—			44.37
2019		639		47.2475		30,159		0.42			34.93
W42
2023		885		35.9728	$	31,738		—			21.74
2022		925		29.5501		27,136		—			(33.46	)
2021		3,183		44.4113		141,369		0.79			8.90
2020		2,765		40.7819		112,774		—			24.23
2019		2,089		32.8282		68,563		0.26			31.10

These amounts represent the dividends, excluding distributions of capital gains, received by the Sub-Account from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the underlying fund in which the Sub-Account invests.

Ratio represents the total return for the year indicated and reflects the changes in value of the underlying mutual fund. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in reduction in the total return presented. The total return calculated for the year indicated or from the effective date through the end of the reporting period.

³	These unit values are not a direct calculation of net assets over the number of units allocated to the Sub-Account.

⁴	Due to the timing difference of the launch date of certain VUL products, some Sub-Accounts may have multiple unit values even though these products have no expense charges that result in a direct reduction to unit values.

⁵	BNY Mellon Variable Investment Fund: Quality Bond Portfolio, Initial Shares Sub-Account (DQB) merged into Sub-Account MD8 on April 30, 2020.

⁶	Invesco V.I. Mid Cap Growth Fund Series I Sub-Account (I84) merged into Sub-Account O00 on April 30, 2020.

⁷	Sub-Account C58 is active but has had zero balance since 2020.

⁸	Sub-Account R02 is active but has had zero balance since 2020.

- 148 -

Delaware Life Insurance Company

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

Report of Independent Auditors

Statutory Financial Statements as of

December 31, 2023 and 2022 and for the Years Ended

December 31, 2023, 2022 and 2021

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)


TABLE OF CONTENTS

	Page

Report of Independent Auditors		1

Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus		4

Statutory Statements of Operations		6

Statutory Statements of Changes in Capital and Surplus		7

Statutory Statements of Cash Flow		8

Notes to the Statutory Financial Statements		10

Independent Auditors’ Report

The Board of Directors

Delaware Life Insurance Company:

Opinions

We have audited the financial statements of Delaware Life Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, and capital and surplus as of December 31, 2023 and 2022, and the related statutory statements of operations, changes in capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2023, and the related notes to the financial statements.

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2023 in accordance with accounting practices prescribed or permitted by the Delaware Department of Insurance described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2023 and 2022, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2023.

Basis for Opinions

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 2 to the financial statements, the financial statements are prepared by the Company using accounting practices prescribed or permitted by the Delaware Department of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the financial statements of the variances between the statutory accounting practices described in Note 2 and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material and pervasive.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting practices prescribed or permitted by the Delaware Department of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the financial statements are issued.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

•

Exercise professional judgment and maintain professional skepticism throughout the audit.

•

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

•

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

/s/ KPMG LLP

Hartford, Connecticut

April 22, 2024

[This page intentionally left blank.]

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND CAPITAL AND SURPLUS

AS OF DECEMBER 31, 2023 AND 2022 (IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)


Admitted Assets	2023		2022
General Account assets:
Bonds	$	18,134,460	$	14,325,528
Preferred stocks		802,140		1,121,391
Common stocks		162,439		303,211
Mortgage loans		1,721,502		1,387,817
Contract loans		351,919		353,608
Derivatives		575,141		609,047
Other invested assets		1,493,229		1,234,843
Mortgage escrow funds		16,129		9,140
Receivables for securities		127,334		286,580
Cash, cash equivalents and short-term investments		3,859,773		3,141,676

Total cash and invested assets		27,244,066		22,772,841
Accrued investment income		480,307		344,590
Amounts recoverable from reinsurers		16,753		11,343
Other amounts receivable under reinsurance contracts		9,021		2,426
Reinsurance deposit asset		76,063		174,387
Net deferred tax asset		176,589		39,949
Receivables from parent, subsidiaries and affiliates		185,277		124,534
Admitted disallowed interest maintenance reserve		140,735		—
Other assets		34,245		29,503

Total General Account assets		28,363,056		23,499,573
Separate Account assets		17,727,809		17,680,811

Total admitted assets	$	46,090,865	$	41,180,384

(continued)

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND CAPITAL AND SURPLUS

AS OF DECEMBER 31, 2023 AND 2022 (IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)


Liabilities and Capital and Surplus	2023			2022
General Account liabilities:
Aggregate reserve for life and annuity contracts	$	21,040,253		$	17,305,820
Liability for deposit-type contracts		1,979,497			1,562,961
Contract claims		32,738			37,646
Other amounts payable on reinsurance		147,653			15,233
Interest maintenance reserve		—			16,243
Asset valuation reserve		282,462			147,618
Funds held under reinsurance treaties with unauthorized and certified reinsurers		260,713			256,195
Funds held under coinsurance		106,269			191,505
Commissions to agents due or accrued		38,164			13,135
General expenses due or accrued		29,468			34,017
Transfers from Separate Accounts due or (accrued), net		(195,531	)		(113,545	)
Payable for securities		1,122,769			1,152,825
Payable to parent, subsidiaries, and affiliates		59,679			27,149
Derivatives		435,850			458,298
Current federal and foreign income taxes		81,263			23,631
Remittances and items not allocated		232,460			66,421
Derivative collateral payable		64,282			—
Other liabilities		82,818			59,777

Total General Account liabilities		25,800,807			21,254,929
Separate Account liabilities		17,727,809			17,680,809

Total liabilities		43,528,616			38,935,738
Capital and surplus:
Common capital stock, $1,000 par value – 10,000 shares authorized; 6,437 shares issued and outstanding		6,437			6,437
Surplus notes		390,213			390,213
Gross paid in and contributed surplus		1,590,920			1,475,920
Unassigned funds		433,944			372,076
Special surplus funds		140,735			—

Total surplus		2,555,812			2,238,209

Total capital and surplus		2,562,249			2,244,646

Total liabilities, capital and surplus	$	46,090,865		$	41,180,384

See accompanying notes to statutory financial statements.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

STATUTORY STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021 (IN THOUSANDS)


	2023			2022			2021
Premiums and other revenues:
Premiums and annuity considerations	$	5,446,325		$	2,436,071		$	2,292,669
Considerations for supplementary contracts with life contingencies		33,719			26,204			29,963
Net investment income		1,243,794			1,117,986			891,589
Commissions and expense allowances on reinsurance ceded		103,237			104,874			108,257
Reserve adjustments on reinsurance ceded		(964,497	)		(897,173	)		(1,306,501	)
Income from fees associated with investment management, administration and contract guarantees from Separate Accounts		312,625			336,073			377,490
Investment (expense) on reinsurance deposit asset		(261,142	)		(154,844	)		(416,413	)
Reinsurance experience refund		54,437			105,218			116,031
Assets transferred on coinsurance		(118,857	)		—			—
Other income		62,955			51,986			60,852

Total premiums and other revenues		5,912,596			3,126,395			2,153,937
Benefits paid or provided:
Death benefits		131,919			154,335			176,117
Annuity benefits		381,780			345,465			324,008
Health benefits		51			1,639			1,086
Surrender benefits and withdrawals for life contracts		2,039,161			1,295,060			1,423,589
Interest and adjustments on contract or deposit-type contract funds		53,499			60,691			23,609
Payments on supplementary contracts with life contingencies		43,820			45,362			46,079
Increase in aggregate reserves for life and accident and health contracts		3,734,433			1,245,954			862,341

Total benefits paid or provided		6,384,663			3,148,506			2,856,829
Commissions on premiums, annuity considerations and deposit-type contract funds		115,453			188,091			286,433
Commissions and expense allowances on reinsurance assumed		116			118			117
General insurance expenses		296,678			278,295			239,504
Insurance taxes, licenses and fees, excluding federal income taxes		6,903			6,119			5,995
Net transfers from Separate Accounts net of reinsurance		(983,184	)		(833,857	)		(1,231,685	)
Investment (income) expense on funds held		(180,512	)		47,393			(241,024	)
Expense (income) under hedging program with affiliate		(49,423	)		—			—
Other expenses (income)		382			63			(14	)

Total benefits and expenses		5,591,076			2,834,728			1,916,155
Gain from operations before federal income tax expense and net realized capital gains (losses)		321,520			291,667			237,782
Federal income tax expense (benefit), excluding tax on capital gains (losses)		183,751			46,564			(3,242	)

Gain from operations before net realized capital gains (losses)		137,769			245,103			241,024
Net realized capital gains (losses) less capital gains tax and transfers to the interest maintenance reserve		7,207			14,186			(25,644	)

Net income	$	144,976		$	259,289		$	215,380

See accompanying notes to statutory financial statements.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

STATUTORY STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021 (IN THOUSANDS)


	Capital stock		Surplus notes			Gross paid- in and contributed surplus		Unassigned funds			Special surplus funds		Total
Balances at December 31, 2020	$	6,437	$	557,500		$	777,939	$	256,670		$	—	$	1,598,546
Net income		—		—			—		215,380			—		215,380
Change in net unrealized investment gains (losses), net of taxes		—		—			—		(252,870	)		—		(252,870	)
Change in net unrealized foreign exchange capital gain (loss)		—		—			—		(4,216	)		—		(4,216	)
Change in net deferred income tax		—		—			—		(9,504	)		—		(9,504	)
Change in nonadmitted assets		—		—			—		33,569			—		33,569
Change in liability for reinsurance in unauthorized and certified companies		—		—			—		649			—		649
Change in asset valuation reserve		—		—			—		56,244			—		56,244
Change in surplus notes		—		(167,287	)		—		—			—		(167,287	)
Paid in capital		—		—			647,981		—			—		647,981
Dividends paid to stockholders		—		—			—		(200,000	)		—		(200,000	)
Prior period adjustment net of tax		—		—			—		(7,023	)		—		(7,023	)
Investment income on funds held - unrealized		—		—			—		165,444			—		165,444
Other capital changes		—		—			—		(571	)		—		(571	)

Balances at December 31, 2021	$	6,437	$	390,213		$	1,425,920	$	253,772		$	—	$	2,076,342
Net income		—		—			—		259,289			—		259,289
Change in net unrealized investment gains (losses), net of taxes		—		—			—		(345,740	)		—		(345,740	)
Change in net unrealized foreign exchange capital gain (loss)		—		—			—		(10,232	)		—		(10,232	)
Change in net deferred income tax		—		—			—		26,762			—		26,762
Change in nonadmitted assets		—		—			—		2,654			—		2,654
Change in asset valuation reserve		—		—			—		66,457			—		66,457
Paid in capital		—		—			50,000		—			—		50,000
Dividends paid to stockholders		—		—			—		(100,000	)		—		(100,000	)
Prior period adjustment net of tax		—		—			—		33,174			—		33,174
Investment income on funds held - unrealized		—		—			—		185,983			—		185,983
Other capital changes		—		—			—		(43	)		—		(43	)

Balances at December 31, 2022	$	6,437	$	390,213		$	1,475,920	$	372,076		$	—	$	2,244,646
Net income		—		—			—		144,976			—		144,976
Change in net unrealized investment gains (losses), net of taxes		—		—			—		42,836			—		42,836
Change in net unrealized foreign exchange capital gain (loss)		—		—			—		4,621			—		4,621
Change in net deferred income tax		—		—			—		141,057			—		141,057
Change in nonadmitted assets		—		—			—		(13,668	)		—		(13,668	)
Change in asset valuation reserve		—		—			—		(134,844	)		—		(134,844	)
Paid in capital		—		—			115,000		—			—		115,000
Prior period adjustment net of tax		—		—			—		3,780			—		3,780
Investment income on funds held - unrealized		—		—			—		7,939			—		7,939
Admitted disallowed interest maintenance reserve		—		—			—		(140,735	)		140,735		—
Other capital changes		—		—			—		5,906			—		5,906

Balances at December 31, 2023	$	6,437	$	390,213		$	1,590,920	$	433,944		$	140,735	$	2,562,249

See accompanying notes to statutory financial statements.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

STATUTORY STATEMENTS OF CASH FLOW

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021 (IN THOUSANDS)


	2023			2022			2021
Cash flow from operating activities:
Premiums and annuity considerations collected net of reinsurance	$	5,753,440		$	2,824,909		$	2,660,490
Net investment income received		1,258,847			1,086,575			1,084,347
Miscellaneous income		377,825			389,289			439,383

Total receipts		7,390,112			4,300,773			4,184,220
Benefits and loss related payments		(3,729,563	)		(2,960,471	)		(3,409,491	)
Net transfers from Separate Accounts		901,198			829,715			1,207,730
Commissions, expenses paid and aggregate write-ins for deductions		(361,428	)		(502,314	)		(533,179	)
Federal and foreign income taxes recovered (paid)		(108,685	)		(11,000	)		27,515

Total payments		(3,298,478	)		(2,644,070	)		(2,707,425	)

Net cash provided by operating activities		4,091,634			1,656,703			1,476,795

Cash flow from investing activities:
Proceeds from investments sold, matured, repaid or received:
Bonds		877,630			2,998,524			4,986,107
Stocks		875,522			381,570			599,109
Mortgage loans		175,963			332,138			196,789
Other Invested Assets		139,135			351,593			40,559
Net gains or (losses) on cash, cash equivalents and short-term investments		—			—			(11	)
Miscellaneous proceeds		129,189			235,472			440,989

Total investment proceeds		2,197,439			4,299,297			6,263,542
Cost of investments acquired:
Bonds		(4,861,590	)		(4,182,569	)		(5,496,463	)
Stocks		(354,704	)		(89,351	)		(850,942	)
Mortgage loans		(500,124	)		(757,256	)		(696,196	)
Other Invested Assets		(345,015	)		(74,038	)		(328,732	)
Miscellaneous applications		(190,874	)		(80,612	)		(184,607	)

Total cost of investments acquired		(6,252,307	)		(5,183,826	)		(7,556,940	)
Net decrease in contract loans and premium notes		1,731			19,540			18,996

Net cash used in investing activities		(4,053,137	)		(864,989	)		(1,274,402	)

Cash flow from financing and miscellaneous activities:
Bilateral loan agreement with affiliate		175,000			(215,217	)		93,000
Net deposits on deposit-type contracts and other liabilities		416,536			199,557			421,507
Capital and paid in surplus		115,000			50,000			479,249
Dividends paid to stockholders		—			(100,000	)		(200,000	)
Other cash provided (applied)		(26,936	)		16,424			1,746

Net cash provided by (used in) financing and miscellaneous activities		679,600			(49,236	)		795,502

Net change in cash, cash equivalents and short-term investments		718,097			742,478			997,895
Cash, cash equivalents, and short-term investments:
Beginning of year		3,141,676			2,399,198			1,401,303

End of year	$	3,859,773		$	3,141,676		$	2,399,198

(continued)

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

STATUTORY STATEMENTS OF CASH FLOW

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021 (IN THOUSANDS)

Supplemental disclosures of noncash transactions:


	2023		2022		2021
Exchanges and transfers of invested assets	$	707,035	$	218,534	$	729,264
Modified coinsurance reserve adjustment - net (including premium, miscellaneous income, and benefits)		964,497		897,173		1,306,501
Capitalized interest		29,255		36,536		—
Surplus note exchanges		84,801		—		—
Payable to subsidiary for SSAP 72 capital contribution		—		—		35,000
Transfer Lackawanna Casualty to Clear Spring PC Holdings		—		—		169,037
Surplus note and related interest forgiveness/capital contribution		—		—		168,732
Subsidiary return of capital - invested assets and related accrued interest transferred		—		—		7,167

See accompanying notes to statutory financial statements.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

1.	Organization

Delaware Life Insurance Company (the “Company”), is a stock life insurance company incorporated under the laws of Delaware. The Company is a direct, wholly-owned subsidiary of DLIC Sub-Holdings, LLC (“DLSH”), a Delaware limited liability company, and an indirect subsidiary of Group 1001 Insurance Holdings, LLC. DLSH was formed in the first quarter of 2022 as a new holding company subsidiary of the Company’s former parent, DLIC Holdings, LLC (“DLH”) (formerly known as Group One Thousand One, LLC).

The Company is licensed to transact business in 49 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. The business of the Company includes the issuance, administration, and servicing of a variety of wealth accumulation products, protection products, and institutional investment contracts. These products include individual and group fixed and variable annuities, individual and group variable life insurance, individual universal life insurance, funding agreements, and group life and disability insurance.

In the normal course of business, the Company reinsures portions of its individual life insurance, annuity, and group insurance exposure with both affiliated and unaffiliated companies using indemnity reinsurance agreements.

2.	Summary of Significant Accounting Policies

Basis of Presentation - Accounting Practices

The accompanying financial statements of the Company are presented on the basis of accounting principles prescribed or permitted by the Delaware Department of Insurance (the “Department”). The Department recognizes only statutory accounting practices prescribed or permitted by the State of Delaware for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under Delaware’s insurance laws. The National Association of Insurance Commissioners’ (“NAIC’s”) Accounting Practices and Procedures Manual (“NAIC SAP”) has been adopted as a component of prescribed or permitted accounting principles by the State of Delaware. The Company has no permitted or prescribed practices that differ from NAIC SAP.

There was no difference in the Company’s net income (loss) or capital and surplus between NAIC SAP and practices prescribed and permitted by the State of Delaware as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022, and 2021.

Accounting principles and procedures of the NAIC, as prescribed or permitted by the Department, comprise a basis of accounting other than accounting principles generally accepted in the United States of America (“GAAP”). The effects on the financial statements of the differences between NAIC SAP and GAAP are not reasonably determinable and are presumed to be material. The primary differences between GAAP and NAIC SAP can be summarized as follows:

•

The Asset Valuation Reserve (“AVR”) and Interest Maintenance Reserve (“IMR”) are eliminated with unrealized gains and losses reported directly in equity and realized gains and losses reported in income;

•

Certain assets designated under NAIC SAP as “nonadmitted assets” are included in the GAAP balance sheet rather than excluded from assets in the statutory balance sheet;

•

Certain policy acquisition costs and sales inducements are deferred and amortized over the estimated life of the policies for GAAP rather than charged to operations as incurred;

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

•

Policy and contract reserves for traditional life insurance are based on best estimates of expected mortality, morbidity, persistency and interest for GAAP rather than based on prescribed methodologies;

•

Policy reserves on universal life and certain investment products are reported at account value, including additional liabilities for certain guaranteed benefits such as lifetime income benefit riders valued using actuarial assumptions for GAAP, rather than using prescribed statutory methodologies under NAIC SAP;

•

Certain premiums for life and annuity contracts are recognized as deposits for GAAP rather than recorded as premiums in the period received;

•

Investments in wholly owned insurance subsidiaries, other entities under the control of the Company, and certain variable interest entities are consolidated in the Company’s financial statements under GAAP rather than being carried at the Company’s share of the underlying audited GAAP equity or statutory surplus of a domestic insurance subsidiary;

•

The carrying value of investments in subsidiaries is adjusted for any unamortized goodwill as provided for in Statement of Statutory Accounting Principles (“SSAP”) No. 68, Business Combinations and Goodwill (“SSAP No. 68”). Admissibility of goodwill is subject to certain limitations, and is amortized to unrealized gains and losses. Goodwill includes direct costs of an acquisition that are expensed under GAAP. Amortization of goodwill is elective for private companies under GAAP and is amortized to expense.

•

For equity method investments under GAAP, investee earnings and losses are reported in income and dividends of undistributed earnings reduce the carrying value of the investment. Under NAIC SAP, investee earnings and losses are reported as a change in unrealized gain/loss in capital and surplus, while dividends of accumulated undistributed earnings are reported in investment income;

•

Bonds designated as available for sale and trading securities are reported at fair value for GAAP with unrealized gains and losses reported in equity and income, respectively, rather than at amortized cost (or lower of cost or market for bonds with NAIC designations of 6);

•

An allowance for credit losses is established for available for sale securities under the current expected loss model under GAAP rather than being evaluated for other-than-temporary-impairment (“OTTI”) with impairments recorded as a direct write-down of the security’s cost basis for NAIC SAP;

•

Equity/fund investments such as mutual funds and exchange traded funds are classified as equity securities and reported at fair value with changes in fair value reported in earnings under GAAP. Under NAIC SAP, certain equity/fund investments identified by the NAIC’s Securities Valuation Office (the “SVO”) qualify for special bond treatment and are reported using the systematic valuation method;

•

All equity securities, excluding equity method investments, are carried at fair value with changes in fair value reported in earnings for GAAP rather than as unrealized gains and losses in capital and surplus for NAIC SAP;

•

Certain reinsurance transactions are accounted for as financing transactions under GAAP and as reinsurance for NAIC SAP. Assets and liabilities are reported gross of reinsurance for GAAP and net of reinsurance for NAIC SAP;

•

The statements of cash flow reconcile to changes in cash, cash equivalents, and restricted cash for GAAP. Under NAIC SAP, the Statutory Statements of Cash Flow reconcile to changes in cash, cash equivalents, and short-term investments with original maturities of one year or less. A reconciliation of net income to net cash provided by operating activities is not required;

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

•

Generally, changes in deferred taxes are reported as a component of net income under GAAP. Under NAIC SAP, changes in deferred taxes are direct adjustments to surplus and separately reported in the Statutory Statements of Changes in Capital and Surplus;

•

Money market funds are classified as short-term investments under GAAP and cash equivalents under NAIC SAP;

•

Certain contracts with a market value adjustment (“MVA”) feature are classified within the Company’s General Account under GAAP, but are classified within the Company’s non-insulated Separate Accounts under NAIC SAP.

•

Contracts that contain an embedded derivative, including fixed index annuities, are bifurcated from the host contract and accounted for separately under GAAP. Under NAIC SAP, contracts that contain an embedded derivative are not bifurcated and are accounted for as part of the host contract;

•

Surplus notes designated as available for sale are reported at fair value for GAAP rather than at amortized cost for surplus notes with an NAIC designation of 1 or 2. Surplus notes with an NAIC designation of 3-6 are reported at the lower of amortized cost or fair value; and

•

The majority of derivatives are carried at fair value on both a GAAP and NAIC SAP basis. Unrealized gains and losses on derivatives are recognized in income for GAAP purposes and are recognized in surplus on a statutory basis. The Company designates derivatives as hedges on a limited basis which results in unrealized gains and losses on those derivatives being recognized in income.

Use of Estimates

The preparation of the Company’s statutory-basis financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. The most significant estimates are those used in determining the fair value of financial instruments, allowance for loan losses, aggregate reserves for life policies and annuity contracts, deferred income taxes, provision for income taxes, and OTTI of investments.

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in preparing the accompanying statutory-basis financial statements:

Investments

In the normal course of business, the Company enters into transactions involving various types of financial instruments, including cash equivalents, short-term investments, debt and equity securities, mortgage loans, and derivatives. These instruments involve credit risk and also may be subject to risk of loss due to interest rate fluctuations. The Company evaluates and monitors each financial instrument individually and, when appropriate, obtains collateral or other security to minimize potential losses. For securities in an unrealized loss position, management has the positive intent and ability to hold the securities until recovery. All securities are accounted for as of the date the investments are purchased or sold (the trade date).

