Delaware Life Variable Account I

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 I

(A Separate Account of Delaware Life Insurance Company)

Index

December 31, 2023


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

Financial Statements

Statement of Assets and Liabilities		6-10

Statements of Operations		11-45

Statements of Changes in Net Assets		46-97

Notes to the Financial Statements		98-127

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 I:

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 I (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 Balanced Hedged Allocation Portfolio (Class B) Sub-Account (AL1) (1)

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 International Value Portfolio (Class B) Sub-Account (A98) (1)

Alger Growth & Income Portfolio I-2 Sub-Account (A55) (1)

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 III) Sub-Account (B18) (1)

Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60) (1)

LVIP Delaware Smid Cap Core Fund - Standard Class Sub-Account (D37) (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)

Fidelity VIP Balanced Portfolio (Service Class 2) Sub-Account (FD7) (1)

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

Fidelity VIP Contrafund Portfolio (Service Class) Sub-Account (F29) (1)

Fidelity VIP Freedom 2020 Portfolio (Service Class 2) Sub-Account (F15) (1)

Fidelity VIP Freedom 2030 Portfolio (Service Class 2) Sub-Account (F14) (1)

Fidelity VIP Growth Portfolio (Service Class) Sub-Account (F21) (1)

Fidelity VIP Index 500 Portfolio (Service Class 2) Sub-Account (F26) (1)

Fidelity VIP Index 500 Portfolio (Service Class) Sub-Account (FM7) (1)

Fidelity VIP Mid Cap Portfolio (Service Class 2) Sub-Account (F41) (1)

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

Fidelity VIP Overseas Portfolio (Service Class) Sub-Account (F23) (1)

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

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

Franklin Templeton Allocation VIP Fund Class 2 Sub-Account (FE6) (1)

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

Franklin Templeton Income VIP Fund Class 2 Sub-Account (F59) (1)

Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54) (1)

Franklin Templeton Small Cap Value VIP Fund Class 2 Sub-Account (F53) (1)

Franklin Templeton Strategic Income VIP Fund Class 2 Sub-Account (T28) (1)

Franklin Templeton U.S. Government Securities VIP Fund Class 2 Sub Account (T29) (3)

Goldman Sachs VIT Large Cap Value Fund I Class Sub-Account (G30) (1)

Goldman Sachs VIT Mid Cap Value Fund I Sub-Account (G32) (1)

Goldman Sachs VIT Small Cap Equity Insights Fund I Class Sub-Account (521) (1)

Goldman Sachs International Equity Insights Fund I Class Sub-Account (G33) (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. American Value Fund Series II Sub-Account (V35) (1)

Invesco V.I. Comstock Fund Series II Sub-Account (V13) (1)

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

Invesco V.I. Equity and Income Fund Series II Sub-Account (V11) (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. Small Cap Equity Fund I Sub-Account (I76) (1)

M Capital Appreciation Fund Sub-Account (MB0) (1)

M International Equity Fund Sub-Account (MB1) (1)

M Large Cap Growth Value Fund Sub-Account (MB5) (1)

M Large Cap Value Fund Sub-Account (MA9) (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 Mid Cap Growth Series Initial Class Sub-Account (MF1) (1)

MFS VIT I New Discovery Series Initial Class Sub-Account (M05) (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 I Class Sub-Account (MB6) (1)

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

MFS VIT II Emerging Markets Equity Portfolio S Class Sub-Account (MA1) (1)

MFS VIT II Global Tactical Allocation Portfolio S Class Sub-Account (M92) (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 International Growth Portfolio I Class Sub-Account (M97) (1)

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

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

MFS VIT II Research International Portfolio S Class Sub-Account (ME3) (1)

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

MFS VIT III Conservative Allocation Portfolio Initial Class Sub-Account (MF4) (1)

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

MFS VIT III Growth Allocation Portfolio Initial Class Sub-Account (MF8) (1)

MFS VIT III Inflation Adjusted Bond Portfolio Initial Class Sub-Account (MG0) (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)

MFS VIT III Moderate Allocation Portfolio Initial Class Sub-Account (MG5) (1)

MFS VIT III New Discovery Value Portfolio Initial Class Sub-Account (ME0) (1)

Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class II Sub-Account (V43) (1)

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

Invesco V.I. Capital Appreciation Fund, Series II Sub-Account (O19) (1)

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

Invesco V.I. Global Fund, Series II Sub-Account (O20) (1)

Invesco V.I. Main Street Fund, Series II Sub-Account (O21) (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 Global Managed Asset Allocation Portfolio Administrative Class Sub-Account (PK9) (1)

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

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

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

Statement of changes in net assets for the year ended December 31, 2022.

DELAWARE LIFE VARIABLE ACCOUNT I

(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 Balanced Hedged Allocation Portfolio (Class B) Sub-Account (AL1)		13,560	$	137,018	$	117,023	$	117,023	$	—	$	117,023
AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70)		3,482		105,245		108,115		108,115		—		108,115
AB VPS Relative Value Portfolio (Class B) Sub-Account (A71) ¹		196,851		5,691,916		5,665,358		5,665,358		—		5,665,358
AB VPS International Value Portfolio (Class B) Sub-Account (A98)		3,521		47,640		51,797		51,797		—		51,797
Alger Growth & Income Portfolio I-2 Sub-Account (A55)		19,601		529,581		537,275		537,275		—		537,275
Alger Mid Cap Growth Portfolio I-2 Sub-Account (A54)		61,250		1,327,581		1,032,069		1,032,069		—		1,032,069
Alger Small Cap Growth Portfolio I-2 Sub-Account (A51)		1,578		33,355		26,085		26,085		—		26,085
American Funds Insurance Series Washington Mutual Investors Fund Class 2 Sub-Account (308)		82,947		1,109,420		1,178,673		1,178,673		3		1,178,670
American Funds Insurance Series The Bond Fund of America Class 2 Sub-Account (301)		268,447		2,670,109		2,523,401		2,523,401		15		2,523,386
American Funds Insurance Series Global Growth Fund Class 2 Sub-Account (304)		16,592		478,830		554,850		554,850		1		554,849
American Funds Insurance Series Capital World Growth and Income Fund Class 2 Sub-Account (309)		28,341		391,765		391,387		391,387		1		391,386
American Funds Insurance Series Global Small Capitalization Fund Class 2 Sub-Account (306)		19,031		375,589		333,044		333,044		1		333,043
American Funds Insurance Series Growth Fund Class 2 Sub-Account (303)		15,981		1,353,451		1,569,367		1,569,367		5		1,569,362
American Funds Insurance Series Growth Income Fund Class 2 Sub-Account (302)		9,186		505,932		535,527		535,527		1		535,526
American Funds Insurance Series American High-Income Trust Class 2 Sub-Account (305)		12,887		115,612		112,505		112,505		—		112,505
American Funds Insurance Series International Fund Class 2 Sub-Account (300)		194,232		3,729,597		3,381,577		3,381,577		9		3,381,568
BlackRock Global Allocation V.I. Fund (Class III) Sub-Account (B18)		146,733		2,171,489		1,911,929		1,911,929		1		1,911,928
Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60)		12,731		273,782		458,580		458,580		1		458,579
LVIP Delaware Smid Cap Core Fund - Standard Class Sub-Account (D37)		34,743		784,773		888,055		888,055		—		888,055
DWS Small Cap Index VIP Class B Sub-Account (D55)		401,107		5,987,024		5,463,080		5,463,080		1		5,463,079
DWS Small Mid Cap Value VIP Class A Sub-Account (S61)		172,490		2,362,772		2,390,713		2,390,713		—		2,390,713
BNY Mellon Investment Portfolios: MidCap Stock Portfolio, Initial Shares Sub-Account (D18)		216,595		3,953,011		4,045,987		4,045,987		2		4,045,985
Fidelity VIP Balanced Portfolio (Service Class 2) Sub-Account (FD7)		103,963		2,266,245		2,239,379		2,239,379		6		2,239,373
Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24)		46,695		1,784,251		2,186,715		2,186,715		2		2,186,713
Fidelity VIP Contrafund Portfolio (Service Class) Sub-Account (F29)		215,151		8,085,255		10,391,804		10,391,804		—		10,391,804
Fidelity VIP Freedom 2020 Portfolio (Service Class 2) Sub-Account (F15)		288		3,704		3,567		3,567		—		3,567
Fidelity VIP Freedom 2030 Portfolio (Service Class 2) Sub-Account (F14)		3,752		53,984		57,223		57,223		—		57,223
Fidelity VIP Growth Portfolio (Service Class) Sub-Account (F21)		51,421		4,270,506		4,749,271		4,749,271		—		4,749,271
Fidelity VIP Index 500 Portfolio (Service Class 2) Sub-Account (F26)		58,809		17,417,779		26,774,511		26,774,511		56		26,774,455
Fidelity VIP Index 500 Portfolio (Service Class) Sub-Account (FM7)		42,501		11,687,044		19,540,379		19,540,379		—		19,540,379
Fidelity VIP Mid Cap Portfolio (Service Class 2) Sub-Account (F41)		51,578		1,892,301		1,789,221		1,789,221		2		1,789,219
Fidelity VIP Government Money Market Portfolio (Service Class) Sub-Account (FM8)		3,613,582		3,613,582		3,613,582		3,613,582		—		3,613,582
Fidelity VIP Overseas Portfolio (Service Class) Sub-Account (F23)		237,262		4,995,377		6,092,898		6,092,898		—		6,092,898
First Eagle Overseas Variable Fund Sub-Account (FE3)		47,872		1,148,984		1,081,898		1,081,898		1		1,081,897
Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)		303,766		4,013,233		4,325,627		4,325,627		—		4,325,627
Franklin Templeton Allocation VIP Fund Class 2 Sub-Account (FE6)		6,402		37,457		31,372		31,372		—		31,372
Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56)		115,175		1,323,306		1,380,946		1,380,946		—		1,380,946
Franklin Templeton Income VIP Fund Class 2 Sub-Account (F59)		48,025		727,257		681,961		681,961		1		681,960
Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54)		57,606		950,530		883,104		883,104		1		883,103
Franklin Templeton Small Cap Value VIP Fund Class 2 Sub-Account (F53)		90,130		1,180,583		1,196,021		1,196,021		2		1,196,019
Franklin Templeton Strategic Income VIP Fund Class 2 Sub-Account (T28)		58,331		591,049		525,567		525,567		1		525,566
Franklin Templeton U.S. Government Securities VIP Fund Class 2 Sub-Account (T29) ²		—		—		—		—		—		—
Goldman Sachs VIT Large Cap Value Fund I Class Sub-Account (G30)		18,094		160,381		152,536		152,536		2		152,534
Goldman Sachs VIT Mid Cap Value Fund I Sub-Account (G32)		35,278		611,359		564,795		564,795		—		564,795
Goldman Sachs VIT Small Cap Equity Insights Fund I Class Sub-Account (521)		18,439		225,788		226,433		226,433		4		226,429
Goldman Sachs International Equity Insights Fund I Class Sub-Account (G33)		24,341		197,611		215,416		215,416		5		215,411
Goldman Sachs VIT U.S Equity Insights Fund I Class Sub-Account (G31)		255,273		4,604,279		4,985,491		4,985,491		10		4,985,481
Invesco V.I. American Franchise Fund Series I Sub-Account (V15)		20,148		1,189,046		1,187,940		1,187,940		4		1,187,936
Invesco V.I. American Value Fund Series II Sub-Account (V35)		61,070		923,331		838,490		838,490		—		838,490
Invesco V.I. Comstock Fund Series II Sub-Account (V13)		4,703		79,325		92,072		92,072		—		92,072
Invesco V.I. Core Equity Fund I Sub-Account (A39)		26,757		806,727		783,719		783,719		1		783,718
Invesco V.I. Equity and Income Fund Series II Sub-Account (V11)		30,973		548,393		506,707		506,707		—		506,707
Invesco V.I. Growth and Income Fund Series I Sub-Account (IB1)		68,482		1,320,944		1,291,569		1,291,569		—		1,291,569

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

- 6 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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
Invesco V.I. EQV International Equity Fund Series I Sub-Account (A21)		148,823	$	5,137,146	$	5,073,386	$	5,073,386	$	6	$	5,073,380
Invesco V.I. Small Cap Equity Fund I Sub-Account (I76)		24,577		425,297		422,716		422,716		—		422,716
M Capital Appreciation Fund Sub-Account (MB0)		35,221		861,572		860,447		860,447		—		860,447
M International Equity Fund Sub-Account (MB1)		48,851		588,388		663,881		663,881		—		663,881
M Large Cap Growth Value Fund Sub-Account (MB5)		34,907		1,225,529		1,014,411		1,014,411		—		1,014,411
M Large Cap Value Fund Sub-Account (MA9)		30,495		386,476		447,365		447,365		—		447,365
MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8)		5,763,995		5,763,995		5,763,995		5,763,995		20		5,763,975
MFS VIT Total Return Series Initial Class Sub-Account (M07)		114,293		2,753,751		2,658,445		2,658,445		8		2,658,437
MFS VIT Total Return Series Service Class Sub-Account (M35)		12,287		296,273		278,675		278,675		1		278,674
MFS VIT I Growth Series Initial Class Sub-Account (M31)		41,607		2,538,456		2,508,521		2,508,521		2		2,508,519
MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1)		565,397		5,448,458		4,845,453		4,845,453		13		4,845,440
MFS VIT I New Discovery Series Initial Class Sub-Account (M05)		182,299		3,186,020		2,358,946		2,358,946		3		2,358,943
MFS VIT I Total Return Bond Series Initial Class Sub-Account (M06)		466,999		5,797,705		5,463,890		5,463,890		10		5,463,880
MFS VIT I Research Series Initial Class Sub-Account (M33)		145,305		4,259,952		4,645,407		4,645,407		1		4,645,406
MFS VIT I Utilities Series Initial Class Sub-Account (M44)		76,886		2,436,282		2,479,575		2,479,575		4		2,479,571
MFS VIT I Utilities Series Service Class Sub-Account (M40)		5,572		180,492		175,730		175,730		—		175,730
MFS VIT I Value Series Initial Class Sub-Account (M83)		388,179		7,770,656		8,256,578		8,256,578		6		8,256,572
MFS VIT I Value Series Service Class Sub-Account (M08)		50,984		978,517		1,055,866		1,055,866		1		1,055,865
MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6)		28,764		1,519,152		1,594,939		1,594,939		11		1,594,928
MFS VIT II Corporate Bond Portfolio S Class Sub-Account (MA0)		154,137		1,677,578		1,444,264		1,444,264		3		1,444,261
MFS VIT II Emerging Markets Equity Portfolio S Class Sub-Account (MA1)		182,645		2,600,607		2,235,575		2,235,575		6		2,235,569
MFS VIT II Global Tactical Allocation Portfolio S Class Sub-Account (M92)		5,738		82,891		76,547		76,547		—		76,547
MFS VIT II Government Securities Portfolio I Class Sub-Account (M96)		136,875		1,628,942		1,487,830		1,487,830		1		1,487,829
MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2)		31,988		344,481		346,111		346,111		1		346,110
MFS VIT II High Yield Portfolio I Class Sub-Account (MA6)		705,932		3,850,681		3,529,659		3,529,659		3		3,529,656
MFS VIT II International Growth Portfolio I Class Sub-Account (M97)		103,841		1,490,670		1,523,345		1,523,345		1		1,523,344
MFS VIT II International Growth Portfolio S Class Sub-Account (MD5)		25,029		374,727		361,164		361,164		1		361,163
MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6)		112,938		2,336,688		2,555,778		2,555,778		7		2,555,771
MFS VIT II Research International Portfolio S Class Sub-Account (ME3)		93,233		1,539,505		1,550,474		1,550,474		9		1,550,465
MFS VIT III Blended Research Small Cap Equity Portfolio Initial Class Sub-Account (MB8)		396,177		4,215,017		3,965,728		3,965,728		5		3,965,723
MFS VIT III Conservative Allocation Portfolio Initial Class Sub-Account (MF4)		185,855		2,033,688		1,734,031		1,734,031		4		1,734,027
MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6)		323,226		4,477,751		4,227,802		4,227,802		3		4,227,799
MFS VIT III Growth Allocation Portfolio Initial Class Sub-Account (MF8)		291,522		3,227,609		2,786,954		2,786,954		5		2,786,949
MFS VIT III Inflation Adjusted Bond Portfolio Initial Class Sub-Account (MG0)		82,352		736,976		684,341		684,341		3		684,338
MFS VIT III Limited Maturity Portfolio Initial Class Sub-Account (MF2)		463,113		4,676,483		4,617,238		4,617,238		4		4,617,234
MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)		503,392		4,272,741		4,948,339		4,948,339		—		4,948,339
MFS VIT III Moderate Allocation Portfolio Initial Class Sub-Account (MG5)		435,500		5,302,081		4,668,561		4,668,561		12		4,668,549
MFS VIT III New Discovery Value Portfolio Initial Class Sub-Account (ME0)		145,288		1,266,465		1,160,852		1,160,852		—		1,160,852
Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class II Sub-Account (V43)		49,705		367,395		201,306		201,306		—		201,306
Invesco V.I. Capital Appreciation Fund, Series I Sub-Account (O01)		27,798		1,341,002		1,308,467		1,308,467		—		1,308,467
Invesco V.I. Capital Appreciation Fund, Series II Sub-Account (O19)		2,102		93,857		93,826		93,826		—		93,826
Invesco V.I. Discovery Mid Cap Growth Fund, Series I Sub-Account (O00)		3,078		217,359		193,341		193,341		—		193,341
Invesco V.I. Global Fund, Series II Sub-Account (O20)		5,001		184,416		177,549		177,549		—		177,549
Invesco V.I. Main Street Fund, Series II Sub-Account (O21)		1,997		40,970		35,500		35,500		—		35,500
PIMCO VIT CommodityRealReturnTM Strategy Portfolio Admin Class Sub-Account (P10)		57,943		353,850		309,996		309,996		1		309,995
PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8)		183,525		2,261,749		1,936,188		1,936,188		—		1,936,188
PIMCO VIT Global Managed Asset Allocation Portfolio Administrative Class Sub-Account (PK9)		2,425		26,354		22,701		22,701		—		22,701
PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)		112,652		1,412,310		1,303,384		1,303,384		—		1,303,384
PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)		911,979		9,130,856		8,371,958		8,371,958		—		8,371,958
T. Rowe Price Blue Chip Growth Portfolio Sub-Account (307)		186,376		6,154,416		8,608,698		8,608,698		—		8,608,698
Wanger Acorn Sub-Account (W42)		2,136		33,716		28,467		28,467		—		28,467

¹	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.

²	This Sub-Account is active but had zero balance in 2023.