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Bonds

Investments in bonds, mortgage-backed securities (“MBS”), and asset-backed securities (“ABS”) are stated at amortized cost using the scientific method. Where the NAIC designation of the bond has fallen to 6 and the fair value has fallen below amortized cost, they are stated at fair value. Adjustments to the value of MBS and ABS securities based on changes in cash flows, including those related to changes in prepayment assumptions, are made retrospectively. As part of this process, the NAIC appointed a third-party vendor for each security type to develop a revised NAIC designation methodology. The ratings for residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) are determined by comparing the insurer’s carrying value divided by the remaining par value to price ranges provided by the third-party vendor corresponding to each NAIC designation. Comparisons are initially made to the model based on amortized cost. Where the resulting designation is NAIC 6 per the model, further comparison based on fair value is required, which in some cases, results in a higher final NAIC designation.

The definition of structured securities under SSAP No. 43R, Loan Backed and Structured Securities—Revised (“SSAP No. 43R”) includes certain types of ABS and MBS securities that do not follow the revised rating methodology described above, including, but not limited to, equipment trust certificates, credit tenant loans, 5*/6* securities, interest-only securities, and those with SVO assigned NAIC designations. Interest income on bonds, MBS, and ABS is recognized when earned based upon estimated principal repayments, if applicable. For bonds subject to prepayment risk, yields are recalculated and asset balances adjusted periodically so that expected return on future cash flows matches the expected return over the life of the investment from acquisition. If the collection of all contractual cash flows is not probable, an OTTI may be indicated. The process of analyzing securities for an OTTI adjustment is further described in Note 4.

Preferred Stocks

Preferred stocks are stated in accordance with guidance provided in SSAP No. 32R, Investments in Preferred Stock. Perpetual preferred stocks and mandatory convertible preferred stocks are reported at fair value and cannot exceed effective call price. Redeemable preferred stocks are stated at amortized cost unless they have an NAIC designation of 4, 5, or 6. Redeemable preferred stocks with an NAIC designation of 4, 5, or 6 are stated at the lower of amortized cost or fair value.

Common Stocks

Unaffiliated common stocks are stated at fair value, with changes in unrealized gains or losses credited or charged directly to unassigned surplus, net of tax. Affiliated common stocks are carried based on the underlying audited statutory equity of the investee for insurance subsidiaries and audited GAAP equity for non-insurance subsidiaries. The Company accounts for its investments in subsidiaries in accordance with SSAP No. 97, Investments in Subsidiary, Controlled and Affiliated Entities.

Mortgage Loans

Mortgage loans are stated at unpaid principal balances, net of provisions for estimated losses. Mortgage loans acquired at a premium or discount are carried at amortized cost using the effective interest rate method, net of provisions for estimated losses. Purchases and sales of mortgage loans are recognized or unrecognized in the Company’s Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus on the loan’s trade date. Transaction costs on mortgage loans are capitalized on initial recognition and are recognized in the Company’s Statutory Statements of Operations using the effective interest rate method. Mortgage loans, which primarily include commercial first mortgages, are diversified by property type and geographic area throughout the United States. Mortgage loans are collateralized by the related properties and the Company regularly assesses the value of the collateral.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

A mortgage loan is considered impaired when it is probable that the principal or interest is not collectible in accordance with the contractual terms of the loan. When a mortgage loan is classified as impaired, allowances for credit losses are established to adjust the carrying value of the loan to its net recoverable amount. A specific allowance for loan loss is established for an impaired loan if the present value of expected cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral less cost to sell, is less than the recorded amount of the loan. The full extent of impairment in the mortgage portfolio cannot be assessed solely by reviewing loans individually. A general allowance for loan loss is established based on an assessment of past loss experience on groups of loans with similar characteristics and current economic conditions. While management believes that it uses the best information available to establish loan loss allowances, future adjustments may become necessary if economic conditions differ from the assumptions used in calculating them.

Interest income is recognized on mortgage loans when the collection of contractually specified future cash flows is probable, in which case interest income is recorded in accordance with the effective interest rate method. Interest income is not recognized on impaired mortgage loans and these mortgage loans are placed in a non-accrual status when the collection of contractually specified future cash flows is not probable, in which case cash receipts are applied in the following order: first against the carrying value of the loan, then against the provision, and then to income. The accrual of interest resumes when the collection of contractually specified future cash flows becomes probable based on certain facts and circumstances.

Changes in allowances for losses are recorded as changes in unrealized gains and losses to surplus. Once the conditions causing impairment improve and future payments are reasonably assured, the mortgages are no longer classified as impaired and the Company resumes accrual of income. However, if the original terms of the contract have been changed resulting in the Company providing an economic concession to the borrower at below market rates, then the mortgage is reclassified as restructured. If the conditions causing impairment do not improve and future payments remain unassured, the Company typically derecognizes the asset through disposition or foreclosure. Uncollectible collateral-dependent loans are written off through realized losses for any difference between the carrying value and amount received for the underlying property at the time of disposition or foreclosure.

Receivable/Payable for Securities

The Company has entered into agreements to purchase or sell certain securities as of December 31, 2023, and 2022 that have not yet settled and are recorded as a receivable or payable at the purchase or sale price with gains or losses on sales recorded in the Company’s Statements of Operations.

Other Invested Assets

Other invested assets are primarily comprised of limited partnerships, limited liability companies, collateral loans, surplus notes, non-rated residual equity tranches, residential reverse mortgages, and low income housing tax credits (“LIHTCs”). Investments in limited partnerships and limited liability companies are stated based on the underlying audited GAAP equity of the investee in accordance with SSAP No. 48, Joint Ventures, Partnerships and Limited Liability Companies (“SSAP No. 48”). The Company’s share of undistributed earnings and losses of the investee are included in unrealized gains and losses of the Company. Distributions received from the investee are recognized in investment income when declared to the extent that they are not in excess of undistributed accumulated earnings attributable to the investee. Distributions declared in excess of undistributed accumulated earnings attributable to the investee reduce the carrying amount of the investments. Collateral loans are carried at unpaid principal balance. Surplus notes with an NAIC designation of 1 or 2 are carried at amortized cost, while surplus notes with an NAIC designation of 3 to 6 are carried at lower of amortized cost or fair value. Reverse mortgages are valued in accordance with the Statements of Statutory Accounting Principles SSAP No. 39, Reverse Mortgages, which allows the Company to carry these securities at remaining principal balances. Income on reverse mortgages is recognized using the effective yield method based on the contractual interest rate and anticipated repayment of the mortgage. LIHTCs are accounted for in accordance with SSAP No. 93, Low Income Housing Tax Credit Property Investments.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Cash, Cash Equivalents, and Short-Term Investments

Cash, cash equivalents, and short-term investments are liquid assets. The Company’s cash equivalents primarily include commercial paper and money market instruments, which have an original term to maturity of less than three months. The carrying value for cash, cash equivalents, and short-term investments is stated at amortized cost, which approximates fair value, unless the NAIC designation is 6, in which case the asset is carried at the lower of amortized cost or market. Short-term investments, with the exception of money market instruments which are carried at fair value per SSAP No. 2R, Cash, Cash Equivalents, Drafts and Short-Term Investments, include bonds with a term to maturity exceeding three months, but less than one year on the date of acquisition.

Contract Loans

Contract loans are carried at the amount of unpaid principal balance. Contract loans are collateralized by the related insurance policy and do not exceed the net cash surrender value of such policy.

Derivatives

As part of the Company’s overall risk management strategy, the Company uses over-the-counter (“OTC”) and listed options, exchange-traded futures, currency forwards, currency swaps, interest rate swaps, and swaptions. Derivatives are accounted for in accordance with SSAP No. 86, Derivatives.

Interest rate swaps are employed for duration matching purposes, in replication transactions, and to hedge the guaranteed minimum living benefit offered in some of the Company’s variable annuity policies. Interest rate swaps are reported at fair value except those used in replication transactions which are reported at amortized cost. Changes in fair value are recorded as unrealized gains/losses within surplus.

The Company utilizes listed put and call options and exchange-traded futures on the Standard & Poor’s 500 Composite Stock Price Index (the “S&P 500 Index”) and other indices to hedge against stock market exposure inherent in the mortality and expense risk charges and guaranteed minimum death and living benefit features of the Company’s variable annuities. These options are reported at fair value. Changes in fair value for options are recorded in unrealized gains/losses within surplus. The daily cash variation margin settlements for futures are recorded as a component of net investment income.

The Company also purchases OTC and listed call options and exchange-traded futures on the S&P 500 Index and other indices to economically hedge its obligations under certain fixed index annuity (“FIA”) contracts. The interest credited on these products is based on the changes in the indices. These instruments are purchased directly or through the Company’s wholly owned investment subsidiary, DL Investment Holdings 2016-1, LLC (“DLIH 2016-1”). Options purchased and held by the Company are reported at fair value with changes in fair value recorded in unrealized gains/losses within surplus. The daily cash variation margin settlements for futures are recorded as a component of net investment income. Income distributions from DLIH 2016-1 are reported as a component of net investment income.

The Company uses currency swaps and currency forwards to hedge against the risk of fluctuations in foreign currency exchange rates. Currency swaps and currency forwards are reported at fair value. Changes in fair value are recorded as unrealized gains/losses within surplus. Swaptions are utilized by the Company to hedge exposure to interest rate risk. At the trade date of a swaption, a premium is paid to the counterparty and recorded as an asset. At expiration, swaptions either cash settle for value, settle into an interest rate swap, or expire worthless. Swaptions are reported at fair value and changes in fair value are recorded in unrealized gains/losses within surplus.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Repurchase Agreements and Reverse Repurchase Agreements

The Company participates in repurchase agreements where the Company sells securities and simultaneously agrees to repurchase the same or substantially the same securities at a stated price on a specified date. The Company accounts for repurchase agreements as short-term borrowings reported as liabilities under payable for securities.

The Company also participates in reverse repurchase agreements where the Company purchases securities and simultaneously agrees to resell the same or substantially the same securities at a stated price on a specified date. The Company accounts for the amount paid for securities under the reverse repurchase agreements as short-term investments.

Net Investment Income and Accrued Investment Income

Investment income is recorded when earned. Dividends are recorded on the ex-dividend date.

Accrued investment income is comprised of accrued interest on bonds, preferred stock, short-term investments, mortgage loans, contract loans, other invested assets, and dividends declared but not yet received on common stock. Accrued investment income more than 90 days past due is nonadmitted and reported as a direct reduction of surplus in the Statutory Statements of Changes in Capital and Surplus, with the exception of mortgage loans. Accrued investment income on mortgage loans is recorded as investment income when such interest is deemed collectible, except for interest that is 180 days past due.

Investment Capital Gains and Losses

Realized capital gains and losses are determined on the basis of specific identification method. Realized capital losses also include valuation adjustments for impairments of bonds, mortgage loans, common and preferred stocks, and other investments that have experienced a decline in fair value that management considers to be “other-than-temporary.” In determining whether impairments are other-than-temporary, management considers the size of the excess of carrying value over fair value, the likelihood and expected timing of a recovery in value, the credit quality and financial condition of the issuer, management’s intent to sell when a decline is due to interest rates, and management’s intent and ability to hold the investment until maturity or a recovery in the investment’s fair value.

For loan-backed securities, the determination of OTTI is based on an estimate of the non-interest loss, which is recognized in the net realized capital losses in the Statutory Statements of Operations. To the extent the Company determines that a non-structured security, corporate bond, common stock, preferred stock, or mortgage loan is deemed to be OTTI, the difference between the cost of the security and fair value is recorded as a realized loss and the carrying amount of the investment is written down to its estimated fair value through realized capital losses. In accordance with SSAP No. 43R, securities with OTTI are required to be written down to fair value only if the Company intends to sell or cannot assert the intent and ability to hold the investment until its anticipated recovery. However, if the Company can assert the intent and ability to hold the investment until its anticipated recovery, the valuation adjustment is based on the discounted future expected cash flows of the security discounted at the securities original effective interest rate. Realized capital gains and losses as reported in the Statutory Statements of Operations are net of any capital gains tax (or benefit) and exclude any deferrals to the IMR of interest-rate related capital gains or losses.

Unrealized capital gains and losses include changes in the fair value of common stocks, interest rate swaps, currency swaps, currency forwards, certain bonds and preferred stocks, and change in the equity method share of the accumulated earnings of limited liability companies and partnerships and are reported net of any related changes in deferred taxes. Changes in unrealized capital gains and losses are reported in the Statutory Statements of Changes in Capital and Surplus.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Nonadmitted Assets

For statutory accounting purposes, certain assets are designated as nonadmitted assets (e.g., affiliated common stocks of entities that are not audited, electronic data processing equipment, furniture and equipment, and a portion of accrued investment income). The Company had $45,659 and $31,991 in nonadmitted assets as of December 31, 2023 and 2022, respectively.

Policy Reserves and Liabilities for Deposit-Type Contracts

Policy reserves and liabilities consist of deposit-type contracts and life and annuity policy reserves.

Life and Annuity Policy Reserves

The reserves for life insurance policies and annuity contracts are computed in accordance with presently accepted actuarial standards, and are based on actuarial assumptions and methods (including use of published mortality tables and prescribed interest rates) which produce reserves at least as great as those required by law and/or contract provisions. Annuity reserves are calculated in accordance with the Commissioner’s Annuity Reserve Valuation Method and Actuarial Guidelines 33 and 35, as applicable.

Liabilities for unpaid claims consist of the estimated amount payable for claims reported but not yet settled and an estimate of claims incurred but not reported. These liabilities include estimates of the expenses that will be incurred in connection with the payment of benefits. The amounts reported are based upon historical experience, adjusted for trends and current circumstances. Management believes that the recorded liability is sufficient to provide for the associated claims adjustment expenses. Revisions of these estimates are included in operations in the year such adjustments are determined to be required.

Unpaid losses and claims adjustment expenses for health insurance contracts include an amount determined from individual case estimates and loss reports, if necessary. An amount based on past experience and current payment trends is estimated for losses incurred but not reported. Such liabilities are necessarily based on assumptions and estimates and, while management believes the amount is adequate, the ultimate liability may be in excess of or less than the amount provided. The methods for making such estimates and for establishing the resulting liabilities are continually reviewed and any adjustments are reflected in the period determined.

Deposit-Type Contracts

Liabilities for funding agreements, premium deposit funds, investment-type contracts such as supplementary contracts not involving life contingencies, and certain structured settlement annuities are based on account value or accepted actuarial methods using applicable interest rates.

Contract Claims

The liability for policy and contract claims is based upon the estimated ultimate cost of settling the claims, using past experience adjusted for current trends, and any other factors that modify past experience.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Asset Valuation Reserve and Interest Maintenance Reserve

The Company is required to maintain an IMR and AVR. The IMR is used to defer realized capital gains and losses, net of any income tax, on fixed income investments and derivatives that are attributable to changes in interest rates. Net realized capital gains and losses deferred to the IMR are amortized into investment income over the estimated remaining term to maturity of the investment sold. Beginning in 2023, negative IMR is admitted in accordance with the guidelines established by the NAIC’s Statutory Accounting Principles Working Group (“SAPWG”) in their interpretive guidance within INT 23-01, Net Negative (Disallowed) Interest Maintenance Reserve (“INT 23-01”).

As of December 31, 2023, the Company had $140,735 and $11,045 of negative IMR recorded in its General Account and non-insulated Separate Account, respectively. The amount admitted in the General Account was reported as an asset within the Company’s Statutory Statement of Admitted Assets, Liabilities, and Capital and Surplus. The Company’s calculated adjusted capital and surplus for purposes of determining negative IMR allowed to be admitted using information from the Company’s most recently filed statement with the Department was $2,195,524. The General Account admitted negative IMR represents 6.4% of the Company’s General Account adjusted capital and surplus. The Separate Account negative IMR recognized as an asset represents 0.5% of the Company’s General Account adjusted capital and surplus.

Fixed income investments generating IMR losses comply with the Company’s documented investment or liability management policies. The Company has no derivative activity included in IMR. There were no temporary and transitory timing issues or events that caused IMR losses to not be reflective of reinvestment activities. Asset sales generating negative IMR were not compelled by liquidity pressures.

The AVR represents a reserve for invested asset valuation using a formula prescribed by the NAIC. The AVR is intended to protect surplus by absorbing declines in the value of the Company’s investments that are not related to changes in interest rates. Increases or decreases in the AVR are reported as direct adjustments to surplus in the Statutory Statements of Changes in Capital and Surplus.

Income Taxes

The Company accounts for current and deferred income taxes and recognizes reserves for income tax contingencies in accordance with SSAP No. 101, Income Taxes (“SSAP No. 101”). Under the applicable asset and liability method for recording deferred income taxes, deferred tax assets (“DTAs”), net of any nonadmitted portion, and deferred tax liabilities (“DTLs”) are recognized for the future tax consequences attributable to differences between the statutory financial statement carrying amounts of existing assets and liabilities and their respective tax basis. DTAs and DTLs are measured using the enacted tax rates on which those temporary differences are expected to be recovered or settled. The change in deferred taxes is charged or credited directly to surplus. Gross DTAs are first reduced by a statutory valuation allowance, if deemed appropriate. The Company then determines the admissibility of the remaining net DTAs, after valuation allowance, subject to admissibility limitations set forth in NAIC SAP.

Reinsurance

Certain of the Company’s individual life insurance, annuity, and group insurance policies are reinsured on a coinsurance and funds held coinsurance basis with both affiliated and unaffiliated companies using indemnity reinsurance agreements. The Company accounts for funds held under coinsurance in accordance with SSAP No. 61R, Life, Deposit-Type and Accident and Health Reinsurance (“SSAP No. 61R”). The amounts withheld by the Company under these arrangements are recorded as liabilities on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Reinsurance premiums, claims and claim adjustment expenses are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. The Company remains contingently liable for the liabilities ceded in the event the reinsurers are unable to meet their obligations under the reinsurance agreements. To limit the possibility of such losses, the Company evaluates the financial condition of its reinsurers and monitors its concentration of credit risk.

Amounts recoverable and payable under reinsurance agreements include amounts recoverable or due related to net settlements with assumed, ceded, and retrocedent activity.

The following accounting applies to coinsurance arrangements with funds withheld:

Ceding Entity

Premiums paid or payable to the reinsurer reduce premium income. Policy benefit payments paid by the reinsurer reduce reported policy benefits. Expense allowances paid by the reinsurer are reported separately in the Statutory Statements of Operations as they are incurred. A net reduction to policy reserves is taken for the portion of the obligation assumed by the reinsurer. Any funds withheld by the ceding entity are recorded as a separate liability.

Assuming Entity

Premiums received or receivable by the reinsurer increase premium income. Policy benefit payments paid by the reinsurer increase the reported policy benefits. Expense allowances paid by the reinsurer are reported separately in the Statutory Statements of Operations when payable. The reinsurer records its share of the statutory policy reserves attributable to the business identified in the reinsurance agreement. Any funds withheld by the ceding entity are recorded as a separate asset by the assuming entity. Non-IMR gains and losses are recorded through net investment income by the assuming entity.

Separate Accounts

The assets and liabilities of the separate accounts shown in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus are reported at fair value or, if there is no readily available market, in accordance with the valuation procedures in the applicable contract. These represent funds that are segregated and maintained for the benefit of separate account contract holders.

Premiums and Annuity Considerations

Annuity considerations are recognized as revenue when received. Premiums for traditional life insurance products are recognized as revenue when due and are recognized over the premium-paying period of the related policies. Considerations for deposit-type contracts, which do not have any life contingencies, are recorded directly to the related liability.

Assets Transferred on Coinsurance

On December 6, 2023, and effective December 31, 2023, the Company entered into a reinsurance agreement with its wholly owned subsidiary, Delaware Life and Annuity Company (“DLAC”), to cede a block of multi-year guaranteed annuity (“MYGA”) contracts on a coinsurance basis. The assets transferred to DLAC under this agreement are recorded as a reduction to income in the Statutory Statements of Operations.

Commissions and Expense Allowances

Expenses incurred in connection with acquiring new insurance business are charged to operations as incurred in accordance with SSAP No. 71, Policy Acquisition Costs and Commissions (“SSAP No. 71”).

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Expense (Income) Under Hedging Program With Affiliate

In accordance with the terms of the Hedging Program Agreement between the Company and DLIH 2016-1, the Company pays a service fee that is settled in conjunction with a liability option impact on a quarterly basis. Settlements related to this agreement are recorded as an increase or decrease to expenses in the Statutory Statements of Operations.

New and Adopted Accounting Pronouncements

Revisions to SSAP No. 71 were adopted with an effective date of December 31, 2021. The revisions modified SSAP No. 71 such that an insurance entity cannot use levelized commission arrangements to delay establishment of a liability regardless of how the arrangement is structured with regards to policy persistency or timing of payment. The Company reviewed its commission programs as a result of the adoption of changes to SSAP No. 71, which apply to contracts in effect as of December 31, 2021. As a result, the Company made one-time, accelerated payments totaling $72,000 in settlement of all material levelized commission arrangements. The settlements are reported in the Statutory Statement of Operations as commissions on premiums, annuity considerations, and deposit-type contract funds (direct business only). As of December 31, 2021, the Company had no material levelized commission arrangements.

Revisions to INT 23-01 were adopted with an effective date of August 13, 2023 to provide limited-time exception guidance to SSAP No. 7, Asset Valuation Reserve and Interest Maintenance Reserve, and the annual statement instruction for the reporting of net negative (disallowed) IMR. The revisions allow for an insurer to admit negative IMR up to 10% of adjusted capital and surplus when its Risk-Based Capital (“RBC”) is greater than 300% after adjustment to remove admitted positive goodwill, electronic data processing equipment and operating system software, DTAs, and admitted IMR. As a result of these revisions, the Company reported $140,735 of admitted negative IMR within the Statutory Statement of Admitted Assets, Liabilities, and Capital and Surplus as of December 31, 2023. The Company also recognized $11,045 of negative IMR as an asset within the Company’s non-insulated Separate Account.

Correction of Errors

During 2023, the Company discovered an error related to a reinsurance agreement with an affiliate under which the Company cedes risks associated with certain of the Company’s in-force corporate-owned variable universal life insurance and private placement variable universal life insurance policies on a combination coinsurance and coinsurance with funds-held basis. The error resulted in other amounts receivable under reinsurance and miscellaneous income being understated as of the year-ended December 31, 2022. This error has been corrected and recorded, net of tax, in the Statutory Statements of Capital and Surplus in the amount of $3,780.

During 2022, the Company discovered an error related to the calculation of investment income on certain bond investments, which resulted in accrued investment income and net investment income being understated. This error has been adjusted and recorded, net of tax, in the Statutory Statements of Capital and Surplus in the amount of $36,786.

During 2022, the Company discovered an error related to the carrying value of certain other invested assets whereby certain of these assets were not carried at the lower of cost or fair value, resulting in other invested assets and the asset valuation reserve being overstated. This error has been adjusted and recorded, net of tax, in the Statutory Statements of Capital and Surplus in the amount of $(3,612).

During 2021, the Company discovered an error related to the calculation of actuarial reserves. This error has been adjusted and recorded, net of tax, as a decrease to surplus in the Statutory Statements of Capital and Surplus in the amount of $7,023.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

3.	Related Party Transactions

Investments in Affiliates and Related Parties

The Company has significant transactions with and investments in affiliates and other related parties. The purpose of these investments is to generate investment returns in line with the Company’s overall investment strategy. All investments in affiliated entities and related parties are valued in accordance with the accounting policies described in Note 2 unless otherwise noted below.

The table below shows the respective amounts held with affiliates, including investments in subsidiaries, at December 31, 2023 and 2022, with respect to the following financial statement captions:


	Carrying Value December 31,
	2023		2022
Cash Equivalent	$	186,000	$	59,803
Short-Term Investments		557,833		536,030
Bonds		343,021		343,021
Preferred Stocks		241,130		243,199
Common Stocks		21,549		169,831
Other Invested Assets		513,021		352,141

Total	$	1,862,554	$	1,704,025

During 2023, Clear Spring Health Insurance Company (“CSHIC”), an affiliate, borrowed $155,000 from the Company in the form of a demand promissory note. $95,000 of the amount borrowed was repaid during the year and, as of December 31, 2023, the Company holds a cash equivalent of $60,000, which reflects the outstanding balance of the demand promissory note. There was no borrowing or repayment activity during 2022.

Short-term investments in affiliates primarily relate to investments in Wright STF III, LLC (“Wright”). During 2023, the Company had $530,500 of acquisitions of short-term investments/cash equivalents in Wright, offset by $532,500 of proceeds from sales/maturities which decreased the prior year balance of affiliated short-term investments of $532,500 to $530,500 as of December 31, 2023. During 2022, the Company had $606,500 of acquisitions of short-term investments/cash equivalents in Wright, offset by $449,000 of proceeds from sales/maturities which increased the prior year balance of affiliated short-term investments of $375,000 to $532,500 as of December 31, 2022. The Company recorded $22,029, $6,400, and $13,800 of investment income and the average yield on these short-term investments was 6.04%, 4.91%, and 5.47% in 2023, 2022, and 2021, respectively.

DL Investment Holdings 2015-1, LLC (“DLIH 2015-1”) is an affiliated investment holding company with both common and preferred units. The Company owns all 255,000 issued and outstanding Series A Preferred Units (the “Preferred Units”) with a par value of $255,000. The Preferred Units are non-voting member units that entitle the Company to a 6% yield that compounds quarterly with distributions that take priority over common unit distributions. As of December 31, 2023 and 2022, the carrying value of the Preferred Units was $241,130 and $243,199, respectively.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

The Company’s investment in subsidiaries is reflected in the common stock total above and is comprised of the Company’s investment in Delaware Life Reinsurance (U.S.) Corp. (“DLOK”), DL Reinsurance Company (“DLRC”), DLAC, and Clarendon Insurance Agency, Inc (“Clarendon”). The decrease in the carrying value of the Company’s common stock investment in subsidiaries was primarily driven by the sale of Delaware Life Insurance Company of New York (“DLNY”) (formerly a wholly-owned subsidiary of the Company) to Nassau Financial Group, L.P. in July 2023. The cash proceeds of the sale were $184,859 and the Company’s surplus increased by $18,525 as a result of the sale due to a $28,081 realized gain partially offset by the reversal of cumulative unrealized gains of $9,556. Additionally, during 2023, the Company’s investment in DLOK was fully nonadmitted.

The Company’s investments in subsidiaries reflected in common stock as of December 31, 2023 and 2022 were as follows:


	Carrying Value as of December 31,
Entity	2023		2022
Clarendon	$	1,454	$	1,454
DLOK		—		4,119
DLRC		4,066		3,862
DLAC		16,029		—
DLNY		—		160,396

Total	$	21,549	$	169,831

The Company owns controlling membership interests in the following limited liability companies, which are carried as other invested assets: Clear Spring PC Holdings, LLC (“CSPCH”); Ellendale Insurance Agency, LLC (“Ellendale”); DLIH 2016-1; and DL Investment Holdings 2016-2, LLC (“DLIH 2016-2”). During 2021, the Company’s share of losses of one such entity, Ellendale, exceeded the investment value before being nonadmitted. Therefore, in accordance with SSAP No. 48, the Company ceased equity method accounting. This had no impact to the surplus of the Company since the value of Ellendale was nonadmitted prior to 2021.

In February 2022, the Company sold its wholly-owned non-insurance holding company, Clear Spring Health Holdings, LLC (“CSHH”), to DLSH. The proceeds of the sale were $195,300 and the Company’s surplus increased by $151,789 as a result of the sale due to the reversal of cumulative unrealized losses of $143,892 and a $7,898 realized gain.

The Company’s investments in subsidiaries reflected in other invested assets as of December 31, 2023 and 2022 were as follows:


	Carrying Value as of December 31,
Entity	2023		2022
DLIH 2016-1	$	202,024	$	79,012
DLIH 2016-2		33,292		26,138
CSPCH		232,705		246,991

Total	$	468,021	$	352,141

In addition to the investments in affiliates and related parties included in the tables above, the Company held investments for which a related party was a beneficial owner totaling $217,758 as of December 31, 2023 and 2022.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

During 2023 and 2022, the Company made the following capital contributions to subsidiaries:


Entity	2023		2022
DLIH 2016-2	$	100	$	5,016
DLIH 2016-1		150,000		—
DLAC		23,000		—

Goodwill

The Company carries goodwill in the investment value of subsidiaries related to direct statutory purchases and indirect purchases of downstream insurance subsidiaries by noninsurance holding company subsidiaries. Admitted goodwill is limited to 10% of adjusted capital and surplus under SSAP No. 68.

On December 30, 2020, the Company purchased 200 units of its 80% owned subsidiary, CSPCH, representing the 20% minority interest previously held by a third party. Clear Spring Property and Casualty Company (“CSP&C”) is an indirect wholly-owned subsidiary of CSPCH. The goodwill related to this purchase is shown in the table below. Additional goodwill from the original purchase of CSP&C by downstream non-insurance holding companies is not shown in the table below but is embedded in the Company’s investment value of CSPCH.

On April 1, 2019, the Company acquired Clear Spring Casualty Insurance Company (“CSCIC”), formerly known as Lackawanna Casualty Company, a worker’s compensation insurance company, and its subsidiaries, Clear Spring American Insurance Company (“CSAIC”), formerly known as Lackawanna American Insurance Company, and Clear Spring National Insurance Company (“CSNIC”), formerly known as Lackawanna National Insurance Company. On December 30, 2021, the Company contributed its direct investment in CSCIC to CSPCH at the statutory value of CSCIC. CSPCH subsequently contributed CSCIC at its statutory value to CSP&C through a wholly-owned intermediary non-insurance holding company. As such, the goodwill reported in the table below for CSCIC is reflected in the Company’s book value of CSPCH as of December 31, 2023, in addition to the goodwill noted above.

The transactions described above were each accounted for as a statutory purchase by the Company and are reported in the table below. Indirect goodwill derived from the purchase of CSP&C by CSPCH is not considered a statutory purchase by the Company and is excluded from the table below. Total goodwill related to CSPCH and CSP&C from all sources reflected in the book value of CSPCH as of December 31, 2023 was $38,284, representing 16.5% of the total book value, and is inclusive of $1,897 of indirect goodwill referenced above. A summary of the Company’s goodwill related to statutory purchases is as follows:


Purchased entity	Acquisition date	Cost of acquired entity		Original amount of goodwill		Original amount of admitted goodwill		Admitted goodwill as of the reporting date		Amount of goodwill amortized during the reporting period		Book Value of SCA		Admitted goodwill as a % of SCA BACV, gross of admitted goodwill
CSCIC/CSPCH*	4/1/2019	$	171,728	$	61,162	$	61,162	$	32,110	$	6,116	$	232,705		13.8%
CSPCH	12/30/2020	$	12,200	$	8,553	$	8,553	$	4,277	$	1,426	$	232,705		1.8%

Unamortized goodwill from the Company’s statutory purchase of CSCIC is shown in the table above as a percentage of the book value of CSPCH.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Dividends/Distributions

Refer to Note 17 for disclosure of dividends paid by the Company and capital contributions received by the Company.

During 2023, 2022, and 2021, the Company recognized the following dividends and distributions from subsidiaries:


Date	Entity	Amount		Form	Asset Description
December 22, 2023	DLIH 2016-1	$	75,000	Return of capital	Cash
May 18, 2022	DLNY		54,026	Dividend	Cash
December 12, 2022	DLNY		200,000	Extraordinary dividend (a)	Cash
August 9, 2021	DLIH 2016-1		30,000	Dividend	Cash
November 9, 2021	DLIH 2016-1		20,000	Dividend	Cash
October 14, 2021	Delaware Life 1099 Reporting Company, LLC		30	Return of capital	Cash
October 26, 2021	DLNY		58,232	Dividend	Cash
December 15, 2021	DLOK		13,000	Return of capital	Invested assets and cash
December 31, 2021	DLIH 2016-1		23,000	Dividend	Accrual (b)

(a)

In accordance with SSAP No. 72, Surplus and Quasi-Reorganizations (“SSAP No. 72”), $900 recognized as dividend income and $199,100 recognized as a return of capital.

(b)

Receivable reflected in Investment Income Due and Accrued as of December 31, 2021.

In addition to the above distributions, on December 29, 2023 and December 30, 2022, the Company accrued $15,604 of preferred dividends from DLIH 2015-1. The 2023 accrued distribution was subsequently received in cash by the Company on January 5, 2024.

Debt and Surplus Note Transactions

During 2023 and 2022, Group 1001 Finance, LLC (“Group 1001 Finance”) purchased $189,699 and $29,801, respectively, of interests in the Company’s surplus notes that were previously issued by the Company to an unrelated party. Refer to Note 17 for additional details.

The Company entered into a $200,000 bilateral loan agreement with its affiliate, Clear Spring Life and Annuity Company (“CSLAC”), dated June 1, 2022. The initial terms of the agreement provided for an interest rate at LIBOR plus 1.15%. During 2023, the interest rate was amended to be stated at the Secured Overnight Financing Rate (“SOFR”) plus 1.21%. The repayment of principal and interest is due on demand. During 2023, CSLAC borrowed $115,000 under the agreement, and repaid the full amount borrowed. The Company had $0 due from CSLAC under the bilateral loan agreement as of December 31, 2023 and 2022.

The Company entered into a $100,000 bilateral loan agreement with DLIH 2016-1 dated March 31, 2021. In 2022, the bilateral loan agreement was increased to $200,000. The initial terms of the agreement provided for an interest rate at LIBOR plus 1.15%. During 2023, the interest rate was amended to be stated at SOFR plus 1.21%. The repayment of principal and interest is due on demand. The Company had $52,000 due to DLIH 2016-1 as of December 31, 2023 and $123,000 due from DLIH 2016-1 as of December 31, 2022 under this agreement.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

In November 2020, R.V.I. Guaranty Co., Ltd. (“RVI”), an affiliate, entered into a $20,000 revolving loan note (the “RVI Note”) with the Company. The initial terms of the note provided for an interest rate at LIBOR plus 150 basis points. During 2023, the interest rate was amended to be stated at SOFR plus 1.21%. There were no amounts outstanding under the RVI Note as of December 31, 2023 and 2022.

Agreements and Other Transactions with Affiliates and Related Parties

The Company has entered into various affiliate and related-party agreements. The following agreements had material transactions during the years ended December 31, 2023, 2022 and 2021:

The Company has an administrative services agreement with Clarendon pursuant to which the Company provides services and facilities in connection with Clarendon’s business of supporting the wholesale distribution of the Company’s variable insurance and annuity products. The Company also has a principal underwriter’s agreement dated April 1, 2002 with Clarendon, pursuant to which Clarendon serves as principal underwriter and distributor for all variable insurance and annuity products issued by the Company. There were equal and offsetting amounts incurred under these two agreements.

A federal tax allocation agreement has been implemented with Group 1001, Inc. as the common parent of an affiliated group of companies as described in Note 16.

The Company has a services and resource sharing agreement between the Company and Group 1001 Resources, LLC (“G1001 Resources”), pursuant to which G1001 Resources provides certain services and resources to the Company, including personnel for finance, legal, compliance, human resources, administrative, information technology and other operational support functions. Gross amounts allocated under this agreement amounted to $81,905, $84,900, and $94,450 for the years ended December 31, 2023, 2022, and 2021, respectively.

Effective January 1, 2019, the Company had an Amended and Restated Master Agency Agreement (the “First Amended Agreement”) between the Company and Delaware Life Marketing, LLC (“DLM”), pursuant to which DLM provides certain distribution and agent management services to the Company. On September 1, 2021, the First Amended Agreement was superseded by the Second Amended and Restated Master Agency Agreement (“Second Amended Agreement”) executed between the Company and DLM. The Company incurred commission expenses under the First Amended Agreement totaling $48,423 for the eight months ended August 31, 2021. On September 1, 2021, the Company began paying heaped commissions to DLM which were expensed as incurred. The commission expenses incurred during the remaining four months of 2021 totaled $71,912, including a one-time, accelerated payment of $41,000 made by the Company in settlement of the First Amended Agreement. At least annually, and in accordance with the Second Amended Agreement, the Company reviews the agreement for compliance with agreed-upon limits. As a result of this analysis, commission expense was reduced by $130,835, $0, and $0, which was refundable to the Company as of December 31, 2023, 2022, and 2021, respectively. This amount was owed by DLM to the Company as of December 31, 2023. Under the Second Amended Agreement, the Company incurred commission expenses, net of refunds, of $57,832 and $109,716 as of December 31, 2023 and 2022, respectively.

Under the Second Amended Agreement with DLM, the Company also began paying marketing fees as an allowance for advertising, marketing, bonuses, and other expenses related to the promotion and sales of certain products of the Company, and these fees totaled $60,000, $60,000, and $20,000 for the years ended December 31, 2023, 2022, and 2021, respectively. Other fees paid for services by the Company to DLM totaled $25,568, $22,854, and $18,155 for the years ended December 31, 2023, 2022, and 2021, respectively.

In September 2021, the Company issued the $41,000 promissory note to DLM related to a one-time accelerated commission payment in settlement of the First Amended Agreement. The interest rate on the promissory note was 8%. The Company repaid DLM the $41,000 plus $900 of interest in December 2021.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

The Company has a services agreement with Insurance Management Services, LLC (“IMS”), formerly known as Guggenheim Insurance Services, LLC, whereby IMS provides certain personnel, facilities, systems and equipment in conjunction with the provision of accounting and general services, insurance services, and other advisory services to the Company. Expenses incurred under this agreement amounted to $30,000, $30,000, and $50,000 for the years ended December 31, 2023, 2022, and 2021, respectively.

The Company and DLIH 2016-1 initiated a hedging program arrangement in 2019 whereby DLIH 2016-1 engages in certain hedging activities related to the Company’s FIA contracts. Under this arrangement, the Company routinely transfers new FIA equity options to DLIH 2016-1 at fair value and processes settlements on behalf of DLIH 2016-1. All economic rights and responsibilities of the equity options transferred belong to DLIH 2016-1. DLIH 2016-1 purchases equity futures and manages both the options and futures to more efficiently monitor the hedging risks associated with the Company’s FIA products.

Effective October 1, 2023, the Company entered into a second Hedging Program Agreement with DLIH 2016-1. Under this agreement, the Company pays DLIH 2016-1 a service fee that is settled in conjunction with a liability option impact on a quarterly basis. The net impact of service fees and liability option impact during 2023 was $49,423, and, as of December 31, 2023, the Company was owed this full amount from DLIH 2016-1 under this agreement.

Effective January 1, 2022, the Company entered into a licensing agreement with Group 1001 IP Solutions, LLC (formerly, Group 1001 Innovation Solutions, LLC) to support the administration of information technology assets and vendor relationships of the Company. Expenses incurred under this agreement were $38,302, $14,394, and $0 for the years ended December 31, 2023, 2022, and 2021, respectively.

The Company had $135,781 and $124,534 due from affiliates, $7,679 and $27,149 due to affiliates, and $8,525 and $9,009 included in general expenses due or accrued to other related parties as of December 31, 2023 and 2022, respectively, under the terms of various management and services contracts which provide for cash settlements on a quarterly or more frequent basis.

The Company has an amended and restated investment management agreement with Guggenheim Partners Investment Management, LLC (“GPIM”), whereby GPIM provides investment management services for certain of the Company’s investments. GPIM managed $201,335 and $207,034 of the Company’s investments with related parties as of December 31, 2023 and 2022.

During 2023, the Company purchased securities with a book value of $313,574 and accrued interest of $2,751 from CSLAC at fair market value. The Company paid cash of $315,884 for these purchases. Additionally, during 2023, the Company sold securities with a book value of $95,557 and accrued interest of $504 to CSLAC at fair market value. The Company received cash proceeds of $92,314 and recognized a loss of $3,747 on the sale. The fair value of the assets acquired and sold was determined in accordance with the Company’s and CSLAC’s established asset pricing methodologies.

Reinsurance Agreements

The Company has reinsurance agreements with certain subsidiaries and affiliates. Refer to Note 10 for disclosures related to these agreements.

Guarantees

Pursuant to an agreement effective January 20, 2017, the Company guarantees punctual payment to Merrill Lynch Professional Clearing Corp. (“ML Pro”) and certain affiliates of ML Pro (collectively, the “Guaranteed Parties”) by certain subsidiaries of the Company that may be added to the guaranty (collectively, the “ML Customers”), in connection with accounts the ML Customers have with the Guaranteed Parties. The obligations of the Company under the guaranty agreement are limited to $300,000. There was no liability accrued for this guaranty at December 31, 2023 and 2022.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

In 2018, CSP&C entered into a lease agreement for an office in Boca Raton, Florida that expires in March 2026. The Company is a guarantor of the lease which has future minimum lease commitments of approximately $1,069 as of December 31, 2023.

In 2022, an affiliate, PSA Realty Company, entered into a lease agreement for an office in Ft. Lauderdale, Florida with a termination date of April 30, 2030 and two agreements for office spaces in Waltham, Massachusetts with termination dates of October 31, 2029 and October 31, 2030, respectively, for which the Company is the guarantor. Future minimum lease payments for these three agreements totaled $16,416 as of December 31, 2023.

As a requirement under a Master Receivables Purchase Agreement (the “RPA”) between CSHIC and Société Générale Factoring S.A. (“SGF”) dated October 4, 2021, the Company guarantees the performance and observance of all obligations and covenants by CSHIC. Under the RPA, CSHIC proposes the sale of certain eligible receivables for purchase by SGF at a discounted rate. CSHIC is required to repurchase any ineligible receivables sold to SGF. The guarantee would require payment by the Company if CSHIC was unable to repurchase any ineligible receivables sold. There was no liability accrued for this guaranty at December 31, 2023 and 2022.

The Company is a co-borrower under a short-term money market facility (the “ST Facility”) with Société Générale (“SocGen”). The Company and CSHIC were co-borrowers under the ST Facility until August 23, 2022. At that time, as part of a corporate financing strategy, Group 1001 Finance, an affiliate, was added via an amendment (the “Amended ST Facility”) to the original ST Facility. As part of the strategy, CSHIC was removed as a borrower and no longer has the ability to directly borrow from the Amended ST Facility or incur any liability related to the Amended ST Facility. Group 1001 Finance, as borrower, has authority to borrow up to $350,000 to be used for general corporate purposes. Group 1001 Finance and the Company have a reimbursement agreement in place, whereby Group 1001 Finance will reimburse the Company in the event that the Company makes any payment in support of Group 1001 Finance under the Amended ST Facility. In addition, Group 1001 Finance will pay the Company a support fee calculated based on the average daily balance of Group 1001 Finance borrowings under the Amended ST Facility.

During 2020, a syndicated credit facility arranged by BMO Capital Markets Corp. and consisting of three bank lenders (the “BMO Facility”) was provided to CSHH and its then wholly-owned subsidiary, CSHIC, with a maximum borrowing of $125,000 as of December 31, 2021. Pursuant to the BMO Facility and a related separate fee letter, the Company guarantees all principal and interest obligations of CSHH and CSHIC, and is subject to certain covenants related to RBC and surplus. As of December 31, 2023 and 2022, CSHIC borrowings under the facility were $125,000.

Pursuant to a Letter of Credit Facility Agreement (the “LCFA”) between the Company and its former indirect subsidiary, Clear Spring Health (SC), Inc. (“CSH(SC)”), the Federal Home Loan Bank of Indianapolis (“FHLB”) issued the Company an irrevocable $1,000 LOC effective July 1, 2021 on behalf of an unrelated party in respect of potential obligations of CSH(SC). Under the LCFA, CSH(SC) is unconditionally responsible to reimburse the Company for the full amount of any drawdown from the LOC by the beneficiary. CSH(SC) pays the Company a facility fee as compensation for the arrangement.

Effective February 24, 2022, a support and reimbursement agreement was executed between the Company and CSHH, whereby a market based fee is paid to the Company to compensate it for the guarantees provided by the Company. This agreement remains in effect after the sale of CSHH to DLSH.

The Company has committed to contribute capital to CSP&C as needed to maintain a certain RBC level. No capital contributions have been made by the Company under this agreement.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

The Company authorized a wholly-owned subsidiary, DLIH 2016-2, to enter into a Société Générale credit facility (the “SG Facility”) with a maximum borrowing amount of $225,000 as part of its investment program. Pursuant to the SG Facility, the Company is required to pledge collateral to support borrowings. The pledged collateral secures obligations of a non-recourse guarantee by the Company, which is limited to the pledge of collateral assets. The Company may be required to make equity capital contributions to DLIH 2016-2 from time to time. As of December 31, 2023 and 2022, DLIH 2016-2 had borrowed $163,820 and $162,820, respectively, under the SG Facility.

4.	Bonds and Equity Investments

The carrying value and fair value of investments in bonds and equity securities as of December 31, 2023 and 2022 are as follows:


	December 31, 2023
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Bonds:
U.S. Governments	$	655,852	$	931	$	(21,543	)	$	635,240
All Other Governments		17,200		453		(1,887	)		15,766
States, Territories and Possessions (Direct and Guaranteed)		546		—		(52	)		494
U.S. Political Subdivisions of States, Territories and Possessions (Direct and Guaranteed)		23,618		27		(5,214	)		18,431
U.S. Special Revenue and Special Assessment Obligations and all Non-Guaranteed Obligations of Agencies and Authorities of Governments and Their Political Subdivisions		1,102,480		25,953		(93,049	)		1,035,384
Industrial and Miscellaneous (Unaffiliated)		15,836,658		64,204		(992,758	)		14,908,104
Hybrid Securities		153,270		—		(11,592	)		141,678
Parents, Subsidiaries and Affiliates		343,021		—		(17,499	)		325,522
SVO Identified Exchange Traded Funds		1,815		—		(216	)		1,599

Total Bonds	$	18,134,460	$	91,568	$	(1,143,810	)	$	17,082,218

Preferred Stocks	$	802,140	$	7,322	$	(10,220	)	$	799,242


	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Common Stocks (Unaffiliated) (a)	$	143,693	$	1,131	$	(3,934	)	$	140,890

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)


	December 31, 2022
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Bonds:
U.S. Governments	$	386,265	$	42	$	(32,478	)	$	353,828
All Other Governments		12,373		4		(2,047	)		10,331
States, Territories and Possessions (Direct and Guaranteed)		553		—		(55	)		499
U.S. Political Subdivisions of States, Territories and Possessions (Direct and Guaranteed)		23,560		—		(5,919	)		17,641
U.S. Special Revenue and Special Assessment Obligations and all Non-Guaranteed Obligations of Agencies and Authorities of Governments and Their Political Subdivisions		710,702		16,667		(100,108	)		627,261
Industrial and Miscellaneous (Unaffiliated)		12,675,744		22,169		(1,345,960	)		11,351,954
Hybrid Securities		171,489		—		(16,524	)		154,965
Parents, Subsidiaries and Affiliates		343,021		—		(45,987	)		297,033
SVO Identified Exchange Traded Funds		1,821		—		(297	)		1,523

Total Bonds	$	14,325,528	$	38,882	$	(1,549,375	)	$	12,815,035

Preferred Stocks	$	1,121,391	$	—	$	(48,661	)	$	1,072,730


	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Common Stocks (Unaffiliated) (a)	$	136,389	$	1,644	$	(4,653	)	$	133,380

(a)

Excludes affiliated common stock with an equity method carrying value of $21,549 and $169,831 as of December 31, 2023 and 2022, respectively.