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

- 7 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2023


	Units		Net Assets
Net Assets:
AL1		4,486	$	117,023
A70		4,811		108,115
A71		133,688		5,665,358
A98		6,118		51,797
A55		12,290		537,275
A54		20,773		1,032,069
A51		587		26,085
308		24,565		1,178,670
301		160,792		2,523,386
304		10,921		554,849
309		9,938		391,386
306		9,940		333,043
303		20,113		1,569,362
302		9,791		535,526
305		4,235		112,505
300		143,130		3,381,568
B18		77,452		1,911,928
C60		15,519		458,579
D37		11,916		888,055
D55		95,010		5,463,079
S61		52,542		2,390,713
D18		82,344		4,045,985
FD7		50,880		2,239,373
F24		56,673		2,186,713
F29		135,338		10,391,804
F15		167		3,567
F14		2,425		57,223
F21		79,819		4,749,271
F26		644,755		26,774,455
FM7		362,915		19,540,379
F41		57,525		1,789,219
FM8		261,793		3,613,582
F23		211,878		6,092,898
FE3		54,597		1,081,897
T20		130,300		4,325,627

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

- 8 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2023


	Units		Value
Net Assets (continued):
FE6		1,103	$	31,372
F56		38,712		1,380,946
F59		30,134		681,960
F54		41,798		883,103
F53		36,322		1,196,019
T28		29,981		525,566
T29		—		—
G30		4,327		152,534
G32		10,330		564,795
521		4,107		226,429
G33		12,406		215,411
G31		105,228		4,985,481
V15		28,955		1,187,936
V35		19,947		838,490
V13		2,780		92,072
A39		24,800		783,718
V11		14,951		506,707
IB1		26,743		1,291,569
A21		163,475		5,073,380
I76		13,766		422,716
MB0		21,657		860,447
MB1		54,787		663,881
MB5		21,914		1,014,411
MA9		16,915		447,365
MD8		529,575		5,763,975
M07		132,205		2,658,437
M35		14,089		278,674
M31		52,691		2,508,519
MF1		118,612		4,845,440
M05		75,330		2,358,943
M06		443,179		5,463,880
M33		121,845		4,645,406
M44		146,454		2,479,571
M40		10,755		175,730

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

- 9 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2023


	Units		Value
Net Assets (continued):
M83		262,501	$	8,256,572
M08		48,861		1,055,865
MB6		30,920		1,594,928
MA0		75,878		1,444,261
MA1		239,283		2,235,569
M92		4,461		76,547
M96		75,686		1,487,829
MD2		26,590		346,110
MA6		129,514		3,529,656
M97		46,772		1,523,344
MD5		11,516		361,163
MD6		50,788		2,555,771
ME3		105,938		1,550,465
MB8		82,133		3,965,723
MF4		73,796		1,734,027
MF6		99,217		4,227,799
MF8		72,981		2,786,949
MG0		50,792		684,338
MF2		341,344		4,617,234
MG3		131,315		4,948,339
MG5		150,831		4,668,549
ME0		24,132		1,160,852
V43		3,660		201,306
O01		23,772		1,308,467
O19		2,670		93,826
O00		14,020		193,341
O20		6,186		177,549
O21		1,047		35,500
P10		39,091		309,995
PK8		53,335		1,936,188
PK9		1,329		22,701
P06		58,664		1,303,384
P07		381,462		8,371,958
307		110,043		8,608,698
W42		888		28,467

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

- 10 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023


	AL1			A70		A71
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	1,006		$	25	$	69,226
Expenses:
Mortality and expense risk charges		—			—		—

Net investment income (loss)		1,006			25		69,226

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,000	)		492		(28,117	)
Realized gain distributions		5,764			5,398		437,272
Net realized gains (losses)		4,764			5,890		409,155

Net change in unrealized appreciation (depreciation)		6,977			6,685		130,968

Net realized and change in unrealized gains (losses)		11,741			12,575		540,123

Increase (decrease) in net assets from operations	$	12,747		$	12,600	$	609,349

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

- 11 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	A98		A55			A54
	Sub-Account		Sub-Account			Sub-Account
Income:
Dividend income	$	348	$	6,894		$	—
Expenses:
Mortality and expense risk charges		—		(55	)		—

Net investment income (loss)		348		6,839			—

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,202		46,223			(16,092	)
Realized gain distributions		—		15,599			—
Net realized gains (losses)		2,202		61,822			(16,092	)

Net change in unrealized appreciation (depreciation)		7,777		38,342			211,731

Net realized and change in unrealized gains (losses)		9,979		100,164			195,639

Increase (decrease) in net assets from operations	$	10,327	$	107,003		$	195,639

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

- 12 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	A51			308		301
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	—		$	20,881	$	84,311
Expenses:
Mortality and expense risk charges		(8	)		—		—

Net investment income (loss)		(8	)		20,881		84,311

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(19,465	)		770		(95,323	)
Realized gain distributions		—			10,672		—
Net realized gains (losses)		(19,465	)		11,442		(95,323	)

Net change in unrealized appreciation (depreciation)		25,214			146,754		119,844

Net realized and change in unrealized gains (losses)		5,749			158,196		24,521

Increase (decrease) in net assets from operations	$	5,741		$	179,077	$	108,832

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

- 13 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	304		309			306
	Sub-Account		Sub-Account			Sub-Account
Income:
Dividend income	$	4,885	$	6,808		$	825
Expenses:
Mortality and expense risk charges		—		—			—

Net investment income (loss)		4,885		6,808			825

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		23,351		(2,882	)		(2,946	)
Realized gain distributions		46,332		—			4,073
Net realized gains (losses)		69,683		(2,882	)		1,127

Net change in unrealized appreciation (depreciation)		36,231		71,567			44,945

Net realized and change in unrealized gains (losses)		105,914		68,685			46,072

Increase (decrease) in net assets from operations	$	110,799	$	75,493		$	46,897

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

- 14 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	303		302		305
	Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	4,867	$	6,244	$	8,484
Expenses:
Mortality and expense risk charges		—		—		—

Net investment income (loss)		4,867		6,244		8,484

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		12,324		11,505		(11,863	)
Realized gain distributions		72,475		18,059		—
Net realized gains (losses)		84,799		29,564		(11,863	)

Net change in unrealized appreciation (depreciation)		334,945		56,446		18,925

Net realized and change in unrealized gains (losses)		419,744		86,010		7,062

Increase (decrease) in net assets from operations	$	424,611	$	92,254	$	15,546

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

- 15 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	300			B18			C60
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	45,544		$	46,241		$	—
Expenses:
Mortality and expense risk charges		—			(79	)		—

Net investment income (loss)		45,544			46,162			—

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(75,486	)		(21,207	)		25,618
Realized gain distributions		—			—			—
Net realized gains (losses)		(75,486	)		(21,207	)		25,618

Net change in unrealized appreciation (depreciation)		527,830			198,536			119,235

Net realized and change in unrealized gains (losses)		452,344			177,329			144,853

Increase (decrease) in net assets from operations	$	497,888		$	223,491		$	144,853

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

- 16 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	D37			D55			S61
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	9,907		$	41,669		$	26,464
Expenses:
Mortality and expense risk charges		—			—			—

Net investment income (loss)		9,907			41,669			26,464

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(8,346	)		(114,073	)		(66,781	)
Realized gain distributions		41,477			118,398			88,869
Net realized gains (losses)		33,131			4,325			22,088

Net change in unrealized appreciation (depreciation)		96,642			744,804			272,046

Net realized and change in unrealized gains (losses)		129,773			749,129			294,134

Increase (decrease) in net assets from operations	$	139,680		$	790,798		$	320,598

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

- 17 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	D18			FD7			F24
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	27,051		$	33,979		$	4,694
Expenses:
Mortality and expense risk charges		(304	)		(502	)		—

Net investment income (loss)		26,747			33,477			4,694

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(41,475	)		52,155			94,214
Realized gain distributions		108,757			97,201			66,875
Net realized gains (losses)		67,282			149,356			161,089

Net change in unrealized appreciation (depreciation)		540,652			280,027			351,622

Net realized and change in unrealized gains (losses)		607,934			429,383			512,711

Increase (decrease) in net assets from operations	$	634,681		$	462,860		$	517,405

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

- 18 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	F29		F15			F14
	Sub-Account		Sub-Account			Sub-Account
Income:
Dividend income	$	36,296	$	562		$	1,216
Expenses:
Mortality and expense risk charges		—		—			—

Net investment income (loss)		36,296		562			1,216

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		241,239		(6,791	)		256
Realized gain distributions		327,979		306			—
Net realized gains (losses)		569,218		(6,485	)		256

Net change in unrealized appreciation (depreciation)		1,970,444		7,833			5,809

Net realized and change in unrealized gains (losses)		2,539,662		1,348			6,065

Increase (decrease) in net assets from operations	$	2,575,958	$	1,910		$	7,281

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

- 19 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	F21		F26		FM7
	Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	1,617	$	294,433	$	256,268
Expenses:
Mortality and expense risk charges		—		—		—

Net investment income (loss)		1,617		294,433		256,268

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		350,187		234,709		2,154,348
Realized gain distributions		205,801		203,974		193,683
Net realized gains (losses)		555,988		438,683		2,348,031

Net change in unrealized appreciation (depreciation)		910,495		4,485,433		1,946,714

Net realized and change in unrealized gains (losses)		1,466,483		4,924,116		4,294,745

Increase (decrease) in net assets from operations	$	1,468,100	$	5,218,549	$	4,551,013

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

- 20 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	F41			FM8		F23
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	6,519		$	191,884	$	54,221
Expenses:
Mortality and expense risk charges		—			—		—

Net investment income (loss)		6,519			191,884		54,221

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(13,660	)		—		285,428
Realized gain distributions		48,870			—		15,191
Net realized gains (losses)		35,210			—		300,619

Net change in unrealized appreciation (depreciation)		193,455			—		725,150

Net realized and change in unrealized gains (losses)		228,665			—		1,025,769

Increase (decrease) in net assets from operations	$	235,184		$	191,884	$	1,079,990

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

- 21 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	FE3			T20		FE6
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	—		$	131,720	$	424
Expenses:
Mortality and expense risk charges		—			—		—

Net investment income (loss)		—			131,720		424

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(48,439	)		1,093		(74	)
Realized gain distributions		78,768			—		492
Net realized gains (losses)		30,329			1,093		418

Net change in unrealized appreciation (depreciation)		87,031			620,166		3,180

Net realized and change in unrealized gains (losses)		117,360			621,259		3,598

Increase (decrease) in net assets from operations	$	117,360		$	752,979	$	4,022

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

- 22 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	F56			F59			F54
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	43,863		$	32,762		$	15,566
Expenses:
Mortality and expense risk charges		—			—			—

Net investment income (loss)		43,863			32,762			15,566

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(58,265	)		(915	)		(85,624	)
Realized gain distributions		—			39,718			71,646
Net realized gains (losses)		(58,265	)		38,803			(13,978	)

Net change in unrealized appreciation (depreciation)		263,585			(17,634	)		115,561

Net realized and change in unrealized gains (losses)		205,320			21,169			101,583

Increase (decrease) in net assets from operations	$	249,183		$	53,931		$	117,149

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

- 23 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	F53			T28			T29
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	7,239		$	23,136		$	—
Expenses:
Mortality and expense risk charges		—			—			—

Net investment income (loss)		7,239			23,136			—

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(157,379	)		(13,370	)		—
Realized gain distributions		78,478			—			—
Net realized gains (losses)		(78,901	)		(13,370	)		—

Net change in unrealized appreciation (depreciation)		203,651			31,611			—

Net realized and change in unrealized gains (losses)		124,750			18,241			—

Increase (decrease) in net assets from operations	$	131,989		$	41,377		$	—

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

- 24 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	G30			G32			521
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	2,548		$	5,466		$	2,130
Expenses:
Mortality and expense risk charges		(373	)		(79	)		(718	)

Net investment income (loss)		2,175			5,387			1,412

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(460	)		(4,315	)		(866	)
Realized gain distributions		12,867			13,461			—
Net realized gains (losses)		12,407			9,146			(866	)

Net change in unrealized appreciation (depreciation)		2,637			44,730			35,567

Net realized and change in unrealized gains (losses)		15,044			53,876			34,701

Increase (decrease) in net assets from operations	$	17,219		$	59,263		$	36,113

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

- 25 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	G33			G31			V15
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	5,568		$	31,759		$	—
Expenses:
Mortality and expense risk charges		(774	)		(1,810	)		(626	)

Net investment income (loss)		4,794			29,949			(626	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(876	)		126,362			6,582
Realized gain distributions		—			—			23,592
Net realized gains (losses)		(876	)		126,362			30,174

Net change in unrealized appreciation (depreciation)		29,878			866,784			340,950

Net realized and change in unrealized gains (losses)		29,002			993,146			371,124

Increase (decrease) in net assets from operations	$	33,796		$	1,023,095		$	370,498

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

- 26 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	V35			V13			A39
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	2,936		$	1,367		$	5,361
Expenses:
Mortality and expense risk charges		(25	)		—			(235	)

Net investment income (loss)		2,911			1,367			5,126

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,290	)		998			(97,033	)
Realized gain distributions		163,566			9,851			17,299
Net realized gains (losses)		162,276			10,849			(79,734	)

Net change in unrealized appreciation (depreciation)		(53,238	)		(2,281	)		272,947

Net realized and change in unrealized gains (losses)		109,038			8,568			193,213

Increase (decrease) in net assets from operations	$	111,949		$	9,935		$	198,339

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

- 27 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	V11			IB1			A21
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	8,293		$	19,840		$	9,241
Expenses:
Mortality and expense risk charges		(61	)		—			(955	)

Net investment income (loss)		8,232			19,840			8,286

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(14,562	)		(7,948	)		(169,188	)
Realized gain distributions		25,179			157,647			3,460
Net realized gains (losses)		10,617			149,699			(165,728	)

Net change in unrealized appreciation (depreciation)		28,861			(16,107	)		976,919

Net realized and change in unrealized gains (losses)		39,478			133,592			811,191

Increase (decrease) in net assets from operations	$	47,710		$	153,432		$	819,477

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

- 28 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	I76			MB0			MB1
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	3,497		$	19,029
Expenses:
Mortality and expense risk charges		—			—			—

Net investment income (loss)		—			3,497			19,029

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(8,081	)		(13,864	)		8,421
Realized gain distributions		6,148			53,413			—
Net realized gains (losses)		(1,933	)		39,549			8,421

Net change in unrealized appreciation (depreciation)		48,637			124,403			67,436

Net realized and change in unrealized gains (losses)		46,704			163,952			75,857

Increase (decrease) in net assets from operations	$	46,704		$	167,449		$	94,886

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

- 29 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	MB5			MA9		M07
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	—		$	9,627	$	53,460
Expenses:
Mortality and expense risk charges		—			—		(1,524	)

Net investment income (loss)		—			9,627		51,936

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(65,396	)		12,520		6,235
Realized gain distributions		51,909			7,357		111,343
Net realized gains (losses)		(13,487	)		19,877		117,578

Net change in unrealized appreciation (depreciation)		271,786			798		90,068

Net realized and change in unrealized gains (losses)		258,299			20,675		207,646

Increase (decrease) in net assets from operations	$	258,299		$	30,302	$	259,582

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

- 30 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	MD8			M35			M31
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	298,200		$	4,771		$	—
Expenses:
Mortality and expense risk charges		(3,087	)		—			(173	)

Net investment income (loss)		295,113			4,771			(173	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		—			(5,473	)		(54,554	)
Realized gain distributions		—			11,388			166,043
Net realized gains (losses)		—			5,915			111,489

Net change in unrealized appreciation (depreciation)		—			16,057			504,343

Net realized and change in unrealized gains (losses)		—			21,972			615,832

Increase (decrease) in net assets from operations	$	295,113		$	26,743		$	615,659

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

- 31 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	MF1			M05			M06
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	—		$	165,584
Expenses:
Mortality and expense risk charges		(1,985	)		(499	)		(1,118	)

Net investment income (loss)		(1,985	)		(499	)		164,466

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(75,888	)		(364,041	)		(171,639	)
Realized gain distributions		64,479			—			—
Net realized gains (losses)		(11,409	)		(364,041	)		(171,639	)

Net change in unrealized appreciation (depreciation)		906,594			737,060			367,321

Net realized and change in unrealized gains (losses)		895,185			373,019			195,682

Increase (decrease) in net assets from operations	$	893,200		$	372,520		$	360,148

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

- 32 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	M33		M44			M40
	Sub-Account		Sub-Account			Sub-Account
Income:
Dividend income	$	21,620	$	89,203		$	5,677
Expenses:
Mortality and expense risk charges		—		(876	)		—

Net investment income (loss)		21,620		88,327			5,677

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		89,733		(3,946	)		20,233
Realized gain distributions		228,496		138,027			9,523
Net realized gains (losses)		318,229		134,081			29,756

Net change in unrealized appreciation (depreciation)		523,103		(283,328	)		(39,688	)

Net realized and change in unrealized gains (losses)		841,332		(149,247	)		(9,932	)

Increase (decrease) in net assets from operations	$	862,952	$	(60,920	)	$	(4,255	)

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

- 33 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	M83			M08			MB6
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	133,888		$	14,074		$	20,479
Expenses:
Mortality and expense risk charges		(623	)		—			(1,770	)

Net investment income (loss)		133,265			14,074			18,709

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		158,468			18,969			23,128
Realized gain distributions		562,770			70,546			115,069
Net realized gains (losses)		721,238			89,515			138,197

Net change in unrealized appreciation (depreciation)		(239,935	)		(27,420	)		250,379

Net realized and change in unrealized gains (losses)		481,303			62,095			388,576

Increase (decrease) in net assets from operations	$	614,568		$	76,169		$	407,285

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

- 34 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	MA0			MA1			M92
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	42,580		$	24,395		$	149
Expenses:
Mortality and expense risk charges		—			—			—

Net investment income (loss)		42,580			24,395			149

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(10,093	)		(31,785	)		(11,966	)
Realized gain distributions		—			—			3,872
Net realized gains (losses)		(10,093	)		(31,785	)		(8,094	)

Net change in unrealized appreciation (depreciation)		66,605			211,643			15,628

Net realized and change in unrealized gains (losses)		56,512			179,858			7,534

Increase (decrease) in net assets from operations	$	99,092		$	204,253		$	7,683

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

- 35 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	M96			MD2			MA6
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	27,767		$	1,635		$	202,700
Expenses:
Mortality and expense risk charges		(209	)		—			(310	)

Net investment income (loss)		27,558			1,635			202,390

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(177,678	)		(29,020	)		(117,547	)
Realized gain distributions		—			—			—
Net realized gains (losses)		(177,678	)		(29,020	)		(117,547	)

Net change in unrealized appreciation (depreciation)		214,654			51,478			318,730

Net realized and change in unrealized gains (losses)		36,976			22,458			201,183

Increase (decrease) in net assets from operations	$	64,534		$	24,093		$	403,573

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

- 36 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	M97			MD5			MD6
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	16,575		$	3,283		$	7,377
Expenses:
Mortality and expense risk charges		(172	)		—			(1,128	)

Net investment income (loss)		16,403			3,283			6,249

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(20,399	)		(4,582	)		17,050
Realized gain distributions		47,267			11,516			127,622
Net realized gains (losses)		26,868			6,934			144,672

Net change in unrealized appreciation (depreciation)		184,226			34,760			353,546

Net realized and change in unrealized gains (losses)		211,094			41,694			498,218

Increase (decrease) in net assets from operations	$	227,497		$	44,977		$	504,467

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

- 37 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	ME3			MB8			MF4
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	10,212		$	29,587		$	49,019
Expenses:
Mortality and expense risk charges		—			(287	)		—

Net investment income (loss)		10,212			29,300			49,019

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(553	)		(290,422	)		(24,896	)
Realized gain distributions		—			129,488			71,615
Net realized gains (losses)		(553	)		(160,934	)		46,719

Net change in unrealized appreciation (depreciation)		161,949			816,293			70,696

Net realized and change in unrealized gains (losses)		161,396			655,359			117,415

Increase (decrease) in net assets from operations	$	171,608		$	684,659		$	166,434

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

- 38 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	MF6			MF8			MG0
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	35,460		$	67,644		$	18,592
Expenses:
Mortality and expense risk charges		(270	)		(607	)		(7	)

Net investment income (loss)		35,190			67,037			18,585

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(9,026	)		(58,957	)		(141,508	)
Realized gain distributions		288,700			230,029			—
Net realized gains (losses)		279,674			171,072			(141,508	)

Net change in unrealized appreciation (depreciation)		153,248			135,832			156,176

Net realized and change in unrealized gains (losses)		432,922			306,904			14,668

Increase (decrease) in net assets from operations	$	468,112		$	373,941		$	33,253

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

- 39 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	MF2			MG3		MG5
	Sub-Account			Sub-Account		Sub-Account
Income:
Dividend income	$	72,433		$	79,831	$	120,052
Expenses:
Mortality and expense risk charges		(371	)		—		(493	)

Net investment income (loss)		72,062			79,831		119,559

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(39,279	)		130,266		(269,696	)
Realized gain distributions		—			151,401		283,530
Net realized gains (losses)		(39,279	)		281,667		13,834

Net change in unrealized appreciation (depreciation)		243,612			186,286		484,893

Net realized and change in unrealized gains (losses)		204,333			467,953		498,727

Increase (decrease) in net assets from operations	$	276,395		$	547,784	$	618,286

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

- 40 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	ME0			V43			O01
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	12,600		$	—		$	—
Expenses:
Mortality and expense risk charges		(60	)		—			—

Net investment income (loss)		12,540			—			—

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(18,461	)		(200,197	)		(20,269	)
Realized gain distributions		91,111			—			—
Net realized gains (losses)		72,650			(200,197	)		(20,269	)

Net change in unrealized appreciation (depreciation)		37,691			280,032			369,115

Net realized and change in unrealized gains (losses)		110,341			79,835			348,846

Increase (decrease) in net assets from operations	$	122,881		$	79,835		$	348,846

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

- 41 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	O19			O00			O20
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		—			—			—

Net investment income (loss)		—			—			—

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(9,861	)		(1,901	)		854
Realized gain distributions		—			—			18,781
Net realized gains (losses)		(9,861	)		(1,901	)		19,635

Net change in unrealized appreciation (depreciation)		35,395			24,727			25,815

Net realized and change in unrealized gains (losses)		25,534			22,826			45,450

Increase (decrease) in net assets from operations	$	25,534		$	22,826		$	45,450

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

- 42 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	O21			P10			PK8
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	166		$	36,101		$	109,099
Expenses:
Mortality and expense risk charges		—			—			—

Net investment income (loss)		166			36,101			109,099

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(21,030	)		(49,914	)		(82,156	)
Realized gain distributions		2,368			—			—
Net realized gains (losses)		(18,662	)		(49,914	)		(82,156	)

Net change in unrealized appreciation (depreciation)		34,456			(6,489	)		175,222

Net realized and change in unrealized gains (losses)		15,794			(56,403	)		93,066

Increase (decrease) in net assets from operations	$	15,960		$	(20,302	)	$	202,165

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

- 43 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	PK9			P06			P07
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	503		$	36,264		$	234,621
Expenses:
Mortality and expense risk charges		—			—			—

Net investment income (loss)		503			36,264			234,621

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(937	)		(22,321	)		(167,289	)
Realized gain distributions		—			—			—
Net realized gains (losses)		(937	)		(22,321	)		(167,289	)

Net change in unrealized appreciation (depreciation)		3,177			36,273			366,318

Net realized and change in unrealized gains (losses)		2,240			13,952			199,029

Increase (decrease) in net assets from operations	$	2,743		$	50,216		$	433,650

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

- 44 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2023


	307		W42
	Sub-Account		Sub-Account
Income:
Dividend income	$	—	$	—
Expenses:
Mortality and expense risk charges		—		—

Net investment income (loss)		—		—

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		618,300		(6,178	)
Realized gain distributions		—		—
Net realized gains (losses)		618,300		(6,178	)