Expected maturities differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties. The carrying value and fair value of bonds, including those that are classified as short-term investments, other than ABS and MBS, as of December 31, 2023 by contractual maturity are as follows:


	December 31, 2023
	Carrying Value		Estimated Fair Value
Due in one year or less	$	797,522	$	791,228
Due after one year through five years		3,570,496		3,469,258
Due after five years through ten years		4,387,156		4,071,134
Due after ten years		3,707,450		3,233,523

SVO identified exchange traded funds		1,815		1,599

Total before mortgage and other asset-backed securities		12,464,439		11,566,742

Mortgage and other asset-backed securities		5,771,205		5,616,620

Total	$	18,235,644	$	17,183,362

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

The table above includes short-term bonds, which are classified as short-term investments, with a carrying value and fair value of $101,184 and $101,144, respectively, at December 31, 2023.

Investment-grade bonds were 95.9% and 95.8% of the Company’s total bonds as of December 31, 2023 and 2022, respectively.

Exposure to any single issuer is less than 10% of net admitted assets.

Other-than-temporary Impairment

The Company recognizes and measures OTTI for loan-backed and structured securities (“LBSS”) in accordance with SSAP No. 43R. In accordance with SSAP No. 43R, if the fair value of a LBSS is less than its amortized cost basis at the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus date, the Company assesses whether the impairment is an OTTI. When an OTTI has occurred, the amount of OTTI recognized in earnings is the difference between the amortized cost basis of the security and the present value of its expected future cash flows, discounted at the effective interest rate implicit in the security.

If the Company intends to sell the LBSS, or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, an OTTI is considered to have occurred. The amount of the OTTI recognized is the difference between the amortized cost basis and the fair value of the security. In accordance with SSAP No. 43R, the amount of OTTI that is non-interest related shall be recorded through the AVR, and the amount of the OTTI that is interest related shall be recorded through the IMR.

If the Company does not intend to sell the LBSS, or if it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company performs cash-flow based testing to determine if the present value of its expected future cash flows discounted at the effective interest rate implicit in the security is less than its amortized cost basis.

Estimating future cash flows is a quantitative and qualitative process that incorporates information received from third parties, along with assumptions and judgments about the future performance of the underlying collateral.

Losses incurred on the respective portfolios are based on loss models using assumptions about key systematic risks, such as unemployment rates and housing prices, and loan-specific information, such as delinquency rates and loan-to-value ratios.

There was $73 in OTTI recorded in 2023 and no OTTI recorded in 2022 and 2021 on LBSS held as of December 31, 2023, 2022, and 2021, respectively, pursuant to SSAP No. 43R.

If the fair value of a bond, other than those subject to SSAP No. 43R, is less than its amortized cost basis at the Statements of Admitted Assets, Liabilities and Capital and Surplus date, the Company assesses whether the impairment is an OTTI. OTTI has occurred when it is probable that all amounts due according to the contractual terms will not be collected or when a decision to sell the bond at an amount below its carrying value has been made. When an OTTI has occurred, the amount of OTTI recognized in earnings is the difference between the amortized cost basis of the security and its fair value.

If the Company does not intend to sell the bond, or if it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company employs a portfolio monitoring process to identify securities that are OTTI.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

The Company performs quarterly procedures in determining whether a security is other than temporarily impaired. The process involves a screening of all securities with a fair value less than the amortized cost basis. As part of this screening, the Company also incorporates a monitor and watch list maintained by investment managers. Inclusion in this list may be driven by heightened risk of particular sectors driven by macro events or credit events on individual issuers or particular investments, such as a ratings downgrade. Based on the evidence, securities identified may be subject to further review to evaluate issuer-specific facts and circumstances, such as the issuer’s ability to meet current and future interest and principal payments, an evaluation of the issuer’s financial position and its near-term recovery prospects, difficulties being experienced by an issuer’s parent or affiliate, and management’s assessment of the outlook for the issuer’s sector. Upon completion of this screening process, the relevant information is provided to the Company’s Asset Valuation Committee, which is composed of investment and finance professionals, to exercise judgment and conclude on whether there is OTTI.

Should it be determined that a security is other than temporarily impaired, the Company records a loss through an appropriate adjustment in carrying value. A summary of impairments incurred by the Company for the years ended December 31, 2023, 2022, and 2021 is as follows:


	For the years ended December 31
	2023		2022		2021
Bonds (Including those subject to SSAP No. 43R)	$	2,217	$	6,600	$	4,300
Solar tax credit investments		—		—		9,700
Intent to sell other invested assets		—		—		30,000
Residual equity tranches		25,110		—		3,000
Equity interests		8,250		—		7,700

There are inherent risks and uncertainties in management’s evaluation of securities for OTTI. These risks and uncertainties include factors both external and internal to the Company, such as general economic conditions, an issuer’s financial condition or near-term recovery prospects, market interest rates, unforeseen events which affect one or more issuers or industry sectors, and portfolio management parameters, including asset mix, interest rate risk, portfolio diversification, duration matching, and greater-than-expected liquidity needs. All of these factors could impact management’s evaluation of securities for OTTI.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

The following tables analyze the Company’s investment positions with unrealized losses, segmented by type of security and period of continuous unrealized loss, as of December 31, 2023 and 2022:


	2023
	Less than 12 months							12 months or more							Total
	#		Fair Value		Unrealized Losses			#		Fair Value		Unrealized Losses			#		Fair Value		Unrealized Losses
Bonds:
U.S. Governments		13	$	146,600	$	(738	)		22	$	360,065	$	(20,805	)		35	$	506,665	$	(21,543	)
All Other Governments		3		2,977		(8	)		8		6,842		(1,879	)		11		9,819		(1,887	)
U.S. States, Territories and Possessions (Direct and Guaranteed)		—		—		—			2		494		(52	)		2		494		(52	)
U.S. Political Subdivisions of States, Territories and Possessions		—		—		—			42		17,842		(5,214	)		42		17,842		(5,214	)
U.S. Special Revenue and Special Assessment Obligations		22		34,734		(523	)		406		616,456		(92,526	)		428		651,190		(93,049	)
Industrial and Miscellaneous (Unaffiliated)		185		1,987,192		(66,965	)		1,545		8,036,186		(925,793	)		1,730		10,023,378		(992,758	)
Hybrid Securities		3		4,241		(15	)		56		134,735		(11,577	)		59		138,976		(11,592	)
Parent, Subsidiaries and Affiliates		1		65,961		(60	)		2		259,561		(17,439	)		3		325,522		(17,499	)
SVO Identified Exchange Traded Funds		—		—		—			3		1,599		(216	)		3		1,599		(216	)

Total Bonds		227	$	2,241,705	$	(68,309	)		2,086	$	9,433,780	$	(1,075,501	)		2,313	$	11,675,485	$	(1,143,810	)

Preferred Stocks		3	$	292,169	$	(5,983	)		6	$	143,314	$	(4,237	)		9	$	435,483	$	(10,220	)

Common Stocks (Unaffiliated)		2	$	5,095	$	—			3	$	16,150	$	(3,934	)		5	$	21,245	$	(3,934	)

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)


	2022
	Less than 12 months							12 months or more							Total
	#		Fair Value		Unrealized Losses			#		Fair Value		Unrealized Losses			#		Fair Value		Unrealized Losses
Bonds:
U.S. Governments		11	$	58,650	$	(4,993	)		13	$	294,385	$	(27,485	)		24	$	353,035	$	(32,478	)
All Other Governments		3		4,619		(1,108	)		4		2,725		(939	)		7		7,344		(2,047	)
U.S. States, Territories and Possessions (Direct and Guaranteed)		2		499		(55	)		—		—		—			2		499		(55	)
U.S. Political Subdivisions of States, Territories and Possessions (Direct and Guaranteed)		19		8,779		(2,170	)		21		8,862		(3,749	)		40		17,641		(5,919	)
U.S. Special Revenue and Special Assessment Obligations and all Non- Guaranteed Obligations of Agencies and Authorities of Governments and Their Political Subdivisions		196		313,252		(31,261	)		170		222,420		(68,847	)		366		535,672		(100,108	)
Industrial and Miscellaneous (Unaffiliated)		1,187		5,947,384		(656,774	)		440		3,352,666		(689,185	)		1,627		9,300,050		(1,345,959	)
Hybrid Securities		34		133,505		(11,555	)		9		18,940		(4,969	)		43		152,445		(16,524	)
Parent, Subsidiaries and Affiliates		3		297,033		(45,988	)		—		—		—			3		297,033		(45,988	)
SVO Identified Exchange Traded Funds		2		831		(155	)		1		692		(142	)		3		1,523		(297	)

Total Bonds		1,457	$	6,764,552	$	(754,059	)		658	$	3,900,690	$	(795,316	)		2,115	$	10,665,242	$	(1,549,375	)

Preferred Stocks		7	$	789,078	$	(46,860	)		3	$	6,199	$	(1,801	)		10	$	795,277	$	(48,661	)

Common Stocks (Unaffiliated)		2	$	15,401	$	(4,644	)		1	$	30	$	(9	)		3	$	15,431	$	(4,653	)

The unrealized losses of $1,143,810 on bonds as of December 31, 2023 are primarily attributable to higher interest rates and wider spread levels. As disclosed above, the Company’s bond portfolio was composed of 95.9% of investment-grade bonds as of December 31, 2023, which did not materially change from the 95.8% held at December 31, 2022. Full repayment of principal and interest is expected. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than par, which will equal amortized cost at maturity. Because the Company did not intend to sell these investments or lack the ability to hold them to recovery at December 31, 2023, these investments were not considered other-than-temporarily impaired.

5GI Securities

Securities with NAIC designation of 5GI are deemed to possess the credit characteristics of, and incur the regulatory treatment associated with, securities assigned an NAIC 5 designation. The Company’s overall exposure to 5GI securities was as shown below:


	Number of 5GI Securities				Carry Value				Aggregate Fair Value
Investment	12/31/2023		12/31/2022		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Bonds - Unaffiliated		12		—	$	10,280	$	—	$	10,216	$	—
Preferred Stock - Affiliated		1		1	$	241,130	$	243,199	$	241,130	$	243,199

Total		13		1	$	251,410	$	243,199	$	251,346	$	243,199

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

5.	Mortgage Loans

The Company invests in commercial and residential first mortgage loans primarily in the United States. Investments are diversified by property type and geographic area in order to manage credit risk. The Company monitors the condition of the mortgage loans in its portfolio.

In those cases where mortgages have been restructured, appropriate allowances for losses are made. In those cases where, in management’s judgment, the mortgage loan’s value is impaired, appropriate losses are recorded.

The following table shows the geographic distribution of the carrying value of the Company’s mortgage loan portfolio as of December 31, 2023 and 2022:


	2023				2022
	Carrying value		Percentage of total		Carrying value		Percentage of total
Geographic region:
East	$	460,208		27%	$	389,791		28%
Midwest		216,119		12%		117,104		9%
South		838,775		49%		418,297		30%
West		208,860		12%		465,085		33%

	$	1,723,962		100%	$	1,390,277		100%

The Company originated 23 and 294 mortgage loans in 2023 and 2022, respectively, and made additional investments after acquisition each year with a total cost of new loans of $381,778 and $757,778, respectively. Minimum and maximum rates of the new loans ranged from 4.76% to 12.00% and 3.27% to 9.52% in 2023 and 2022, respectively. During the years ended December 31, 2023 and 2022, the Company did not reduce interest rates on any outstanding mortgage loans. Mortgage loans are collateralized by the related properties. At the time the original loan was made during 2023, the loan to value ratio (“LTV”) was no more than 75.4% for commercial mortgages, and there were no new residential loans made during 2023. At the time the original loan was made during 2022, the LTV was no more than 100.1% of the property’s value for residential mortgages and 80.6% for commercial mortgages.

A mortgage loan is considered impaired when it is probable that the principal or interest is not collectible in accordance with the contractual terms of the loan. The allowance for credit losses is estimated using the present value of expected cash flows discounted at the loan’s effective interest rate or the fair value of the collateral. A specific allowance for loan loss is established for an impaired loan if the present value of expected cash flows discounted at the loan’s effective interest rate, or the fair value of the loan collateral, less cost to sell, is less than the recorded amount of the loan. The Company did not have a specific allowance for loan loss at December 31, 2023 and 2022. A general allowance for loan loss is established based on an assessment of past loss experience on groups of loans with similar characteristics and current economic conditions. The general allowance for loan loss was $2,460 at December 31, 2023 and 2022. While management believes that it uses the best information available to establish allowances, future adjustments may become necessary if economic conditions differ from the assumptions used in calculating them. At December 31, 2023 and 2022, the Company individually and collectively evaluated loans with a net carrying value of $1,721,502 and $1,387,817, respectively.

As of December 31, 2023 and 2022, the Company held no restructured loans. Should the Company hold any troubled debt, the Company may modify the terms of a loan by adjusting the interest rate, extending the maturity date, or both.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Delinquency status is determined based upon the occurrence of a missed contract payment. There were 5 loans totaling $2,764 past due greater than 90 days at December 31, 2023 and there were 11 loans totaling $1,105 past due greater than 90 days at December 31, 2022.

The Company accrues interest income on impaired loans to the extent it is deemed collectible. Otherwise, receipts on non-performing loans are not recognized as interest income until the loan is no longer impaired, is sold, or is otherwise made whole. Any cash collected during the period where the loan is impaired is applied to lower its carrying value. Other information is as follows:


	Residential				Commercial
	Insured		All Other		Insured		All Other		Mezzanine		Total
December 31, 2023
Recorded Investment
Current	$	—	$	166,920	$	—	$	1,455,803	$	44,625	$	1,667,348
30 - 59 Days Past Due		—		1,360		—		16,805		—		18,165
60 - 89 Days Past Due		—		314		—		35,371		—		35,685
90 - 179 Days Past Due		—		2,505		—		—		—		2,505
180 + Days Past Due		—		259		—		—		—		259
Accruing Interest 90-179 Days Past Due
Recorded Investment	$	—	$	2,505	$	—	$	—	$	—	$	2,505
Interest Accrued		—		57		—		—		—		57
Accruing Interest 180+ Days Past Due
Recorded Investment	$	—	$	259	$	—	$	—	$	—	$	259
Interest Accrued		—		26		—		—		—		26
Interest Reduced
Recorded Investment	$	—	$	—	$	—	$	—	$	—	$	—
Number of Loans		—		—		—		—		—		—
Percent Reduced		—		—		—		—		—		—
Participant or Co-lender in a Mortgage Loan Agreement	$	—	$	—	$	—	$	101,295	$	—	$	101,295

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)


	Residential				Commercial
	Insured		All Other		Insured		All Other		Mezzanine		Total
December 31, 2022
Recorded Investment
Current	$	—	$	75,678	$	—	$	1,022,491	$	26,871	$	1,125,040
30 - 59 Days Past Due		—		100,206		—		140,271		—		240,477
60 - 89 Days Past Due		—		2,775		—		20,880		—		23,655
90 - 179 Days Past Due		—		866		—		—		—		866
180 + Days Past Due		—		239		—		—		—		239
Accruing Interest 90-179 Days Past Due
Recorded Investment	$	—	$	866	$	—	$	—	$	—	$	—
Interest Accrued		—		22		—		—		—		—
Accruing Interest 180+ Days Past Due
Recorded Investment	$	—	$	239	$	—	$	—	$	—	$	—
Interest Accrued		—		13		—		—		—		—
Interest Reduced
Recorded Investment	$	—	$	—	$	—	$	—	$	—	$	—
Number of Loans		—		—		—		—		—		—
Percent Reduced		—		—		—		—		—		—
Participant or Co-lender in a Mortgage Loan Agreement	$	—	$	—	$	—	$	—	$	—	$	—

The Company had no investments in impaired loans during 2023 or 2022.

Information regarding the Company’s allowance for credit losses is as follows at December 31, 2023 and 2022:


	2023		2022
Balance at Beginning of Period	$	2,460	$	2,460
Additions Charged to Operations		—		—
Recoveries of Amounts Previously Charged Off		—		—

Balance at End of Period	$	2,460	$	2,460

The Company did not have any mortgage loans derecognized as a result of foreclosure during 2023 or 2022.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

The credit quality of the Company’s mortgage loans is assessed by the debt service coverage ratio (“DSC”) and LTV. LTV is calculated using the most recently available appraisal value divided by the carrying value. LTV is calculated at the time of origination and updated annually. The DSC is calculated as the net operating income divided by the total debt service, and is updated annually. The following tables show the recorded gross investment of the Company’s mortgage loans aggregated by LTV and DSC as of December 31, 2023 and 2022:


	2023
	Debt Service Coverage Ratio
	>1.2x		1.0x to < 1.2x		<1.0x		Total
Loan to Value Ratio
0%-59.99%	$	119,755	$	486,046	$	292,174	$	897,975
60%-69.99%		140,200		159,776		51,225		351,201
70%-79.99%		77,448		97,900		98,691		274,039
80% or greater		6,360		—		23,029		29,389

*Total ()**	$	343,763	$	743,722	$	465,119	$	1,552,604


	2022
	Debt Service Coverage Ratio
	>1.2x		1.0x to < 1.2x		<1.0x		Total
Loan to Value Ratio
0%-59.99%	$	90,431	$	421,565	$	192,420	$	704,416
60%-69.99%		142,717		117,030		33,847		293,594
70%-79.99%		69,950		55,526		66,025		191,501
80% or greater		—		—		21,002		21,002

*Total ()**	$	303,098	$	594,121	$	313,294	$	1,210,513

(*)

excludes residential mortgages of $171,358 and $179,764 as of December 31, 2023 and 2022, respectively.

6.	Repurchase Agreements and Reverse Repurchase Agreements Transactions Accounted for as Secured Borrowing

Repurchase Agreements Transactions Accounted for as Secured Borrowing

The Company opportunistically uses repurchase transactions in conjunction with its liquidity management program to temporarily provide short-term liquidity from time-to-time as needed and determined by the Company. Using repurchase transactions to meet short-term liquidity needs positions the Company to be prepared to execute on opportunistic investments as they arise. The collateral posted by the Company is subject to fair value change and a decline in fair value could require the Company to post additional collateral to the counterparty. This risk is mitigated by the Company’s internal policy of limiting repurchase transactions to 5.0% of its available collateral. Potential liquidity risks arising from a duration mismatch between the collateral and repurchase transaction are mitigated by the Company’s other sources of liquidity, such as monthly principal and interest payments, premium sales by the Company, and other lines of credit established by the Company. The Company typically receives cash for its repurchase transactions; however, the Company has received United States Treasuries on occasion. In the case of United State Treasuries, the Company monitors the price of the Treasury collateral to ensure the Company is adequately collateralized.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

An overview of the Company’s repurchase agreements as of December 31, 2023 is as follows:

Type of Repurchase Trades Used:


	FIRST QUARTER	SECOND QUARTER	THIRD QUARTER	FOURTH QUARTER
Bilateral (YES/NO)	Yes	Yes	Yes	Yes
Tri-Party (YES/NO)	No	No	No	No

Original (Flow) & Residual Maturity:


	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
Maximum Amount
Open - No Maturity	$	—	$	—	$	561	$	—
Overnight		—		—		—		—
2 Days to 1 Week		—		—		—		—
> 1 Week to 1 Month		100,561		202,222		—		—
> 1 Month to 3 Months		150,232		265,837		424,040		440,595
> 3 Months to 1 Year		277,379		209,950		348,935		375,442
> 1 Year		—		—		—		—
Ending Balance
Open - No Maturity	$	—	$	—	$	561	$	—
Overnight		—		—		—		—
2 Days to 1 Week		—		—		—		—
> 1 Week to 1 Month		100,561		202,222		—		—
> 1 Month to 3 Months		150,232		265,837		424,040		440,595
> 3 Months to 1 Year		277,379		209,950		348,935		375,442
> 1 Year		—		—		—		—

Securities “Sold” Under Repurchase - Secured Borrowing:


	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
Maximum Amount
BACV		XXX		XXX		XXX	$	816,037
Nonadmitted - Subset of BACV		XXX		XXX		XXX		—
Fair Value	$	590,797	$	754,596	$	899,498	$	944,653
Ending Balance
BACV		XXX		XXX		XXX	$	816,037
Nonadmitted - Subset of BACV		XXX		XXX		XXX		—
Fair Value	$	590,797	$	754,596	$	899,498	$	944,653

BACV = Book-Adjusted Carrying Value

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Securities Sold Under Repurchase - Secured Borrowing by NAIC Designation:


	NONE		NAIC 1		NAIC 2		NAIC 3		NAIC 4		NAIC 5		NAIC 6		Nonadmitted
Bonds - BACV	$	—	$	464,785	$	351,252	$	—	$	—	$	—	$	—	$	—
Bonds - FV		—		522,807		421,846		—		—		—		—		—
LB & SS - BACV		—		—		—		—		—		—		—		—
LB & SS - FV		—		—		—		—		—		—		—		—
Preferred Stock - BACV		—		—		—		—		—		—		—		—
Preferred Stock - FV		—		—		—		—		—		—		—		—
Common Stock		—		—		—		—		—		—		—		—
Total Assets - BACV	$	—	$	464,785	$	351,252	$	—	$	—	$	—	$	—	$	—
Total Assets - FV	$	—	$	522,807	$	421,846	$	—	$	—	$	—	$	—	$	—
FV = Fair Value

Collateral Received - Secured Borrowing:


	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
Maximum Amount
Cash	$	—	$	—	$	—	$	—
Securities (FV)		617,797		799,596		1,024,498		1,109,653
Nonadmitted		—		—		—		—
Ending Balance
Cash	$	—	$	—	$	—	$	—
Securities (FV)		617,797		799,596		1,024,498		1,109,653
Nonadmitted		—		—		—		—

Cash & Non-Cash Collateral Received - Secured Borrowing by NAIC Designation:


	NONE		NAIC 1		NAIC 2		NAIC 3		NAIC 4		NAIC 5		NAIC 6		Nonadmitted
Cash	$	—	$	165,000	$	—	$	—	$	—	$	—	$	—	$	—
Bonds - FV		—		522,807		421,846		—		—		—		—		—
LB & SS - FV		—		—		—		—		—		—		—		—
Preferred Stock - FV		—		—		—		—		—		—		—		—
Common Stock		—		—		—		—		—		—		—		—
Mortgage Loans - FV		—		—		—		—		—		—		—		—
Real Estate - FV		—		—		—		—		—		—		—		—
Derivatives - FV		—		—		—		—		—		—		—		—
Other Invested Assets - FV		—		—		—		—		—		—		—		—

Total Collateral Assets - FV	$	—	$	687,807	$	421,846	$	—	$	—	$	—	$	—	$	—

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Allocation of Aggregate Collateral by Remaining Contractual Maturity:

Reverse Repurchase Agreements Transactions Accounted for as Secured Borrowing

The Company engages in a reverse repurchase agreement program. This program is intended to provide opportunistic, short-term financing to counterparties. Each repurchase agreement entered into is governed by the terms of the Master Repurchase Agreement (“MRA”) as agreed to between the parties. Under the terms of the MRA, the Company purchases investments from the counterparty and the counterparty agrees to repurchase the same, or similar investments, back from the Company on a specified date at a specified price. On the maturity date, the Company may elect to enter into a new repurchase agreement with that same counterparty. The Company’s decision to do so will be dependent on its liquidity needs and assessment of the counterparty, as well as the collateral’s performance.

As a risk mitigant, the Company requires its counterparties to post collateral in excess of the loan amount, otherwise known as over collateralization. The amount of over collateralization is up to the Company’s discretion, but will not be less than 102%. On average, the Company has required over collateralization of 120%. The short duration of the repurchase agreements and the over collateralization required by the Company mitigate potential financial risks associated with these transactions.

An overview of the Company’s reverse repurchase agreements as of December 31, 2023 is as follows:

Type of Repurchase Trades Used:


	FIRST QUARTER	SECOND QUARTER	THIRD QUARTER	FOURTH QUARTER
Bilateral (Yes/No)	Yes	Yes	Yes	Yes
Tri-Party (Yes/No)	No	No	No	No

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Original (Flow) & Residual Maturity:


	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
Maximum Amount
Open - No Maturity	$	—	$	—	$	—	$	—
Overnight		—		—		—		—
2 Days to 1 Week		—		—		—		—
> 1 Week to 1 Month		55,653		148,330		—		—
> 1 Month to 3 Months		387,775		314,200		275,000		125,000
> 3 Months to 1 Year		837,530		629,178		1,032,707		1,122,707
> 1 Year		—		—		—		—
Ending Balance
Open - No Maturity	$	—	$	—	$	—	$	—
Overnight		—		—		—		—
2 Days to 1 Week		—		—		—		—
> 1 Week to 1 Month		55,653		148,330		—		—
> 1 Month to 3 Months		387,775		314,220		275,000		125,000
> 3 Months to 1 Year		837,530		629,178		1,032,707		1,122,707
> 1 Year		—		—		—		—

Fair Value of Securities Acquired Under Repurchase - Secured Borrowing:


	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
Maximum Amount	$	1,648,572	$	1,400,264	$	1,323,589	$	1,264,324
Ending Balance		1,648,572		1,400,264		1,323,589		1,264,324

Securities Acquired Under Repurchase - Secured Borrowing by NAIC Designation:


	NONE		NAIC 1		NAIC 2		NAIC 3		NAIC 4		NAIC 5		NAIC 6		Nonadmitted
Bonds - FV	$	1,264,324	$	—	$	—	$	—	$	—	$	—	$	—	$	—
LB & SS - FV		—		—		—		—		—		—		—		—
Preferred Stock - FV		—		—		—		—		—		—		—		—
Common Stock		—		—		—		—		—		—		—		—
Mortgage Loans - FV		—		—		—		—		—		—		—		—
Real Estate - FV		—		—		—		—		—		—		—		—
Derivatives - FV		—		—		—		—		—		—		—		—
Other Invested Assets - FV		—		—		—		—		—		—		—		—

Total Assets	$	1,264,324	$	—	$	—	$	—	$	—	$	—	$	—	$	—

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Collateral Pledged - Secured Borrowing:


	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
Maximum Amount
Cash	$	—	$	—	$	10,206	$	2,957
Securities (FV)		1,648,572		1,400,264		1,323,589		1,264,324
Nonadmitted		—		—		—		—
Ending Balance
Cash	$	—	$	—	$	10,206	$	2,957
Securities (FV)		1,648,572		1,400,264		1,323,589		1,264,324
Nonadmitted		—		—		—		—

The Company had no repurchase agreement transactions or reverse repurchase agreement transactions accounted for as a sale.

7.	Investment Gains and Losses

Realized capital gains and losses on bonds, preferred stock, mortgages, and interest rate swaps, which relate to changes in the general level of interest rates, are charged or credited to the IMR, net of tax, and amortized into operations over the remaining contractual life of the security sold. Realized gains and losses from all other investments are reported, net of tax, in the Statutory Statements of Operations but are not included in the computation of net gain from operations.

Changes in unrealized gains and losses on investments are reported as a component of Capital and Surplus, net of deferred income taxes.

Reported realized gains and losses for the years ended December 31, 2023, 2022, and 2021, respectively, are summarized as follows:


	Years Ended December 31,
	2023			2022			2021
Realized gains (losses):
Bonds	$	(158,598	)	$	(11,794	)	$	15,403
Preferred stocks		(7,246	)		(1	)		—
Common stocks		28,081			824			—
Mortgage loans		(31	)		(397	)		109
Derivatives		(63,921	)		2,397			1,429
Other invested assets		(24,778	)		10,047			(22,220	)
Cash, cash equivalents and short-term investments		(6	)		—			(11	)
Reinsurance realized gains (losses)		59,814			5,970			(5,515	)

Subtotal		(166,685	)		7,046			(10,805	)
Less capital gains tax expense (benefit)		(18,439	)		3			9,400

Net realized gains (losses)		(148,246	)		7,043			(20,205	)

Less gains (losses) transferred to IMR (net of taxes)		(155,453	)		(7,143	)		5,439

Net realized gains (losses) after tax and IMR transfer	$	7,207		$	14,186		$	(25,644	)

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Proceeds from sales of investments in bonds and stocks (excluding maturity proceeds) during 2023, 2022, and 2021 were $1,584,172, $3,428,161, and $6,094,103, respectively, including non-cash transactions of $585,134, $217,169, and $608,671, respectively. Gross gains of $32,519, $4,182, and $71,996, respectively, and gross losses of $159,815, $15,118, and $24,252 were realized on those sales during 2023, 2022, and 2021, respectively.

Unrealized gains and losses and related deferred capital gains tax are as follows:


	Years Ended December 31,
	2023			2022			2021
Changes in Net Unrealized Capital Gains (Losses):
Bonds	$	(118	)	$	(648	)	$	(268	)
Preferred stocks		3,129			(21,496	)		(317	)
Common stocks (unaffiliated)		868			(2,906	)		(6,010	)
Common stocks (affiliated)		(6,723	)		(84,618	)		(11,121	)
Derivatives		(5,718	)		(171,549	)		(146,178	)
Other invested assets		55,814			(69,586	)		(76,149	)

Subtotal		47,252			(350,803	)		(240,043	)
Deferred capital gains tax		4,416			(5,063	)		12,827

Total	$	42,836		$	(345,740	)	$	(252,870	)

8.	Net Investment Income

Major categories of net investment income for the years ended December 31, 2023, 2022, and 2021, respectively, are summarized as follows:


	Years Ended December 31,
	2023			2022			2021
Income:
Bonds	$	963,014		$	734,930		$	708,700
Preferred stocks		27,470			61,886			70,439
Common stocks		36,809			59,143			64,466
Mortgage loans		109,675			71,115			33,130
Contract loans		14,952			15,604			16,073
Derivative instruments		(178,156	)		(15,494	)		(195,644	)
Other invested assets		69,754			100,589			139,557
Cash, cash equivalents and short-term investments		203,442			97,041			100,653
Other investment income		69,385			63,292			32,306

Total gross investment income		1,316,345			1,188,106			969,680
Interest expense on surplus notes		(30,236	)		(46,061	)		(42,688	)
Investment expenses		(44,345	)		(28,495	)		(44,168	)

Net investment income before amortization of IMR		1,241,764			1,113,550			882,824
Amortization of IMR		1,787			4,436			8,765

Net investment income	$	1,243,551		$	1,117,986		$	891,589

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

The Company’s policy is to exclude investment income due and accrued with amounts that are over 90 days past due or where the collection of interest is uncertain. The Company had investment income due and accrued excluded from surplus of $58 and $12, respectively, for the years ended December 31, 2023 and 2022. The Company did not have investment income due and accrued excluded from surplus for the year ended December 31, 2021.

The cumulative amount of paid-in-kind interest included in principal balances was $27,105, $36,243, and $3,670 for the years ended December 31, 2023, 2022, and 2021, respectively. The Company holds investments in trust notes that allow for deferred interest. The Company recorded deferred interest of $92,154, $71,643, and $52,250 during 2023, 2022, and 2021, respectively.

9.	Derivatives

The Company uses derivatives for hedging or replication purposes. Interest rate swaps are mainly employed for hedging guaranteed minimum living benefits for certain variable annuity contracts and for duration matching purposes.

Options and swaptions are used to hedge equity and interest exposure embedded in the Company’s fixed, FIA, and variable annuity products. Futures are used to hedge equity exposure included in FIAs, as well as the guaranteed minimum death and living benefit features of the Company’s variable annuities. Currency forwards and swaps are used to hedge changes in foreign currency exchange (“FX”) rates.

Interest rate swaps, options, swaptions, and currency swaps are reported at fair value, with the unrealized gain or loss reported as an adjustment to surplus if not designated an effective hedge. All futures are marked to market and settled on a daily basis, with the gain or loss reported as a component of net investment income (loss).

The Company uses options to hedge the equity exposure embedded in its FIA products with the Morgan Stanley Global Opportunities Index (“MSGO”), OTC options on the S&P 500, the Deutsche Bank Cash Return on Capital Invested (“CROCI”) Sectors III Index, the Deutsche Bank Momentum Asset Allocator (“MAA”) indices, the Barclays First Trust Capital Strength Barclays 5% Index (“FTCS”), and the RBA Select Equity Yield CIBC 5% Index (“RBEY”). Fair value changes in the options embedded within the annuity contract are recorded through income. The Company purchases certain of these options through its investment subsidiary, DLIH 2016-1, which is accounted for in accordance with SSAP No. 48.

Market risk is the risk of loss due to market price changes of the derivative instrument or the underlying security or index. To mitigate this risk, the Company matches the market sensitivity of the hedge with the market sensitivity of the underlying asset or liability being hedged.

Credit risk is the counterparty credit risk or risk of loss as a result of default or a decline in market value stemming from a credit downgrade of the counterparty to the derivative transaction. The Company minimizes this risk by entering into derivatives only with counterparties that meet certain criteria, by utilizing standardized agreements, and by limiting counterparty concentrations.

All derivative transactions are covered under standardized contractual agreements with counterparties, all of which include credit-related contingent features. Certain counterparty relationships also may include supplementary agreements with tailored terms, such as additional triggers for early terminations, acceptable practices related to cross-transaction netting, and minimum thresholds for determining collateral.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Credit-related triggers include failure to pay or deliver on an obligation past certain grace periods, bankruptcy, or the downgrade of credit ratings to below a stipulated level. These triggers apply to both the Company and its counterparty.

At December 31, 2023 and 2022, the Company pledged $103,151 and $252,005, respectively, in U.S. Treasury securities, corporate bonds, and cash as collateral to counterparties. At December 31, 2023 and 2022, counterparties pledged to the Company $88,105 and $72,599, respectively, in collateral comprised of cash, U.S. Treasury securities and corporate bonds.

The Company’s underlying notional or principal amounts associated with open derivatives positions were as follows:


	Outstanding at December 31, 2023
	Notional Principal Amounts		Fair Value/ Statement Value			Amortized Cost		Unrealized Gain (Loss)
Interest Rate Swaps	$	8,229,758	$	159,917		$	—	$	159,917
Equity Future Forwards		915,800		(11,391	)		—		(11,391	)
FX Forwards		83,455		(2,587	)		—		(2,587	)

Total	$	9,229,013	$	145,939		$	—	$	145,939

	Outstanding at December 31, 2022
	Notional Principal Amounts		Fair Value/ Statement Value			Amortized Cost		Unrealized Gain (Loss)
Interest Rate Swaps	$	8,479,323	$	155,239		$	—	$	155,239
FX Forwards		71,837		(3,153	)		—		(3,153	)
Payor Swaptions		75,000		1,165			1,665		(500	)

Total	$	8,626,160	$	153,251		$	1,665	$	151,586

At December 31, 2023 and 2022, open futures contracts had a notional value of $1,846,766 and $2,514,227 and a fair value of $(339) and $3,736, respectively. These amounts did not include the component of variation margin that had already been cash settled. The Company did not have derivative contracts with financing premiums during 2023 or 2022.

10.

Reinsurance

The Company participates in reinsurance with other insurance companies to limit the loss exposure on certain risks associated with its products. Reinsurance ceded contracts do not relieve the Company from its obligations to policyholders. The Company remains liable to its policyholders for the portion reinsured to the extent that any reinsurer does not meet the obligations assumed under the reinsurance agreement. To minimize its exposure to significant losses from reinsurer insolvencies, the Company regularly evaluates the financial condition of its reinsurers and monitors concentrations of credit risk. Management believes that any liability arising from this exposure is unlikely. The Company had no uncollectible reinsurance balances written off and no commutation of ceded reinsurance during the years ended December 31, 2023, 2022, and 2021, respectively.

The Company has agreements with several unrelated companies, which provide for reinsurance of portions of the net amount at risk under certain of the Company’s individual and group life insurance policies. These amounts are reinsured on either a monthly renewable term, yearly renewable term, or coinsurance basis.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

The Company has a coinsurance with funds withheld agreement with an unrelated reinsurer which provides reinsurance related to optional guaranteed lifetime withdrawal benefit riders under certain FIA contracts.

The Company has a coinsurance and modified coinsurance agreement, under which it ceded certain in-force variable annuity base contracts to an unaffiliated reinsurer. For the years ended December 31, 2023, 2022, and 2021, premiums ceded under the agreement were $273,442, $362,627, and $337,883, respectively, and benefits ceded (including policy surrenders) were $1,082,509, $1,050,937, and $1,421,138, respectively.

The Company has a reinsurance agreement with DLRC in which the Company cedes certain risks associated with the Company’s variable annuity contracts and associated riders on a combination modified coinsurance and funds withheld coinsurance basis to DLRC (the “VA Treaty”). The VA Treaty transfers hedging risks to DLRC but does not transfer insurance risks. Therefore, the treaty is accounted for using deposit accounting. As a result, certain gains (losses) previously accounted for as other changes in capital and surplus, net investment income (loss), and net realized capital gains (losses) are accounted for as investment income (loss) on reinsurance deposit asset. Hedging risk is defined as changes in unrealized hedging instrument gains or losses, realized gains and losses on dispositions of hedging instruments, and investment income or loss from hedging instruments. Investment expense (income) on funds held represents amounts paid or received on hedging instruments that were ceded under the DLRC treaties. Ceded realized gains and losses are reported in Net realized capital gains (losses). Investment income (expense) on funds held - unrealized represents the unrealized gain or loss for the period on hedging instruments that has been ceded to DLRC. Investment income (loss) on reinsurance deposit asset represents the net gains and losses on all hedging instruments ceded under the VA Treaty.

A summary of the pretax impacts of the VA Treaty on the Company’s Statutory Statements of Operations and Statutory Statements of Changes in Capital and Surplus for the years ended December 31, 2023, 2022, and 2021 is as follows:


	Treaty Impacts
	2023			2022			2021
Statements of Operations
Investment Income (Loss) on Reinsurance Deposit Asset	$	(261,142	)	$	(154,844	)	$	(416,413	)

Total Revenue		(261,142	)		(154,844	)		(416,413	)
Investment (Income) Expense on Funds Held		(193,389	)		37,109			(251,714	)

Total Policyholder Benefits and Expenses		(193,389	)		37,109			(251,714	)
Net Realized Capital (Losses) Gains		59,814			5,970			(745	)

Net (Loss)		(7,939	)		(185,983	)		(165,444	)

Statements of Changes in Capital and Surplus
Investment Income on Funds Held - Unrealized		7,939			185,983			165,444

Net Change in Capital and Surplus from VA Treaty (excluding reinsurance fee)	$	—		$	—		$	—

In addition, the Company recognized a reinsurance deposit accounting asset of $76,063 and $174,387 at December 31, 2023 and 2022, respectively, and a corresponding amount in funds held under coinsurance liability.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

The Company has a reinsurance agreement with Delaware Life Reinsurance (Barbados) Corp. (“Barbco”), an affiliate, under which it cedes risks associated with certain of the Company’s in-force corporate-owned variable universal life insurance and private placement variable universal life insurance policies on a combination coinsurance and coinsurance with funds-held basis.

The Company also has a reinsurance agreement with Barbco under which it cedes mortality risks associated with certain of the Company’s in-force bank-owned variable universal life insurance policies on a yearly renewable term basis.

The Company had liabilities for the funds held under the coinsurance with funds held treaty with Barbco of $260,713 and $256,195 at December 31, 2023 and 2022, respectively.

On December 6, 2023, and effective December 31, 2023, the Company entered into a reinsurance agreement with DLAC to cede a block of MYGA contracts on a coinsurance basis. Pursuant to the agreement, the Company ceded a 10% quota share of the activity associated with the MYGAs, including initial statutory reserves totaling $118,857 at December 31, 2023. In exchange for the initial statutory reserves, the Company agreed to transfer assets totaling $118,857 to DLAC within thirty (30) days of the agreement’s effective date. DLAC agreed to pay the Company a $6,700 ceding commission, payable within fifteen (15) days of the agreement’s effective date.

The effects of reinsurance on premiums and benefits (excluding policy surrenders) were as follows:


	Years Ended December 31,
	2023			2022			2021
Premiums and Annuity Considerations:
Direct	$	5,803,753		$	2,883,622		$	2,729,435
Ceded - Affiliated		(49,873	)		(54,453	)		(74,645	)
Ceded - Non-affiliated		(307,555	)		(393,098	)		(362,121	)

Net Premiums and Annuity Considerations	$	5,446,325		$	2,436,071		$	2,292,669

Insurance and Other Individual Policy Benefits and Claims:
Direct	$	949,977		$	955,376		$	1,075,786
Assumed - Non-affiliated		3,082			4,523			2,728
Ceded - Affiliated		(44,762	)		(54,896	)		(84,391	)
Ceded - Non-affiliated		(350,727	)		(358,202	)		(446,834	)

Net Policy Benefits and Claims	$	557,570		$	546,801		$	547,289

In addition to the reinsurance activity disclosed in the table above, the transfer of assets by the Company to DLAC as part of the coinsurance agreement between the two companies was recorded as a reduction to income on the Statutory Statements of Operations.

11.

Reserves

The reserves for life insurance and annuity contracts are computed in accordance with presently accepted actuarial standards and are based on actuarial assumptions and methods (including use of published mortality tables and prescribed interest rates and methodologies) which produce reserves at least as great as those required by law and contract provisions.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Deduction of deferred fractional premiums upon death of the insured and return of any portion of the final premium for the period beyond the date of death are not applicable to the business of the Company. Surrender values are not promised in excess of reserves legally computed.

For policies with annual extra premiums, additional reserves are held equal to one-half the extra premium. Extra premiums on single premium policies are amortized over ten years. Policies issued with premiums corresponding to ages higher than the true ages are valued at the rated-up ages. Policies issued subject to a lien are valued as if the full amount were payable without any deduction. For interest-sensitive policies, substandard risks are reflected in the cost of insurance charges.

As of December 31, 2023 and 2022, the Company had $5,901 and $8,524, respectively, of insurance in force, for which gross premiums were less than the net premiums according to the standard of valuation required by the State of Delaware. Premium deficiency reserves to cover the above insurance totaled of $2,855 and $2,975 as of December 31, 2023 and 2022, respectively.

The Tabular Interest has been determined by formula as described in the NAIC instructions, except for some business which is determined from basic policy data for reserving. The Tabular less Actual Reserve Released has been determined by formula as described in the NAIC instructions. The Tabular Cost has been determined by formula as described in the NAIC instructions, except for universal life products which use cost of insurance and some business which uses basic policy data for reserving. The Tabular Interest on Funds not Involving Life Contingencies was determined from the interest credited to the deposits, except for certain guaranteed interest contracts which are determined by formula as described in the NAIC instructions.

Other than normal updates of reserves, there were no significant reserve changes for the year ended December 31, 2023. The details for other changes in reserves for the years ended December 31, 2023 and 2022 are as follows:


	2023								2022
Item	Total			Ordinary Individual Annuities			Group Annuities		Total			Ordinary Individual Annuities			Group Annuities
Asset/Liability analysis	$	—		$	—		$	—	$	(33,400	)	$	(5,000	)	$	(28,400	)
Reserves ceded on coinsurance agreement		(118,857	)		(118,857	)		—		—			—			—

Total change	$	(118,857	)	$	(118,857	)	$	—	$	(33,400	)	$	(5,000	)	$	(28,400	)

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

12.