Net change in unrealized appreciation (depreciation)		2,445,857		17,115

Net realized and change in unrealized gains (losses)		3,064,157		10,937

Increase (decrease) in net assets from operations	$	3,064,157	$	10,937

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

- 45 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	AL1 Sub-Account						A70 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	1,006		$	3,314		$	25		$	—
Net realized gains (losses)		4,764			11,465			5,890			25,237
Net change in unrealized appreciation/ depreciation		6,977			(37,475	)		6,685			(61,697	)

Increase (decrease) in net assets from operations		12,747			(22,696	)		12,600			(36,460	)

Contract Owner Transactions:
Purchase payments received		10,330			10,330			—			427
Transfers between Sub-Accounts (including the Fixed Account), net		—			247			17,050			(22,514	)
Withdrawals, surrenders, annuitizations and contract charges		(22	)		(15,668	)		(175	)		(257	)
Mortality and expense risk charges		(45	)		(43	)		—			—
Charges for life insurance protection and monthly administration charge		(3,930	)		(2,363	)		(2,070	)		(3,878	)

Net increase (decrease) from contract owner transactions		6,333			(7,497	)		14,805			(26,222	)

Total increase (decrease) in net assets		19,080			(30,193	)		27,405			(62,682	)
Net assets at beginning of year		97,943			128,136			80,710			143,392

Net assets at end of year	$	117,023		$	97,943		$	108,115		$	80,710

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

- 46 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	A71 Sub-Account						A98 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	69,226		$	62,266		$	348		$	3,511
Net realized gains (losses)		409,155			984,318			2,202			(2,124	)
Net change in unrealized appreciation/ depreciation		130,968			(1,256,792	)		7,777			(21,402	)

Increase (decrease) in net assets from operations		609,349			(210,208	)		10,327			(20,015	)

Contract Owner Transactions:
Purchase payments received		141,350			143,916			2,130			6,628
Transfers between Sub-Accounts (including the Fixed Account), net		(298,511	)		391,841			(28,449	)		(53,839	)
Withdrawals, surrenders, annuitizations and contract charges		(128,187	)		(170,533	)		(305	)		(2,047	)
Mortality and expense risk charges		—			—			(7	)		(14	)
Charges for life insurance protection and monthly administration charge		(228,221	)		(248,758	)		(3,208	)		(4,105	)

Net increase (decrease) from contract owner transactions		(513,569	)		116,466			(29,839	)		(53,377	)

Total increase (decrease) in net assets		95,780			(93,742	)		(19,512	)		(73,392	)
Net assets at beginning of year		5,569,578			5,663,320			71,309			144,701

Net assets at end of year	$	5,665,358		$	5,569,578		$	51,797		$	71,309

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

- 47 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	A55 Sub-Account						A54 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	6,839		$	6,806		$	—		$	—
Net realized gains (losses)		61,822			35,323			(16,092	)		12,068
Net change in unrealized appreciation/ depreciation		38,342			(124,776	)		211,731			(499,942	)

Increase (decrease) in net assets from operations		107,003			(82,647	)		195,639			(487,874	)

Contract Owner Transactions:
Purchase payments received		3,724			3,784			31,135			24,579
Transfers between Sub-Accounts (including the Fixed Account), net		(41	)		5			1,329			29,902
Withdrawals, surrenders, annuitizations and contract charges		(9,873	)		(1,194	)		(2,939	)		(21,234	)
Mortality and expense risk charges		—			—			—			—
Charges for life insurance protection and monthly administration charge		(19,992	)		(17,042	)		(48,198	)		(41,382	)

Net increase (decrease) from contract owner transactions		(26,182	)		(14,447	)		(18,673	)		(8,135	)

Total increase (decrease) in net assets		80,821			(97,094	)		176,966			(496,009	)
Net assets at beginning of year		456,454			553,548			855,103			1,351,112

Net assets at end of year	$	537,275		$	456,454		$	1,032,069		$	855,103

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

- 48 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	A51 Sub-Account						308 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	(8	)	$	(10	)	$	20,881		$	22,031
Net realized gains (losses)		(19,465	)		(49,395	)		11,442			270,358
Net change in unrealized appreciation/ depreciation		25,214			1,653			146,754			(401,714	)

Increase (decrease) in net assets from operations		5,741			(47,752	)		179,077			(109,325	)

Contract Owner Transactions:
Purchase payments received		4,107			1,787			13,870			7,557
Transfers between Sub-Accounts (including the Fixed Account), net		(20,271	)		(47,939	)		(64,552	)		(2,554	)
Withdrawals, surrenders, annuitizations and contract charges		(70	)		(214	)		(10,656	)		(5,806	)
Mortality and expense risk charges		—			—			(574	)		(587	)
Charges for life insurance protection and monthly administration charge		(820	)		(1,867	)		(56,122	)		(55,864	)

Net increase (decrease) from contract owner transactions		(17,054	)		(48,233	)		(118,034	)		(57,254	)

Total increase (decrease) in net assets		(11,313	)		(95,985	)		61,043			(166,579	)
Net assets at beginning of year		37,398			133,383			1,117,627			1,284,206

Net assets at end of year	$	26,085		$	37,398		$	1,178,670		$	1,117,627

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

- 49 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	301 Sub-Account						304 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	84,311		$	50,972		$	4,885		$	3,860
Net realized gains (losses)		(95,323	)		(3,863	)		69,683			74,727
Net change in unrealized appreciation/ depreciation		119,844			(238,555	)		36,231			(264,738	)

Increase (decrease) in net assets from operations		108,832			(191,446	)		110,799			(186,151	)

Contract Owner Transactions:
Purchase payments received		3,194			14,657			3,287			348
Transfers between Sub-Accounts (including the Fixed Account), net		701,533			544,490			(66,261	)		(6,618	)
Withdrawals, surrenders, annuitizations and contract charges		(5,935	)		78,680			(5,899	)		(2,989	)
Mortality and expense risk charges		(2,598	)		(1,749	)		(287	)		(298	)
Charges for life insurance protection and monthly administration charge		(24,195	)		(18,487	)		(26,136	)		(26,865	)

Net increase (decrease) from contract owner transactions		671,999			617,591			(95,296	)		(36,422	)

Total increase (decrease) in net assets		780,831			426,145			15,503			(222,573	)
Net assets at beginning of year		1,742,555			1,316,410			539,346			761,919

Net assets at end of year	$	2,523,386		$	1,742,555		$	554,849		$	539,346

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

- 50 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	309 Sub-Account						306 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	6,808		$	10,130		$	825		$	—
Net realized gains (losses)		(2,882	)		99,747			1,127			106,971
Net change in unrealized appreciation/ depreciation		71,567			(198,128	)		44,945			(232,438	)

Increase (decrease) in net assets from operations		75,493			(88,251	)		46,897			(125,467	)

Contract Owner Transactions:
Purchase payments received		2,588			9,489			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		8,524			(11,169	)		2			—
Withdrawals, surrenders, annuitizations and contract charges		(105,782	)		—			—			—
Mortality and expense risk charges		(193	)		(219	)		(154	)		(158	)
Charges for life insurance protection and monthly administration charge		(7,316	)		(13,352	)		(7,095	)		(6,925	)

Net increase (decrease) from contract owner transactions		(102,179	)		(15,251	)		(7,247	)		(7,083	)

Total increase (decrease) in net assets		(26,686	)		(103,502	)		39,650			(132,550	)
Net assets at beginning of year		418,072			521,574			293,393			425,943

Net assets at end of year	$	391,386		$	418,072		$	333,043		$	293,393

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

- 51 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	303 Sub-Account						302 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	4,867		$	3,948		$	6,244		$	4,121
Net realized gains (losses)		84,799			184,181			29,564			33,781
Net change in unrealized appreciation/ depreciation		334,945			(653,553	)		56,446			(92,056	)

Increase (decrease) in net assets from operations		424,611			(465,424	)		92,254			(54,154	)

Contract Owner Transactions:
Purchase payments received		9,749			9,295			6,020			9,341
Transfers between Sub-Accounts (including the Fixed Account), net		95,387			12,848			126,955			2,005
Withdrawals, surrenders, annuitizations and contract charges		(8,344	)		14,125			1,952			49,429
Mortality and expense risk charges		(688	)		(628	)		(200	)		(152	)
Charges for life insurance protection and monthly administration charge		(34,677	)		(37,865	)		(1,610	)		(1,334	)

Net increase (decrease) from contract owner transactions		61,427			(2,225	)		133,117			59,289

Total increase (decrease) in net assets		486,038			(467,649	)		225,371			5,135
Net assets at beginning of year		1,083,324			1,550,973			310,155			305,020

Net assets at end of year	$	1,569,362		$	1,083,324		$	535,526		$	310,155

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

- 52 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	305 Sub-Account						300 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	8,484		$	13,927		$	45,544		$	58,736
Net realized gains (losses)		(11,863	)		(485	)		(75,486	)		452,628
Net change in unrealized appreciation/ depreciation		18,925			(24,652	)		527,830			(1,354,572	)

Increase (decrease) in net assets from operations		15,546			(11,210	)		497,888			(843,208	)

Contract Owner Transactions:
Purchase payments received		1,927			5,739			9,127			7,977
Transfers between Sub-Accounts (including the Fixed Account), net		(86,411	)		81,363			(258,451	)		3,062
Withdrawals, surrenders, annuitizations and contract charges		(343	)		—			(3,677	)		(4,727	)
Mortality and expense risk charges		(100	)		(61	)		(1,705	)		(1,647	)
Charges for life insurance protection and monthly administration charge		(1,602	)		(3,339	)		(44,216	)		(41,727	)

Net increase (decrease) from contract owner transactions		(86,529	)		83,702			(298,922	)		(37,062	)

Total increase (decrease) in net assets		(70,983	)		72,492			198,966			(880,270	)
Net assets at beginning of year		183,488			110,996			3,182,602			4,062,872

Net assets at end of year	$	112,505		$	183,488		$	3,381,568		$	3,182,602

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

- 53 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	B18 Sub-Account						C60 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	46,162		$	(79	)	$	—		$	—
Net realized gains (losses)		(21,207	)		7,158			25,618			89,755
Net change in unrealized appreciation/ depreciation		198,536			(373,646	)		119,235			(338,014	)

Increase (decrease) in net assets from operations		223,491			(366,567	)		144,853			(248,259	)

Contract Owner Transactions:
Purchase payments received		29,296			51,766			18,902			15,946
Transfers between Sub-Accounts (including the Fixed Account), net		(78,766	)		36,209			(20,256	)		(150,989	)
Withdrawals, surrenders, annuitizations and contract charges		(30,008	)		(40,842	)		(5,157	)		(90,559	)
Mortality and expense risk charges		(209	)		(223	)		(137	)		(141	)
Charges for life insurance protection and monthly administration charge		(92,392	)		(84,972	)		(16,148	)		(17,434	)

Net increase (decrease) from contract owner transactions		(172,079	)		(38,062	)		(22,796	)		(243,177	)

Total increase (decrease) in net assets		51,412			(404,629	)		122,057			(491,436	)
Net assets at beginning of year		1,860,516			2,265,145			336,522			827,958

Net assets at end of year	$	1,911,928		$	1,860,516		$	458,579		$	336,522

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

- 54 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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						D55 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	9,907		$	4,422		$	41,669		$	32,674
Net realized gains (losses)		33,131			3,373			4,325			855,136
Net change in unrealized appreciation/ depreciation		96,642			(171,214	)		744,804			(2,193,956	)

Increase (decrease) in net assets from operations		139,680			(163,419	)		790,798			(1,306,146	)

Contract Owner Transactions:
Purchase payments received		17,786			21,480			32,083			33,513
Transfers between Sub-Accounts (including the Fixed Account), net		(79,826	)		(46,264	)		69,583			179,938
Withdrawals, surrenders, annuitizations and contract charges		(88,297	)		(33,868	)		(143,644	)		(53,123	)
Mortality and expense risk charges		—			—			(205	)		(211	)
Charges for life insurance protection and monthly administration charge		(37,956	)		(39,758	)		(195,929	)		(212,058	)

Net increase (decrease) from contract owner transactions		(188,293	)		(98,410	)		(238,112	)		(51,941	)

Total increase (decrease) in net assets		(48,613	)		(261,829	)		552,686			(1,358,087	)
Net assets at beginning of year		936,668			1,198,497			4,910,393			6,268,480

Net assets at end of year	$	888,055		$	936,668		$	5,463,079		$	4,910,393

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

- 55 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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)	$	26,464		$	20,657		$	26,747		$	26,165
Net realized gains (losses)		22,088			(2,637	)		67,282			833,691
Net change in unrealized appreciation/ depreciation		272,046			(450,406	)		540,652			(1,432,163	)

Increase (decrease) in net assets from operations		320,598			(432,386	)		634,681			(572,307	)

Contract Owner Transactions:
Purchase payments received		50,072			48,143			79,968			108,497
Transfers between Sub-Accounts (including the Fixed Account), net		(29,009	)		25,314			241,690			(206,432	)
Withdrawals, surrenders, annuitizations and contract charges		(115,155	)		(23,009	)		(46,382	)		(64,446	)
Mortality and expense risk charges		—			—			—			—
Charges for life insurance protection and monthly administration charge		(103,758	)		(108,534	)		(146,051	)		(161,052	)

Net increase (decrease) from contract owner transactions		(197,850	)		(58,086	)		129,225			(323,433	)

Total increase (decrease) in net assets		122,748			(490,472	)		763,906			(895,740	)
Net assets at beginning of year		2,267,965			2,758,437			3,282,079			4,177,819

Net assets at end of year	$	2,390,713		$	2,267,965		$	4,045,985		$	3,282,079

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

- 56 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	FD7 Sub-Account						F24 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	33,477		$	27,539		$	4,694		$	4,842
Net realized gains (losses)		149,356			223,804			161,089			111,691
Net change in unrealized appreciation/ depreciation		280,027			(819,759	)		351,622			(720,665	)

Increase (decrease) in net assets from operations		462,860			(568,416	)		517,405			(604,132	)

Contract Owner Transactions:
Purchase payments received		111,288			110,924			33,333			47,089
Transfers between Sub-Accounts (including the Fixed Account), net		70,104			(122,901	)		224,390			9,598
Withdrawals, surrenders, annuitizations and contract charges		(707,165	)		(12,621	)		(189,738	)		(40,012	)
Mortality and expense risk charges		(497	)		(581	)		(327	)		(315	)
Charges for life insurance protection and monthly administration charge		(138,943	)		(120,779	)		(50,092	)		(43,679	)

Net increase (decrease) from contract owner transactions		(665,213	)		(145,958	)		17,566			(27,319	)

Total increase (decrease) in net assets		(202,353	)		(714,374	)		534,971			(631,451	)
Net assets at beginning of year		2,441,726			3,156,100			1,651,742			2,283,193

Net assets at end of year	$	2,239,373		$	2,441,726		$	2,186,713		$	1,651,742

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

- 57 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	F29 Sub-Account						F15 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	36,296		$	36,512		$	562		$	896
Net realized gains (losses)		569,218			667,960			(6,485	)		2,950
Net change in unrealized appreciation/ depreciation		1,970,444			(3,768,182	)		7,833			(14,173	)

Increase (decrease) in net assets from operations		2,575,958			(3,063,710	)		1,910			(10,327	)

Contract Owner Transactions:
Purchase payments received		132,057			149,874			790			4,728
Transfers between Sub-Accounts (including the Fixed Account), net		308,754			(129,490	)		(34,297	)		940
Withdrawals, surrenders, annuitizations and contract charges		(350,431	)		(53,700	)		(6,236	)		(12,106	)
Mortality and expense risk charges		—			—			(7	)		(22	)
Charges for life insurance protection and monthly administration charge		(444,203	)		(453,361	)		(1,265	)		(2,507	)

Net increase (decrease) from contract owner transactions		(353,823	)		(486,677	)		(41,015	)		(8,967	)

Total increase (decrease) in net assets		2,222,135			(3,550,387	)		(39,105	)		(19,294	)
Net assets at beginning of year		8,169,669			11,720,056			42,672			61,966

Net assets at end of year	$	10,391,804		$	8,169,669		$	3,567		$	42,672

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

- 58 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	F14 Sub-Account						F21 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	1,216		$	1,020		$	1,617		$	25,129
Net realized gains (losses)		256			14,572			555,988			527,238
Net change in unrealized appreciation/ depreciation		5,809			(28,953	)		910,495			(2,025,268	)

Increase (decrease) in net assets from operations		7,281			(13,361	)		1,468,100			(1,472,901	)

Contract Owner Transactions:
Purchase payments received		2,742			2,742			90,712			98,636
Transfers between Sub-Accounts (including the Fixed Account), net		8			(105	)		(715,760	)		39,025
Withdrawals, surrenders, annuitizations and contract charges		(447	)		(30,161	)		(446,981	)		(171,962	)
Mortality and expense risk charges		—			—			—			—
Charges for life insurance protection and monthly administration charge		(3,050	)		(2,692	)		(162,147	)		(136,173	)

Net increase (decrease) from contract owner transactions		(747	)		(30,216	)		(1,234,176	)		(170,474	)

Total increase (decrease) in net assets		6,534			(43,577	)		233,924			(1,643,375	)
Net assets at beginning of year		50,689			94,266			4,515,347			6,158,722

Net assets at end of year	$	57,223		$	50,689		$	4,749,271		$	4,515,347

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

- 59 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	F26 Sub-Account						FM7 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	294,433		$	253,003		$	256,268		$	281,035
Net realized gains (losses)		438,683			927,319			2,348,031			800,751
Net change in unrealized appreciation/ depreciation		4,485,433			(5,429,055	)		1,946,714			(5,455,062	)

Increase (decrease) in net assets from operations		5,218,549			(4,248,733	)		4,551,013			(4,373,276	)

Contract Owner Transactions:
Purchase payments received		155,918			129,604			321,945			339,773
Transfers between Sub-Accounts (including the Fixed Account), net		1,812,554			377,515			(1,156,107	)		337,382
Withdrawals, surrenders, annuitizations and contract charges		(9,961	)		68,742			(2,542,378	)		(535,682	)
Mortality and expense risk charges		(8,935	)		(7,814	)		—			—
Charges for life insurance protection and monthly administration charge		(264,803	)		(223,315	)		(841,187	)		(903,741	)

Net increase (decrease) from contract owner transactions		1,684,773			344,732			(4,217,727	)		(762,268	)

Total increase (decrease) in net assets		6,903,322			(3,904,001	)		333,286			(5,135,544	)
Net assets at beginning of year		19,871,133			23,775,134			19,207,093			24,342,637

Net assets at end of year	$	26,774,455		$	19,871,133		$	19,540,379		$	19,207,093

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

- 60 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	F41 Sub-Account						FM8 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	6,519		$	4,922		$	191,884		$	66,773
Net realized gains (losses)		35,210			134,614			—			—
Net change in unrealized appreciation/ depreciation		193,455			(439,292	)		—			—

Increase (decrease) in net assets from operations		235,184			(299,756	)		191,884			66,773

Contract Owner Transactions:
Purchase payments received		24,481			46,883			231,873			253,063
Transfers between Sub-Accounts (including the Fixed Account), net		67,277			10,747			(963,116	)		(2,294,343	)
Withdrawals, surrenders, annuitizations and contract charges		(234,277	)		29,727			(65,237	)		(113,688	)
Mortality and expense risk charges		(363	)		(364	)		—			—
Charges for life insurance protection and monthly administration charge		(44,979	)		(48,646	)		(228,725	)		(203,851	)

Net increase (decrease) from contract owner transactions		(187,861	)		38,347			(1,025,205	)		(2,358,819	)

Total increase (decrease) in net assets		47,323			(261,409	)		(833,321	)		(2,292,046	)
Net assets at beginning of year		1,741,896			2,003,305			4,446,903			6,738,949

Net assets at end of year	$	1,789,219		$	1,741,896		$	3,613,582		$	4,446,903

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

- 61 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	F23 Sub-Account						FE3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	54,221		$	56,594		$	—		$	27,036
Net realized gains (losses)		300,619			176,109			30,329			36,888
Net change in unrealized appreciation/ depreciation		725,150			(2,035,818	)		87,031			(183,639	)

Increase (decrease) in net assets from operations		1,079,990			(1,803,115	)		117,360			(119,715	)

Contract Owner Transactions:
Purchase payments received		154,388			167,717			52,532			60,671
Transfers between Sub-Accounts (including the Fixed Account), net		15,641			117,705			(121,743	)		(25,467	)
Withdrawals, surrenders, annuitizations and contract charges		(336,417	)		(141,770	)		(179,673	)		(104,406	)
Mortality and expense risk charges		—			—			(212	)		(267	)
Charges for life insurance protection and monthly administration charge		(275,618	)		(282,152	)		(29,795	)		(41,637	)

Net increase (decrease) from contract owner transactions		(442,006	)		(138,500	)		(278,891	)		(111,106	)

Total increase (decrease) in net assets		637,984			(1,941,615	)		(161,531	)		(230,821	)
Net assets at beginning of year		5,454,914			7,396,529			1,243,428			1,474,249

Net assets at end of year	$	6,092,898		$	5,454,914		$	1,081,897		$	1,243,428

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

- 62 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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						FE6 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	131,720		$	126,786		$	424		$	470
Net realized gains (losses)		1,093			(171,151	)		418			2,772
Net change in unrealized appreciation/ depreciation		620,166			(302,618	)		3,180			(8,573	)

Increase (decrease) in net assets from operations		752,979			(346,983	)		4,022			(5,331	)

Contract Owner Transactions:
Purchase payments received		127,234			164,379			118			118
Transfers between Sub-Accounts (including the Fixed Account), net		(38,481	)		(282,497	)		—			—
Withdrawals, surrenders, annuitizations and contract charges		(114,565	)		(42,254	)		(170	)		(184	)
Mortality and expense risk charges		—			—			—			—
Charges for life insurance protection and monthly administration charge		(249,458	)		(239,698	)		(308	)		(268	)

Net increase (decrease) from contract owner transactions		(275,270	)		(400,070	)		(360	)		(334	)

Total increase (decrease) in net assets		477,709			(747,053	)		3,662			(5,665	)
Net assets at beginning of year		3,847,918			4,594,971			27,710			33,375

Net assets at end of year	$	4,325,627		$	3,847,918		$	31,372		$	27,710

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

- 63 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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						F59 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	43,863		$	2,076		$	32,762		$	29,600
Net realized gains (losses)		(58,265	)		(51,985	)		38,803			14,182
Net change in unrealized appreciation/ depreciation		263,585			(122,538	)		(17,634	)		(79,713	)

Increase (decrease) in net assets from operations		249,183			(172,447	)		53,931			(35,931	)

Contract Owner Transactions:
Purchase payments received		49,091			50,377			14,549			23,181
Transfers between Sub-Accounts (including the Fixed Account), net		(6,967	)		(3,454	)		12,593			(15,014	)
Withdrawals, surrenders, annuitizations and contract charges		(60,132	)		(74,365	)		1,777			46,383
Mortality and expense risk charges		(18	)		(16	)		(160	)		(153	)
Charges for life insurance protection and monthly administration charge		(104,310	)		(103,317	)		(16,279	)		(15,096	)

Net increase (decrease) from contract owner transactions		(122,336	)		(130,775	)		12,480			39,301

Total increase (decrease) in net assets		126,847			(303,222	)		66,411			3,370
Net assets at beginning of year		1,254,099			1,557,321			615,549			612,179

Net assets at end of year	$	1,380,946		$	1,254,099		$	681,960		$	615,549

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

- 64 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	F54 Sub-Account						F53 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	15,566		$	21,862		$	7,239		$	14,317
Net realized gains (losses)		(13,978	)		128,081			(78,901	)		203,307
Net change in unrealized appreciation/ depreciation		115,561			(244,046	)		203,651			(387,571	)

Increase (decrease) in net assets from operations		117,149			(94,103	)		131,989			(169,947	)

Contract Owner Transactions:
Purchase payments received		19,967			26,837			16,702			20,676
Transfers between Sub-Accounts (including the Fixed Account), net		(6,565	)		(25,939	)		37,957			(60,619	)
Withdrawals, surrenders, annuitizations and contract charges		(365,470	)		(9,595	)		(273,884	)		(58,309	)
Mortality and expense risk charges		(301	)		(371	)		(411	)		(356	)
Charges for life insurance protection and monthly administration charge		(32,478	)		(37,901	)		(36,083	)		(34,940	)

Net increase (decrease) from contract owner transactions		(384,847	)		(46,969	)		(255,719	)		(133,548	)

Total increase (decrease) in net assets		(267,698	)		(141,072	)		(123,730	)		(303,495	)
Net assets at beginning of year		1,150,801			1,291,873			1,319,749			1,623,244

Net assets at end of year	$	883,103		$	1,150,801		$	1,196,019		$	1,319,749

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

- 65 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	T28 Sub-Account						T29 Sub-Account
	December 31,			December 31,			December 31,		December 31,
	2023			2022			2023		2022
Operations:
Net investment income (loss)	$	23,136		$	25,056		$	—	$	—
Net realized gains (losses)		(13,370	)		(11,704	)		—		—
Net change in unrealized appreciation/ depreciation		31,611			(82,048	)		—		—

Increase (decrease) in net assets from operations		41,377			(68,696	)		—		—

Contract Owner Transactions:
Purchase payments received		7,967			19,949			—		—
Transfers between Sub-Accounts (including the Fixed Account), net		(6,760	)		(286	)		—		—
Withdrawals, surrenders, annuitizations and contract charges		(48,134	)		(14,591	)		—		(1	)
Mortality and expense risk charges		(187	)		(197	)		—		—
Charges for life insurance protection and monthly administration charge		(11,521	)		(14,684	)		—		(2	)

Net increase (decrease) from contract owner transactions		(58,635	)		(9,809	)		—		(3	)

Total increase (decrease) in net assets		(17,258	)		(78,505	)		—		(3	)
Net assets at beginning of year		542,824			621,329			—		3

Net assets at end of year	$	525,566		$	542,824		$	—	$	—

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

- 66 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	G30 Sub-Account						G32 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	2,175		$	1,508		$	5,387		$	3,922
Net realized gains (losses)		12,407			12,327			9,146			86,981
Net change in unrealized appreciation/ depreciation		2,637			(23,784	)		44,730			(152,588	)

Increase (decrease) in net assets from operations		17,219			(9,949	)		59,263			(61,685	)

Contract Owner Transactions:
Purchase payments received		1,706			1,706			569			569
Transfers between Sub-Accounts (including the Fixed Account), net		1,597			(6,782	)		25			31,688
Withdrawals, surrenders, annuitizations and contract charges		(19	)		(21	)		(34,326	)		(4,053	)
Mortality and expense risk charges		—			—			—			—
Charges for life insurance protection and monthly administration charge		(4,047	)		(3,664	)		(20,747	)		(15,766	)

Net increase (decrease) from contract owner transactions		(763	)		(8,761	)		(54,479	)		12,438

Total increase (decrease) in net assets		16,456			(18,710	)		4,784			(49,247	)
Net assets at beginning of year		136,078			154,788			560,011			609,258

Net assets at end of year	$	152,534		$	136,078		$	564,795		$	560,011

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

- 67 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	521 Sub-Account						G33 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	1,412		$	(65	)	$	4,794		$	5,666
Net realized gains (losses)		(866	)		987			(876	)		(6,677	)
Net change in unrealized appreciation/ depreciation		35,567			(47,233	)		29,878			(29,286	)

Increase (decrease) in net assets from operations		36,113			(46,311	)		33,796			(30,297	)

Contract Owner Transactions:
Purchase payments received		4,053			4,104			12,069			10,743
Transfers between Sub-Accounts (including the Fixed Account), net		362			728			(373	)		(321	)
Withdrawals, surrenders, annuitizations and contract charges		2,003			(146	)		1,953			(245	)
Mortality and expense risk charges		—			—			—			—
Charges for life insurance protection and monthly administration charge		(6,174	)		(5,618	)		(19,793	)		(16,167	)

Net increase (decrease) from contract owner transactions		244			(932	)		(6,144	)		(5,990	)

Total increase (decrease) in net assets		36,357			(47,243	)		27,652			(36,287	)
Net assets at beginning of year		190,072			237,315			187,759			224,046

Net assets at end of year	$	226,429		$	190,072		$	215,411		$	187,759

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

- 68 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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)	$	29,949		$	39,696		$	(626	)	$	(511	)
Net realized gains (losses)		126,362			87,637			30,174			299,281
Net change in unrealized appreciation/ depreciation		866,784			(1,317,822	)		340,950			(738,525	)

Increase (decrease) in net assets from operations		1,023,095			(1,190,489	)		370,498			(439,755	)

Contract Owner Transactions:
Purchase payments received		95,928			82,199			16,747			12,053
Transfers between Sub-Accounts (including the Fixed Account), net		(17,624	)		(27,281	)		39,707			(11,098	)
Withdrawals, surrenders, annuitizations and contract charges		(560,265	)		(51,720	)		(112,065	)		3,315
Mortality and expense risk charges		—			—			—			—
Charges for life insurance protection and monthly administration charge		(230,694	)		(210,753	)		(64,225	)		(53,115	)

Net increase (decrease) from contract owner transactions		(712,655	)		(207,555	)		(119,836	)		(48,845	)

Total increase (decrease) in net assets		310,440			(1,398,044	)		250,662			(488,600	)
Net assets at beginning of year		4,675,041			6,073,085			937,274			1,425,874

Net assets at end of year	$	4,985,481		$	4,675,041		$	1,187,936		$	937,274

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

- 69 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	V35 Sub-Account						V13 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	2,911		$	3,180		$	1,367		$	1,118
Net realized gains (losses)		162,276			131,360			10,849			4,458
Net change in unrealized appreciation/ depreciation		(53,238	)		(93,290	)		(2,281	)		(4,950	)

Increase (decrease) in net assets from operations		111,949			41,250			9,935			626

Contract Owner Transactions:
Purchase payments received		17,581			13,659			4,368			4,563
Transfers between Sub-Accounts (including the Fixed Account), net		1,279			378,482			(232	)		(916	)
Withdrawals, surrenders, annuitizations and contract charges		(1,248	)		(723	)		(129	)		(3,283	)
Mortality and expense risk charges		(7	)		(7	)		(33	)		(33	)
Charges for life insurance protection and monthly administration charge		(19,052	)		(16,812	)		(3,979	)		(3,657	)

Net increase (decrease) from contract owner transactions		(1,447	)		374,599			(5	)		(3,326	)

Total increase (decrease) in net assets		110,502			415,849			9,930			(2,700	)
Net assets at beginning of year		727,988			312,139			82,142			84,842

Net assets at end of year	$	838,490		$	727,988		$	92,072		$	82,142

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

- 70 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	A39 Sub-Account						V11 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	5,126		$	10,380		$	8,232		$	8,439
Net realized gains (losses)		(79,734	)		185,860			10,617			82,094
Net change in unrealized appreciation/ depreciation		272,947			(474,422	)		28,861			(144,191	)

Increase (decrease) in net assets from operations		198,339			(278,182	)		47,710			(53,658	)

Contract Owner Transactions:
Purchase payments received		4,732			15,156			5,939			5,425
Transfers between Sub-Accounts (including the Fixed Account), net		6,873			(27,520	)		(26,678	)		(37,482	)
Withdrawals, surrenders, annuitizations and contract charges		(463,564	)		(3,728	)		(67,556	)		(19,578	)
Mortality and expense risk charges		(202	)		(277	)		(35	)		(48	)
Charges for life insurance protection and monthly administration charge		(24,536	)		(31,472	)		(22,864	)		(24,497	)

Net increase (decrease) from contract owner transactions		(476,697	)		(47,841	)		(111,194	)		(76,180	)

Total increase (decrease) in net assets		(278,358	)		(326,023	)		(63,484	)		(129,838	)
Net assets at beginning of year		1,062,076			1,388,099			570,191			700,029

Net assets at end of year	$	783,718		$	1,062,076		$	506,707		$	570,191

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

- 71 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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)	$	19,840		$	22,900		$	8,286		$	86,911
Net realized gains (losses)		149,699			147,899			(165,728	)		499,863
Net change in unrealized appreciation/ depreciation		(16,107	)		(252,034	)		976,919			(1,747,067	)

Increase (decrease) in net assets from operations		153,432			(81,235	)		819,477			(1,160,293	)

Contract Owner Transactions:
Purchase payments received		22,356			23,795			181,185			146,458
Transfers between Sub-Accounts (including the Fixed Account), net		1,363			42,922			228,043			(285,091	)
Withdrawals, surrenders, annuitizations and contract charges		(118,062	)		(19,505	)		(603,522	)		(140,583	)
Mortality and expense risk charges		—			—			(155	)		(202	)
Charges for life insurance protection and monthly administration charge		(101,851	)		(88,641	)		(301,906	)		(277,015	)

Net increase (decrease) from contract owner transactions		(196,194	)		(41,429	)		(496,355	)		(556,433	)

Total increase (decrease) in net assets		(42,762	)		(122,664	)		323,122			(1,716,726	)
Net assets at beginning of year		1,334,331			1,456,995			4,750,258			6,466,984

Net assets at end of year	$	1,291,569		$	1,334,331		$	5,073,380		$	4,750,258

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

- 72 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	I76 Sub-Account						MB0 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	3,497		$	—
Net realized gains (losses)		(1,933	)		44,368			39,549			54,719
Net change in unrealized appreciation/ depreciation		48,637			(99,268	)		124,403			(220,730	)

Increase (decrease) in net assets from operations		46,704			(54,900	)		167,449			(166,011	)

Contract Owner Transactions:
Purchase payments received		—			123			25,116			22,467
Transfers between Sub-Accounts (including the Fixed Account), net		208,922			25,058			57,584			1,934
Withdrawals, surrenders, annuitizations and contract charges		(36,688	)		(480	)		(114,214	)		3,945
Mortality and expense risk charges		—			—			—			—
Charges for life insurance protection and monthly administration charge		(10,569	)		(10,196	)		(28,610	)		(25,132	)

Net increase (decrease) from contract owner transactions		161,665			14,505			(60,124	)		3,214

Total increase (decrease) in net assets		208,369			(40,395	)		107,325			(162,797	)
Net assets at beginning of year		214,347			254,742			753,122			915,919

Net assets at end of year	$	422,716		$	214,347		$	860,447		$	753,122

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

- 73 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MB1 Sub-Account						MB5 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	19,029		$	18,659		$	—		$	—
Net realized gains (losses)		8,421			(1,219	)		(13,487	)		(11,136	)
Net change in unrealized appreciation/ depreciation		67,436			(125,139	)		271,786			(427,533	)

Increase (decrease) in net assets from operations		94,886			(107,699	)		258,299			(438,669	)

Contract Owner Transactions:
Purchase payments received		13,928			13,508			28,719			24,283
Transfers between Sub-Accounts (including the Fixed Account), net		(84,911	)		23,847			(59,793	)		(1,373,351	)
Withdrawals, surrenders, annuitizations and contract charges		(382	)		(2,282	)		(17,897	)		4,914
Mortality and expense risk charges		—			—			—			—
Charges for life insurance protection and monthly administration charge		(29,240	)		(25,166	)		(41,842	)		(41,892	)

Net increase (decrease) from contract owner transactions		(100,605	)		9,907			(90,813	)		(1,386,046	)

Total increase (decrease) in net assets		(5,719	)		(97,792	)		167,486			(1,824,715	)
Net assets at beginning of year		669,600			767,392			846,925			2,671,640

Net assets at end of year	$	663,881		$	669,600		$	1,014,411		$	846,925

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

- 74 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MA9 Sub-Account						MD8 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	9,627		$	9,323		$	295,113		$	79,724
Net realized gains (losses)		19,877			25,846			—			—
Net change in unrealized appreciation/ depreciation		798			(43,100	)		—			—

Increase (decrease) in net assets from operations		30,302			(7,931	)		295,113			79,724

Contract Owner Transactions:
Purchase payments received		14,051			14,945			505,773			416,306
Transfers between Sub-Accounts (including the Fixed Account), net		(24,029	)		(59,186	)		(1,653,168	)		4,145,796
Withdrawals, surrenders, annuitizations and contract charges		(7,223	)		588			(116,686	)		(19,074	)
Mortality and expense risk charges		—			—			(584	)		(667	)
Charges for life insurance protection and monthly administration charge		(19,990	)		(18,391	)		(421,717	)		(541,410	)

Net increase (decrease) from contract owner transactions		(37,191	)		(62,044	)		(1,686,382	)		4,000,951

Total increase (decrease) in net assets		(6,889	)		(69,975	)		(1,391,269	)		4,080,675
Net assets at beginning of year		454,254			524,229			7,155,244			3,074,569

Net assets at end of year	$	447,365		$	454,254		$	5,763,975		$	7,155,244

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

- 75 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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)	$	51,936		$	46,057		$	4,771		$	3,910
Net realized gains (losses)		117,578			252,030			5,915			14,039
Net change in unrealized appreciation/ depreciation		90,068			(593,995	)		16,057			(45,913	)

Increase (decrease) in net assets from operations		259,582			(295,908	)		26,743			(27,964	)

Contract Owner Transactions:
Purchase payments received		83,274			96,323			6,768			26,563
Transfers between Sub-Accounts (including the Fixed Account), net		25,872			(27,634	)		4,925			(6,159	)
Withdrawals, surrenders, annuitizations and contract charges		(238,180	)		(109,451	)		(20,955	)		72,220
Mortality and expense risk charges		—			—			(100	)		(99	)
Charges for life insurance protection and monthly administration charge		(148,560	)		(138,065	)		(9,040	)		(9,000	)

Net increase (decrease) from contract owner transactions		(277,594	)		(178,827	)		(18,402	)		83,525

Total increase (decrease) in net assets		(18,012	)		(474,735	)		8,341			55,561
Net assets at beginning of year		2,676,449			3,151,184			270,333			214,772

Net assets at end of year	$	2,658,437		$	2,676,449		$	278,674		$	270,333

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

- 76 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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						MF1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	(173	)	$	(190	)	$	(1,985	)	$	(2,075	)
Net realized gains (losses)		111,489			271,544			(11,409	)		433,264
Net change in unrealized appreciation/ depreciation		504,343			(1,219,209	)		906,594			(2,601,914	)

Increase (decrease) in net assets from operations		615,659			(947,855	)		893,200			(2,170,725	)

Contract Owner Transactions:
Purchase payments received		76,536			49,286			55,342			53,786
Transfers between Sub-Accounts (including the Fixed Account), net		177,202			(102,720	)		(104,106	)		(1,512,474	)
Withdrawals, surrenders, annuitizations and contract charges		(91,005	)		(92,181	)		(260,025	)		(6,581	)
Mortality and expense risk charges		(203	)		(494	)		(420	)		(429	)
Charges for life insurance protection and monthly administration charge		(125,346	)		(125,397	)		(248,272	)		(282,079	)

Net increase (decrease) from contract owner transactions		37,184			(271,506	)		(557,481	)		(1,747,777	)

Total increase (decrease) in net assets		652,843			(1,219,361	)		335,719			(3,918,502	)
Net assets at beginning of year		1,855,676			3,075,037			4,509,721			8,428,223

Net assets at end of year	$	2,508,519		$	1,855,676		$	4,845,440		$	4,509,721

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

- 77 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	M05 Sub-Account						M06 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	(499	)	$	(531	)	$	164,466		$	107,584
Net realized gains (losses)		(364,041	)		723,856			(171,639	)		3,053
Net change in unrealized appreciation/ depreciation		737,060			(2,070,929	)		367,321			(720,212	)

Increase (decrease) in net assets from operations		372,520			(1,347,604	)		360,148			(609,575	)

Contract Owner Transactions:
Purchase payments received		34,904			47,594			122,009			101,658
Transfers between Sub-Accounts (including the Fixed Account), net		(510,056	)		(476,644	)		1,275,142			799,258
Withdrawals, surrenders, annuitizations and contract charges		(41,259	)		(138,496	)		(538,214	)		(204,998	)
Mortality and expense risk charges		(260	)		(264	)		(831	)		(828	)
Charges for life insurance protection and monthly administration charge		(138,469	)		(162,608	)		(202,779	)		(174,305	)

Net increase (decrease) from contract owner transactions		(655,140	)		(730,418	)		655,327			520,785

Total increase (decrease) in net assets		(282,620	)		(2,078,022	)		1,015,475			(88,790	)
Net assets at beginning of year		2,641,563			4,719,585			4,448,405			4,537,195

Net assets at end of year	$	2,358,943		$	2,641,563		$	5,463,880		$	4,448,405

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

- 78 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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)	$	21,620		$	22,562		$	88,327		$	58,252
Net realized gains (losses)		318,229			667,445			134,081			115,317
Net change in unrealized appreciation/ depreciation		523,103			(1,629,860	)		(283,328	)		(120,542	)

Increase (decrease) in net assets from operations		862,952			(939,853	)		(60,920	)		53,027

Contract Owner Transactions:
Purchase payments received		84,179			90,600			48,803			44,948
Transfers between Sub-Accounts (including the Fixed Account), net		(75,582	)		(26,867	)		8,297			252,486
Withdrawals, surrenders, annuitizations and contract charges		(274,363	)		(75,117	)		(89,666	)		(139,692	)
Mortality and expense risk charges		(113	)		(115	)		—			—
Charges for life insurance protection and monthly administration charge		(259,365	)		(284,569	)		(99,179	)		(94,259	)

Net increase (decrease) from contract owner transactions		(525,244	)		(296,068	)		(131,745	)		63,483

Total increase (decrease) in net assets		337,708			(1,235,921	)		(192,665	)		116,510
Net assets at beginning of year		4,307,698			5,543,619			2,672,236			2,555,726

Net assets at end of year	$	4,645,406		$	4,307,698		$	2,479,571		$	2,672,236

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

- 79 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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)	$	5,677		$	5,483		$	133,265		$	114,929
Net realized gains (losses)		29,756			20,096			721,238			601,068
Net change in unrealized appreciation/ depreciation		(39,688	)		(25,403	)		(239,935	)		(1,262,139	)

Increase (decrease) in net assets from operations		(4,255	)		176			614,568			(546,142	)

Contract Owner Transactions:
Purchase payments received		5,270			11,222			121,532			117,442
Transfers between Sub-Accounts (including the Fixed Account), net		(17,428	)		(8,006	)		(88,761	)		25,738
Withdrawals, surrenders, annuitizations and contract charges		(50,130	)		(22,699	)		(317,041	)		(207,577	)
Mortality and expense risk charges		(70	)		(85	)		(638	)		(707	)
Charges for life insurance protection and monthly administration charge		(6,010	)		(9,917	)		(340,209	)		(339,500	)