Withdrawal Characteristics of Annuity Actuarial Reserves and Deposit-Type Liabilities

As of December 31, 2023, the withdrawal characteristics of the Company’s individual and group annuity reserves and deposit-type contracts are summarized as follows:


Individual Annuities	December 31, 2023
	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
Subject to Discretionary Withdrawal:
With Market Value Adjustment	$	18,188,596	$	154,691	$	—	$	18,343,287		84.5%
At Book Value Less Current Surrender Charge of 5% or More		805,364		—		—		805,364		3.7%
At Fair Value		—		—		1,109,874		1,109,874		5.1%

Total with Adjustment or at Market Value		18,993,960		154,691		1,109,874		20,258,525		93.3%
At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		1,202,619		—		—		1,202,619		5.5%
Not Subject to Discretionary Withdrawal		222,480		—		42,205		264,685		1.2%

Total (Gross: Direct and Assumed)		20,419,059		154,691		1,152,079		21,725,829		100.0%
Reinsurance Ceded		275,074		—		—		275,074

Total (Net)	$	20,143,985	$	154,691	$	1,152,079	$	21,450,755

Amount included at book value less surrender charge of 5% or more that will be at book value without adjustment in the next year	$	116	$	—	$	—	$	116

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)


Group Annuities	December 31, 2023
	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
Subject to Discretionary Withdrawal:
With Market Value Adjustment	$	—	$	114,680	$	—	$	114,680		1.5%
At Book Value Less Current Surrender Charge of 5% or More		—		—		—		—		— %
At Fair Value		—		—		7,222,652		7,222,652		95.8%

Total with Adjustment or at Market Value	$	—	$	114,680	$	7,222,652	$	7,337,332		97.3%
At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		31,290		—		—		31,290		0.4%
Not Subject to Discretionary Withdrawal		176,489		—		—		176,489		2.3%

Total (Gross: Direct and Assumed)	$	207,779	$	114,680	$	7,222,652	$	7,545,111		100.0%
Reinsurance Ceded		39,732		—		—		39,732

Total (Net)	$	168,047	$	114,680	$	7,222,652	$	7,505,379

Amount included at book value less surrender charge of 5% or more that will be at book value without adjustment in the next year	$	—	$	—	$	—	$	—


Deposit-Type Contracts (no life contingencies)	December 31, 2023
	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
Subject to Discretionary Withdrawal:
With Market Value Adjustment	$	—	$	—	$	—	$	—		— %
At Book Value Less Current Surrender Charge of 5% or More		—		—		—		—		— %
At Fair Value		—		—		323,124		323,124		14.0%

Total with Adjustment or at Market Value	$	—	$	—	$	323,124	$	323,124		14.0%
At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		—		—		—		—		— %
Not Subject to Discretionary Withdrawal		1,982,424		—		—		1,982,424		86.0%

Total (Gross: Direct and Assumed)	$	1,982,424	$	—	$	323,124	$	2,305,548		100.0%
Reinsurance Ceded		2,927		—		—		2,927

Total (Net)	$	1,979,497	$	—	$	323,124	$	2,302,621

Amount included at book value less surrender charge of 5% or more that will be at book value without adjustment in the next year	$	—	$	—	$	—	$	—

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Below is the reconciliation of the annuity actuarial reserves, deposit-type contract funds, and other liabilities without life or disability contingencies from the General Account and Separate Accounts of the Company as of December 31, 2023:


	December 31, 2023
Life & Accident & Health Annual Statement:
Exhibit 5, Annuities Section, Total (net)	$	20,124,813
Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net)		187,219
Exhibit 7, Deposit-Type Contracts		1,979,497

Subtotal General Account	$	22,291,529

Separate Account Annual Statement:
Exhibit 3, Annuities Section, Total (net)	$	8,601,897
Exhibit 3, Supplementary Contracts with Life Contingencies Section, Total (net)		42,205
Other contract deposit funds		323,124

Subtotal Separate Account	$	8,967,226

Combined Total	$	31,258,755

As of December 31, 2022, the withdrawal characteristics of the Company’s individual and group annuity reserves and deposit-type contracts are summarized as follows:


Individual Annuities	December 31, 2022
	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
Subject to Discretionary Withdrawal:
With Market Value Adjustment	$	14,128,826	$	189,858	$	—	$	14,318,684		81.7%
At Book Value Less Current Surrender Charge of 5% or More		910,212		—		—		910,212		5.2%
At Fair Value		—		—		882,810		882,810		5.0%

Total with Adjustment or at Market Value	$	15,039,038	$	189,858	$	882,810	$	16,111,706		91.9%
At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		1,163,930		—		—		1,163,930		6.6%
Not Subject to Discretionary Withdrawal		232,893		—		32,937		265,830		1.5%

Total (Gross: Direct and Assumed)	$	16,435,861	$	189,858	$	915,747	$	17,541,466		100.0%
Reinsurance Ceded		121,234		—		—		121,234

Total (Net)	$	16,314,627	$	189,858	$	915,747	$	17,420,232

Amount included at book value less surrender charge of 5% or more that will be at book value without adjustment in the next year	$	96,024	$	—	$	—	$	96,024

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)


Group Annuities	December 31, 2022
	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
Subject to Discretionary Withdrawal:
With Market Value Adjustment	$	—	$	141,814	$	—	$	141,814		1.8%
At Book Value Less Current Surrender Charge of 5% or More		—		—		—		—		— %
At Fair Value		—		—		7,333,470		7,333,470		95.2%

Total with Adjustment or at Market Value	$	—	$	141,814	$	7,333,470	$	7,475,284		97.1%
At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		34,579		—		—		34,579		0.4%
Not Subject to Discretionary Withdrawal		190,760		—		—		190,760		2.5%

Total (Gross: Direct and Assumed)	$	225,339	$	141,814	$	7,333,470	$	7,700,623		100.0%
Reinsurance Ceded		18,232		—		—		18,232

Total (Net)	$	207,107	$	141,814	$	7,333,470	$	7,682,391

Amount included at book value less surrender charge of 5% or more that will be at book value without adjustment in the next year	$	—	$	—	$	—	$	—


Deposit-Type Contracts (no life contingencies)	December 31, 2022
	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total 12/31/2021		% of Total
Subject to Discretionary Withdrawal:
With Market Value Adjustment	$	—	$	—	$	—	$	—		— %
At Book Value Less Current Surrender Charge of 5% or More		—		—		—		—		— %
At Fair Value		—		—		315,786		315,786		16.8%

Total with Adjustment or at Market Value	$	—	$	—	$	315,786	$	315,786		16.8%
At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		—		—		—		—		— %
Not Subject to Discretionary Withdrawal		1,566,381		—		—		1,566,381		83.2%

Total (Gross: Direct and Assumed)	$	1,566,381	$	—	$	315,786	$	1,882,167		100.0%
Reinsurance Ceded		3,420		—		—		3,420

Total (Net)	$	1,562,961	$	—	$	315,786	$	1,878,747

Amount included at book value less surrender charge of 5% or more that will be at book value without adjustment in the next year	$	—	$	—	$	—	$	—

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)


	December 31, 2022
Life & Accident & Health Annual Statement:
Exhibit 5, Annuities Section, Total (net)	$	16,325,955
Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net)		195,779
Exhibit 7, Deposit-Type Contracts		1,562,961

Subtotal General Account	$	18,084,695
Separate Account Annual Statement:
Exhibit 3, Annuities Section, Total (net)	$	8,547,953
Exhibit 3, Supplementary Contracts with Life Contingencies Section, Total (net)		32,937
Other contract deposit funds		315,786

Subtotal Separate Account	$	8,896,676

Combined Total	$	26,981,371

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

13.

Analysis of Life Actuarial Reserves by Withdrawal Characteristics

The amounts of account value, cash value and reserve breakouts of life insurance by withdrawal characteristics for General Account products and Separate Account non-guaranteed products are shown in the tables below as of December 31, 2023 or 2022. The Company had no life Separate Account products with guarantees at December 31, 2023 or 2022.


	December 31, 2023
General Account	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term Policies with Cash Value	$	—	$	—	$	—
Universal Life		33,600		31,252		35,236
Universal Life with Secondary Guarantees		—		—		—
Indexed Universal Life		—		—		—
Indexed Universal Life with Secondary Guarantees		—		—		—
Indexed Life		—		—		—
Other Permanent Cash Value Life Insurance		—		—		—
Variable Life		14,614		14,614		14,614
Variable Universal Life		401,236		402,990		403,849
Miscellaneous Reserves		602,888		602,036		603,074
Not subject to discretionary withdrawal or no cash values
Term Policies with Cash Value		—		—		144
Accidental Death Benefits		—		—		—
Disability - Active Lives		—		—		7
Disability - Disabled Lives		—		—		295
Miscellaneous Reserves		—		—		7,576

Total (gross: direct + assumed)	$	1,052,338	$	1,050,892	$	1,064,795

Reinsurance Ceded		294,988		296,293		317,845

Total (net)	$	757,350	$	754,599	$	746,950

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)


	December 31, 2023
Separate Account Non Guaranteed	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term Policies with Cash Value	$	—	$	—	$	—
Universal Life		—		—		—
Universal Life with Secondary Guarantees		—		—		—
Indexed Universal Life		—		—		—
Indexed Universal Life with Secondary Guarantees		—		—		—
Indexed Life		—		—		—
Other Permanent Cash Value Life Insurance		—		—		—
Variable Life		46,186		46,186		46,186
Variable Universal Life		7,640,044		7,640,044		7,641,444
Miscellaneous Reserves		—		—		—
Not subject to discretionary withdrawal or not cash values
Term Policies with Cash Value		—		—		—
Accidental Death Benefits		—		—		—
Disability - Active Lives		—		—		—
Disability - Disabled Lives		—		—		—
Miscellaneous Reserves		—		—		—

Total (gross: direct + assumed)	$	7,686,230	$	7,686,230	$	7,687,630

Reinsurance Ceded		—		—		—

Total (net)	$	7,686,230	$	7,686,230	$	7,687,630

Below is a reconciliation of the life reserves from the General Account and Separate Accounts of the Company as of December 31, 2023:


	December 31, 2023
Life & Accident & Health Annual Statement:
Exhibit 5, Life Insurance Section, Total (net)	$	738,114
Exhibit 5, Disability - Active Lives Section, Total (net)		7
Exhibit 5, Disability - Disabled Lives Section, Total (net)		295
Exhibit 5, Miscellaneous Reserves Section, Total (net)		8,534

Subtotal General Account	$	746,950

Separate Account Annual Statement:
Exhibit 3, Life Insurance Section, Total (net)	$	7,687,630

Subtotal Separate Account	$	7,687,630

Combined Total	$	8,434,580

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)


	December 31, 2022
General Account	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term Policies with Cash Value	$	—	$	—	$	—
Universal Life		35,980		33,675		37,766
Universal Life with Secondary Guarantees		—		—		—
Indexed Universal Life		—		—		—
Indexed Universal Life with Secondary Guarantees		—		—		—
Indexed Life		—		—		—
Other Permanent Cash Value Life Insurance		—		—		—
Variable Life		13,671		13,671		13,671
Variable Universal Life		401,407		403,354		404,642
Miscellaneous Reserves		640,448		639,842		640,965
Not subject to discretionary withdrawal or not cash values
Term Policies with Cash Value		XXX		XXX		198
Accidental Death Benefits		XXX		XXX		—
Disability - Active Lives		XXX		XXX		7
Disability - Disabled Lives		XXX		XXX		360
Miscellaneous Reserves		XXX		XXX		9,777

Total (gross: direct + assumed)	$	1,091,506	$	1,090,542	$	1,107,386

Reinsurance Ceded		295,323		296,555		319,825

Total (net)	$	796,183	$	793,987	$	787,561

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)


	December 31, 2022
Separate Account Non-Guaranteed	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term Policies with Cash Value	$	—	$	—	$	—
Universal Life		—		—		—
Universal Life with Secondary Guarantees		—		—		—
Indexed Universal Life		—		—		—
Indexed Universal Life with Secondary Guarantees		—		—		—
Indexed Life		—		—		—
Other Permanent Cash Value Life Insurance		—		—		—
Variable Life		40,889		40,889		40,889
Variable Universal Life		7,544,051		7,544,051		7,542,961
Miscellaneous Reserves		—		—		—
Not subject to discretionary withdrawal or not cash values
Term Policies with Cash Value		XXX		XXX		—
Accidental Death Benefits		XXX		XXX		—
Disability - Active Lives		XXX		XXX		—
Disability - Disabled Lives		XXX		XXX		—
Miscellaneous Reserves		XXX		XXX		—

Total (gross: direct + assumed)	$	7,584,940	$	7,584,940	$	7,583,850

Reinsurance Ceded		—		—		—

Total (net)	$	7,584,940	$	7,584,940	$	7,583,850

Below is a reconciliation of the life reserves from the General Account and Separate Accounts of the Company as of December 31, 2022:


	December 31, 2022
Life & Accident & Health Annual Statement:
Exhibit 5, Life Insurance Section, Total (net)	$	776,486
Exhibit 5, Disability - Active Lives Section, Total (net)		7
Exhibit 5, Disability - Disabled Lives Section, Total (net)		360
Exhibit 5, Miscellaneous Reserves Section, Total (net)		10,708

Subtotal General Account	$	787,561

Separate Account Annual Statement:
Exhibit 3, Life Insurance Section, Total (net)	$	7,583,850

Subtotal Separate Account	$	7,583,850

Combined Total	$	8,371,411

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

14.

Separate Accounts

The Company has established insulated Separate Accounts applicable to various classes of contracts providing for variable benefits. Contracts for which funds are invested in insulated variable separate accounts include individual and group life and annuity contracts. The assets (securities) in these insulated accounts are carried at fair value and the investment risk associated with such assets is retained by the contract holder. These variable products provide minimum death benefits and, in certain annuity contracts, minimum accumulation income or withdrawal benefits. The minimum guaranteed benefit reserves associated with the insulated Separate Accounts are reported in “Aggregate reserve for life and annuity contracts” in the Company’s Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus.

The Company has also established non-insulated Separate Accounts for certain contracts that include an MVA feature associated with fixed rates, including for amounts allocated to the fixed portion of certain combination fixed and variable deferred annuity contracts. The assets in the variable deferred annuity Separate Account are carried at fair value. For some MVA contracts, the assets in the fixed deferred annuity Separate Account are carried on a General Account basis. The assets of the non-insulated Separate Account are not legally insulated and can be used by the Company to satisfy claims resulting from the General Account.

The Company earns separate account fees for providing administrative services and bearing the mortality and the other guaranteed benefit risks related to variable contracts. Net investment income, capital gains and losses, and changes in mutual fund asset values in variable Separate Accounts are allocated to policyholders and therefore are not reflected in the Company’s Statutory Statements of Operations for the General Account.

For the current reporting year, the Company reported assets and liabilities from the following products in a Separate Account:

•

Delaware Life Variable Life

•

Delaware Life Variable Annuity

•

Delaware Life Market Value Adjusted Annuity

The legal insulation of the Separate Account assets prevents such assets from being generally available to satisfy claims resulting from the General Account. The Separate Account classification of “legally insulated” versus “not legally insulated” is supported by Section 2932 of the Delaware Insurance Code.

The assets legally insulated and non-legally insulated from the General Account as of December 31, 2023 and 2022 were attributable to the following products:


	December 31, 2023
Product	Legally Insulated Assets		Not - Legally Insulated Assets		Total
Variable Life	$	8,568,227	$	—	$	8,568,227
Variable Annuity		8,737,714		—		8,737,714
MVA Annuity		—		421,868		421,868

Total	$	17,305,941	$	421,868	$	17,727,809

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)


	December 31, 2022
Product	Legally Insulated Assets		Not - Legally Insulated Assets		Total
Variable Life	$	8,686,763	$	—	$	8,686,763
Variable Annuity		8,593,077		—		8,593,077
MVA Annuity		—		400,971		400,971

Total	$	17,279,840	$	400,971	$	17,680,811

Separate Account liabilities are determined in accordance with prescribed actuarial methodologies, which approximate the fair value of the related assets less applicable surrender charges. The resulting surplus is recorded in the Statutory Statements of Operations for the General Account as a component of “Net transfers (from) or to Separate Accounts net of reinsurance.” The variable Separate Accounts are non-guaranteed Separate Accounts, wherein the policyholder assumes substantially all the investment risks and rewards. MVA Separate Accounts are guaranteed separate accounts, wherein the Company contractually guarantees either a minimum return or account value to the policyholder. 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 associated with separate account guarantees, risk charges of $182,305, $192,357, and $203,590 were received by the General Account from the Separate Accounts during the years ended December 31, 2023, 2022, and 2021, respectively.

For the years ended December 31, 2023, 2022, and 2021, the Company’s General Account paid $85,397, $104,861, and $117,874 for Separate Account guarantees, respectively.

The Company does not engage in securities lending transactions within its Separate Accounts.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

An analysis of the separate account reserves as of December 31, 2023 and 2022 is as follows:


	December 31, 2023
	Nonindexed Guarantee Less than/ Equal to 4%			Nonguaranteed Separate Accounts		Total
Premiums, Considerations or Deposits	$	(2,913	)	$	310,103	$	307,190
Reserves at December 31, 2023
For Accounts with Assets at:
Fair Value		114,680			16,385,486		16,500,166
Amortized Cost		154,690			—		154,690

Total Reserves	$	269,370		$	16,385,486	$	16,654,856

By Withdrawal Characteristics:
With Market Value Adjustment	$	269,370		$	—	$	269,370
At Book Value Without Market Value Adjustment and with current surrender charge of 5% or more		—			569,857		569,857
At Fair Value		—			15,773,424		15,773,424

Subtotal		269,370			16,343,281		16,612,651
Not Subject to Discretionary Withdrawal		—			42,205		42,205

Total	$	269,370		$	16,385,486	$	16,654,856

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)


	December 31, 2022
	Nonindexed Guarantee Less than/ equal to 4%		Nonguaranteed Separate Accounts		Total
Premiums, Considerations or Deposits	$	15,133	$	367,516	$	382,649
Reserves at December 31, 2022
For Accounts with Assets at:
Fair Value		141,814		16,148,853		16,290,667
Amortized Cost		189,858		—		189,858

Total Reserves	$	331,672	$	16,148,853	$	16,480,525

By Withdrawal Characteristics:
With Market Value Adjustment	$	331,672	$	—	$	331,672
At Book Value Without Market Value Adjustment and with current surrender charge of 5% or more		—		373,163		373,163
At Fair Value		—		15,742,753		15,742,753

Subtotal		331,672		16,115,916		16,447,588
Not Subject to Discretionary Withdrawal		—		32,937		32,937

Total	$	331,672	$	16,148,853	$	16,480,525

Below is the reconciliation of “Net Transfers from Separate Accounts net of reinsurance” in the Statutory Statements of Operations of the Company:


	Years Ended December 31,
	2023			2022			2021
Transfers to Separate Accounts	$	307,190		$	382,649		$	448,113
Transfers from Separate Accounts		(1,290,374	)		(1,216,506	)		(1,679,798	)

Net Transfers from Separate Accounts net of reinsurance in the Statement of Operations	$	(983,184	)	$	(833,857	)	$	(1,231,685	)

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

15.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and therefore, represents an exit price. Fair value estimates are significantly affected by the assumptions used, including the discount rate and estimates of future cash flow. Although fair value estimates are calculated using assumptions that management believes are appropriate, changes in assumptions could cause these estimates to vary materially. In that regard, certain level 3 derived fair value estimates cannot be substantiated by comparison to independent markets and, in some cases, could not be realized in the immediate settlement of the instruments. Certain financial liabilities (including non-investment type insurance contracts) and all nonfinancial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value to the Company.

The Company’s financial assets and liabilities have been classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100R, Fair Value (“SSAP No. 100R”). The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset’s or a liability’s classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair hierarchy are as follows:

Level 1: Fair value is based on unadjusted quoted prices for identical assets or liabilities in active markets accessible at the measurement date.

Level 2: Fair value is based on quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads, and yield curves.

Level 3: Fair value is based on valuations derived from techniques in which one or more significant inputs are unobservable (supported by little or no market activity). Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. From time to time, there may be movements between levels as inputs become more or less observable, which may depend on several factors including the activity of the market for the specific security, the activity of the market for similar securities, the level of risk spreads and the source of the information from which we obtain the information. Transfers in or out of any level are measured as of the beginning of the period. Pursuant to SSAP No. 100R, the Company is permitted to utilize net asset value (“NAV”) as a practical expedient to fair value for certain investments that qualify for such treatment. Investments reported at NAV are separately identified in the table below.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Valuation of Financial Instruments Held at Fair Value by Fair Value Hierarchy Levels

The following tables present the Company’s assets and liabilities measured at fair value in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus as of December 31, 2023 and 2022:


	December 31, 2023
Description for Each Class of Asset or Liability	Level 1			Level 2			Level 3			Net Asset Value (“NAV”)		Total
Assets at fair value:
Cash, cash equivalents and short-term investments
Government - Treasury	$	—		$	1,699		$	—		$	—	$	1,699
Bonds
Hybrid securities		—			2,702			—			—		2,702
Industrial and miscellaneous		—			11,150			—			—		11,150
Preferred Stocks
Industrial and miscellaneous		—			27,237			—			—		27,237
Parent, subsidiaries and affiliates		—			241,130			—			—		241,130
Common Stocks
Industrial and miscellaneous		16,115			16,000			20,112			3,194		55,421
Other Invested Assets
Industrial and miscellaneous		—			21,437			21,493			—		42,930
Derivative assets
Interest rate contracts		564,194			—			—			—		564,194
Equity contracts		2,569			135			—			—		2,704
FX contracts		—			—			67			—		67
Separate Accounts assets (a) (b)		12,742,594			3,189,851			291,900			121,382		16,345,727

Total assets at fair value/NAV	$	13,325,472		$	3,511,341		$	333,572		$	124,576	$	17,294,961

Liabilities at fair value:
Derivative liabilities
Interest rate contracts	$	(416,702	)	$	—		$	—		$	—	$	(416,702	)
Equity contracts		(306	)		(11,526	)		—			—		(11,832	)
FX contracts		—			—			(2,654	)		—		(2,654	)

Total liabilities at fair value	$	(417,008	)	$	(11,526	)	$	(2,654	)	$	—	$	(431,188	)

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)


	December 31, 2022
Description for Each Class of Asset or Liability	Level 1			Level 2			Level 3			NAV		Total
Assets at fair value:
Bonds
Hybrid securities	$	—		$	2,519		$	—		$	—	$	2,519
Industrial and miscellaneous		—			223			2,999			—		3,222
Preferred Stocks
Industrial and miscellaneous		—			34,254			—			—		34,254
Parent, subsidiaries and affiliates		—			243,199			—			—		243,199
Common Stocks
Industrial and miscellaneous		15,399			90,022			27,959			—		133,380
Other Invested Assets
Industrial and miscellaneous		—			62,971			2,071			—		65,042
Derivative assets
Interest rate contracts		592,295			2,045			—			—		594,340
Equity contracts		6,128			—			—			—		6,128
Foreign exchange contracts		—			—			52			—		52
Separate Accounts assets (a)(b)		10,455,406			4,913,419			270,387			114,778		15,753,990

Total assets at fair value	$	11,069,228		$	5,348,652		$	303,468		$	114,778	$	16,836,126

Liabilities at fair value:
Derivative liabilities
Interest rate contracts	$	(336,952	)	$	(111,913	)	$	—		$	—	$	(448,865	)
Equity contracts		(59	)		—			—			—		(59	)
Foreign exchange contracts		—			—			(3,205	)		—		(3,205	)

Total liabilities at fair value	$	(337,011	)	$	(111,913	)	$	(3,205	)	$	—	$	(452,129	)

(a)

Separate account invested assets are typically carried at fair value. In instances where market risk is guaranteed by the Company, bonds and preferred stocks are carried at amortized cost based on their respective NAIC designation. Separate account assets also exclude $1,102,527 and $1,660,215 of investment income and receivables due at December 31, 2023 and 2022, respectively. Separate account liabilities include derivative liabilities carried at fair value.

(b)

Includes assets with a fair value of $121,382 and $114,778 at December 31, 2023 and 2022 respectively, in hedge funds, private equities, and other alternative investments for which fair value is measured at NAV using the practical expedient. These investments are not quoted on a securities exchange or in the over-the-counter market. As of December 31, 2023 or 2022, there were no unfunded commitments. The investments have liquidity restrictions consisting of notice periods (typically 60 days), redemption schedules (typically quarterly) and hold backs (typically 3% of the investment is held back until the next annual audit is completed). The redemption period may be extended if there is a delay in liquidating underlying holdings within an investment. The investments are within the policyholders separate accounts so any fluctuation in NAV will result in a corresponding change in the policyholder reserve liability and therefore will have no impact on income.

None of the Company’s assets measured at fair value transferred between Levels 1 and 2 during the years ended December 31, 2023 and December 31, 2022.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

The following tables are a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value which were categorized as Level 3 for the years ended December 31, 2023 and 2022:


2023	Balance at January 1, 2023			Transfers Into Level 3		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 December 31, 2023
Assets:
Common Stocks - Unaffiliated	$	27,959		$	3	$	(4,791	)	$	—		$	152		$	69	$	—	$	(3,280	)	$	—		$	20,112
Bonds
Industrial and miscellaneous - unaffiliated		2,999			11,461		(7,596	)		786			866			—		—		(8,516	)		—			—
Other Invested Assets		2,071			32,701		—			(724	)		(6,492	)		—		—		(6,063	)		—			21,493
Derivative Assets		52			—		—			7,111			16			—		—		—			(7,112	)		67
Separate Accounts Assets		270,387			5,792		(20,426	)		502			14,380			94,986		—		(72,489	)		(1,232	)		291,900

Total Assets	$	303,468		$	49,957	$	(32,813	)	$	7,675		$	8,922		$	95,055	$	—	$	(90,348	)	$	(8,344	)	$	333,572

Liabilities:
FX Contracts	$	(3,205	)	$	—	$	—		$	(9,874	)	$	551		$	—	$	—	$	—		$	9,874		$	(2,654	)

Total Liabilities	$	(3,205	)	$	—	$	—		$	(9,874	)	$	551		$	—	$	—	$	—		$	9,874		$	(2,654	)


2022	Balance at January 1, 2022			Transfers Into Level 3		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 December 31, 2022
Assets:
Preferred Stocks
Industrial and Miscellaneous - unaffiliated	$	19,948		$	—	$	—		$	—		$	52		$	—	$	—	$	(20,000	)	$	—		$	—
Parent, Subsidiaries and Affiliates		255,000			—		(255,000	)		—			—			—		—		—			—			—
Common Stocks - Unaffiliated		82,215			1,365		(50,086	)		824			1,686			210		—		(8,255	)		—			27,959
Bonds
Industrial and miscellaneous - unaffiliated		825			7,438		—			(5,434	)		170			—		—		—			—			2,999
Other Invested Assets		41,731			—		(30,399	)		10			(3,680	)		—		—		(5,591	)		—			2,071
Derivative Assets		990			—		—			18,975			(938	)		—		—		—			(18,975	)		52
Separate Accounts Assets		289,981			6,014		(6,635	)		(1,342	)		(28,355	)		80,732		—		(11,393	)		(58,615	)		270,387

Total Assets	$	690,690		$	14,817	$	(342,120	)	$	13,033		$	(31,065	)	$	80,942	$	—	$	(45,239	)	$	(77,590	)	$	303,468

Liabilities:
FX Contracts	$	(140	)	$	—	$	—		$	(6,827	)	$	(3,065	)	$	—	$	—	$	—		$	6,827		$	(3,205	)

Total Liabilities	$	(140	)	$	—	$	—		$	(6,827	)	$	(3,065	)	$	—	$	—	$	—		$	6,827		$	(3,205	)

The Company transfers assets into or out of Level 3 at fair value as of the beginning of the reporting period. Transfers made were the result of changes in the level of observability of inputs used to price the assets or liabilities or changes in NAIC designations.