Net increase (decrease) from contract owner transactions		(68,368	)		(29,485	)		(625,117	)		(404,604	)

Total increase (decrease) in net assets		(72,623	)		(29,309	)		(10,549	)		(950,746	)
Net assets at beginning of year		248,353			277,662			8,267,121			9,217,867

Net assets at end of year	$	175,730		$	248,353		$	8,256,572		$	8,267,121

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

- 80 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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						MB6 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	14,074		$	14,537		$	18,709		$	17,450
Net realized gains (losses)		89,515			113,217			138,197			327,372
Net change in unrealized appreciation/ depreciation		(27,420	)		(227,141	)		250,379			(665,828	)

Increase (decrease) in net assets from operations		76,169			(99,387	)		407,285			(321,006	)

Contract Owner Transactions:
Purchase payments received		17,158			24,972			18,250			19,214
Transfers between Sub-Accounts (including the Fixed Account), net		(82,667	)		(269,407	)		(274,566	)		(65,963	)
Withdrawals, surrenders, annuitizations and contract charges		(51,295	)		(15,234	)		(25,083	)		(19,296	)
Mortality and expense risk charges		(117	)		(170	)		—			—
Charges for life insurance protection and monthly administration charge		(35,719	)		(39,621	)		(68,204	)		(66,559	)

Net increase (decrease) from contract owner transactions		(152,640	)		(299,460	)		(349,603	)		(132,604	)

Total increase (decrease) in net assets		(76,471	)		(398,847	)		57,682			(453,610	)
Net assets at beginning of year		1,132,336			1,531,183			1,537,246			1,990,856

Net assets at end of year	$	1,055,865		$	1,132,336		$	1,594,928		$	1,537,246

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

- 81 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MA0 Sub-Account						MA1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	42,580		$	37,453		$	24,395		$	81,870
Net realized gains (losses)		(10,093	)		59,723			(31,785	)		125,161
Net change in unrealized appreciation/ depreciation		66,605			(323,275	)		211,643			(709,237	)

Increase (decrease) in net assets from operations		99,092			(226,099	)		204,253			(502,206	)

Contract Owner Transactions:
Purchase payments received		13,911			14,997			19,007			26,490
Transfers between Sub-Accounts (including the Fixed Account), net		248,570			23,710			113,029			39,249
Withdrawals, surrenders, annuitizations and contract charges		(4,646	)		(3,217	)		(14,509	)		(10,534	)
Mortality and expense risk charges		(414	)		(428	)		(1,040	)		(1,033	)
Charges for life insurance protection and monthly administration charge		(33,861	)		(32,313	)		(37,738	)		(36,543	)

Net increase (decrease) from contract owner transactions		223,560			2,749			78,749			17,629

Total increase (decrease) in net assets		322,652			(223,350	)		283,002			(484,577	)
Net assets at beginning of year		1,121,609			1,344,959			1,952,567			2,437,144

Net assets at end of year	$	1,444,261		$	1,121,609		$	2,235,569		$	1,952,567

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

- 82 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	M92 Sub-Account						M96 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	149		$	2,669		$	27,558		$	44,055
Net realized gains (losses)		(8,094	)		7,488			(177,678	)		(22,494	)
Net change in unrealized appreciation/ depreciation		15,628			(22,233	)		214,654			(309,340	)

Increase (decrease) in net assets from operations		7,683			(12,076	)		64,534			(287,779	)

Contract Owner Transactions:
Purchase payments received		3,386			—			154,661			115,768
Transfers between Sub-Accounts (including the Fixed Account), net		(25,142	)		(960	)		(428,442	)		4,151
Withdrawals, surrenders, annuitizations and contract charges		(30,948	)		(2,419	)		(165,079	)		(60,893	)
Mortality and expense risk charges		(48	)		(75	)		—			—
Charges for life insurance protection and monthly administration charge		(11,133	)		(12,818	)		(171,212	)		(161,914	)

Net increase (decrease) from contract owner transactions		(63,885	)		(16,272	)		(610,072	)		(102,888	)

Total increase (decrease) in net assets		(56,202	)		(28,348	)		(545,538	)		(390,667	)
Net assets at beginning of year		132,749			161,097			2,033,367			2,424,034

Net assets at end of year	$	76,547		$	132,749		$	1,487,829		$	2,033,367

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

- 83 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MD2 Sub-Account						MA6 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	1,635		$	4,807		$	202,390		$	205,727
Net realized gains (losses)		(29,020	)		(2,910	)		(117,547	)		(113,190	)
Net change in unrealized appreciation/ depreciation		51,478			(38,503	)		318,730			(552,436	)

Increase (decrease) in net assets from operations		24,093			(36,606	)		403,573			(459,899	)

Contract Owner Transactions:
Purchase payments received		5,776			19,008			130,024			142,748
Transfers between Sub-Accounts (including the Fixed Account), net		194,204			20,034			(187,111	)		(98,349	)
Withdrawals, surrenders, annuitizations and contract charges		(123,141	)		(445	)		(151,580	)		(91,993	)
Mortality and expense risk charges		(84	)		(102	)		(321	)		(374	)
Charges for life insurance protection and monthly administration charge		(14,330	)		(16,282	)		(236,021	)		(250,834	)

Net increase (decrease) from contract owner transactions		62,425			22,213			(445,009	)		(298,802	)

Total increase (decrease) in net assets		86,518			(14,393	)		(41,436	)		(758,701	)
Net assets at beginning of year		259,592			273,985			3,571,092			4,329,793

Net assets at end of year	$	346,110		$	259,592		$	3,529,656		$	3,571,092

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

- 84 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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)	$	16,403		$	9,335		$	3,283		$	1,376
Net realized gains (losses)		26,868			96,857			6,934			4,925
Net change in unrealized appreciation/ depreciation		184,226			(395,219	)		34,760			(84,896	)

Increase (decrease) in net assets from operations		227,497			(289,027	)		44,977			(78,595	)

Contract Owner Transactions:
Purchase payments received		34,262			43,358			4,336			3,759
Transfers between Sub-Accounts (including the Fixed Account), net		(356,895	)		190,608			7,346			17,794
Withdrawals, surrenders, annuitizations and contract charges		(15,226	)		(49,348	)		(3,396	)		(68,083	)
Mortality and expense risk charges		—			—			(105	)		(100	)
Charges for life insurance protection and monthly administration charge		(67,076	)		(63,524	)		(16,263	)		(16,334	)

Net increase (decrease) from contract owner transactions		(404,935	)		121,094			(8,082	)		(62,964	)

Total increase (decrease) in net assets		(177,438	)		(167,933	)		36,895			(141,559	)
Net assets at beginning of year		1,700,782			1,868,715			324,268			465,827

Net assets at end of year	$	1,523,344		$	1,700,782		$	361,163		$	324,268

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

- 85 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MD6 Sub-Account						ME3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	6,249		$	1,242		$	10,212		$	15,118
Net realized gains (losses)		144,672			344,466			(553	)		6,164
Net change in unrealized appreciation/ depreciation		353,546			(818,808	)		161,949			(202,436	)

Increase (decrease) in net assets from operations		504,467			(473,100	)		171,608			(181,154	)

Contract Owner Transactions:
Purchase payments received		37,511			40,639			4,792			9,609
Transfers between Sub-Accounts (including the Fixed Account), net		34,091			44,576			307,595			357,774
Withdrawals, surrenders, annuitizations and contract charges		(46,145	)		(32,213	)		(95,012	)		(2,751	)
Mortality and expense risk charges		—			—			(1,497	)		(1,105	)
Charges for life insurance protection and monthly administration charge		(79,116	)		(71,155	)		(12,836	)		(14,698	)

Net increase (decrease) from contract owner transactions		(53,659	)		(18,153	)		203,042			348,829

Total increase (decrease) in net assets		450,808			(491,253	)		374,650			167,675
Net assets at beginning of year		2,104,963			2,596,216			1,175,815			1,008,140

Net assets at end of year	$	2,555,771		$	2,104,963		$	1,550,465		$	1,175,815

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

- 86 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MB8 Sub-Account						MF4 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	29,300		$	30,924		$	49,019		$	41,574
Net realized gains (losses)		(160,934	)		880,471			46,719			40,056
Net change in unrealized appreciation/ depreciation		816,293			(1,811,309	)		70,696			(531,503	)

Increase (decrease) in net assets from operations		684,659			(899,914	)		166,434			(449,873	)

Contract Owner Transactions:
Purchase payments received		62,477			68,954			20,215			20,316
Transfers between Sub-Accounts (including the Fixed Account), net		(360,920	)		(93,500	)		(2	)		6,954
Withdrawals, surrenders, annuitizations and contract charges		(151,644	)		(45,299	)		(69,882	)		(911,562	)
Mortality and expense risk charges		(523	)		(748	)		(666	)		(712	)
Charges for life insurance protection and monthly administration charge		(128,087	)		(128,197	)		(54,570	)		(172,668	)

Net increase (decrease) from contract owner transactions		(578,697	)		(198,790	)		(104,905	)		(1,057,672	)

Total increase (decrease) in net assets		105,962			(1,098,704	)		61,529			(1,507,545	)
Net assets at beginning of year		3,859,761			4,958,465			1,672,498			3,180,043

Net assets at end of year	$	3,965,723		$	3,859,761		$	1,734,027		$	1,672,498

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

- 87 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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						MF8 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	35,190		$	79,198		$	67,037		$	44,625
Net realized gains (losses)		279,674			400,668			171,072			311,578
Net change in unrealized appreciation/ depreciation		153,248			(2,124,584	)		135,832			(943,261	)

Increase (decrease) in net assets from operations		468,112			(1,644,718	)		373,941			(587,058	)

Contract Owner Transactions:
Purchase payments received		94,689			120,524			104,293			28,622
Transfers between Sub-Accounts (including the Fixed Account), net		(232,002	)		(2,845	)		(58,621	)		(10,378	)
Withdrawals, surrenders, annuitizations and contract charges		(277,923	)		(133,907	)		(46,497	)		(155,442	)
Mortality and expense risk charges		(225	)		(260	)		(263	)		(276	)
Charges for life insurance protection and monthly administration charge		(161,188	)		(191,032	)		(102,178	)		(67,406	)

Net increase (decrease) from contract owner transactions		(576,649	)		(207,520	)		(103,266	)		(204,880	)

Total increase (decrease) in net assets		(108,537	)		(1,852,238	)		270,675			(791,938	)
Net assets at beginning of year		4,336,336			6,188,574			2,516,274			3,308,212

Net assets at end of year	$	4,227,799		$	4,336,336		$	2,786,949		$	2,516,274

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

- 88 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	MG0 Sub-Account						MF2 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	18,585		$	35,573		$	72,062		$	93,261
Net realized gains (losses)		(141,508	)		48,089			(39,279	)		(531	)
Net change in unrealized appreciation/ depreciation		156,176			(290,321	)		243,612			(289,710	)

Increase (decrease) in net assets from operations		33,253			(206,659	)		276,395			(196,980	)

Contract Owner Transactions:
Purchase payments received		6,893			9,463			177,891			211,445
Transfers between Sub-Accounts (including the Fixed Account), net		(190,341	)		197,383			(62,256	)		163,937
Withdrawals, surrenders, annuitizations and contract charges		(64,563	)		(6,416	)		(132,460	)		(90,624	)
Mortality and expense risk charges		(330	)		(582	)		(307	)		(266	)
Charges for life insurance protection and monthly administration charge		(13,296	)		(16,638	)		(251,918	)		(257,041	)

Net increase (decrease) from contract owner transactions		(261,637	)		183,210			(269,050	)		27,451

Total increase (decrease) in net assets		(228,384	)		(23,449	)		7,345			(169,529	)
Net assets at beginning of year		912,722			936,171			4,609,889			4,779,418

Net assets at end of year	$	684,338		$	912,722		$	4,617,234		$	4,609,889

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

- 89 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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						MG5 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	79,831		$	51,568		$	119,559		$	121,846
Net realized gains (losses)		281,667			459,325			13,834			632,488
Net change in unrealized appreciation/ depreciation		186,286			(1,020,915	)		484,893			(1,902,771	)

Increase (decrease) in net assets from operations		547,784			(510,022	)		618,286			(1,148,437	)

Contract Owner Transactions:
Purchase payments received		103,276			98,218			106,018			165,687
Transfers between Sub-Accounts (including the Fixed Account), net		(25,020	)		(173,369	)		(1,239	)		623
Withdrawals, surrenders, annuitizations and contract charges		(476,876	)		(96,470	)		(1,475,458	)		(104,711	)
Mortality and expense risk charges		(99	)		(147	)		(1,809	)		(2,236	)
Charges for life insurance protection and monthly administration charge		(210,298	)		(202,368	)		(205,242	)		(212,184	)

Net increase (decrease) from contract owner transactions		(609,017	)		(374,136	)		(1,577,730	)		(152,821	)

Total increase (decrease) in net assets		(61,233	)		(884,158	)		(959,444	)		(1,301,258	)
Net assets at beginning of year		5,009,572			5,893,730			5,627,993			6,929,251

Net assets at end of year	$	4,948,339		$	5,009,572		$	4,668,549		$	5,627,993

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

- 90 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	ME0 Sub-Account						V43 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	12,540		$	6,993		$	—		$	—
Net realized gains (losses)		72,650			224,442			(200,197	)		67,464
Net change in unrealized appreciation/ depreciation		37,691			(309,111	)		280,032			(388,236	)

Increase (decrease) in net assets from operations		122,881			(77,676	)		79,835			(320,772	)

Contract Owner Transactions:
Purchase payments received		37,593			29,009			6,713			14,982
Transfers between Sub-Accounts (including the Fixed Account), net		(22,993	)		351,106			75,277			11,850
Withdrawals, surrenders, annuitizations and contract charges		(11,221	)		(40,818	)		(126,128	)		(201	)
Mortality and expense risk charges		(42	)		(43	)		(52	)		(51	)
Charges for life insurance protection and monthly administration charge		(43,311	)		(44,503	)		(9,530	)		(12,647	)

Net increase (decrease) from contract owner transactions		(39,974	)		294,751			(53,720	)		13,933

Total increase (decrease) in net assets		82,907			217,075			26,115			(306,839	)
Net assets at beginning of year		1,077,945			860,870			175,191			482,030

Net assets at end of year	$	1,160,852		$	1,077,945		$	201,306		$	175,191

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

- 91 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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						O19 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	—		$	—
Net realized gains (losses)		(20,269	)		407,751			(9,861	)		36,979
Net change in unrealized appreciation/ depreciation		369,115			(886,769	)		35,395			(77,120	)

Increase (decrease) in net assets from operations		348,846			(479,018	)		25,534			(40,141	)

Contract Owner Transactions:
Purchase payments received		26,931			24,775			652			1,058
Transfers between Sub-Accounts (including the Fixed Account), net		974			(41,015	)		(3,329	)		782
Withdrawals, surrenders, annuitizations and contract charges		(9,104	)		(6,022	)		(18,005	)		(275	)
Mortality and expense risk charges		—			—			(25	)		(25	)
Charges for life insurance protection and monthly administration charge		(67,316	)		(62,592	)		(971	)		(1,084	)

Net increase (decrease) from contract owner transactions		(48,515	)		(84,854	)		(21,678	)		456

Total increase (decrease) in net assets		300,331			(563,872	)		3,856			(39,685	)
Net assets at beginning of year		1,008,136			1,572,008			89,970			129,655

Net assets at end of year	$	1,308,467		$	1,008,136		$	93,826		$	89,970

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

- 92 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	O00 Sub-Account						O20 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	—		$	—
Net realized gains (losses)		(1,901	)		54,976			19,635			25,977
Net change in unrealized appreciation/ depreciation		24,727			(137,706	)		25,815			(83,993	)

Increase (decrease) in net assets from operations		22,826			(82,730	)		45,450			(58,016	)

Contract Owner Transactions:
Purchase payments received		—			—			2,444			2,104
Transfers between Sub-Accounts (including the Fixed Account), net		—			12			(541	)		8,412
Withdrawals, surrenders, annuitizations and contract charges		(466	)		(496	)		(210	)		(194	)
Mortality and expense risk charges		—			—			(7	)		(8	)
Charges for life insurance protection and monthly administration charge		(7,429	)		(6,655	)		(1,348	)		(1,158	)

Net increase (decrease) from contract owner transactions		(7,895	)		(7,139	)		338			9,156

Total increase (decrease) in net assets		14,931			(89,869	)		45,788			(48,860	)
Net assets at beginning of year		178,410			268,279			131,761			180,621

Net assets at end of year	$	193,341		$	178,410		$	177,549		$	131,761

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

- 93 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	O21 Sub-Account						P10 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	166		$	1,038		$	36,101		$	119,153
Net realized gains (losses)		(18,662	)		56,721			(49,914	)		33,799
Net change in unrealized appreciation/ depreciation		34,456			(106,268	)		(6,489	)		(87,773	)

Increase (decrease) in net assets from operations		15,960			(48,509	)		(20,302	)		65,179

Contract Owner Transactions:
Purchase payments received		2,125			5,336			19,288			11,200
Transfers between Sub-Accounts (including the Fixed Account), net		(64,921	)		(154,468	)		(120,938	)		(115,932	)
Withdrawals, surrenders, annuitizations and contract charges		(350	)		(445	)		(49,137	)		(11,520	)
Mortality and expense risk charges		(18	)		(40	)		(82	)		(437	)
Charges for life insurance protection and monthly administration charge		(3,044	)		(4,861	)		(12,042	)		(18,165	)

Net increase (decrease) from contract owner transactions		(66,208	)		(154,478	)		(162,911	)		(134,854	)

Total increase (decrease) in net assets		(50,248	)		(202,987	)		(183,213	)		(69,675	)
Net assets at beginning of year		85,748			288,735			493,208			562,883

Net assets at end of year	$	35,500		$	85,748		$	309,995		$	493,208

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

- 94 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	PK8 Sub-Account						PK9 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	109,099		$	103,379		$	503		$	496
Net realized gains (losses)		(82,156	)		(53,934	)		(937	)		3,867
Net change in unrealized appreciation/ depreciation		175,222			(454,259	)		3,177			(9,657	)

Increase (decrease) in net assets from operations		202,165			(404,814	)		2,743			(5,294	)

Contract Owner Transactions:
Purchase payments received		78,651			104,450			1,139			1,139
Transfers between Sub-Accounts (including the Fixed Account), net		(70,001	)		(90,889	)		—			—
Withdrawals, surrenders, annuitizations and contract charges		(192,395	)		(33,116	)		(24	)		(25	)
Mortality and expense risk charges		(57	)		(99	)		(4	)		(4	)
Charges for life insurance protection and monthly administration charge		(106,336	)		(125,478	)		(2,970	)		(2,697	)

Net increase (decrease) from contract owner transactions		(290,138	)		(145,132	)		(1,859	)		(1,587	)

Total increase (decrease) in net assets		(87,973	)		(549,946	)		884			(6,881	)
Net assets at beginning of year		2,024,161			2,574,107			21,817			28,698

Net assets at end of year	$	1,936,188		$	2,024,161		$	22,701		$	21,817

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

- 95 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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)	$	36,264		$	101,225		$	234,621		$	161,308
Net realized gains (losses)		(22,321	)		7,743			(167,289	)		(173,115	)
Net change in unrealized appreciation/ depreciation		36,273			(298,463	)		366,318			(1,003,929	)

Increase (decrease) in net assets from operations		50,216			(189,495	)		433,650			(1,015,736	)

Contract Owner Transactions:
Purchase payments received		26,995			41,435			257,385			308,474
Transfers between Sub-Accounts (including the Fixed Account), net		(68,329	)		102,851			2,674,405			(412,446	)
Withdrawals, surrenders, annuitizations and contract charges		(46,779	)		(79,254	)		(161,898	)		(185,060	)
Mortality and expense risk charges		—			—			(11	)		(11	)
Charges for life insurance protection and monthly administration charge		(58,558	)		(57,212	)		(341,546	)		(398,241	)

Net increase (decrease) from contract owner transactions		(146,671	)		7,820			2,428,335			(687,284	)

Total increase (decrease) in net assets		(96,455	)		(181,675	)		2,861,985			(1,703,020	)
Net assets at beginning of year		1,399,839			1,581,514			5,509,973			7,212,993

Net assets at end of year	$	1,303,384		$	1,399,839		$	8,371,958		$	5,509,973

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

- 96 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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						W42 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	—		$	—		$	—		$	—
Net realized gains (losses)		618,300			570,632			(6,178	)		(14,717	)
Net change in unrealized appreciation/ depreciation		2,445,857			(4,849,782	)		17,115			(43,896	)

Increase (decrease) in net assets from operations		3,064,157			(4,279,150	)		10,937			(58,613	)

Contract Owner Transactions:
Purchase payments received		114,764			119,175			1,855			4,195
Transfers between Sub-Accounts (including the Fixed Account), net		(319,935	)		159,050			(40,309	)		(97,033	)
Withdrawals, surrenders, annuitizations and contract charges		(703,504	)		(94,770	)		(232	)		(307	)
Mortality and expense risk charges		—			—			(11	)		(26	)
Charges for life insurance protection and monthly administration charge		(298,510	)		(286,173	)		(2,174	)		(3,419	)

Net increase (decrease) from contract owner transactions		(1,207,185	)		(102,718	)		(40,871	)		(96,590	)

Total increase (decrease) in net assets		1,856,972			(4,381,868	)		(29,934	)		(155,203	)
Net assets at beginning of year		6,751,726			11,133,594			58,401			213,604

Net assets at end of year	$	8,608,698		$	6,751,726		$	28,467		$	58,401

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

- 97 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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 I (the “Variable Account”) is a separate account of Delaware Life Insurance Company (the “Sponsor”). The Variable Account was established on August 25, 1999 as a funding vehicle for the variable portion of Futurity Variable Universal Life (“VUL”) contracts, Futurity Protector VUL contracts, Futurity Protector II VUL contracts, Futurity Accumulator VUL contracts, Futurity Accumulator II VUL contracts, Futurity Survivorship VUL contracts, Futurity Survivorship II VUL contracts, Executive VUL contracts, Prime VUL contracts, Protector VUL contracts, Prime Survivorship VUL contracts and certain other individual variable universal life insurance contracts (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.

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
A71	AB VPS Growth and Income Portfolio (Class B)	May 1, 2023

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
O00		April 30, 2020

There were no Sub-Accounts liquidated or merged with existing Sub-Accounts during the current year. 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.

- 98 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

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.

- 99 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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 “Transfer between Sub-Accounts (including the Fixed Account), net” line on the Statements of Changes in Net Assets.

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 the 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.

- 100 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

4. RELATED-PARTY TRANSACTIONS

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.

Charges related to contracts sold to persons who are officers, directors, or employees of the Sponsor or an affiliate of the Sponsor may be waived.

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 from the contract’s account value, through the redemption of fund units for the mortality and expense risks assumed by the Sponsor. For the Executive Product this charge is deducted daily over the duration of the policy, and is guaranteed not to exceed an annual rate of 0.60% of the Variable Account assets. For the Single Life (Futurity VUL, Protector VUL, Protector II VUL, Accumulator VUL, Accumulator II VUL, Prime VUL and Protector VUL) and Survivorship Products (Survivorship VUL, Survivorship II VUL and Prime Survivorship VUL) the charge is deducted monthly with the maximum deduction not exceeding an annual rate of 0.75% of the Variable Account assets over a range of five to 15 policy years, depending on the product purchased. Thereafter, the effective annual rates range from 0.10% to 0.20% for the Single Life Products, and 0.20% to 0.36% for the Survivorship Products. These charges are reflected in the Statements of Changes in Net Assets.

Administration charges

An account administration fee (“Account Fee”) is deducted from the participant’s account to reimburse the Sponsor for certain administrative expenses and issuances costs. For the Executive Product, the monthly expense charge of $5 to $10 is deducted over the duration of the policy, combined with a monthly charge based on the specified face amount of the policy. The monthly charge for the Single Life Products ranges from $8 to $10 for all policy years, combined with a monthly face amount charge for the first 5 to 20 policy years following policy issue, or each specified face amount increase, depending on the product purchased. For the Futurity Survivorship II Product, the monthly expense charge is deducted for the first 10 policy years, and for the first 10 policy years following the effective date of each specified face amount increase. The charge is based on the specified face amount or increase thereof, times a rate determined by the age, sex and rating class of each insured. For the Prime Survivorship Product, the monthly expense charge is $10 for all policy years, combined with a monthly face amount charge for the first 10 policy years, and for the first 10 policy years following the effective date of each specified face amount increase. The charge is based on the specified face amount or increase thereof, times a rate determined by the age, sex and rating class of each insured. The Account Fee is reflected in the Statements of Changes in Net Assets as part of “Charges for life insurance protection and monthly administration charge”.

Sales charges

Certain charges are deducted from the premium before it is allocated by Sub-Account. For the Executive Product the charge on premiums up to and including the premium amount used to determine commission payments to Selling Broker-Dealers (“Target Premium”) will not exceed 35% in Policy Year 1, 12% in Policy Years 2-10 and 5% thereafter. The charge on premium in excess of Target Premium will not exceed 5%. The current charge for the Single Life Products can range from 5.25% to 15.00% of premium payments, depending on the product and riders purchased. For the Futurity Survivorship and Futurity Survivorship II Product, the charge is 6% of premiums, and is guaranteed not to exceed 8%. For the Prime Survivorship Product, the charge is 18.50% of premiums, and is guaranteed not to exceed 25%.

- 101 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

5. CONTRACT CHARGES (CONTINUED)

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 applicable Commissioner’s Standard Ordinary Smoker and Nonsmoker Mortality Tables. These charges are reported in the Statements of Changes in Net Assets as part of “Charges for life insurance protection and monthly administration charge”.

Surrender charges

A surrender charge (contingent deferred sales charge) may be deducted to cover certain expenses relating to the sale of the contract if the contract holder requests a full withdrawal prior to reaching the pay-out phase. The surrender charge is based on certain factors, including the specified face amount, the insured’s age, sex and rating class. For the Futurity Survivorship Product, the surrender charge period will generally end after 15 policy years from the date of policy issue, or 15 policy years from the effective date of each specified face amount increase. For the Single Life Products, depending on the product purchased, the surrender charge can apply to the first 9 to 15 policy years following the date of policy issue, or the respective policy years from the effective date of each specified face amount increase. The Executive Product and Prime Survivorship Product do not currently impose such surrender charges. Surrender charges when deducted are retained by the Sponsor. These charges are reflected as part of “Withdrawals, surrenders, annuitizations and contract charges” in the Statements of Changes in Net Assets.

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.

- 102 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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
AL1	$	16,896	$	3,793
A70		22,458		2,230
A71		629,036		636,107
A98		3,413		32,904
A55		213,333		217,077
A54		41,932		60,605
A51		3,852		20,914
308		45,064		131,542
301		1,159,294		402,969
304		71,916		115,994
309		17,664		113,034
306		4,899		7,247
303		351,326		212,552
302		291,191		133,770
305		10,164		88,209
300		53,308		306,677
B18		93,711		219,627
C60		32,929		55,724
D37		156,444		293,353
D55		363,934		441,978
S61		162,961		245,478
D18		513,714		248,984
FD7		448,011		982,541

- 103 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

6. INVESTMENT PURCHASES AND SALES (CONTINUED)


	Purchases		Sales
F24	$	478,553	$	389,416
F29		1,283,469		1,273,017
F15		1,659		41,806
F14		3,948		3,479
F21		381,915		1,408,673
F26		2,629,805		446,569
FM7		615,032		4,382,808
F41		156,732		289,202
FM8		1,269,811		2,103,132
F23		390,954		763,548
FE3		220,700		420,822
T20		659,889		803,439
FE6		978		422
F56		95,821		174,294
F59		102,036		17,075
F54		110,958		408,592
F53		215,609		385,609
T28		30,661		66,159
G30		19,844		5,564
G32		19,041		54,672
521		8,929		7,271
G33		18,705		20,052
G31		109,272		791,973
V15		104,446		201,313
V35		185,640		20,610
V13		15,807		4,594
A39		34,771		489,043
V11		65,734		143,517
IB1		194,324		213,031
A21		405,037		889,643
I76		214,664		46,851
MB0		156,666		159,880
MB1		32,065		113,641
MB5		84,715		123,619
MA9		60,389		80,596
MD8		1,273,984		2,665,242
M07		327,624		441,935
M35		31,724		33,966
M31		612,123		409,067
MF1		232,855		727,834
M05		104,770		760,407

- 104 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

6. INVESTMENT PURCHASES AND SALES (CONTINUED)


	Purchases		Sales
M06	$	1,700,528	$	880,728
M33		687,500		962,627
M44		306,294		211,684
M40		25,439		78,607
M83		1,394,652		1,323,730
M08		116,772		184,791
MB6		148,329		364,147
MA0		307,842		41,699
MA1		339,165		236,015
M92		7,272		67,136
M96		326,232		908,746
MD2		212,344		148,283
MA6		400,373		642,990
M97		134,339		475,603
MD5		55,425		48,707
MD6		337,021		256,805
ME3		351,968		138,705
MB8		243,266		663,171
MF4		139,518		123,785
MF6		473,387		726,144
MF8		432,803		239,000
MG0		239,279		482,328
MF2		568,841		765,826
MG3		656,567		1,034,352
MG5		497,914		1,672,544
ME0		160,456		96,779
V43		86,267		139,987
O01		24,609		73,124
O19		314		21,992
O00		—		7,894
O20		21,123		2,004
O21		8,044		71,718
P10		219,102		345,911
PK8		168,642		349,681
PK9		1,642		2,998
P06		303,398		413,805
P07		3,499,707		836,751
307		46,810		1,253,995
W42		2,488		43,359

- 105 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

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)
AL1		437		180		257
A70		765		109		656
A71		28,332		41,477		(13,145	)
A98		777		4,330		(3,553	)
A55		4,397		5,073		(676	)
A54		2,160		2,587		(427	)
A51		1,235		1,608		(373	)
308		351		3,105		(2,754	)
301		72,855		28,672		44,183
304		511		2,606		(2,095	)
309		338		3,232		(2,894	)
306		15		248		(233	)
303		4,110		3,223		887
302		5,418		2,780		2,638
305		79		3,610		(3,531	)
300		469		13,390		(12,921	)
B18		4,730		12,051		(7,321	)
C60		2,875		3,614		(739	)
D37		1,960		4,680		(2,720	)
D55		7,974		10,622		(2,648	)
S61		3,260		8,013		(4,753	)
D18		16,871		13,560		3,311
FD7		10,765		26,947		(16,182	)
F24		11,465		11,776		(311	)
F29		17,545		24,077		(6,532	)
F15		39		2,116		(2,077	)
F14		130		164		(34	)
F21		37,238		60,698		(23,460	)
F26		57,591		15,186		42,405
FM7		52,389		139,196		(86,807	)
F41		4,453		11,221		(6,768	)
FM8		258,136		333,974		(75,838	)
F23		25,997		42,524		(16,527	)
FE3		9,030		23,503		(14,473	)
T20		30,971		40,640		(9,669	)
FE6		4		18		(14	)
F56		4,939		8,701		(3,762	)

- 106 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

7. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
F59		1,505		915		590
F54		2,332		22,336		(20,004	)
F53		4,442		13,308		(8,866	)
T28		549		4,066		(3,517	)
G30		144		167		(23	)
G32		29		1,107		(1,078	)
521		170		158		12
G33		922		1,243		(321	)
G31		6,235		23,069		(16,834	)
V15		3,551		6,699		(3,148	)
V35		11,939		11,959		(20	)
V13		156		156		—
A39		550		18,079		(17,529	)
V11		5,392		9,061		(3,669	)
IB1		2,616		6,999		(4,383	)
A21		24,252		48,318		(24,066	)
I76		7,956		2,327		5,629
MB0		3,981		5,745		(1,764	)
MB1		5,842		15,158		(9,316	)
MB5		2,160		4,403		(2,243	)
MA9		5,752		7,319		(1,567	)
MD8		106,547		264,111		(157,564	)
M07		20,214		34,947		(14,733	)
M35		1,014		1,989		(975	)
M31		12,864		13,221		(357	)
MF1		12,426		27,680		(15,254	)
M05		5,491		26,939		(21,448	)
M06		213,686		158,175		55,511
M33		34,518		50,979		(16,461	)
M44		10,494		18,677		(8,183	)
M40		763		4,839		(4,076	)
M83		43,366		64,697		(21,331	)
M08		3,940		11,493		(7,553	)
MB6		663		7,791		(7,128	)
MA0		17,195		5,483		11,712
MA1		35,675		27,757		7,918
M92		210		4,208		(3,998	)

- 107 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

7. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
M96		20,821		52,903		(32,082	)
MD2		17,511		11,633		5,878
MA6		16,504		36,889		(20,385	)
M97		12,658		25,776		(13,118	)
MD5		2,482		2,794		(312	)
MD6		19,491		20,285		(794	)
ME3		25,804		10,511		15,293
MB8		5,087		20,662		(15,575	)
MF4		1,406		6,206		(4,800	)
MF6		14,918		34,949		(20,031	)
MF8		5,726		8,674		(2,948	)
MG0		17,919		36,717		(18,798	)
MF2		77,866		97,996		(20,130	)
MG3		18,418		36,862		(18,444	)
MG5		4,223		58,680		(54,457	)
ME0		10,691		11,534		(843	)
V43		3,132		4,063		(931	)
O01		2,037		3,060		(1,023	)
O19		55		841		(786	)
O00		—		619		(619	)
O20		100		87		13
O21		244		2,304		(2,060	)
P10		23,512		41,731		(18,219	)
PK8		5,199		16,123		(10,924	)
PK9		89		204		(115	)
P06		14,304		20,868		(6,564	)
P07		210,798		97,218		113,580
307		5,995		24,797		(18,802	)
W42		175		1,506		(1,331	)

- 108 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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)
AL1		2,072		2,315		(243	)
A70		26		1,248		(1,222	)
A71		52,393		48,266		4,127
A98		1,977		9,224		(7,247	)
A55		182		583		(401	)
A54		2,176		2,390		(214	)
A51		43		1,166		(1,123	)
308		195		1,613		(1,418	)
301		49,629		10,030		39,599
304		37		859		(822	)
309		292		694		(402	)
306		16		247		(231	)
303		1,039		1,099		(60	)
302		2,202		924		1,278
305		3,647		144		3,503
300		535		2,289		(1,754	)
B18		6,010		7,851		(1,841	)
C60		8,417		19,547		(11,130	)
D37		453		1,973		(1,520	)
D55		10,703		9,790		913
S61		2,751		4,129		(1,378	)
D18		4,146		11,535		(7,389	)
FD7		7,701		11,762		(4,061	)
F24		2,226		3,147		(921	)
F29		7,876		15,835		(7,959	)
F15		282		776		(494	)
F14		126		1,458		(1,332	)
F21		12,144		15,188		(3,044	)
F26		63,142		48,744		14,398
FM7		26,141		42,107		(15,966	)
F41		7,844		6,426		1,418
FM8		188,246		369,241		(180,995	)
F23		20,398		25,561		(5,163	)
FE3		12,364		18,498		(6,134	)
T20		23,032		37,494		(14,462	)
FE6		8		21		(13	)
F56		3,199		7,386		(4,187	)

- 109 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

7. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
F59		5,492		3,722		1,770
F54		1,869		4,290		(2,421	)
F53		2,670		7,467		(4,797	)
T28		4,755		5,478		(723	)
G30		80		352		(272	)
G32		652		415		237
521		317		327		(10	)
G33		1,909		2,213		(304	)
G31		4,126		9,410		(5,284	)
V15		1,627		3,153		(1,526	)
V35		24,651		13,068		11,583
V13		165		281		(116	)
A39		642		2,261		(1,619	)
V11		2,937		5,403		(2,466	)
IB1		4,275		5,182		(907	)
A21		12,675		31,750		(19,075	)
I76		908		458		450
MB0		1,404		1,300		104
MB1		4,965		3,926		1,039
MB5		1,617		34,302		(32,685	)
MA9		1,296		3,833		(2,537	)
MD8		490,395		102,494		387,901
M07		12,960		22,372		(9,412	)
M35		9,020		4,747		4,273
M31		7,137		14,181		(7,044	)
MF1		7,061		51,225		(44,164	)
M05		16,868		41,369		(24,501	)
M06		123,534		76,291		47,243
M33		7,841		16,884		(9,043	)
M44		28,084		22,368		5,716
M40		3,927		5,761		(1,834	)
M83		30,978		44,965		(13,987	)
M08		1,913		17,119		(15,206	)
MB6		813		4,285		(3,472	)
MA0		2,276		2,264		12
MA1		28,738		28,560		178
M92		—		1,043		(1,043	)

- 110 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

7. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
M96		9,205		14,157		(4,952	)
MD2		3,207		1,635		1,572
MA6		24,271		33,925		(9,654	)
M97		10,097		6,171		3,926
MD5		5,943		8,527		(2,584	)
MD6		7,771		7,554		217
ME3		37,957		11,196		26,761
MB8		6,878		10,805		(3,927	)
MF4		8,399		56,253		(47,854	)
MF6		7,976		15,304		(7,328	)
MF8		1,244		6,855		(5,611	)
MG0		15,464		1,874		13,590
MF2		71,835		69,648		2,187
MG3		8,357		19,069		(10,712	)
MG5		6,309		11,368		(5,059	)
ME0		18,961		11,799		7,162
V43		978		1,065		(87	)
O01		622		2,589		(1,967	)
O19		65		48		17
O00		260		814		(554	)
O20		477		64		413
O21		255		5,487		(5,232	)
P10		11,397		25,127		(13,730	)
PK8		8,283		12,685		(4,402	)
PK9		67		173		(106	)
P06		9,168		9,020		148
P07		32,276		64,310		(32,034	)
307		9,116		10,933		(1,817	)
W42		339		3,521		(3,182	)

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.

- 111 -

DELAWARE LIFE VARIABLE ACCOUNT I

(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,
	Units		Unit Value^4,5					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²					Total Return³
AL1
2023		4,486			$	26.0909		$	117,023		0.94	%			—	%					12.66	%
2022		4,229				23.1593			97,943		3.15				—						(19.17	)
2021		4,472				28.6513			128,136		0.27				—						13.36
2020		4,206				25.2737			106,307		2.24				—						9.25
2019		4,221				23.1334			97,638		2.18				—						18.20
A70
2023		4,811				22.4732			108,115		0.03				—						15.70
2022		4,155				19.4232			80,710		—				—						(27.17	)
2021		5,377				26.6683			143,392		—				—						22.57
2020		5,069				21.7575			110,286		0.45				—						39.08
2019		5,383				15.6437			84,210		0.16				—						29.78
A71
2023		133,688				42.3776			5,665,358		1.27				—						14.83
2022		146,833				37.9314			5,569,578		1.15				—						(4.42	)
2021		142,706				39.6852			5,663,320		0.65				—						27.84
2020		151,439				31.0437			4,701,227		1.31				—						2.47
2019		161,830				30.2945			4,902,547		1.03				—						23.61
A98
2023		6,118				8.4670			51,797		0.54				—						11.72
2022		9,671				7.3734			71,309		3.54				—						(13.79	)
2021		16,918				8.5533			144,701		1.67				—						10.85
2020		23,140				7.7159			178,547		1.60				—						2.21
2019		21,441				7.5489			161,863		0.76				—						16.79
A55
2023		12,290		43.6776		to	38.8573		537,275		1.39			—	to		0.50		23.93		to		23.32
2022		12,966		35.2438		to	31.5105		456,454		1.41			—	to		0.50		(14.98	)	to		(15.40	)
2021		13,367		41.4534		to	37.2473		553,548		1.23			—	to		0.50		31.66		to		31.01
2020		5,424		31.4848		to	28.4314		170,391		1.41			—	to		0.50		14.88		to		14.31
2019		5,474		27.4069		to	24.8728		149,768		1.59			—	to		0.50		29.47		to		28.83
A54
2023		20,773				49.6823			1,032,069		—				—						23.17
2022		21,200				40.3356			855,103		—				—						(36.07	)
2021		21,414				63.0958			1,351,112		—				—						4.20
2020		22,416				60.5498			1,357,296		—				—						64.63
2019		23,674				36.7797			870,718		—				—						30.26
A51
2023		587		47.0405		to	35.3020		26,085		—			—	to		0.20		16.49		to		16.26
2022		960		40.3814		to	30.3650		37,398		—			—	to		0.20		(38.01	)	to		(38.14	)
2021		2,083		65.1452		to	49.0844		133,383		—			—	to		0.20		(6.06	)	to		(6.25	)
2020		1,933		69.3475		to	52.3552		127,154		0.30			—	to		0.20		67.15		to		66.82
2019		8,609		41.4879		to	31.3847		352,980		—			—	to		0.20		29.34		to		29.08

- 112 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,							For the years ended December 31,
	Units		Unit Value^4,5			Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²			Total Return³
308
2023		24,565		$	47.9826	$	1,178,670		1.83	%		—	%		17.29	%
2022		27,319			40.9107		1,117,627		1.90			—			(8.45	)
2021		28,737			44.6881		1,284,206		1.41			—			27.78
2020		40,632			34.9727		1,420,999		1.74			—			8.68
2019		44,305			32.1786		1,425,679		2.06			—			21.38
301
2023		160,792			15.6936		2,523,386		3.76			—			5.02
2022		116,609			14.9436		1,742,555		3.61			—			(12.58	)
2021		77,010			17.0940		1,316,410		2.83			—			(0.31	)
2020		25,539			17.1467		437,913		2.17			—			9.73
2019		19,207			15.6257		300,116		2.58			—			9.36
304
2023		10,921			50.8038		554,849		0.84			—			22.60
2022		13,016			41.4377		539,346		0.66			—			(24.74	)
2021		13,838			55.0582		761,919		0.34			—			16.42
2020		14,680			47.2926		694,237		0.35			—			30.47
2019		16,866			36.2492		611,373		1.13			—			35.28
309
2023		9,938			39.3820		391,386		1.72			—			20.88
2022		12,832			32.5796		418,072		2.33			—			(17.33	)
2021		13,234			39.4111		521,574		1.64			—			14.78
2020		12,835			34.3375		440,735		1.27			—			8.73
2019		15,313			31.5799		483,584		1.97			—			31.14
306
2023		9,940			33.5041		333,043		0.27			—			16.17
2022		10,173			28.8400		293,393		—			—			(29.55	)
2021		10,404			40.9391		425,943		0.00			—			6.74
2020		16,665			38.3545		639,168		0.16			—			29.72
2019		16,950			29.5666		501,160		0.16			—			31.52
303
2023		20,113			78.0262		1,569,362		0.38			—			38.48
2022		19,226			56.3443		1,083,324		0.32			—			(29.94	)
2021		19,286			80.4191		1,550,973		0.21			—			21.99
2020		28,254			65.9233		1,862,605		0.33			—			52.08
2019		39,917			43.3480		1,730,338		0.77			—			30.77
302
2023		9,791			54.7030		535,526		1.54			—			26.14
2022		7,153			43.3679		310,155		1.35			—			(16.49	)
2021		5,875			51.9331		305,020		1.05			—			24.10
2020		16,088			41.8495		673,228		1.35			—			13.55
2019		18,843			36.8570		694,424		1.60			—			26.14