At the beginning of each reporting period, the Company evaluates whether or not any event has occurred or circumstances have changed that would cause an instrument to be transferred between levels.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Derivative values in the above tables are presented on a gross basis.

Quantitative Information about Level 3 Fair Value Measurements

The following tables provide quantitative information about the significant unobservable inputs used for recurring assets measured at fair value in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus categorized within Level 3 for the years ended December 31, 2023 or 2022:


	December 31, 2023
	Valuation Techniques	Significant Unobservable Inputs	Fair Value		Range		Weighted Average
Common Stocks	Trade Price	Pricing Valuation Multiple/ Discount Rate	$	20,079		0-1000		389
	External Model	Net Asset Value		33		1		1
Other Invested Assets	External Model	External Cashflows/Spreads		16,503		0-2		1
	Matrix Pricing	Quoted Prices		4,990		1		1
Separate Accounts Assets	Matrix Pricing	Spreads		1,241		90-105		100
	Market Pricing	Spreads		566		38		38
	Market Pricing	Spreads		284,805		50-113		96
	Market Pricing	Quoted Prices		5,288		89-100		92

Total Assets			$	333,505


	December 31, 2022
	Valuation Techniques	Significant Unobservable Inputs	Fair Value		Range		Weighted Average
Bonds - Unaffiliated - Industrial & Misc.	External Model	Spreads	$	2,999		17-24		19
Common Stocks	Trade Price	Pricing Valuation Multiple / Discount Rate		23,286		0-1000		335
	External Model	External Cashflows		4,672		0-2		1
Other Invested Assets	External Model	Spreads		2,071		0-1		—
Separate Accounts Assets	Matrix Pricing	Spreads		2,059		86-90		13
	Market Pricing	Spreads		10,833		40-110		73
	Matrix Pricing	Spreads		250,975		0-100		91
	Market Pricing	Quoted Prices		760		17-90		2
	Market Pricing	Quoted Prices		5,760		91-100		93

Total Assets			$	303,415

There were no significant changes made in valuation techniques during 2023 and 2022.

The above unobservable input tables above do not include immaterial balances related to derivatives which totaled $67 and $52 as of December 31, 2023 and December 31, 2022, respectively.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Aggregate Fair Value of all Financial Instruments

For financial instruments, the carrying value and fair value or NAV, including level within the fair value hierarchy, at December 31, 2023 and 2022 were as follows:


	December 31, 2023
Type of Financial Instrument	Aggregate Fair Value			Carrying Value			Level 1			Level 2			Level 3			NAV		Not Practicable (Carrying Value)
Assets:
Cash, cash equivalents and short-term investments	$	3,859,737		$	3,859,773		$	1,128,103		$	2,731,634			—		$	—	$	—
Bonds		17,082,218			18,134,460			1,599			16,876,810			203,809			—		—
Preferred stocks		799,242			802,140			—			799,242			—			—		—
Common stocks (b)		140,890			140,890			16,115			101,469			20,112			3,194		—
Mortgage loans, net of allowance		1,617,888			1,721,502			—			1,617,888			—			—		—
Derivatives - swaps and forwards		577,253			572,489			577,051			135			67			—		—
Derivatives - futures		2,652			2,652			2,652			—			—			—		—
Contract loans		354,125			351,919			—			—			354,125			—		—
Other invested assets (a) (b)		807,216			825,554			—			780,819			26,397			—		—
Separate account assets		16,605,957			16,625,283			12,762,461			3,427,797			294,317			121,382		—

Total Assets	$	41,847,178		$	43,036,662		$	14,487,981		$	26,335,794		$	898,827		$	124,576	$	—

Liabilities:
Liabilities for deposit-type contracts	$	(1,933,048	)	$	(1,979,497	)	$	—		$	—		$	(1,933,048	)	$	—	$	—
Derivatives - swaps and forwards		(431,315	)		(432,859	)		(417,135	)		(11,526	)		(2,654	)		—		—
Derivatives - futures		(2,991	)		(2,991	)		(2,991	)		—			—			—		—
Separate account liabilities		(232,124	)		(323,124	)		—			—			(232,124	)		—		—

Total Liabilities	$	(2,599,478	)	$	(2,738,471	)	$	(420,126	)	$	(11,526	)	$	(2,167,826	)	$	—	$	—

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)


	December 31, 2022
Type of Financial Instrument	Aggregate Fair Value			Carrying Value			Level 1			Level 2			Level 3			NAV		Not Practicable (Carrying Value)
Assets:
Bonds	$	12,815,035		$	14,325,528		$	1,523		$	12,476,378		$	337,134		$	—	$	—
Preferred stocks		1,072,730			1,121,391			—			1,072,730			—			—		—
Common stocks (b)		133,380			133,380			15,399			90,022			27,959			—		—
Mortgage loans, net of allowance		1,297,783			1,387,817			—			1,297,783			—			—		—
Contract loans		333,437			353,608			—			—			333,437			—		—
Derivatives – options and swaptions		1,165			1,165			—			1,165			—			—		—
Derivatives – swaps and forwards		605,124			601,601			604,193			880			51			—		—
Derivatives – futures		6,281			6,281			6,281			—			—			—		—
Other invested assets (a) (b)		723,497			748,755			—			667,975			55,522			—		—
Cash, cash equivalents and short-term investments		3,141,676			3,141,676			784,641			2,357,035			—			—		—
Separate account assets		15,980,121			16,010,235			10,461,469			5,126,913			276,961			114,778		—

Total assets	$	36,110,229		$	37,831,437		$	11,873,506		$	23,090,881		$	1,031,064		$	114,778	$	—

Liabilities:
Liability for deposit-type contracts	$	(1,476,681	)	$	(1,562,961	)	$	—		$	—		$	(1,476,681	)	$	—	$	—
Derivatives – swaps and forwards		(453,038	)		(455,752	)		(334,465	)		(115,369	)		(3,204	)		—		—
Derivatives - futures		(2,546	)		(2,546	)		(2,546	)		—			—			—		—
Separate account liabilities		(315,784	)		(315,784	)		—			—			(315,784	)		—		—

Total liabilities	$	(2,248,049	)	$	(2,337,043	)	$	(337,011	)	$	(115,369	)	$	(1,795,669	)	$	—	$	—

(a)

As of December 31, 2023 and 2022, there were $190,986 and $211,779 of unfunded commitments for limited partnership investments, respectively. The investments have liquidity restrictions consisting of either general partner approval or no ability for early redemption.

(b)

The common stock line in the tables above exclude equity method investments with carry values of $21,549 and $169,831 as of December 31, 2023 and 2022, respectively. The other invested assets line in the tables above exclude equity method investments with carry values of $667,674 and $486,088 as of December 31, 2023 and 2022, respectively.

The methods and assumptions that the Company uses in determining the estimated fair value of its financial instruments are summarized below:

Bonds - The Company determines the fair value of its publicly-traded fixed maturity securities using three primary pricing methods: third-party pricing services, non-binding broker quotes, and pricing models. Prices are first sought from third-party pricing services, with the remaining unpriced securities priced using one of the other two methods. Third-party pricing services derive the security prices through recently reported trades for identical or similar securities with adjustments for trading volumes and market observable information through the reporting date. In the event that there are no recent market trades, pricing services and brokers may use pricing models to develop a security price based on future expected cash flows discounted at an estimated market rate using collateral performance and vintages. The Company generally does not adjust quotes or prices obtained from brokers or pricing services.

Structured securities, such as ABS, RMBS and CMBS, are priced using third-party pricing services, a fair value model, or independent broker quotations. Typical inputs used by these three pricing methods include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids and/or estimated cash flows and prepayment speeds. In addition, estimates of expected future prepayments are factors in determining the price of ABS, RMBS and CMBS.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

These estimates are based on the underlying collateral and structure of the security, as well as prepayment speeds previously experienced in the market at interest rate levels projected for the underlying collateral. Actual prepayment experience may vary from these estimates.

For privately-placed fixed maturity securities, fair values are estimated using model prices or broker quotes. A portion of privately-placed fixed maturity securities (typically SEC Rule 144A securities) are priced using market prices. Also, a small subset of privately-placed fixed maturity securities are priced using matrix applications which take into account credit spreads for a variety of public and private securities of similar credit risk, maturity, prepayment, and liquidity characteristics.

The Company’s ability to liquidate positions in privately-placed fixed securities and mortgages could be impacted to a significant degree by the lack of an actively-traded market. Although the Company believes that its estimates reasonably reflect the fair value of those instruments, its key assumptions about risk-free interest rates, risk premiums, performance of underlying collateral (if any), and other factors may not reflect those of an active market.

Preferred and common stocks - The fair value of the Company’s equity securities not accounted for under the equity method is first based on quoted market prices. Similar to fixed maturity securities, the Company uses pricing services and broker quotes to price equity securities for which a quoted market price is not available.

Mortgage loans on real estate - The fair value of mortgage loans is estimated by discounting future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.

Derivatives - The fair values of swaps, swaptions, and forwards are based on current settlement values, dealer quotes, and market prices. Fair values of options and futures are also based on dealer quotes and market prices.

Contract loans - The fair value of policy loans is determined by estimating future policy loan cash flows and discounting the cash flows at a current market interest rate.

Other invested assets - Other invested assets include renewable energy tax credits, surplus debentures, non-rated residual tranches on asset-backed securities, and collateral loans. The fair values of surplus notes are obtained from third-party pricing services. Collateral loans are carried at amortized cost using pricing methods similar to private placements.

Cash, cash equivalents, and short-term investments - The carrying value for cash, cash equivalents, and short-term investments approximates fair value due to the short-term nature and liquidity of the balances.

Separate Accounts - The estimated fair value of Separate Account assets and liabilities is determined using the same methodology described in Note 14. The difference between Separate Account assets and liabilities reflected in the chart above and the total recognized in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus represents amounts that are attributable to non-financial instruments.

Deposit-type contracts - The fair values of the Company’s General Account liabilities under investment-type contracts (insurance and annuity contracts that do not involve mortality or morbidity risks) is estimated using discounted cash flow analyses or surrender values. Those contracts that are deemed to have short-term guarantees have a carrying amount equal to their estimated fair value.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

16.

Federal Income Taxes

The Inflation Reduction Act (“IRA”) was enacted on August 16, 2022 and included a new corporate alternative minimum tax (“CAMT”). The IRA and CAMT are effective for tax years beginning after 2022. The Company is a non-applicable reporting entity as it relates to the CAMT.

The components of the Company’s DTAs and DTLs as of December 31, 2023 and December 31, 2022 were as follows:


	December 31, 2023						December 31, 2022							Change
Description	Ordinary		Capital		Total		Ordinary		Capital			Total		Ordinary		Capital		Total
Gross deferred tax assets	$	224,890	$	80,137	$	305,027	$	114,648	$	45,114		$	159,762	$	110,242	$	35,023	$	145,265
Statutory valuation allowance adjustments		—		—		—		—		—			—		—		—		—

Adjusted gross deferred tax assets		224,890		80,137		305,027		114,648		45,114			159,762		110,242		35,023		145,265
Deferred tax assets nonadmitted		—		—		—		—		—			—		—		—		—

Subtotal net admitted deferred tax assets		224,890		80,137		305,027		114,648		45,114			159,762		110,242		35,023		145,265
Deferred tax liabilities		65,299		63,139		128,438		62,801		57,012			119,813		2,498		6,127		8,625

Net admitted deferred tax assets / (Net deferred tax liabilities)	$	159,591	$	16,998	$	176,589	$	51,847	$	(11,898	)	$	39,949	$	107,744	$	28,896	$	136,640

The following table provides component amounts of the Company’s calculation by tax character in accordance with paragraphs 11.a, 11.b.i, 11.b.ii and 11.c of SSAP No. 101:


	December 31, 2023						December 31, 2022						Change
Description	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total
Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	—	$	—	$	—	$	16,958	$	16,958	$	—		$	(16,958	)	$	(16,958	)
Adjusted gross deferred tax assets expected to be realized after application of the threshold limitation		165,618		26,600		192,218		49,635		12,862		62,497		115,983			13,738			129,721
Adjusted gross deferred tax assets expected to be realized following the balance sheet date		165,618		26,600		192,218		49,635		12,862		62,497		115,983			13,738			129,721
Adjusted gross deferred tax assets allowed per limitation threshold		—		—		352,224		XXX		XXX		323,831		XXX			XXX			28,393
Adjusted gross deferred tax assets offset by gross deferred tax liabilities		59,272		53,537		112,809		65,013		15,294		80,307		(5,741	)		38,243			32,502

Deferred tax assets admitted as the result of application of SSAP No. 101.	$	224,890	$	80,137	$	305,027	$	114,648	$	45,114	$	159,762	$	110,242		$	35,023		$	145,265

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)


Description	2023			2022
Ratio Percentage Used To Determine Recovery Period And Threshold Limitation Amount		823	%		841	%
Amount Of Adjusted Capital And Surplus Used To Determine Recovery Period And Threshold Limitation Above	$	2,348,158		$	2,158,872

The following table provides the impact of tax planning strategies on adjusted gross and net admitted DTAs, as used in the Company’s SSAP No. 101 calculation.


	December 31, 2023						December 31, 2022						Change
Description	Ordinary			Capital			Ordinary			Capital			Ordinary			Capital
Adjusted gross deferred tax assets	$	224,890		$	80,137		$	114,648		$	45,114		$	110,242		$	35,023
Percentage of adjusted gross deferred tax assets by tax character attributable to the impact of tax planning strategies		—	%		—	%		—	%		—	%		—	%		—	%
Net admitted adjusted gross deferred tax assets	$	224,890		$	80,137		$	114,648		$	45,114		$	110,242		$	35,023
Percentage of net admitted assets by tax character because of the impact of tax planning strategies		—	%		—	%		—	%		—	%		—	%		—	%

The Company’s tax planning strategies do not include the use of reinsurance.

The Company had no temporary differences for which a DTL was not established.

The following tables provide the significant components of the Company’s income taxes incurred and the changes in DTAs and DTLs.


	December 31, 2023			December 31, 2022		December 31, 2021
Current Income Tax
Federal Income Tax Expense (Benefit) from Operations	$	183,751		$	46,564	$	(3,242	)
Federal Income Tax (Benefit) Expense on Net Capital Gains		(18,439	)		3		9,400

Current Income Tax Expense	$	165,312		$	46,567	$	6,158

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

The significant components of the Company’s DTAs and DTLs as of December 31, 2023 and 2022 were as follows:


	December 31, 2023		December 31, 2022		Change
Deferred Tax Assets:
Ordinary
Policyholder Reserves	$	166,071	$	69,139	$	96,932
Investments		2,402		2,392		10
Deferred Acquisition Costs		46,394		34,143		12,251
Fixed assets		1,300		1,087		213
Compensation and benefits accrual		1,432		2,134		(702	)
Receivables - nonadmitted		5,013		3,663		1,350
Other		2,278		2,090		188

Total Ordinary Deferred Tax Assets	$	224,890	$	114,648	$	110,242
Statutory Valuation Allowance Adjustment		—		—		—
Nonadmitted		—		—		—

Admitted Ordinary Deferred Tax Assets	$	224,890	$	114,648	$	110,242
Capital
Investments	$	47,173	$	45,114	$	2,059
Net capital loss carry-forward		32,964		—		32,964

Subtotal		80,137		45,114		35,023
Statutory Valuation Allowance Adjustment		—		—		—
Nonadmitted		—		—		—

Admitted Capital Deferred Tax Assets		80,137		45,114		35,023

Admitted Deferred Tax Assets	$	305,027	$	159,762	$	145,265

Deferred Tax Liabilities:
Ordinary
Investments	$	45,990	$	39,400	$	6,590
Fixed Assets		552		771		(219	)
Policyholder Reserves		18,757		22,628		(3,871	)
Other		—		2		(2	)

Subtotal	$	65,299	$	62,801	$	2,498
Capital
Investments		63,139		57,012		6,127

Subtotal		63,139		57,012		6,127

Deferred Tax Liabilities	$	128,438	$	119,813	$	8,625

Net Admitted Deferred Tax Assets / Deferred Tax Liabilities	$	176,589	$	39,949	$	136,640

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

The change in net deferred income taxes is comprised of the following (this analysis is exclusive of nonadmitted assets as the change in nonadmitted assets is reported separately from the change in net deferred income taxes in the surplus section of the Annual Statement):


Description	December 31, 2023		December 31, 2022		Change
Total Deferred Tax Assets	$	305,027	$	159,762	$	145,265
Total Deferred Tax Liabilities		128,438		119,814		8,624

Net Deferred Tax Assets / Deferred Tax Liabilities	$	176,589	$	39,948	$	136,641
Statutory Valuation Allowance		—		—		—

Net Deferred Tax Assets / Deferred Tax Liabilities	$	176,589	$	39,948	$	136,641
Tax Effect of Unrealized (Gains)/Losses						4,416
Prior Period Adjustment						—

Change in Net Deferred Income Tax					$	141,057

The provision for federal income taxes incurred for the current year is different 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 for the years ended December 31, 2023, 2022, and 2021 were as follows:


	December 31, 2023									December 31, 2022									December 31, 2021
Description	Amount			Tax Effect @ 21%			Effective Tax Rate			Amount			Tax Effect @ 21%			Effective Tax Rate			Amount			Tax Effect @ 21%			Effective Tax Rate
Net Income Before Taxes	$	154,835		$	32,515			21.0	%	$	298,712		$	62,730			21.0	%	$	226,978		$	47,665			21.0	%
Investment Related		(38,296	)		(8,042	)		(5.1	)%		(778	)		(163	)		(0.1	)%		(80,240	)		(16,850	)		(7.4	)%
Exhibit 5a adjustment		—			—			—	%		—			—			—	%		(3,373	)		(708	)		(0.3	)%
Change in Non-admitted assets		(13,668	)		(2,870	)		(1.9	)%		2,647			556			0.2	%		2,676			562			0.3	%
Tax Credit Adjustment		(12,405	)		(2,605	)		(1.7	)%		(10,943	)		(2,298	)		(0.8	)%		(56,265	)		(11,816	)		(5.2	)%
Tax Differences in Wholly Owned Subsidiaries		24,846			5,218			3.4	%		(214,556	)		(45,057	)		(15.1	)%		(3,866	)		(812	)		(0.4	)%
Other		189			40			—	%		19,229			4,038			1.4	%		(11,327	)		(2,379	)		(1.1	)%

Total Statutory Income Taxes				$	24,256			15.7	%				$	19,806			6.6	%				$	15,662			6.9	%

Federal Income Taxes Incurred				$	165,312			106.8	%				$	46,567			15.6	%				$	6,158			2.7	%
Change in Net Deferred Income Taxes					(141,057	)		(91.1	)%					(26,762	)		(9.0	)%					9,504			4.2	%

Total Statutory Income Taxes				$	24,255			15.7	%				$	19,805			6.6	%				$	15,662			6.9	%

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

As of December 31, 2023, the Company did not have any net operating loss carry-forwards.

As of December 31, 2023, the Company had $156,971 of capital loss carry-forwards, which will expire, if not utilized, in 2028.

The Company had no income taxes incurred in the current and prior years that will be available for recoupment in the event of future net losses.

The Company has no deposits admitted under Section 6603 of the Internal Revenue Code.

The application of SSAP No.101 requires a company to evaluate the recoverability of DTAs and, if necessary, to establish a valuation allowance to reduce the DTA to an amount which is more likely than not to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. Although the realization is not assured, management believes it is more likely than not that DTAs will be realized. Therefore, the Company did not record a valuation allowance as of December 31, 2023 and December 31, 2022.

Tax years prior to 2020 are closed for audit or examination under the applicable statute of limitations. The Company is not currently under examination by the Internal Revenue Service. The Company does not believe it has any uncertain tax positions for its federal income tax return that would be material to its financial condition, results of operations, or cash flows. Therefore, the Company did not record a liability for unrecognized tax positions (“UTPs”) as of December 31, 2023 and 2022.

The Company is part of an affiliated group of companies that will file a consolidated federal income tax return for 2023. The following companies are included in the consolidated return filing:

•

Group 1001, Inc.

•

Group 1001 Insurance Holdings, LLC

•

Group 1001 Services, Inc.

•

Delaware Life (Bermuda) Holdings, Inc.

•

Delaware Life Insurance Company

•

Delaware Life Insurance Company of New York

•

Delaware Life and Annuity Company

•

DL Reinsurance Company

•

Clarendon Insurance Agency, Inc.

•

Clear Spring Health Insurance Company

•

Delaware Life Reinsurance (U.S.) Corp.

•

Clear Spring Health (CO), Inc.

•

Clear Spring Health (GA), Inc.

•

Clear Spring Health (SC), Inc.

•

Clear Spring Health Community Care, Inc.

•

Clear Spring Health (VA), Inc.

•

Clear Spring Health of Illinois, Inc.

•

Clear Spring Health Holdings, LLC

•

Clear Spring Health Management Services, LLC

•

Clear Spring Casualty Insurance Company

•

Clear Spring American Insurance Company

•

Clear Spring National Insurance Company

•

Clear Spring PC Acquisition Corp.

•

Clear Spring PC Holdings, LLC

•

Clear Spring Property and Casualty Company

•

Evolution of Sport, Inc.

•

R.V.I. Holdings, LLC

•

R.V.I America Corp.

•

R.V.I. Analytical Services, Inc.

•

Transition Services, Inc.

•

R.V.I. Services Co., Inc.

•

R.V.I. Guaranty Co., Ltd.

•

R.V.I. America Insurance Company

A written tax allocation agreement has been approved, or is pending approval, by the state of domicile of each participating insurance company. Allocation is based upon separate return calculations with current credit (benefit) given for losses and tax attributes that are utilized by the consolidated group.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

17.

Capital and Surplus and Dividend Restrictions

As of December 31, 2023 and 2022, the Company was authorized to issue 10,000 shares of common stock with a par value of $1,000 per share; 6,437 shares of common stock were issued and outstanding. The Company is not authorized to issue preferred stock.