- 113 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value^4,5					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²					Total Return³
305
2023		4,235			$	26.5678		$	112,505		4.86	%			—	%					12.45	%
2022		7,766				23.6257			183,488		12.40				—						(9.26	)
2021		4,263				26.0380			110,996		3.48				—						8.42
2020		11,618				24.0162			279,013		8.79				—						7.94
2019		11,783				22.2495			262,175		6.43				—						12.55
300
2023		143,130				23.6260			3,381,568		1.33				—						15.84
2022		156,051				20.3947			3,182,602		1.74				—						(20.79	)
2021		157,805				25.7462			4,062,872		2.45				—						(1.50	)
2020		167,690				26.1371			4,382,922		0.68				—						13.97
2019		165,375				22.9327			3,792,487		1.42				—						22.88
B18
2023		77,452		24.7053		to	22.8984		1,911,928		2.48			—	to		0.50		12.49		to		11.93
2022		84,773		21.9622		to	20.4574		1,860,516		—			—	to		0.50		(16.07	)	to		(16.49	)
2021		86,614		26.1685		to	24.4972		2,265,145		0.85			—	to		0.50		6.42		to		5.89
2020		82,047		24.5909		to	23.1354		2,016,365		1.28			—	to		0.50		20.71		to		20.11
2019		84,918		20.3722		to	19.2622		1,729,029		1.23			—	to		0.50		17.75		to		17.17
C60
2023		15,519				29.5488			458,579		—				—						42.77
2022		16,258				20.6973			336,522		—				—						(31.53	)
2021		27,388				30.2297			827,958		—				—						28.35
2020		20,977				23.5521			494,062		—				—						34.41
2019		25,950				17.5225			454,706		—				—						35.53
D37
2023		11,916				74.5243			888,055		1.09				—						16.45
2022		14,636				63.9958			936,668		0.44				—						(13.73	)
2021		16,156				74.1807			1,198,497		0.97				—						23.18
2020		17,437				60.2228			1,050,101		0.56				—						11.08
2019		19,804				54.2135			1,073,658		0.55				—						29.63
D55
2023		95,010		65.7538		to	29.2740		5,463,079		0.83				—						16.33
2022		97,658		56.5237		to	25.1647		4,910,393		0.62				—						(20.89	)
2021		96,745		71.4475		to	31.8088		6,268,480		0.54				—						14.18
2020		104,313		62.5736		to	27.8581		5,774,705		0.90				—						19.09
2019		109,276		52.5436		to	23.3927		5,119,839		0.78				—						24.87
S61
2023		52,542				45.5009			2,390,713		1.16				—						14.95
2022		57,295				39.5837			2,267,965		0.85				—						(15.80	)
2021		58,673				47.0134			2,758,437		1.28				—						30.50
2020		61,822				36.0256			2,227,170		1.41				—						(0.80	)
2019		66,594				36.3156			2,418,386		0.73				—						21.51

- 114 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value^4,5					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
D18
2023		82,344	$	49.2480	to	$	44.7063	$	4,045,985		0.75	%		—	%	to	0.50	%		18.31	%	to		17.72	%
2022		79,033		41.6259	to		37.9754		3,282,079		0.73			—		to	0.50			(14.08	)	to		(14.50	)
2021		86,422		48.4457	to		44.4177		4,177,819		0.62			—		to	0.50			25.88		to		25.26
2020		90,171		38.4848	to		35.4613		3,462,949		0.80			—		to	0.50			8.11		to		7.57
2019		97,325		35.5992	to		32.9664		3,458,167		0.62			—		to	0.50			20.18		to		19.58
FD7
2023		50,880		44.2255	to		40.9913		2,239,373		1.39			—		to	0.50			21.23		to		20.63
2022		67,062		36.4795	to		33.9802		2,441,726		1.05			—		to	0.50			(18.19	)	to		(18.59	)
2021		71,123		44.5890	to		41.7414		3,156,100		0.79			—		to	0.50			17.99		to		17.40
2020		46,865		37.7902	to		35.5535		1,762,778		1.39			—		to	0.50			22.13		to		21.52
2019		36,797		30.9435	to		29.2576		1,134,917		1.51			—		to	0.50			24.11		to		23.50
F24
2023		56,673			38.5838				2,186,713		0.26					—						33.12
2022		56,984			28.9851				1,651,742		0.26					—						(26.49	)
2021		57,905			39.4290				2,283,193		0.03					—						27.51
2020		59,009			30.9221				1,824,707		0.08					—						30.23
2019		64,252			23.7436				1,525,566		0.22					—						31.27
F29
2023		135,338			76.7840				10,391,804		0.40					—						33.34
2022		141,870			57.5857				8,169,669		0.40					—						(26.38	)
2021		149,829			78.2229				11,720,056		0.05					—						27.71
2020		159,376			61.2509				9,761,893		0.15					—						30.43
2019		179,588			46.9606				8,433,609		0.36					—						31.45
F15
2023		167			21.3426				3,567		3.65					—						12.22
2022		2,244			19.0182				42,672		1.74					—						(15.97	)
2021		2,738			22.6321				61,966		0.89					—						9.26
2020		2,637			20.7134				54,613		1.12					—						14.72
2019		2,458			18.0555				44,392		1.48					—						19.88
F14
2023		2,425			23.5996				57,223		2.26					—						14.46
2022		2,459			20.6187				50,689		1.57					—						(17.09	)
2021		3,791			24.8676				94,266		0.88					—						12.07
2020		3,773			22.1893				83,726		1.02					—						16.64
2019		3,720			19.0233				70,766		1.81					—						24.11

- 115 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,							For the years ended December 31,
	Units		Unit Value^4,5			Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²			Total Return³
F21
2023		79,819		$	59.5004	$	4,749,271		0.03	%		—	%		36.09	%
2022		103,279			43.7198		4,515,347		0.51			—			(24.52	)
2021		106,323			57.9247		6,158,722		—			—			23.08
2020		104,725			47.0619		4,928,545		0.06			—			43.75
2019		104,289			32.7390		3,414,324		0.16			—			34.18
F26
2023		644,755			41.5268		26,774,455		1.29			—			25.88
2022		602,350			32.9894		19,871,133		1.24			—			(18.42	)
2021		587,952			40.4373		23,775,134		1.10			—			28.26
2020		581,209			31.5284		18,324,515		1.50			—			17.95
2019		668,667			26.7313		17,874,272		1.77			—			31.02
FM7
2023		362,915			53.8428		19,540,379		1.28			—			26.07
2022		449,722			42.7088		19,207,093		1.37			—			(18.30	)
2021		465,688			52.2724		24,342,637		1.18			—			28.45
2020		512,453			40.6960		20,854,779		1.64			—			18.13
2019		573,876			34.4515		19,770,919		1.85			—			31.22
F41
2023		57,525			31.1032		1,789,219		0.37			—			14.80
2022		64,293			27.0930		1,741,896		0.28			—			(14.97	)
2021		62,875			31.8617		2,003,305		0.34			—			25.31
2020		94,110			25.4271		2,392,960		0.41			—			17.87
2019		108,994			21.5726		2,351,286		0.72			—			23.17
FM8
2023		261,793			13.8033		3,613,582		4.68			—			4.80
2022		337,631			13.1709		4,446,903		1.15			—			1.36
2021		518,626			12.9938		6,738,949		0.01			—			0.01
2020		502,049			12.9924		6,522,845		0.26			—			0.28
2019		358,066			12.9560		4,639,116		1.91			—			1.92
F23
2023		211,878			28.7567		6,092,898		0.95			—			20.41
2022		228,405			23.8826		5,454,914		0.99			—			(24.58	)
2021		233,568			31.6676		7,396,529		0.45			—			19.57
2020		240,839			26.4839		6,378,356		0.35			—			15.49
2019		260,726			22.9310		5,978,707		1.63			—			27.67
FE3
2023		54,597			19.8164		1,081,897		—			—			10.08
2022		69,070			18.0025		1,243,428		2.08			—			(8.17	)
2021		75,204			19.6033		1,474,249		0.89			—			4.44
2020		95,748			18.7696		1,797,143		2.73			—			6.85
2019		100,868			17.5658		1,771,832		0.33			—			17.38

- 116 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value^4,5					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²					Total Return³
T20
2023		130,300			$	33.1974		$	4,325,627		3.21	%			—	%				20.76	%
2022		139,969				27.4912			3,847,918		3.11				—					(7.61	)
2021		154,431				29.7541			4,594,971		1.85				—					4.16
2020		156,523				28.5662			4,471,271		3.35				—					(1.16	)
2019		152,917				28.9008			4,419,461		1.73				—					12.53
FE6
2023		1,103				28.4388			31,372		1.45				—					14.61
2022		1,117				24.8132			27,710		1.61				—					(16.00	)
2021		1,130				29.5395			33,375		1.74				—					11.68
2020		1,140				26.4495			30,164		1.48				—					11.74
2019		1,151				23.6700			27,255		3.53				—					19.86
F56
2023		38,712		36.3988		to	24.5498		1,380,946		3.31			—	to		0.50			21.01
2022		42,474		30.0794		to	20.2876		1,254,099		0.16			—	to		0.20			(11.50	)
2021		46,661		33.9892		to	21.4602		1,557,321		1.18			—	to		0.20			4.35
2020		54,371		32.4104		to	21.8597		1,735,748		3.01			—	to		0.20			5.80
2019		56,310		30.6339		to	19.9569		1,701,060		2.77			—	to		0.20		15.15	to		14.92
F59
2023		30,134				22.6316			681,960		5.12				—					8.62
2022		29,544				20.8350			615,549		4.79				—					(5.47	)
2021		27,774				22.0416			612,179		4.63				—					16.75
2020		27,144				18.8786			512,434		6.29				—					0.69
2019		32,544				18.7485			610,144		5.35				—					16.06
F54
2023		41,798				21.1274			883,103		1.49				—					13.46
2022		61,802				18.6205			1,150,801		1.85				—					(7.43	)
2021		64,223				20.1153			1,291,873		2.97				—					19.17
2020		64,259				16.8798			1,084,688		2.81				—					(5.04	)
2019		67,833				17.7763			1,205,829		1.87				—					22.57
F53
2023		36,322				32.9285			1,196,019		0.55				—					12.75
2022		45,188				29.2062			1,319,749		1.00				—					(10.06	)
2021		49,985				32.4746			1,623,244		1.02				—					25.37
2020		51,187				25.9039			1,325,948		1.51				—					5.19
2019		57,490				24.6261			1,415,746		1.02				—					26.35
T28
2023		29,981				17.5303			525,566		4.44				—					8.18
2022		33,498				16.2045			542,824		4.34				—					(10.75	)
2021		34,221				18.1566			621,329		3.52				—					2.11
2020		49,276				17.7816			876,204		5.00				—					3.43
2019		47,476				17.1920			816,209		4.48				—					8.05

- 117 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value^4,5					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²					Total Return³
T29
2021		—			$	14.2660		$	3		—	%			—	%					(1.83	%)
2020		1				14.5315			8		—				—						3.83
2019		1				13.9953			14		—				—						5.23
G30
2023		4,327		35.1150		to	35.7574		152,534		1.81			0.20	to		0.50		12.79		to		12.45
2022		4,350		31.1340		to	31.7981		136,078		1.35			0.20	to		0.50		(6.56	)	to		(6.83	)
2021		4,622		33.3183		to	34.1307		154,788		1.19			0.20	to		0.50		23.88		to		23.52
2020		4,860		26.8946		to	27.6328		131,428		1.40			0.20	to		0.50		3.77		to		3.46
2019		5,873		26.7082		to	25.9170		152,965		1.57			0.20	to		0.50		25.68		to		25.30
G32
2023		10,330		54.8432		to	49.7856		564,795		1.00			—	to		0.50		11.42		to		10.87
2022		11,408		49.2226		to	44.9060		560,011		0.71			—	to		0.50		(9.99	)	to		(10.43	)
2021		11,171		54.6843		to	50.1378		609,258		0.55			—	to		0.50		30.95		to		30.30
2020		6,804		41.7598		to	38.4790		282,950		0.61			—	to		0.50		8.40		to		7.86
2019		8,215		38.5226		to	35.6738		315,394		0.76			—	to		0.50		31.53		to		30.87
521
2023		4,107		56.7594		to	53.6763		226,429		1.04			0.20	to		0.50		19.04		to		18.68
2022		4,095		47.6817		to	45.2263		190,072		0.32			0.20	to		0.50		(19.54	)	to		(19.78	)
2021		4,105		59.2623		to	56.3786		237,315		0.47			0.20	to		0.50		23.54		to		23.17
2020		4,790		47.9692		to	45.7716		225,265		0.23			0.20	to		0.50		8.37		to		8.04
2019		4,932		44.2660		to	42.3645		214,532		0.49			0.20	to		0.50		24.59		to		24.22
G33
2023		12,406		19.4368		to	16.3215		215,411		2.76			0.20	to		0.50		18.47		to		18.12
2022		12,727		16.4065		to	13.8180		187,759		3.31			0.20	to		0.50		(13.73	)	to		(13.98	)
2021		13,031		19.0169		to	16.0644		224,046		2.87			0.20	to		0.50		11.95		to		11.61
2020		15,689		16.9875		to	14.3931		245,944		1.65			0.20	to		0.50		6.60		to		6.28
2019		15,724		15.9361		to	13.5427		232,071		2.38			0.20	to		0.50		18.21		to		17.86
G31
2023		105,228		48.1000		to	40.7061		4,985,481		0.67			—	to		0.50		23.81		to		23.19
2022		122,062		38.8508		to	33.0425		4,675,041		0.82			—	to		0.50		(19.74	)	to		(20.14	)
2021		127,346		48.4055		to	41.3742		6,073,085		0.83			—	to		0.50		29.41		to		28.76
2020		134,066		37.4061		to	32.1322		4,938,784		0.88			—	to		0.50		17.55		to		16.96
2019		142,522		31.8225		to	27.4725		4,465,071		1.25			—	to		0.50		25.21		to		24.59

- 118 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value^4,5					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
V15
2023		28,955	$	41.3503	to	$	39.0120	$	1,187,936		—	%		—	%	to	0.50	%		40.93	%	to		40.23	%
2022		32,103		29.3420	to		27.8205		937,274		—			—		to	0.50			(31.11	)	to		(31.46	)
2021		33,629		42.5943	to		40.5874		1,425,874		—			—		to	0.50			11.93		to		11.37
2020		38,283		38.0556	to		36.4438		1,449,203		0.07			—		to	0.50			42.35		to		41.65
2019		44,281		26.7332	to		25.7288		1,178,516		—			—		to	0.50			36.76		to		36.08
V35
2023		19,947		42.0653	to		40.3078		838,490		0.39			—		to	0.50			15.29		to		15.06
2022		19,967		36.4865	to		33.9863		727,988		0.67			—		to	0.50			(2.86	)	to		(3.35	)
2021		8,384			37.5620				312,139		0.22					—				27.62		to		26.99
2020		7,751			29.4317				228,132		0.67					—						0.86
2019		7,395			29.1815				215,816		0.46					—						24.71
V13
2023		2,780			33.1181				92,072		1.61					—						12.09
2022		2,780			29.5448				82,142		1.35					—						0.85
2021		2,896			29.2970				84,842		1.23					—						33.04
2020		14,145			22.0208				311,479		2.22					—						(1.09	)
2019		14,004			22.2630				311,762		1.59					—						24.94
A39
2023		24,800		37.9629	to		28.4360		783,718		0.54			—		to	0.50			23.36		to		22.75
2022		42,329		30.7734	to		23.1654		1,062,076		0.92			—		to	0.50			(20.55	)	to		(20.94	)
2021		43,948		38.7314	to		29.3017		1,388,099		0.67			—		to	0.50			27.74		to		27.10
2020		45,885		30.3208	to		23.0533		1,135,988		1.36			—		to	0.50			13.85		to		13.28
2019		50,485		26.6321	to		20.3500		1,113,864		0.94			—		to	0.50			28.96		to		28.32
V11
2023		14,951		33.9087	to		33.9087		506,707		1.52			—		to	0.50			10.24		to		10.24
2022		18,620		30.7596	to		28.6522		570,191		1.40			—		to	0.50			(7.71	)	to		(8.17	)
2021		21,086		33.1850	to		31.2020		700,029		1.64					—				18.35		to		17.76
2020		21,212		28.1627	to		28.0396		596,908		2.11					—						9.65
2019		24,603		25.6842	to		25.5720		631,299		2.31					—						20.01
IB1
2023		26,743			48.2959				1,291,569		1.59					—						12.66
2022		31,126			42.8681				1,334,331		1.67					—						(5.75	)
2021		32,033			45.4842				1,456,995		1.57					—						28.51
2020		37,330			35.3948				1,321,300		2.24					—						2.09
2019		41,390			34.6691				1,434,942		1.90					—						25.19

- 119 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value^4,5					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
A21
2023		163,475	$	35.4267	to	$	24.5935	$	5,073,380		0.19	%		—	%	to	0.50	%		18.15	%	to		17.56	%
2022		187,541		29.9858	to		20.9201		4,750,258		1.68			—		to	0.50			(18.31	)	to		(18.71	)
2021		206,616		36.7047	to		25.7356		6,466,984		1.29			—		to	0.50			5.89		to		5.36
2020		217,949		34.6634	to		24.4258		6,447,185		2.38			—		to	0.50			14.00		to		13.43
2019		240,405		30.4078	to		21.5342		6,247,234		1.57			—		to	0.50			28.57		to		27.93
I84⁶
2019		9,690			23.1635				224,444		—					—						34.34
I76
2023		13,766			30.7082				422,716		—					—						16.57
2022		8,137			26.3421				214,347		—					—						(20.51	)
2021		7,687			33.1373				254,742		0.18					—						20.40
2020		7,059			27.5223				194,275		0.36					—						27.24
2019		7,617			21.6296				164,753		—					—						26.60
MB0
2023		21,657			39.7314				860,447		0.42					—						23.56
2022		23,421			32.1561				753,122		—					—						(18.14	)
2021		23,317			39.2814				915,919		—					—						17.74
2020		24,864			33.3635				829,554		—					—						17.73
2019		26,573			28.3396				753,055		0.34					—						28.85
MB1
2023		54,787			12.1175				663,881		2.82					—						16.00
2022		64,103			10.4457				669,600		2.77					—						(14.16	)
2021		63,064			12.1684				767,392		2.46					—						11.05
2020		64,550			10.9580				707,335		1.71					—						8.90
2019		65,779			10.0627				661,916		2.79					—						20.32
MB5
2023		21,914			46.2902				1,014,411		—					—						32.04
2022		24,157			35.0585				846,925		—					—						(25.41	)
2021		56,842			47.0015				2,671,640		—					—						21.49
2020		27,934			38.6861				1,080,655		—					—						28.89
2019		34,798			30.0140				1,044,426		—					—						36.09