The Company is subject to certain statutory and regulatory restrictions imposed by the State of Delaware on insurance companies which limits the amount of cash dividends that may be paid to the stockholders. Under Delaware law, cash dividends may be paid only from earned surplus. Additionally, the maximum aggregate amount of ordinary dividends that the Company may declare or pay during any twelve-month period is the greater of: (1) 10% of its statutory surplus, or (2) net gains from operations before net realized capital gains (losses) provided that unassigned surplus is positive and sufficient to cover the payment, each as reported in the prior year’s Annual Statement, unless written approval is obtained from the Department granting a greater amount (i.e., an extraordinary dividend). In addition, no dividend may be paid in excess of unassigned funds. At December 31, 2023, the Company reported surplus as regards policyholders of $2,555,812, net gains from operations (before realized capital gains) of $137,769, and unassigned surplus of $433,943. As of December 31, 2023, the Company may declare an ordinary dividend to shareholders without prior approval from the Department in the maximum amount of $255,581.

In June 2023, the Company received a capital contribution of $115,000 from DLSH and paid no dividends. The Company paid an ordinary dividend of $100,000 to DLSH in April 2022 and received a capital contribution of $50,000 from DLSH in December 2022. The Company paid an ordinary dividend of $200,000 to DLH and received a capital contribution of $479,200 from DLH in 2021.

The Company had no special surplus funds in 2022. During 2023, the Company reclassified $140,735 from unassigned funds to aggregate write-ins for special surplus funds in accordance with the interpretive guidance established within INT 23-01.

Surplus Notes

As of December 31, 2023 and 2022, the Company had $390,213 of surplus notes outstanding. During 2013, the Company entered into an agreement with Deutsche Bank Trust Company Americas (“DBTCA”), pursuant to which the surplus notes were taken into custody by DBTCA on behalf of the holders of the surplus notes (the “Noteholders”). DBTCA collects all surplus note payments and distributes such funds to the Noteholders.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

The details of outstanding surplus notes were as follows as of and for the years ended December 31, 2023 and 2022:


2023
Item Number	Date Issued		Interest Rate			Original Issue Amount of Note		Carrying Value of Note		Current Year Principal Paid		Life-To-Date Principal Paid		Current Year Interest Expense Recognized		Life-To-Date Interest Expense Recognized		Date of Maturity
1000		12/22/97		8.625	%	$	250,000	$	20,713	$	—	$	229,287	$	1,786	$	532,871		11/06/27
1001		11/06/22		7.750	%		85,500		85,500		—		—		6,626		7,639		11/06/52
1002		11/06/22		7.750	%		24,587		24,587		—		—		1,905		2,197		11/06/52
1003		11/06/22		7.750	%		24,612		24,612		—		—		1,907		2,199		11/06/52
2000		12/15/95		7.750	%		150,000		—		77,301		150,000		2,995		253,791		12/15/52
2002		06/15/23		7.750	%		52,301		52,301		—		—		2,027		2,027		12/15/52
2003		06/15/23		7.750	%		5,200		5,200		—		—		202		202		12/15/52
2004		06/15/23		7.750	%		4,000		4,000		—		—		155		155		12/15/52
2005		06/15/23		7.750	%		500		500		—		—		19		19		12/15/52
2006		06/15/23		7.750	%		1,750		1,750		—		—		68		68		12/15/52
2007		06/15/23		7.750	%		1,000		1,000		—		—		39		39		12/15/52
2008		06/15/23		7.750	%		500		500		—		—		19		19		12/15/52
2009		06/15/23		7.750	%		3,000		3,000		—		—		116		116		12/15/52
2010		06/15/23		7.750	%		4,950		4,950		—		—		192		192		12/15/52
2011		06/15/23		7.750	%		2,000		2,000		—		—		78		78		12/15/52
2012		06/15/23		7.750	%		500		500		—		—		19		19		12/15/52
2013		06/15/23		7.750	%		250		250		—		—		10		10		12/15/52
2014		06/15/23		7.750	%		250		250		—		—		10		10		12/15/52
2015		06/15/23		7.750	%		100		100		—		—		4		4		12/15/52
2016		06/15/23		7.750	%		500		500		—		—		19		19		12/15/52
2017		06/15/23		7.750	%		500		500		—		—		19		19		12/15/52
3000		12/15/95		7.626	%		150,000		150,000		—		—		11,439		311,515		12/15/52
4000		12/15/95		7.750	%		7,500		—		7,500		7,500		291		12,535		12/15/52
4001		06/15/23		7.750	%		7,500		7,500		—		—		291		291		12/15/52

Total		XXX		XXX		$	777,000	$	390,213	$	84,801	$	386,787	$	30,236	$	1,126,034		XXX

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

2022


Item Number	Date Issued		Interest Rate			Original Issue Amount of Note		Carrying Value of Note		Current Year Principal Paid		Life-To-Date Principal Paid		Current Year Interest Expense Recognized		Life-To-Date Interest Expense Recognized		Date of Maturity
1000		12/22/97		8.625	%	$	250,000	$	20,713	$	134,699	$	229,287	$	13,225	$	531,514		11/06/27
1001		12/15/22		7.750	%		85,500		85,500		—		—		—		—		11/06/52
1002		12/15/22		7.750	%		24,587		24,587		—		—		—		—		11/06/52
1003		12/15/22		7.750	%		24,612		24,612		—		—		—		—		11/06/52
2000		12/15/95		7.750	%		150,000		77,301		—		72,699		4,809		250,795		12/15/52
3000		12/15/95		7.626	%		150,000		150,000		—		—		11,439		300,076		12/15/52
4000		12/15/95		7.750	%		7,500		7,500		—		—		467		12,245		12/15/52

Total		XXX		XXX		$	692,199	$	390,213	$	134,699	$	301,986	$	29,940	$	1,094,630		XXX

The proceeds from the issuance of the surplus notes were not used to purchase an asset directly or indirectly from the Noteholders. The surplus notes were not issued as part of a transaction whereby the principal or interest payments are contractually linked to other assets or agreements. There were no surplus note interest or principal payments subject to administrative offsetting provisions.

The surplus notes and accrued interest thereon are subordinate to payments due to policyholders, claimants, and beneficiaries, as well as all other classes of creditors other than the Noteholders. After payment in full of certain obligations set forth in Section 5918 of the Delaware Insurance Code, and prior to any payment to a common shareholder in respect of such shareholder’s ownership interest in the Company, the holder of a surplus note is entitled to receive payment in full. The Company has no preferred stockholders. Any redemption of a surplus note is subject to the prior written consent of the Department.

During 2022, $134,699 of interests in item 1000 held by Security Benefit Life Insurance Company (“Security Benefit”) were canceled in exchange for three new notes issued by the Company, each with an interest rate of 7.75% and a maturity date of November 6, 2052 (items 1001, 1002 and 1003 in the above tables). The remaining interest in the amount of $20,713 in item 1000 is held solely by the Lange Trust with an interest rate of 8.625% and a maturity date of November 6, 2027. During 2023, Group 1001 Finance, an affiliate of the Company, purchased $134,699 of interests in the notes listed as item 1001, 1002, and 1003 in the above tables from Security Benefit. As of December 31, 2023, the interests in items 1001, 1002, and 1003 were held solely by Group 1001 Finance.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

During 2022, the interest rate on item 2000 in the above tables was changed to 7.75% and the maturity date was extended to December 15, 2052. Effective December 15, 2022 and April 28, 2023, Group 1001 Finance purchased $22,301 and $55,000, respectively, of the surplus note held by Security Benefit. On June 15, 2023, $77,301 of interests in item 2000 held by Group 1001 Finance were canceled in exchange for sixteen new notes issued by the Company, each with an interest rate of 7.75% and a maturity date of December 15, 2052 (items 2002 thru 2017 in the above tables). As of December 31, 2023, the interest in item 2002 was held solely by Group 1001 Finance. As of December 31, 2023, the interests in items 2003 thru 2017 were held by the following unaffiliated entities:


Item Number(s)	Noteholder	Carry Value of Note(s)
2003, 2004, 2005	Horace Mann Life Insurance Company	$	9,700
2006	Gleaner Life Insurance Society		1,750
2007	Puritan Life Insurance Company of America		1,000
2008, 2009	Physicians Mutual Insurance Company		3,500
2010, 2013	Investors Heritage Life Insurance Company		5,200
2011, 2012	Capital Avenue Reinsurance LLC		2,500
2014	Reliance Standard Life Insurance Company		250
2015	HMO Louisiana Inc.		100
2016	Louisiana Health Service & Indemnity Company		500
2017	Factory Mutual Insurance Company		500

Interests in the surplus note in the amount of $150,000, listed as item 3000 in the above tables, are held by Midland National Life Insurance Company (“Midland National”) and North American Company for Life and Health (“North American”), which are both considered related parties of the Company. Midland National and North American hold interests in the amounts of $100,000 and $50,000, respectively. During 2022, the maturity date of this note was extended to December 15, 2052.

The surplus note in the amount of $7,500, listed as item 4000 in the above tables, was held by Security Benefit until December 15, 2022. Effective on this date, Group 1001 Finance purchased the full amount of this surplus note from Security Benefit. During 2022, the interest rate was changed to 7.75% and the maturity date of this note was extended to December 15, 2052. On June 15, 2023, $7,500 of interest in item 4000 held by Group 1001 Finance was canceled in exchange for a new note issued by the Company with an interest rate of 7.75% and a maturity date of December 15, 2052 (item 4001 in the tables above). As of December 31, 2023, the interest in item 4001 is held solely by Group 1001 Finance.

The Company incurred $30,236, $29,940, and $42,688 of interest on the surplus notes for the years ended December 31, 2023, 2022, and 2021, respectively. Each accrual and payment of interest on the surplus notes may be made only with the prior approval of the Delaware Insurance Commissioner and only to the extent the Company has sufficient surplus earnings to make such payment. The Company received approval for all surplus note interest and principal payments and the related interest accrual in the amount of $2,669 at December 31, 2023 and 2022.

After payment in full of certain obligations set forth in 18 Del. Code Ann. tit. 59, § 5918, and prior to any payment to a common shareholder in respect of such shareholder’s ownership interest in the Company, the holder of a surplus note is entitled to receive payment in full of all principal and interest amounts owing. The Company has no preferred stockholders.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Risk-Based Capital

Life and health insurance companies are subject to certain RBC requirements as specified by the NAIC. The RBC requirements provide a method for measuring the minimum acceptable amount of adjusted capital that a life insurer should have, as determined under statutory accounting principles, taking into account the risk characteristics of its investments and products. The Company exceeded the minimum RBC requirements at December 31, 2023 and 2022.

18.

Commitments and Contingent Liabilities

Lease Commitments

Effective January 1, 2021, the Company entered into a lease agreement with Group 1001 Indiana Holdings, LLC to occupy office space in Zionsville, Indiana. The lease has an expiration date of December 31, 2035 and an option to renew the lease agreement for up to a five-year period. Rental expenses under this lease for 2023 and 2022 were $2,644 and $1,610, respectively. The rent expense recorded in 2023 under this lease is inclusive of a $1,000 assessment for use of certain additional benefits in excess of, and consistent with, those received under this lease.

During 2022 and 2023, the Company leased office space in Waltham, Massachusetts under a lease with an original expiration date of April 30, 2023 for three premises within an office building known as 1601 Trapelo Road. The termination date of the lease was amended during 2022 and 2023, along with certain other terms and conditions in both the “Second Amendment” and the “Third Amendment,” respectively. Upon execution of the Second Amendment, affiliates of the landlord and an affiliate of the Company simultaneously entered into new lease agreements for two separate office spaces in Waltham, Massachusetts. One of the original premises at 1601 Trapelo Road terminated on June 30, 2023. The remaining two premises terminated on November 1, 2023, the date per the Second Amendment that corresponded with the commencement/occupancy of one of the new leases. Rent expenses during 2023, 2022, and 2021 were $1,485, $2,421, and $2,166, respectively, under this lease and were partially reimbursed by affiliates.

Effective February 2, 2022, the Company entered into an additional sublease agreement with PSA Realty Company (“PSA Realty”) to occupy office space in Ft. Lauderdale, Florida, once renovations of the office were completed. The sublease agreement expires no later than one day prior to the primary lease expiration. Rental expenses under this sublease in 2023 and 2022 were $157 and $0, respectively.

Effective October 13, 2022, the Company entered into two sublease agreements with PSA Realty to occupy two separate office spaces in Waltham, Massachusetts, once renovations on each office space were completed in 2023. The primary leases for the office spaces known as 10 CityPoint and 230 CityPoint are seven-year and eight-year leases, respectively, each with an option to renew for five additional years. The subleases expire no later than one day prior to the expiration of the primary leases. Combined rental expenses under these subleases in 2023 were $527, and the Company was partially reimbursed by an affiliate.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

At December 31, 2023, the minimum aggregate lease commitments, for the next five years and thereafter, were as follows:


	Operating Leases
Year ended December 31:
2024	$	3,851
2025		3,593
2026		3,518
2027		3,595
2028		3,672
Thereafter		16,665

Total	$	34,894

Contingent Commitments

The Company had unfunded commitments for limited partnership investments of $190,986 and $211,779 and commitments for funding future fixed income and preferred stock investments of $1,578,427 and $1,011,581 as of December 31, 2023, and 2022, respectively. The Company also had $140,204 and $159,982 of outstanding mortgage loan commitments on real estate as of December 31, 2023 and 2022, respectively.

Guaranty Fund Assessments

Under insurance guaranty fund laws in each state, the District of Columbia and Puerto Rico, insurers licensed to do business can be assessed by state insurance guaranty associations for certain obligations of insolvent insurance companies to policyholders and claimants. Most of these laws provide, however, that an assessment may be excused or deferred if it would threaten an insurer’s solvency and further provide annual limits on such assessments. Part of the assessments paid by the Company pursuant to these laws may be used as credits for a portion of the associated premium taxes.

Various insolvencies reported by the National Organization of Life and Health Insurance Guaranty Associations will result in retrospective, premium-based guaranty fund assessments against the Company. Based on the best information available, the Company has recorded an accrued liability of $2,970 and $2,995 for guaranty fund assessments as of December 31, 2023 and 2022, respectively. The Company does not know the period over which the guaranty fund assessments may be paid.

As of December 31, 2023 and 2022, the Company did not have any guaranty fund liabilities or assets related to assessments from insolvencies of entities that wrote long-term care contracts.

The Company has not established any asset for premium tax credits or policy surcharges as their recoveries are not estimable.

Litigation and Other Matters

The Company is involved in various lawsuits in the normal course of business. The status of these legal actions is actively monitored by management. If management believed, based on available information, that an adverse outcome upon resolution of a given legal action was probable and the amount of that adverse outcome was reasonably estimable, a loss would be recognized and a related liability recorded. The Company is not aware of any contingent liabilities arising from litigation or other matters that could have a material effect upon the financial condition, results of operations, or cash flows of the Company.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Pledged or Restricted Assets

The following assets were restricted (including pledged assets) at December 31, 2023 and 2022:


	Gross (Admitted & Nonadmitted) 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		2023 Total		2022 Total		Increase/ (Decrease)			Total 2023 Admitted Restricted		Gross Restricted Total Assets		Admitted Restricted to Total Admitted Assets
Subject to Repurchase Agreements	$	816,037	$	—	$	—	$	—	$	816,037	$	778,740	$	37,297		$	816,037		1.77%		1.77%
Subject to Reverse Repurchase Agreements		1,247,707		—		—		—		1,247,707		1,048,957		198,750			1,247,707		2.70%		2.71%
FHLB Capital Stock		71,460		—		—		—		71,460		50,086		21,374			71,460		0.15%		0.16%
On Deposit with States		4,181		—		—		—		4,181		4,145		36			4,181		0.01%		0.01%
Pledged as Collateral to FHLB (Including Securities and Commercial Mortgage Loans)		2,110,097		—		—		—		2,110,097		1,496,904		613,193			2,110,097		4.57%		4.58%
Pledged as collateral not captured in other categories		177,683		—		—		—		177,683		353,878		(176,195	)		177,683		0.39%		0.39%
Other Restricted Assets		18,031		—		—		—		18,031		11,501		6,530			18,031		0.04%		0.04%

Total Restricted Assets	$	4,445,196	$	—	$	—	$	—	$	4,445,196	$	3,744,211	$	700,985		$	4,445,196		9.63%		9.66%

The following were assets pledged as collateral not captured in other categories, including assets backing funding agreements (contracts that share similar characteristics, such as reinsurance and derivatives, are reported in the aggregate) at December 31, 2023 and 2022:


	Gross Restricted																	Percentage
Description of Assets	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		2023 Total		2022 Total		Increase/ (Decrease)			Total 2023 Admitted Restricted		Gross Restricted Total Assets		Admitted Restricted to Total Admitted Assets
Description of Assets	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		2023 Total		2022 Total		Increase/ (Decrease)			Total 2023 Admitted Restricted		Gross Restricted Total Assets		Admitted Restricted to Total Admitted Assets
Bond collateral to Société Générale	$	176,883	$	—	$	—	$	—		176,883	$	176,875	$	8		$	176,883		0.38%		0.38%
Derivative collateral		800		—		—		—		800		145,140		(144,340	)		800		— %		— %
Repo Collateral		—		—		—		—		—		31,863		(31,863	)		—		— %		— %

Total	$	177,683	$	—	$	—	$	—	$	177,683	$	353,878	$	(176,195	)	$	177,683		0.38%		0.38%

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

The following were other restricted assets pledged as collateral in other categories (contracts that share similar characteristics, such as reinsurance and derivatives, are reported in the aggregate) at December 31, 2023 and 2022:


	Gross Restricted																	Percentage
Description of Assets	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		2023 Total		2022 Total		Increase/ (Decrease)			Total 2023 Admitted Restricted		Gross Restricted Total Assets		Admitted Restricted to Total Admitted Assets
Description of Assets	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		2023 Total		2022 Total		Increase/ (Decrease)			Total 2023 Admitted Restricted		Gross Restricted Total Assets		Admitted Restricted to Total Admitted Assets
Restricted Cash - Tax Escrow	$	1,902	$	—	$	—	$	—	$	1,902		2,361	$	(459	)	$	1,902		— %		— %
Mortgage Escrow		16,129		—		—		—		16,129		9,140		6,989			16,129		0.03%		0.03%

Total	$	18,031	$	—	$	—	$	—	$	18,031	$	11,501	$	6,530		$	18,031		0.03%		0.03%

19.

Federal Home Loan Bank

The Company is a member of the FHLB. Through its membership, the Company utilizes funding agreements issued to the FHLB consistent with its other investment spread operations and considers these funds policyholder liabilities. From time to time, the Company also uses FHLB funds for operations; any funds obtained from the FHLB for use in the Company’s general operations are accounted for as borrowed money. The Company has determined its estimated maximum borrowing capacity with the FHLB as $1,683,708 as of December 31, 2023. The Company calculated this amount in accordance with its current collateral pledged to the FHLB.

The FHLB issued a LOC to the Company on behalf of an unrelated party effective July 1, 2021, with a maximum credit amount of $1,000 and an expiration date of December 31, 2021. A new LOC was issued to the Company on behalf of the same unrelated party effective December 1, 2021, with a maximum credit amount of $1,000 and expiration date of June 30, 2022. No amounts were drawn on either LOC during 2023 or 2022. Collateral related to the LOC is included in the disclosures below.

FHLB Capital Stock

Aggregate Totals:


As of December 31, 2023	Total		General Account		Separate Accounts
Membership Stock - Class A	$	—	$	—	$	—
Membership Stock - Class B		7		7		—
Activity Stock		69,203		69,203		—
Excess Stock		2,250		2,250		—

Aggregate Total	$	71,460	$	71,460	$	—

Actual or Estimated Borrowing Capacity as Determined by the Insurer	$	1,683,708	$	—	$	—
As of December 31, 2022
Membership Stock - Class A	$	—	$	—	$	—
Membership Stock - Class B		5,000		5,000		—
Activity Stock		45,085		45,085		—
Excess Stock		1		1		—

Aggregate Total	$	50,086	$	50,086	$	—

Actual or Estimated Borrowing Capacity as Determined by the Insurer	$	1,158,585		XXX		XXX

Membership Stock (Class A and B) Eligible and Not Eligible for Redemption:


Membership stock	Current Year Total		Not Eligible for Redemption		Less Than 6 Months		6 months to Less Than 1 Year		1 to Less Than 3 Years		3 to 5 Years
Class A	$	—	$	—	$	—	$	—	$	—	$	—
Class B		7		7		—		—		—		—

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Collateral Pledged to FHLB

Amount Pledged as of Reporting Date:


	Fair Value		Carrying Value		Aggregate Total Borrowing
Current Year General Account Total Collateral Pledged	$	1,966,287	$	2,110,097	$	1,538,000
Current Year Separate Accounts Total Collateral Pledged		—		—		—

Current Year Total General and Separate Accounts Total Collateral Pledged	$	1,966,287	$	2,110,097	$	1,538,000

Prior Year End Total General and Separate Accounts Total Collateral Pledged	$	1,354,091	$	1,496,904	$	1,113,000

Maximum Amount Pledged During Reporting Period:


	Fair Value		Carrying Value		Amount Borrowed at Time of Maximum Collateral
Current Year General Account Maximum Collateral Pledged	$	1,966,287	$	2,110,097	$	1,538,000
Current Year Separate Accounts Maximum Collateral Pledged		—		—		—

Current Year Total General and Separate Accounts Maximum Collateral Pledged	$	1,966,287	$	2,110,097	$	1,538,000

Prior Year End Total General and Separate Accounts Total Collateral Pledged	$	1,354,091	$	1,496,904	$	1,113,000

Borrowing from FHLB

Amount as of Reporting Date:


As of December 31, 2023	Total		General Account		Separate Accounts		Funding Agreements Reserves Established
Debt	$	—	$	—	$	—		XXX
Funding Agreements		1,538,000		1,538,000		—		1,475,607
Other		—		—		—		XXX

Aggregate Total	$	1,538,000	$	1,538,000	$	—	$	1,475,607


As of December 31, 2022
Debt	$	—	$	—	$	—		XXX
Funding Agreements		1,113,000		1,113,000		—		1,046,812
Other		—		—		—		XXX

Aggregate Total	$	1,113,000	$	1,113,000	$	—	$	1,046,812

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022 AND

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In thousands of dollars, except per share data)

Maximum Amount During Reporting Period:


	Total		General Account		Separate Accounts
Debt	$	—	$	—	$	—
Funding Agreements		1,588,000		1,588,000		—
Other		—		—		—

Aggregate Total	$	1,588,000	$	1,588,000	$	—

FHLB - Prepayment Obligations


		Does the Company have prepayment Obligations under the following arrangements? (YES/NO)
Debt		No
Funding Agreements		Yes
Other		No

20.

Subsequent Events

The Company has evaluated events and transactions that occurred from January 1, 2024 to April 22, 2024, the date these financial statements were available to be issued. There have been no Type I or Type II events or transactions that occurred subsequent to December 31, 2023 having a material effect on the financial statements, except as discussed below.

On January 11, 2024, the Company received $6,700 in cash from DLAC in settlement of the Company’s ceding commission receivable. On January 24, 2024, the Company paid $118,673 of securities and $184 of cash to DLAC in settlement of the Company’s reinsurance payable.