- 120 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value^4,5					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²					Total Return³
MA9
2023		16,915			$	26.4480		$	447,365		2.08	%			—	%					7.60	%
2022		18,482				24.5788			454,254		1.94				—						(1.45	)
2021		21,019				24.9405			524,229		1.59				—						30.01
2020		22,705				19.1840			435,583		1.96				—						(3.16	)
2019		25,241				19.8104			500,039		1.75				—						21.52
MD8
2023		529,575		10.9477		to	10.3576		5,763,975		4.48			—	to		0.50		4.59		to		4.07
2022		687,139		10.4670		to	9.9522		7,155,243		1.28			—	to		0.50		1.17		to		0.67
2021		299,238		10.3457		to	9.8859		3,074,569		—			—	to		0.50		—		to		(0.50	)
2020		563,376		10.3457		to	9.9353		5,812,610		0.16			—	to		0.50		0.22		to		(0.28	)
2019		390,577		10.3230		to	9.9631		4,016,444		1.72			—	to		0.50		1.64		to		1.13
M07
2023		132,205		20.2280		to	19.2084		2,658,437		2.03			—	to		0.50		10.44		to		9.90
2022		146,938		18.3153		to	17.4788		2,676,449		1.72			—	to		0.50		(9.58	)	to		(10.03	)
2021		156,350		20.2563		to	19.4276		3,151,184		1.96			—	to		0.50		14.12		to		13.55
2020		182,418		17.7507		to	17.1095		3,222,900		2.33			—	to		0.50		9.81		to		9.27
2019		204,842		16.1644		to	15.6585		3,298,603		2.33			—	to		0.50		20.38		to		19.79
M35
2023		14,089				19.7790			278,674		1.82				—						10.22
2022		15,064				17.9455			270,333		1.54				—						(9.84	)
2021		10,791				19.9038			214,772		1.46				—						13.84
2020		9,877				17.4847			172,704		1.14				—						9.52
2019		17,184				15.9654			274,349		2.07				—						20.12
M31
2023		52,691		47.9709		to	46.6260		2,508,519		—			—	to		0.50		35.86		to		35.59
2022		53,048		35.3083		to	34.3868		1,855,676		—			—	to		0.50		(31.63	)	to		(31.77	)
2021		60,092		51.6465		to	49.0068		3,075,037		—			—	to		0.50		23.53		to		22.92
2020		92,668		41.8079		to	39.8693		3,838,930		—			—	to		0.50		31.86		to		31.20
2019		116,216		31.7071		to	31.0273		3,661,451		—			—	to		0.50		38.15		to		37.46
MF1
2023		118,612		41.2143		to	38.9932		4,845,440		—			—	to		0.50		21.32		to		20.72
2022		133,866		33.9711		to	32.3005		4,509,721		—			—	to		0.50		(28.70	)	to		(29.05	)
2021		178,030		47.6438		to	45.5271		8,428,223		—			—	to		0.50		14.11		to		13.54
2020		162,403		41.7515		to	40.0961		6,732,574		—			—	to		0.50		36.48		to		35.80
2019		214,854		30.5918		to	29.5256		6,537,876		—			—	to		0.50		38.66		to		37.97
M05
2023		75,330		31.4153		to	29.7222		2,358,943		—			—	to		0.50		14.41		to		13.84
2022		96,778		27.4581		to	26.1076		2,641,563		—			—	to		0.50		(29.76	)	to		(30.11	)
2021		121,279		39.0905		to	37.3537		4,719,585		—			—	to		0.50		1.80		to		1.29
2020		137,214		38.3993		to	36.8767		5,247,553		—			—	to		0.50		45.89		to		45.16
2019		149,038		26.3213		to	25.4038		3,908,345		—			—	to		0.50		41.70		to		41.00
M06
2023		443,179		12.3700		to	11.7033		5,463,880		3.44			—	to		0.50		7.38		to		6.85
2022		387,668		11.5199		to	10.9534		4,448,405		2.62			—	to		0.50		(13.94	)	to		(14.36	)
2021		340,425		13.3851		to	12.7904		4,537,195		2.90			—	to		0.50		(0.81	)	to		(1.31	)
2020		444,171		13.4949		to	12.9597		5,970,012		3.53			—	to		0.50		8.47		to		7.93
2019		475,349		12.4413		to	12.0077		5,893,006		3.34			—	to		0.50		10.21		to		9.66

- 121 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value^4,5					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²					Total Return³
M33
2023		121,845	$	38.1665	to	$	37.4063	$	4,645,406		0.50	%			—	%					22.42	%
2022		138,306		31.1771	to		30.5561		4,307,698		0.48				—						(17.21	)
2021		147,349		37.6584	to		36.9083		5,543,619		0.54				—						24.80
2020		180,215		30.1746	to		29.5735		5,424,185		0.70				—						16.59
2019		201,681		25.8802	to		25.3647		5,215,751		0.79				—						32.95
M44
2023		146,454		16.9721	to		16.1952		2,479,571		3.54			—	to		0.50		(2.11	)	to		(2.59	)
2022		154,637		17.3376	to		16.6266		2,672,236		2.33			—	to		0.50		0.76		to		0.26
2021		148,921		17.2077	to		16.5843		2,555,726		1.74			—	to		0.50		14.09		to		13.52
2020		156,632		15.0824	to		14.6086		2,356,164		2.53			—	to		0.50		5.90		to		5.38
2019		186,279		14.2417	to		13.8633		2,647,797		4.02			—	to		0.50		25.07		to		24.45
M40
2023		10,755		16.3894	to		16.2633		175,730		2.99				—						(2.33	)
2022		14,831		16.7805	to		16.6513		248,353		2.21				—						0.48
2021		16,665		16.7005	to		16.5719		277,662		1.57				—						13.82
2020		17,257		14.6723	to		14.5594		252,614		2.25				—						5.62
2019		17,094		13.8914	to		13.7845		236,935		3.74				—						24.80
M83
2023		262,501		31.8228	to		21.3080		8,256,572		1.63			—	to		0.50		7.93		to		7.40
2022		283,832		29.4842	to		19.8405		8,267,121		1.38			—	to		0.50		(5.91	)	to		(6.37	)
2021		297,819		31.3354	to		21.1914		9,217,867		1.36			—	to		0.50		25.45		to		24.83
2020		304,259		24.9779	to		16.9764		7,496,365		1.55			—	to		0.50		3.48		to		2.96
2019		325,284		24.1390	to		16.4883		7,755,077		2.16			—	to		0.50		29.80		to		29.16
M08
2023		48,861		21.6185	to		21.5631		1,055,865		1.32				—						7.63
2022		56,414		20.0854	to		20.0339		1,132,336		1.16				—						(6.14	)
2021		71,620		21.4000	to		21.3451		1,531,183		1.15				—						25.16
2020		76,820		17.0984	to		17.0546		1,312,402		1.35				—						3.22
2019		77,009		16.5649	to		16.5224		1,274,555		1.76				—						29.51
MB6
2023		30,920		53.5737	to		47.7897		1,594,928		1.30			—	to		0.50		28.53		to		27.89
2022		38,048		41.6834	to		37.3683		1,537,246		1.14			—	to		0.50		(16.00	)	to		(16.42	)
2021		41,520		49.6257	to		44.7104		1,990,856		1.12			—	to		0.50		29.53		to		28.88
2020		50,309		38.3131	to		34.6907		1,879,918		1.63			—	to		0.50		15.34		to		14.77
2019		53,901		33.2178	to		30.2275		1,748,785		1.41			—	to		0.50		29.17		to		28.53
MA0
2023		75,878			19.0340				1,444,261		3.65				—						8.89
2022		64,166			17.4796				1,121,609		3.14				—						(16.62	)
2021		64,154			20.9644				1,344,959		2.73				—						(1.66	)
2020		65,807			21.3178				1,402,875		3.10				—						10.34
2019		64,566			19.3204				1,247,447		3.28				—						14.46

- 122 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value^4,5					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²					Total Return³
MA1
2023		239,283			$	9.3428		$	2,235,569		1.19	%			—	%					10.71	%
2022		231,365				8.4393			1,952,567		3.95				—						(19.94	)
2021		231,187				10.5418			2,437,144		0.27				—						(7.02	)
2020		233,301				11.3383			2,645,255		3.05				—						10.33
2019		263,181				10.2764			2,704,570		0.37				—						20.18
M92
2023		4,461				17.1595			76,547		0.15				—						9.35
2022		8,459				15.6927			132,749		1.87				—						(7.44	)
2021		9,502				16.9548			161,097		0.78				—						2.58
2020		9,898				16.5280			163,588		1.39				—						5.99
2019		13,140				15.5946			204,917		2.49				—						14.30
M96
2023		75,686		19.6301		to	19.4872		1,487,829		1.50			—	to		0.50		4.15		to		3.63
2022		107,768		18.8487		to	18.8047		2,033,367		2.06			—	to		0.50		(12.26	)	to		(12.69	)
2021		112,720		21.4816		to	21.5385		2,424,034		2.14			—	to		0.50		(1.89	)	to		(2.38	)
2020		137,321		21.8950		to	22.0627		3,010,384		2.90			—	to		0.50		6.38		to		5.85
2019		143,924		20.5821		to	20.8435		2,966,644		2.98			—	to		0.50		6.53		to		6.00
MD2
2023		26,590				13.0161			346,110		0.72				—						3.86
2022		20,712				12.5329			259,592		1.78				—						(12.45	)
2021		19,140				14.3148			273,985		1.58				—						(2.14	)
2020		42,604				14.6279			623,202		3.29				—						6.12
2019		25,750				13.7848			354,961		2.53				—						6.35
MA6
2023		129,514		34.5002		to	30.0593		3,529,656		5.76			—	to		0.50		12.41		to		11.85
2022		149,899		30.6919		to	26.8746		3,571,092		5.38			—	to		0.50		(10.51	)	to		(10.96	)
2021		159,553		34.2983		to	30.1822		4,329,793		5.05			—	to		0.50		3.49		to		2.97
2020		157,230		33.1427		to	29.3111		4,269,473		5.43			—	to		0.50		5.09		to		4.56
2019		175,385		31.5387		to	28.0320		4,425,388		5.61			—	to		0.50		14.81		to		14.24
M97
2023		46,772		32.6022		to	30.2177		1,523,344		1.06			—	to		0.50		14.72		to		14.15
2022		59,890		28.4193		to	26.4720		1,700,782		0.60			—	to		0.50		(14.95	)	to		(15.38	)
2021		55,964		33.4165		to	31.2822		1,868,715		0.53			—	to		0.50		9.27		to		8.72
2020		53,119		30.5825		to	28.7723		1,623,303		1.45			—	to		0.50		15.84		to		15.26
2019		54,566		26.4013		to	24.9628		1,439,655		1.20			—	to		0.50		27.30		to		26.67
MD5
2023		11,516				31.3609			361,163		0.94				—						14.39
2022		11,828				27.4149			324,268		0.35				—						(15.18	)
2021		14,412				32.3220			465,827		0.46				—						8.99
2020		21,609				29.6552			640,831		1.01				—						15.50
2019		15,457				25.6753			396,863		0.92				—						27.11

- 123 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value^4,5					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
MD6
2023		50,788	$	51.3598	to	$	39.9460	$	2,555,771		0.31	%		—	%	to	0.50	%		24.01	%	to		23.39	%
2022		51,582		41.4170	to		32.3733		2,104,963		0.10			—		to	0.50			(19.26	)	to		(19.66	)
2021		51,365		51.2955	to		40.2950		2,596,216		0.25			—		to	0.50			25.97		to		25.35
2020		54,508		40.7195	to		32.1469		2,176,300		0.43			—		to	0.50			22.53		to		21.92
2019		69,254		33.2335	to		26.3680		2,266,504		0.60			—		to	0.50			39.95		to		39.26
ME3
2023		105,938			14.6357				1,550,465		0.77					—						12.83
2022		90,645			12.9717				1,175,815		1.66					—						(17.80	)
2021		63,884			15.7808				1,008,140		0.49					—						11.27
2020		28,677			14.1828				406,710		1.29					—						12.71
2019		18,226			12.5831				229,334		1.24					—						27.67
MB8
2023		82,133		58.6956	to		48.0707		3,965,723		0.78			—		to	0.50			18.96		to		18.37
2022		97,708		49.3417	to		40.6114		3,859,761		0.74			—		to	0.50			(18.37	)	to		(18.78	)
2021		101,635		60.4485	to		50.0015		4,958,465		0.89			—		to	0.50			29.64		to		28.99
2020		108,235		46.6292	to		38.7631		4,069,962		0.84			—		to	0.50			2.23		to		1.72
2019		112,792		45.6105	to		38.1060		4,175,259		0.69			—		to	0.50			26.78		to		26.15
MF4
2023		73,796			23.4976				1,734,027		2.96					—						10.42
2022		78,596			21.2795				1,672,498		1.86					—						(15.39	)
2021		126,450			25.1486				3,180,043		2.31					—						7.00
2020		130,273			23.5024				3,061,752		2.84					—						12.31
2019		97,000			20.9267				2,029,894		2.64					—						16.87
MF6
2023		99,217		54.8141	to		59.6849		4,227,799		0.84			—		to	0.50			11.46		to		10.90
2022		119,248		49.1799	to		53.8169		4,336,336		1.59			—		to	0.50			(26.94	)	to		(27.30	)
2021		126,576		67.3116	to		74.0262		6,188,574		1.51			—		to	0.50			30.12		to		29.48
2020		136,062		51.7286	to		57.1729		5,088,378		4.63			—		to	0.50			1.49		to		0.98
2019		147,143		50.9714	to		56.6179		5,513,816		3.68			—		to	0.50			26.87		to		26.24
MF8
2023		72,981		38.3859	to		36.7824		2,786,949		2.57			—		to	0.20			15.29		to		15.06
2022		75,929		33.2956	to		31.9683		2,516,274		1.67			—		to	0.20			(18.27	)	to		(18.43	)
2021		81,540		40.7379	to		39.1921		3,308,212		1.71			—		to	0.20			15.76		to		15.53
2020		86,303		35.1929	to		33.9251		3,035,162		2.13			—		to	0.20			15.80		to		15.57
2019		101,243		30.3921	to		29.3558		3,075,270		2.15			—		to	0.20			26.96		to		26.71

- 124 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value^4,5					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
MG0
2023		50,792	$	13.4806	to	$	12.9175	$	684,338		2.83	%		—	%	to	0.20	%		2.74	%	to		2.54	%
2022		69,590		13.1209	to		12.5979		912,722		4.29			—		to	0.20			(21.55	)	to		(21.71	)
2021		56,000		16.7255	to		16.0908		936,171		1.01			—		to	0.20			1.63		to		1.42
2020		73,835		16.4580	to		15.8651		1,214,751		0.43			—		to	0.20			13.55		to		13.32
2019		61,305		14.4943	to		14.0001		888,221		0.02			—		to	0.20			0.08		to		0.08
MF2
2023		341,344		13.5519	to		12.5274		4,617,234		1.56			—		to	0.50			6.08		to		5.55
2022		361,474		12.7752	to		11.8682		4,609,889		2.02			—		to	0.50			(4.14	)	to		(4.61	)
2021		359,287		13.3263	to		12.4420		4,779,418		2.23			—		to	0.50			0.16		to		(0.34	)
2020		374,801		13.3055	to		12.4847		4,979,189		3.15			—		to	0.50			4.34		to		3.82
2019		366,818		12.7521	to		12.0252		4,671,046		2.61			—		to	0.50			5.19		to		4.66
MG3
2023		131,315		40.4976	to		37.5996		4,948,339		1.68					—						12.73
2022		149,759		35.9257	to		33.3549		5,009,572		0.98					—						(8.79	)
2021		160,471		39.3859	to		36.5674		5,893,730		0.81					—						30.99
2020		168,135		30.0686	to		27.9169		4,716,802		1.22					—						3.87
2019		181,200		28.9486	to		26.8770		4,898,787		1.23					—						31.12
MG5
2023		150,831		31.0301	to		29.7339		4,668,549		2.41			—		to	0.20			12.99		to		12.77
2022		205,288		27.4623	to		26.3676		5,627,993		2.05			—		to	0.20			(16.76	)	to		(16.93	)
2021		210,347		32.9932	to		31.7413		6,929,251		2.07			—		to	0.20			11.61		to		11.38
2020		225,415		29.5623	to		28.4974		6,663,734		2.38			—		to	0.20			14.29		to		14.06
2019		236,187		25.8654	to		24.9835		6,109,038		2.54			—		to	0.20			22.23		to		21.98
ME0
2023		24,132		48.1529	to		44.6311		1,160,852		1.15			—		to	0.50			11.46		to		10.91
2022		24,975		43.2018	to		40.2418		1,077,945		0.77			—		to	0.50			(10.96	)	to		(11.40	)
2021		17,813		48.5189	to		45.4202		860,870		0.78			—		to	0.50			34.05		to		33.39
2020		24,091		36.1936	to		34.0513		869,902		1.03			—		to	0.50			4.19		to		3.67
2019		26,056		34.7388	to		32.8460		903,347		0.78			—		to	0.50			33.65		to		32.98
V43
2023		3,660			54.9903				201,306		—					—						44.13
2022		4,591			38.1538				175,191		—					—						(62.97	)
2021		4,678			103.0271				482,030		—					—						(11.19	)
2020		11,485			116.0142				1,332,509		—					—						152.04
2019		7,324			46.0297				337,178		—					—						39.97
O01
2023		23,772			55.0420				1,308,467		—					—						35.38
2022		24,795			40.6588				1,008,136		—					—						(30.78	)
2021		26,762			58.7406				1,572,008		—					—						22.57
2020		28,612			47.9249				1,371,213		—					—						36.59
2019		31,271			35.0874				1,097,212		0.06					—						36.20

- 125 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value^4,5					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²			Total Return³
O19
2023		2,670			$	35.1453		$	93,826		—	%		—	%				35.03	%
2022		3,456				26.0283			89,970		—			—					(30.96	)
2021		3,439				37.7018			129,655		—			—					22.28
2020		4,047				30.8323			124,784		—			—					36.24
2019		3,950				22.6310			89,385		—			—					35.85
O00
2023		14,020				13.7903			193,341		—			—					13.15
2022		14,639				12.1876			178,410		—			—					(30.98	)
2021		15,193				17.6584			268,279		—			—					19.10
2020		15,657				14.8267			232,145		—			—					48.27
O20
2023		6,186				28.6966			177,549		—			—					34.45
2022		6,173				21.3444			131,761		—			—					(31.94	)
2021		5,760				31.3594			180,621		—			—					15.17
2020		5,587				27.2286			152,146		0.46			—					27.34
2019		5,431				21.3832			116,141		0.65			—					31.45
O21
2023		1,047				33.8919			35,500		0.24			—					22.83
2022		3,107				21.5929			85,748		0.63			—					(20.31	)
2021		8,339				34.6251			288,735		0.53			—					27.23
2020		8,345				27.2144			227,103		1.21			—					13.69
2019		8,205				23.9366			196,404		0.82			—					31.74
P10
2023		39,091				7.9300			309,995		14.71			—					(7.85	)
2022		57,310				8.6059			493,208		22.20			—					8.61
2021		71,040				7.9233			562,883		3.85			—					33.34
2020		43,509				5.9421			258,538		6.48			—					1.35
2019		44,170				5.8629			258,960		4.43			—					11.43
PK8
2023		53,335		42.3937		to	19.2071		1,936,188		5.65			—			11.11		to		11.14
2022		64,259		38.1434		to	17.2815		2,024,161		4.77			—			(15.71	)	to		(15.73	)
2021		68,661		45.2649		to	20.5067		2,574,107		4.50			—			(2.57	)	to		(2.56	)
2020		70,994		46.4610		to	21.0458		2,769,908		4.60			—			6.70		to		6.71
2019		89,624		43.5419		to	19.7233		3,043,160		4.43			—			14.80		to		14.77
PK9
2023		1,329		17.1139		to	16.7556		22,701		2.25			—					13.02
2022		1,444		15.1421		to	14.8251		21,817		2.03			—					(18.36	)
2021		1,550		18.5471		to	18.1588		28,698		2.09			—					12.63
2020		1,690		16.4673		to	16.1225		27,779		7.64			—					16.83
2019		6,194		14.0946		to	13.7995		85,939		2.21			—					17.06
P06
2023		58,664		22.3838		to	16.8568		1,303,384		2.91			—					3.67
2022		65,228		21.5912		to	16.2599		1,399,839		6.89			—			(11.90	)	to		(11.91	)
2021		65,080		24.5104		to	18.4521		1,581,514		4.94			—			5.61		to		5.59
2020		68,947		23.2087		to	17.4759		1,588,309		1.41			—					11.72
2019		70,047		20.7744		to	15.6449		1,445,422		1.65			—					8.44

- 126 -

DELAWARE LIFE VARIABLE ACCOUNT I

(A Separate Account of Delaware Life Insurance Company)

9. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value^4,5					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²			Total Return³
P07
2023		381,462	$	22.2874	to	$	17.4369	$	8,371,958		3.57	%		—	%		5.94	%
2022		267,882		21.0379	to		16.4569		5,509,973		2.58			—			(14.31	)
2021		299,916		24.5506	to		19.2028		7,212,993		1.83			—			(1.27	)
2020		295,281		24.8657	to		19.4491		7,202,074		2.12			—			8.66
2019		334,060		22.8838	to		17.9010		7,521,685		3.02			—			8.36
307
2023		110,043		78.2303					8,608,698		—			—			49.29
2022		128,845		52.4019					6,751,726		—			—			(38.50	)
2021		130,662		85.2092					11,133,594		—			—			17.62
2020		137,161		72.4438					9,936,461		—			—			0.34
2019		150,580		53.9502					8,123,838		—			—			0.30
W42
2023		888		32.0264					28,467		—			—			21.74
2022		2,219		26.3082					58,401		—			—			(33.46	)
2021		5,401		39.5391					213,604		0.77			—			8.90
2020		5,355		36.3078					194,435		—			—			24.23
2019		5,324		29.2267					155,604		0.18			—			31.10

Represents 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 ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. 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-Accounts invest.

Ratio represents the contract expenses of the Sub-Account, consisting primarily of mortality and expense charges. The ratio includes only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying mutual fund are excluded.

Ratio represents the total return for the year indicated, including changes in the 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 is calculated for each period indicated or from the effective date through the end of the reporting period using the unit value of the beginning period that corresponds to the lowest or highest ending period unit value disclosed. The total returns are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts when there are multiple price levels.

⁴

These unit values are not a direct calculation of net assets over the number of units allocated to the Sub-Account.The unit values are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts when there are multiple price levels.

⁵	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.

⁶	Invesco V.I. Mid Cap Growth Fund Series I Sub-Account (I84) merged into Sub-Account O00 on April 30, 2020.

- 127 -

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.